SEGMENT REPORTING

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 13 – SEGMENT REPORTING

As of March 31, 2023, we operated through two reportable business segments: (i) PeriShip Global Solutions and (ii) VerifyMe Solutions.

PeriShip Global Solutions: This segment offers a value-added service provider for time and temperature sensitive parcel management. Through logistics management from a sophisticated IT platform with proprietary databases, package and flight-tracking software, weather, traffic, and flight status monitoring systems, as well as dynamic dashboards with real-time visibility into shipment transit and last-mile events that are managed by a call center Using our proprietary IT platform, we provide real-time information and analysis to mitigate supply chain flow interruption, delivering last-mile resolution for key markets, including the perishable healthcare and food industries.

VerifyMe Solutions. This segment specializes in solutions that connect brands with consumers through their products. Consumers can authenticate products with their smart phone prior to usage, and brand owners have the ability to gather business intelligence while engaging directly with their consumers. Our VerifyMe Solutions segment also provide brand protection and supply chain functions such as counterfeit prevention.

We do not allocate the following items to the segments: general & administrative expenses, sales & marketing expenses, other (expense) income, interest (expense) income, and gain (loss) on equity investments.

The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated loss before income tax expense (in thousands):

	Three Months Ended March 31,
	2023			2022
Revenue
PeriShip Global Solutions	$	5,414		$	-
VerifyMe Solutions		247			161
Total Revenue	$	5,661		$	161
Gross Profit
PeriShip Global Solutions	$	1,586		$	-
VerifyMe Solutions		168			123
Total Gross Profit		1,754			123
General and administrative		2,756			1,465
Research and development		8			9
Sales and marketing		494			299
LOSS BEFORE OTHER (EXPENSE) INCOME		(1,504	)		(1,650	)
OTHER (EXPENSE) INCOME		(76	)		256
NET LOSS	$	(1,580	)	$	(1,394	)