SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 16 – SEGMENT REPORTING

As of December 31, 2023, we operated through two reportable business segments:  (i) Precision Logistics (formerly PeriShip Global Solutions) and (ii) Authentication (formerly VerifyMe Solutions).

Precision Logistics: 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, as well as dynamic dashboards with real-time visibility into shipment transit and last-mile events that are managed by a service center we provide our clients an end-to-end vertical approach for their most critical service delivery needs. 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.

Authentication: 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 Authentication segment also provides brand protection and supply chain functions such as counterfeit prevention.

We do not allocate the following items to the segments: general and administrative expenses, research and development expense, sales and marketing expenses, and other income (expense).

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):

	Years Ended December 31,
	2023			2022
Revenue
Precision Logistics	$	24,652		$	18,190
Authentication		661			1,386
Total Revenue	$	25,313		$	19,576
Gross Profit
Precision Logistics	$	8,475		$	5,505
Authentication		528			983
Total Gross Profit		9,003			6,488
General and administrative		10,586			8,428
Research and development		107			89
Sales and marketing		1,638			1,718
LOSS BEFORE OTHER EXPENSE, NET		(3,328	)		(3,747	)
TOTAL OTHER EXPENSE, NET		(62	)		(10,651	)
NET LOSS	$	(3,390	)	$	(14,398	)

Additional information relating to our business segments is as follows (in thousands):

Identifiable assets:

	Years Ended December 31,
	2023		2022
Precision Logistics	$	16,637	$	17,302
Authentication		4,068		3,450
Total Assets	$	20,705	$	20,752