Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.19.1
Segment Information
12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Segment Information

17. Segment Information

 

Beginning on May 26, 2018, the Company operates in the following segments: (A) United States: (i) PDN Network and (ii) NAPW Network, and (B) China Operations. The segments are categorized based on their business activities and organization. Prior to May 26, 2018, the Company operated in the following segments: (A) United States: (i) PDN Network, (ii) NAPW Network, and (B) China Operations. The following tables present key financial information of the Company’s reportable segments as of and for the years ended December 31, 2018 and 2017:

 

    Year ended December 31, 2018  
    United States                    
   

PDN

Network

   

NAPW

Network

    China
Operations
    Corporate Overhead     Consolidated  
                                         
Membership fees and related services   $ -     $ 4,766,798     $ 225,152     $ -     $ 4,991,950  
Recruitment services     2,571,935       -       -       -       2,571,935  
Products sales and other     -       19,239       -       -       19,239  
Education and training     -       -       606,557               606,557  
Consumer advertising and marketing solutions     262,946       -       -       -       262,946  
Total revenues     2,834,881       4,786,037       53,599       -       8,452,627  
(Loss) income from continuing operations     (150,810 )     (10,775,648 )     (1,615,105 )     (3,612,228 )     (16,153,791 )
Depreciation and amortization     65,479       2,534,515       17,780       -       2,617,774  
Income tax expense (benefit)     2,796       (1,004,453 )     (210,177 )     (351,878 )     (1,563,712 )
Net (loss) income from continuing operations     (135,536 )     (9,771,195 )     (1,404,778 )     (3,260,350 )     (14,571,859 )
Capital expenditures     -       568       (7,369 )     -       (6,802 )

 

    At December 31, 2018  
Goodwill   $ 339,451     $ -     $ -     $ -     $ 339,451  
Intangible assets, net     90,400       930,543       -       -       1,020,943  
Assets from continuing operations     1,654,346       1,970,594       1,486,891       -       5,111,831  

 

    Year Ended December 31, 2017  
    United States                    
    PDN
Network
    NAPW
Network
    China
Operations
    Corporate
Overhead
    Consolidated  
                                         
Membership fees and related services   $ -     $ 9,371,843     $ -     $ -     $ 9,371,843  
Recruitment services     2,578,597       -       -       -       2,578,597  
Products sales and other     -       100,289       -       -       100,289  
Education and training     -       -       3,776,546       -       3,776,546  
Consumer advertising and marketing solutions     252,980       -       -       -       252,980  
Total revenues     2,831,577       9,472,132       3,776,546       -       16,080,255  
Loss from continuing operations     (265,451 )     (18,428,010 )     917,015       (5,491,652 )     (23,268,098 )
Depreciation and amortization     83,367       2,914,076       10,221       -       3,007,664  
Income tax expense (benefit)     (18,490 )     (1,393,055 )     104,241       (380,066 )     (1,687,370 )
Net loss from continuing operations     (226,108 )     (17,034,955 )     796,108       (5,111,586 )     (21,576,541 )
Capital expenditures     100,823       10,646       49,793       -       161,262  

 

    At December 31, 2017  
Goodwill   $ 339,451     $ 5,250,699     $ -     $ -     $ 5,590,150  
Intangible assets, net     90,400       6,174,306       -       -       6,264,706  
Assets from continuing operations     1,726,061       12,889,367       3,056,281       -       17,671,709