| Segment Information |
17. Segment Information
Beginning on May 26, 2018, the Company operated
in the following segments: (A) United States: (i) PDN Network and (ii) NAPW Network, (B) China Operations, and (C) Corporate Overhead.
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, (iii) Noble Voice, (B) China Operations, and (C)
Corporate Overhead. On March 4, 2020, the Company’s Board of Directors decided to suspend all China operations. As of December
31, 2019, the Company operated in the following segments: (i) NAPW Network, (ii) PDN Network and (iii) Corporate Overhead. Accordingly,
all financial results for Noble Voice and China Operations have been reclassified from the Company’s reportable segments
to discontinued operations for all periods presented.
The following tables present key financial
information of the Company’s reportable segments as of and for the years ended December 31, 2019 and 2018:
| |
|
|
Year ended December 31, 2019 |
|
| |
|
|
PDN
Network
|
|
|
|
NAPW
Network
|
|
|
|
Corporate Overhead |
|
|
|
Consolidated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Membership fees and related services |
|
$ |
- |
|
|
$ |
2,428,060 |
|
|
$ |
- |
|
|
$ |
2,428,060 |
|
| Recruitment services |
|
|
2,450,742 |
|
|
|
- |
|
|
|
- |
|
|
|
2,450,742 |
|
| Products sales and other |
|
|
- |
|
|
|
5,644 |
|
|
|
- |
|
|
|
5,644 |
|
| Consumer advertising and marketing solutions |
|
|
140,766 |
|
|
|
- |
|
|
|
- |
|
|
|
140,766 |
|
| Total revenues |
|
|
2,591,508 |
|
|
|
2,433,704 |
|
|
|
- |
|
|
|
5,025,212 |
|
| Loss from continuing operations |
|
|
(357,067 |
) |
|
|
(272,528 |
) |
|
|
(2,366,540 |
) |
|
|
(2,996,135 |
) |
| Depreciation and amortization |
|
|
62,064 |
|
|
|
641,653 |
|
|
|
- |
|
|
|
703,717 |
|
| Income tax expense (benefit) |
|
|
(162,281 |
) |
|
|
46,778 |
|
|
|
(61,998 |
) |
|
|
(177,501 |
) |
| Net loss from continuing operations |
|
|
(168,281 |
) |
|
|
(319,306 |
) |
|
|
(2,304,542 |
) |
|
|
(2,792,129 |
) |
| |
|
|
At December 31, 2019 |
|
| Goodwill |
|
$ |
339,451 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
339,451 |
|
| Intangible assets, net |
|
|
90,400 |
|
|
|
361,985 |
|
|
|
- |
|
|
$ |
452,385 |
|
| Assets from continuing operations |
|
|
2,151,734 |
|
|
|
1,254,693 |
|
|
|
- |
|
|
|
3,406,427 |
|
| |
|
Year ended December 31, 2018 |
|
| |
|
|
PDN
Network
|
|
|
|
NAPW
Network
|
|
|
|
Corporate Overhead |
|
|
|
Consolidated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Membership fees and related services |
|
$ |
- |
|
|
$ |
4,766,798 |
|
|
$ |
- |
|
|
$ |
4,766,798 |
|
| Recruitment services |
|
|
2,571,935 |
|
|
|
- |
|
|
|
- |
|
|
|
2,571,935 |
|
| Products sales and other |
|
|
- |
|
|
|
19,239 |
|
|
|
- |
|
|
|
19,239 |
|
| Consumer advertising and marketing solutions |
|
|
262,946 |
|
|
|
- |
|
|
|
- |
|
|
|
262,946 |
|
| Total revenues |
|
|
2,834,881 |
|
|
|
4,786,037 |
|
|
|
- |
|
|
|
7,620,918 |
|
| Loss from continuing operations |
|
|
(150,810 |
) |
|
|
(10,775,648 |
) |
|
|
(3,612,228 |
) |
|
|
(14,538,686 |
) |
| Depreciation and amortization |
|
|
65,479 |
|
|
|
2,534,515 |
|
|
|
- |
|
|
|
2,599,994 |
|
| Income tax expense (benefit) |
|
|
2,796 |
|
|
|
(1,004,453 |
) |
|
|
(351,878 |
) |
|
|
(1,353,535 |
) |
| Net (loss) income from continuing operations |
|
|
(135,536 |
) |
|
|
(9,771,195 |
) |
|
|
(3,260,350 |
) |
|
|
(13,167,081 |
) |
| Capital expenditures |
|
|
- |
|
|
|
568 |
|
|
|
- |
|
|
|
568 |
|
| |
|
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 |
|
|
|
|
|
|
|
3,624,940 |
|
|