Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

 

The Company operates in the following segments: (i) PDN Network, (ii) Other (which includes NAPW Network and RemoteMore) and (iii) Corporate Overhead. The financial results of 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 related of the Company’s reportable segments related to financial position as of September 30, 2021 and December 31, 2020 and results of operations for the three and nine months ended September 30, 2021 and 2020:

 

    Network     Network     Overhead     Consolidated  
    Three Months Ended September 30, 2021  
    PDN         Corporate        
    Network     Other     Overhead     Consolidated  
Membership fees and related services   $ -     $ 239,571     $ -     $ 239,571  
Recruitment services     1,368,440       -       -       1,368,440  
Products sales and other     -       19,487       -       19,487  
Consumer advertising and marketing solutions     55,517       -       -       55,517  
Total revenues     1,423,957       259,058       -       1,683,015  
Income (loss) from continuing operations     692,356       (202,184 )     (582,674 )     (92,502 )
Depreciation and amortization     5,875       23,793       -       29,668  
Income tax (benefit) expense     7,406    

(2,276

 )     (6,854 )    

(1,724

 )
Net loss from continuing operations    

687,343

       (199,909 )     (575,820 )     (88,385 )

 

    As of September 30, 2021  
Goodwill   $ 339,451     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       1,166,805       -       1,257,205  
Assets from continuing operations     8,377,328       1,220,572       -       9,597,900  

 

    Network     Network     Overhead     Consolidated  
    Three Months Ended September 30, 2020  
    PDN         Corporate        
    Network     Other     Overhead     Consolidated  
Membership fees and related services   $ -     $ 319,248     $ -     $ 319,248  
Recruitment services     930,330       -       -       930,330  
Products sales and other     -       218       -       218  
Consumer advertising and marketing solutions     55,726       -       -       55,726  
Total revenues     986,056       319,466       -       1,305,522  
Loss from continuing operations     315,145       42,958 )     (1,278,685 )     (920,582 )
Depreciation and amortization     4,560       33,730       -       38,290  
Income tax benefit     1,893       (28 )     (15,477 )     (13,612 )
Net loss from continuing operations     307,999       42,986       (1,263,208 )     (912,223 )

 

    As of December 31, 2020  
Goodwill   $ 339,451     $ -     $ -     $ 339,451  
Intangibles assets, net     90,400       323,881       -       414,281  
Assets from continuing operations     2,103,830       1,197,336       -       3,301,166  

 

 

    Network     Network     Overhead     Consolidated  
    Nine Months Ended September 30, 2021  
    PDN         Corporate        
    Network     Other     Overhead     Consolidated  
Membership fees and related services   $ -     $ 760,654     $ -     $ 760,654  
Recruitment services     3,695,205       -       -       3,695,205  
Products sales and other     -       22,826       -       22,826  
Consumer advertising and marketing solutions     149,347       -       -       149,347  
Total revenues     3,844,552       783,480       -       4,628,032  
Income (loss) from continuing operations     1,298,391       (620,063 )     (2,135,833 )     (1,457,507 )
Depreciation and amortization     9,472       78,879       -       88,351  
Income tax expense (benefit)    

16,837

     (8,011 )    

(27,593

 )     (18,767 )
Net income (loss) from continuing operations     1,286,681       (612,053 )     (2,108,240 )     (1,433,612 )

 

    Network     Network     Overhead     Consolidated  
    Nine Months Ended September 30, 2020  
    PDN         Corporate        
    Network     Other     Overhead     Consolidated  
Membership fees and related services   $ -     $ 1,056,487     $ -     $ 1,056,487  
Recruitment services     2,069,250       -       -       2,069,250  
Products sales and other     -       3,548       -       3,548  
Consumer advertising and marketing solutions     110,364       -       -       110,364  
Total revenues     2,179,614       1,060,035       -       3,239,649  
Loss from continuing operations     82,595       (395,348 )     (3,835,946 )     (4,148,699 )
Depreciation and amortization     31,070       107,069       -       138,139  
Income tax benefit     821       (2,636 )     (30,218 )     (32,033 )
Net loss from continuing operations     82,735       (392,712 )     (3,805,728 )     (4,115,705 )