Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

 

The Company operates in the following segments: (i) PDN Network, (ii) NAPW Network, (iii) RemoteMore (beginning in September 2021) and (iv) 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 March 31, 2022 and December 31, 2021 and results of operations for the three months ended March 31, 2022 and 2021:

 

      Network       Network       RemoteMore       Overhead       Consolidated  
    Three Months Ended March 31, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 196,009     $ -     $ -     $ 196,009  
Recruitment services     1,333,364       -       -       -       1,333,364  
Contracted software development     -       -       477,092       -       477,092  
Consumer advertising and marketing solutions     46,415       -       -       -       46,415  
Total revenues     1,379,779       196,009       477,092       -       2,052,880  
Income (loss) from continuing operations     272,290       (207,877 )     (378,279 )     (602,347 )     (916,213 )
Depreciation and amortization     6,222       19,432       255,618       -       281,272  
Income tax expense (benefit)     9,087       (13,017 )     -       (21,858 )     (25,788 )
Net income (loss) from continuing operations     266,221       (194,696 )     (380,560 )     (580,489 )     (889,524 )

 

    As of March 31, 2022  
Goodwill   $ 339,451     $ -     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       190,519       412,741       -       693,660  
Assets from continuing operations     7,184,628       476,133       283,645       -       7,944,406  

 

      Network       Network       RemoteMore       Overhead       Consolidated  
    Three Months Ended March 31, 2021  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 264,636     $              -     $ -     $ 264,636  
Recruitment services     1,175,080       -       -       -       1,175,080  
Contracted software development     -       -       -       -       -  
Consumer advertising and marketing solutions     45,136       -       -       -       45,136  
Total revenues     1,220,216       264,636       -       -       1,484,852  
Income (loss) from continuing operations     312,822     (246,419 )     -       (889,880 )     (823,477 )
Depreciation and amortization     1,178       28,429       -       -       29,607  
Income tax benefit     (46,357 )     (20,620 )     -       -       (66,977 )
Net loss from continuing operations     360,064       (225,799 )     -       (889,880 )     (755,615 )

 

    As of December 31, 2021  
Goodwill   $ 339,451     $ -     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       209,570       668,311       -       968,281  
Assets from continuing operations     7,596,499       684,881       501,198       -       8,782,578