Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 and results of operations for the three and six months ended June 30, 2022 and 2021:

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Three Months Ended June 30, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 161,435     $ -     $ -     $ 161,435  
Recruitment services     1,341,031       -       -       -       1,341,031  
Contracted software development     -       -       647,868       -       647,868  
Consumer advertising and marketing solutions     45,173       -       -       -       45,173  
Total revenues     1,386,204       161,435       647,868       -       2,195,507  
Income (loss) from continuing operations     177,773       726,222       (275,443 )     (655,605 )     (27,053 )
Depreciation and amortization     6,892       19,527       205,618       -       232,037  
Income tax expense (benefit)     8,791       18,658       -       (11,902 )     15,547  
Net income (loss) from continuing operations     170,329       707,577       (287,050 )     (643,703 )     (52,937 )

 

    As of June 30, 2022  
Goodwill   $ 339,451     $ -     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       171,467       207,204       -       469,071  
Assets from continuing operations     6,172,487       494,145       16,097       -       6,682,729  

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Three Months Ended June 30, 2021  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 259,786     $              -     $ -     $ 259,786  
Recruitment services     1,151,685       -       -       -       1,151,685  
Contracted software development     -       -       -       -       -  
Consumer advertising and marketing solutions     48,694       -       -       -       48,694  
Total revenues     1,200,379       259,786       -       -       1,460,165  
Income (loss) from continuing operations     293,211       (171,460 )     -       (663,279 )     (541,528 )
Depreciation and amortization     2,419       26,657       -       -       29,076  
Income tax benefit     (18,675 )     14,885       -       53,724       49,934  
Net loss from continuing operations     313,443       (186,051 )     -       (717,003 )     (589,612 )

 

 

    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  

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Six Months Ended June 30, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 357,444     $ -     $ -     $ 357,444  
Recruitment services     2,674,395       -       -       -       2,674,395  
Contracted software development     -       -       1,124,960       -       1,124,960  
Consumer advertising and marketing solutions     91,588       -       -       -       91,588  
Total revenues     2,765,983       357,444       1,124,960       -       4,248,387  
Income (loss) from continuing operations     450,063       (518,345 )     (653,722 )     (1,257,952 )     (943,266 )
Depreciation and amortization     13,114       38,959       461,236       -       513,309  
Income tax expense (benefit)     17,878       5,641       -       (33,760 )     (10,241 )
Net income (loss) from continuing operations     436,460       512,881       (667,610 )     (1,224,192 )     (942,461 )

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Six Months Ended June 30, 2021  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 524,422     $               -     $ -     $ 524,422  
Recruitment services     2,326,765       -       -       -       2,326,765  
Contracted software development     -       -       -       -       -  
Consumer advertising and marketing solutions     93,830       -       -       -       93,830  
Total revenues     2,420,595       524,422       -       -       2,945,017  
Income (loss) from continuing operations     606,035       (417,879 )     -       (1,553,159 )     (1,365,005 )
Depreciation and amortization     3,597       55,086       -       -       58,683  
Income tax expense (benefit)     9,431       (5,735 )     -       (20,739 )     (17,043 )
Net income (loss) from continuing operations     599,338       (412,144 )     -       (1,532,420 )     (1,345,227 )