Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information

14. 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 September 30, 2022 and December 31, 2021 and results of operations for the three and nine months ended September 30, 2022 and 2021:

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Three Months Ended
September 30, 2022		  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 152,462     $ -     $ -     $ 152,462  
Recruitment services     1,165,213       -       -       -       1,165,213  
Contracted software development     -       -       757,492       -       757,492  
Consumer advertising and marketing solutions     39,328       -       -       -       39,328  
Total revenues     1,204,541       152,462       757,492       -       2,114,495  
Income (loss) from continuing operations     (77,907 )     (261,132 )     (266,161 )     (505,436 )     (1,110,636 )
Depreciation and amortization     7,475       19,597       205,676       -       232,748  
Income tax expense (benefit)     (1,895 )     (10,410 )     -       (13,174 )     (25,479 )
Net income (loss) from continuing operations     (74,971 )     (250,689 )     (277,318 )     (492,262 )     (1,095,240 )

 

    As of
September 30, 2022		  
Goodwill   $ 339,451     $ -     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       152,415       1,667       -       244,482  
Assets from continuing operations     6,577,544       504,675       (216,457 )     -       6,865,762  

 

    Network     NAPW Network     RemoteMore     Overhead     Consolidated  
    Three Months Ended
September 30, 2021		  
    PDN     NAPW           Corporate        
    Network    

Network

     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 240,048     $ -     $ -     $ 240,048  
Recruitment services     1,368,440       -       -       -       1,368,440  
Contracted software development     -       -       19,010       -       19,010  
Consumer advertising and marketing solutions     55,517       -       -       -       55,517  
Total revenues     1,423,957       240,048       19,010       -       1,683,015  
Income (loss) from continuing operations     692,356       (167,696 )     (34,488 )     (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       (165,421 )     (34,488 )     (575,820 )     (88,385 )

 

 

    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  
    Nine Months Ended September 30, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 509,906     $ -     $ -     $ 509,906  
Recruitment services     3,839,608       -       -       -       3,839,608  
Contracted software development     -       -       1,882,452       -       1,882,452  
Consumer advertising and marketing solutions     130,916       -       -       -       130,916  
Total revenues     3,970,524       509,906       1,882,452       -       6,362,882  
Income (loss) from continuing operations     372,156       257,213       (919,883 )     (1,763,388 )     (2,053,902 )
Depreciation and amortization     20,589       58,556       666,912       -       746,057  
Income tax expense (benefit)     15,983       (4,769 )     -       (46,934)       (35,720 )
Net income (loss) from continuing operations     361,489       262,192       (944,928 )     (1,716,454 )     (2,037,701 )

 

    Network     Other     RemoteMore     Overhead     Consolidated  
    Nine Months Ended September 30, 2021  
    PDN                 Corporate        
    Network     Other     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 764,470     $ -     $ -     $ 764,470  
Recruitment services     3,695,205       -       -       -       3,695,205  
Contracted software development     -       -       19,010       -       19,010  
Consumer advertising and marketing solutions     149,347       -       -       -       149,347  
Total revenues     3,844,552       764,470       19,010       -       4,628,032  
Income (loss) from continuing operations     1,298,391       (585,575 )     (34,488 )     (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       (577,565 )     (34,488 )     (2,108,240 )     (1,433,612 )