Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.19.2
Segment Information
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segment Information

11. Segment Information

 

Beginning on May 26, 2018, the Company operates in the following segments: (A) United States: (i) PDN Network and (ii) NAPW Network, and (B) China Operations. 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, and (B) China Operations. The following tables present key financial information of the Company’s reportable segments as of and for the three and six months ended June 30, 2019 and 2018:

 

    Three Months Ended June 30, 2019  
    United States                    
   

PDN

Network

    

NAPW

Network

     China
Operations		     Corporate
Overhead		     Consolidated  
                               
Membership fees and related services   $ -     $ 633,914     $ 2,305     $ -     $ 636,219  
Recruitment services     651,046       -       -       -       651,046  
Products sales and other     -       1,143       -       -       1,143  
Education and training     -       -       -               -  
Consumer advertising and marketing solutions     38,059       -       -       -       38,059  
Total revenues     689,105       635,057       2,305       -       1,326,467  
(Loss) income from continuing operations     (19,545 )     (44,245 )     (351,828 )     (699,973 )     (1,115,591 )
Depreciation and amortization     15,891       201,443       4,207       -       221,541  
Income tax expense (benefit)     24,110       (1,037 )     8,594       (33,309 )     (1,642 )
Net (loss) income from continuing operations     331,914       (43,208 )     (364,711 )     (666,664 )     (742,669 )
Capital expenditures     -       -       -       -       -  

 

    Six Months Ended June 30, 2019  
    United States                    
   

PDN

Network

    

NAPW

Network

     China
Operations		     Corporate
Overhead		     Consolidated  
                               
Membership fees and related services   $ -     $ 1,428,453     $ 6,374     $ -     $ 1,434,827  
Recruitment services     1,125,306       -       -       -       1,125,306  
Products sales and other     -       3,955       -       -       3,955  
Education and training     -       -       34,881               34,881  
Consumer advertising and marketing solutions     73,775       -       -       -       73,775  
Total revenues     1,199,081       1,432,408       41,255       -       2,672,744  
(Loss) income from continuing operations     (191,021 )     (151,976 )     (686,675 )     (1,287,948 )     (2,317,620 )
Depreciation and amortization     31,632       402,885       8,446       -       442,963  
Income tax expense (benefit)     10,975       (9,166 )     8,594       (77,678 )     (67,275 )
Net (loss) income from continuing operations     170,990       (142,810 )     (705,108 )     (1,210,270 )     (1,887,198 )
Capital expenditures     -       -       3,336       -       3,336  

 

    June 30, 2019  
Goodwill   $ 339,451     $ -     $ -     $ -     $ 339,451  
Intangible assets, net     90,400       564,206       -       -       654,606  
Assets from continuing operations     2,166,721       1,533,653       640,209       -       4,340,583  

 

    Three Months Ended June 30, 2018  
    United States                    
   

PDN

Network

    

NAPW

Network

     China
 Operations		     Corporate Overhead     Consolidated  
                               
Membership fees and related services   $ -     $ 1,270,500     $ 65,226     $ -     $ 1,335,726  
Recruitment services     692,377       -       -       -       692,377  
Products sales and other     -       6,360       -       -       6,360  
Education and training     -       -       9,577       -       9,577  
Consumer advertising and marketing solutions     74,543       -       -       -       74,543  
Total revenues     766,920       1,276,860       74,803       -       2,118,583  
(Loss) income from continuing operations     15,445       (431,475 )     (474,066 )     (1,077,767 )     (1,967,863 )
Depreciation and amortization     16,978       636,448       5,835       -       659,261  
Income tax expense (benefit)     4,095       (29,363 )     2,265       (100,412 )     (123,415 )
Net (loss) income from continuing operations     16,900       (402,112 )     (478,103 )     (977,355 )     (1,840,670 )
Capital expenditures     -       -       (3,567 )     -       (3,567 )

 

    Six Months Ended June 30, 2018  
    United States                    
   

PDN

Network

    

NAPW

Network

     China
 Operations		     Corporate Overhead     Consolidated  
                               
Membership fees and related services   $ -     $ 2,820,432     $ 127,515     $ -     $ 2,947,947  
Recruitment services     1,313,792       -       -       -       1,313,792  
Products sales and other     -       10,017       -       -       10,017  
Education and training     -       -       16,048       -       16,048  
Consumer advertising and marketing solutions     144,277       -       -       -       144,277  
Total revenues     1,458,069       2,830,449       143,563       -       4,432,081  
Loss from continuing operations     (51,759 )     (1,197,530 )     (825,182 )     (1,990,542 )     (4,065,013 )
Depreciation and amortization     33,965       1,294,881       10,176       -       1,339,022  
Income tax expense (benefit)     (4,678 )     (139,002 )     2,265       (231,050 )     (372,465 )
Net loss from continuing operations     (35,624 )     (1,058,528 )     (811,680 )     (1,759,492 )     (3,665,324 )
Capital expenditures     -       -       (3,567 )             (3,567 )

 

    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       1,486,891       -       5,111,831