Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.20.2
Segment Information
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

 

Beginning on May 26, 2018, the Company operated in the following segments: (A) United States: (i) PDN Network and (ii) NAPW Network, (B) China Operations, and (C) Corporate Overhead. The segments are categorized based on their business activities and organization. On March 4, 2020, the Company’s Board of Directors decided to suspend all China operations. As of December 31, 2019, the Company operated in the following segments: (i) NAPW Network, (ii) PDN Network and (iii) Corporate Overhead. Accordingly, all financial results for Noble Voice and 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 of the Company’s reportable segments as of June 30, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 and 2019:

 

    Three Months Ended June 30, 2020     Six Months Ended June 30, 2020  
    PDN     NAPW     Corporate           PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated     Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 353,408     $ -     $ 353,408     $ -     $ 737,239     $ -     $ 737,239  
Recruitment services     572,233       -       -       572,233       1,138,920       -       -       1,138,920  
Products sales and other     -       1,899       -       1,899       -       3,330       -       3,330  
Consumer advertising and marketing solutions     24,290       -       -       24,290       54,638       -       -       54,638  
Total revenues     596,523       355,307       -       951,830       1,193,558       740,569       -       1,934,127  
Loss from continuing operations     (82,526 )     (370,196 )     (1,346,391 )     (1,799,113 )     (232,550 )     (438,306 )     (2,557,261 )     (3,228,117 )
Depreciation and amortization     11,835       36,013       -       47,848       26,510       73,339       -       99,849  
Income tax benefit     (121 )     (2,201 )     (10,190 )     (12,512 )     (1,072 )     (2,608 )     (14,741 )     (18,421 )
Net loss from continuing operations     (76,855 )     (367,995 )     (1,336,201 )     (1,781,051 )     (225,264 )     (435,698 )     (2,542,520 )     (3,203,482 )

 

    As of June 30, 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  
                                 

 

    Three Months Ended June 30, 2019     Six Months Ended June 30, 2019  
    PDN     NAPW     Corporate           PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated     Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 633,914     $ -     $ 633,914     $ -     $ 1,428,453     $ -     $ 1,428,453  
Recruitment services     651,046       -       -       651,046       1,125,306       -       -       1,125,306  
Products sales and other     -       1,143       -       1,143       -       3,955       -       3,955  
Consumer advertising and marketing solutions     38,059       -       -       38,059       73,775       -       -       73,775  
Total revenues     689,105       635,057       -       1,324,162       1,199,081       1,432,408       -       2,631,489  
Loss from continuing operations     (19,545 )     (44,245 )     (699,973 )     (763,763 )     (191,021 )     (151,976 )     (1,287,948 )     (1,630,945 )
Depreciation and amortization     15,891       201,443       -       217,334       31,632       402,885       -       434,517  
Income tax benefit     24,110       (1,037 )     (33,309 )     (10,236 )     10,975       (9,166 )     (77,678 )     (75,869 )
Net loss from continuing operations     320,814       (43,208 )     (666,664 )     (389,058 )     159,890       (142,810 )     (1,210,270 )     (1,193,190 )

 

    As of December 31, 2019  
Goodwill   $ 339,451     $ -     $ -     $ 339,451  
Intangibles assets, net     90,400       361,985       -       452,385  
Assets from continuing operations     2,151,734       1,254,693       -       3,406,427