Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

 

The Company operates in the following segments: (i) PDN Network, (ii) NAPW Network and (iii) 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, 2021 and December 31, 2020 and results of operations for the three and six months ended June 30, 2021 and 2020:

    Three Months Ended June 30, 2021  
    PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 257,878     $ -     $ 257,878  
Recruitment services     1,151,685       -       -       1,151,685  
Products sales and other     -       1,908       -       1,908  
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) expense     (18,675 )      14,885       53,724       49,934  
Net loss from continuing operations     313,443       (186,051 )     (717,003 )     (589,612 )

 

    As of June 30, 2021  
Goodwill   $ 339,451     $ -     $ -     $ 339,451  
Intangibles assets, net     90,400       247,674       -       338,074  
Assets from continuing operations     4,927,004       766,808       -       5,693,812  

 

    Three Months Ended June 30, 2020  
    PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 353,408     $ -     $ 353,408  
Recruitment services     572,233       -       -       572,233  
Products sales and other     -       1,899       -       1,899  
Consumer advertising and marketing solutions     24,290       -       -       24,290  
Total revenues     596,523       355,307       -       951,830  
Loss from continuing operations     (82,526 )     (370,196 )     (1,346,391 )     (1,799,113 )
Depreciation and amortization     11,835       36,013       -       47,848  
Income tax benefit     (121 )     (2,201 )     (10,190 )     (12,512 )
Net loss from continuing operations     (76,855 )     (367,995 )     (1,336,201 )     (1,781,051 )

 

    As of December 31, 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  

 

 

    Six Months Ended June 30, 2021  
    PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 521,083     $ -     $ 521,083  
Recruitment services     2,326,765       -       -       2,326,765  
Products sales and other     -       3,339       -       3,339  
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 )

 

    Six Months Ended June 30, 2020  
    PDN     NAPW     Corporate        
    Network     Network     Overhead     Consolidated  
Membership fees and related services   $ -     $ 737,239     $ -     $ 737,239  
Recruitment services     1,138,920       -       -       1,138,920  
Products sales and other     -       3,330       -       3,330  
Consumer advertising and marketing solutions     54,638       -       -       54,638  
Total revenues     1,193,558       740,569       -       1,934,127  
Loss from continuing operations     (232,550 )     (438,306 )     (2,557,261 )     (3,228,117 )
Depreciation and amortization     26,510       73,339       -       99,849  
Income tax benefit     (1,072 )     (2,608 )     (14,741 )     (18,421 )
Net loss from continuing operations     (225,264 )     (435,698 )     (2,542,520 )     (3,203,482 )