Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.23.1
Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information

15. Segment Information

 

The Company operates in the following segments: (i) PDN Network, (ii) NAPW Network, (iii)RemoteMore (beginning in fiscal 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 of the Company’s reportable segments as of and for the years ended December 31, 2022 and 2021:

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Year Ended December 31, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 639,271     $ -     $ -     $ 639,271  
Recruitment services     4,861,761       -       -       -       4,861,761  
Contracted software development     -       -       2,645,619       -       2,645,619  
Consumer advertising and marketing solutions     167,437       -       -       -       167,437  
Total revenues     5,029,198       639,271       2,645,619       -       8,314,088  
Income (loss) from continuing operations     415,217       (196,117 )     (1,008,101 )     (2,312,874 )     (3,101,875 )
Depreciation and amortization     30,614       78,223       667,258       -       776,095  
Income tax expense (benefit)     9,200       24,629     126       (47,143 )     (13,188 )
Net income (loss) from continuing operations     414,491       (220,536 )     (1,020,354 )     (2,265,940 )     (3,092,339 )

 

    As of December 31, 2022  
Goodwill   $ 339,451     $ -     $ 935,334     $ -     $ 1,274,785  
Intangibles assets, net     90,400       133,363       1,458       -       225,221  
Assets from continuing operations, net of eliminations     6,718,226       203,534       (287,455 )     -       6,634,305  

 

 

    Network     Network     RemoteMore     Overhead     Consolidated  
    Year Ended December 31, 2021
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 985,446     $ -     $ -     $ 985,446  
Recruitment services     4,646,786       -       -       -       4,646,786  
Contracted software development     -       -       302,882       -       302,882  
Consumer advertising and marketing solutions     163,485       -       -       -       163,485  
Total revenues     4,810,271       985,446       302,882       -       6,098,599  
Income (loss) from continuing operations     1,069,451       (849,599 )     (352,165 )     (2,758,151 )     (2,890,464 )
Depreciation and amortization     15,235       100,037       269,889       -       385,161  
Income tax expense (benefit)     12,135       (8,757 )     -       (24,918 )     (21,540 )
Net income (loss) from continuing operations     1,065,561       (839,674 )     (353,579 )     (2,733,233 )     (2,860,925 )

 

    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, net of eliminations     7,596,499       684,881       501,198       -       8,782,578