Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

 

The Company operates in the following segments: (i) PDN Network, (ii) NAPW Network, and (iii) RemoteMore. 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, 2023 and December 31, 2022 and results of operations for the three and nine months ended September 30, 2023 and 2022:

 

    PDN     NAPW     Remote     Corporate        
    Three Months Ended September 30, 2023  
    PDN     NAPW     Remote     Corporate        
    Network     Network     More     Overhead     Consolidated  
Membership fees and related services   $ -     $ 135,145     $ -     $ -     $ 135,145  
Recruitment services     1,242,711       -       -       -       1,242,711  
Contracted software development     -       -       604,996       -       604,996  
Consumer advertising and marketing solutions     25,516       -       -       -       25,516  
Total revenues     1,268,227       135,145       604,996       -       2,008,368  
Income (loss) from continuing operations     (446,060 )     (26,910 )     (51,722 )     (804,276 )     (1,328,968 )
Depreciation and amortization     127,702       20,673       347       -       148,722  
Income tax benefit     (2,441 )

     (359 )     -       (4,428 )     (7,228 )
Net loss from continuing operations     (440,769 )   (26,480

)

     (52,897 )     (799,848 )     (1,319,994 )

 

                                         
    As of September 30, 2023  
Goodwill   $ 465,752     $ -     $ 952,001     $ -     $ 1,417,753  
Intangibles assets, net     321,100       76,208       833       -       398,141  
Assets from continuing operations, net of intercompany eliminations     6,734,947       134,368       (492,819 )     -       6,376,496  

 

    PDN     NAPW     Remote     Corporate        
    Three Months Ended September 30, 2022  
    PDN     NAPW     Remote     Corporate        
    Network     Network     More     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 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 intercompany eliminations     6,718,226       203,534       (287,455 )     -       6,634,305  

 

 

    PDN     NAPW           Corporate        
    Nine Months Ended September 30, 2023  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 400,303     $ -     $ -     $ 400,303  
Recruitment services     3,422,129       -       -       -       3,422,129  
Contracted software development     -       -       1,906,706       -       1,906,706  
Consumer advertising and marketing solutions     75,664       -       -       -       75,664  
Total revenues     3,497,793       400,303       1,906,706       -       5,804,802  
Income (loss) from continuing operations     (1,255,094 )     (407,155 )     (237,343 )     (1,987,421 )     (3,887,013 )
Depreciation and amortization     367,669       59,946       1,040       -       428,655  
Income tax expense (benefit)     (4,037 )     (3,024 )     850       (10,940 )     (17,151 )
Net income (loss) from continuing operations     (1,244,924 )     (404,007 )     (235,623 )     (1,976,481 )     (3,861,035 )

 

    PDN     NAPW           Corporate        
    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 )