Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.0.8
Segment Information
 9 Months Ended
Sep. 30, 2014
Segment Information [Abstract]  
Segment Information
13. Segment Information

Since the Merger with NAPW on September 24, 2014, the Company operates in two segments: (i) PDN Network and (2) NAPW Network, which are based on its business activities and organization. The operating segments are segments of the Company for which separate discrete financial information is available and for which operating results are evaluated regularly by the chief operating decision makers, made up of the Company's executive management team, in deciding how to allocate resources, as well as in assessing performance.  The Company evaluates the performance of its operating segments primarily based on revenues and operating income or loss from operations. The PDN Network segment consists of online professional networking communities dedicated to serving diverse professionals in the United States and employers seeking to hire diverse talent. The NAPW Network consists of the women-only professional networking organization dedicated to helping its members develop their professional networks, further their education and skills and promote their businesses and career accomplishments.

The following tables present key financial information of the Company's reportable segments as of and for the three and nine months ended September 30, 2014:

 
Three Months Ended September 30, 2014
   Nine Months Ended September 30, 2014  
 
PDN Network
  
NAPW Network
    
Consolidated
    
PDN Network
    
NAPW Network
    
Consolidated
  
                                 
Recruitment services
   $ 712,728     $ -     $ 712,728     $ 2,114,178     $ -     $ 2,114,178  
Consumer advertising and consumer marketing solutions revenue
     448,860       -       448,860       1,317,351       -       1,317,351  
Membership fees and related services
     -       402,397       402,397       -       402,397       402,397  
Product sales and other revenue
     -       11,395       11,395       -       11,395       11,395  
Total revenues
     1,161,588       413,792       1,575,380       3,431,529       413,792       3,845,321  
(Loss) income from operations
     (610,633 )     27,861       (582,772 )     (1,954,713 )     27,861       (1,926,852 )
Depreciation and amortization
     89,816       40,249       130,065       274,370       40,249       314,619  
Income tax (benefit) expense
     (628,876 )     11,159       (617,717 )     (1,141,465 )     11,159       (1,130,306 )
Capital expenditures
     1,703       -       1,703       13,300       -       13,300  
Net (loss) income
     (957,353 )     16,326       (941,027 )     (1,708,056 )     16,326       (1,691,730 )
                                                 
   
At September 30, 2014
                          
Goodwill
   $ 735,328     $ 44,617,688     $ 45,353,016                          
Intangible assets, net
     90,400       14,338,342       14,428,742                          
Total assets
     14,021,170       63,349,113       77,370,283