Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 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 March 31, 2023 and December 31, 2022 and results of operations for the three months ended March 31, 2023 and 2022:

                                         
    Three Months Ended March 31, 2023  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 128,923     $ -     $ -     $ 128,923  
Recruitment services     1,103,395       -       -       -       1,103,395  
Contracted software development     -       -       698,266       -       698,266  
Consumer advertising and marketing solutions     24,625       -       -       -       24,625  
Total revenues     1128,020       128,923       698,266       -       1,955,209  
Income (loss) from continuing operations     (354,632 )     (247,066 )     (104,884 )     (420,198 )     (1,126,780 )
Depreciation and amortization     112,760       19,667       347       -       132,774  
Income tax expense (benefit)     (3,080 )     (3,571 )     850       (5,072 )     (10,873 )
Net loss from continuing operations, net of tax     (348,726 )     (243,442 )     (102,029 )     (415,126 )     (1,109,323 )

 

                                         
    As of March 31, 2023  
Goodwill   $ 465,752     $ -     $ 952,001     $ -     $ 1,417,753  
Intangibles assets, net     531,367       114,311       1,250       -       646,928  
Assets from continuing operations     6,787,713       209,964       (373,490 )     -       6,624,187  

 

 

                                         
    Three Months Ended March 31, 2022  
    PDN     NAPW           Corporate        
    Network     Network     RemoteMore     Overhead     Consolidated  
Membership fees and related services   $ -     $ 196,009     $ -     $ -     $ 196,009  
Recruitment services     1,333,364       -       -       -       1,333,364  
Contracted software development     -       -       477,092       -       477,092  
Consumer advertising and marketing solutions     46,415       -       -       -       46,415  
Total revenues     1,379,779       196,009       477,092       -       2,052,880  
Income (loss) from continuing operations     272,290       (207,877 )     (378,279 )     (602,347 )     (916,213 )
Depreciation and amortization     6,222       19,432       255,618       -       281,272  
Income tax expense (benefit)     9,087       (13,017 )     -       (21,858 )     (25,788 )
Net income (loss) from continuing operations, net of tax     266,221       (194,696 )     (380,560 )     (580,489 )     (889,524 )

 

                                         
    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     6,718,226       203,534       (287,455 )     -       6,634,305