Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.20.2
Segment Information
6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information
16 SEGMENT INFORMATION

 

Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer.

 

The Company evaluated performance of its operating segments based on revenue and operating profit (loss). Segment information for the three and six months ended June 30, 2020 and 2019 and as of June 30, 2020 and December 31, 2019, are as follows:

 

    Surge     TW     ECS      Total  
Three Months ended June 30, 2020                                
Revenue   $ 4,704,830     $ 754,143     $ 9,055,823     $ 14,514,796  
Cost of revenue     (4,206,966 )     (309,719 )     (8,883,326 )     (13,400,011 )
Gross margin     497,864       444,424       172,497       1,114,785  
Costs and expenses     (4,120,392 )     (563,804 )     (378,369 )     (5,062,565 )
Operating loss   $ (3,622,528 )   $ (119,380 )   $ (205,872 )   $ (3,947,780 )
                                 
Three Months ended June 30, 2019                                
Revenue   $ 2,169,349     $ 1,285,071     $ -     $ 3,454,420  
Cost of revenue     (1,552,073 )     (759,682 )     -       (2,311,755 )
Gross margin     617,276       525,389       -       1,142,665  
Costs and expenses     (2,687,959 )     (986,410 )     -       (3,674,369 )
Operating loss   $ (2,070,683 )   $ (461,021 )   $ -     $ (2,531,704 )
                                 
Six Months ended June 30, 2020                                
Revenue   $ 10,455,151     $ 1,044,848     $ 18,802,596     $ 30,302,595  
Cost of revenue     (8,996,671 )     (801,276 )     (18,408,643 )     (28,206,590 )
Gross margin     1,458,480       243,572       393,953       2,096,005  
Costs and expenses     (6,432,747 )     (1,613,714 )     (429,479 )     (8,809,024 )
Operating loss   $ (4,974,267 )   $ (1,370,142 )   $ (368,610 )   $ (6,713,019 )
                                 
Six Months ended June 30, 2019                                
Revenue   $ 3,311,101     $ 4,082,093     $ -     $ 7,393,194  
Cost of revenue     (2,291,481 )     (2,499,841 )     -       (4,791,322 )
Gross margin     1,019,620       1,582,252       -       2,60,1,872  
Costs and expenses     (4,235,154 )     (2,010,534 )     -       (6,245,688 )
Operating loss   $ (3,215,534 )   $ (428,282     $ -     $ (3,643,816 )
                                 
June 30, 2020                                
Total assets   $ 3,129,721     $ 86,044     $ 4,949,345     $ 8,165,110  
Total liabilities     10,831,146       3,948,488       348,075       15,127,709  
                                 
December 31, 2019                                
Total assets   $ 3,636,624     $ 1,339,577     $ 5,010,172     $ 9,986,373  
Total liabilities     10,850,674       3,815,175       20,139       14,685,988