XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Scheduled of Receivables

 

For the Year Ended December 31, 2021    
     
2021 (3 months)  $- 
2022   - 
2023   52,227 
2024   89,532 
2025   44,766 
Notes Receivable Gross   186,525 
Less: amount representing interest   (9,674)
Total  $176,851 
Scheduled of Deconsolidated Ownership

As a result of the sale, we deconsolidated our entire ownership interest in TW from our consolidated financial statements on May 7, 2021, the effective date of the sale agreement, and recognized a gain on deconsolidation of $1,895,871 as follows:

 

Consideration    
Note receivable  $176,851 
      
Fair value of consideration received   176,851 
      
Recognized amounts of identifiable assets sold and liabilities assumed by buyer:     
      
Cash   325,316 
Lifeline revenue due from USAC   74,650 
Inventory   107,089 
Property and equipment - net   20,645 
Operating lease - right of use asset - net   10,981 
Total assets sold   538,681 
      
Accounts payable and accrued expenses   1,183,850 
Line of credit   912,870 
Note payable - SBA government   150,000 
Operating lease liability   10,981 
Total liabilities assumed by buyer   2,257,701 
      
Total net liabilities assumed by buyer   1,719,020 
      
Gain on deconsolidation of True Wireless   1,895,871 
Schedule of Disaggregation of Revenue from Contracts with Customers

The following represents the Company’s disaggregation of revenues for the nine months ended September 30, 2021 and 2020:

 

   Nine Months Ended September 30, 
   2021   2020 
                 
Revenue  Revenue   % of Revenues   Revenue   % of Revenues 
                     
ECS  $18,968,630    51.40%  $26,967,015    62.56%
LogicsIQ, Inc.   15,350,491    41.59%   13,626,638    31.61%
Surge Pays, Inc.   1,249,015    3.38%   -    0.00%
True Wireless   1,157,981    3.14%   1,725,053    4.00%
Surge Blockchain, LLC   110,547    0.30%   491,349    1.14%
Other   68,709    0.19%   294,712    0.68%
Total Revenues  $36,905,373    100%  $43,104,767    100%
Schedule of Diluted Net Income (Loss) Per Share

The following potentially dilutive equity securities outstanding as of September 30, 2021 and 2020 were as follows:

 

   September 30, 2021   September 30, 2020 
Convertible notes payable and related accrued interest (1)   540,206    736,260 
Warrants (2)   473,609    154,178 
Stock options (3)   3,401    17,004 
Series A, convertible preferred stock (4)   1,300,000    1,300,000 
Series C, convertible preferred stock (5)   180,399,500    180,399,500 
Total common stock equivalents   182,716,716    182,606,942