XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information

Note 10 – 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 loss. All data below is prior to intercompany eliminations.

 

Segment information for the three and nine months ended September 30, 2022 and 2021, are as follows:

 

   2022   2021   2022   2021 
   Three Months Ended September 30, 2022   Nine Months Ended September 30, 2022 
   2022   2021   2022   2021 
                 
Revenues                    
Surge Phone and Torch Wireless  $27,345,641   $1,250,804   $61,462,327   $1,253,035 
Surge Blockchain, LLC   54,707    32,629    102,378    110,547 
LogicsIQ, Inc.   4,763,990    7,453,036    10,689,006    15,449,941 
Surge Fintech & ECS   4,007,007    5,801,884    13,064,149    18,933,869 
True Wireless   -    -    -    1,157,981 
SurgePays, Inc.   -    -    -    - 
Total  $36,171,345   $14,538,353   $85,317,860   $36,905,373 
                     
Cost of revenues                    
Surge Phone and Torch Wireless  $24,298,074   $1,179,212   $54,836,122   $1,186,881 
Surge Blockchain, LLC   957    (588)   2,457    1,377 
LogicsIQ, Inc.   5,693,500    5,851,931    10,457,462    12,628,769 
Surge Fintech & ECS   4,258,010    5,604,316    13,276,380    18,421,530 
True Wireless   -    -    -    306,062 
SurgePays, Inc.   -    -    -    - 
Total  $34,250,541   $12,634,871   $78,572,421   $32,544,619 
                     
Operating expenses                    
Surge Phone and Torch Wireless  $84,775   $11,496   $215,664   $35,409 
Surge Blockchain, LLC   300    (918)   53,271    11,725 
LogicsIQ, Inc.   446,292    646,128    1,454,111    1,604,261 
Surge Fintech & ECS   370,599    288,966    1,013,518    1,062,315 
True Wireless   -    61,458    -    615,013 
SurgePays, Inc.   2,031,238    1,902,824    6,918,965    6,933,756 
Total  $2,933,204   $2,909,954   $9,655,529   $10,262,479 
                     
Income (loss) from operations                    
Surge Phone and Torch Wireless  $2,962,792   $60,096   $6,410,541   $30,745 
Surge Blockchain, LLC   53,450    34,135    46,650    97,445 
LogicsIQ, Inc.   (1,375,802)   954,977    (1,222,567)   1,216,911 
Surge Fintech & ECS   (621,602)   (91,398)   (1,225,749)   (549,976)
True Wireless   -    (61,458)   -    236,906 
SurgePays, Inc.   (2,031,238)   (1,902,824)   (6,918,965)   (6,933,756)
Total  $(1,012,400)  $(1,006,472)  $(2,910,090)  $(5,901,725)

 

 

SURGEPAYS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022

(UNAUDITED)

 

Segment information for the Company’s assets and liabilities at September 30, 2022 and December 31, 2021, are as follows:

 

   September 30, 2022   December 31, 2021 
         
Total Assets          
Surge Phone and Torch Wireless  $17,772,528   $(161,110)
Surge Blockchain, LLC   (560,954)   (608,188)
LogicsIQ, Inc.   2,392,232    1,284,562 
Surge Fintech & ECS   2,656,342    3,870,409 
True Wireless   -    - 
SurgePays, Inc.   11,100,715    15,114,529 
Total  $33,360,863   $19,500,202 
           
Total Liabilities          
Surge Phone and Torch Wireless  $11,527,879   $5,773 
Surge Blockchain, LLC   198,197    197,614 
LogicsIQ, Inc.   4,392,510    2,056,886 
Surge Fintech & ECS   60,029    48,346 
True Wireless   -    - 
SurgePays, Inc.   16,718,162    13,640,262 
Total  $32,896,777   $15,948,881