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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the estimated fair value of the assets acquired and the liabilities assumed at the effective acquisition date. Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed
Consideration |  |  |  |
Cash |  | $ | 2,500,000 |
Fair value of consideration transferred |  |  | 2,500,000 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |
Right-of-use operating lease |  |  | 98,638 |
Total assets acquired |  |  | 98,638 |
Right-of-use operating lease |  |  | 98,638 |
Total liabilities assumed |  |  | 98,638 |
Total identifiable net assets |  |  | - |
Goodwill |  | $ | 2,500,000 |
Schedule of Receivables | Payments were scheduled as follows: Schedule of Receivables
For the Year Ended December 31, |  |  |  |  | In Default |
2024 (3 months) |  | $ | 141,759 | ** |  | $ | 119,376 |
2025 |  |  | 44,766 |  |  |  |  |
|  |  | 186,525 |  |  |  |  |
Less: amount representing interest |  |  | (9,674 | ) |  |  |  |
Total |  | $ | 176,851 |  |  |  |  |
On July 12, 2023, Notice of Default was provided by SurgePays, Inc. to Blue Skies Connections, LLC for failure to pay amounts due under that certain Promissory Note dated June 14, 2021 by Blue Skies Connections, LLC in favor of SurgePays, Inc. in the original principal amount of $176,851 (the “Note”). Pursuant to the terms of the Note, SurgePays, Inc. accelerated the amount due.
** | At September 30, 2024, a total of $119,376 in payments were in default, which consisted of payments due totaling $52,227 related to the year ended December 31, 2023 and an additional $67,149 of payments which were due as of September 30, 2024.
Schedule of Marketable Securities | Marketable securities were as follows at September 30, 2024 and December 31, 2023, respectively. Schedule of Marketable Securities
|  | U.S. Treasury & Government |
|  | Exchange Traded Funds |
|  | Fixed Income |
Balance - December 31, 2023 |  | $ | - |
Purchases |  |  | 9,950,941 |
Unrealized gains |  |  | 38,291 |
Dividends, interest and other income |  |  | 85,717 |
Fees/adjustments |  |  | (6,443 | )
Balance - September 30, 2024 |  | $ | 10,068,506 |
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, 2024 and 2023: Schedule of Disaggregation of Revenue from Contracts with Customers
|  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Revenue |  | Revenue |  |  | % of Revenues |  |  | Revenue |  |  | % of Revenues |
Mobile Virtual Network Operators |  | $ | 41,419,705 |  |  |  | 80.76 | % |  | $ | 89,536,546 |  |  |  | 85.42 | %
Comprehensive Platform Services |  |  | 9,853,497 |  |  |  | 19.21 | % |  |  | 8,609,570 |  |  |  | 8.21 | %
Lead Generation |  |  | - |  |  |  | 0.00 | % |  |  | 6,647,061 |  |  |  | 6.34 | %
Other |  |  | 11,329 |  |  |  | 0.02 | % |  |  | 30,533 |  |  |  | 0.03 | %
Total Revenues |  | $ | 51,284,531 |  |  |  | 100 | % |  | $ | 104,823,710 |  |  |  | 100 | %
Schedule of Investment | The following is a summary of our investment at September 30, 2024 and December 31, 2023: Schedule of Investment
Balance - December 31, 2022 |  | $ | 354,206 |
Gain on investment in CenterCom |  |  | 110,203 |
Balance - December 31, 2023 |  |  | 464,409 |
Gain on investment in CenterCom |  |  | 33,864 |
Balance - September 30, 2024 |  | $ | 498,273 |
Schedule of Diluted Net Income (Loss) Per Share | The following potentially dilutive equity securities outstanding as of September 30, 2024 and 2023 were as follows: Schedule of Diluted Net Income (Loss) Per Share
|  | September 30, 2024 |  |  | September 30, 2023 |
Warrants |  |  | 3,571,153 |  |  |  | 5,616,892 |
Stock options |  |  | 121,276 |  |  |  | 11,902 |
Total common stock equivalents |  |  | 3,692,429 |  |  |  | 5,628,794 |
Schedule of Earnings per Share Basic and Diluted | The following table shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: Schedule of Earnings per Share Basic and Diluted
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (14,275,346 | ) |  | $ | 7,084,301 |  |  | $ | (25,916,517 | ) |  | $ | 17,596,634 |
Net income (loss) available to common stockholders |  | $ | (14,275,346 | ) |  | $ | 7,084,301 |  |  | $ | (25,916,517 | ) |  | $ | 17,596,634 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  |  | 19,689,010 |  |  |  | 14,291,263 |  |  |  | 18,940,689 |  |  |  | 14,205,127 |
Effect of dilutive securities |  |  | - |  |  |  | 216,721 |  |  |  | - |  |  |  | 535,074 |
Weighted average shares outstanding - diluted |  |  | 19,689,010 |  |  |  | 14,507,984 |  |  |  | 18,940,689 |  |  |  | 14,740,201 |
Earnings (loss) per share - basic |  | $ | (0.73 | ) |  | $ | 0.50 |  |  | $ | (1.37 | ) |  | $ | 1.24 |
Earnings (loss) per share - diluted |  | $ | (0.73 | ) |  | $ | 0.49 |  |  | $ | (1.37 | ) |  | $ | 1.19 |
Schedule of Related Party Expenses | Schedule of Related Party Expenses
Related Party |  | September 30, 2024 |  |  | September 30, 2023 |
Carddawg Investments, Inc. |  |  | 124,767 |  |  |  | 124,767 | 1
Total |  | $ | 124,767 |  |  | $ | 124,767 |
1 | - represents an affiliate of our Chief Executive Officer (Kevin Brian Cox)

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