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Segment Information
 9 Months Ended
Sep. 30, 2024
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 the performance of its operating segments based on revenue and operating loss. All data below is prior to intercompany eliminations.

 

 

SURGEPAYS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

Segment information for the Company’s operations for the nine months ended September 30, 2024 and 2023, are as follows:

 

         
   For the Nine Months Ended September 30, 
   2024   2023 
         
Revenues          
Mobile Virtual Network Operators  $41,419,705   $89,536,546 
Comprehensive Platform Services   9,853,497    8,609,570 
Lead Generation   -    6,647,061 
Other   11,329    30,533 
Total  $51,284,531   $104,823,710 
           
Cost of revenues          
Mobile Virtual Network Operators  $44,817,610   $62,324,237 
Comprehensive Platform Services   9,547,340    8,523,966 
Lead Generation   5,175    5,774,505 
Other   7,175    204 
Total  $54,377,300   $76,622,912 
           
Operating expenses          
Mobile Virtual Network Operators  $320,679   $307,829 
Comprehensive Platform Services   2,190,461    1,204,631 
Lead Generation   315,235    741,757 
Other   8,551    3,092 
Corporate overhead   17,477,259    7,944,354 
Total  $20,312,185   $10,201,663 
           
Income (loss) from operations      
Mobile Virtual Network Operators  $(3,718,584)  $26,904,480 
Comprehensive Platform Services   (1,884,304)   (1,119,027)
Lead Generation   (320,410)   130,799 
Other   (4,397)   27,237 
Corporate overhead   (17,477,259)   (7,944,354)
Total  $(23,404,954)  $17,999,135 

 

 

SURGEPAYS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

Segment information for the Company’s assets and liabilities at September 30, 2024 and December 31, 2023, are as follows:

 

   September 30, 2024   December 31, 2023 
         
Total Assets          
Mobile Virtual Network Operators  $13,402,310   $32,502,760 
Comprehensive Platform Services   5,371,134    2,584,245 
Lead Generation   1,127,991    1,596,236 
Other   168,503    135,548 
Corporate overhead   21,429,555    5,106,518 
Total  $41,499,493   $41,925,307 
           
Total Liabilities          
Mobile Virtual Network Operators  $654,674   $2,426,964 
Comprehensive Platform Services   272,460    155,295 
Lead Generation   278,914    899,485 
Other   116,398    198,197 
Corporate overhead   6,901,060    9,841,902 
Total  $8,223,506   $13,521,843 

 

All intercompany accounts are separately presented as both a component of the assets and liabilities. These amounts net to $0 in the Company’s consolidated balance sheets.