XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.3

Summary of Significant Accounting Policies (Tables)

9 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

+ Details

Name:	us-gaap_InvestmentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration