v3.24.1.1.u2
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of segment reporting income or losses
   
Operations of:   Products and services provided:
     
CloudFirst Technologies Corporation   CloudFirst provides services from CloudFirst technological assets deployed in six Tier 3 data centers throughout the USA and Canada. This technology has been developed by CloudFirst. Clients are invoiced for cloud infrastructure and disaster recovery on the CloudFirst platform. Services provided to clients are provided on a subscription basis on long term contracts.
Nexxis Inc.   Nexxis is a single-source solution provider that delivers fully-managed cloud-based voice services, data transport, internet access, and SD-WAN solutions focused on business continuity for today’s modern business environment. 
Schedule of financial information related to reportable segments
                               
  As of March 31, 2024
 
   

CloudFirst Technologies

   Nexxis Inc.   Corporate   Total
                 
Accounts receivable   $ 4,388,536     $ 49,130       —     $ 4,437,666  
Prepaid expenses and other current assets     459,130       29,498       178,329       666,957  
Net property and equipment     2,860,215       2,694       2,450       2,865,359  
Intangible assets, net     1,628,937       —       —       1,628,937  
Goodwill     4,238,671       —       —       4,238,671  
Operating lease right-of-use assets     36,160       —       —       36,160  
All other assets     —       —       11,950,743       11,950,743  
Total assets   $ 13,611,649     $ 81,322     $ 12,131,522     $ 25,824,493  
                                 
Accounts payable and accrued expenses   $ 4,483,430     $ 75,203     $ 277,235     $ 4,835,868  
Deferred revenue     310,123       —       —       310,123  
Finance leases payable     214,961       —       —       214,961  
Finance leases payable related party     155,164       —       —       155,164  
Operating lease liabilities     36,733       —       —       36,733  
Total liabilities   $ 5,200,411     $ 75,203     $ 277,235     $ 5,552,849  

 

                     
  As of December 31, 2023
 
   CloudFirst Technologies  Nexxis Inc.  Corporate  Total
             
Accounts receivable  $1,229,820   $30,152    —   $1,259,972 
Prepaid expenses and other current assets   419,254    18,157    75,764    513,175 
Net property and equipment   2,727,225    2,905    2,644    2,732,774 
Intangible assets, net   1,698,084    —    —    1,698,084 
Goodwill   4,238,671    —    —    4,238,671 
Operating lease right-of-use assets   62,981    —    —    62,981 
All other assets   —    —    12,795,362    12,795,362 
Total assets  $10,376,035   $51,214   $12,873,770   $23,301,019 
                     
Accounts payable and accrued expenses  $2,020,963   $65,161   $522,814   $2,608,938 
Deferred revenue   336,201    —    —    336,201 
Finance leases payable   281,241    —    —    281,241 
Finance leases payable related party   256,241    —    —    256,241 
Operating lease liabilities   63,983    —    —    63,983 
Total liabilities  $2,958,629   $65,161   $522,814   $3,546,604 

 

                                 
  For the three months ended March 31, 2024
 
    CloudFirst Technologies   Nexxis Inc.   Corporate   Total
Sales   $ 7,954,958     $ 280,789     $ —     $ 8,235,747  
Cost of sales     5,102,635       166,640       —       5,269,275  
Gross profit     2,852,323       114,149       —       2,966,472  
                                 
Selling, general and administrative     1,631,897       176,879       648,703       2,457,479  
Depreciation and amortization     294,794       211       193       295,198  
Total operating expenses     1,926,691       177,090       648,896       2,752,677  
                                 
Income (loss) from operations     925,632       (62,941 )     (648,896 )     213,795  
                                 
Interest income     —       —       143,369       143,369  
Interest expense     (11,260 )     —       —       (11,260 )
Total other income (expense)     (11,260 )     —       143,369       132,109  
                                 
Income (Loss) before provision for income taxes   $ 914,372     $ (62,941 )   $ (505,527 )   $ 345,904  

 

                     
  For the three months ended March 31, 2023
 
   CloudFirst Technologies   Nexxis Inc.   Corporate  Total
Sales  $6,614,927   $264,796   $—   $6,879,723 
Cost of sales   4,611,857    178,121    —    4,789,978 
Gross profit   2,003,070    86,675    —    2,089,745 
                     
Selling, general and administrative   1,146,779    124,750    570,520    1,842,049 
Depreciation and amortization   288,525    71    114    288,710 
Total operating expenses   1,435,304    124,821    570,634    2,130,759 
                     
Income (loss) from operations   567,766    (38,146)   (570,634)   (41,014)
                     
Interest income        —    103,423    103,423 
Interest expense   (27,346)   —    —    (27,346)
Total Other Income (Expense)   (27,346)   —    103,423    76,077 
                     
Income (loss) before provision for income taxes  $540,420   $(38,146)  $(467,211)  $35,063