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NOTE 11 - SEGMENT
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
NOTE 11 - SEGMENT

NOTE 11 - SEGMENT

 

At June 30, 2021, the Company operates in one industry segment, telecommunication services, and two geographic segments, USA and Switzerland, where current assets and equipment are located.

 

Operating Activities

 

The following table shows operating activities information by geographic segment for the three and six months ended June 30, 2021 and 2020:

 

Three months ended June 30, 2021

                                 
   USA  Switzerland  Elimination  Total
Revenues  $14,990,382    1,149,183   $(11,198)  $16,128,367 
Cost of revenue   15,074,899    1,020,101    (11,198)   16,083,802 
Gross profit   (84,517)   129,082    —      44,565 
                     
Operating expenses                    
General and administration   1,022,625    186,542    —      1,209,167 
                     
Operating loss   (1,107,142)   (57,460)   —      (1,164,602)
                     
Other income (expense)   47,030    (4,800)   —      42,230 
                     
Net loss  $(1,060,112)  $(62,260)  $—     $(1,122,372)

 

Three months Ended June 30, 2020

                                 
   USA  Switzerland  Elimination  Total
Revenues  $9,947,837   $1,183,087   $(838)  $11,130,086 
Cost of revenue   9,387,289    1,011,327    (838)   10,397,778 
Gross profit   560,548    171,760    —      732,308 
                     
Operating expenses                    
General and administration   741,967    163,049    —      905,016 
                     
Operating income (loss)   (181,419)   8,711    —      (172,708)
                     
Other income (expense)   1,547,495    2,678    —      1,550,173 
                     
Net income  $1,366,076   $11,389   $—     $1,377,465 

 

 

Six months ended June 30, 2021

                                 
   USA  Switzerland  Elimination  Total
Revenues  $28,057,392    2,284,985   $(16,399)  $30,325,978 
Cost of revenue   27,780,959    2,029,483    (16,399)   29,794,043 
Gross profit   276,433    255,502    —      531,935 
                     
Operating expenses                    
General and administration   2,338,741    368,537    —      2,707,278 
                     
Operating loss   (2,062,308)   (113,035)   —      (2,175,343)
                     
Other income (expense)   (840,841)   15,323    —      (825,518)
                     
Net loss  $(2,903,149)  $(97,712)  $—     $(3,000,861)

 

Six months ended June 30, 2020

                                 
   USA  Switzerland  Elimination  Total
Revenues  $13,768,370   $2,381,204   $(2,076)  $16,147,498 
Cost of revenue   13,508,472    2,069,935    (2,076)   15,576,331 
Gross profit   259,898    311,269    —      571,167 
                     
Operating expenses                    
General and administration   1,874,059    328,484    —      2,202,543 
Operating income (loss)   (1,614,161)   (17,215)   —      (1,631,376)
Other income (expense)   (890,776)   (9,586)   —      (900,362)
Net loss  $(2,504,937)  $(26,801)  $—     $(2,531,738)

 

Asset Information

 

The following table shows asset information by geographic segment as of June 30, 2021 and December 31, 2020:

                               
June 30, 2021  USA  Switzerland  Elimination  Total
Assets                   
Current assets  $3,761,686   $2,025,461   $(223,698)  $5,563,449
Non-current assets  $4,339,837   $541,504   $(2,509,562)  $2,371,779
Liabilities                   
Current liabilities  $1,919,269   $2,492,336   $(223,698)  $4,187,907
Non-current liabilities  $—     $290,716   $—     $290,716

                               
December 31, 2020  USA  Switzerland  Elimination  Total
Assets                   
Current assets  $3,245,725   $1,225,399   $(889,540)  $3,581,584
Non-current assets  $3,478,147   $561,551   $(1,669,515)  $2,370,183
Liabilities                   
Current liabilities  $5,630,060   $3,171,419   $(889,540)  $7,911,939
Non-current liabilities  $2,816   $432,048   $—     $434,864