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NOTE 11 - SEGMENTS
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
NOTE 11 - SEGMENTS

NOTE 11 - SEGMENTS

 

At June 30, 2022, 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, 2022 and 2021:

 

Three months ended June 30, 2022

                                 
   USA  Switzerland  Elimination  Total
Revenues  $23,059,647    1,236,823   $(596,754)  $23,699,716 
Cost of revenue   22,418,046    1,032,150    (596,754)   22,853,442 
Gross profit   641,601    204,673    —      846,274 
                     
Operating expenses                    
General and administration   921,793    222,659    —      1,144,452 
                     
Operating loss   (280,192)   (17,986)   —      (298,178)
                     
Other income (expense)   13,314    (593)   —      12,721 
                     
Net loss  $(266,878)  $(18,579)  $—     $(285,457)

 

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)

 

 

Six months ended June 30, 2022

                                 
   USA  Switzerland  Elimination  Total
Revenues  $41,534,760    2,262,903   $(678,636)  $43,119,027 
Cost of revenue   40,611,998    1,855,331    (678,636)   41,788,693 
Gross profit   922,762    407,572    —      1,330,334 
                     
Operating expenses                    
General and administration   1,703,093    430,857    —      2,133,950 
                     
Operating loss   (780,331)   (23,285)   —      (803,616)
                     
Other income (expense)   (16,527)   9,955    —      (6,572)
                     
Net loss  $(796,858)  $(13,330)  $—     $(810,188)

 

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)

 

Asset Information

 

The following table shows asset information by geographic segment as of June 30, 2022 and December 31, 2021:

 

                                 
June 30, 2022  USA  Switzerland  Elimination  Total
Assets                    
Current assets  $6,117,363   $923,941   $(222,863)  $6,818,441 
Non-current assets  $11,673,710   $595,961   $(6,184,562)  $6,085,109 
Liabilities                    
Current liabilities  $2,384,494   $1,445,785   $(222,863)  $3,607,416 
Non-current liabilities  $—     $254,358   $—     $254,358 

 

                                 
December 31, 2021  USA  Switzerland  Elimination  Total
Assets                    
Current assets  $5,783,859   $997,216   $(214,551)  $6,566,524 
Non-current assets  $4,468,491   $609,189   $(2,584,562)  $2,493,118 
Liabilities                    
Current liabilities  $1,070,972   $1,506,594   $(214,551)  $2,363,015 
Non-current liabilities  $—     $275,729   $—     $275,729