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NOTE 11 – ACQUISITION (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
NOTE 11 - ACQUISITIONS - QXTEL Consideration |
|  | April 1,
Fair Value of Consideration: |  | 2024
Cash |  | $ | 3,000,000 |
Promissory note |  |  | 2,000,000 |
Contingent liability |  |  | 1,000,000 |
Total Purchase Price |  | $ | 6,000,000 |
NOTE 11 - ACQUISITIONS - QXTEL Assets and Liabilities Acquired |
Total purchase price |  | $ | 6,000,000 |
Cash |  |  | 769,879 |
Accounts receivable |  |  | 14,946,919 |
Due from related party |  |  | 208,550 |
Other asset |  |  | 214,564 |
Equipment |  |  | 30,963 |
Total identifiable assets |  |  | 16,170,875 |
Accounts payable |  |  | (14,796,505 | )
Other current liabilities |  |  | (403,584 | )
Total liabilities assumed |  |  | (15,200,089 | )
Net assets |  |  | 970,786 |
Non-controlling interest - 49% |  |  | 475,685 |
Total net assets |  |  | 495,101 |
Goodwill |  | $ | 5,504,899 |
NOTE 11 - ACQUISITIONS - Unaudited Pro Forma Results of Operations QXTEL |
|  | Six Months Ended
|  | June 30,
|  | 2024 |  | 2023
Revenues |  | $ | 157,734,103 |  |  | $ | 97,988,300 |
Cost of revenues |  |  | 153,669,990 |  |  |  | 94,185,602 |
Gross profit |  |  | 4,064,113 |  |  |  | 3,802,698 |
Operating expenses |  |  | 4,696,867 |  |  |  | 3,992,419 |
Operating loss |  |  | (632,754 | ) |  |  | (189,721 | )
Other income (expense) |  |  | (1,953,273 | ) |  |  | 249,782 |
Income tax |  |  | (65,275 | ) |  |  | (94,225 | )
Net Loss |  | $ | (2,651,302 | ) |  | $ | (34,164 | )

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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