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NOTE 12 - SEGMENT
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
NOTE 12 - SEGMENT

NOTE 12 - SEGMENT

 

At June 30, 2024 and December 31, 2023, the Company operates in one industry segment, telecommunication services, and three geographic segments, USA, UK 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, 2024 and 2023:

 

Three months ended June 30, 2024

 

                                       
   USA  Switzerland  UK  Elimination  Total
Revenues  $46,933,532    1,026,797    31,474,055   $(798,620)  $78,635,764 
Cost of revenue   45,956,484    883,919    30,430,357    (798,620)   76,472,140 
Gross profit   977,048    142,878    1,043,698    —      2,163,624 
                          
Operating expenses                         
General and administration   1,602,751    237,073    665,903    —      2,505,727 
                          
Operating income (loss)   (625,703)   (94,195)   377,795    —      (342,103)
                          
Other income (expense)   (1,597,506)   47,525    (6,528)   —      (1,556,509)
                          
Income tax expense   —      —      (65,275)   —      (65,275)
                          
Net income (loss)  $(2,223,209)  $(46,670)  $305,992   $—     $(1,963,887)

 

Three months ended June 30, 2023

                                 
   USA  Switzerland  Elimination  Total
Revenues  $32,960,138    1,334,080   $(1,469,389)  $32,824,829 
Cost of revenue   32,359,937    1,149,815    (1,469,389)   32,040,363 
Gross profit   600,201    184,265    —      784,466 
                     
Operating expenses                    
General and administration   845,485    191,699    —      1,037,184 
                     
Operating loss   (245,284)   (7,434)   —      (252,718)
                     
Other income (expense)   98,224    (7,150)   —      91,074 
                     
Net loss  $(147,060)  $(14,584)  $—     $(161,644)

 

 

Six months ended June 30, 2024

                                         
   USA  Switzerland  UK  Elimination  Total
Revenues  $99,044,789    2,062,716    31,474,055   $(2,530,918)  $130,050,642 
Cost of revenue   96,888,310    1,720,243    30,430,357    (2,530,918)   126,507,992 
Gross profit   2,156,479    342,473    1,043,698    —      3,542,650 
                          
Operating expenses                         
General and administration   2,958,757    443,545    665,903    —      4,068,205 
                          
Operating income (loss)   (802,278)   (101,072)   377,795    —      (525,555)
                          
Other income (expense)   (2,032,989)   86,244    (6,528)   —      (1,953,273)
                          
Income tax expense   —      —      (65,275)   —      (65,275)
                          
Net income (loss)  $(2,835,267)  $(14,828)  $305,992   $—     $(2,544,103)

 

Six months ended June 30, 2023

                                 
   USA  Switzerland  Elimination  Total
Revenues  $57,807,809    2,681,515   $(2,997,966)  $57,491,358 
Cost of revenue   56,185,823    2,302,299    (2,997,966)   55,490,156 
Gross profit   1,621,986    379,216    —      2,001,202 
                     
Operating expenses                    
General and administration   2,196,441    375,009    —      2,571,450 
                     
Operating (loss) income   (574,455)   4,207    —      (570,248)
                     
Other income (expense)   273,179    (23,397)   —      249,782 
                     
Net loss  $(301,276)  $(19,190)  $—     $(320,466)

 

Asset Information

 

The following table shows asset information by geographic segment as of June 30, 2024 and December 31, 2023:

                                         
June 30, 2024  USA  Switzerland  UK  Elimination  Total
Assets                         
Current assets  $9,072,423   $763,359   $7,997,811   $(613,333)  $17,220,260 
Non-current assets  $23,368,080   $828,551   $754,331   $(12,184,562)  $12,766,400 
Liabilities                         
Current liabilities  $13,806,116   $1,576,897   $7,430,958   $(613,333)  $22,200,638 
Non-current liabilities  $139   $169,599   $44,405   $—     $214,143 

 

                                 
December 31, 2023  USA  Switzerland  Elimination  Total
Assets                    
Current assets  $14,537,969   $1,874,627   $(693,424)  $15,719,172 
Non-current assets  $11,810,606   $810,437   $(6,184,562)  $6,436,481 
Liabilities                    
Current liabilities  $11,978,244   $2,556,124   $(693,424)  $13,840,944 
Non-current liabilities  $139   $268,698   $—     $268,837