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NOTE 11 – ACQUISITION (Tables)

6 Months Ended

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	)

X

- Definition

Tabular disclosure of contingent consideration in asset acquisition.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
-Section 15
-Paragraph 3
-Publisher FASB
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+ References

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-Section 50
-Paragraph 2
-Subparagraph (h)(2)
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-Topic 350
-SubTopic 30
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