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NOTE 11 – ACQUISITION (Tables) | 9 Months Ended
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Sep. 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 |
|  | Nine Months Ended
|  | September 30,
|  | 2024 |  | 2023
Revenues |  | $ | 212,029,873 |  |  | $ | 156,944,034 |
Cost of revenues |  |  | 205,899,685 |  |  |  | 150,745,335 |
Gross profit |  |  | 6,130,188 |  |  |  | 6,198,699 |
Operating expenses |  |  | 6,773,339 |  |  |  | 5,747,451 |
Operating loss |  |  | (643,151 | ) |  |  | 451,248 |
Other income (expense) |  |  | (2,646,275 | ) |  |  | 224,938 |
Income tax |  |  | (134,880 | ) |  |  | (203,975 | )
Net income (loss) |  | $ | (3,424,306 | ) |  | $ | 472,211 |

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