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NOTE 12 - SEGMENT
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
NOTE 12 - SEGMENT

NOTE 12 - SEGMENT

 

At September 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 nine months ended September 30, 2024 and 2023:

 

 

Three months ended September 30, 2024

                                         
   USA  Switzerland  UK  Elimination  Total
Revenues  $36,604,753   $1,048,201   $17,202,173   $(605,513)  $54,249,614 
Cost of revenue   35,614,356    822,312    16,165,751    (372,724)   52,229,695 
Gross profit   990,397    225,889    1,036,422    (232,789)   2,019,919 
                          
Operating expenses                         
General and administration   1,303,275    257,881    748,105    (232,789)   2,076,472 
                          
Operating income (loss)   (312,878)   (31,992)   288,317    —      (56,553)
                          
Other expense   (633,774)   (6,544)   (6,528)   —      (646,846)
                          
Income tax expense   —      (162)   (69,443)   —      (69,605)
                          
Net income (loss)  $(946,652)  $(38,698)  $212,346   $—     $(773,004)

 

Three months ended September 30, 2023

                                 
   USA  Switzerland  Elimination  Total
Revenues  $39,390,527   $1,498,054   $(1,131,378)  $39,757,203 
Cost of revenue   38,593,585    1,266,475    (1,131,378)   38,728,682 
Gross profit   796,942    231,579    —      1,028,521 
                     
Operating expenses                    
General and administration   770,467    187,301    —      957,768 
                     
Operating income   26,475    44,278    —      70,753 
                     
Other expense   (23,893)   (951)   —      (24,844)
                     
Net income  $2,582   $43,327   $—     $45,909 

 

Nine months ended September 30, 2024

                                         
   USA  Switzerland  UK  Elimination  Total
Revenues  $135,649,542   $3,157,073   $48,676,228   $(3,136,431)  $184,346,412 
Cost of revenue   132,502,666    2,542,555    46,596,108    (2,903,642)   178,737,687 
Gross profit   3,146,876    614,518    2,080,120    (232,789)   5,608,725 
                          
Operating expenses                         
General and administration   4,262,032    701,426    1,414,008    (232,789)   6,144,677 
                          
Operating income (loss)   (1,115,156)   (86,908)   666,112    —      (535,952)
                          
Other income (expense)   (2,666,763)   33,544    (13,056)   —      (2,646,275)
                          
Income tax expense   —      (162)   (134,718)   —      (134,880)
                          
Net income (loss)  $(3,781,919)  $(53,526)  $518,338   $—     $(3,317,107)

 

 

Nine months ended September 30, 2023

                                 
   USA  Switzerland  Elimination  Total
Revenues  $97,198,336   $4,179,569   $(4,129,344)  $97,248,561 
Cost of revenue   94,779,408    3,568,774    (4,129,344)   94,218,838 
Gross profit   2,418,928    610,795    —      3,029,723 
                     
Operating expenses                    
General and administration   2,966,908    562,310    —      3,529,218 
                     
Operating income (loss)   (547,980)   48,485    —      (499,495)
                     
Other income (expense)   249,286    (24,348)   —      224,938 
                     
Net income (loss)  $(298,694)  $24,137   $—     $(274,557)

  

Asset Information

 

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

                                         
September 30, 2024  USA  Switzerland  UK  Elimination  Total
Assets                         
Current assets  $8,735,079   $850,772   $10,792,038   $(712,903)  $19,664,986 
Non-current assets  $23,373,710   $830,653   $754,331   $(12,184,562)  $12,774,132 
Liabilities                         
Current liabilities  $13,130,629   $1,705,110   $9,943,398   $(712,903)  $24,066,234 
Non-current liabilities  $139   $169,599   $113,848   $—     $283,586 

 

                                 
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