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NOTE 11 – ACQUISITION (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of contingent consideration in asset acquisition.

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-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
-Section 15
-Paragraph 3
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