Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.20.1
Segment Information
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment Information

19 SEGMENT INFORMATION

 

Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer.

 

The Company evaluated performance of its operating segments based on revenue and operating profit (loss). Segment information for the year ended December 31, 2019 and 2018 and as of December 31, 2019 and 2018, are as follows:

 

    Surge     TW     ECS      Total  
Year ended December 31, 2019                                
Revenue   $ 9,558,415     $ 5,417,388     $ 10,767,138     $ 25,742,941  
Cost of revenue     (5,916,947 )     (3,998,410 )     (10,390,096 )     (20,305,453 )
Gross margin     3,641,468       1,418,978       377,042       5,437,488  
Costs and expenses     (9,199,277 )     (3,597,229 )     (409,010 )     (13,205,516 )
Operating loss     (5,557,809 )     (2,178,251 )     (31,968 )     (7,768,028 )
                                 
Year ended December 31, 2018                                
Revenue   $ 2,445,468     $ 12,798,687     $ -     $ 15,244,155  
Cost of revenue     (1,864,727 )     (6,705,513 )     -       (8,570,240 )
Gross margin     580,741       6,093,174       -       6,673,915  
Costs and expenses     (2,558,156 )     (5,651,228 )     -       (8,209,384 )
Operating loss     (1,977,415 )     441,946       -       (1,535,469 )
                                 
December 31, 2019                                
Total assets   $ 3,636,624     $ 1,339,577     $ 5,010,172     $ 9,986,373  
Total liabilities     10,850,674       3,815,175       20,139       14,685,988  
                                 
December 31, 2018                                
Total assets   $ 947,550     $ 3,136,768     $ -     $ 4,084,318  
Total liabilities     2,694,258       3,378,293       -       6,072,551