Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

Note 10 – 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 loss. Segment information for the three and six months ended June 30, 2021 and 2020, are as follows:

 Schedule of Operating Segments

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2021     2020     2021     2020  
                         
Revenues                                
Surge Blockchain & Other   $ 43,184     $ 248,702     $ 80,918     $ 547,105  
LogicsIQ     4,489,052       4,456,127       7,897,455       9,908,046  
TW     529,512       754,143       1,157,837       1,044,848  
ECS     6,316,180       9,055,824       13,230,666       18,802,596  
Total   $ 11,377,928     $ 14,514,796     $ 22,366,876     $ 30,302,595  
                                 
Cost of revenues                                
Surge Blockchain & Other   $ 5,200     $ 372,586     $ 9,634     $ 621,327  
LogicsIQ     3,834,060       4,401,979       6,800,813       9,140,516  
TW     119,205       723,931       304,742       1,665,488  
ECS     6,092,654       8,883,326       12,793,239       18,408,643  
Total   $ 10,051,119     $ 14,381,822     $ 19,908,428     $ 29,835,974  
                                 
Gross Profit (Loss)                                
Surge Blockchain & Other   $ 37,984     $ (123,884 )   $ 71,284     $ (74,222 )
LogicsIQ     654,992       54,148       1,096,642       767,530  
TW     410,307       30,212       853,095       (620,640 )
ECS     223,526       172,498       437,427       393,953  
Total   $ 1,326,809     $ 132,974     $ 2,458,448     $ 466,621  
                                 
Operating expenses                                
Surge Blockchain & Other   $ 1,436,395     $ 3,297,782     $ 3,656,325     $ 4,979,861  
LogicsIQ     601,931       347,536       957,562       700,785  
TW     322,825       149,274       565,226       749,184  
ECS     375,284       370,844       797,131       744,492  
Total   $

2,736,435

    $ 4,165,436     $ 5,976,244     $ 7,174,322  
                                 
Other income (expenses)                                
Surge Blockchain & Other   $ (2,139,696 )   $ 1,612,443     $ (4,834,476 )   $ 1,240,232  
LogicsIQ     (1,402 )     -       (2,789 )     -  
TW     3,336,748       (5,320 )     3,325,654       (17,022 )
ECS     -       -       -       1,846  
Total   $ 1,195,650     $ 1,607,123     $ (1,511,611 )   $ 1,225,056  
                                 
Net income (loss)                                
Surge Blockchain & Other   $ (3,538,107 )   $ (1,809,223 )   $ (8,419,517 )   $ (3,813,851 )
LogicsIQ   $ 51,659     $ (293,388 )   $ 136,291     $ 66,745  
TW   $ 3,424,230     $ (124,382 )   $ 3,613,523     $ (1,386,846 )
ECS   $ (151,758 )   $ (198,346 )   $ (359,704 )   $ (348,693 )
Total   $ (213,976 )   $ (2,425,339 )   $ (5,029,407 )   $ (5,482,645 )

 

 

SURGEPAYS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2021

 

    June 30, 2021     December 31, 2020  
             
Total Assets                
Surge Blockchain & Other   $ 1,537,293     $ 911,316  
LogicsIQ     1,795,875       1,079,806  
TW     -       515,592  
ECS     4,052,470       4,818,357  
Total   $ 7,385,638     $ 7,325,071  
                 
Total Liabilities                
Surge Blockchain & Other   $ 13,644,140     $ 10,922,205  
LogicsIQ     3,056,721       2,440,888  
TW     -       4,301,249  
ECS     15,876       386,695  
Total   $ 16,716,737     $ 18,051,037