Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Scheduled of Receivables

 

For the Year Ended December 31, 2021      
       
2021 (3 months)   $ -  
2022     -  
2023     52,227  
2024     89,532  
2025     44,766  
Notes Receivable Gross     186,525  
Less: amount representing interest     (9,674 )
Total   $ 176,851  

Scheduled of Deconsolidated Ownership

As a result of the sale, we deconsolidated our entire ownership interest in TW from our consolidated financial statements on May 7, 2021, the effective date of the sale agreement, and recognized a gain on deconsolidation of $1,895,871 as follows:

 

Consideration      
Note receivable   $ 176,851  
         
Fair value of consideration received     176,851  
         
Recognized amounts of identifiable assets sold and liabilities assumed by buyer:        
         
Cash     325,316  
Lifeline revenue due from USAC     74,650  
Inventory     107,089  
Property and equipment - net     20,645  
Operating lease - right of use asset - net     10,981  
Total assets sold     538,681  
         
Accounts payable and accrued expenses     1,183,850  
Line of credit     912,870  
Note payable - SBA government     150,000  
Operating lease liability     10,981  
Total liabilities assumed by buyer     2,257,701  
         
Total net liabilities assumed by buyer     1,719,020  
         
Gain on deconsolidation of True Wireless     1,895,871  

Schedule of Disaggregation of Revenue from Contracts with Customers

The following represents the Company’s disaggregation of revenues for the nine months ended September 30, 2021 and 2020:

 

    Nine Months Ended September 30,  
    2021     2020  
                         
Revenue   Revenue     % of Revenues     Revenue     % of Revenues  
                                 
ECS   $ 18,968,630       51.40 %   $ 26,967,015       62.56 %
LogicsIQ, Inc.     15,350,491       41.59 %     13,626,638       31.61 %
Surge Pays, Inc.     1,249,015       3.38 %     -       0.00 %
True Wireless     1,157,981       3.14 %     1,725,053       4.00 %
Surge Blockchain, LLC     110,547       0.30 %     491,349       1.14 %
Other     68,709       0.19 %     294,712       0.68 %
Total Revenues   $ 36,905,373       100 %   $ 43,104,767       100 %

Schedule of Diluted Net Income (Loss) Per Share

The following potentially dilutive equity securities outstanding as of September 30, 2021 and 2020 were as follows:

 

    September 30, 2021     September 30, 2020  
Convertible notes payable and related accrued interest (1)     540,206       736,260  
Warrants (2)     473,609       154,178  
Stock options (3)     3,401       17,004  
Series A, convertible preferred stock (4)     1,300,000       1,300,000  
Series C, convertible preferred stock (5)     180,399,500       180,399,500  
Total common stock equivalents     182,716,716       182,606,942