Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of changes in equity investments
       
    For the nine months ended September 30, 2023
    Total
As of January 1, 2023   $ 9,010,968  
Purchase of equity investments     103,423  
As of March 31, 2023     9,114,391  
Purchase of equity investments     115,863  
As of June 30, 2023   $ 9,230,254  
Purchase of equity investments     1,301,667  
As of September 30, 2023   $ 10,531,921  
Schedule of revenue is disaggregated by major product
                       
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 2,435,939     $ 53,550     $ 2,489,489  
Equipment and Software     2,004,410       —       2,004,410  
Managed Services     1,167,808       33,307       1,201,115  
Nexxis VoIP Services     255,963       —       255,963  
Other     35,648       —       35,648  
Total Revenue   $ 5,899,768     $ 86,857     $ 5,986,625  

 

For the Three Months
Ended September 30, 2022

 

    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 2,120,592     $ 47,039     $ 2,167,631  
Equipment and Software     1,021,451       —       1,021,451  
Managed Services     966,346       33,307       999,653  
Nexxis VoIP Services     203,191       —       203,191  
Other     27,359       —       27,359  
Total Revenue   $ 4,338,939     $ 80,346     $ 4,419,285  

 

For the Three Months
Ended September 30,
Timing of revenue recognition   2023   2022
Products transferred at a point in time   $ 2,220,708     $ 1,112,748  
Products and services transferred over time     3,765,917       3,306,537  
Total Revenue   $ 5,986,625     $ 4,419,285  

 

For the Nine Months
Ended September 30, 2023
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 6,801,094     $ 157,458     $ 6,958,552  
Equipment and Software     7,076,116       —       7,076,116  
Managed Services     3,787,722       103,341       3,891,063  
Nexxis VoIP Services     728,447       —       728,447  
Other     116,561       —       116,561  
Total Revenue   $ 18,509,940     $ 260,799     $ 18,770,739  

 

For the Nine Months
Ended September 30, 2022
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 5,964,383     $ 142,904     $ 6,107,287  
Equipment and Software     7,309,400       —       7,309,400  
Managed Services     3,709,657       99,921       3,809,578  
Nexxis VoIP Services     587,051       —       587,051  
Other     90,917       —       90,917  
Total Revenue   $ 17,661,408     $ 242,825     $ 17,904,233  

 

For the Nine Months
Ended September 30,
Timing of revenue recognition   2023   2022
Products transferred at a point in time   $ 8,204,003     $ 7,400,316  
Products and services transferred over time     10,566,736       10,503,917  
Total Revenue   $ 18,770,739     $ 17,904,233  
Schedule of earning per share basic and diluted
                               
    For the Three Months Ended   For the Nine Months Ended
    September 30,   September 30,
    2023   2022   2023   2022
Net Income (Loss) Available to Common Shareholders   $ 179,011     $ (245,619 )   $ 456,500     $ (1,228,708 )
                                 
Weighted average number of common shares - basic     6,847,264       6,822,127       6,834,811       6,759,247  
Dilutive Securities                                
Options     398,986       —       377,237       —  
Warrants     —       —       —       —  
Weighted average number of common shares - diluted     7,246,250       6,822,127       7,212,048       6,759,247  
Earnings (Loss) per share, basic   $ 0.03     $ (0.04 )   $ 0.06     $ (0.18 )
Earnings (Loss) per share, diluted   $ 0.02     $ (0.04 )   $ 0.06     $ (0.18 )
Schedule of anti-dilutive income (loss) per share
                                 
    Three Months ended September 30,   Nine Months ended September 30,
    2023   2022   2023   2022
Options       210,211       290,330       231,960       290,330  
Warrants       2,415,860       2,419,193       2,415,860       2,419,193  
        2,626,071       2,709,523       2,647,820       2,709,523