Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Schedule of changes in equity investments measured at fair value
       
    For the year ended December 31, 2023
    Total
As of January 1, 2023   $ 9,010,968  
Purchase of equity investments     2,307,228  
As of December 31, 2023   $ 11,318,196  

 

    For the nine months ended September 30, 2024
    Total
As of December 31, 2023   $ 11,318,196  
Purchase of equity investments     456,573  
Sale of equity investments     (400,000 )
As of September 30, 2024   $ 11,374,769  

Schedule of revenue is disaggregated by major product
                       
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 3,146,805     $ 182,824     $ 3,329,629  
Equipment and Software     1,404,134       —       1,404,134  
Managed Services     718,830       —       718,830  
Nexxis VoIP Services     312,365       —       312,365  
Other     38,377       5,500       43,877  
Total Sales   $ 5,620,511     $ 188,324     $ 5,808,835  

  

For the Three Months
Ended September 30, 2023

 

    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 2,535,794     $ 86,857     $ 2,622,651  
Equipment and Software     2,185,061       —       2,185,061  
Managed Services     887,302       —       887,302  
Nexxis VoIP Services     255,963       —       255,963  
Other     35,648       —       35,648  
Total Sales   $ 5,899,768     $ 86,857     $ 5,986,625  

 

For the Three Months
Ended September 30,

 

Timing of revenue recognition   2024   2023
Products transferred at a point in time   $ 1,448,010     $ 2,220,708  
Products and services transferred over time     4,360,825       3,765,917  
Total Sales   $ 5,808,835     $ 5,986,625  

 

For the Nine Months
Ended September 30, 2024
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 9,037,238     $ 411,002     $ 9,448,240  
Equipment and Software     6,271,084       —       6,271,084  
Managed Services     2,204,755       —       2,204,755  
Nexxis VoIP Services     864,662       —       864,662  
Other     150,395       15,938       166,333  
Total Sales   $ 18,528,134     $ 426,940     $ 18,955,074  

 

For the Nine Months
Ended September 30, 2023
    United States   International   Total
Infrastructure & Disaster Recovery/Cloud Service   $ 7,040,818     $ 260,799     $ 7,301,617  
Equipment and Software     8,087,442       —       8,087,442  
Managed Services     2,536,672       —       2,536,672  
Nexxis VoIP Services     728,447       —       728,447  
Other     116,561       —       116,561  
Total Sales   $ 18,509,940     $ 260,799     $ 18,770,739  

 

For the Nine Months
Ended September 30,
Timing of revenue recognition   2024   2023
Products transferred at a point in time   $ 6,437,416     $ 8,204,003  
Products and services transferred over time     12,517,658       10,566,736  
Total Sales   $ 18,955,074     $ 18,770,739  
Schedule of earning per share basic and diluted
                                 
    For the Three Months Ended   For the Nine Months Ended
    September 30,   September 30,
    2024   2023   2024   2023
Net Income Attributable to Common Shareholders   $ 122,397     $ 179,011     $ 235,259     $ 456,500  
                                 
Weighted average number of common shares - basic     6,999,447       6,847,264       6,918,253       6,834,811  
Dilutive securities                                
Options     181,842       398,986       192,135       377,237  
Warrants     —       —       —       —  
Restricted stock awards     224,375       —       224,375       —  
Weighted average number of common shares - diluted     7,405,664       7,246,250       7,334,763       7,212,048  
Earnings per share, basic   $ 0.02     $ 0.03     $ 0.03     $ 0.06  
Earnings per share, diluted   $ 0.02     $ 0.02     $ 0.03     $ 0.06  
Schedule of anti-dilutive shares
                                 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2024   2023   2024   2023
Options       510,953       210,211       500,660       231,960  
Warrants       2,495,860       2,415,860       2,495,860       2,415,860  
        3,006,813       2,626,071       2,996,520       2,647,820