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Revenue and segmented information
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Revenue and segmented information

15. Revenue and segmented information

 

The CODM uses gross profit, as reviewed at periodic business review meetings, as the key measure of the Company’s results as it reflects the Company’s underlying performance for the period under evaluation to determine resource allocation. As of June 30, 2024, the Company was organized into the three operating segments, which also represent its three reportable segments: Teams, Agency and Software-as-service (SaaS) + Advertising.

 

 

Revenue, cost of sales and gross profit for the Company’s operating and reportable segments, disaggregated into geographic locations, are as follows:

 

Segment  United Kingdom   USA   Spain   Total 
   Six months ended June 30, 2024 
Segment  United Kingdom   USA   Spain   Total 
Revenue                
Teams  $-   $15,841,591   $-   $15,841,591 
Agency   729,584    4,250,742    -    4,980,326 
SaaS + Advertising   -    23,912,430    1,580,842    25,493,272 
Total Revenue   729,584    44,004,763    1,580,842    46,315,189 
Cost of sales                    
Teams   -    12,532,513    -    12,532,513 
Agency   534,098    3,698,755    -    4,232,853 
SaaS + Advertising   -    21,754,515    167,948    21,922,463 
Total Cost of sales   534,098    37,985,783    167,948    38,687,829 
Gross profit                    
Teams   -    3,309,078    -    3,309,078 
Agency   195,486    551,987    -    747,473 
SaaS + Advertising   -    2,157,915    1,412,894    3,570,809 
Total Gross profit  $195,486   $6,018,980   $1,412,894   $7,627,360 

 

Segment  United Kingdom   USA   Spain   Total 
   Six months ended June 30, 2023 
Segment  United Kingdom   USA   Spain   Total 
Revenue                
Agency  $1,408,548   $4,309,847   $-   $5,718,395 
SaaS + Advertising   -    7,771,391    662,179    8,433,570 
Total Revenue   1,408,548    12,081,238    662,179    14,151,965 
Cost of sales                    
Agency   1,169,414    2,667,369    -    3,836,783 
SaaS + Advertising   -    6,177,747    70,472    6,248,219 
Total Cost of sales   1,169,414    8,845,116    70,472    10,085,002 
Gross profit                    
Agency   239,134    1,642,478    -    1,881,612 
SaaS + Advertising   -    1,593,644    591,707    2,185,351 
Total Gross profit  $239,134   $3,236,122   $591,707   $4,066,963 

 

Segment  United Kingdom   USA   Spain   Total 
   Three months ended June 30, 2024 
Segment  United Kingdom   USA   Spain   Total 
Revenue                
Teams  $-   $13,278,638   $-   $13,278,638 
Agency   350,935    1,686,534    -    2,037,469 
SaaS + Advertising   -    12,469,920    800,938    13,270,858 
Total Revenue   350,935    27,435,092    800,938    28,586,965 
Cost of sales                    
Teams   -    10,950,943    -    10,950,943 
Agency   283,466    1,538,081    -    1,821,547 
SaaS + Advertising   -    11,492,930    87,342    11,580,272 
Total Cost of sales   283,466    23,981,954    87,342    24,352,762 
Gross profit                    
Teams   -    2,327,695    -    2,327,695 
Agency   67,469    148,453    -    215,922 
SaaS + Advertising   -    976,990    713,596    1,690,586 
Total Gross profit  $67,469   $3,453,138   $713,596   $4,234,203 

 

Segment  United Kingdom   USA   Spain   Total 
   Three months ended June 30, 2023 
Segment  United Kingdom   USA   Spain   Total 
Revenue                
Agency  $774,175   $2,154,159   $-   $2,928,334 
SaaS + Advertising   -    7,771,391    662,179    8,433,570 
Total Revenue   774,175    9,925,550    662,179    11,361,904 
Cost of sales                    
Agency   637,568    1,687,998    -    2,325,566 
SaaS + Advertising   -    6,177,747    70,472    6,248,219 
Total Cost of sales   637,568    7,865,745    70,472    8,573,785 
Gross profit                    
Agency   136,607    466,161    -    602,768 
SaaS + Advertising   -    1,593,644    591,707    2,185,351 
Total Gross profit  $136,607   $2,059,805   $591,707   $2,788,119 

 

Management does not evaluate operating segments using discrete asset information. The Company’s consolidated assets are generally shared across, and are not specifically ascribed to, operating and reportable segments.

 

 

Property and equipment, net, by geographic region, are summarized as follows:

 

   June 30,
2024
   December 31,
2023
 
USA  $610,733   $2,456,563 
United Kingdom   1,349    1,814 
Spain   6,190    6,256 
Total  $618,272   $2,464,633