SEPTEMBER 30, 2021
Revenue decreased $6,199,394 (14%) primarily as a result of a decreases in revenue for: ECS of $8,048,595 and True Wireless of $567,072, offset by increases in LogicsIQ of $1,723,853, and Surge Blockchain of $692,420. Loss from operations decreased $4,438,936 primarily as a result of an increase in operating profit in Surge Blockchain and LogicsIQ.
The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services to achieve profitable operations.
Revenues are generated through the re-sale of telecommunication products such as mobile phones, wireless top-up refills, and other mobile related products. At the time in which our products are sold through our online web portal (point of sale), our performance obligation is considered complete. At point of sale, our web portal platform initiates an automated clearing house transaction (ACH) resulting in the recording revenue.
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