| SCHEDULE OF REPORTABLE SEGMENTS |
The revenues and operating results by the Company’s reportable segments were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, |
|
|
For the Six Months
Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
SBC Core Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers |
|
$ |
44,673,560 |
|
|
$ |
43,358,847 |
|
|
$ |
87,734,122 |
|
|
$ |
90,687,548 |
|
Intersegment revenues |
|
|
5,157 |
|
|
|
— |
|
|
|
5,157 |
|
|
|
— |
|
Total revenues |
|
|
44,678,717 |
|
|
|
43,358,847 |
|
|
|
87,739,279 |
|
|
|
90,687,548 |
|
Cost of revenues |
|
|
14,441,272 |
|
|
|
13,348,270 |
|
|
|
27,155,100 |
|
|
|
22,943,887 |
|
Selling, general and administrative expenses |
|
|
14,993,311 |
|
|
|
15,456,385 |
|
|
|
27,620,030 |
|
|
|
28,987,395 |
|
Segment income from operations |
|
$ |
15,244,134 |
|
|
$ |
14,554,192 |
|
|
$ |
32,964,149 |
|
|
$ |
38,756,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waqoo Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
4,514,508 |
|
|
$ |
— |
|
|
$ |
4,514,508 |
|
|
$ |
— |
|
Intersegment revenues |
|
|
5,223,313 |
|
|
|
— |
|
|
|
5,223,313 |
|
|
|
— |
|
Total revenues |
|
|
9,737,821 |
|
|
|
— |
|
|
|
9,737,821 |
|
|
|
— |
|
Cost of revenues |
|
|
3,952,020 |
|
|
|
— |
|
|
|
3,952,020 |
|
|
|
— |
|
Selling, general and administrative expenses |
|
|
2,029,629 |
|
|
|
— |
|
|
|
2,029,629 |
|
|
|
— |
|
Segment income from operations |
|
$ |
3,756,172 |
|
|
$ |
— |
|
|
$ |
3,756,172 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment Eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
(5,228,470 |
) |
|
$ |
— |
|
|
$ |
(5,228,470 |
) |
|
$ |
— |
|
Cost of revenues |
|
|
(5,182,540 |
) |
|
|
— |
|
|
|
(5,182,540 |
) |
|
|
— |
|
Selling, general and administrative expenses |
|
|
(6,174 |
) |
|
|
— |
|
|
|
(6,174 |
) |
|
|
— |
|
Intersegment income from operations |
|
$ |
(39,756 |
) |
|
$ |
— |
|
|
$ |
(39,756 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
49,188,068 |
|
|
$ |
43,358,847 |
|
|
$ |
92,248,630 |
|
|
$ |
90,687,548 |
|
Cost of revenues |
|
|
13,210,752 |
|
|
|
13,348,270 |
|
|
|
25,924,580 |
|
|
|
22,943,887 |
|
Selling, general and administrative expenses |
|
|
17,016,766 |
|
|
|
15,456,385 |
|
|
|
29,643,485 |
|
|
|
28,987,395 |
|
Income from operations |
|
|
18,960,550 |
|
|
|
14,554,192 |
|
|
|
36,680,565 |
|
|
|
38,756,266 |
|
Other income (expenses), net * |
|
|
594,136 |
|
|
|
(1,013,831 |
) |
|
|
1,730,732 |
|
|
|
6,235,502 |
|
Income before income taxes and equity in losses of equity method investees |
|
$ |
19,554,686 |
|
|
$ |
13,540,361 |
|
|
$ |
38,411,297 |
|
|
$ |
44,991,768 |
|
* Other income (expenses), net consists of interest income, interest expense, net foreign currency exchange gain (loss), other income, other expenses, and gain on redemption of life insurance policies, as applicable.
|