Quarterly report pursuant to Section 13 or 15(d)

15. Segment Reporting

v2.4.1.9
15. Segment Reporting
6 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting

The Company operates in two segments which are characterized as:  (1) legacy and merchants’ services and (2) online marketplace platform. The legacy and merchants’ services consists of LEC business and Velocity Local and the online marketplace platform consists of livedeal.com and the recent acquisitions of consumer products entities.

 

The following tables summarize segment information for the three and six months ended March 31, 2015 and 2014:

 

    Three Months Ended March 31,     Six Months Ended March 31,  
    2015     2014     2015     2014  
Net revenues                                
Marketplace platform   $ 3,879,696     $ 163,000     $ 11,476,764     $ 164,392  
Services     384,283       515,033       794,267       1,107,099  
    $ 4,263,979     $ 678,033     $ 12,271,031     $ 1,271,491  
                                 
Gross profit                                
Marketplace platform   $ 1,579,215     $ 11,590     $ 4,459,138     $ 11,399  
Services     355,881       420,765       712,914       893,085  
    $ 1,935,096     $ 432,355     $ 5,172,052     $ 904,484  
                                 
Operating income (loss)                                
Marketplace platform   $ (1,381,317 )   $ (1,210,514 )   $ (2,539,747 )   $ (1,878,002 )
Services     291,977       239,558       582,518       481,404  
    $ (1,089,340 )   $ (970,956 )   $ (1,957,229 )   $ (1,396,598 )
                                 
Depreciation and amortization                                
Marketplace platform   $ 160,932     $ 97,305     $ 325,454     $ 202,015  
Services     6,693       9,222       6,693       9,222  
    $ 167,625     $ 106,527     $ 332,147     $ 211,237  
                                 
Interest Expenses                                
Marketplace platform   $ 5,314     $ 111,374     $ 4,196,944     $ 111,374  
Services           (516 )            
    $ 5,314     $ 110,858     $ 4,196,944     $ 111,374  
                                 
Net income (loss)                                
Marketplace platform   $ (1,387,197 )   $ (1,221,695 )   $ (6,625,172 )   $ (1,867,847 )
Services     291,977       245,834       582,518       483,828  
    $ (1,095,220 )   $ (975,861 )   $ (6,042,654 )   $ (1,384,019 )
                                 
                    As of     As of  
                    March 31,     September 30,  
                    2015     2014  
Total Assets                                
Marketplace platform                   $ 16,789,865     $ 18,118,425  
Services                     156,837       171,021  
                    $ 16,946,702     $ 18,289,446  
                                 
Intangible assets                                
Marketplace platform                   $ 5,473,527     $ 4,234,692  
Services                     5,211       6,422  
                    $ 5,478,738     $ 4,241,114