General form of registration statement for all companies including face-amount certificate companies

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.1
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Schedule of Reclassifications

The following table reflects the reclassification adjustment effect in the three months ended March 31, 2020:

 

    Before Reclassification         After Reclassification  
    For the Three Months Ended         For the Three Months Ended  
    March 31,         March 31,  
    2020         2020  
                 
REVENUES:         REVENUES:      
Technology systems   $ 513,674     Technology systems   $ 513,674  
Technical support     345,187     Services and Consulting     477,271  
Consulting     132,084     —     —  
                     
Total Revenue     990,945     Total Revenue     990,945  
                     
COST OF REVENUES:           COST OF REVENUES:        
Technology systems     581,544     Technology systems     1,092,058  
Technical support     234,276     Services and consulting     293,954  
Consulting services     72,260     Overhead     260,421  
                     
Total Cost of Revenues     888,080     Total Cost of Revenues     1,646,433  
                     
GROSS MARGIN     102,865     GROSS MARGIN     (655,488 )
                     
OPERATING EXPENSES:           OPERATING EXPENSES:        
Sales and marketing     139,852     Sales and marketing     139,852  
Engineering     312,428     Research and development     40,639  
Research and development     406,392     Administration     1,251,936  
Administration     1,015,559     —     —  
AI technologies     316,549     —     —  
                     
Total Operating Expenses     2,190,780     Total Operating Expenses     1,432,427  
                     
LOSS FROM OPERATIONS   $ (2,087,915 )   LOSS FROM OPERATIONS   $ (2,087,915 )

The following table reflects the reclassification adjustment effect for the year ended December 31, 2019:


 

 

Before Reclassification

 

 

 

 

After Reclassification

 

 

 

For the Year Ended

 

 

 

 

For the Year Ended

 

 

 

December 31,

 

 

 

 

December 31,

 

 

 

2019

 

 

 

 

2019

 

OPERATING EXPENSES:

  

 

    

    

 

  

 

 

Selling and marketing expenses

 

$

421,535

 

 

Sales and marketing

 

$

950,962

 

Salaries, wages and contract labor

 

 

5,570,140

 

 

Engineering

 

 

1,254,235

 

Research and development

 

 

431,425

 

 

Research and development

 

 

1,479,334

 

Professional fees

 

 

252,825

 

 

AI technologies

 

 

1,215,488

 

General and administrative expenses

 

 

2,212,035

 

 

Administration

 

 

3,987,941

 

                                                              

 

 

 

 

 

                                                              

 

 

 

 

Total Operating Expenses

 

$

8,887,960

 

 

 

 

$

8,887,960
Schedule of Disaggregation of Revenue Quantitative

Quantitative:

For the Three Months Ended March 31, 2021

 

Segments   Rail     Commercial     Government     Banking     IT Suppliers     Artificial Intelligence     Total  
Primary Geographical Markets                                          
                                           
North America   $ 1,757,446     $ 55,842     $ 28,560     $ 22,829     $ 132,977     $ 157,100     $ 2,154,754  
                                                         
Major Goods and Service Lines                                                        
                                                         
Turnkey Projects   $ 1,323,322     $ —     $ 8,339     $ 1,537     $ —     $ —     $ 1,333,198  
Maintenance & Support     434,124       55,842       20,221       21,292       —       —       531,479  
Data Center Auditing Services     —       —       —       —       130,592       —       130,592  
Software License     —       —       —       —       2,385       —       2,385  
Algorithms     —       —       —       —       —       157,100       157,100  
    $ 1,757,446     $ 55,842     $ 28,560     $ 22,829     $ 132,977     $ 157,100     $ 2,154,754  
                                                         
Timing of Revenue Recognition                                                        
                                                         
Goods transferred over time   $ 1,323,322     $ —     $ 8,339     $ 1,537     $ 132,977     $ 157,100     $ 1,623,275  
Services transferred over time     434,124       55,842       20,221       21,292       —       —       531,479  
    $ 1,757,446     $ 55,842     $ 28,560     $ 22,829     $ 132,977     $ 157,100     $ 2,154,754  

 

For the Three Months Ended March 31, 2020

 

Segments   Rail     Commercial     Government     Banking     IT Suppliers     Total  
Primary Geographical Markets                                    
                                     
North America   $ 713,258     $ 74,335     $ 27,149     $ 44,119     $ 132,084     $ 990,945  
                                                 
Major Goods and Service Lines                                                
                                                 
Turnkey Projects   $ 481,110     $ 8,622     $ —     $ 23,942     $ —     $ 513,674  
Maintenance & Support     232,148       65,713       27,149       20,177       —       345,187  
Data Center Auditing Services     —       —       —       —       129,699       129,699  
Software License     —       —       —       —       2,385       2,385  
    $ 713,258     $ 74,335     $ 27,149     $ 44,119     $ 132,084     $ 990,945  
                                                 
Timing of Revenue Recognition                                                
                                                 
Goods transferred over time   $ 481,110     $ 8,622     $ —     $ 23,942     $ 132,084     $ 645,758  
Services transferred over time     232,148       65,713       27,149       20,177       —       345,187  
    $ 713,258     $ 74,335     $ 27,149     $ 44,119     $ 132,084     $ 990,945  


For the Year Ended December 31, 2020


Segments

 

Rail

 

 

Commercial

 

 

Petrochemical

 

 

Government

 

 

Banking

 

 

IT
Suppliers

 

 

Artificial
Intelligence

 

 

Total

 

Primary Geographical Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

5,558,405

 

 

$

298,705

 

 

$

23,951

 

 

$

687,293

 

 

$

188,819

 

 

$

273,604

  

  

$

1,008,671

  

 

$

8,039,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Major Goods and Service Lines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnkey Projects

 

$

4,131,155

 

 

$

59,616

 

 

$

33,363

 

 

$

599,481

 

 

$

132,515

 

 

$

—

 

 

$

—

 

 

$

4,956,130

 

Technical Support

 

 

1,427,250

 

 

 

239,089

 

 

 

(9,412

)

 

 

87,812

 

 

 

56,304

 

 

 

—

 

 

 

—

 

 

 

1,801,043

 

Data Center Auditing Services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

266,449

 

 

 

—

 

 

 

266,449

 

Software License

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,155

 

 

 

—

 

 

 

7,155

 

Algorithms

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,008,671

 

 

 

1.008,671

 

 

 

$

5,558,405

 

 

$

298,705

 

 

$

23,951

 

 

$

687,293

 

 

$

188,819

 

 

$

273,604

 

 

$

1,008,671

 

 

$

8,039,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of Revenue Recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred over time

 

$

4,131,155

 

 

$

59,616

 

 

$

33,363

 

 

$

599,481

 

 

$

132,515

 

 

$

273,604

 

 

$

1,008,671

 

 

$

6,238,405

 

Services transferred over time

 

 

1,427,250

 

 

 

239,089

 

 

 

(9,412

)

 

 

87,812

 

 

 

56,304

 

 

 

—

 

 

 

—

 

 

 

1,801,043

 

 

 

$

5,558,405

 

 

$

298,705

 

 

$

23,951

 

 

$

687,293

 

 

$

188,819

 

 

$

273,604

 

 

$

1,008,671

 

 

$

8,039,448

 



For the Year Ended December 31, 2019


Segments

 

Rail

 

 

Commercial

 

 

Petrochemical

 

 

Government

 

 

Banking

 

 

IT Suppliers

 

 

Total

 

Primary Geographical Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

11,201,794

 

 

$

465,782

 

 

$

99,841

 

 

$

201,659

 

 

$

1,371,821

 

 

$

300,418

 

 

$

13,641,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Major Goods and Service Lines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnkey Projects

 

$

10,020,318

 

 

$

422,230

 

 

$

70,545

 

 

$

88,723

 

 

$

1,361,622

 

 

$

—

 

 

$

11,963,438

 

Maintenance & Support

 

 

1,181,476

 

 

 

43,552

 

 

 

29,296

 

 

 

112,936

 

 

 

10,199

 

 

 

—

 

 

 

1,377,459

 

Data Center Auditing Services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246,658

 

 

 

246,658

 

Software License

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

53,760

 

 

 

53,760

 

 

 

$

11,201,794

 

 

$

465,782

 

 

$

99,841

 

 

$

201,659

 

 

$

1,371,821

 

 

$

300,418

 

 

$

13,641,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of Revenue Recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred over time

 

$

10,020,318

 

 

$

422,230

 

 

$

70,545

 

 

$

88,723

 

 

$

1,361,622

 

 

$

300,418

 

 

$

12,263,856

 

Services transferred over time

 

 

1,181,476

 

 

 

43,552

 

 

 

29,296

 

 

 

112,936

 

 

 

10,199

 

 

 

—

 

 

 

1,377,459

 

 

 

$

11,201,794

 

 

$

465,782

 

 

$

99,841

 

 

$

201,659

 

 

$

1,371,821

 

 

$

300,418

 

 

$

13,641,315