Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

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

NOTE 7 – SEGMENT REPORTING

 

The Company operated in one segment during 2014, but concurrent with the acquisition of Franklin Networks, Inc. on February 23, 2015 (see Note 3), we operate in two segments: Digital Media and Restaurant, which provide different products or services.

 

Digital Media Segment - Through our wholly owned subsidiary Franklin Networks, Inc., the Company produces content for websites and attracts visitors to our sites, and then we programmatically sell advertising on our sites, which generates revenue. Through its wholly owned subsidiary SPYR APPS, LLC, the Company, the Company is expanding its digital media presence into the mobile app industry.

 

Restaurant Segment - Through our wholly owned subsidiary E.A.J.: PHL, Airport, Inc. we own and operate one “American Diner” theme restaurant called “Eat at Joe’s ® located in the Philadelphia International Airport. Eat at Joe’s menu includes a variety of dishes including omelets, waffles and hotcakes, sandwiches, hot dogs, burgers, traditional Philly Steak sandwiches, custom wraps, fresh salads and a full complement of beverages and deserts, all made with top quality, fresh ingredients and all prepared to order.

 

Revenue and expenses earned and charged between segments are eliminated in consolidation. Corporate expenses, interest income, interest expense, gains and losses on marketable securities and income taxes are managed on a total company basis.

 

Information related to these segments is as follows:

 

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31,
(Unaudited)
                 
    Digital Media   Restaurants   Corporate   Consolidated
                 
2015                                
Revenues   $ 100,295     $ 331,921     $ —       $ 432,216  
Cost of sales     —         100,588       —         100,588  
General and administrative     62,756       274,099       1,894,805       2,231,660  
Depreciation and amortization     —         17,797       905       18,702  
Operating income (loss)   $ 37,539     $ (60,563 )   $ (1,895,710 )   $ (1,918,734 )
                                 
                                 
Current assets   $ 370,137     $ 200,543      $ 10,666,526     $ 11,237,206  
Fixed assets     —         149,647       7,074       156,721  
Intangible assets and goodwill     1,700,000       —         25,202       1,725,202  
Other non-current assets     —         15,000       5,689       20,689  
Total assets   $ 2,070,137     $ 365,190     $ 10,704,491     $ 13,139,818  

  

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31,
(Unaudited)
                 
    Digital Media   Restaurants   Corporate   Consolidated
                 
2014                                
Revenues   $ —        $ 344,590     $ —       $ 344,590  
Cost of sales     —         105,710       —         105,710  
General and administrative     —         231,160       113,571       344,731  
Depreciation and amortization     —         18,066       —         18,066  
Operating Loss   $ —       $ (10,346 )   $ (113,571 )   $ (123,917 )
                                 
                                 
Current assets   $ —       $ 220,855      $ 12,879,694     $ 13,100,549  
Fixed assets     —         155,250       —         155,250  
Intangible assets and goodwill     —         —         5,000       5,000  
Other non-current assets     —         15,000       —         15,000  
Total assets   $ —       $ 391,105     $ 12,884,694     $ 13,275,799