Operating Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS

8. OPERATING SEGMENTS  

ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services.

For the three and six months ended June 30, 2022, the Company had two business segments which were comprised of 1) the leasing of regional aircraft to foreign and domestic regional airlines, and 2) the newly launched GameFi business. For the three and six months ended June 30, 2021, the Company had one business segment which was the leasing of regional aircraft to foreign and domestic regional airlines.

The following tables present summary information of operations by segment for the three and months ended June 30, 2022 and 2021, respectively:

	For the Three Months Ended June 30, 2022 (Successor)
	GameFi			Leasing
	Business			Business			Total
Revenue	$	3,200		$	-		$	3,200
Gross loss	$	(530,100	)	$	-		$	(530,100	)
Expenses	$	(547,400	)	$	(617,500	)	$	(1,164,900	)
Loss before income tax provision	$	(1,077,500	)	$	(617,500	)	$	(1,695,000	)
Net loss	$	(1,077,900	)	$	(619,700	)	$	(1,697,600	)

	For the Three Months Ended June 30, 2021 (Predecessor)
	GameFi		Leasing
	Business		Business			Total
Revenue	$	-	$	1,480,700		$	1,480,700
Gross profit	$	-	$	1,480,700		$	1,480,700
Expenses	$	-	$	(4,674,800	)	$	(4,674,800	)
Loss before income tax provision	$	-	$	(3,194,100	)	$	(3,194,100	)
Net loss	$	-	$	(3,197,800	)	$	(3,197,800	)

	For the Six Months Ended June 30, 2022 (Successor)
	GameFi			Leasing
	Business			Business			Total
Revenue	$	326,800		$	120,000		$	446,800
Gross (loss)/profit	$	(234,300	)	$	120,000		$	(114,300	)
Expenses	$	(1,026,000	)	$	(1,229,500	)	$	(2,255,500	)
Loss before income tax provision	$	(1,260,300	)	$	(1,109,500	)	$	(2,369,800	)
Net loss	$	(1,261,100	)	$	(1,112,800	)	$	(2,373,900	)

	For the Six Months Ended June 30, 2021 (Predecessor)
	GameFi		Leasing
	Business		Business			Total
Revenue	$	-	$	4,014,900		$	4,014,900
Gross profit	$	-	$	4,014,900		$	4,014,900
Expenses	$	-	$	(12,570,100	)	$	(12,570,100	)
Loss before income tax provision	$	-	$	(8,555,200	)	$	(8,555,200	)
Net loss	$	-	$	(8,608,100	)	$	(8,608,100	)

The following tables present total assets by segment for as of June 30, 2022 and December 31, 2021:

	June 30,		December 31,
	2022		2021
GameFi Business	$	4,458,500	$	6,788,900
Lease Business		2,311,800		3,472,100
Unallocated		4,688,600		4,688,600
	$	11,458,900	$	14,949,600