Operating Segments

9 Months Ended

Sep. 30, 2023

Operating Segments [Abstract]

OPERATING SEGMENTS

9. 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.

Due to regulatory challenges, the Company, on November 4, 2022, discontinued the Mano game and the alSpace platform. Accordingly as of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023, the Company had two business segments which were comprised of 1) the ETH staking business, and 2) the leasing of regional aircraft to foreign and domestic regional airlines.

For the three and nine months ended September 30, 2022, the Company had two business segments which were comprised of 1) the GameFi business, and 2) the leasing of regional aircraft to foreign and domestic regional airlines.

The following tables present summary information of operations by segment for the three months ended September 30, 2023 and 2022.

	For the Three Months Ended September 30, 2023
	Staking			Leasing
	Business			Business			Total
Revenue and other income	$	4,400		$	-		$	4,400
Gross loss	$	(14,600	)	$	-		$	(14,600	)
Total operating expenses	$	(1,404,600	)	$	(176,400	)	$	(1,581,000	)
Loss before income tax provision	$	(1,447,300	)	$	(176,400	)	$	(1,623,700	)
Net loss	$	(1,447,700	)	$	(162,900	)	$	(1,610,600	)

	For the Three Months Ended September 30, 2022
	GameFi			Leasing
	Business			Business			Total
Revenue and other income	$	-		$	-		$	-
Gross loss	$	-		$	-		$	-
Total operating expenses	$	(1,381,100	)	$	(852,700	)	$	(2,233,800	)
Loss before income tax provision	$	(1,381,100	)	$	(852,700	)	$	(2,233,800	)
Net loss	$	(1,381,500	)	$	(841,600	)	$	(2,223,100	)

The following tables present summary information of operations by segment for the nine months ended September 30, 2023 and 2022.

	For the Nine Months Ended September 30, 2023
	Staking			Leasing
	Business			Business			Total
Revenue and other income	$	24,000		$	-		$	24,000
Gross loss	$	(239,900	)	$	-		$	(239,900	)
Total operating expenses	$	(3,468,700	)	$	(1,305,200	)	$	(4,773,900	)
Loss before income tax provision	$	(3,751,200	)	$	(1,295,000	)	$	(5,046,200	)
Net loss	$	(3,752,400	)	$	(1,221,100	)	$	(4,973,500	)

	For the Nine Months Ended September 30, 2022
	GameFi			Leasing
	Business			Business			Total
Revenue and other income	$	326,800		$	120,000		$	446,800
Gross (loss) profit	$	(234,300	)	$	120,000		$	(114,300	)
Total operating expenses	$	(2,407,100	)	$	(2,082,200	)	$	(4,489,300	)
Loss before income tax provision	$	(2,641,400	)	$	(1,962,200	)	$	(4,603,600	)
Net loss	$	(2,642,600	)	$	(1,954,400	)	$	(4,597,000	)

The following tables present total assets by segment as of September 30, 2023 and December 31, 2022:

	September 30,		December 31,
	2023		2022
ETH Staking Business	$	8,837,700	$	11,120,100
Lease Business		196,100		1,431,700
	$	9,033,800	$	12,551,800