Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

26. SEGMENT REPORTING

In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with GAAP. The Company operates in four segments starting in fiscal 2020: shared shopping mall membership fee, fruit related products, sales of goods and others. The operation of fruit related products is classified as discontinued operation as disclosed in Note 25. In 2021, the Company principally generates its revenues from coal and aluminum ingots supply chain financing service and trading business and asset management service.

In compliance with the Company’s business transformation strategy, membership fees from the shared shopping mall and sales of goods through the shared shopping mall platform started to generate the main revenues for the Company and became more and more important business sections of the Company from fiscal year 2019, while its traditional business section of seasonal fruit related products continued to shrink in fiscal year 2019. However, due the COVID-19 pandemic and restriction on large gatherings in China, which have made the promotion strategy for its online e-commerce platforms difficult to implement and the Company has experienced difficulties to subscribe new members for its online e-commerce platforms. Due to lack of new members, difficulties in retaining old customers and significant decrease of revenue in e-commerce business, the Company began to provide supply chain financing services during the second quarter of 2021.

Some of our operation might not individually meet the quantitative thresholds for determining reportable segments and we determine the reportable segments based on the discrete financial information provided to the chief operating decision maker. The chief operating decision maker evaluates the results of each segment in assessing performance and allocating resources among the segments. Since there is an overlap of services and products between different subsidiaries of the Company, the Company does not allocate operating expenses and assets based on the product segments. Therefore, operating expenses and asset information by segment are not presented. Segment profit represents the gross profit of each reportable segment.

For fiscal year 2021:  

	CCM Shopping Mall  Membership		Coals and aluminum ingots supply chain financing/trading		Asset management service		Others		Total
Reportable segment revenue	$	85	$	34,034,662	$	5,315,708		6,573	$	39,357,028
Inter-segment loss		-		14,306,227		-		-		14,306,227
Revenue from external customers	$	85		19,728,435		5,315,708		6,573		25,050,801
Segment gross profit	$	85	$	509,873	$	1,291,390		517	$	1,801,865

For fiscal year 2020:

	CCM Shopping Mall  Membership		Sales of Goods		Others		Total
Reportable segment revenue	$	338,288	$	1,675	$	28,763	$	368,726
Inter-segment loss		-		-		-		-
Revenue from external customers	$	338,288		1,675		28,763		368,726
Segment gross profit	$	333,971	$	277	$	(543)	$	333,705