Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

22. 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 three segments starting in fiscal 2021: “supply chain financing service and trading business and asset management service and others”.

The Company began to provide coal and aluminum ingots supply chain financing services during the second quarter of 2021 and the Company acquired Nice Talent and started to provide asset management services since August 2021. The Company began to provide sand and steel supply chain financing services during the first quarter of 2023.

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.

As of March 31, 2023:

	Supply Chain Financing/Trading		Asset management service		Others		Total
Reportable segment revenue	$	110,798	$	3,163,064	$	120,103	$	3,393,965
Inter-segment loss		-		-		-		-
Revenue from external customers		110,798		3,163,064		120,103		3,393,965
Segment gross profit	$	105,854	$	1,056,307	$	45,476	$	1,207,637

As of March 31, 2022:

	Asset management service		Others		Total
Reportable segment revenue	$	3,456,376	$	9,989	$	3,466,365
Inter-segment loss		-		-		-
Revenue from external customers		3,456,376		9,989		3,466,365
Segment gross profit	$	1,777,988	$	9,989	$	1,787,977

Loss before Income Tax:

	Three months Ended, March 31
	2023			2022
Supply chain financing/trading		219,179			99,117
Asset management service		782,177			498,842
Others		14,571			639,719
Corporate and Unallocated		2,413,513			3,060,717
Total operating expenses and other expense		3,429,440			4,298,395
Loss before Income Tax		(2,221,803	)		(2,510,418	)

Segment assets:

	March 31, 2023		December 31, 2022
Supply chain financing/trading		28,701,480		26,487,090
Asset management service		3,398,297		3,387,506
Others		15,684,559		14,090,091
Corporate and Unallocated		37,274,323		41,053,032
Total assets		85,058,659		85,017,719