Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

21. 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”, “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, 2024:

	Supply Chain Financing/ Trading		Asset management service		Others		Total
Reportable segment revenue	$	441,764	$	4,372,870	$	308,333	$	5,122,967
Inter-segment loss		-		-		-		-
Revenue from external customers		441,764		4,372,870		308,333		5,122,967
Segment gross profit	$	44,073	$	1,676,704	$	230,495	$	1,951,272

As of March 31, 2023:

	Supply Chain Financing/ Trading		Asset management service		Others		Total
Reportable segment revenue	$	110,798	$	3,163,064	$	90,588	$	3,364,450
Inter-segment loss		-		-		-		-
Revenue from external customers		110,798		3,163,064		90,588		3,364,450
Segment gross profit	$	105,854	$	1,056,307	$	39,455	$	1,201,616

Loss before Income Tax:

	Three months Ended, March 31
	2024			2023
Supply chain financing/trading		208,580			219,179
Asset management service		1,617,278			782,177
Others		1,276,117			(7,467	)
Corporate and Unallocated		2,818,363			2,321,202
Total operating expenses and other expense		5,920,338			3,315,091
Loss before Income Tax		(3,969,066	)		(2,113,475	)

Segment assets:

	March 31, 2024		December 31, 2023
Supply chain financing/trading		12,365,266		12,437,136
Asset management service		4,367,036		3,640,811
Others		20,084,577		23,855,261
Corporate and Unallocated		23,093,573		21,007,542
Total assets		59,910,452		60,940,750