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Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information

15. Segment Information

 

The Company’s nine businesses lines are organized, managed, and internally reported as five operating segments. One of these operating segments, Product Packaging, is the Company’s packaging and printing group. Product Packaging operates in the paper board folding carton, smart packaging, and document security printing markets. It markets, manufactures, and sells mailers, photo sleeves, sophisticated custom folding cartons, and complex 3-dimensional direct mail solutions. These products are designed to provide functionality and marketability while also providing counterfeit protection. A second, Biotechnology, invests in, or acquires companies in the biohealth and biomedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition, and treatment of neurological, oncological, and immune related diseases. This division is also developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza. Biotechnology is also targeting unmet, urgent medical needs. A third operating segment, Securities, and Investment Management (“Securities”) was established to develop and/or acquire assets and investments in the securities trading and/or funds management arena. Further, Securities, in partnership with recognized global leaders in alternative trading systems, intends to own and operate in the US a single or multiple vertical digital asset exchanges for securities, tokenized assets, utility tokens, stable coins and cryptocurrency via a digital asset trading platform using blockchain technology. The scope of services within this section is planned to include asset issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO, STO and UTO listings on a primary market(s), asset digitization/tokenization (securities, currency, and cryptocurrency), and the listing and trading of digital assets (securities and cryptocurrency) on a secondary market(s). Also in this segment is the Company’s real estate investment trust (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers from leading clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator under a triple-net lease. the REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate. The fourth segment, Direct, provides services to assist companies in the emerging growth gig business model of peer-to-peer decentralized sharing marketplaces. It specializes in marketing and distributing its products and services through its subsidiary and partner network, using the popular gig economic marketing strategy as a form of direct marketing. Direct marketing products include, among other things, nutritional and personal care products sold throughout North America, Asia Pacific and Eastern Europe (see Note 1, Deconsolidation of Sharing Services Global Corporation). The fifth business line, Commercial Banking, is organized for the purposes of being a financial network holding company, focused providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special purpose acquisition company) consulting, and advisory capital raising services. From this financial platform, the Company shall provide an integrated suite of financial services for businesses that shall include commercial business lines of credit, land development financing, inventory financing, third party loan servicing, and services that address the financial needs of the world Gig Economy.

 

Approximate information concerning the Company’s operations by reportable segment for the three and six months ended June 30, 2023 and 2022 is as follows. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently, would report the results contained herein:

 

 

  Product   Commercial   Direct                 
Three Months Ended June 30, 2023  Packaging   Lending   Marketing   Biotechnology   Securities   Corporate   Total 
Revenue  $3,626,000   $197,000   $1,572,000   $-   $1,838,000   $

-

   $7,233,000 
Interest expense   47,000    -    -    -    91,000    -    138,000 
Interest income   -    -    280,000    49,000    78,000    -    407,000 
Net Loss (income) from continuing operations   (205,000)   (1,213,000)   (28,074,000)   (3,934,000)   (4,413,000)   116,000   (37,723,000)
Capital expenditures   4,000    -    (4,000)   12,000    7,000    -    19,000
Identifiable assets   23,080,000    41,324,000    7,159,000    49,952,000    71,610,000    9,619,000    202,744,000 
Assets held for sale   -    -    2,004,000    -    -    -    2,004,000 

 

  Product   Commercial   Direct                 
Three Months Ended June 30, 2022  Packaging   Lending   Marketing   Biotechnology   Securities   Corporate   Total 
Revenue  $3,599,000   $831,000   $6,111,000   $94,000   $823,000   $313,000   $11,771,000 
Interest expense   34,000    -    (321,000)   -    408,000    -    121,000 
interest Income   1,000    -    2,000    91,000    34,000    11,000    139,000 
Net income (loss) from continuing operations   365,000    25,000    892,000    (673,000)   (3,332,000)   (2,687,000)   (5,410,000)
Capital expenditures   254,000    -    12,000    -    2,000    1,000    269,000 
Identifiable assets   26,688,000    52,416,000    52,267,000    56,524,000    85,436,000    9,617,000    282,948,000 

 

  Product   Commercial   Direct   -   -   -   - 
Six Months Ended June 30, 2023  Packaging   Lending   Marketing   Biotechnology   Securities   Corporate   Total 
Revenue  $9,661,000   $314,000   $5,566,000   $-   $3,523,000   $-   $19,064,000 
Interest expense   86,000    -    -    -    302,000    -    388,000 
Interest income   -    -    285,000    143,000    110,000    -    538,000 
Net income (loss) from continuing operations   491,000   (1,777,000)   (31,260,000)   (4,782,000)   (6,441,000)   (2,588,000)   (46,357,000)
Capital expenditures   580,000    -    -    17,000    35,000    (19,000)   613,000 
Identifiable assets   23,080,000    41,324,000    7,159,000    49,952,000    71,610,000    9,619,000    202,744,000 
Assets held for sale   -    -    2,004,000    -    -    -    2,004,000 

 

  Product   Commercial   Direct                 
Six Months Ended June 30, 2022  Packaging   Lending   Marketing   Biotechnology   Securities   Corporate   Total 
Revenue  $7,168,000   $960,000   $13,043,000   $94,000   $2,497,000   $302,000   $24,064,000 
Interest expense   58,000    -    -    -    1,441,000    -    1,499,000 
Stock based compensation   1,000    -    -    -    -    3,000    4,000 
Net income (loss) from continuing operations   323,000    207,000    (3,472,000)   (1,289,000)   (5,838,000)   (4,292,000)   (14,361,000)
Capital expenditures   943,000    -    14,000    -    15,000    4,000    976,000 
Identifiable assets   26,688,000    52,416,000    52,267,000    56,524,000    85,436,000    9,617,000    282,948,000 

 

 

The following tables disaggregate our business segment revenues by major source:

 

Printed Products Revenue Information:

 

Three months ended June 30, 2023    
Packaging Printing and Fabrication  $3,571,000 
Commercial and Security Printing   55,000 
Total Printed Products  $3,626,000 

 

Three months ended June 30, 2022    
Packaging Printing and Fabrication  $3,952,000 
Commercial and Security Printing   96,000 
Total Printed Products  $4,048,000 

 

Six months ended June 30, 2023    
Packaging Printing and Fabrication  $9,341,000 
Commercial and Security Printing   320,000 
Total Printed Products  $9,661,000 

 

Six months ended June 30, 2022    
Packaging Printing and Fabrication  $7,468,000 
Commercial and Security Printing   149,000 
Total Printed Products  $7,617,000 

 

Direct Marketing

 

Three months ended June 30, 2023    
Direct Marketing Internet Sales  $1,572,000 
Total Direct Marketing  $1,572,000 

 

Three months ended June 30, 2022    
Direct Marketing Internet Sales  $6,070,000 
Total Direct Marketing  $6,070,000 

 

Six months ended June 30, 2023    
Direct Marketing Internet Sales  $5,566,000 
Total Direct Marketing  $5,566,000 

 

Six months ended June 30, 2022    
Direct Marketing Internet Sales  $13,002,000 
Total Direct Marketing  $13,002,000 

 

 

Rental Income

 

Three months ended June 30, 2023    
Rental income  $1,543,000 
Total Rental Income  $1,543,000 

 

Three months ended June 30, 2022    
Rental income  $1,508,000 
Total Rental Income  $1,508,000 

 

Six months ended June 30, 2023    
Rental income  $3,228,000 
Total Rental Income  $3,228,000 

 

Six months ended June 30, 2022    
Rental income  $3,171,000 
Total Rental Income  $3,171,000 

 

Net Investment Income

 

Three months ended June 30, 2023    
Net Investment Income  $197,000 
Total Investment Income  $197,000 

 

Three months ended June 30, 2022    
Net Investment Income  $145,000 
Total Rental Income  $145,000 

 

Six months ended June 30, 2023    
Net investment income  $314,000 
Total Management fee income  $314,000 

 

Six months ended June 30, 2022    
Net Investment Income  $274,000 
Total Management fee income  $274,000 

 

Commission Income

 

Three months ended June 30, 2023    
Commission income  $295,000 
Total commission income  $295,000 

 

Three months ended June 30, 2022     
Commission income  $- 
Total commission income  $- 

 

Six months ended June 30, 2023    
Commission income  $295,000 
Total commission income  $295,000 

 

Six months ended June 30, 2022     
Commission income  $- 
Total commission income  $-