v3.20.2
Segment Information
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

Note 15 – Segment Information

 

During the three and six months ended June 30, 2020 and 2019, the Company operated in two reportable business segments - (1) Management Consultancy Services (the “Consultancy” segment) consisting of management consultancy such as assistance in designing client’s capitalization strategy, introductions to potential capital funding sources; and (2) a segment which concentrates on third party insurance policy sales and renewals (the “Insurance brokerage” segment). The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. All goodwill in the accompanying consolidated balance sheets is assigned to the Insurance brokerage segment.

 

Information with respect to these reportable business segments for the three and six months ended June 30, 2020 and 2019 was as follows:

 

    For the three months ended
June 30,		     For the six months ended
June 30,		  
    2020     2019     2020     2019  
Revenues:                                
Consultancy   $ -     $ -     $ -     $ -  
Insurance brokerage     22,694       28,844       46,403       63,033  
    $ 22,694     $ 28,844     $ 46,403     $ 63,033  
Depreciation and amortization:                                
Consultancy   $ 566     $ 606     $ 1,132     $ 1,189  
Insurance brokerage     5,765       5,745       11,523       11,491  
    $ 6,331     $ 6,351     $ 12,655     $ 12,680  
Net income / (loss) from continuing operations:                                
Consultancy   $ 490,738     $ (552,619 )   $ 263,502     $ (1,491,900 )
Insurance brokerage     (764 )     (14,059 )     (16,009 )     (16,626 )
    $ 489,974     $ (566,678 )   $ 247,493     $ (1,508,526 )

 

    June 30, 2020     December 31, 2019  
Identifiable long-lived tangible assets as of June 30, 2020 and December 31, 2019 by segment:                
Consultancy   $ 1,603     $ 2,734  
Insurance brokerage     2,095       938  
    $ 3,698     $ 3,672