v3.20.2
Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Information

Note 15 – Segment Information

 

During the three and nine months ended September 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 nine months ended September 30, 2020 and 2019 was as follows:

 

    For the three months ended September 30,     For the nine months ended September 30,  
    2020     2019     2020     2019  
Revenues:                                
Consultancy   $ -     $ -     $ -     $ -  
Insurance brokerage     19,382       24,724       65,785       86,582  
    $ 19,382     $ 24,724     $ 65,785     $ 86,582  
Depreciation and amortization:                                
Consultancy   $ 572     $ 612     $ 1,705     $ 1,801  
Insurance brokerage     5,857       5,749       17,381       17,239  
    $ 6,429     $ 6,361     $ 19,086     $ 19,040  
Net income / (loss) from continuing operations:                                
Consultancy   $ (206,526 )   $ 289,470     $ 68,381     $ (1,202,049 )
Insurance brokerage     (23,443 )     (14,174 )     (50,858 )     (31,181 )
    $ (229,969 )   $ 275,296     $ 17,523     $ (1,233,230 )

 

    September 30, 2020     December 31, 2019  
Identifiable long-lived tangible assets as of September 30, 2020 and December 31, 2019 by segment:                
Consultancy   $ 1,030     $ 2,734  
Insurance brokerage     2,032       938  
    $ 3,062     $ 3,672