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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Information [Abstract]  
SEGMENT INFORMATION

NOTE 21 — SEGMENT INFORMATION

 

ASC Topic 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments.

 

Currently, the Company has four business segments comprised of the following products and services:

 

Segments Scope of Business Activities
     
Distribution Business Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
     
Platform Business - Providing access to financial products and services to licensed brokers.
     
  - Providing operational support for the submission and processing of product applications.
     
  - Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
     
  - Providing training resources and materials.
     
  - Facilitating the placement of investment products for the fund and/or unsecured loans to creditworthy customers.
     
  - Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers.
     
  - Solicitation of real estate sales for the developer, in exchange for commissions.
     
Fintech Business Managing an ensemble of fintech investments
     
Healthcare Business Managing an ensemble of healthcare-related investments

 

The four business segments were determined based primarily on how the chief operating decision maker views and evaluates the operations. Operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. Other factors, including market separation and customer specific applications, go-to-market channels, products and services are considered in determining the formation of these operating segments.

 

The following tables present the summary information by segment for the years ended December 31, 2023 and 2022:

 

  For the year ended December 31, 2023 
   Distribution Business   Platform Business   Fintech Business   Healthcare
Business		   Total 
                     
Revenue, net                    
- Interest income  $
—
   $157,190   $
—
   $
—
   $157,190 
- Non-interest income   48,886,928    5,145,069    
—
    
—
    54,031,997 
Total revenue, net   48,886,928    5,302,259    
—
    
—
    54,189,187 
                          
Commission expense   35,884,443    1,403,076    
—
    
—
    37,287,519 
Depreciation   1,045    232,479    27,799    
—
    261,323 
Income (loss) from operations   5,886,741    

(10,531,655

)   (39,200,408)   
—
    (43,845,322)
Investment loss, net   
—
    
—
    (6,878,869)   
—
    (6,878,869)
Total assets as of December 31, 2023  $16,301,055   $23,546,029   $26,219,352   $522,531   $66,588,967 

 

   For the year ended December 31, 2022 
   Distribution Business   Platform Business   Fintech Business   Healthcare
Business		   Total 
                     
Revenue, net                    
- Interest income  $
—
   $176,175   $
—
   $
—
   $176,175 
- Non-interest income   24,610,309    6,293,743    4,896    
—
    30,908,948 
Less: inter-segment   
—
    
—
    (4,896)   
—
    (4,896)
Total revenue, net   24,610,309    6,469,918    
—
    
—
    31,080,227 
                          
Commission expense   16,839,870    1,983,588    
—
    
—
    18,823,458 
Depreciation   884    391,104    885    
—
    392,873 
Loss from operations   (4,960,505)   (10,767,796)   (12,622,796)   
—
    (28,351,097)
Investment loss, net   
—
    
—
    (8,937,431)   
—
    (8,937,431)
Total assets as of December 31, 2022  $3,556,198   $59,001,756   $38,140,822   $522,557   $101,221,333 

 

All of the Company’s customers and operations are based in Hong Kong.