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Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING

13. 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 four segments starting in fiscal 2020: shared shopping mall membership fee, fruit related products, sales of goods and others. Our concentrated juice and juice beverages are primarily produced by the Company’s Jingyang factory. The operation of fruit related products is classified as discontinued operation as disclosed in Note 12. In 2021, the Company principally engages in coal supply chain financing and trading business. 

 

In compliance with the Company’s business transformation strategy, membership fees from the shared shopping mall and sales of goods through the shared shopping mall platform started to generate the main revenues for the Company and became more and more important business sections of the Company from fiscal year 2019, while its traditional business section of seasonal fruit related products continued to shrink in fiscal year 2019. However, due the COVID-19 pandemic and restriction on large gatherings in China, which have made the promotion strategy for its online e-commerce platforms difficult to implement and the Company has experienced difficulties to subscribe new members for its online e-commerce platforms. Due to lack of new members, difficulties in retaining old customers and significant decrease of revenue in e-commerce business, the Company began to provide supply chain financing and services for coal mines and power generation plants to buy and sell coals.

 

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.

 

Three Months ended June 30, 2021 

 

    CCM Shopping
Mall Membership		     Coals
supply chain
financing/trading		     Others     Total  
Reportable segment revenue   $ 12     $ 3,288,688     $ 13     $ 3,288,713  
Inter-segment loss    
-
       1,347,131      
-
       1,347,131  
Revenue from external customers   $ 12       1,941,557       13       1,941,582  
Segment gross profit   $ 12     $ 71,341     $ 2     $ 71,355  

  

Three Months ended June 30, 2020 

 

   CCM Shopping
Mall Membership		   Sales of
Goods		   Others   Total 
Reportable segment revenue  $104,762   $1,853   $7,139   $113,754 
Inter-segment loss   
-
    67    
-
    67 
Revenue from external customers  $104,762    1,786    7,139    113,687 
Segment gross profit  $100,803   $1,067   $2,458   $104,328 

 

As of June 30, 2021:

 

    CCM Shopping
Mall Membership		     Coal
supply chain
financing/trading		     Others     Total  
Reportable segment revenue   $ 84     $ 3,288,688     $ 6,553     $ 3,295,325  
Inter-segment loss    
-
       1,347,131      
-
       1,347,131  
Revenue from external customers   $ 84       1,941,557       6,553       1,948,194  
Segment gross profit   $ 84     $ 71,341     $ 520     $ 71,945  

 

As of June 30, 2020: 

 

    CCM Shopping
Mall Membership		     Sales of
Goods		     Others     Total  
Reportable segment revenue   $ 303,647     $ 3,670     $ 7,139     $ 314,456  
Inter-segment loss    
-
       818      
-
       818  
Revenue from external customers   $ 303,647       2,852       7,139       313,638  
Segment gross profit   $ 299,412     $ 1,897     $ 2,457     $ 303,766