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Segment Reporting
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

24. 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 2021: shared shopping mall membership fee coal and aluminum ingots supply chain financing service and trading business and asset management service and others.

 

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 services during the second quarter of 2021 and the Company acquired Nice Talent and started to provide asset management services since August 2021.

 

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.

 

As of March 31, 2022:

 

  

Coals and

aluminum ingots

supply chain

financing/trading

   Asset
management
service		   Others   Total 
Reportable segment revenue   
          -
    3,456,376    9,989    3,466,365 
Inter-segment loss   
-
    
-
    
-
    - 
Revenue from external customers   
-
    3,456,376    9,989    3,466,365 
Segment gross profit   
-
    1,777,988    9,989    1,787,977 

 

As of March 31, 2021:

 

   CCM Shopping
Mall
Membership		   Others   Total 
Reportable segment revenue  $           73   $7,426   $7,499 
Revenue from external customers  $73   $7,426   $7,499 
Segment gross profit  $73   $517   $590