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Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

23. 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.

 

Three months ended June 30, 2022 

 

   

Asset

management

service

     Coals and
Aluminum
Ingots
supply chain
financing/
trading		     Others     Total  
Reportable segment revenue   $ 3,696,433     $ 3,654,981     $ 66,863     $ 7,418,277  
Inter-segment loss     -       -       -       -  
Revenue from external customers   $ 3,696,433       3,654,981       66,863       7,418,277  
Segment gross profit   $ 1,248,314     $ 60,255     $ 66,851     $ 1,375,420  

  

Three months ended June 30, 2021 

 

   CCM
Shopping
Mall
Membership		   Coals and
Aluminum
Ingots
supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $       12   $1,346,899   $     13   $1,346,924 
Inter-segment loss   
-
    
-
    
-
    - 
Revenue from external customers  $12    1,346,899    13    1,346,924 
Segment gross profit  $12   $51,252   $1   $51,265 

 

Six months ended June 30, 2022:

 

  

Asset

management

service

   Coal and
Aluminum
Ingots
supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $7,152,808   $3,654,982   $76,852   $10,884,642 
Inter-segment loss   -    -    -    - 
Revenue from external customers  $7,152,808    3,654,982    76,852    10,884,642 
Segment gross profit  $3,026,301   $60,256   $76,840   $3,163,397 

 

Six months June 30, 2021: 

 

   CCM Shopping
Mall
Membership		   Coal and
Aluminum
Ingots
supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $         85   $1,347,785   $6,553   $1,354,423 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers  $85    1,347,785    6,553    1,354,423 
Segment gross profit  $85   $51,252   $518   $51,855