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Segment Reporting | 9 Months Ended
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Sep. 30, 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 operated 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” and operates in three segment in 2022: “coal and aluminum ingots supply chain financing service and trading business, 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 platform difficult to implement and the Company has experienced difficulties to subscribe new members for its online e-commerce platform. 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 September 30, 2022
|  | Asset management service |  |  | Coals and Aluminum Ingots supply chain financing/ trading |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 4,118,065 |  |  | $ | 7,839,635 |  |  | $ | 1,319 |  |  | $ | 11,959,019 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  | $ | 4,118,065 |  |  | $ | 7,839,635 |  |  | $ | 1,319 |  |  | $ | 11,959,019 |
Segment gross profit |  | $ | 1,355,246 |  |  | $ | 136,561 |  |  | $ | 1,319 |  |  | $ | 1,493,126 |
Three months ended September 30, 2021
|  | Asset management service |  |  | Coals and Aluminum Ingots supply chain financing/ trading |  |  | Total |
Reportable segment revenue |  | $ | 2,101,050 |  |  | $ | 17,540,731 |  |  | $ | 19,641,781 |
Inter-segment loss |  |  | - |  |  |  | 7,896,754 |  |  |  | 7,896,754 |
Revenue from external customers |  | $ | 2,101,050 |  |  |  | 9,643,977 |  |  |  | 11,745,027 |
Segment gross profit |  | $ | 686,911 |  |  | $ | 296,173 |  |  | $ | 983,084 |
Nine months ended September 30, 2022:
|  | Asset management service |  |  | Coal and Aluminum Ingots supply chain financing/ trading |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 11,270,874 |  |  | $ | 11,494,617 |  |  | $ | 78,170 |  |  | $ | 22,843,661 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  | $ | 11,270,874 |  |  |  | 11,494,617 |  |  |  | 78,170 |  |  |  | 22,843,661 |
Segment gross profit |  | $ | 4,381,536 |  |  | $ | 196,817 |  |  | $ | 78,170 |  |  | $ | 4,656,523 |
Nine months September 30, 2021:
|  | Asset management service |  |  | Coal and Aluminum Ingots supply chain financing/ trading |  |  | CCM Shopping Mall Membership |  |  | Total |
Reportable segment revenue |  | $ | 2,101,049 |  |  | $ | 19,646,645 |  |  | $ | 85 |  |  | $ | 21,747,779 |
Inter-segment loss |  |  |  |  |  |  | 9,243,885 |  |  |  | - |  |  |  | 9,243,885 |
Revenue from external customers |  | $ | 2,101,049 |  |  |  | 10,402,760 |  |  |  | 85 |  |  |  | 12,503,894 |
Segment gross profit |  | $ | 686,909 |  |  | $ | (247,611 | ) |  | $ | 85 |  |  | $ | 439,383 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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