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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

28. 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 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.

 

For fiscal year 2022:

 

   Coals and
aluminum ingots
supply chain
financing/trading		   Asset
management
service		   Others   Total 
Reportable segment revenue  $10,107,996   $13,630,508   $142,502   $23,881,006 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue-third party   10,107,996    13,630,508    142,502    23,881,006 
Segment gross profit  $338,970   $4,948,314   $108,162   $5,395,446 

 

For fiscal year 2021:  

 

   CCM
Shopping
Mall
 Membership		   Coals and
aluminum ingots
supply chain
financing/trading		   Asset
management
service		   Others   Total 
Reportable segment revenue  $85   $34,034,662   $5,315,708    6,573   $39,357,028 
Inter-segment loss   
-
    14,306,227    
-
    
-
    14,306,227 
Revenue from external customers  $85    19,728,435    5,315,708    6,573    25,050,801 
Segment gross profit  $85   $509,873   $1,291,390    517   $1,801,865 

 

Loss from Continuing Operations before Income Tax:

 

   For the Years Ended, 
   2022   2021 
Coals and aluminum ingots supply chain financing/trading    (494,229)   (451,125)
Asset management service    2,431,254    1,157,184 
Others    1,337,694    88,604 
Corporate and Unallocated    15,919,835    12,750,827 
Total operating expenses and other expense (income)   19,194,554    13,545,490 
Loss from Continuing Operations before Income Tax   (13,799,108)   (11,743,625)

 

Segment assets:

 

   December 31, 
   2022   2021 
Coals and aluminum ingots supply chain financing/trading    26,487,090    20,900,211 
Asset management service    3,387,506    2,007,040 
Others   14,090,091    75,194 
Corporate and Unallocated    41,053,032    68,674,640 
Total assets   85,017,719    91,657,085 

  

Assets subject to attribution to business segments largely include property, plant and equipment, receivable and right of use assets. All other items are reflected in Corporate and Unallocated.