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Segment Reporting
 6 Months Ended
Jun. 30, 2023
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 three segments: supply chain financing service and trading business, asset management service and others.

 

The Company began to provide coal and aluminum ingots 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. The Company began to provide sand and steel supply chain financing services during the first quarter of 2023.

 

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, 2023 

 

  

Asset

management

service

   Supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $3,255,065   $369,993   $183,933   $3,808,991 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers  $3,255,065    369,993    183,933    3,808,991 
Segment gross profit  $1,125,152   $69,644   $64,371   $1,259,167 

 

Three months ended June 30, 2022 

 

  

Asset

management

service

   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 

 

Six months ended June 30, 2023:

 

  

Asset

management

service

   Supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $6,418,129   $480,792   $304,035   $7,202,956 
Inter-segment loss   -    -    -    - 
Revenue from external customers  $6,418,129    480,792    304,035    7,202,956 
Segment gross profit  $2,181,459   $175,500   $109,845   $2,466,804 

 

Six months ended June 30, 2022:

 

  

Asset

management

service

   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 

 

Loss before Income Tax:

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2023   2022   2023   2022 
Supply chain financing/trading  $(287,602)  $3,014   $(68,423)  $102,131 
Asset management service   901,980    518,486    1,684,157    1,017,328 
Others   (417,994)   199,025    (403,423)   838,744 
Corporate and Unallocated   2,670,206    2,867,641    5,083,719    5,928,358 
Total operating expenses and other expense   2,866,590    3,588,166    6,296,030    7,886,561 
Loss before Income Tax  $(1,607,423)  $(2,212,746)  $(3,829,226)  $(4,723,164)

 

Segment assets:

 

   June 30,
2023		   December 31,
2022		 
Supply chain financing/trading  $35,803,626   $26,487,090 
Asset management service   3,697,940    3,387,506 
Others   16,374,244    14,090,091 
Corporate and Unallocated   35,054,007    41,053,032 
Total assets  $90,929,817   $85,017,719