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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING

25. 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 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.

 

For fiscal year 2023:  

 

   Asset
management
service		   Supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $12,882,521   $20,769,323   $1,213,709   $34,865,553 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers  $12,882,521    20,769,323    1,213,709    34,865,553 
Segment gross profit  $3,656,650   $465,020   $766,025   $4,887,695 

 

For fiscal year 2022:  

 

   Asset
management
service		   Supply chain
financing/
trading		   Others   Total 
Reportable segment revenue  $13,630,508   $10,107,996   $142,502   $23,881,006 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers  $13,630,508    10,107,996    142,502    23,881,006 
Segment gross profit  $4,948,314   $338,970   $108,162   $5,395,446 

 

Loss from Continuing Operations before Income Tax:

 

   For the Years Ended, 
   2023   2022 
Supply chain financing/trading   660,040    (494,229)
Asset management service   4,037,857    2,431,254 
Others   (561,525)   1,337,694 
Corporate and Unallocated   35,151,152    15,612,794 
Total operating expenses and other expense   39,287,524    18,887,513 
Loss from Continuing Operations before Income Tax   (34,399,829)   (13,492,067)

 

Segment assets:

 

   December 31, 
   2023   2022 
Supply chain financing/trading    12,437,136    26,487,090 
Asset management service    3,640,811    3,387,506 
Others   23,855,261    14,090,091 
Corporate and Unallocated    21,007,542    40,756,378 
Assets related to discontinued operation   
-
    296,654 
Total assets   60,940,750    85,017,719 

 

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.