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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | 22. 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 starting in fiscal 2021: “supply chain financing service and trading business”, “asset management service” and “others”. The Company began to provide coal and aluminum ingots supply chain financing and trading 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 and trading 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, 2024
|  | Supply Chain Financing/ Trading |  |  | Asset management service |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 64,674 |  |  | $ | 3,792,053 |  |  | $ | 346,161 |  |  | $ | 4,202,888 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  |  | 64,674 |  |  |  | 3,792,053 |  |  |  | 346,161 |  |  |  | 4,202,888 |
Segment gross profit |  | $ | 62,029 |  |  | $ | 1,298,465 |  |  | $ | 233,630 |  |  | $ | 1,594,124 |
Three months ended June 30, 2023
|  | Supply Chain Financing/ Trading |  |  | Asset management service |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 369,994 |  |  | $ | 3,255,065 |  |  | $ | 96,191 |  |  | $ | 3,721,250 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  |  | 369,994 |  |  |  | 3,255,065 |  |  |  | 96,191 |  |  |  | 3,721,250 |
Segment gross profit |  | $ | 69,645 |  |  | $ | 1,125,152 |  |  | $ | 47,678 |  |  | $ | 1,242,475 |
Six months ended June 30, 2024
|  | Supply Chain Financing/ Trading |  |  | Asset management service |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 506,438 |  |  | $ | 8,164,923 |  |  | $ | 654,494 |  |  | $ | 9,325,855 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  |  | 506,438 |  |  |  | 8,164,923 |  |  |  | 654,494 |  |  |  | 9,325,855 |
Segment gross profit |  | $ | 106,102 |  |  | $ | 2,975,168 |  |  | $ | 464,126 |  |  | $ | 3,545,396 |
Six months ended June 30, 2023
|  | Supply Chain Financing/ Trading |  |  | Asset management service |  |  | Others |  |  | Total |
Reportable segment revenue |  | $ | 480,792 |  |  | $ | 6,418,129 |  |  | $ | 186,779 |  |  | $ | 7,085,700 |
Inter-segment loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenue from external customers |  |  | 480,792 |  |  |  | 6,418,129 |  |  |  | 186,779 |  |  |  | 7,085,700 |
Segment gross profit |  | $ | 175,499 |  |  | $ | 2,181,459 |  |  | $ | 87,133 |  |  | $ | 2,444,091 |
Loss before Income Tax:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Supply chain financing/trading |  | $ | (584,960 | ) |  | $ | (150,756 | ) |  | $ | (376,380 | ) |  | $ | 68,423 |
Asset management service |  |  | 1,423,587 |  |  |  | 901,980 |  |  |  | 3,040,865 |  |  |  | 1,684,157 |
Others |  |  | 1,140,213 |  |  |  | 593,196 |  |  |  | 2,416,330 |  |  |  | 585,729 |
Corporate and Unallocated |  |  | 1,414,290 |  |  |  | 1,400,362 |  |  |  | 4,232,653 |  |  |  | 3,721,564 |
Total operating expenses and other expenses |  |  | 3,393,130 |  |  |  | 2,744,782 |  |  |  | 9,313,468 |  |  |  | 6,059,873 |
Loss before Income Tax |  | $ | (1,799,006 | ) |  | $ | (1,502,307 | ) |  | $ | (5,768,072 | ) |  | $ | (3,615,782 | )
Segment assets:
|  | June 30, 2024 |  |  | December 31, 2023 |
Supply chain financing/trading |  |  | 15,988,567 |  |  |  | 12,437,136 |
Asset management service |  |  | 3,707,414 |  |  |  | 3,640,811 |
Others |  |  | 29,169,935 |  |  |  | 23,831,103 |
Corporate and Unallocated |  |  | 9,432,521 |  |  |  | 21,007,542 |
Assets related to discontinued operation |  |  | - |  |  |  | 24,158 |
Total assets |  |  | 58,298,437 |  |  |  | 60,940,750 |

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- Definition The entire disclosure for reporting segments including data and tables. 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