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Segment Reporting
 6 Months Ended
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