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Segment Reporting
 12 Months Ended
Dec. 31, 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: 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. The Company began to provide sand and steel supply chain financing services during the first quarter of 2023. The Company began to provide brokerage services during the October 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 2024:  

 

   Supply
Chain
Financing/
Trading		   Brokerage service   Others   Total 
Reportable segment revenue  $983,246   $870,864   $304,015   $2,158,125 
Inter-segment loss   
-
    
-
    
-
    - 
Revenue from external customers   983,246    870,864    304,015    2,158,125 
Segment gross profit  $163,892   $813,747   $294,378   $1,272,017 

 

For fiscal year 2023:  

 

   Supply
Chain
Financing/
Trading		   Brokerage service   Others   Total 
Reportable segment revenue  $20,769,323   $298,505   $629,377   $21,697,205 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   20,769,323    298,505    629,377    21,697,205 
Segment gross profit  $465,020   $294,437   $362,148   $1,121,605 

Loss from Continuing Operations before Income Tax:

 

   For the Years Ended, 
   2024   2023 
Supply chain financing/trading   3,753,106    848,031 
Brokerage service   

581,483

    

206,030

 
Others   4,340,920    636,436 
Corporate and Unallocated   26,830,350    32,250,678 
Total operating expenses and other expense   35,505,859    33,941,175 
Loss from Continuing Operations before Income Tax   (34,233,842)   (32,819,570)

 

Segment assets:

 

   December 31, 
   2024   2023 
Supply chain financing/trading    5,717,948    12,437,136 
Brokerage service   

5,066,369

    

5,088,522

 
Others   13,252,693    14,062,310 
Corporate and Unallocated    1,865,928    23,117,744 
Assets related to discontinued operation   
-
    6,235,038 
Total assets   25,902,938    60,940,750 

 

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.