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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

18. 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” 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 in 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.

 

As of March 31, 2025:

 

  

Supply
Chain

Financing/
Trading

   Others   Total 
Reportable segment revenue  $477,792   $75,185   $552,977 
Inter-segment loss   
-
    
-
    
-
 
Revenue from external customers   477,792    75,185    552,977 
Segment gross profit  $10,199   $68,419   $78,618 

 

As of March 31, 2024:

 

  

Supply
Chain

Financing/
Trading

   Others   Total 
Reportable segment revenue  $441,764   $237,425   $679,189 
Inter-segment loss   
-
    
-
    
-
 
Revenue from external customers   441,764    237,425    679,189 
Segment gross profit  $44,073   $231,021   $275,094 

 

Loss before Income Tax:

 

    Three months Ended,
March 31		  
    2025     2024  
Supply chain financing/trading     (130,879 )     206,216  
Others     349,145       138,505  
Corporate and Unallocated     30,805,757       3,271,864  
Total operating expenses and other expense     31,024,022       3,616,584  
Loss before Income Tax     (30,945,404 )     (3,341,490 )

 

Segment assets:

 

   March 31,
2025		   December 31,
2024		 
Supply chain financing/trading   5,531,148    5,717,948 
Others   4,384,938    5,066,369 
Corporate and Unallocated   13,724,974    14,521,664 
Assets related to discontinued operation   
-
    596,957 
Total assets   23,641,060    25,902,938