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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

19. SEGMENT REPORTING

 

In its operation of the business, management, including the Company’s chief operating decision maker, who is the Company’s 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”. As described in Note 17. DISCONTINUED OPERATIONS, certain subsidiaries were sold, dissolved or deregistered, resulting in material changes to the Company’s business operations. Consequently, the Company has reorganized its operations into the following three reportable segments: (1) Fast-Moving Consumer Goods (FMCG), (2) Trading Commission and Consulting service and (3) supply chain financing service and trading business.

 

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. During the first quarter of fiscal year 2025, the Company commenced operations in the Fast-Moving Consumer Goods (FMCG) sector.  

 

Some of the Company’s operation might not individually meet the quantitative thresholds for determining reportable segments and the Company determines 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, 2025

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		  

Supply
Chain
Financing/
Trading

   Total 
Reportable segment revenue  $387,684   $217,598   $
       -
   $605,282 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   387,684    217,598    
-
    605,282 
Segment gross profit  $10,327   $176,445   $
-
   $186,772 

 

Three months ended June 30, 2024 

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		  

Supply
Chain
Financing/
Trading

   Total 
Reportable segment revenue  $
        -
   $204,315   $64,674   $268,989 
Inter-segment loss   
-
    
-
    
-
    - 
Revenue from external customers   
-
    204,315    64,674    268,989 
Segment gross profit  $
-
   $195,792   $62,029   $257,821 

Six months ended June 30, 2025

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		  

Supply
Chain
Financing/
Trading

   Total 
Reportable segment revenue  $864,135   $292,783   $1,341   $1,158,259 
Inter-segment loss   -    -    -    - 
Revenue from external customers   864,135    292,783    1,341    1,158,259 
Segment gross profit  $19,185   $244,864   $1,341   $265,390 

 

Six months ended June 30, 2024

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		  

Supply
Chain
Financing/
Trading

   Total 
Reportable segment revenue  $        -   $441,740   $506,438   $948,178 
Inter-segment loss   -    -    -    - 
Revenue from external customers   -    441,740    506,438    948,178 
Segment gross profit  $-   $426,813   $106,102   $532,915 

 

Income (loss) before Income Tax:

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Supply Chain Financing/Trading  $319   $(184,097)  $(52)  $22,219 
Fast-Moving Consumer Goods   98,358    
-
    (33,307)   
-
 
Trading Commission and Consulting service   326,381    821,259    1,364,054    1,465,221 
Corporate and Unallocated   (2,090,066)   429,818    28,028,319    3,196,224 
Total operating expenses and other expenses   (1,665,008)   1,066,980    29,359,014    4,683,564 
Income (loss) before income tax  $1,851,780   $(809,159)  $(29,093,624)  $(4,150,649)

 

Segment assets:

 

   June 30,
2025		   December 31,
2024		 
Supply Chain Financing/Trading  $1,898,231   $5,717,949 
Fast-Moving Consumer Goods   98,949    
-
 
Trading Commission and Consulting service   7,274,264    5,066,369 
Corporate and Unallocated   15,303,615    14,521,663 
Assets related to discontinued operation   
-
    596,957 
Total assets  $24,575,059   $25,902,938