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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

20. 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 operations 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 September 30, 2025

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		   Supply
Chain
Financing/
Trading		   Total 
Reportable segment revenue  $1,196,141   $128,492   $
    -
   $1,324,633 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   1,196,141    128,492    
-
    1,324,633 
Segment gross profit  $7,066   $115,271   $
-
   $122,337 

 

Three months ended September 30, 2024 

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		   Supply
Chain
Financing/
Trading		   Total 
Reportable segment revenue  $342   $598,245   $428,533   $1,027,120 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   342    598,245    428,533    1,027,120 
Segment gross profit  $13   $586,080   $36,764   $622,857 

  

Nine months ended September 30, 2025

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		   Supply
Chain
Financing/
Trading		   Total 
Reportable segment revenue  $2,060,276   $421,275   $1,341   $2,482,892 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   2,060,276    421,275    1,341    2,482,892 
Segment gross profit  $26,251   $360,135   $1,341   $387,727 

Nine months ended September 30, 2024

 

   Fast-Moving
Consumer
Goods		   Trading
Commission
and
Consulting
service		   Supply
Chain
Financing/
Trading		   Total 
Reportable segment revenue  $342   $1,039,985   $934,971   $1,975,298 
Inter-segment loss   
-
    
-
    
-
    
-
 
Revenue from external customers   342    1,039,985    934,971    1,975,298 
Segment gross profit  $13   $1,012,893   $142,866   $1,155,772 

 

Loss before Income Tax:

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
Supply Chain Financing/Trading  $483   $3,466,852   $431   $3,488,971 
Fast-Moving Consumer Goods   693,677    
-
    660,370    
-
 
Trading Commission and Consulting service   504,524    821,328    1,868,578    2,286,549 
Corporate and Unallocated   888,965    551,439    28,917,284    3,747,663 
Total operating expenses and other expenses   2,087,649    4,839,619    31,446,663    9,523,183 
Loss before income tax  $(1,965,312)  $(4,216,762)  $(31,058,936)  $(8,367,411)

 

Segment assets as of September 30, 2025 and December 31, 2024:

 

   September 30,
2025		   December 31,
2024		 
Supply Chain Financing/Trading  $604,719   $5,717,949 
Fast-Moving Consumer Goods   1,000,565    
-
 
Trading Commission and Consulting service   6,996,853    5,066,369 
Corporate and Unallocated   45,734,197    14,521,663 
Assets related to discontinued operation   
-
    596,957 
Total assets  $54,336,334   $25,902,938