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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | 14. Segment Information The Company’s nine businesses lines are organized, managed, and internally reported as five operating segments. One of these operating segments, Product Packaging, is the Company’s packaging and printing group. Product Packaging operates in the paper board folding carton, smart packaging, and document security printing markets. It markets, manufactures, and sells mailers, photo sleeves, sophisticated custom folding cartons, and complex 3-dimensional direct mail solutions. These products are designed to provide functionality and marketability while also providing counterfeit protection. A second, Biotechnology, invests in, or acquires companies in the biohealth and biomedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition, and treatment of neurological, oncological, and immune related diseases. This division is also developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza. Biotechnology is also targeting unmet, urgent medical needs. A third operating segment, Securities, and Investment Management (“Securities”) was established to develop and/or acquire assets and investments in the securities trading and/or funds management arena. Further, Securities, in partnership with recognized global leaders in alternative trading systems, intends to own and operate in the US a single or multiple vertical digital asset exchanges for securities, tokenized assets, utility tokens, stable coins and cryptocurrency via a digital asset trading platform using blockchain technology. The scope of services within this section is planned to include asset issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO, STO and UTO listings on a primary market(s), asset digitization/tokenization (securities, currency, and cryptocurrency), and the listing and trading of digital assets (securities and cryptocurrency) on a secondary market(s). Also in this segment is the Company’s real estate investment trust (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers from leading clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator under a triple-net lease. The REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate. The fourth segment, Direct, provides services to assist companies in the emerging growth gig business model of peer-to-peer decentralized sharing marketplaces. It specializes in marketing and licensing its products and services through its subsidiary and partner network, using the popular gig economic marketing strategy as a form of direct marketing. Direct marketing products include, among other things, nutritional and personal care products sold throughout North America, Asia Pacific and Eastern Europe (see Note 1, Deconsolidation of Sharing Services Global Corporation). The fifth business line, Commercial Banking, is organized for the purposes of being a financial network holding company, focused providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special purpose acquisition company) consulting, and advisory capital raising services. From this financial platform, the Company shall provide an integrated suite of financial services for businesses that shall include commercial business lines of credit, land development financing, inventory financing, third party loan servicing, and services that address the financial needs of the world Gig Economy. Approximate information concerning the Company’s operations by reportable segment for the three and six months ended June 30, 2024 and 2023 is as follows. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently, would report the results contained herein: Schedule of Operations by Reportable Segment
Three Months Ended June 30, 2024 |  | Product Packaging |  |  | Commercial Lending |  |  | Direct Marketing |  |  | Biotechnology |  |  | Securities |  |  | Corporate |  |  | Total |
Revenue |  | $ | 3,539,000 |  |  | $ | 44,000 |  |  | $ | 3,000 |  |  | $ | 1,000 |  |  | $ | 624,000 |  |  | $ | - |  |  | $ | 4,211,000 |
Cost of Revenue |  |  | 3,598,000 |  |  |  | (4,484,000 | ) |  |  | - |  |  |  | 10,000 |  |  |  | 2,066,000 |  |  |  | 4,483,000 |  |  |  | 5,673,000 |
Depreciation and amortization |  |  | 190,000 |  |  |  | - |  |  |  | 34,000 |  |  |  | 288,000 |  |  |  | 39,000 |  |  |  | 4,000 |  |  |  | 555,000 |
Interest expense |  |  | 45,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,199,000 |  |  |  | - |  |  |  | 1,244,000 |
Interest income |  |  | - |  |  |  | (1,000 | ) |  |  | 36,000 |  |  |  | 3,000 |  |  |  | 156,000 |  |  |  | 1,000 |  |  |  | 195,000 |
Net income (loss) from continuing operations |  |  | (894,000 | ) |  |  | 502,000 |  |  |  | 104,000 |  |  |  | (669,000 | ) |  |  | (2,566,000 | ) |  |  | (1,431,000 | ) |  |  | (4,954,000 | )
Capital expenditures |  |  | 29,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,000 |
Identifiable assets |  |  | 19,683,000 |  |  |  | 12,129,000 |  |  |  | 442,000 |  |  |  | 48,631,000 |  |  |  | 59,211,000 |  |  |  | 4,352,000 |  |  |  | 144,448,000 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 46,040,000 |  |  |  | - |  |  |  | 46,040,000 |
Three Months Ended June 30,2023 |  | Product Packaging |  |  | Commercial Lending |  |  | Direct Marketing |  |  | Biotechnology |  |  | Securities |  |  | Corporate |  |  | Total |
Revenue |  | $ | 3,626,000 |  |  | $ | 197,000 |  |  | $ | 1,572,000 |  |  | $ | - |  |  | $ | 1,838,000 |  |  | $ | - |  |  | $ | 7,233,000 |
Cost of Revenue |  |  | 2,421,000 |  |  |  | - |  |  |  | 516,000 |  |  |  | 2,000 |  |  |  | 1,820,000 |  |  |  | 73,000 |  |  |  | 4,832,000 |
Depreciation and amortization |  |  | 193,000 |  |  |  | - |  |  |  | 43,000 |  |  |  | 289,000 |  |  |  | 782,000 |  |  |  | 7,000 |  |  |  | 1,314,000 |
Interest expense |  |  | 47,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 91,000 |  |  |  | - |  |  |  | 138,000 |
Interest income |  |  | - |  |  |  | - |  |  |  | 280,000 |  |  |  | 49,000 |  |  |  | 78,000 |  |  |  |  |  |  |  | 407,000 |
Net income (loss) from continuing operations |  |  | (205,000 | ) |  |  | (1,213,000 | ) |  |  | (28,074,000 | ) |  |  | (3,934,000 | ) |  |  | (4,413,000 | ) |  |  | 116,000 |  |  |  | (37,723,000 | )
Capital expenditures |  |  | 4,000 |  |  |  | - |  |  |  | (4,000 | ) |  |  | 12,000 |  |  |  | 7,000 |  |  |  | - |  |  |  | 19,000 |
Identifiable assets |  |  | 23,080,000 |  |  |  | 41,324,000 |  |  |  | 7,159,000 |  |  |  | 49,952,000 |  |  |  | 71,610,000 |  |  |  | 9,619,000 |  |  |  | 202,744,000 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | 2,004,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,004,000 |
Six Months Ended June 30, 2024 |  | Product Packaging |  |  | Commercial Lending |  |  | Direct Marketing |  |  | Biotechnology |  |  | Securities |  |  | Corporate |  |  | Total |
Revenue |  | $ | 6,620,000 |  |  | $ | 146,000 |  |  | $ | 3,000 |  |  | $ | 2,000 |  |  | $ | 1,311,000 |  |  | $ | - |  |  | $ | 8,082,000 |
Cost of Revenue |  |  | 6,365,000 |  |  |  | (4,015,000 | ) |  |  | - |  |  |  | 20,000 |  |  |  | 3,810,000 |  |  |  | 4,483,000 |  |  |  | 10,663,000 |
Depreciation and amortization |  |  | 381,000 |  |  |  | - |  |  |  | 68,000 |  |  |  | 577,000 |  |  |  | 107,000 |  |  |  | 3,000 |  |  |  | 1,136,000 |
Interest expense |  |  | 91,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,299,000 |  |  |  | - |  |  |  | 2,390,000 |
Interest income |  |  | - |  |  |  | - |  |  |  | 72,000 |  |  |  | 9,000 |  |  |  | 219,000 |  |  |  | 2,000 |  |  |  | 302,000 |
Net income (loss) from continuing operations |  |  | (1,367,000 | ) |  |  | (880,000 | ) |  |  | 34,000 |  |  |  | (1,610,000 | ) |  |  | (4,915,000 | ) |  |  | (1,325,000 | ) |  |  | (10,063,000 | )
Capital expenditures |  |  | 29,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,000 |
Total Identifiable assets |  |  | 19,683,000 |  |  |  | 12,129,000 |  |  |  | 442,000 |  |  |  | 48,631,000 |  |  |  | 59,211,000 |  |  |  | 4,352,000 |  |  |  | 144,448,000 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 46,040,000 |  |  |  | - |  |  |  | 46,040,000 |
Six Months Ended June 30,2023 |  | Product Packaging |  |  | Commercial Lending |  |  | Direct Marketing |  |  | Biotechnology |  |  | Securities |  |  | Corporate |  |  | Total |
Revenue |  | $ | 9,661,000 |  |  | $ | 314,000 |  |  | $ | 5,566,000 |  |  | $ | - |  |  | $ | 3,523,000 |  |  | $ | - |  |  | $ | 19,064,000 |
Cost of revenue |  |  | 7,081,000 |  |  |  | - |  |  |  | 1,806,000 |  |  |  | 63,000 |  |  |  | 4,340,000 |  |  |  | 75,000 |  |  |  | 13,365,000 |
Depreciation and amortization |  |  | 381,000 |  |  |  | - |  |  |  | 89,000 |  |  |  | 586,000 |  |  |  | 1,526,000 |  |  |  | 65,000 |  |  |  | 2,647,000 |
Interest expense |  |  | 86,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 302,000 |  |  |  | - |  |  |  | 388,000 |
Interest income |  |  | - |  |  |  | - |  |  |  | 285,000 |  |  |  | 143,000 |  |  |  | 110,000 |  |  |  | - |  |  |  | 538,000 |
Net income (loss) from continuing operations |  |  | 491,000 |  |  |  | (1,777,000 | ) |  |  | (31,260,000 | ) |  |  | (4,782,000 | ) |  |  | (6,441,000 | ) |  |  | (2,588,000 | ) |  |  | (46,357,000 | )
Capital expenditures |  |  | 580,000 |  |  |  | - |  |  |  | - |  |  |  | 17,000 |  |  |  | 35,000 |  |  |  | (19,000 | ) |  |  | 613,000 |
Identifiable assets |  |  | 23,080,000 |  |  |  | 41,324,000 |  |  |  | 7,159,000 |  |  |  | 49,952,000 |  |  |  | 71,610,000 |  |  |  | 9,619,000 |  |  |  | 202,744,000 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | 2,004,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,004,000 |
The following tables disaggregate our business segment revenues by major source: Printed Products Revenue Information: Schedule of Disaggregation of Revenue
Three months ended June 30, 2024 |  |  |  |
Packaging Printing and Fabrication |  | $ | 3,441,000 |
Commercial and Security Printing |  |  | 87,000 |
Total Printed Products |  | $ | 3,528,000 |
Three months ended June 30, 2023 |  |  |  |
Packaging Printing and Fabrication |  | $ | 3,571,000 |
Commercial and Security Printing |  |  | 55,000 |
Total Printed Products |  | $ | 3,626,000 |
Six months ended June 30, 2024 |  |  |  |
Packaging Printing and Fabrication |  | $ | 6,323,000 |
Commercial and Security Printing |  |  | 278,000 |
Total Printed Products |  | $ | 6,601,000 |
Six months ended June 30, 2023 |  |  |  |
Packaging Printing and Fabrication |  | $ | 9,341,000 |
Commercial and Security Printing |  |  | 320,000 |
Total Printed Products |  | $ | 9,661,000 |
Direct Marketing
Three months ended June 30, 2024 |  |  |  |
Direct Marketing Internet Sales |  | $ | - |
Total Direct Marketing |  | $ | - |
Three months ended June 30, 2023 |  |  |  |
Direct Marketing Internet Sales |  | $ | 1,572,000 |
Total Direct Marketing |  | $ | 1,572,000 |
Six months ended June 30, 2024 |  |  |  |
Direct Marketing Internet Sales |  | $ | - |
Total Direct Marketing |  | $ | - |
Six months ended June 30, 2023 |  |  |  |
Direct Marketing Internet Sales |  | $ | 5,566,000 |
Total Direct Marketing |  | $ | 5,566,000 |
Rental Income
Three months ended June 30, 2024 |  |  |  |
Rental income |  | $ | 438,000 |
Total Rental Income |  | $ | 438,000 |
Three months ended June 30, 2023 |  |  |  |
Rental income |  | $ | 1,543,000 |
Total Rental Income |  | $ | 1,543,000 |
Six months ended June 30, 2024 |  |  |  |
Rental income |  | $ | 838,000 |
Total Rental Income |  | $ | 838,000 |
Six months ended June 30, 2023 |  |  |  |
Rental income |  | $ | 3,228,000 |
Total Rental Income |  | $ | 3,228,000 |
Commission Income
Three months ended June 30, 2024 |  |  |  |
Commission income |  | $ | 204,000 |
Total commission income |  | $ | 204,000 |
Three months ended June 30, 2023 |  |  |  |
Commission income |  | $ | 295,000 |
Total commission income |  | $ | 295,000 |
Six months ended June 30, 2024 |  |  |  |
Commission income |  | $ | 507,000 |
Total commission income |  | $ | 507,000 |
Six months ended June 30, 2023 |  |  |  |
Commission income |  | $ | 295,000 |
Total commission income |  | $ | 295,000 |
Net Investment Income
Three months ended June 30, 2024 |  |  |  |
Net Investment Income |  | $ | 41,000 |
Total Investment Income |  | $ | 41,000 |
Three months ended June 30, 2023 |  |  |  |
Net Investment Income |  | $ | 197,000 |
Total Rental Income |  | $ | 197,000 |
Six months ended June 30, 2024 |  |  |  |
Net investment income |  | $ | 136,000 |
Total Management fee income |  | $ | 136,000 |
Six months ended June 30, 2023 |  |  |  |
Net Investment Income |  | $ | 314,000 |
Total Management fee income |  | $ | 314,000 |

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