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Segment Information

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Information

NOTE 10 - SEGMENT INFORMATION

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has two reportable segments that are based on the following business units: service business and real estate business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company operates two reportable business segments:

●	Service business – provision of corporate advisory and business solution services
●	Real estate business – leasing and trading of commercial real estate properties in Hong Kong and Malaysia

The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

(a) By Categories

		For the nine months ended September 30, 2018 (Unaudited) (As Restated)
		Real estate business				Service business				Corporate				Total
Revenues		$	1,130,764			$	1,975,124			$	-			$	3,105,888
Cost of revenues			803,833				524,823				97,000				1,425,656
Depreciation and amortization			24,959				164,183				12,275				201,417
Net income (loss)			242,887				(5,539,271	)			150,129				(5,146,255	)
Total assets			2,947,496				7,479,236				2,302,561				12,729,293
Capital expenditures for long-lived assets		$	-			$	43,443			$	251,844			$	295,287

		For the nine months ended September 30, 2017 (Unaudited) (As Restated)
		Real estate business				Service business				Corporate				Total
Revenues		$	139,281			$	2,139,939			$	-			$	2,279,220
Cost of revenues			48,639				501,466				-				550,105
Depreciation and amortization			12,037				126,120				-				138,157
Net income (loss)			30,422				(742,851	)			(2,121	)			(714,550	)
Total assets			3,804,070				7,874,276				236,126				11,914,472
Capital expenditures for long-lived assets		$	-			$	70,938			$	-			$	70,938

(b) By Geography*

		For the nine months ended September 30, 2018 (Unaudited) (As Restated)
		Hong Kong				Malaysia				China				Total
Revenues		$	2,391,381			$	562,522			$	151,985			$	3,105,888
Cost of revenues			1,200,234				217,861				7,561				1,425,656
Depreciation and amortization			75,428				26,294				99,695				201,417
Net income (loss)			(4,782,000	)			(54,289	)			(309,966	)			(5,146,255	)
Total assets			8,315,537				1,132,458				3,281,298				12,729,293
Capital expenditures for long-lived assets		$	252,911			$	4,267			$	38,109			$	295,287

		For the nine months ended September 30, 2017 (Unaudited) (As Restated)
		Hong Kong				Malaysia				China				Total
Revenues		$	1,642,944			$	497,643			$	138,633			$	2,279,220
Cost of revenues			388,192				161,913				-				550,105
Depreciation and amortization			64,956				23,726				49,475				138,157
Net income (loss)			(626,836	)			32,127				(119,841	)			(714,550	)
Total assets			7,770,600				1,177,423				2,966,449				11,914,472
Capital expenditures for long-lived assets		$	48,527			$	12,651			$	9,760			$	70,938

*Revenues and costs are attributed to countries based on the location where the entities operate.

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- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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