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Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

NOTE 16 - 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 – trading or leasing 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 year ended December 31, 2019
		Real estate business				Service business				Corporate				Total

Revenues		$	283,221			$	4,201,601			$	-			$	4,484,822
Cost of revenues			(185,486	)			(1,191,301	)			-				(1,376,787	)
Depreciation and amortization			32,419				217,317				16,013				265,749
Net income (loss)			(5,027	)			(705,375	)			(639,076	)			(1,349,478	)

Total assets			2,445,824				6,277,271				161,358				8,884,453
Capital expenditures for long-lived assets		$	-			$	4,912			$	701			$	5,613

		For the year ended December 31, 2018
		Real estate business				Service business				Corporate				Total

Revenues		$	1,532,612			$	2,680,748			$	-			$	4,213,360
Cost of revenues			(1,082,401	)			(859,033	)			(139,750)				(2,081,184	)
Depreciation and amortization			-				217,492				16,448				233,940
Net income (loss)			406,614				(3,313,294	)			(5,418,483	)			(8,325,163	)

Total assets			2,631,509				6,317,841				1,114,604				10,063,954
Capital expenditures for long-lived assets		$	-			$	44,987			$	254,210			$	299,197

(b) By Geography*

		For the year ended December 31, 2019
		Hong Kong				Malaysia				China				Total

Revenues		$	3,363,067			$	514,165			$	607,590			$	4,484,822
Cost of revenues			(1,100,326	)			(211,470	)			(64,991	)			(1,376,787	)
Depreciation and amortization			111,149				34,948				119,652				265,749
Net income (loss)			(1,072,544	)			34,291				(311,225	)			(1,349,478	)

Total assets			4,400,010				1,155,602				3,328,841				8,884,453
Capital expenditures for long-lived assets		$	701			$	-			$	4,912			$	5,613

		For the year ended December 31, 2018
		Hong Kong				Malaysia				China				Total

Revenues		$	3,271,745			$	661,008			$	280,607			$	4,213,360
Cost of revenues			(1,804,592	)			(255,387	)			(21,205	)			(2,081,184	)
Depreciation and amortization			100,668				1,920				131,352				233,940
Net income (loss)			(7,556,343	)			(64,770)				(704,050	)			(8,325,163	)

Total assets			5,577,046				1,111,218				3,375,690				10,063,954
Capital expenditures for long-lived assets		$	255,278			$	6,396			$	37,523			$	299,197

*Revenues and costs are attributed to countries based on the location of customers.