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Segment Information
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

NOTE 9 - 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 six months ended June 30, 2020 (Unaudited)  
    Real estate
business		     Service
business		     Corporate     Total  
                         
Revenues   $ 55,508     $ 1,162,173     $ -     $ 1,217,681  
Cost of revenues     26,241       200,444       -       226,685  
Depreciation and amortization     75,148       48,515       5,095       128,758  
Net income (loss)     10,497       (508,569 )     (307,658 )     (805,730 )
                                 
Total assets     2,466,329       4,936,420       4,123,285       11,526,034  
Capital expenditures for long-lived assets   $ -     $ 2,042     $ 4,000,000     $ 4,002,042  

 

    For the six months ended June 30, 2019 (Unaudited)  
    Real estate
business		     Service
business		     Corporate     Total  
                         
Revenues   $ 51,920     $ 2,111,842     $ -     $ 2,163,762  
Cost of revenues     (23,752 )     (692,690 )     (85,500 )     (801,942 )
Depreciation and amortization     16,248       99,211       8,347       123,806  
Net loss     (36,865 )     (349,987 )     (240,265 )     (627,117 )
                                 
Total assets     2,586,843       6,433,183       265,058       9,285,084  
Capital expenditures for long-lived assets   $ -     $ 1,073     $ -     $ 1,073  

 

(b) By Geography*

 

    For the six months ended June 30, 2020 (Unaudited)  
    Hong Kong     Malaysia     China     Total  
                         
Revenues   $ 911,473     $ 231,254     $ 74,954     $ 1,217,681  
Cost of revenues     131,956       93,736       993       226,685  
Depreciation and amortization     52,665       17,079       59,014       128,758  
Net loss     (474,989 )     (75,760 )     (254,981 )     (805,730 )
                                 
Total assets     7,679,172       910,594       2,936,268       11,526,034  
Capital expenditures for long-lived assets   $ 4,000,000     $ 2,042     $ -     $ 4,002,042  

 

    For the six months ended June 30, 2019 (Unaudited)  
    Hong Kong     Malaysia     China     Total  
                         
Revenues   $ 1,840,903     $ 243,999     $ 78,860     $ 2,163,762  
Cost of revenues     (706,885 )     (95,057 )     -       (801,942 )
Depreciation and amortization     45,163       17,517       61,126       123,806  
Net income (loss)     (254,671 )     5,886       (378,332 )     (627,117 )
                                 
Total assets     4,696,976       1,162,242       3,425,866       9,285,084  
Capital expenditures for long-lived assets   $ -     $ -     $ 1,073     $ 1,073  

 

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