XML 46 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting | Note 18 - Segment Reporting ASC 280, Disclosures about Segments of an Enterprise and Related Information establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise which engage in business activities from which they may earn revenues and incur expenses, and about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Reportable segments are defined as an operating segment that either (a) exceeds 10% of revenue, or (b) reported profit or loss in absolute amount exceeds 10% of profit of all operating segments that did not report a loss or (c) exceeds 10% of the combined assets of all operating segments. The Group has three primary operating segments (1) futures and securities brokerage services, (2) insurance brokerage services and (3) market making (CFD) trading and other business. The Group’s futures and securities brokerage segment generates commissions income by enabling customers to trade in futures and securities markets throughout the world. The Group’s insurance brokerage segment generates commissions by providing insurance brokerage services to high-net-worth individuals. The Group engages in market making (CFD trading) activities where it serves as the counterparty to its customers in derivative transactions. The Group experiences trading gains and losses from such market making (CFD trading) activities. The Group also generated income in an aggregate of approximately $211,000 from TRS trading business in 2020 including the commission income from the securities trading and interest income from the loan to customers, which was included in market making (CFD) trading and other business in 2020. The other segment houses the Group’s proprietary trading activities in investment securities, futures and derivatives, manages the deployment of capital throughout the group, and also includes executive management functions and corporate overhead.
|  | Futures and securities brokerage services |  |  | Insurance brokerage services |  |  | Market making (CFD) trading and other |  |  | Other |  |  | Total |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 2,029,669 |  |  | $ | 959,299 |  |  | $ | 7,034,447 |  |  | $ | 206,720 |  |  | $ | 10,230,135 |
Commissions and fees |  |  | 1,316,800 |  |  |  | 413,351 |  |  |  | 115,843 |  |  |  | — |  |  |  | 1,845,994 |
Compensation and benefits |  |  | 1,110,192 |  |  |  | 256,529 |  |  |  | — |  |  |  | 2,436,072 |  |  |  | 3,802,793 |
Occupancy |  |  | — |  |  |  | 277,414 |  |  |  | 6,600 |  |  |  | 399,146 |  |  |  | 683,160 |
Communication and technology |  |  | 455,323 |  |  |  | 5,160 |  |  |  | 643,630 |  |  |  | 349,937 |  |  |  | 1,454,050 |
General and administrative |  |  | 55,028 |  |  |  | 48,210 |  |  |  | 243,172 |  |  |  | 1,917,908 |  |  |  | 2,264,318 |
Professional fees |  |  | 26,690 |  |  |  | 16,813 |  |  |  | 278,719 |  |  |  | 1,243,612 |  |  |  | 1,565,834 |
Service fees |  |  | — |  |  |  | — |  |  |  | 314,342 |  |  |  | 519,522 |  |  |  | 833,864 |
Interest |  |  | — |  |  |  | — |  |  |  | 52,240 |  |  |  | 130,917 |  |  |  | 183,157 |
Depreciation |  |  | 13,000 |  |  |  | 4,128 |  |  |  | — |  |  |  | 23,428 |  |  |  | 40,556 |
Marketing |  |  | 222 |  |  |  | 222 |  |  |  | 166,013 |  |  |  | 484,867 |  |  |  | 651,324 |
Payment service charge |  |  | — |  |  |  | — |  |  |  | 245,030 |  |  |  | — |  |  |  | 245,030 |
Other operating expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,464 |  |  |  | 11,464 |
|  |  | 2,977,255 |  |  |  | 1,021,827 |  |  |  | 2,065,589 |  |  |  | 7,516,873 |  |  |  | 13,581,544 |
Income (loss) from operations |  | $ | (947,586 | ) |  | $ | (62,528 | ) |  | $ | 4,968,858 |  |  | $ | (7,310,153 | ) |  | $ | (3,351,409 | )
Total segment assets |  | $ | 4,624,325 |  |  | $ | 213,495 |  |  | $ | 14,636,139 |  |  | $ | 3,432,110 |  |  | $ | 22,906,069 |
|  | Futures and securities brokerage services |  |  | Insurance brokerage services |  |  | Market making (CFD) trading and other |  |  | Other |  |  | Total |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 2,215,867 |  |  | $ | 2,648,141 |  |  | $ | 12,843,574 |  |  | $ | 819,268 |  |  | $ | 18,526,850 |
Commissions and fees |  |  | 1,526,852 |  |  |  | 1,506,223 |  |  |  | 322,130 |  |  |  | — |  |  |  | 3,355,205 |
Compensation and benefits |  |  | 1,154,378 |  |  |  | 334,964 |  |  |  | — |  |  |  | 941,294 |  |  |  | 2,430,636 |
Occupancy |  |  | 202,467 |  |  |  | 198,637 |  |  |  | 1,200 |  |  |  | 189,632 |  |  |  | 591,936 |
Depreciation |  |  | 26,845 |  |  |  | 4,087 |  |  |  | — |  |  |  | 21,920 |  |  |  | 52,852 |
Interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 731,812 |  |  |  | 731,812 |
Communication and technology |  |  | 469,818 |  |  |  | 7,269 |  |  |  | 343,556 |  |  |  | 2,790 |  |  |  | 823,433 |
General and administrative |  |  | 72,403 |  |  |  | 69,765 |  |  |  | 140,598 |  |  |  | 409,882 |  |  |  | 692,648 |
Professional fees |  |  | 7,369 |  |  |  | 702 |  |  |  | 118,929 |  |  |  | 634,238 |  |  |  | 761,238 |
Marketing |  |  | 2,608 |  |  |  | — |  |  |  | 51,714 |  |  |  | 1,056 |  |  |  | 55,378 |
Service fees |  |  | — |  |  |  | — |  |  |  | 119,711 |  |  |  | 265,129 |  |  |  | 384,840 |
Payment service charge |  |  | — |  |  |  | — |  |  |  | 355,585 |  |  |  | — |  |  |  | 355,585 |
Other operating expenses |  |  | 5,739 |  |  |  | — |  |  |  | — |  |  |  | 4,724 |  |  |  | 10,463 |
|  |  | 3,468,479 |  |  |  | 2,121,647 |  |  |  | 1,453,423 |  |  |  | 3,202,477 |  |  |  | 10,246,026 |
Income (loss) from operations |  | $ | (1,252,612 | ) |  | $ | 526,494 |  |  | $ | 11,390,151 |  |  | $ | (2,383,209 | ) |  | $ | 8,280,824 |
Total segment assets |  | $ | 4,823,056 |  |  | $ | 352,377 |  |  | $ | 5,307,525 |  |  | $ | 2,935,390 |  |  | $ | 13,418,348 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 2,066,354 |  |  | $ | 5,378,679 |  |  | $ | — |  |  | $ | (876,770 | ) |  | $ | 6,568,263 |
Commissions and fees |  |  | 1,293,577 |  |  |  | 4,157,668 |  |  |  | — |  |  |  | 20,357 |  |  |  | 5,471,602 |
Compensation and benefits |  |  | 882,887 |  |  |  | 363,523 |  |  |  | — |  |  |  | 392,878 |  |  |  | 1,639,288 |
Occupancy |  |  | 420,732 |  |  |  | 1,021 |  |  |  | — |  |  |  | 126,578 |  |  |  | 548,331 |
Depreciation |  |  | 26,487 |  |  |  | 4,086 |  |  |  | — |  |  |  | 2,170 |  |  |  | 32,743 |
Interest |  |  | - |  |  |  | - |  |  |  | — |  |  |  | 118 |  |  |  | 118 |
Communication and technology |  |  | 505,152 |  |  |  | 4,596 |  |  |  | — |  |  |  | 78,605 |  |  |  | 588,353 |
General and administrative |  |  | 85,208 |  |  |  | 93,880 |  |  |  | — |  |  |  | 360,685 |  |  |  | 539,773 |
Professional fees |  |  | 21,081 |  |  |  | 28,710 |  |  |  | — |  |  |  | 178,207 |  |  |  | 227,998 |
Marketing |  |  | 8,736 |  |  |  | 185,019 |  |  |  | — |  |  |  | 2,178 |  |  |  | 195,933 |
Service fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 53,592 |  |  |  | 53,592 |
Other operating expenses |  |  | 3,063 |  |  |  | 1,359 |  |  |  | — |  |  |  | 10,984 |  |  |  | 15,406 |
|  |  | 3,246,923 |  |  |  | 4,839,862 |  |  |  | — |  |  |  | 1,226,352 |  |  |  | 9,313,137 |
Income (loss) from operations |  | $ | (1,180,569 | ) |  | $ | 538,817 |  |  | $ | — |  |  | $ | (2,103,122 | ) |  | $ | (2,744,874 | )
Total segment assets |  | $ | 12,243,072 |  |  | $ | 370,114 |  |  | $ | — |  |  | $ | 3,059,575 |  |  | $ | 15,672,761 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration