v3.23.1
Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENTS

NOTE 15 - SEGMENTS

 

The Company applies ASC 280, Segment Reporting, in determining its reportable segments. The Company has two reportable segments during 2021: Cryptocurrency Mining and Fintech Services. The guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing such segments’ performance. The Company’s CODM is comprised of several members of its executive management team who use revenue and expenses of our two reporting segments to assess the performance of the business of our reportable operating segments.

 

The following tables details revenue, operating expenses, and assets for the Company’s reportable segments for the year ended December 31, 2022 and 2021.

 

   For the Year ended
December 31,
2022		   For the Year ended
December 31,
2021		 
Reportable segment revenue:        
Revenue, net - cryptocurrency mining  $726,179   $304,004 
Fintech services revenue   29,642,800    16,406,755 
Total segment and consolidated revenue  $30,368,979   $16,710,759 
           
Operating Expenses          
Cryptocurrency mining   (3,193,683)   (187,498)
Fintech services   (26,857,523)   (15,183,613)
Segment profit   317,773    1,339,648 
General and administrative expenses   (8,715,769)   (6,104,387)
           
Loss from operations  $(8,397,996)  $(4,764,739)

 

   December 31,
2022		   December 31,
2021		 
Total Assets:        
Cryptocurrency mining  $9,376,078   $9,749,652 
Fintech services   29,237,103    33,779,839 
   $38,613,181   $43,529,491