v3.25.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

21. SEGMENT REPORTING

 

The Company’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of service and technology. The Company’s operating segments are based on such organizational structure and information reviewed by the CODM to evaluate the operating segment results. Based on management’s assessment, the Company has determined that it had two operating segments for the years ended December 31, 2024, 2023 and 2022: (i) MDMOOC services, and (ii) sales of patented drugs.

 

The following table presents major accounts of statements of operations by segments for the year ended December 31, 2024.

 

   MDMOOC
Services		   Sales of
patented
drugs		   Total 
Revenues  $13,712,964   $2,151,809   $15,864,773 
Cost of revenues   (5,510,088)   (1,442,472)   (6,952,560)
Selling and marketing expenses   (3,799,558)   (210,824)   (4,010,382)
General and administrative expenses   (4,815,112)   (174,672)   (4,989,784)
Research and development expenses   (252,451)   
-
    (252,451)
Loss from disposal of property and equipment   (863)   
-
    (863)
Total operating expenses  $(8,867,984)  $(385,496)  $(9,253,480)
Segment operating (loss) income  $(665,108)  $323,841   $(341,267)
                
Interest income, net   242,848    160    243,008 
Other income, net   148,089    11,926    160,015 
Segment net (loss) income  $(622,577)  $349,164   $(273,413)

The following table presents major accounts of statements of operations by segments for the year ended December 31, 2023.

 

   MDMOOC Services   Sales of patented drugs   Total 
Revenues  $10,406,734   $9,027,211   $19,433,945 
Cost of revenues   (5,162,438)   (5,759,315)   (10,921,753)
Selling and marketing expenses   (5,327,266)   (1,383,491)   (6,710,757)
General and administrative expenses   (6,470,944)   (226,365)   (6,697,309)
Research and development expenses   (514,411)   
-
    (514,411)
Loss from disposal of property and equipment   (1,719,442)   
-
    (1,719,442)
Impairment of goodwill   (5,617,865)   
-
    (5,617,865)
Impairment of intangible assets   (536,206)   
-
    (536,206)
Total operating expenses  $(20,186,134)  $(1,609,856)  $(21,795,990)
Segment operating (loss) income  $(14,941,838)  $1,658,040   $(13,283,798)
                
Interest income, net   216,528    20,526    237,054 
Other income, net   1,069,603    142    1,069,745 
Segment net (loss) income  $(12,955,659)  $1,648,420   $(11,307,239)

 

The following table presents major accounts of statements of operations by segments for the year ended December 31, 2022.

 

   MDMOOC
Services		   Sales of
patented
drugs		   Total 
Revenues  $12,935,420   $1,216,096   $14,151,516 
Cost of revenues   (7,166,871)   (627,981)   (7,794,852)
Selling and marketing expenses   (2,091,943)   (8,025)   (2,099,968)
General and administrative expenses   (6,649,906)   (149,728)   (6,799,634)
Research and development expenses   (411,524)   
-
    (411,524)
Total operating expenses  $(9,153,373)  $(157,753)  $(9,311,126)
Segment operating (loss) income  $(3,384,824)  $430,362   $(2,954,462)
                
Interest income, net   141,866    148    142,014 
Other income, net   262,131    311    262,442 
Segment net (loss) income  $(3,235,426)  $413,107   $(2,822,319)
   December 31,
2024		   December 31,
2023		 
Total assets        
MDMOOC services  $24,890,290   $22,491,770 
Sales of patented drugs   994,663    1,924,873 
   $25,884,953   $24,416,643 

 

Substantially all of the Company’s revenues are derived from China based on the geographical locations where services are provided to customers. In addition, the Company’s long-lived assets are substantially all located in and derived from China, and the amount of long-lived assets attributable to any individual other country is not material. Therefore, no geographical segments are presented.