| NOTE 20 - SEGMENT INFORMATION |
NOTE 20 – SEGMENT INFORMATION
The Company’s segments are business units that offer different products and services and are reviewed separately by the chief operating decision maker (the “CODM”), or the decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Company’s Chief Executive Officer, who reviews the Company’s operating results on an aggregate basis and manages the Company’s operations. The CODM assesses performance for the segment and evaluates the Company’s budget with the actual results in order to decide how to allocate resources in developing business plan. There were three segments for the three months ended March 31, 2025 and 2024, consisting of the provision of food & beverage and delivery, located in Hong Kong and Macau, IT supporting services, solely located in China, and graphite trading, solely located in the USA.
Factors used in determining the reportable segment include the nature of the operating activities, locations, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
Three months ended March 31, 2025
| Food & Beverage
and Delivery
|
| IT Supporting
Services
|
| Graphite trading
|
| Corporate
unallocated
(note)
|
| Consolidated
|
Revenue – third parties
| $11,967,376
|
| $11,481
|
| $7,325,866
|
| $-
|
| $19,304,723
|
Cost of revenue
| (6,468,816)
|
| (60,878)
|
| (6,351,643)
|
| -
|
| (12,881,337)
|
Gross profit / (loss)
| 5,498,560
|
| (49,397)
|
| 974,223
|
| -
|
| 6,423,386
|
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
|
|
|
|
|
|
|
|
Employee compensation
| 1,791,892
|
| 305,450
|
| 20,755
|
| -
|
| 2,118,097
|
Depreciation and amortization
| 14,139
|
| 47,166
|
| -
|
| 184
|
| 61,489
|
Other selling, general and administrative expenses
| 2,129,085
|
| 897,105
|
| 925,929
|
| 141,014
|
| 4,093,133
|
Total operating expenses
| 3,935,116
|
| 1,249,721
|
| 946,684
|
| 141,198
|
| 6,272,719
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss) from operation
| 1,563,444
|
| (1,299,118)
|
| 27,539
|
| (141,198)
|
| 150,667
|
|
|
|
|
|
|
|
|
|
|
Interest income
| 4
|
| 3
|
| -
|
| 15,189
|
| 15,196
|
Interest expense
| (10,377)
|
| (11,822)
|
| -
|
| (129)
|
| (22,328)
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) / income, net
| (10,373)
|
| (11,819)
|
| -
|
| 15,060
|
| (7,132)
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss) before provision for income taxes
| $1,553,071
|
| $(1,310,937)
|
| $27,539
|
| $(126,138)
|
| $143,535
|
Three months ended March 31, 2024
| Food & Beverage
and Delivery
|
| IT Supporting
Services
|
| Graphite trading
|
| Corporate
unallocated
(note)
|
| Consolidated
|
Revenue – third parties
| $ 9,619,439
|
| $ 97,813
|
| $ 687,681
|
| $ -
|
| $ 10,404,933
|
Cost of revenue
| (5,280,065)
|
| (82,697)
|
| (545,360)
|
| -
|
| (5,908,122)
|
Gross profit
| 4,339,374
|
| 15,116
|
| 142,321
|
| -
|
| 4,496,811
|
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
|
|
|
|
|
|
|
|
Employee compensation
| 854,665
|
| 285,945
|
| -
|
| -
|
| 1,140,610
|
Depreciation and amortization
| 13,312
|
| 33,803
|
| -
|
| 184
|
| 47,299
|
Other selling, general and administrative expenses
| 2,211,390
|
| 1,064,264
|
| 13,647
|
| 7,358
|
| 3,296,659
|
Total operating expenses
| 3,079,367
|
| 1,384,012
|
| 13,647
|
| 7,542
|
| 4,484,568
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss) from operation
| 1,260,007
|
| (1,368,896)
|
| 128,674
|
| (7,542)
|
| 12,243
|
|
|
|
|
|
|
|
|
|
|
Interest income
| 5,729
|
| 19
|
| -
|
| -
|
| 5,748
|
Interest expense
| (20,127)
|
| (10,298)
|
| -
|
| (128)
|
| (30,553)
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) / income, net
| (14,398)
|
| (10,279)
|
| -
|
| (128)
|
| (24,805)
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss) before provision for income taxes
| $ 1,245,609
|
| $ (1,379,175)
|
| $ 128,674
|
| $ (7,670)
|
| $ (12,562)
|
Note: The Company does not allocate its expenses incurred to its reportable segments because these activities are managed at a corporate level.
|