| SEGMENT REPORTING |
NOTE 15 — SEGMENT REPORTING The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”), who reviews financial information of operating segments based on U.S. GAAP amounts when making decisions about allocating resources and assessing performance of the Company. The Company determined that it operated in one operating segment of logistics and labor services. The Company primarily operates in the U.S. and substantially all of the Company’s long-lived assets are located in the U.S. | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | Revenues | | $ | 354,126 | | $ | 93,563 | | $ | 833,925 | | $ | 170,397 | Less: | | | | | | | | | | | | | Cost of revenues | | | 319,226 | | | 45,598 | | | 742,769 | | | 88,098 | Staff cost | | | 302,082 | | | 335,868 | | | 616,274 | | | 532,290 | Share-based compensation expenses | | | 10,444 | | | — | | | 26,629 | | | — | Lease expense | | | 208,129 | | | 81,347 | | | 416,258 | | | 167,552 | Depreciation and amortization expenses | | | 37,954 | | | 18,536 | | | 75,907 | | | 29,422 | Interest expenses | | | 8,060 | | | 8,302 | | | 16,872 | | | 16,607 | Income tax expenses (credit) | | | 12,987 | | | (247,275) | | | 18,342 | | | (492,989) | Other segment items* | | | (32,228) | | | 401,209 | | | 187,311 | | | 845,787 | | | | | | | | | | | | | | Segment net loss | | | (512,528) | | | (550,022) | | | (1,266,437) | | | (1,016,370) | | | | | | | | | | | | | | Consolidated loss | | $ | (512,528) | | $ | (550,022) | | $ | (1,266,437) | | $ | (1,016,370) | | | | | | | | | | | | | | Consolidated total assets | | $ | 13,895,388 | | $ | 16,275,899 | | $ | 13,895,388 | | $ | 16,275,899 |
* | Other segment items include remaining general and administration expenses, and other income. |
For the discontinued operations of parallel-import vehicle segment, the segment report was: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | Revenues | | $ | — | | $ | 200,297 | | $ | — | | $ | 1,631,248 | Less: | | | | | | | | | | | | | Cost of revenues | | | — | | | 215,834 | | | — | | | 1,656,068 | Staff cost | | | — | | | 19,422 | | | — | | | 77,652 | Interest expenses | | | — | | | 27,899 | | | — | | | 82,358 | Other segment items* | | | — | | | — | | | — | | | 20,610 | | | | | | | | | | | | | | Segment net loss | | | — | | | (62,858) | | | — | | | (205,440) | | | | | | | | | | | | | | Consolidated loss | | $ | — | | $ | (62,858) | | $ | — | | $ | (205,440) | | | | | | | | | | | | | | Consolidated total assets | | $ | 13,895,388 | | $ | 16,275,899 | | $ | 13,895,388 | | $ | 16,275,899 |
* | Other segment items include remaining general and administration expenses, and other income. |
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