| SEGMENT REPORTING |
Note 21 SEGMENT
REPORTING
Effective as of January 1, 2024, the Company adopted
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The Company’s Chief Operating Decision
Maker (“CODM”) is its Executive Director, Song-Yuan Teng, who is responsible for reviewing the results of operations and allocating
resources across the Company’s reportable segments, including Fish Trading and Catering Services. These operating segments reflect
the manner in which the CODM allocates resources and evaluates performance.
These segments align with how management evaluates
performance and allocates resources. Segment performance is evaluated based on segment revenue and operating profit, which includes direct
costs and segment-specific general and administrative expenses and tax, but excludes corporate overhead and interest.
The summary of key information by segments for
the three months ended June 30, 2025 and 2024 was as follows:
For three months ended June 30, 2025
| Schedule of segment information | |
| | | |
| | | |
| | | |
| | |
| | |
Sales of Fish Trading | | |
Sales of Catering | | |
E-Commerce | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 3,929,870 | | |
$ | 2,418 | | |
$ | 39,428 | | |
$ | 3,971,716 | |
| Cost of revenue | |
$ | 3,921,975 | | |
$ | 1,904 | | |
$ | 15,383 | | |
$ | 3,939,262 | |
| Gross profit | |
$ | 7,895 | | |
$ | 514 | | |
$ | 24,045 | | |
$ | 32,454 | |
| General and administrative expenses | |
$ | (370,349 | ) | |
$ | 86,683 | | |
$ | 47,344 | | |
$ | (236,322 | ) |
| Segment operating losses | |
$ | (362,454 | ) | |
$ | 87,197 | | |
$ | 71,389 | | |
$ | (203,868 | ) |
| Income tax expenses | |
$ | (140,561 | ) | |
$ | – | | |
$ | – | | |
$ | (140,561 | ) |
| Segment losses | |
$ | (503,015 | ) | |
$ | 87,197 | | |
$ | 71,389 | | |
$ | (344,429 | ) |
For three months ended June 30, 2024
| | |
Sales of Fish Trading | | |
Sales of Catering | | |
E-Commerce | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 6,640,220 | | |
$ | 1,122 | | |
$ | 111,770 | | |
$ | 6,753,112 | |
| Cost of revenue | |
$ | 6,626,898 | | |
$ | 21,179 | | |
$ | 59,248 | | |
$ | 6,707,325 | |
| Gross profit | |
$ | 13,322 | | |
$ | (20,057 | ) | |
$ | 52,522 | | |
$ | 45,787 | |
| General and administrative expenses | |
$ | (128,410 | ) | |
$ | (65,113 | ) | |
$ | (160,919 | ) | |
$ | (354,442 | ) |
| Segment operating losses | |
$ | (115,088 | ) | |
$ | (85,170 | ) | |
$ | (108,397 | ) | |
$ | (308,655 | ) |
| Income tax benefit | |
$ | 1,766 | | |
$ | – | | |
$ | – | | |
$ | 1,766 | |
| Segment losses | |
$ | (113,322 | ) | |
$ | (85,170 | ) | |
$ | (108,397 | ) | |
$ | (306,889 | ) |
For six months ended June 30, 2025
| | |
Sales of Fish Trading | | |
Sales of Catering | | |
E-Commerce | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 8,404,076 | | |
$ | 4,507 | | |
$ | 97,261 | | |
$ | 8,505,844 | |
| Cost of revenue | |
$ | 8,387,184 | | |
$ | 3,471 | | |
$ | 31,785 | | |
$ | 8,422,440 | |
| Gross profit | |
$ | 16,892 | | |
$ | 1,036 | | |
$ | 65,476 | | |
$ | 83,404 | |
| General and administrative expenses | |
$ | (430,672 | ) | |
$ | (108,724 | ) | |
$ | (31,297 | ) | |
$ | (570,693 | ) |
| Segment operating losses | |
$ | (413,780 | ) | |
$ | (107,688 | ) | |
$ | 34,179 | | |
$ | (487,289 | ) |
| Income tax expenses | |
$ | (140,561 | ) | |
$ | – | | |
$ | – | | |
$ | (140,561 | ) |
| Segment losses | |
$ | (554,341 | ) | |
$ | (107,688 | ) | |
$ | 34,179 | | |
$ | (627,850 | ) |
For six months ended June 30, 2024
| | |
Sales of Fish Trading | | |
Sales of Catering | | |
E-Commerce | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 11,404,737 | | |
$ | 87,495 | | |
$ | 160,760 | | |
$ | 11,652,992 | |
| Cost of revenue | |
$ | 11,381,512 | | |
$ | 65,168 | | |
$ | 76,564 | | |
$ | 11,523,244 | |
| Gross profit | |
$ | 23,225 | | |
$ | 22,327 | | |
$ | 84,196 | | |
$ | 129,748 | |
| General and administrative expenses | |
$ | (419,600 | ) | |
$ | (153,984 | ) | |
$ | (232,322 | ) | |
$ | (805,906 | ) |
| Segment operating losses | |
$ | (396,375 | ) | |
$ | (131,657 | ) | |
$ | (148,126 | ) | |
$ | (676,158 | ) |
| Income tax expenses | |
$ | (122,380 | ) | |
$ | – | | |
$ | – | | |
$ | (122,380 | ) |
| Segment losses | |
$ | (518,755 | ) | |
$ | (131,657 | ) | |
$ | (148,126 | ) | |
$ | (798,538 | ) |
The following tables set forth a summary of single
customers who represent 10% or more of the Company’s segments revenue, net:
| |
|
Fish Trading |
|
| |
|
June 30, 2025 |
|
|
June 30, 2024 |
|
| |
|
|
|
|
|
|
| Percentage of fish trading revenue |
|
|
|
|
|
|
|
|
| Customer A |
|
|
16.12% |
|
|
|
20.33% |
|
| Customer B |
|
|
23.46% |
|
|
|
14.05% |
|
| Customer C |
|
|
– |
|
|
|
10.85% |
|
| Customer D |
|
|
– |
|
|
|
17.68% |
|
| Customer E |
|
|
19.24% |
|
|
|
12.15% |
|
| Customer F |
|
|
18.65% |
|
|
|
13.96% |
|
| Customer G |
|
|
13.23% |
|
|
|
– |
|
| |
|
|
90.7% |
|
|
|
89.02% |
|
| |
|
Catering |
|
| |
|
June 30, 2025 |
|
|
June 30, 2024 |
|
| |
|
|
|
|
|
|
| Percentage of catering revenue |
|
|
|
|
|
|
|
|
| Customer H |
|
|
82.85% |
|
|
|
– |
|
| Customer I |
|
|
10.68% |
|
|
|
– |
|
| |
|
|
93.53% |
|
|
|
– |
|
|