Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.20.2
Segment Information
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION


For the three and nine months ended September 30, 2020 and 2019, the Company operated in three reportable business segments - (1) the real property operating segment, (2) the medical related consulting services segment, and (3) the performing development services for hospitals and other customers and sales of developed products to hospitals and other customers segment. The Company’s reportable segments are strategic business units that offer different services and products. They are managed separately based on the fundamental differences in their operations. Information with respect to these reportable business segments for the three and nine months ended September 30, 2020 and 2019 was as follows:


    Three Months Ended
September 30,
    Nine Months Ended
September 30,
    2020     2019     2020     2019  
Revenues                        
Real property operations   $ 324,982     $ 264,141     $ 923,205     $ 795,656  
Medical related consulting services - related party     -       108,520       -       234,214  
Development services and sales of developed products     -       10,555       -       37,237  
Total     324,982       383,216       923,205       1,067,107  
Costs and expenses                                
Real property operations     135,821       193,738       663,086       617,173  
Medical related consulting services - related party     -       94,442       -       202,908  
Development services and sales of developed products     -       41,808       -       103,899  
Total     135,821       329,988       663,086       923,980  
Gross profit (loss)                                
Real property operations     189,161       70,403       260,119       178,483  
Medical related consulting services - related party     -       14,078       -       31,306  
Development services and sales of developed products     -       (31,253 )     -       (66,662 )
Total     189,161       53,228       260,119       143,127  
Other operating expenses                                
Real property operations     77,852       75,750       291,886       253,347  
Medical related consulting services - related party     160,557       206,085       491,683       446,156  
Development services and sales of developed products     28,002       1,132,015       94,241       1,574,973  
Corporate/Other     3,113,308       4,115,725       8,797,886       12,154,063  
Total     3,379,719       5,529,575       9,675,696       14,428,539  
Other income (expense)                                
Interest expense                                
Real property operations     -       -       -       (32,877 )
Corporate/Other     (41,531 )     (11,198 )     (126,169 )     (27,423 )
Total     (41,531 )     (11,198 )     (126,169 )     (60,300 )
Other income (expense)                                
Real property operations     4       2,157       (927 )     2,172  
Medical related consulting services - related party     (20,095 )     (8,825 )     (36,673 )     (30,679 )
Development services and sales of developed products     221       18       224       197  
Corporate/Other     -       1,160,137       -       1,096,212  
Total     (19,870 )     1,153,487       (37,376 )     1,067,902  
Total other income (expense)     (61,401 )     1,142,289       (163,545 )     1,007,602  
Net income (loss)                                
Real property operations     111,313       (3,190 )     (32,694 )     (105,569 )
Medical related consulting services - related party     (180,652 )     (200,832 )     (528,356 )     (445,529 )
Development services and sales of developed products     (27,781 )     (1,163,250 )     (94,017 )     (1,641,438 )
Corporate/Other     (3,154,839 )     (2,966,786 )     (8,924,055 )     (11,085,274 )
Total   $ (3,251,959 )   $ (4,334,058 )   $ (9,579,122 )   $ (13,277,810 )

Identifiable long-lived tangible assets at September 30, 2020 and December 31, 2019   September 30,
2020
    December 31,
2019
 
Real property operating   $ 7,662,047     $ 7,750,743  
Medical related consulting services     228,606       263,621  
Development services and sales of developed products     259,301       322,741  
Total   $ 8,149,954     $ 8,337,105  

Identifiable long-lived tangible assets at September 30, 2020 and December 31, 2019   September 30,
2020
    December 31,
2019
 
United States   $ 7,734,740     $ 7,839,093  
China     415,214       498,012  
Total   $ 8,149,954     $ 8,337,105