Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.1
Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION


For the three months ended March 31, 2020, 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.


Due to the winding down of the development services and sales of developed products segment in 2020, the Company no longer has any material revenues or expenses in this segment. As a result, commencing from the first quarter of 2021, the Company’s chief operating decision maker no longer reviews development services and sales of developed products operating results.


For the three months ended March 31, 2021, the Company operated in two reportable business segments - (1) the real property operating segment, and (2) the medical related consulting services 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 months ended March 31, 2021 and 2020 was as follows:


    Three  Months Ended
March 31,
 
    2021     2020  
Revenues            
Real property operations   $ 289,774     $ 296,956  
Costs and expenses                
Real property operations     216,894       254,501  
Gross profit                
Real property operations     72,880       42,455  
Other operating expenses                
Real property operations     101,423       110,816  
Medical related consulting services     161,553       155,235  
Development services and sales of developed products     -       35,999  
Corporate/Other     2,113,492       2,962,597  
  Total     2,376,468       3,264,647  
Other income (expense)                
Interest expense                
  Corporate/Other     (45,149 )     (42,169 )
    Total     (45,149 )     (42,169 )
Other income (expense)                
  Real property operations     104       (935 )
  Medical related consulting services     (18,486 )     (5,487 )
  Development services and sales of developed products     -       2  
  Corporate/Other     1       -  
    Total     (18,381 )     (6,420 )
Total other expense, net     (63,530 )     (48,589 )
Net loss                
Real property operations     28,439       69,296  
Medical related consulting services     180,039       160,722  
Development services and sales of developed products     -       35,997  
Corporate/Other     2,158,640       3,004,766  
Total   $ 2,367,118     $ 3,270,781  

Identifiable long-lived tangible assets at March 31, 2021 and December 31,
2020
  March 31,
2021
    December 31,
2020
 
Real property operations   $ 7,655,918     $ 7,697,473  
Medical related consulting services     208,561       223,459  
Development services and sales of developed products     -       243,869  
Corporate/Other     220,433       -  
Total   $ 8,084,912     $ 8,164,801  

Identifiable long-lived tangible assets at March 31, 2021 and December 31,
2020
  March 31,
2021
    December 31,
2020
 
United States   $ 7,718,174     $ 7,764,947  
China     366,738       399,854  
Total   $ 8,084,912     $ 8,164,801