Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION

 

For the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2021 and 2020 was as follows:

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2021     2020     2021     2020  
Revenues                        
Real property operations   $ 280,232     $ 301,267     $ 570,006     $ 598,223  
Costs and expenses                                
Real property operations     205,147       272,764       422,041       527,265  
Gross profit                                
Real property operations     75,085       28,503       147,965       70,958  
Other operating expenses                                
Real property operations     78,830       103,218       180,253       214,034  
Medical related consulting services - related parties     167,275       175,891       328,828       331,126  
Development services and sales of developed products    
-
      30,240      
-
      66,239  
Corporate/Other     2,131,260       2,721,981       4,244,752       5,684,578  
Total     2,377,365       3,031,330       4,753,833       6,295,977  
Other income (expense)                                
Interest expense                                
Corporate/Other     (46,131 )     (42,469 )     (91,280 )     (84,638 )
Total     (46,131 )     (42,469 )     (91,280 )     (84,638 )
Other income (expense)                                
Real property operations     4       4       108       (931 )
Medical related consulting services - related parties     (16,503 )     (11,091 )     (34,989 )     (16,578 )
Development services and sales of developed products    
-
      1      
-
      3  
Corporate/Other    
-
     
-
      1      
-
 
Total     (16,499 )     (11,086 )     (34,880 )     (17,506 )
Total other expense, net     (62,630 )     (53,555 )     (126,160 )     (102,144 )
Net loss                                
Real property operations     3,741       74,711       32,180       144,007  
Medical related consulting services - related parties     183,778       186,982       363,817       347,704  
Development services and sales of developed products    
-
      30,239      
-
      66,236  
Corporate/Other     2,177,391       2,764,450       4,336,031       5,769,216  
Total   $ 2,364,910     $ 3,056,382     $ 4,732,028     $ 6,327,163  

 

Identifiable long-lived tangible assets at June 30, 2021 and December 31, 2020   June 30,
2021
    December 31,
2020
 
Real property operations   $ 7,623,260     $ 7,697,473  
Medical related consulting services     196,347       223,459  
Development services and sales of developed products    
-
      243,869  
Corporate/Other     236,172      
-
 
Total   $ 8,055,779     $ 8,164,801  

 

Identifiable long-lived tangible assets at June 30, 2021 and December 31, 2020   June 30,
2021
    December 31,
2020
 
United States   $ 7,680,296     $ 7,764,947  
China     375,483       399,854  
Total   $ 8,055,779     $ 8,164,801