Quarterly report pursuant to Section 13 or 15(d)

Segment Information

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

NOTE 13 – SEGMENT INFORMATION

 

For the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2021 and 2020 was as follows:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2021     2020     2021     2020  
Revenues                        
Real property operations   $ 355,459     $ 324,982     $ 925,465     $ 923,205  
Medical related consulting services     131,305      
-
      131,305      
-
 
Total     486,764       324,982       1,056,770       923,205  
Costs and expenses                                
Real property operations     215,622       135,821       637,663       663,086  
Medical related consulting services     102,442      
-
      102,442      
-
 
Total     318,064       135,821       740,105       663,086  
Gross profit                                
Real property operations     139,837       189,161       287,802       260,119  
Medical related consulting services     28,863      
-
      28,863      
-
 
Total     168,700       189,161       316,665       260,119  
Other operating expenses                                
Real property operations     76,422       77,852       256,675       291,886  
Medical related consulting services     32,239       160,557       361,067       491,683  
Development services and sales of developed products    
-
      28,002      
-
      94,241  
Corporate/Other     2,025,010       3,113,308       6,269,762       8,797,886  
Total     2,133,671       3,379,719       6,887,504       9,675,696  
Other (expense) income                                
Interest expense                                
Corporate/Other     (50,248 )     (41,531 )     (141,528 )     (126,169 )
Total     (50,248 )     (41,531 )     (141,528 )     (126,169 )
Other income (expense)                                
Real property operations     3       4       111       (927 )
Medical related consulting services     (14,173 )     (20,095 )     (49,162 )     (36,673 )
Development services and sales of developed products    
-
      221      
-
      224  
Corporate/Other     5,170      
-
      5,171      
-
 
Total     (9,000 )     (19,870 )     (43,880 )     (37,376 )
Total other expense, net     (59,248 )     (61,401 )     (185,408 )     (163,545 )
Net income (loss)                                
Real property operations     63,418       111,313       31,238       (32,694 )
Medical related consulting services     (17,549 )     (180,652 )     (381,366 )     (528,356 )
Development services and sales of developed products    
-
      (27,781 )    
-
      (94,017 )
Corporate/Other     (2,070,088 )     (3,154,839 )     (6,406,119 )     (8,924,055 )
Total   $ (2,024,219 )   $ (3,251,959 )   $ (6,756,247 )   $ (9,579,122 )

  

Identifiable long-lived tangible assets at September 30, 2021 and December 31, 2020   September 30,
2021
    December 31,
2020
 
Real property operations   $ 7,580,270     $ 7,697,473  
Medical related consulting services     951       223,459  
Development services and sales of developed products    
-
      243,869  
Corporate/Other     389,584      
-
 
Total   $ 7,970,805     $ 8,164,801  

 

Identifiable long-lived tangible assets at September 30, 2021 and December 31, 2020   September 30,
2021
    December 31,
2020
 
United States   $ 7,632,088     $ 7,764,947  
China     338,717       399,854  
Total   $ 7,970,805     $ 8,164,801