Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.22.1
Segment Information
12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 16 – SEGMENT INFORMATION

 

For the year ended December 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 year ended December 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 years ended December 31, 2021 and 2020 was as follows:

 

    Years Ended
December 31,
 
    2021     2020  
Revenues            
Real property operations   $ 1,203,560     $ 1,206,854  
Medical related consulting services     187,412       170,908  
Total     1,390,972       1,377,762  
Costs and expenses                
Real property operations     829,287       851,754  
Medical related consulting services     147,167       135,805  
Total     976,454       987,559  
Gross profit                
Real property operations     374,273       355,100  
Medical related consulting services     40,245       35,103  
Total     414,518       390,203  
Other operating expenses                
Real property operations     381,266       418,863  
Medical related consulting services     469,942       577,962  
Development services and sales of developed products    
-
      123,546  
Corporate/Other     8,397,140       11,723,851  
Total     9,248,348       12,844,222  
Other (expense) income                
Interest expense                
Corporate/Other     (200,477 )     (168,762 )
Total     (200,477 )     (168,762 )
Other income (expense)                
Real property operations     115       (921 )
Medical related consulting services     (61,494 )     (55,964 )
Development services and sales of developed products    
-
      228  
Corporate/Other     5,187      
-
 
Total     (56,192 )     (56,657 )
Total other expense, net     (256,669 )     (225,419 )
Net loss                
Real property operations     6,878       64,684  
Medical related consulting services     491,191       598,823  
Development services and sales of developed products    
-
      123,318  
Corporate/Other     8,592,430       11,892,613  
Total   $ 9,090,499     $ 12,679,438  

 

Identifiable long-lived tangible assets at December 31, 2021 and 2020   December 31,
2021
    December 31,
2020
 
Real property operations   $ 7,537,281     $ 7,697,473  
Medical related consulting services     742       223,459  
Development services and sales of developed products    
-
      243,869  
Corporate/Other     352,294      
-
 
Total   $ 7,890,317     $ 8,164,801  

 

Identifiable long-lived tangible assets at December 31, 2021 and 2020   December 31,
2021
    December 31,
2020
 
United States   $ 7,583,880     $ 7,764,947  
China     306,437       399,854  
Total   $ 7,890,317     $ 8,164,801