SEGMENT REPORTING

9 Months Ended

Sep. 30, 2022

NOTE 18 – SEGMENT REPORTING

The Company organizes and manages its business as three operating segments by operating geographic areas. The business of WFOE, CU Hong Kong and the CAE in PRC was managed and reviewed as PRC segment. The business of AHFL and its subsidiaries in Taiwan was managed and reviewed as Taiwan segment. The business of PFAL was managed and reviewed as Hong Kong segment. PRC and Taiwan segments retain majority of reported consolidated amounts.

The geographical distributions of the Company’s financial information for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,
	(unaudited)		(unaudited)
	2022		2021
Geographical Areas
Revenue
Taiwan	$	33,034,547	$	30,880,030
PRC		682,836		1,337,946
Hong Kong		257		342
Elimination adjustment		(1,069,371)		(588,818)
Total revenue	$	32,648,269	$	31,629,500

Income (loss) from operations
Taiwan	$	5,933,232	$	6,940,476
PRC		2,790,137		(87,442)
Hong Kong		(36,574)		(42,142)
Elimination adjustment		(14,475)		164,107
Total income from operations	$	8,672,320	$	6,974,999

Non-operating income (expense)
Taiwan	$	1,096,676	$	145,556
PRC		434,540		(7,097)
Hong Kong		1,732		2
Elimination adjustment		(154,852)		153,233
Total non-operating income	$	1,378,096	$	291,694

Net income (loss)
Taiwan	$	6,077,020	$	5,168,197
PRC		3,311,106		(87,708)
Hong Kong		(34,843)		(38,663)
Elimination adjustment		(169,328)		316,789
Total net income	$	9,183,955	$	5,358,615


	Nine Months Ended September 30,
	(unaudited)		(unaudited)
	2022		2021
Geographical Areas
Revenue
Taiwan	$	95,103,196	$	92,002,783
PRC		3,115,764		4,554,515
Hong Kong		83,208		139,763
Elimination adjustment		(3,017,668)		(1,563,764)
Total revenue	$	95,284,500	$	95,133,297

Income (loss) from operations
Taiwan	$	15,012,498	$	14,800,973
PRC		1,684,570		(385,850)
Hong Kong		(36,520)		8,031
Elimination adjustment		447,370		589,836
Total income from operations	$	17,107,918	$	15,012,990

Non-operating income (expense)
Taiwan	$	2,912,665	$	1,098,589
PRC		901,271		(58,363)
Hong Kong		6,442		(114)
Elimination adjustment		(520,706)		(211,996)
Total non-operating income	$	3,299,672	$	828,116

Net income (loss)
Taiwan	$	14,598,295	$	11,590,188
PRC		2,346,980		(442,118)
Hong Kong		(30,079)		7,264
Elimination adjustment		(73,336)		377,290
Total net income	$	16,841,860	$	11,532,624

The geographical distribution of the Company’s financial information as of September 30, 2022 and December 31, 2021 were as follows:



	September 30, 2022
	(unaudited)		December 31, 2021
Geographical Areas
Reportable assets
Taiwan	$	186,567,745	$	195,981,770
PRC		12,643,322		12,326,308
Hong Kong		699,080		756,692
Elimination adjustment		(75,440,471)		(81,283,249)
Total reportable assets	$	124,469,676	$	127,781,521

Long-lived assets
Taiwan	$	7,789,836	$	6,784,644
PRC		1,229,448		1,727,911
Hong Kong		2,422		1,287
Elimination adjustment		(2,906)		(2,905)
Total long-lived assets	$	9,018,800	$	8,510,937

Capital investments (CAPEX cash flows)
Taiwan	$	468,569	$	595,591
PRC		33,110		79,203
Hong Kong		1,634		154
Total capital investments	$	503,313	$	674,948

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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+ Details

China United Insurance Service, Inc. 10-Q