SEGMENTED INFORMATION

6 Months Ended

Jun. 30, 2022

NOTE 11 - SEGMENTED INFORMATION

At June 30, 2022, the Company operates in one industry segment, oil and gas, and two geographic segments with China being where majority current assets and equipment are located.

At June 30, 2022 and December 31, 2021, segment assets and liabilities were as follows:

June 30, 2022	Holding Company			Oil and gas		Total Consolidated
Assets
Current assets	$	84,336		$	15,519,045	$	15,603,381
Non-current assets		1,979,787			-		1,979,787
Liabilities
Current liabilities		28,947,222			8,864,591		37,811,813
Long term liabilities		250,311			-		250,311
Net assets	$	(27,133,410	)	$	6,654,454	$	(20,478,956	)

December 31, 2021	Holding Company			Oil and gas		Total Consolidated
Assets
Current assets	$	201,429		$	17,103,738	$	17,305,167
Non-current assets		1,979,787			-		1,979,787
Liabilities
Current liabilities		3,720,085			10,241,510		13,961,595
Long term liabilities		217,069			-		217,069
Net assets	$	(1,755,938	)	$	6,862,228	$	5,106,290

For the six months ended June 30, 2022 and 2021, segment revenue and net income (loss) were as follows:

Six Months Ended June 30, 2022	Holding Company			Oil and gas			Total Consolidated
Revenue	$	-		$	11,139,914		$	11,139,914
Cost of goods sold		-			(10,914,568	)		(10,914,568	)
Operating expenses		(358,622	)		(21,973	)		(380,595	)
Other expenses		(27,365,205	)		-			(27,365,205	)
Provision for income taxes		-			(54,530	)		(54,530	)
Net income (loss)	$	(27,723,827	)	$	148,843		$	(27,574,984	)

Six Months Ended June 30, 2021	Holding Company			Oil and gas			Total Consolidated
Revenue	$	-		$	8,464,995		$	8,464,995
Cost of goods sold		-			(8,420,562	)		(8,420,562	)
Operating expenses		(326,025	)		(20,747	)		(346,772	)
Other income (expenses)		2,661,928			(12,801	)		2,649,127
Provision for income taxes		-			-			-
Net income	$	2,335,903		$	10,885		$	2,346,788

For the three months ended June 30, 2022 and 2021, segment revenue and net income (loss) were as follows:

Three Months Ended June 30, 2022	Holding Company			Oil and gas			Total Consolidated
Revenue	$	-		$	3,379,992		$	3,379,992
Cost of goods sold		-			(3,231,644	)		(3,231,644	)
Operating expenses		(137,972	)		(12,195	)		(150,167	)
Other expenses		(28,426,923	)		-			(28,426,923	)
Provision for income taxes		-			(37,725	)		(37,725	)
Net income (loss)	$	(28,564,895	)	$	98,428		$	(28,466,467	)

Three Months Ended June 30, 2021	Holding Company			Oil and gas			Total Consolidated
Revenue	$	-		$	4,192,154		$	4,192,154
Cost of goods sold		-			(4,165,831	)		(4,165,831	)
Operating expenses		(200,024	)		(10,613	)		(210,637	)
Other income (expenses)		11,226,889			(10,981	)		11,215,908
Provision for income taxes		-			-			-
Net income	$	11,026,865		$	4,729		$	11,031,594

- 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
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Phoenix Rising Companies 10-Q