Note 7 - Segment Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 7. SEGMENT INFORMATION

Prior to the Closing Date, the Company operated through a single reportable segment, CrossingBridge operations. Beginning on August 12, 2022 and continuing through the year ended December 31, 2022, the Post-Merger period, the Company operated through four reportable segments: CrossingBridge operations, Willow Oak operations, internet operations, and other operations.

The CrossingBridge operations segment includes revenue and expenses derived from investment management and advisory and sub-advisory services.

Beginning on August 12, 2022, the Willow Oak operations segment includes revenues and expenses derived from various joint ventures, service offerings, and initiatives undertaken in the asset management industry.

Beginning on August 12, 2022, the internet operations segment includes revenue and expenses related to our sale of internet access, e-mail and hosting, storage, and other ancillary services. Our internet segment includes revenue generated by operations in both the United States and Canada. Included in accompanying consolidated statements of operations for the year ended December 31, 2022, the internet operations segment generated revenue of $291,472 in the United States and revenue of $14,208 in Canada, respectively. All assets reported under the internet operations segment for the year ended December 31, 2022 are located within the United States.

Beginning on August 12, 2022, the other operations segment includes revenue and expenses from nonrecurring or one-time strategic funding or similar activity and any revenue or expenses derived from corporate office operations, as well as expenses related to public company reporting, the oversight of subsidiaries, and other items that affect the overall Company.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables for the years ended December 31, 2022, and 2021.

Year Ended December 31, 2022	CrossingBridge		Willow Oak			Internet			Other			Consolidated
Revenues	$	7,271,332	$	61,499		$	305,680		$	-		$	7,638,511
Cost of revenue		-		-			103,843			-			103,843
Operating expenses		3,998,003		172,865			105,115			2,153,767			6,429,750
Other income (expense)		15,611		(692	)		(398	)		1,263,146			1,277,667
Net income (loss)		3,288,940		(112,058	)		96,324			(890,621	)		2,382,585
Goodwill		737,869		-			-			-			737,869
Identifiable assets	$	955,625	$	726,279		$	905,395		$	18,146,327		$	20,733,626

Year Ended December 31, 2021	CrossingBridge		Willow Oak		Internet		Other		Consolidated
Revenues	$	4,287,085	$	-	$	-	$	-	$	4,287,085
Cost of revenue		-		-		-		-		-
Operating expenses		2,792,222		-		-		-		2,792,222
Other income		15,223		-		-		-		15,223
Net income		1,510,086		-		-		-		1,510,086
Goodwill		-		-		-		-		-
Identifiable assets	$	4,053,827	$	-	$	-	$	-	$	4,053,827