Note 7 - Segment Information

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 7. SEGMENT INFORMATION

Prior to the Closing Date, including during the period ended March 31, 2022, the Company operated through a single reportable segment, CrossingBridge operations. Beginning on the Closing Date through the year ended December 31, 2022, the Post-Merger period, and continuing through the current period ended March 31, 2023, 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 unaudited condensed consolidated statements of operations for the three-month period ended March 31, 2023, the internet operations segment generated revenue of $176,796 in the United States and revenue of $9,366 in Canada. All assets reported under the internet operations segment for the period ended March 31, 2023 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 three-month periods ended March 31, 2023 and 2022.

Three-Month Period Ended March 31, 2023	CrossingBridge		Willow Oak			Internet			Other			Consolidated
Revenues	$	1,727,254	$	24,513		$	186,162		$	-		$	1,937,929
Cost of revenue		-		-			60,751			-			60,751
Operating expenses		1,363,094		94,818			61,526			639,779			2,159,217
Other income (expenses)		291		(95	)		(157	)		287,966			288,005
Net income (loss)		364,451		(70,400	)		63,728			(351,813	)		5,966
Goodwill		737,869		-			-			-			737,869
Identifiable assets	$	2,407,023	$	647,997		$	856,920		$	17,610,112		$	21,522,052

Three-Month Period Ended March 31, 2022	CrossingBridge			Willow Oak		Internet		Other		Consolidated
Revenues	$	1,707,124		$	-	$	-	$	-	$	1,707,124
Cost of revenue		-			-		-		-		-
Operating expenses		942,665			-		-		-		942,665
Other expenses		(2,842	)		-		-		-		(2,842	)
Net income		761,617			-		-		-		761,617
Goodwill		-			-		-		-		-
Identifiable assets	$	3,554,765		$	-	$	-	$	-	$	3,554,765