SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 8. SEGMENT INFORMATION

Prior to the Closing Date, including during the period ended June 30, 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 June 30, 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 the Company’s sale of internet access, e-mail and hosting, storage, and other ancillary services. The Company’s 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- and six-month periods ended June 30, 2023, the internet operations segment generated revenue of $173,533 and $350,328 in the United States and revenue of $9,034 and $18,401 in Canada, respectively. All assets reported under the internet operations segment for the period ended June 30, 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- and six-month periods ended June 30, 2023 and 2022.

Three-Month Period Ended June 30, 2023	CrossingBridge		Willow Oak			Internet		Other		Consolidated
Revenues	$	2,042,478	$	72,240		$	182,567	$	-	$	2,297,285
Cost of revenue		-		-			55,021		-		55,021
Operating expenses		1,193,310		160,410			62,571		381,463		1,797,754
Other income		7,959		405			1,139		398,861		408,364
Net income (loss)		857,127		(87,765	)		66,114		17,398		852,874
Goodwill		737,869		-			-		-		737,869
Identifiable assets	$	5,534,134	$	704,279		$	773,993	$	17,559,134	$	24,571,540

Three-Month Period Ended June 30, 2022	CrossingBridge			Willow Oak		Internet		Other		Consolidated
Revenues	$	1,762,357		$	-	$	-	$	-	$	1,762,357
Cost of revenue		-			-		-		-		-
Operating expenses		985,797			-		-		-		985,797
Other expenses		(13,675	)		-		-		-		(13,675	)
Net income		762,885			-		-		-		762,885
Goodwill		-			-		-		-		-
Identifiable assets	$	3,828,940		$	-	$	-	$	-	$	3,828,940

Six-Month Period Ended June 30, 2023	CrossingBridge		Willow Oak			Internet		Other			Consolidated
Revenues	$	3,769,732	$	96,753		$	368,729	$	-		$	4,235,214
Cost of revenue		-		-			115,773		-			115,773
Operating expenses		2,556,406		255,228			124,097		1,021,239			3,956,970
Other income		8,250		310			983		686,826			696,369
Net income (loss)		1,221,576		(158,165	)		129,842		(334,413	)		858,840
Goodwill		737,869		-			-		-			737,869
Identifiable assets	$	5,534,134	$	704,279		$	773,993	$	17,559,134		$	24,571,540

Six-Month Period Ended June 30, 2022	CrossingBridge			Willow Oak		Internet		Other		Consolidated
Revenues	$	3,469,481		$	-	$	-	$	-	$	3,469,481
Cost of revenue		-			-		-		-		-
Operating expenses		1,928,462			-		-		-		1,928,462
Other expenses		(16,517	)		-		-		-		(16,517	)
Net income		1,524,502			-		-		-		1,524,502
Goodwill		-			-		-		-		-
Identifiable assets	$	3,828,940		$	-	$	-	$	-	$	3,828,940