XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 8. SEGMENT INFORMATION

 

Prior to the Closing Date, including during the period ended September 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 September 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 nine-month periods ended September 30, 2023, the internet operations segment generated revenue of $175,844 and $526,173 in the United States and revenue of $9,296 and $27,696 in Canada, respectively. All assets reported under the internet operations segment for the period ended September 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 nine-month periods ended September 30, 2023 and 2022.

 

Three-Month Period Ended

September 30, 2023

  CrossingBridge   Willow Oak   Internet   Other   Consolidated 
Revenues  $2,343,247   $35,996   $185,140   $-   $2,564,383 
Cost of revenue   -    -    54,075    -    54,075 
Operating expenses   1,417,448    85,339    61,416    378,409    1,942,612 
Other income (expenses)   18,740    (483)   7,536    (131,047)   (105,254)
Net income (loss)   944,539    (49,826)   77,185    (509,456)   462,442 
Goodwill   737,869    -    -    -    737,869 
Identifiable assets  $6,763,551   $625,781   $796,484   $17,090,212   $25,276,028 

 

Three-Month Period Ended

September 30, 2022

  CrossingBridge   Willow Oak   Internet   Other   Consolidated 
Revenues  $1,993,772   $21,975   $111,659   $-   $2,127,406 
Cost of revenue   -    -    33,563    -    33,563 
Operating expenses   934,584    54,547    32,012    1,705,512    2,726,655 
Other income (expenses)   31,965    (1,262)   (691)   922,595    952,607 
Net income (loss)   1,091,153    (33,834)   45,393    (782,917)   319,795 
Goodwill   -    -    -    1,677,425    1,677,425 
Identifiable assets  $1,747,869   $733,065   $921,946   $17,390,716   $20,793,596 

 

Nine-Month Period Ended

September 30, 2023

  CrossingBridge   Willow Oak   Internet   Other   Consolidated 
Revenues  $6,112,979   $132,749   $553,869   $-   $6,799,597 
Cost of revenue   -    -    169,848    -    169,848 
Operating expenses   3,973,856    340,567    185,513    1,399,646    5,899,582 
Other income (expenses)   26,990    (173)   8,519    555,779    591,115 
Net income (loss)   2,166,113    (207,991)   207,027    (843,867)   1,321,282 
Goodwill   737,869    -    -    -    737,869 
Identifiable assets  $6,763,551   $625,781   $796,484   $17,090,212   $25,276,028 

 

Nine-Month Period Ended

September 30, 2022

  CrossingBridge   Willow Oak   Internet   Other   Consolidated 
Revenues  $5,463,253   $21,975   $111,659   $-   $5,596,887 
Cost of revenue   -    -    33,563    -    33,563 
Operating expenses   2,863,046    54,547    32,012    1,705,512    4,655,117 
Other income (expenses)   15,448    (1,262)   (691)   922,595    936,090 
Net income (loss)   2,615,655    (33,834)   45,393    (782,917)   1,844,297 
Goodwill   -    -    -    1,677,425    1,677,425 
Identifiable assets  $1,747,869   $733,065   $921,946   $17,390,716   $20,793,596