SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 8. SEGMENT INFORMATION

Prior to the Closing Date, including during the year ended December 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 December 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 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 consolidated statements of operations for the years ended December 31, 2023 and 2022, the internet operations segment generated revenue of $689,802 and $291,472 in the United States and revenue of $35,968 and $14,208 in Canada, respectively. All assets reported under the internet operations segment for the years ended December 31, 2023 and 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, 2023 and 2022.

Year Ended December 31, 2023	CrossingBridge		Willow Oak			Internet			Other			Consolidated
Revenues	$	8,678,783	$	182,970		$	725,770		$	-		$	9,587,523
Cost of revenue		-		-			218,269			-			218,269
Operating expenses		5,261,667		399,928			234,173			1,753,039			7,648,807
Other income (expenses)		72,094		1,104			(19,882	)		755,788			809,104
Net income (loss)		3,489,210		(215,854	)		253,446			(997,251	)		2,529,551
Goodwill		737,869		-			-			-			737,869
Identifiable assets	$	7,472,058	$	661,177		$	805,306		$	15,840,578		$	24,779,119

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 (expenses)		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