SEGMENT INFORMATION |
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SEGMENT INFORMATION |
(15)SEGMENT INFORMATION
The Group’s chief operating decision maker has been identified as the Chief Executive Officer who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group uses the management approach to determine the operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making decisions, allocating resources and assessing the performance. There are no inter-segment revenue transactions and, therefore, revenues are only generated from external customers. The accounting policies of the segments are the same as those used by the Group. For the years ended December 31, 2021, 2022 and 2023, the Group classified the operating segments into (i) Overseas art study services (ii) Other educational services and (iii) K-12 education assessment and other services. Overseas art study services and Other educational services have been identified as two separate reportable segments, as the two operating segments have met the quantitative threshold of 10 percent to be considered reportable respectively. The K-12 education assessment and other services are reported as others because revenue from reportable segments of Overseas art study services and Other educational services exceeds 75 percent of the total consolidated net revenues and management determines that no further reportable segments need to be identified and disclosed. Furthermore, the Group’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, operating cost and expenses, and income (loss) from operations. There are no separate segment assets and segment liabilities information provided to the Group’s Chief Executive Officer, as he does not use this information to allocate resources or evaluate the performance of the segments. The following table presents selected financial information relating to the Group’s segments:
*Unallocated corporate expenses represent the general and administrative expenses for the years ended December 31, 2021, 2022 and 2023.
Majority of the Group’s operations, customers and long-lived assets are located in the PRC. Consequently, no geographic information is presented. |