XMax Inc. Segments Disclosure
Note 15 – Geographical Analysis
Geographical distribution of sales consisted of the following for the years ended December 31, 2025 and 2024:
| 2025 | 2024 | |||||||
| Geographical Areas | ||||||||
| North America | $ | 8,717,307 | $ | 9,435,936 | ||||
| Hong Kong | 7,919,662 | |||||||
| Other countries | 85,734 | 251,039 | ||||||
| $ | 16,722,703 | $ | 9,686,975 | |||||
Geographical location of identifiable long-lived assets as of December 31, 2025 and 2024:
| 2025 | 2024 | |||||||
| Geographical Areas | ||||||||
| North America | $ | 660,003 | $ | 1,281,203 | ||||
| Asia | 413,302 | |||||||
| $ | 660,003 | $ | 1,694,505 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 15, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Apr 15, 2024 | |
| 2022 | Apr 17, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.