v2.4.1.9
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 16. SEGMENT REPORTING
 
The Company defined reportable segments according to ASC Topic 280. The segments, including Corn Division, Grain Division and Bulk Trading Division, are identified primarily based on the structure of allocating resources and assessing performance of the group.
 
The Corn Division is in the business of purchasing corn from farmers, simple processing and distributing to agricultural product trading companies through wholesale. The business of the Grain Division is conducted by processing and distributing grains and other products. The business of the Bulk Trading Division is conducted by bulk purchasing and the sale of raw grain.
 
For the three months ended
 
Corn
 
Grain
 
Bulk Trading
 
 
 
 
 
 
 
March 31, 2015
 
Division
 
Division
 
Division
 
Others
 
Total
 
Revenues from external customers
 
$
25,458,653
 
$
6,749,394
 
$
-
 
 
 
 
$
32,208,047
 
Loss on inventory valuation reserve
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-
 
Intersegment revenues
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Interest revenue
 
 
1,780
 
 
559
 
 
-
 
 
54
 
 
2,393
 
Interest expense
 
 
(100,103)
 
 
(87,868)
 
 
-
 
 
-
 
 
(187,972)
 
Net interest (expense) income
 
 
(98,323)
 
 
(87,309)
 
 
-
 
 
54
 
 
(185,578)
 
Depreciation and amortization
 
 
(133,973)
 
 
(348,696)
 
 
(1,106)
 
 
(48,814)
 
 
(532,589)
 
Noncontrolling interest
 
 
-
 
 
-
 
 
-
 
 
36
 
 
36
 
Segment net profit (loss)
 
 
(2,025,927)
 
 
52,521
 
 
(3,617)
 
 
(414,356)
 
 
(2,391,379)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
Corn
 
Grain
 
Bulk Trading
 
 
 
 
 
March 31, 2014
 
Division
 
Division
 
Division
 
Others
 
Total
 
Revenues from external customers
 
$
8,330,537
 
$
6,652,924
 
$
589,859
 
 
-
 
$
15,573,320
 
Loss on inventory valuation reserve
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Intersegment revenues
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Interest revenue
 
 
694
 
 
214
 
 
117
 
 
55
 
 
1,080
 
Interest expense
 
 
(105,050)
 
 
(90,382)
 
 
-
 
 
(221)
 
 
(195,653)
 
Net interest (expense) income
 
 
(104,356)
 
 
(90,168)
 
 
117
 
 
(166)
 
 
(194,573)
 
Depreciation and amortization
 
 
(148,572)
 
 
(401,585)
 
 
(1,176)
 
 
(51,313)
 
 
(602,646)
 
Noncontrolling interest
 
 
-
 
 
-
 
 
-
 
 
159
 
 
159
 
Segment net profit (loss)
 
 
(7,744,170)
 
 
(257,527)
 
 
(678,789)
 
 
(635,572)
 
 
(9,316,058)
 
 
Since April 2014, our grain business includes direct exporting the organic bean-based products to countries including the U.S., Australia, Canada, Israel, and Denmark. The export businesses were denominated in US Dollar. All long-lived assets are located in China. The following tables set forth our three major customers in each segment:
 
 
 
For The Three Months Ended March 31,
 
 
 
2015
 
2014
 
Corn Division :
 
 
 
 
 
 
 
Neijiang Zhengda Co., Ltd.
 
 
11.0
%
 
3.3
%
Chengdu longqing Feed Co., Ltd.
 
 
6.7
%
 
1.8
%
Chengdu Jindou Animal Nitrition Food Co., Ltd.
 
 
6.5
%
 
4.2
%
Top Three Customers as % of Total Gross Sales:
 
 
24.2
%
 
9.3
%
 
 
 
 
 
 
 
 
Grain Division :
 
 
 
 
 
 
 
Deyufang Innovation Food (Beijing) Co., Ltd.
 
 
56.7
%
 
82.0
%
Ethical Food SA
 
 
12.3
%
 
4.0
%
Jinzhong Shengde Trading Food Co., Ltd.
 
 
5.7
%
 
0.3
%
Top Three Customers as % of Total Gross Sales
 
 
74.7
%
 
86.3
%
 
 
 
 
 
 
 
 
Bulk Trading Division :
 
 
 
 
 
 
 
n/a
 
 
n/a
 
 
n/a
 
n/a
 
 
n/a
 
 
n/a
 
n/a
 
 
n/a
 
 
n/a
 
Top Three Customers as % of Total Gross Sales:
 
 
0.0
%
 
0.0
%