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SEGMENT REPORTING | 12 Months Ended
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Sep. 30, 2020
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 14 – SEGMENT REPORTING ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has three operating segments as defined by ASC 280. The Company mainly manufactures and distributes active pharmaceutical ingredients and TCMD products as well as other by-products in China. Currently no revenue is derived from international markets. The following table presents segment information for years ended September 30, 2020, 2019 and 2018, respectively:
|  | For the year ended September 30, 2020
|  | Oxytetracycline |  |  |  |  |  |  |  |  |
|  | & Licorice |  |  |  |  | Heparin |  |  |
|  | products and |  |  |  |  | products and |  |  |
|  | TCMD |  | Fertilizer |  | Sausage casing |  | Total
Revenue |  | $ | 32,602,384 |  | $ | 701,701 |  | $ | 16,729,115 |  | $ | 50,033,200
Cost of revenue |  |  | 25,004,712 |  |  | 304,670 |  |  | 17,184,665 |  |  | 42,494,047
Gross profit |  | $ | 7,597,672 |  | $ | 397,031 |  | $ | (455,550) |  | $ | 7,539,153
Depreciation and amortization |  | $ | 886,322 |  | $ | 38,792 |  | $ | 180,473 |  | $ | 1,105,587
Capital expenditures |  | $ | 377,953 |  | $ | 33,914 |  | $ | 37,898 |  | $ | 449,765
|  | For the year ended September 30, 2019
|  | Oxytetracycline |  |  |  |  |  |  |  |
|  | & Licorice |  |  |  |  | Heparin |  |  |
|  | products and |  |  |  |  | products and |  |  |
|  | TCMD |  | Fertilizer |  | Sausage casing |  | Total
Revenue |  | $ | 30,149,950 |  | $ | 549,231 |  | $ | 15,397,503 |  | $ | 46,096,684
Cost of revenue |  |  | 22,324,422 |  |  | 186,504 |  |  | 13,905,846 |  |  | 36,416,772
Gross profit |  | $ | 7,825,528 |  | $ | 362,727 |  | $ | 1,491,657 |  | $ | 9,679,912
Depreciation and amortization |  | $ | 985,212 |  | $ | 38,525 |  | $ | 164,436 |  | $ | 1,188,173
Capital expenditures |  | $ | 331,917 |  | $ | 5,598 |  | $ | 278,873 |  | $ | 616,388
|  | For the year ended September 30, 2018
|  | Oxytetracycline |  |  |  |  |  |  |  |  |
|  | & Licorice |  |  |  |  | Heparin |  |  |
|  | products and |  |  |  |  | products and |  |  |
|  | TCMD |  | Fertilizer |  | Sausage casing |  | Total
Revenue |  | $ | 33,429,330 |  | $ | 713,896 |  | $ | 16,225,787 |  | $ | 50,369,013
Cost of revenue |  |  | 26,159,584 |  |  | 235,319 |  |  | 15,841,870 |  |  | 42,236,773
Gross profit |  | $ | 7,269,746 |  | $ | 478,577 |  | $ | 383,917 |  | $ | 8,132,240
Depreciation and amortization |  | $ | 1,070,824 |  | $ | 38,057 |  | $ | 145,177 |  | $ | 1,254,098
Capital expenditures |  | $ | 628,604 |  | $ | 486,501 |  | $ | 16,225,787 |  | $ | 1,117,175
|  | September 30, |  | September 30,
|  | 2020 |  | 2019
Total Assets |  |  |  |  |  |
Oxytetracycline & Licorice products and TCMD |  | $ | 34,370,665 |  | $ | 23,251,452
Fertilizer |  | $ | 2,438,442 |  | $ | 2,149,680
Heparin products and Sausage casing |  | $ | 11,334,031 |  | $ | 9,867,112
Total |  | $ | 48,143,138 |  | $ | 35,268,244

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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