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Segment Reporting | 3 Months Ended
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Mar. 31, 2024
Segment Reporting |
Segment Reporting | 21. Segment Reporting The Company uses the management approach for segment reporting disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of our reporting segments. For the three months ended March 31, 2024 and 2023, the Company operates under two operating segments on the basis of geographical areas: The U.S. and the PRC. Operating segments are defined as components of an enterprise about which separate financial information is available and that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company evaluates performance based on several factors, including revenue, cost of revenue, operating expenses, and income from operations. The following tables show the operations of the Company’s operating segments for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, 2024 |
|  | US |  |  | PRC |  |  | Total |
Revenue from external customers |  |  |  |  |  |  |  |  |
Solar energy systems |  | $ | 4,644,446 |  |  | $ | - |  |  | $ | 4,644,446 |
Finance revenue |  |  | 101,618 |  |  |  | - |  |  |  | 101,618 |
LED and other |  |  | 1,018,010 |  |  |  | - |  |  |  | 1,018,010 |
Total |  |  | 5,764,074 |  |  |  | - |  |  |  | 5,764,074 |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |  |
Solar energy systems |  |  | 5,506,627 |  |  |  | - |  |  |  | 5,506,627 |
Other |  |  | 721,854 |  |  |  | - |  |  |  | 721,854 |
Total |  |  | 6,228,481 |  |  |  | - |  |  |  | 6,228,481 |
Depreciation and amortization expense |  |  | 23,772 |  |  |  | 299 |  |  |  | 24,071 |
Interest (expense) income, net |  |  | (381,466 | ) |  |  | 12,895 |  |  |  | (368,571 | )
Equity in income of solar farm projects |  |  | - |  |  |  | 60,163 |  |  |  | 60,163 |
Provision for income taxes |  |  | 6,000 |  |  |  | (1,199 | ) |  |  | 4,801 |
Net income (loss) |  |  | (19,094,377 | ) |  |  | (177,410 | ) |  |  | (19,271,787 | )
|  | Three Months Ended March 31, 2023 |
|  | US |  |  | PRC |  |  | Total |
Revenue from external customers |  |  |  |  |  |  |  |  |
Solar energy systems |  | $ | 12,050,315 |  |  | $ | - |  |  | $ | 12,050,315 |
Finance revenue |  |  | 151,419 |  |  |  | - |  |  |  | 151,419 |
LED and other |  |  | 666,744 |  |  |  | - |  |  |  | 666,744 |
Total |  |  | 12,868,478 |  |  |  | - |  |  |  | 12,868,478 |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |  |
Solar energy systems |  |  | 10,373,641 |  |  |  | - |  |  |  | 10,373,641 |
Other |  |  | 422,500 |  |  |  | - |  |  |  | 422,500 |
Total |  |  | 10,796,141 |  |  |  | - |  |  |  | 10,796,141 |
Depreciation and amortization expense |  |  | 50,893 |  |  |  | 152 |  |  |  | 51,045 |
Interest (expense) income, net |  |  | (396,657 | ) |  |  | 6,197 |  |  |  | (390,460 | )
Equity in income of solar farm projects |  |  | - |  |  |  | 67,902 |  |  |  | 67,902 |
Provision for income taxes |  |  | 6,000 |  |  |  | (207,288 | ) |  |  | (201,288 | )
Net income (loss) |  |  | (314,924 | ) |  |  | 1,057,739 |  |  |  | 742,815 |
and as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |
|  | US |  |  | PRC |  |  | Total |
Equity investments in solar farm projects |  | $ | - |  |  | $ | 9,557,500 |  |  | $ | 9,557,500 |
Long-lived assets |  |  | 10,251,047 |  |  |  | 17,174,611 |  |  |  | 27,425,658 |
Total reportable assets |  |  | 28,454,363 |  |  |  | 26,237,699 |  |  |  | 54,692,062 |
|  | December 31, 2023 |
|  | US |  |  | PRC |  |  | Total |
Equity investments in solar farm projects |  | $ | - |  |  | $ | 9,698,308 |  |  | $ | 9,698,308 |
Capital expenditures |  |  | (27,999 | ) |  |  | - |  |  |  | (27,999 | )
Long-lived assets |  |  | 11,258,512 |  |  |  | 17,475,104 |  |  |  | 28,733,616 |
Total reportable assets |  |  | 21,727,209 |  |  |  | 26,927,992 |  |  |  | 48,655,201 |

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