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Segment Reporting

3 Months Ended

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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- References

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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

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