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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 24 – 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. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280), which updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. It also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted this standard on December 31, 2024 and the adoption does not have a material effect on its unaudited condensed consolidated financial statements. The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. Based on the management’s assessment, the Company determined that it has two operating segments, which are its graphite anode business and peer-to-peer knowledge sharing and enterprise business, and therefore two reportable segments as defined by ASC 280. The Company’s assets are substantially all located in the PRC and substantially all of the Company’s revenue and expenses are derived in the PRC. Therefore, no geographical segments are presented. The Company’s CODM evaluates performance based on each reporting segment’s revenue and costs of revenues. Revenues, cost of revenues and gross (loss) profits by segment are presented below.
|  | For the six months ended June 30, |
|  | 2025 |  |  | 2024 |
REVENUES, NET |  |  |  |  |  |
Graphite anode business |  | $ | 27,907,475 |  |  | $ | 21,561,285 |
Knowledge sharing and enterprise business |  |  | 59,606 |  |  |  | 721,886 |
Total revenues |  |  | 27,967,081 |  |  |  | 22,283,171 |
COSTS OF REVENUES |  |  |  |  |  |  |  |
Graphite anode business |  |  | 24,262,266 |  |  |  | 21,984,752 |
Knowledge sharing and enterprise business |  |  | 6,078 |  |  |  | 281,030 |
Total cost of revenues |  |  | 24,268,344 |  |  |  | 22,265,782 |
GROSS PROFIT (LOSS) |  |  |  |  |  |  |  |
Graphite anode business |  |  | 3,645,209 |  |  |  | (423,467 | )
Knowledge sharing and enterprise business |  |  | 53,528 |  |  |  | 440,856 |
Total gross loss |  |  | 3,698,737 |  |  |  | 17,389 |
RECONCILIATION OF LOSS (SEGMENT OF GROSS LOSS) |  |  |  |  |  |  |  |
UNALLOCATED AMOUNTS |  |  |  |  |  |  |  |
OPERATING EXPENSES |  |  |  |  |  |  |  |
Selling expenses |  |  | 495,385 |  |  |  | 361,679 |
General and administrative expenses |  |  | 3,116,148 |  |  |  | 4,212,561 |
Research and development expenses |  |  | 754,331 |  |  |  | 847,852 |
Total operating expenses |  |  | 4,365,864 |  |  |  | 5,422,092 |
LOSS FROM OPERATIONS |  |  | (667,127 | ) |  |  | (5,404,703 | )
OTHER (EXPENSES) INCOME |  |  |  |  |  |  |  |
Investment income |  |  | 47,467 |  |  |  | 84,295 |
Interest expense, net |  |  | (2,217,089 | ) |  |  | (918,199 | )
Other (expense) income, net |  |  | (3,258 | ) |  |  | 217,635 |
Total other expenses, net |  |  | (2,172,880 | ) |  |  | (616,269 | )
LOSS BEFORE INCOME TAXES |  | $ | (2,840,007 | ) |  | $ | (6,020,972 | )

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- Definition The entire disclosure for reporting segments including data and tables. 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