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Segment and Revenue Analysis | 12 Months Ended
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Dec. 31, 2022
Segment and Revenue Analysis [Abstract] |
SEGMENT AND REVENUE ANALYSIS | Note 14 – SEGMENT AND REVENUE ANALYSIS The Company is engaged in the business of manufacturing and selling of petfood and restaurant operations. An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. 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 services. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280, including petfood sales and restaurant business operations. Certain entity-wide disclosures relating to revenues for the years ended December 31, 2022, 2021 and 2020 are as follows:
|  | For the year ended December 31, 2022 |
|  | Petfood sales |  |  | Restaurant business |  |  | Total |
Revenue from continuing operations |  | $ | 24,726 |  |  | $ | 3,074,007 |  |  | $ | 3,098,733 |
Net (loss) income from continuing operations |  | $ | 1,089,347 |  |  |  | 104,720 |  |  | $ | 1,194,067 |
Net loss from discontinued operations |  | $ | (339,054 | ) |  |  | - |  |  | $ | (339,054 | )
Total Net income |  | $ | 750,293 |  |  | $ | 104,720 |  |  | $ | 855,013 |
Depreciation and amortization |  | $ | 62,164 |  |  | $ | 54,358 |  |  | $ | 116,522 |
Total assets |  | $ | 34,480,238 |  |  | $ | 1,502,768 |  |  | $ | 36,513,397 |
|  | For the year ended December 31, 2021 |
|  | Petfood sales |  |  | Restaurant business |  |  | Total |
Revenue from continuing operations |  | $ | 474,632 |  |  | $ | 606,463 |  |  | $ | 1,081,095 |
Net loss from continuing operations |  | $ | (2,854,514 | ) |  | $ | (1,215,613 | ) |  | $ | (4,070,127 | )
Net loss from discontinued operations |  | $ | (2,645,831 | ) |  | $ | - |  |  | $ | (2,645,831 | )
Total Net loss |  | $ | (5,500,345 | ) |  | $ | (1,215,613 | ) |  | $ | (6,715,958 | )
Depreciation and amortization |  | $ | 395,094 |  |  | $ | 13,646 |  |  | $ | 408,740 |
Total assets |  | $ | 26,969,867 |  |  | $ | 5,078,090 |  |  | $ | 32,047,957 |
|  | For the year ended December 31, 2020 |
|  | Petfood sales |  |  | Restaurant business |  |  | Total |
Revenue from continuing operations |  | $ | 622,801 |  |  | $ | - |  |  | $ | 622,801 |
Net income (loss) from continuing operations |  | $ | 1,690,529 |  |  | $ |  |  |  | $ | 1,690,529 |
Net loss from discontinued operations |  | $ | (2,565,197 | ) |  | $ |  |  |  | $ | (2,565,197 | )
Net loss |  | $ | (874,668 | ) |  | $ | - |  |  | $ | (874,668 | )
Depreciation and amortization |  | $ | 391,351 |  |  | $ | - |  |  | $ | 391,351 |
Capital expenditure |  | $ | 47,086 |  |  | $ | - |  |  | $ | 47,086 |
Total assets |  | $ | 18,452,910 |  |  | $ | - |  |  | $ | 18,452,910 |
The net revenue generated from different marketing channels consists of the following:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Overseas sales |  | $ | - |  |  |  | 134,896 |  |  |  | 226,385 |
Domestic sales |  |  | 25,849 |  |  |  | 308,267 |  |  |  | 382,497 |
Electronic commerce |  |  | - |  |  |  | 34,590 |  |  |  | 16,708 |
Restaurant revenue |  |  | 3,074,007 |  |  |  | 606,463 |  |  |  | - |
Less: Sale tax and addition |  |  | (1,123 | ) |  |  | (3,121 | ) |  |  | (2,789 | )
Total net revenue from continuing operations |  | $ | 3,098,733 |  |  |  | 1,081,095 |  |  |  | 622,801 |
The net revenue generated from different product lines and services is set forth as following:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Pet chews |  | $ | 8,367 |  |  |  | 46,112 |  |  |  | 59,096 |
Dried pet snacks |  |  | 8,005 |  |  |  | 293,325 |  |  |  | 317,392 |
Wet canned petfood |  |  | 1,290 |  |  |  | 10,760 |  |  |  | 84,117 |
Dental health snacks |  |  | 550 |  |  |  | 6,127 |  |  |  | 19,915 |
Baked pet biscuits |  |  | - |  |  |  | - |  |  |  | 3,132 |
Restaurant revenue |  |  | 3,074,007 |  |  |  | 606,463 |  |  |  | - |
Others |  |  | 7,637 |  |  |  | 121,429 |  |  |  | 141,938 |
Less: Sales tax and addition |  |  | (1,123 | ) |  |  | (3,121 | ) |  |  | (2,789 | )
Total net revenue from continuing operations |  | $ | 3,098,733 |  |  |  | 1,081,095 |  |  |  | 622,801 |
The net revenue generated from different countries is set forth as following:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
South Korea |  | $ | - |  |  |  | 37,320 |  |  |  | 34,378 |
China |  |  | 25,849 |  |  |  | 342,857 |  |  |  | 382,497 |
United Kingdom |  |  | - |  |  |  | - |  |  |  | - |
Germany |  |  | - |  |  |  | - |  |  |  | - |
U.S. |  |  | 3,074,007 |  |  |  | 606,463 |  |  |  | - |
Other countries |  |  | - |  |  |  | 97,576 |  |  |  | 208,715 |
Less: Sales tax and addition |  |  | (1,123 | ) |  |  | (3,121 | ) |  |  | (2,789 | )
Total net revenue from continuing operations |  | $ | 3,098,733 |  |  |  | 1,081,095 |  |  |  | 622,801 |
“Other countries” are comprised of all countries whose revenue, individually, was less than 10% of the Company’s total revenue. The Company’s long-lived assets associated with petfood business are substantially located in the PRC. The Company’s long-lived assets associated with restaurant business operations are located in the United States.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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