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Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 17 – 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 or services. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280, including machinery and equipment, construction material, municipal construction projects, and technology consulting and other services.

Construction material segment manufactures and sells eco-friendly construction material. Machinery and equipment segment manufactures and sells machinery and equipment used to manufacture construction material. Construction service segment generates revenue from contracting municipal construction projects. Technological consulting service segment generates revenue from providing environmental-protection related consulting services to customers. 

The following table presents summary information by segment for the years ended December 31, 2018, 2017 and 2016, respectively: 

		For the year ended December 31, 2018
		Machinery  and  Equipment sales				Construction materials sales				Municipal  construction projects				Technological consulting  and other services				Total
Revenues		$	17,453,324			$	18,805,539			$	720,191			$	590,808			$	37,569,862
Cost of goods sold			8,050,742				11,600,016				537,076				180,505				20,368,339
Gross profit			9,402,582				7,205,523				183,115				410,303				17,201,523
Interest expense and charges			478,515				583,123				329				3,320				1,065,287
Depreciation and amortization			212,819				1,508,016				13,420				-				1,734,255
Capital expenditures			242,077				9,033,608				-				-				9,275,685
Income tax expenses			294,283				1,283,697				1,675				800				1,580,455
Segment profit (loss)			2,687,222				3,613,721				(68,077	)			(1,665,184	)			4,567,682
Segment assets as of December 31, 2018		$	21,156,682			$	59,083,126			$	716,909			$	893,878			$	81,850,595

		For the year ended December 31, 2017
		Machinery  and  Equipment sales				Construction  materials sales				Municipal  construction projects				Technological consulting  and other services				Total
Revenues		$	14,484,853			$	19,455,800			$	250,422			$	1,359,941			$	35,551,016
Cost of goods sold			6,735,906				10,368,972				160,324				432,084				17,697,286
Gross profit			7,748,947				9,086,828				90,098				927,857				17,853,730
Interest expense and charges			410,214				601,141				370				1,235				1,012,960
Depreciation and amortization			207,651				1,359,088				-				-				1,566,739
Capital expenditures			107,577				4,500,485				30,941				-				4,639,003
Income tax expenses			1,030,904				1,486,371				-				242,805				2,760,080
Segment profit (loss)			3,335,076				4,395,629				(82,323	)			(1,001,597	)			6,646,785
Segment assets as of December 31, 2017		$	10,899,522			$	60,000,714			$	567,030			$	9,664,563			$	81,131,829

		For the year ended December 31, 2016
		Machinery and Equipment sales				Construction materials sales				Municipal construction projects				Technological consulting and other services				Total
Revenues		$	13,166,604			$	18,424,613			$	-			$	833,052			$	32,424,269
Cost of goods sold			5,456,102				12,400,372				-				514,754				18,371,228
Gross profit			7,710,502				6,024,241				-				318,298				14,053,041
Interest expense and charges			650,727				795,833				282				3,547				1,450,389
Depreciation and amortization			189,404				1,170,605				1,251				-				1,361,260
Capital expenditures			87,267				9,284,800				-				-				9,372,067
Income tax expenses			945,186				967,221				-				39,949				1,952,356
Segment profit			3,125,268				2,830,950				(901,145	)			(551,993	)			4,503,080
Segment assets as of December 31, 2016		$	12,870,817			$	47,829,971			$	(186,139	)		$	2,146,350			$	62,660,999

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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