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Segment Reporting
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 22 – 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 segments for the Company’s continuing operations for the years ended December 31, 2021, 2020 and 2019, respectively: 

 

   For the Year Ended December 31, 2021 
  

Machinery

and

Equipment

sales

  

Construction

materials

sales

  

Municipal

construction

projects

  

Technological

consulting

and other

services

   Total 
Revenues  $1,799,741   $1,658,385   $141,952   $-   $3,600,078 
Cost of goods sold   1,501,420    1,562,975    149,954    -    3,214,349 
Gross profit   298,321    95,410    (8,002)   
-
    385,729 
Interest expense and charges   132,136    (121,449)   77,153    15,500    103,340 
Depreciation and amortization   167,468    705,703    2,524    -    875,695 
Capital expenditures   14,463    2,556,181    -    -    2,570,644 
Income tax expenses   3,469    -    -    -    3,469 
Segment loss   (12,497,629)   (7,804,642)   (37,782)   (137,491)   (20,477,543)
Segment assets  $

12,742,545

   $12,646,798   $98,625   $

5,473,099

   $30,961,067 

 

   For the Year Ended December 31, 2020 
  

Machinery

and

Equipment

sales

  

Construction

materials

sales

  

Municipal

construction

projects

  

Technological

consulting

and other

services

   Total 
Revenues  $6,455,995   $1,776,525   $106,695   $
-
   $8,339,215 
Cost of goods sold   4,429,869    1,901,060    10,610    
-
    6,341,539 
Gross profit   2,026,126    (124,535)   96,085    -    1,997,676 
Interest expense and charges   672,778    48,719    136,054    
-
    857,551 
Depreciation and amortization   164,538    701,077    4,110    
-
    869,725 
Capital expenditures   6,900    57,858    
-
    
-
    64,758 
Income tax expenses   569,974    
-
    
-
    
-
    569,974 
Segment loss   (725,938)   (4,300,671)   (261,398)   -    (5,288,007)
Segment assets  $16,389,063    41,233,143    347,917    3,950    57,974,073 

   For the Year Ended December 31, 2019 
  

Machinery

and

Equipment

sales

  

Construction

materials

sales

  

Municipal

construction

projects

  

Technological

consulting

and other

services

   Total 
Revenues  $14,022,053   $2,818,317   $178,986   $-   $17,019,356 
Cost of goods sold   9,415,826    2,323,157    39,775    -    11,778,758 
Gross profit   4,606,227    495,160    139,211    -    5,240,598 
Interest expense and charges   633,482    949    52,922    4,480    691,833 
Depreciation and amortization   175,142    648,852    8,697    
-
    832,691 
Capital expenditures   443,070    95,526    18,923    
-
    557,519 
Income tax expenses   389,874)   21,180    -    -    411,054 
Segment profit (loss)   (3,004,956)   (1,189,802)   (304,433)   (1,052,742)   (5,551,933)
Segment assets   19,150,283   $51,280,426   $356,424   $8,111   $70,795,244