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Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 18 – 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 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. Other services segment generates revenue from providing roadside assistance services and software development services to customers. 

 

The following table presents summary information by segments for the Company’s continuing operations for the six months ended June 30, 2022 and 2021, respectively: 

 

  

Machinery
and
Equipment
sales

  

Construction

materials
sales

  

Municipal
construction
projects

   Other
services		   Total 
Revenue  $2,027,806    320,779    111,014    430,180    2,889,779 
Cost of goods sold   1,792,470    461,857    45,286    215,361    2,514,974 
Gross profit (loss)   235,336    (141,078)   65,728    214,819    374,805 
Interest expense and charges   102,531    35,580    4,417    47,227    189,755 
Interest income   1,899    43    44    307    2,293 
Depreciation and amortization   70,724    373,873    1,257    88,311    534,165 
Capital expenditures   (6,696)   0    
-
    173,535    166,839 
Income tax expenses   
-
    
-
    10,013.00    18,754.00    28,767.00 
Segment loss   (3,692,157)   (821,405)   (30,046)   (1,225,237)   (5,768,846)
Segment assets as of June 30, 2022  $14,785,402    13,177,842    79,016    5,855,663    33,897,923 

 

  

Machinery
and
Equipment
sales

  

Construction
materials
sales

  

Municipal
construction
projects

  

Other
services

   Total 
Revenue  $1,146,818    608,014    
-
    
-
    1,754,832 
Cost of goods sold   933,205    703,494    
-
    
-
    1,636,699 
Gross profit   213,612    (95,479)   
-
    
-
    118,133 
Interest expense and charges   157,695    18,322    119,528    
-
    295,545 
Interest income   1,410    23    33    
-
    1,466 
Depreciation and amortization   76,429    300,555    440    
-
    377,424 
Capital expenditures   39,887    
-
    
-
    
-
    39,887 
Income tax expenses   
-
    
-
    
-
    
-
    0 
Segment loss   (4,868,167)   (1,547,591)   (900,161)   
-
    (7,315,919)
Segment assets as of June 30, 2021  $9,162,607    44,730,680    99,358    1,251    53,993,896