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BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

NOTE 18 – BUSINESS SEGMENTS

 

Operating segment’s performance is primarily evaluated based on segment operating income, which excludes share-based compensation expense, certain corporate costs and other income not associated with the operations of the segment. These corporate costs are separately stated below and also include costs that are related to functional areas such as accounting, treasury, information technology, legal, human resources, and internal audit. The Company believes that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of its segments. All the customers are located in PRC.

 

Year Ended

December 31, 2024

  Bromine* 

Crude

Salt*

 

Chemical

Products

 

Natural

Gas

 

Segment

Total

  Corporate   Total
Net revenue
(external customers)		  $5,549,815   $2,049,988   $—   $61,207   $7,661,010   $—   $7,661,010 
Net revenue
(intersegment)		   —    —    —    —    —    —    — 
Loss from operations before
income tax expense		   (17,238,619)   (76,694)   (3,028,479)   (195,364)   (20,539,156)   (744,493)   (21,283,649)
Income tax (expense) benefit   (1,632,978)   (15,204)   —    —    (1,648,182)   —    (1,648,182)
Loss from operations after
income tax (expense) benefit		   (18,871,597)   (91,898)   (3,028,479)   (195,364)   (22,187,338)   (744,493)   (22,931,831)
Total assets   73,137,911    46,843,471    46,020,977    1,673,535    167,675,894    1,755,061    169,455,995 
Depreciation and amortization   15,941,214    1,659,865    272,716    134,080    18,007,875    —    18,007,875 
Capital expenditures   28,923,642    31,602,571    —    —    60,526,213    —    60,526,213 

 

 

Year Ended

December 31, 2023

  Bromine* 

Crude

Salt*

 

Chemical

Products

 

Natural

Gas

 

Segment

Total

  Corporate  Total
Net revenue
(external customers)		  $26,921,462   $2,971,467   $—   $150,861   $30,043,790   $—   $30,043,790 
Net revenue
(intersegment)		   —    —    —    —    —    —    — 
Loss from operations before
income tax expense		   (10,005,755)   640,309    (1,653,349)   (86,284)   (11,105,079)   (785,646)   (11,890,725)
Income tax (expense) benefit   (3,214,629)   (323,988)   —    —    (3,538,617)   —    (3,538,617)
Loss from operations after
income tax (expense) benefit		   (13,220,384)   316,321    (1,653,349)   (86,284)   (14,643,696)   (785,646)   (15,429,342)
Total assets   104,414,525    11,747,999    108,259,342    1,983,126    226,404,992    266,716    226,671,708 
Depreciation and amortization   25,354,200    1,369,812    313,735    101,842    27,139,589    —    27,139,589 
Capital expenditures   —    —    —    —    —    —    — 

 

* Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of the respective segment.

  

 

 

                 
   Years Ended December 31,
Reconciliations  2024  2023
Total segment operating loss  $(20,539,156)  $(11,105,079)
Corporate costs   (744,493)   (785,646)
Unrealized gain (loss) on translation of intercompany balance   —    — 
Loss from operations   (21,283,649)   (11,890,725)
Other expense, net   (62,113)   144,919 
Expenditure on water pollution treatment   —    (46,510,856)
Loss on disposal of property, plant and equipment   (29,169,008)   — 
Impairment of Property, plant and equipment   (6,772,500)   — 
Loss before taxes  $(57,287,270)  $(58,256,662)

 

The following table shows the major customers (10% or more) for the year ended December 31, 2024

 

     

 

 

 

 

Bromine

 

 

 

 

 

Crude Salt

 

 

 

Chemical Products

 

 

 

Total Revenue

 

Percentage of

Total

Number  Customer  (000’s)  (000’s)  (000’s)  (000’s)  Revenue (%)
1   Shandong Morui Chemical Company Limited  $677   $770   $—   $1,447    18.9%
2  Shandong Brother Technology Limited  $646   $702   $—   $1,348    17.6%
3  Shouguang Weidong Chemical Company Limited
  $646   $578   $—   $1,224    16.0%

 

 

The following table shows the major customers (10% or more) for the year ended December 31, 2023

  

     

 

 

 

 

Bromine

 

 

 

 

 

Crude Salt

 

 

 

Chemical Products

 

 

 

Total Revenue

 

Percentage of

Total

Number  Customer  (000’s)  (000’s)  (000’s)  (000’s)  Revenue (%)
1  Shandong Morui Chemical Company Limited  $3,735   $1,137   $—   $4,872    16.3%
2  Shandong Brother Technology Limited  $3,639   $998   $—   $4,637    15.5%
3  Shouguang Weidong Chemical Company Limited
  $3,492   $837   $—   $4,329    14.5%
4  Shandong Shouguang Shenrunfa Marine Chemical Company Limited
  $3,018   $—   $—   $3,018    10.1%