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BUSINESS SEGMENTS | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | NOTE 17 – BUSINESS SEGMENTS The Company has four reportable segments: bromine, crude salt, chemical products and natural gas. The reportable segments are consistent with how management views the markets served by the Company and the financial information that is reviewed by its chief operating decision maker. An 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 (income) 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.
Three-Month Period Ended March 31, 2025 Operating Segment |  | Bromine * |  | Crude Salt * |  | Chemical Products |  | Natural Gas |  | Segment Total |  | Corporate Corporate |  | Total
Net revenue (external customers) |  | $ | 1,481,869 |  |  | $ | 122,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,604,447 |  |  | $ | — |  |  | $ | 1,604,447 |
Net revenue (intersegment) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss from operations before income expense |  |  | (3,370,836 | ) |  |  | (554,062 | ) |  |  | (358,629 | ) |  |  | (44,844 | ) |  |  | (4,328,371 | ) |  |  | (281,836 | ) |  |  | (4,610,207 | )
Income tax (expense) benefit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss from operations after income taxes(expense) benefit |  |  | (3,370,836 | ) |  |  | (554,062 | ) |  |  | (358,629 | ) |  |  | (44,844 | ) |  |  | (4,328,371 | ) |  |  | (281,836 | ) |  |  | (4,610,207 | )
Total assets |  |  | 79,995,961 |  |  |  | 46,300,814 |  |  |  | 38,410,493 |  |  |  | 929,031 |  |  |  | 165,636,299 |  |  |  | 93,640 |  |  |  | 165,729,939 |
Depreciation and amortization |  |  | 3,258,222 |  |  |  | 644,677 |  |  |  | 67,663 |  |  |  | 32,962 |  |  |  | 4,003,524 |  |  |  | — |  |  |  | 4,003,524 |
Capital expenditures |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Three-Month Period Ended March 31, 2024 |  | Bromine * |  | Crude Salt * |  | Chemical Products |  | Natural Gas |  | Segment Total |  | Corporate |  | Total
Net revenue (external customers) |  | $ | 1,146,197 |  |  | $ | 116,671 |  |  | $ | — |  |  | $ | 44,194 |  |  | $ | 1,307,062 |  |  | $ | — |  |  | $ | 1,307,062 |
Net revenue (intersegment) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss from operations before income expense |  |  | (4,782,815 | ) |  |  | (75,092 | ) |  |  | (314,824 | ) |  |  | (27,709 | ) |  |  | (5,200,440 | ) |  |  | (68,979 | ) |  |  | (5,269,419 | )
Income tax (expense) benefit |  |  | 1,198,071 |  |  |  | — |  |  |  | 71,989 |  |  |  | — |  |  |  | 1,270,060 |  |  |  | — |  |  |  | 1,270,060 |
Loss from operations after income taxes(expense) benefit |  |  | (3,584,744 | ) |  |  | (75,092 | ) |  |  | (242,835 | ) |  |  | (27,709 | ) |  |  | (3,930,380 | ) |  |  | (68,979 | ) |  |  | (3,999,359 | )
Total assets |  |  | 100,370,933 |  |  |  | 11,517,576 |  |  |  | 107,776,242 |  |  |  | 1,912,377 |  |  |  | 221,577,128 |  |  |  | 250,287 |  |  |  | 221,827,415 |
Depreciation and amortization |  |  | 4,449,468 |  |  |  | 181,891 |  |  |  | 68,357 |  |  |  | 33,759 |  |  |  | 4,733,475 |  |  |  | — |  |  |  | 4,733,475 |
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. NOTE 17 – BUSINESS SEGMENTS – Continued
|  | Three-Month Period Ended March 31,
Reconciliations |  | 2025 |  | 2024
Total segment operating loss |  | $ | (4,328,371 | ) |  | $ | (5,200,440 | )
Corporate costs |  |  | (281,836 | ) |  |  | (68,979 | )
Unrealized gain (loss) on translation of intercompany balance |  |  | — |  |  |  | — |
Loss from operations |  |  | (4,610,207 | ) |  |  | (5,269,419 | )
Other income |  |  | (19,293 | ) |  |  | 11,230 |
Other Expenses |  |  | — |  |  |  | (4,003 | )
Loss before taxes |  | $ | (4,629,500 | ) |  | $ | (5,262,192 | )
The following table shows the major customers (10% or more) for the three-month period ended March 31, 2025. Business Segments - Schedule of Revenue by Major Customers
Number |  | Customer |  | Bromine (000’s) |  | Crude Salt (000’s) |  | Chemical Products (000’s) |  | Total Revenue (000’s) |  | Percentage of Total Revenue (%)
| 1 |  |  | Shandong Morui Chemical Company Limited |  | $ | 196 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 254 |  |  |  | 15.8 | %
| 2 |  |  | Shandong Brother Technology Limited |  |  | 193 |  |  |  | 36 |  |  |  | — |  |  |  | 229 |  |  |  | 14.3 | %
| 3 |  |  | Shouguang Weidong Chemical Company Limited |  |  | 197 |  |  |  | 28 |  |  |  | — |  |  |  | 225 |  |  |  | 14.0 | %
| 4 |  |  | Shandong Shouguangshen Runfa Marine Chemical Company Limited |  | $ | 195 |  |  | $ | — |  |  | $ | — |  |  | $ | 195 |  |  |  | 12.1 | %
The following table shows the major customers (10% or more) for the three-month period ended March 31, 2024.
Number |  | Customer |  | Bromine (000’s) |  | Crude Salt (000’s) |  | Chemical Products (000’s) |  | Total Revenue (000’s) |  | Percentage of Total Revenue (%)
| 1 |  |  | Shandong Morui Chemical Company Limited |  | $ | 134 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 197 |  |  |  | 15.1 | %
| 2 |  |  | Shouguang Weidong Chemical Company Limited |  |  | 135 |  |  |  | 26 |  |  |  | — |  |  |  | 161 |  |  |  | 12.3 | %
| 3 |  |  | Shandong Brother Technology Limited |  |  | 133 |  |  |  | 28 |  |  |  | — |  |  |  | 161 |  |  |  | 12.3 | %
| 4 |  |  | Shandong Shouguangshen Runfa Marine Chemical Company Limited |  | $ | 135 |  |  | $ | — |  |  | $ | — |  |  | $ | 135 |  |  |  | 10.3 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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