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SEGMENT REPORTING
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
SEGMENT REPORTING

14. 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 three operating segments as defined by ASC 280, including Clean Food platform, restaurant, and others.

 

Adjustments and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief operating decision maker. The following table presents summary information by segment for the six months ended June 30, 2025 and 2024, respectively:

 

   Skincare Products & Service  

Technical

Service

   Total 
   For the six months ended June 30, 2025 
   Skincare Products & Service  

Technical

Service

   Total 
Revenues  $2,477,852   $-   $2,477,852 
Cost of goods sold   2,160,129    -    2,160,129 
Gross profit   317,723         317,723 
Depreciation and amortization   733,693    -    733,693 
Capital expenditures   -    -    - 
Loss from operations   (1,375,342)   -    (1,375,342)
Income tax benefits   499    -    499 
Segment (loss) profit   (1,361,018)   -    (1,361,018)
Segment assets  $58,153,803   $1,993,533   $60,147,336 

  

  

Clean Food

Platform

  

Technical

Service

   Total 
   For the six months ended June 30, 2024 
  

Clean Food

Platform

  

Technical

Service

   Total 
Revenues  $86,159   $-   $86,159 
Cost of goods sold   42,089    -    42,089 
Gross profit   44,070         44,070 
Depreciation and amortization   43,122    -    43,122 
Capital expenditures   -    -    - 
Loss from operations   (715,437)   (13,056)   (728,493)
Income tax benefits   -    371,568    371,568 
Segment (loss) profit   (704,124)   358,513    (345,611)
Segment assets  $17,783,610   $2,271,195   $20,054,805 

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

15. 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 three operating segments as defined by ASC 280, including Clean Food platform, Skincare products & service and Technical Service.

 

Adjustments and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief operating decision maker. The following table presents summary information by segment for the years ended December 2024, 2023 and 2022 respectively:

 

                 
   For the year ended December 31, 2024 
  

Skincare

Products & Service

  

Clean Food

Platform

  

Technical

Service

   Total 
Revenues  $86,390   $72,095   $-   $158,485 
Cost of goods sold   42,236    49,118    -    91,354 
Gross profit   44,154    22,977    -    67,131 
Depreciation and amortization   -    127,051    -    127,051 
Capital expenditures   -    -    943,376    943,376
Loss from operations   (1,374,952)   (652,701 )  (19,364 )   (2,047,017)
Income tax expenses   -    -    (372,564)   (372,564)
Segment gain(loss)   6,606,260    (395,303)   (1,096,273)   5,114,684 
Segment assets  $58,988,664    -    1,956,471    60,945,135 

 

             
   For the year ended December 31, 2023 
  

Clean Food

Platform

  

Technical

Service

   Total 
Revenues  $2,513,483   $8,463,946   $10,977,429 
Cost of goods sold   750,383    7,643,981    8,394,364 
Gross profit   1,763,100    819,965    2,583,065 
Depreciation and amortization   183,097    -    183,097 
Capital expenditures   5,539    -    5,539 
(Loss) income from operations   (2,106,150)   589,364    (1,516,786)
Income tax expenses   927    206,313    207,240 
Segment loss   (9,775,749)   (6,536,956)   (16,312,705)
Segment assets  $17,657,856   $2,926,423   $20,584,279 

 

             
   For the year ended December 31, 2022 
  

Clean Food

Platform

  

Technical

Service

   Total 
Revenues  $2,144,217   $8,834,354   $10,978,571 
Cost of goods sold   1,905,036    7,898,847    9,803,883 
Gross profit   239,181    935,507    1,174,688 
Depreciation and amortization   87,973    -    87,973 
Capital expenditures   19,437    6,479    25,916 
Loss from operations   (3,543,160)   (196,210)   (3,739,370)
Income tax expenses   8,917    202,227    211,144 
Segment loss   (4,576,496)   (6,643,355)   (11,219,851)
Segment assets  $36,397,974   $1,597,667   $37,995,641 

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS