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Segment Reporting
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting

(18) Segment Reporting

 

Since March 10, 2010, Baoding Shengde started its operations and thereafter the Company manages its operations through two business operating segments: Dongfang Paper, which produces offset printing paper and corrugating medium paper, and Baoding Shengde, which produces digital photo paper. They are managed separately because each business requires different technology and marketing strategies.

 

The Company evaluates performance of its operating segments based on net income. Administrative functions such as finance, treasury, and information systems are centralized. However, where applicable, portions of the administrative function expenses are allocated between the operating segments based on gross revenue generated. The operating segments do share facilities in Xushui County, Baoding City, Hebei Province, China. All sales were sold to customers located in the PRC.

 

Summarized financial information for the three reportable segments is as follows:

 

   Three Months Ended 
   March 31, 2022 
   Dongfang   Hebei   Baoding   Not
Attributable		   Elimination of   Enterprise-wide, 
   Paper   Tengsheng   Shengde   to Segments   Inter-segment   consolidated 
Revenues  $15,026,633   $398,388   $56,597   $
     -
   $     -   $15,481,618 
Gross profit   857,544    (563,777)   16,678    
-
    
-
    310,445 
Depreciation and amortization   1,270,492    2,061,937    440,807    
-
    
-
    3,773,236 
Interest income   1,956    170    1,329    
-
    
-
    3,455 
Interest expense   173,189    13,507    84,117    
-
    
-
    270,813 
Income tax expense(benefit)   (80,399)   (411,191)   142,601    
-
    
-
    (348,989)
Net income (loss)   (704,673)   (1,605,442)   (231,890)   19,788    34,003    (2,488,214)

 

   Three Months Ended 
   March 31, 2021 
   Dongfang   Hebei   Baoding   Not
Attributable		   Elimination of   Enterprise-wide, 
   Paper   Tengsheng   Shengde   to Segments   Inter-segment   consolidated 
Revenues  $22,827,553   $1,251,416   $130,458   $
    -
   $
         -
   $24,209,427 
Gross profit   2,262,681    (456,207)   24,531    
-
    
-
    1,831,005 
Depreciation and amortization   1,833,101    2,257,067    2,319    
-
    
-
    4,092,487 
Interest income   2,366    206    1,761    
-
    
-
    4,333 
Interest expense   176,386    20,418    82,097    
-
    
-
    278,901 
Income tax expense(benefit)   416,855    (515,629)   (1,431)   -    
-
    (100,205)
Net income (loss)   1,087,209    (1,478,604)   (68,045)   (3,879,416)   
-
    (4,338,856)

 

    As of March 31, 2022 
    Dongfang   Hebei   Baoding   Not
Attributable		   Elimination
of Inter-		   Enterprise-
wide,		 
    Paper   Tengsheng   Shengde   to Segments   segment   consolidated 
Total assets   $63,717,093    143,085,690    23,402,793    8,805,912    
         -
    239,011,488 

 

    As of December 31, 2021 
    Dongfang   Hebei   Baoding   Not
Attributable		   Elimination
of Inter-		   Enterprise-
wide,		 
    Paper   Tengsheng   Shengde   to Segments   segment   consolidated 
Total assets   $109,369,166    93,841,874    29,181,392    9,142,770    
       -
    241,535,202