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Segment Reporting | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting | (17) Segment Reporting Since March 10, 2010, Baoding Shengde started its operations and thereafter the Company manages its operations through three business operating segments: Dongfang Paper and Tengsheng Paper, which produces offset printing paper, corrugating medium paper and tissue paper, and Baoding Shengde, which produces face masks and 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 among 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, 2023 |
|  | Dongfang |  |  | Tengsheng |  |  | Baoding |  |  | Not Attributable |  |  | Elimination of |  |  | Enterprise-wide, |
|  | Paper |  |  | Paper |  |  | Shengde |  |  | to Segments |  |  | Inter-segment |  |  | consolidated |
Revenues |  | $ | 19,528,196 |  |  | $ | 227,044 |  |  | $ | 35,637 |  |  | $ | - |  |  | $ | - |  |  | $ | 19,790,877 |
Gross profit (loss) |  |  | 439,080 |  |  |  | (713,240 | ) |  |  | (2,839 | ) |  |  | - |  |  |  | - |  |  |  | (276,999 | )
Depreciation and amortization |  |  | 1,140,466 |  |  |  | 2,137,928 |  |  |  | 407,849 |  |  |  | - |  |  |  | - |  |  |  | 3,686,243 |
Interest income |  |  | 133,183 |  |  |  | 693 |  |  |  | 1,235 |  |  |  | 1,157 |  |  |  | - |  |  |  | 136,268 |
Interest expense |  |  | 146,702 |  |  |  | 28,574 |  |  |  | 73,893 |  |  |  | - |  |  |  | - |  |  |  | 249,169 |
Income tax expense(benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net loss |  |  | (569,464 | ) |  |  | (1,920,120 | ) |  |  | (99,285 | ) |  |  | (144,296 | ) |  |  | - |  |  |  | (2,733,165 | )
|  | Three Months Ended |
|  | March 31, 2022 |
|  | Dongfang |  |  | Tengsheng |  |  | Baoding |  |  | Not Attributable |  |  | Elimination of |  |  | Enterprise-wide, |
|  | Paper |  |  | Paper |  |  | 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 | )
|  | As of March 31, 2023 |
|  | Dongfang |  |  | Tengsheng |  |  | Baoding |  |  |  | Not Attributable |  |  | Elimination of |  |  | Enterprise-wide, |
|  | Paper |  |  | Paper |  |  | Shengde |  |  |  | to Segments |  |  | Inter-segment |  |  | consolidated |
Total assets |  | $ | 67,241,412 |  |  |  | 117,316,535 |  |  |  | 17,721,144 |  |  |  | 4,570,538 |  |  |  | - |  |  |  | 206,849,629 |
|  | As of December 31, 2022 |
|  | Dongfang |  |  | Tengsheng |  |  | Baoding |  |  | Not Attributable |  | Elimination of |  |  | Enterprise-wide, |
|  | Paper |  |  | Paper |  |  | Shengde |  |  | to Segments |  | Inter-segment |  |  | consolidated |
Total assets |  | $ | 63,365,986 |  |  |  | 117,645,828 |  |  |  | 17,945,969 |  |  | 5,489,450 |  |  | - |  |  |  | 204,447,233 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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