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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

(19) 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, 2024		 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   of Inter-segment   consolidated 
                         
Revenues  $6,826,799   $37,042   $
-
   $
-
   $
          -
   $6,863,841 
Gross profit   362,335    36,778    
-
    
-
    
-
    399,113 
Depreciation and amortization   989,272    2,100,541    391,975    
-
    
-
    3,481,788 
Interest income   1,462    536    173    12    
-
    2,183 
Interest expense   89,507    44,854    72,245    3,684    
-
    210,290 
Income tax expense(benefit)   
-
    
-
    
-
    36,793    
-
    36,793 
Net loss   (1,134,241)   (2,122,757)   (54,512)   (435,026)   
-
    (3,746,536)

 

   Three Months Ended
March 31, 2023		 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   of 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)

 

   As of March 31, 2024 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   of Inter-segment   consolidated 
                               
Total assets  $57,882,403    125,436,285    7,761,164    1,516,252  
   -
    192,596,104 

 

   As of December 31, 2023 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   of Inter-segment   consolidated 
                               
Total assets  $57,139,592    127,734,031    8,184,902    1,651,124    
  -
    194,709,649