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Segment Reporting
 9 Months Ended
Sep. 30, 2025
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 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.

 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is Mr. Liu Zhengyong, the CEO.

 

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 
   September 30, 2025 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination of   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
                         
Revenues  $25,601,344   $
-
   $
-
   $
-
   $
       -
   $25,601,344 
Gross profit   2,021,846    
-
    
-
    
-
    
-
    2,021,846 
Depreciation and amortization   1,370,450    2,202,616    1,351    
-
    
-
    3,574,417 
Gain from disposal and impairment of property, plant and equipment   (3,709)   
-
    
-
    
-
    
-
    (3,709)
Interest income   872    134    70    70    
-
    1,146 
Interest expense   80,615    
-
    66,854    3,233    
-
    150,702 
Income tax expense   306,362    
-
    
-
    
-
    
-
    306,362 
Net income (loss)   1,015,264    (2,207,633)   (86,040)   (169,838)   
-
    (1,448,247)

 

   Three Months Ended 
   September 30, 2024 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination of   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
                         
Revenues  $25,044,376   $37,124   $
-
   $
-
   $
            -
   $25,081,500 
Gross profit   1,880,540    37,124    
-
    (283)   
-
    1,917,381 
Depreciation and amortization   985,358    2,105,088    392,852    
-
    
-
    3,483,298 
Interest income   6,678    461    155    19    
-
    7,313 
Interest expense   90,058    4,440    73,252    3,680    
-
    171,430 
Income tax expense   345,710    
-
    
-
    
-
    
-
    345,710 
Net income (loss)   842,424    (2,555,935)   (90,348)   (170,087)   
-
    (1,973,946)

 

   Nine Months Ended 
   September 30, 2025 
   Dongfang   Tengsheng   Baoding   Not
Attributable		   Elimination of   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
                         
Revenues  $61,293,251    
-
    
-
    
           -
    
               -
    61,293,251 
Gross profit   3,379,677    
-
    
-
    
-
    
-
    3,379,677 
Depreciation and amortization   4,091,060    6,572,139    1,800    
-
    
-
    10,664,999 
Gain on impairment of assets   (3,709)   
-
    
-
    
-
    
-
    (3,709)
Interest income   3,287    612    114    85    
-
    4,098 
Interest expense   233,413    
-
    183,656    10,451    
-
    427,520 
Income tax expense   307,199    
-
    
-
    45,991    
          -
    353,190 
Net income (loss)   596,493    (6,621,654)   (227,376)   (651,321)   
-
    (6,903,858)
   Nine Months Ended 
   September 30, 2024 
   Dongfang   Tengsheng   Baoding   　 Not Attributable   Elimination of   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
                         
Revenues  $58,083,990    111,139    
-
    
-
    
              -
    58,195,129 
Gross profit   5,471,201    110,876    
-
    (283)   
-
    5,581,794 
Depreciation and amortization   2,867,941    6,302,167    1,176,073    
-
    
-
    10,346,181 
Interest income   10,228    1,545    498    32    
-
    12,303 
Interest expense   269,958    94,557    217,620    11,136    
-
    593,271 
Income tax expense   762,480    
-
    
-
    36,793    
-
    799,273 
Net income (loss)   1,910,971    (6,790,051)   (227,256)   (691,893)   
-
    (5,798,229)

 

   As of September 30, 2025 
   Dongfang   Tengsheng   Baoding   Not Attributable   Elimination of   Enterprise-wide, 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
Total assets  $57,685,296    111,136,543    5,322,848    1,553,505                   -    175,698,192 

 

   As of December 31, 2024 
   Dongfang   Tengsheng   Baoding   Not
Attributable		   Elimination of   Enterprise-
wide,		 
   Paper   Paper   Shengde   to Segments   Inter-segment   consolidated 
Total assets  $54,180,471    116,390,854    6,020,713    954,748    
       -
    177,546,786