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Consolidated Segment Data
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Consolidated Segment Data

18. CONSOLIDATED SEGMENT DATA

 

Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance. Transfers and sales between reportable segments, if any, are recorded at cost. All sales occurred in China since our revenue-generating operations are located in China.

 

Selected information by segment is presented in the following tables for the year ended December 31, 2019, 2018, and 2017.

 

    2019     2018     2017  
Revenues(1)                        
TIT Segment   $ 241,132     $ 383,420     $ 1,239,002  
CBT Segment     13,550,171       20,194,920       16,950,272  
    $ 13,791,303     $ 20,578,340     $ 18,189,274  

 

(1) Revenues by operating segments exclude intercompany transactions.

 

    2019     2018     2017  
(Loss) income from operations                        
TIT Segment   $ (662,556 )   $ (528,891 )   $ (979,973 )
CBT Segment     (2,037,151 )     2,391,930       1,934,001  
Corporate and others(2)     (1,472,454 )     (1,694,215 )     (1,404,731 )
(Loss) income from operations     (4,172,161 )     168,824       (450,703 )
Corporate other income, net     669,755       956,753       758,073  
Corporate interest income     133,517       36,381       7,900  
Corporate interest expense     (499,852 )     (484,403 )     (450,024 )
Corporate warrant income     -       -       3,720  
(Loss) income before income taxes     (3,868,741 )     677,555       (131,034 )
                         
Income tax benefit     274,480       1,201,231       1,070,343  
Net (loss) income     (3,594,261 )     1,878,786       939,309  
                         
Less: (Loss) income attributable to the non-controlling interest     11,929       (186,803 )     (80,704 )
Net (loss) income attributable to the Company   $ (3,582,332 )   $ 1,691,983     $ 858,605  

 

(2) Includes non-cash compensation, professional fees and consultancy fees for the Company.

 

Non-cash employee compensation by segment for the year ended December 31, 2019, 2018, and 2017 are as follows:

 

    2019     2018     2017  
Non-cash employee compensation:                        
Corporate and others     494,316       584,629       487,407  
    $ 494,316     $ 584,629     $ 487,407  

 

Depreciation and amortization by segment for the year ended December 31, 2019, 2018, and 2017 are as follows:

 

    2019     2018     2017  
Depreciation and amortization:                        
TIT Segment   $ 17,278     $ 13,941     $ 36,018  
CBT Segment     2,883,674       3,660,596       2,820,888  
    $ 2,900,952     $ 3,674,537     $ 2,856,906  

 

    2019     2018     2017  
Provisions for bad debt allowance on accounts receivable, other receivable and advances to suppliers; :                        
TIT Segment   $ 344,550     $ (438,378 )   $ 273,706  
CBT Segment     3,283,994       1,268,644       148,682  
    $ 3,628,544     $ 830,266     $ 422,388  

 

    2019     2018     2017  
Inventory obsolescence provision:                        
TIT Segment   $ 2,366     $ 9,261     $ 158,357  
CBT Segment     112,824       21,142       18,213  
    $ 115,190     $ 30,403     $ 176,570  

 

    2019     2018     2017  
Impairment of long-term investments                        
CBT Segment              -       45,400                       -  
    $ -     $ 45,400     $ -  

 

Total assets by segment as at December 31, 2019 and 2018 are as follows:

 

    2019     2018  
Total assets                
TIT Segment   $ 725,088     $ 1,056,582  
CBT Segment     39,755,020       40,529,876  
Corporate and others     135,438       29,356  
    $ 40,615,546     $ 41,615,814