XML 34 R25.htm IDEA: XBRL DOCUMENT v3.22.4
Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Information  
Segment Information

Note 17 – Segment Information

The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Due to business strategic changes, the Company merged consumer products segment and trading segment, and we start to provided commercial factoring business during six months ended June 30, 2022As a result, the Company has determined that it has three operating segments as defined by ASC 280, “Segment Reporting”: consumer products, electric vehicles (“EV”) and commercial factoring. Consumer products segment manufactures, sell and trade Charcoal Doctor branded products and BBQ charcoal in China. The EV segment manufactures and sell electric vehicles. Commercial factoring segment provided factoring business. Management, including the chief operating decision maker, reviews operation results of consumer products, electric vehicles and commercial factoring separately.

Adjustments and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief operating decision maker. The following table presents summary information by segment for the six months ended June 30, 2022 and 2021, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Consumer Products

    

EV

    

Commercial Factoring

​

Total

​

​

Six months

​

Six months

​

Six months

​

Six months

​

Six months

​

Six months

​

Six months

​

Six months

​

​

ended

​

ended

​

ended

​

ended

​

ended

​

ended

​

ended

​

ended

​

    

June 30, 2022

    

June 30, 2021

    

June 30, 2022

    

June 30, 2021

    

June 30, 2022

    

June 30, 2021

    

June 30, 2022

    

June 30, 2021

Revenue from external customers

​

$

26,290,353

​

$

20,447,438

​

$

679,064

​

$

185,750

​

$

56,311

 

$

—

​

$

27,025,728

​

$

20,633,188

Revenue from inter segment

​

 

(722,763)

​

 

(375,539)

​

 

—

​

 

—

​

 

—

 

​

—

​

​

(722,763)

​

 

(375,539)

Cost of revenue

​

 

21,221,909

​

 

16,546,125

​

 

665,540

​

 

114,262

​

 

4,063

 

​

—

​

​

21,891,512

​

 

16,660,387

Gross profit

​

 

5,068,444

​

 

3,901,313

​

 

13,524

​

 

71,488

​

 

52,248

 

​

—

​

​

5,134,216

​

 

3,972,801

Interest Expenses

​

 

106,978

​

 

137,594

​

 

—

​

 

—

​

 

—

 

​

—

​

​

106,978

​

 

137,594

Depreciation & amortization

​

 

125,705

​

 

140,507

​

 

79,014

​

 

329,842

​

 

—

 

​

—

​

​

204,719

​

 

470,349

Capital expenditure

​

 

13,951

​

 

—

​

 

7,928

​

 

5,086

​

 

—

 

​

—

​

​

21,879

​

 

5,086

Segment assets

​

 

87,936,955

​

 

108,333,237

​

 

4,680,964

​

 

12,152,496

​

 

43,609,852

 

​

—

​

​

136,227,771

​

 

120,485,733

Segment profit

​

$

2,754,183

​

$

199,180

​

$

(916,312)

​

$

(6,951,392)

​

​

34,373

 

​

—

​

$

1,872,244

​

$

(6,752,212)

​

​

Note 17 – Segment Information (continued)

All of the Company’s long-lived assets are located in the PRC. Geographic information about the revenues, which are classified based on customers, is set out as follows:

​

​

​

​

​

​

​

​

​

    

For the six months ended June 30,

​

    

2022

    

2021

Revenue from China

​

$

27,025,728

​

$

20,633,188

Revenue directly from foreign countries

​

 

—

​

 

—

Total Revenue

​

$

27,025,728

​

$

20,633,188

​