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Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information

Segment Information

Note 20 – 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. As a result, the Company has determined that it has two operating segments as defined by ASC 280, “Segment Reporting”: consumer products and electric vehicles (“EV”). Consumer products segment manufactures, sell and trade Charcoal Doctor branded products and BBQ charcoal in China. The EV segment was acquired in July 2017. Management, including the chief operating decision maker, reviews operation results of consumer products and electric vehicles separately.

Note 20 – Segment Information (continued)

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 years ended December 31, 2021, 2020 and 2019, respectively.

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Consumer product								​	EV								​	Total
​		2021			2020			2019			2021			2020			2019			2021			2020			2019
Revenue from external customers	​	$	53,411,271	​	$	41,899,677	​	$	49,200,868	​	$	1,852,402	​	$	383,993	​	$	29,702	​	$	55,263,673	​	$	42,283,670	​	$	49,230,570
Cost of revenue	​		43,427,306	​		37,411,824	​		42,409,429	​		1,405,041	​		395,473	​		843,641	​		44,832,347	​		37,807,297	​		43,253,070
Gross profit	​		9,983,965	​		4,487,853	​		6,791,439	​		447,361	​		(11,480)	​		(813,939)	​		10,431,326	​		4,476,373	​		5,977,500
Interest expenses	​		265,248	​		300,125	​		427,379	​		475,152	​		—	​		15,883	​		740,400	​		300,125	​		443,262
Depreciation & amortization	​		271,536	​		244,601	​		276,170	​		645,066	​		633,315	​		627,958	​		916,602	​		877,916	​		904,128
Capital expenditure	​		11,417	​		2,489	​		6,787,833	​		213,111	​		142,317	​		12,106	​		224,528	​		144,806	​		6,799,939
Segment assets	​		128,727,344	​		106,775,636	​		91,431,857	​		5,799,714	​		9,519,609	​		24,018,920	​		134,527,058	​		116,295,245	​		115,450,777
Segment profit	​	$	4,810,563	​	$	2,216,371	​	$	2,346,477	​	$	(15,503,545)	​	$	(12,238,599)	​	$	(12,005,760)	​	$	(10,692,982)	​	$	(10,022,228)	​	$	(9,659,283)

​

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:

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​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31
​		2021			2020			2019
Revenue from China	​	$	55,263,673	​	$	42,283,670	​	$	49,230,570
Revenue directly from foreign countries	​		—	​		—	​		—
Total Revenue	​	$	55,263,673	​	$	42,283,670	​	$	49,230,570

​

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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

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