Segment Information

3 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION

For the three months ended March 31, 2015, the Company operated in three reportable business segments - (1) the manufacture of forged rolled rings and related components segment, (2) the manufacture of textile dyeing and finishing equipment segment, and (3) the manufacture of petroleum and chemical equipment segment. For the three months ended March 31, 2014, the Company operated in two reportable business segments - (1) the manufacture of forged rolled rings and related components segment, and (2) the manufacture of textile dyeing and finishing equipment segment. The Company’s reportable segments are strategic business units that offer different products. They are managed separately based on the fundamental differences in their operations. All of the Company’s operations are conducted in the PRC. Information with respect to these reportable business segments for the three months ended March 31, 2015 and 2014 was as follows:

	2015			2014
Revenues
Forged rolled rings and related components	$	7,273,612		$	8,257,133
Dyeing and finishing equipment		6,523,352			9,378,138
Petroleum and chemical equipment		1,849,501			-
		15,646,465			17,635,271
Depreciation
Forged rolled rings and related components		698,441			1,217,058
Dyeing and finishing equipment		862,084			748,216
Petroleum and chemical equipment		513,982			-
		2,074,507			1,965,274
Interest expense
Forged rolled rings and related components		8,104			22,565
Dyeing and finishing equipment		35,658			35,162
Petroleum and chemical equipment		13,581			-
		57,343			57,727
Net income (loss)
Forged rolled rings and related components		613,663			1,229,436
Dyeing and finishing equipment		748,216			1,345,556
Petroleum and chemical equipment		226,429			-
Other (a)		(345,874	)		(178,634	)
	$	1,242,434		$	2,396,358

Identifiable long-lived tangible assets at March 31, 2015 and December 31, 2014 by segment	March 31, 2015		December 31, 2014
Forged rolled rings and related components (b)	$	22,013,701	$	38,937,371
Dyeing and finishing equipment		29,977,227		30,691,226
Petroleum and chemical equipment (b)		15,893,957		-
Equipment held for sale		424,573		422,540
	$	68,309,458	$	70,051,137

Identifiable long-lived tangible assets at March 31, 2015 and December 31, 2014 by geographical location	March 31, 2015		December 31, 2014
China	$	68,309,458	$	70,051,137
United States		-		-
	$	68,309,458	$	70,051,137

(a) The Company does not allocate any general and administrative expense of its U.S. activities to its reportable segments, because these activities are managed at a corporate level.

(b) Reflects reclassification of property and equipment previously used in the forged rolled rings and related components segment to petroleum and chemical equipment segment.