Segment Information

3 Months Ended

Mar. 31, 2016

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION

For the three months ended March 31, 2016 and 2015, the Company operated in three reportable business segments - (1) the manufacture of textile dyeing and finishing equipment segment, (2) the manufacture of forged rolled rings and related components segment, and (3) the manufacture of petroleum and chemical 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, 2016 and 2015 was as follows:

Revenues	2016			2015
Dyeing and finishing equipment	$	4,526,700		$	6,523,352
Forged rolled rings and related components		262,055			7,273,612
Petroleum and chemical equipment		130,736			1,849,501
		4,919,491			15,646,465
Depreciation
Dyeing and finishing equipment		955,279			862,084
Forged rolled rings and related components		662,555			698,441
Petroleum and chemical equipment		56,894			513,982
		1,674,728			2,074,507
Interest expense
Dyeing and finishing equipment		32,610			35,658
Forged rolled rings and related components		12,242			8,104
Petroleum and chemical equipment		10,862			13,581
		55,714			57,343
Net income (loss)
Dyeing and finishing equipment		368,455			748,216
Forged rolled rings and related components		(698,078	)		613,663
Petroleum and chemical equipment		(42,436	)		226,429
Other (a)		(472,034	)		(345,874	)
	$	(844,093	)	$	1,242,434

Identifiable long-lived tangible assets at March 31, 2016 and December 31, 2015 by segment	March 31, 2016		December 31, 2015
Dyeing and finishing equipment	$	25,146,775	$	25,782,801
Forged rolled rings and related components		13,775,724		14,212,045
Petroleum and chemical equipment		11,485,950		11,759,118
	$	50,408,449	$	51,753,964

Identifiable long-lived tangible assets at March 31, 2016 and December 31, 2015 by geographical location	March 31, 2016		December 31, 2015
China	$	50,408,449	$	51,753,964
United States		-		-
	$	50,408,449	$	51,753,964

(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.