Segment Information

12 Months Ended

Dec. 31, 2018

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 17 – SEGMENT INFORMATION

During the year ended December 31, 2017, the Company operated in one reportable business segments, the manufacture of textile dyeing and finishing equipment segment. During the year ended December 31, 2018, the Company operated in two reportable business segments - (1) the manufacture of textile dyeing and finishing equipment segment, and (2) the Sharing Economy Segment which targets the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. During the 2018 and 2017 periods, all of the Company’s operations were conducted in the PRC. The Sharing Economy Segment is based in Hong Kong.

Information with respect to these reportable business segments for the years ended December 31, 2018 and 2017 were as follows: 

	For the Years Ended December 31,
	2018			2017
Revenues:
Dyeing and finishing equipment	$	9,299,867		$	13,463,557
Sharing economy		208,175			58,499
		9,508,042			13,522,056
Depreciation:
Dyeing and finishing equipment		4,028,214			3,943,694
Sharing economy		17,667			7,238
		4,045,881			3,950,932
Interest expense
Dyeing and finishing equipment		131,684			134,459
Sharing economy		242,703			3,364
		374,387			137,823
Net (loss) income
Dyeing and finishing equipment		(26,386,311	)		(9,914,743	)
Sharing economy		(11,850,496	)		(1,211,499	)
Discontinued segments		16,237			(97,957	)
Other (a)		(3,865,511	)		(1,702,151	)
	$	(42,086,081	)	$	(12,926,350	)

	December 31,  2018		December 31,  2017
Identifiable long-lived tangible assets at December 31, 2018 and 2017 by segment
Dyeing and finishing equipment	$	16,481,795	$	27,805,180
Sharing economy		56,762		65,144
Other (b)		5,024,863		5,310,795
	$	21,563,420	$	33,181,119

	December 31, 2018		December 31, 2017
Identifiable long-lived tangible assets at December 31, 2018 and 2017 by geographical location
China	$	21,506,658	$	33,115,975
Hong Kong		56,762		65,144
United States		-		-
	$	21,563,420	$	33,181,119

(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) Represents amount of net tangible assets not in use and to be used by for new segment being developed.