Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 12 – SEGMENT INFORMATION

During the three months ended March 31, 2018 and 2019, 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 three months ended March 31, 2018 and 2019, the Company’s dyeing and finishing equipment 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 three months ended March 31, 2019 and 2018 was as follows:

	For the Three Months ended March 31,
	2019			2018
Revenues:
Dyeing and finishing equipment	$	1,887,265		$	2,537,506
Sharing economy		3,789			31,021
		1,891,054			2,568,527
Depreciation:
Dyeing and finishing equipment		689,317			1,047,413
Sharing economy		4,426			4,327
		693,743			1,051,740
Interest expense
Dyeing and finishing equipment		41,998			30,452
Sharing economy		90,815			-
		132,813			30,452
Net loss
Dyeing and finishing equipment		(22,564,654	)		(2,570,941	)
Sharing economy		(1,612,786	)		(1,119,403	)
Discontinued segments		-			16,899
Other (a)		(871,302	)		(1,193,217	)
	$	(25,048,742	)	$	(4,866,662	)

	March 31, 2019		December 31, 2018
Identifiable long-lived tangible assets as of March 31, 2019 and December 31, 2018 by segment
Dyeing and finishing equipment	$	2,544,307	$	16,481,795
Sharing economy		52,295		56,762
Other (b)		5,149,601		5,024,863
	$	7,746,203	$	21,563,420

	March 31, 2019		December 31, 2018
Identifiable long-lived tangible assets as of March 31, 2019 and December 31, 2018 by geographical location
China	$	7,693,908	$	21,506,658
Hong Kong		52,295		56,762
United States		-		-
	$	7,746,203	$	21,563,420

(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.