Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 15 – SEGMENT INFORMATION

During the three and six months ended June 30, 2019 and 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 three and six months ended June 30, 2019 and 2018, 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 and six months ended June 30, 2019 and 2018 was as follows:

	For the Three Months ended June 30,						For the Six Months ended June 30,
	2019			2018			2019			2018
Revenues:
Dyeing and finishing equipment	$	1,652,644		$	2,517,419		$	3,539,909		$	5,054,925
Sharing economy		23,003			52,174			26,792			83,195
		1,675,647			2,569,593			3,566,701			5,138,120
Depreciation:
Dyeing and finishing equipment		694,953			1,045,489			1,384,270			2,092,902
Sharing economy		-			4,425			4,426			8,752
		694,953			1,049,914			1,388,696			2,101,654
Interest expense
Dyeing and finishing equipment		38,994			92,362			80,992			122,814
Sharing economy		-			-			90,815			-
		38,994			92,362			171,807			122,814
Net loss
Dyeing and finishing equipment		(957,637	)		(1,500,791	)		(23,522,291	)		(4,071,732	)
Sharing economy		499,495			(2,610,566	)		(1,113,291	)		(3,729,969	)
Discontinued segments		-			(28	)		-			16,871
Other (a)		(1,790,022	)		(1,911,296	)		(2,661,324	)		(3,104,513	)
	$	(2,248,164	)	$	(6,022,681	)	$	(27,296,906	)	$	(10,889,343	)

	June 30, 2019		December 31, 2018
Identifiable long-lived tangible assets as of June 30, 2019 and December 31, 2018 by segment
Dyeing and finishing equipment	$	1,796,496	$	16,481,795
Sharing economy		52,295		56,762
Other (b)		5,033,865		5,024,863
	$	6,882,656	$	21,563,420

	June 30, 2019		December 31, 2018
Identifiable long-lived tangible assets as of June 30, 2019 and December 31, 2018 by geographical location
China	$	6,830,361	$	21,506,658
Hong Kong		52,295		56,762
United States		-		-
	$	6,882,656	$	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  corporate level.

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