Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 13 – SEGMENT INFORMATION

During the year ended December 31, 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 2019 and 2018 periods, Company's operations in dyeing and finishing equipment were conducted in the PRC, while Sharing Economy Segment is based and operated in Hong Kong.

Information with respect to these reportable business segments for the years ended December 31, 2019 and 2018 were as follows:

	For the Years Ended December 31,
	2019			2018
Revenues:
Dyeing and finishing equipment (discontinued operations)	$	6,661,473		$	9,299,867
Sharing economy		29,655			208,175
		6,691,128			9,508,042
Depreciation:
Dyeing and finishing equipment (discontinued operations)		565,008			4,028,214
Sharing economy		28,980			19,447
		593,908			4,047,661
Interest expense
Dyeing and finishing equipment (discontinued operations)		147,631			131,684
Sharing economy		322,201			242,703
		469,832			374,387
Net (loss) income
Dyeing and finishing equipment (discontinued operations)		(24,951,086	)		(26,370,074	)
Sharing economy		(2,556,543	)		(12,728,399	)
Other (a)		-			(3,865,511	)
	$	(27,507,629	)	$	(42,963,984	)

	December 31, 2019		December 31, 2018
Identifiable long-lived tangible assets at December 31, 2019 and 2018 by segment
Dyeing and finishing equipment (discontinued operations)	$	1,980,643	$	16,481,795
Sharing economy		620,075		59,096
Other (b)		-		5,024,863
	$	2,600,718	$	21,565,754

	December 31, 2019		December 31, 2018
Identifiable long-lived tangible assets at December 31, 2019 and 2018 by geographical location
China	$	1,980,643	$	21,506,658
Hong Kong		620,075		59,096
	$	2,600,718	$	21,565,754

(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.