SEGMENT REPORTING

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 11 - SEGMENT REPORTING

ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has two operating segments: sales to independent restaurants and wholesale.

The following table presents net sales by segment for the nine and three months ended September 30, 2018 and 2017, respectively:

	For the Nine Months Ended
	September 30, 2018		September 30, 2017
Sales to independent restaurants	$	203,272,084	$	208,530,756
Wholesale		13,960,000		17,206,281
Total	$	217,232,084	$	225,737,037

	For the Three Months Ended
	September 30, 2018		September 30, 2017
Sales to independent restaurants	$	65,755,748	$	70,939,519
Wholesale		4,608,053		4,656,357
Total	$	70,363,798	$	75,595,876

All the Company’s revenue was generated from its business operation in the U.S.

	For the Nine Months Ended September 30, 2018
	Sales to independent restaurants		Wholesale		Total
Revenue	$	203,272,084	$	13,960,000	$	217,232,084
Cost of revenue		167,388,910		13,052,688		180,441,598
Gross profit	$	35,883,174	$	907,312	$	36,790,486
Depreciation and amortization	$	1,477,627	$	101,478	$	1,579,105
Total capital expenditures	$	2,053,203	$	141,007	$	2,194,210

	For the Nine Months Ended September 30, 2017
	Sales to independent restaurants		Wholesale		Total
Revenue	$	208,530,756	$	17,206,281	$	225,737,037
Cost of revenue		177,468,565		16,676,757		194,145,322
Gross profit	$	31,062,191	$	529,524	$	31,591,715
Depreciation and amortization	$	1,279,312	$	105,559	$	1,384,871
Total capital expenditures	$	1,939,300	$	176,887	$	2,116,187

	For the Three Months Ended September 30, 2018
	Sales to independent restaurants		Wholesale		Total
Revenue	$	65,755,745	$	4,608,053	$	70,363,798
Cost of revenue		53,488,702		4,312,409		57,801,111
Gross profit	$	12,267,043	$	295,644	$	12,562,687
Depreciation and amortization	$	502,293	$	35,150	$	537,443
Total capital expenditures	$	115,593	$	9,237	$	124,830

	For the Three Months Ended September 30, 2017
	Sales to independent restaurants		Wholesale		Total
Revenue	$	70,939,519	$	4,656,357	$	75,595,876
Cost of revenue		59,987,884		4,479,565		64,467,449
Gross profit	$	10,951,635	$	176,792	$	11,128,427
Depreciation and amortization	$	445,959	$	29,547	$	475,506
Total capital expenditures	$	—	$	—	$	—

	As of September 30, 2018		As of December 31, 2017
Total assets:
Sales to independent restaurants	$	78,377,247	$	75,180,924
Wholesale		5,382,669		5,476,976
Total Assets	$	83,759,916	$	80,657,900