Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 24 – 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 to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company.

Based on the management’s assessment, the Company determined that it has two operating segments, which are graphite anode business and peer-to-peer knowledge sharing and enterprise business, and therefore two reportable segments as defined by ASC 280.   The Company’s assets are substantially all located in the PRC and substantially all of the Company’s revenue and expense are derived in the PRC. Therefore, no geographical segments are presented.

The Company’s CODM evaluates performance based on each reporting segment’s revenue, costs of revenues and gross profit (loss). Revenues, cost of revenues and gross (loss) profits by segment are presented below. Separate financial information of operating income by segment is not available.

	For the six months ended June 30,
REVENUES, NET	2023		2022
Graphite anode business	$	20,467,706	$	9,945,459
Peer-to-peer knowledge sharing and enterprise business		240,785		319,677
Member services		11,535		95,974
Enterprise services
-Comprehensive tailored services		672		93,059
-Sponsorship advertising services		-		-
-Consulting services		198,833		6,440
Online services		-		697
Other revenues		29,745		123,507
Revenues, net	$	20,708,491	$	10,265,136

	For the six months ended June 30,
COST OF REVENUES	2023		2022
Graphite anode business	$	19,871,938	$	8,611,503
Peer-to-peer knowledge sharing and enterprise business		217,226		620,645
Member services		-		-
Enterprise services
-Comprehensive tailored services		-	$	507
-Sponsorship advertising services		-		-
-Consulting services		82,053		117,755
Online services		117,942		498,152
Other revenues		17,231		4,231
Cost of revenues	$	20,089,164	$	9,232,148

	For the six months ended June 30,
GROSS PROFIT	2023			2022
Graphite anode business	$	595,768		$	1,333,956
Peer-to-peer knowledge sharing and enterprise business		23,559			(300,968	)
Member services		11,535			95,974
Enterprise services
-Comprehensive tailored services		672			92,552
-Sponsorship advertising services		-			-
-Consulting services		116,780			(111,315	)
Online services		(117,942	)		(497,455	)
Other revenues		12,514			119,276
Gross profit	$	619,327		$	1,032,988