Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.10.0.1
Segment Information
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Segment Information

Note 22 – Segment Information (restated)

 

The Company is organized and operates as one operating segment. In accordance with FASB ASC 280 “Segment Reporting”, the Chief Operating Officer is the chief operating decision-maker who reviews operating results to make decisions on allocation of resources and assessment of performance for the entire company.

 

The total revenue by different product lines was as follows:

 

    Years ended  
    December 31,  
Product Line   2017     2016  
    (restated)        
MicroParticle Catalyzed Biosensor (“MPC”)   $ 381,228     $ 282,516  
Particle ImmunoFiltration Assay (“PIFA”)     2,232,684       2,577,148  
Rapid Enzymatic Assay ("REA")     133,848       -  
Other     556,952       97,498  
Product Revenue Total   $ 3,304,712     $ 2,957,162  
License Fees     50,000       3,750  
Total Revenue   $ 3,354,712     $ 2,960,912  

 

The total revenue by geographic area determined based on the location of the customers was as follows:

 

    Years ended  
    December 31,  
Geographic Region   2017     2016  
    (restated)        
United States   $ 2,679,549     $ 2,330,723  
People's Republic of China     502,131       502,998  
Rest of World     173,032       127,191  
Total Revenue   $ 3,354,712     $ 2,960,912  

 

The Company had long-lived assets totaling $59,830 and $61,081 located in the People’s Republic of China and $1,305,950 and $1,500,086 located in the United States as of December 31, 2017 and 2016, respectively.