Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.8.0.1
Segment Information
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Segment Information

Note 19 – Segment Information

 

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:

 

    Three months ended     Nine months ended  
    September 30,     September 30,  
Product Line   2017     2016     2017     2016  
MicroParticle Catalyzed Biosensor (“MPC”)   $ 104,094     $ 85,337     $ 381,569     $ 195,040  
Particle ImmunoFiltration Assay (“PIFA”)     490,058       514,840       1,477,726       2,029,095  
Rapid Enzymatic Assay (“REA”)     27,500       -       27,500       -  
Other     16,679       13,021       616,647       83,573  
Product Revenue Total   $ 638,331     $ 613,198     $ 2,503,442     $ 2,307,708  
License Fees     37,500       -       37,500       -  
Total Revenue   $ 675,831     $ 613,198     $ 2,540,942     $ 2,307,708  

 

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

 

    Three months ended     Nine months ended  
    September 30,     September 30,  
Geographic Region   2017     2016     2017     2016  
United States   $ 626,077     $ 603,006     $ 1,755,695     $ 1,721,967  
People’s Republic of China     -       383       627,132       506,781  
Rest of World     49,754       9,809       158,115       78,960  
Total Revenue   $ 675,831     $ 613,198     $ 2,540,942     $ 2,307,708  

 

The Company had long-lived assets totaling $55,504 and $61,081 located in the People’s Republic of China and $1,359,987 and $1,500,086 located in the United States as of September 30, 2017 and December 31, 2016, respectively.