☒	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ~~______________~~______ to ~~______________~~______

~~Copies to:~~Securities registered pursuant to Section 12(b) of the Exchange Act: None.

~~1185 Avenue~~Securities registered pursuant to Section 12(g) of the ~~Americas, 3rd Floor,~~

Former ~~fiscal year: 31 January 2017~~address: 1255 W, Rio Salado Parkway, Suite 215, Tempe, Arizona, 85281

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨o No x☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ¨o No x☒

Indicate by ~~checkmark~~check mark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ~~Yesx Noo~~ Yes o No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes xo No ¨☒

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K, or any amendment to this Form 10-K. ¨o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o ☐	Accelerated filer	o ☐
Non-accelerated filer	o ☐	Smaller reporting company	o ☒
		Emerging growth company	x ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨o No x☒

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A

~~Indicate by checkmark whether~~No market value has been computed as of December 31, 2019 based upon the ~~issuer~~fact that no active trading market has ~~filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes~~ x No ¨been established.

Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the most practicable date: As of ~~April 16, 2018,~~January 1, 2021, there were 160,790,000 shares of Common Stock of the issuer outstanding.

Certain statements made in this Annual Report on Form 10-K are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Green Vision Biotechnology Corp. (the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company’s plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

As used throughout this Annual Report, the terms ~~“Green~~“Green Vision”, “Company”, “we”, “us”, “our” or “Registrant” refer to Green Vision Biotechnology Corp. and its subsidiaries.

Green Vision Biotechnology Corp. (formerly known as Vibe Wireless Corp., originally known as Any Translation Corp.), (the “Company”, “GVBT”), was incorporated under the laws of the State of Nevada on July 5, 2012. ~~We were~~The Company was founded to be in the business of translation and interpretation. On November 12, 2015, wethe Company changed ~~our~~its name from Any Translation Corp. to Vibe Wireless Corp. On September 30, 2016, we changed our name from Vibe Wireless Corp. to Green Vision Biotechnology Corp.

On September 30, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation ~~by increasing~~to increase the Company’s authorized number of shares of common stock from 75 million to 750 million and ~~increasing~~forward stock split all of its issued and outstanding shares of common stock at a ratio of ten (10) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on September 30, 2016. This stock split has been retroactively ~~applied. The~~applied to the financial statements.

On the same date, September 30, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, Green Vision Biotechnology Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company is the sole surviving entity and changed its name to “Green Vision Biotechnology Corp.”

The investment transaction under the share exchange agreements and contractual agreements as described below (collectively the “Transaction Agreements”) was entered into, between each of the Shareholders of Lutu International Biotechnology Limited (“Lutu International”), a company incorporated under the laws of Cayman Islands and GVBT (the “Investment Transaction”) on May 12, 2017. As a result of closing the Investment Transaction, GVBT acquired part of the shares of Lutu International and assumed management of Lutu International and all its direct and indirect subsidiaries (“the Lutu Group”).

On May 12, 2017, GVBT entered into a share exchange agreement with Harcourt Capital Limited (“Harcourt”), a limited company incorporated in the British Virgin Islands, which holds 6% of the issued and outstanding shares of Lutu International; and Woodhead Investments Limited (“Woodhead”), a limited company incorporated in the British Virgin Islands, which holds 5% of the issued and outstanding shares of Lutu International (the “Minority Interest Exchange Agreement”). Under the Minority Interest Exchange Agreement, Woodhead agreed to transfer GVBT a total of 5% of the issued and outstanding shares of Lutu International. In consideration, GVBT agreed to grant Woodhead, or persons designated by Woodhead, a right to receive a total of 5 million shares of GVBT’s common stock. Under the Minority Interest Exchange Agreement, Harcourt agreed to transfer to GVBT a total of 6% of the issued and outstanding shares of Lutu International. In consideration, GVBT agreed to grant Harcourt, or persons designated by Harcourt, a right to receive a total of 6 million shares of GVBT’s common stock. The transactions under the Minority Interest Exchange Agreement were completed on May 12, 2017.

Able Lead, ~~has~~an 89% shareholder of Lutu International, had an outstanding loan of $4.43 million denominated in Renminbi (“RMB”) owed to an unrelated third party with its maturity date on January 22, 2018 (the “Outstanding Loan”). Able Lead ~~is currently~~was negotiating an extension of the Outstanding Loan to 2019 with the third party creditor. Shares of Lutu International held by Able Lead were offered by Able Lead as collateral to secure repayment of the Outstanding Loan (the “Security”).

On May 12, 2017, GVBT entered into a share exchange agreement (the “Majority Interest Exchange Agreement”) with Able Lead, ~~Holdings Limited (“Able Lead”),~~ the 89% shareholder of Lutu International. Under the Majority Interest Exchange Agreement, Able Lead agreed to enter into a series of contractual arrangements with GVBT (collectively, the “Contractual Arrangements”) (as described below), in which GVBT assumed management control of the Lutu Group. Able Lead further agreed to deliver the shares of Lutu International to GVBT once the Outstanding Loan is fully repaid. In consideration, GVBT agreed to issue and deliver a total of 89 million shares of GVBT’s common stock to an escrow agent (issued in the name of the escrow agent or its nominee) (the ~~“ Escrow~~“Escrow Shares “). The Escrow Shares ~~shall be~~were held in escrow for a period of one year or such period of time to be agreed by GVBT and Able Lead upon the execution of the Majority Interest Exchange Agreement. Conditional upon the full repayment of the Outstanding Loan and the release of the Security, the Escrow Shares shall be released to Able Lead in exchange for the delivery of a total of 89% of the issued and outstanding shares of Lutu International by Able Lead to GVBT. In the event that Able Lead fully repays the Outstanding Loan and causes the release of the Security, then the Escrow Shares shall be delivered to Able Lead. In the event that Able Lead cannot fully repay the Outstanding Loan (within a period of one year, or such period of time to be agreed by GVBT and Able Lead) and cause the release of the Security, then the Escrow Shares shall be delivered to transfer agent for cancellation. Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Majority ~~Share~~Interest Exchange Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements described as below. The transactions under the Majority Interest Exchange Agreement were completed on May 12, 2017.

Pursuant to an escrow agreement (the “Escrow Agreement”) entered into between Booth Udall Fuller, PLC (the “Escrow Agent”) and GVBT on May 12, 2017, the Escrow Shares shall be held by Booth Udall Fuller, PLC for a year ~~upon~~following the execution of the Majority ~~Share~~Interest Exchange Agreement. The Escrow Shares ~~shall~~were not be subject to any lien, attachment, or any other judicial process of any creditor of GVBT, and ~~shall be~~were held and disbursed solely for the purposes and in accordance with the terms of the Majority ~~Share~~Interest Exchange Agreement.

On July 30, 2019, the Company cancelled the 89,000,000 shares of common stock, par value $.001 per share, and re-issued them to Able Lead Holdings Limited. The issuance was done pursuant to Section 4(a)(2) of the Securities Act of 1933. as it was a non-public offering. On May 12, 2017, the Company had placed the 89,000,000 shares into escrow with Booth Udall Fuller PLC, pending repayment of a loan and discharge of shares of Lutu International by Able Lead Holdings Limited. Full repayment of such was made on February 27, 2019. Therefore, the 89,000,000 shares were returned from escrow and cancelled. Then they were re-issued to Able Lead Holdings Limited. Thereafter, Able Lead transferred the shares in private transactions to six (6) shareholders who are not affiliated with GVBT.

On May 12, 2017, GVBT entered into ~~a series of contractual agreements as described below~~the Contractual Agreements with Lutu International ~~Biotechnology Limited (“Lutu International”)~~ and/or Able ~~Lead (the “Contractual Arrangements”).~~Lead. Upon execution of the Contractual Arrangements, GVBT assumed management of Lutu International and its subsidiaries (the “Lutu Group”) and received economic benefits which includes the right to receive the expected residual returns and and/or obligation to absorb expected loss from the Lutu Group. Each agreement in the Contractual Arrangements constitutes valid and binding obligations of the parties of such agreements and is enforceable and valid in accordance with the laws of Cayman Islands. All agreements executed by Lutu International were duly approved by its board of directors and the Shareholders of Lutu International.

Pursuant to the exclusive consulting services agreement entered into between GVBT and Lutu International on May 12, 2017, GVBT has the exclusive right to provide to the Lutu Group general business operation services, including advice and strategic planning, as well as consulting services related to the technological research and development of bio-fertilizers. Further, GVBT owns the intellectual property rights developed or discovered through research and development, in the course of providing the consulting services, or derived from the provision of the consulting services. In consideration, Lutu International pays an annual consulting service fees to GVBT in the amount equivalent to all of Lutu International’s net profits for the relevant financial year. The term of this consulting service agreement is five (5) years from its effective date and may be terminated upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Consulting Services Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

Pursuant to the operating agreement entered into between GVBT, Lutu International and Able Lead on May 12, 2017, GVBT agreed to provide guidance and instructions on the Lutu Group’s daily operations, financial management and employment issues. Able Lead agreed to designate candidates recommended by GVBT as their representatives on the boards of directors of each member of the Lutu Group. GVBT has the right to appoint senior executives of each member of the Lutu Group. In addition, GVBT agreed to guarantee the Lutu Group’s performance under any agreements or arrangements relating to the Lutu Group’s business arrangements with any third party. In consideration, Lutu International agrees that it will not, and will cause the Lutu Group not to, without the prior consent of GVBT, engage in any transactions that could materially affect their respective assets, liabilities, rights or operations, including but not limited to, incurrence or assumption of any indebtedness, sale or purchase of any assets or rights, incurrence of any encumbrance on any of their assets or intellectual property rights in favor of a third party or transfer of any agreements relating to their business operation to any third party. The term of this operating agreement is five (5) years from its effective date and may be extended and terminated only upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Operating Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

Pursuant to the proxy agreement entered into between Able Lead, Lutu International, and GVBT on May 12, 2017, Able Lead agreed to irrevocably grant a person to be designated by GVBT the right to exercise its voting rights and other rights, including the attendance of, and the voting at the shareholders’ meetings of Lutu International for and on behalf of Able Lead (or the signing of written resolutions in lieu of such meetings) in accordance with applicable laws and its articles of association, including but not limited to the appointment and voting for the directors and chairman of the board as the authorized representative of Able Lead to exercise controlling power in the Lutu Group. The proxy agreement may be terminated by joint consent of the parties or upon 7-day written notice from GVBT. The proxy right granted by the proxy agreement has never been exercised.

The closing of the Investment Transaction occurred on May 12, 2017, resulting in a change of control of GVBT. Prior to closing of the Investment Transaction, GVBT had a total of 60,790,000 shares of common stock issued and outstanding. As a result of the closing of the Investment Transaction, GVBT now has a total of 160,790,000 shares of its common stock issued and outstanding, of which 60,790,000 shares, or approximately 37.8%, are owned by the previous existing shareholders of GVBT, with the balance of 100,000,000 shares, or approximately 62.2%, owned by the previous shareholders of Lutu International, with certain shares held in escrow pursuant to the Escrow Agreement.

Following the closing of the Investment Transaction, GVBT ~~will carry~~began carrying on the business of the Lutu Group. The Lutu Group, with its operation primarily located in the Shanxi Province of China, is engaged in the biotechnology industry, in particular, the production and distribution of bio-fertilizers. Revenues of the Lutu Group are currently generated from China.

Simultaneous with the closing of the Investment Transaction, there was a change in the officers and directors of GVBT. As authorized by the bylaws, the existing director of GVBT, Mr. Ma Wai Kin, appointed two (2) additional members to the Board of GVBT. Such members are Mr. Lam Ching Wan (also known as William Lam) and Mr. Leung Kwong Tak (also known as Dr. Michael Leung). Mr. Ma also appointed Mr. William Lam as GVBT’s Chief Executive Officer and Mr. Lo Kwok Leung as GVBT’s Chief Financial Officer. Mr. Lo Kwok Leung is not related to Dr. Michael Leung.

All members of the Board shall hold their respective offices for a term of one year from their respective dates of appointment, or until the election and qualification of their successors, and thereafter to resign as a director of GVBT. In accordance with the bylaws, officers are elected by the board of directors and serve at the discretion of the board of directors.

The Investment Transaction ~~is being~~was accounted for as a reverse-merger and recapitalization. For financial reporting purposes, Lutu International is the acquirer and GVBT is the acquired company. After completion of the transaction, the assets, liabilities, operations results and cash flow of GVBT that will be reflected in the historical consolidated financial statements prior to the Investment Transaction will be those of Lutu International and its subsidiaries and will be recorded at the historical cost basis of Lutu International and its subsidiaries. Number of shares deemed to be outstanding for the period from January 1, 2019 to the acquisition date will be reflected in the balance of the common stock and paid in capital. The Company changed its fiscal year ended from January 31 to December 31.

The Investment Transaction is intended to constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the ~~“Code growth”~~“Code”), or such other tax free reorganization exemptions that may be available under the Code. Immediately following the Investment Transaction, the filer status of GVBT ~~is an “~~will be a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K, as promulgated by SEC.

As a company with less than $1.0 billion in revenue during our last fiscal year, we qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

We may take advantage of these provisions until the end of the fiscal year ending after the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company, and if we do, the information that we provide to the stockholders may be different than you might get from other public companies in which you hold equity. We would cease to be an emerging growth company if we have more than $1.0 billion in annual revenue, have more than $700 million in market value of our ordinary shares held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a three-year period. The JOBS Act permits an “emerging growth company” like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies.Item 1A. Risk Factors

~~Item 1A. Risk Factors~~Smaller reporting companies are not required to provide the information required by this item.

In order to grow at the pace expected by management, we will require additional capital to support our long-term growth strategies. If we are unable to obtain additional capital, we may be unable to proceed with our plans and we may be forced to curtail our operations.

We will require additional working capital to support our long-term growth strategies and better utilize our production capacity, which includes development of marketing and research and development of new products. Our working capital requirements and the cash flow provided by future operating activities, if any, may vary greatly from quarter to quarter, depending on the volume of business during the period, and other matters. We may not be able to obtain adequate levels of additional financing, whether through equity financing, debt financing or other sources. Additional financings could result in significant dilution to our earnings per share or the issuance of securities with rights superior to our current outstanding securities. If we are unable to raise additional financing, we may be unable to implement our long-term growth strategies, develop or enhance our products and services, take advantage of future opportunities or respond to competitive pressures on a timely basis, or at all. Even if additional financings are available, they may be on terms that we deem unacceptable or are materially adverse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms.

~~Substantially all of our business, assets and operations are located in the PRC.~~

Substantially all of our business, assets and operations are located in the PRC. The economy of the PRC differs from the economies of most developed countries in many respects. The economy of the PRC has been transitioning from a planned economy to a market-oriented economy. Although in recent years the PRC government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of sound corporate governance in business enterprises, a substantial portion of productive assets in the PRC are still owned by the PRC government. In addition, the PRC government continues to play a significant role in regulating industry by imposing industrial policies. It also exercises significant control over the PRC’s economic growth through the allocation of resources, controlling payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Some of these measures benefit the overall economy of the PRC, but may have a negative effect on us.

~~Our planned expansion could be delayed or adversely affected by, among other things, difficulties in obtaining sufficient financing, technical difficulties, or human or other resource constraints.~~

Our planned expansion in our production capacity in bio-fertilizers could be delayed or adversely affected by, among other things, difficulties in obtaining sufficient financing, technical difficulties, or human or other resource constraints. Moreover, the costs involved in these projects may exceed those originally contemplated. Costs savings and other economic benefits expected from these projects may not materialize as a result of any such project delays, cost overruns or changes in market circumstances. Failure to obtain intended economic benefits from these projects could adversely affect our business, financial condition and operating performances.

~~Our limited operating history may not serve as an adequate basis to judge our future prospects and results of operations.~~

Our limited operating history may not provide a meaningful basis for evaluating our business. The Company entered into business in 2012. We cannot guarantee that we will achieve profitability or that we will not incur net losses in the future. We will continue to encounter risks and difficulties that companies at a similar stage of development frequently experience, including the potential failure to:

~~If we are not successful in addressing any or all of the foregoing risks, our results of operations may be materially and adversely affected.~~

~~We will incur significant costs to ensure compliance with United States corporate governance and accounting requirements.~~

We will incur significant costs associated with our public company reporting requirements, costs associated with newly applicable corporate governance requirements, including requirements under the Sarbanes-Oxley Act of 2002 and other rules implemented by the SEC. Since we had no obligations as a public company prior to completion of the Investment Transaction, we did not have any such expenses prior to that date. We expect all of these applicable rules and regulations to significantly increase our legal and financial compliance costs and to make some activities more time consuming and costly. We also expect that these applicable rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these newly applicable rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

The audit report included in this Annual Report was prepared by auditors who are not inspected by the Public Company Accounting Oversight Board and, as a result, you are deprived of the benefits of such inspection

The independent registered public accounting firm that issues the audit reports included in our annual reports filed with the SEC, as auditors of companies that are traded publicly in the United States and a firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) is required by the laws of the United States to undergo regular inspections by the PCAOB to assess its compliance with the laws of the United States and professional standards. Because our auditors are located in Hong Kong SAR, China, a jurisdiction where the PCAOB is currently unable to conduct inspections without the approval of the local authorities, our auditors are not currently inspected by the PCAOB.

Inspections of other firms that the PCAOB has conducted outside China have identified deficiencies in those firms’ audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. The inability of the PCAOB to conduct inspections in China prevents the PCAOB from regularly evaluating our auditor’s statements, audits and quality control procedures. As a result, investors may be deprived of the benefits of PCAOB inspections.

The inability of the PCAOB to conduct inspections of auditors in Hong Kong SAR and China makes it more difficult to evaluate the effectiveness of our auditor’s quality control and audit procedures as compared to auditors outside of China that are subject to PCAOB inspections. Investors may lose confidence in our reported financial information and procedures and the quality of our financial statements.

~~We may not be able to meet the internal control reporting requirements imposed by the SEC resulting in a possible decline in the price of our common stock and our inability to obtain future financing.~~

As directed by Section 404 of the Sarbanes-Oxley Act, the SEC adopted rules requiring each public company to include a report of management on the company’s internal controls over financial reporting in its annual reports. Although the Dodd-Frank Wall Street Reform and Consumer Protection Act exempts companies with a public float of less than $75 million from the requirement that our independent registered public accounting firm attest to our financial controls, this exemption does not affect the requirement that we include a report of management on our internal control over financial reporting and does not affect the requirement to include the independent registered public accounting firm’s attestation if our public float exceeds $75 million.

While we expect to expend significant resources in developing the necessary documentation and testing procedures required by Section 404 of the Sarbanes-Oxley Act, there is a risk that we may not be able to comply timely with all of the requirements imposed by this rule. Regardless of whether we are required to receive a positive attestation from our independent registered public accounting firm with respect to our internal controls, if we are unable to do so, investors and others may lose confidence in the reliability of our financial statements and our stock price and ability to obtain equity or debt financing as needed could suffer.

In addition, in the event that our independent registered public accounting firm is unable to rely on our internal controls in connection with its audit of our financial statements, and in the further event that it is unable to devise alternative procedures in order to satisfy itself as to the material accuracy of our financial statements and related disclosures, it is possible that we would be unable to file our Annual Report on Form 10-K with the SEC, which could also adversely affect the market for and the market price of our common stock and our ability to secure additional financing as needed.

~~We depend on a network of distributors to sustain our business. If our relationship with our distributors is disrupted, our revenue will be reduced, and our business could become unprofitable.~~

Our sales to our distributors remain the main source of our revenues. If a distributor terminated its relationship with us, or if its sales of our products were seriously impaired for any reason, our overall sales results would be diminished. In addition, if our distributors were to act in concert to change the economic terms of our relationship with them, the result could have a negative effect on our profitability.

~~Our demands are seasonal and our production capacity has not been utilized, we need to expand our sales and have better production planning~~

The sowing and harvesting cycle is different across different parts of China. For illustrations, users in the Northeastern part of China usually apply fertilizers in spring during the sowing season. They generally have only one harvest in a year and will therefore only place orders in around February and March before the sowing season starts. On the other hand, plantations in the southern and south-western parts of China can produce two to three harvests a year and generally customers place orders twice a year in around February and August respectively. Most of our customers will usually place orders during the sowing season, which lasts for only one to two months. During the non-sowing season of our clients, we may not be able to utilize our production capacity due to a lack of orders.

Therefore, we need to expand our sales networks across different parts of China. Only by doing so, we will have a greater chance of securing orders all year around and hence our production capacity can be better utilized.

~~There is a time gap between placements of orders and payments from clients, we may face liquidity problems during this time gap~~

It is a market practice in China that customers usually place orders in the sowing season and settle the majority of payments with the Company after harvest when the crops are sold on the market and their working capital is recouped. As a result, some of our customers will pay the balance of the purchase price 6 to 12 months after they place their orders. This is especially true for the northern part of China as crop growth is slower and there is only one harvest during the year. Some users may agree to paying an upfront payment of around 30%, given they can have multiple harvests during the year.

Therefore, there is a significant working capital requirement upfront to start production due to the time gap between placement of orders and payments. We need to raise more working capital to provide more liquidity to the Company and to help the Company pay production costs more easily. Our failure to raise sufficient working capital would have a material adverse effect on our results of operations and financial condition. On the other hand, in order to reduce our risk, we are negotiating with our potential customers to incorporate full upfront payments of purchase price as a term in the sales contract.

~~If Able Lead cannot repay the Outstanding Loan, we may not be able to acquire the majority shares of Lutu International without any encumbrances.~~

As mentioned above, under the Majority Interest Exchange Agreement, Able Lead needs to repay the Outstanding Loan in the sum of $4.43 million before we can acquire the 89% of shares in Lutu International through the share exchange. There is a risk that Able Lead cannot raise enough funds and there will be a delay for us to acquire all the outstanding shares of Lutu International, or we may not be able to acquire all the outstanding shares of Lutu International. Able Lead is currently negotiating an extension of the Outstanding Loan with the third party creditor to 2019. There is no guarantee that the Outstanding Loan can be successfully extended. If the Outstanding Loan cannot be extended, there is a risk that Able Lead may default and we may not be able to acquire the majority shares of Lutu International without any encumbrances.

In the event that the Company is not able to acquire the remaining eighty-nine percent (89%) interest in Lutu Group, the VIE arrangement entered into with Able Lead will continue. In such case, the Company will continue to receive all of Lutu Group’s annual net profits during the term of the Contractual Arrangements, which is a period five (5) years from its effective date. After such five (5) years, if the loan under which the shares of Lutu Group are serving as collateral is not repaid and Able Lead cannot deliver the shares of Lutu Group representing such eighty-nine percent (89%) interest, there is no guarantee that the Company will continue to realize any economic benefit from its investment in Lutu Group.

~~Our current dependence on a limited number of customers may cause significant fluctuations or declines in our revenues.~~

~~Consequently, any one of the following events may cause material declines in our revenues and have a material adverse effect on our results of operations:~~

~~Failure to make strategic acquisitions and to establish and maintain strategic relationships, could have a material adverse effect on our revenue growth and prospects.~~

We may make strategic acquisitions and establish and maintain strategic relationships with third parties. In addition, we may enter into strategic relationships with third parties to gain access to capital or funding for research and development programs, process development programs and commercialization activities, or to reduce the risk of developing and scaling-up for commercial production of our anticipated pipeline of products.

We cannot assure you, however, that we will be able to successfully make such strategic acquisitions or establish strategic relationships with third parties that will prove to be beneficial for our business. Our inability in this regard could have a material adverse effect on our revenue growth and prospects. In addition, strategic acquisitions and relationships with third parties could subject us to a number of risks, including but not limited to:

Any of these events could impair our ability to manage our business, which in turn could have a material adverse effect on our financial condition and results of operations. Such risks could also result in our failure to derive the intended benefits of the strategic acquisitions or strategic relationships and we may be unable to recover our investment in such initiatives.

In 2017, local government of Jinzhong City, Shanxi Province, China (where Shanxi Lutu and our production plant is located) has promulgated a new set of environmental regulations restricting the use of coal-fired boilers in factories. Since coal-powered generators were used in our production plant, our production activities in 2017 were restricted to a certain extent.

We cannot ensure that we can comply with the new environmental regulations in time. If that is the case, our production capacity may be reduced as a result. This will affect our ability to generate income and to meet the demand of our customers, which in turn could have a material adverse effect on our financial condition and results of operations.

~~Fluctuations in exchange rates could adversely affect our business and the value of our securities.~~

The value of our common stock will be indirectly affected by the foreign exchange rate between the U.S. Dollar and Renminbi, and between those currencies and other currencies in which our sales may be denominated. Appreciation or depreciation in the value of Renminbi relative to the U.S. Dollar would affect our financial results reported in U.S. Dollar terms without giving effect to any underlying change in our business or results of operations. Fluctuations in the exchange rate will also affect the relative value of any dividend we may issue that will be exchanged into U.S. Dollars as well as earnings from, and the value of, any U.S. Dollar-denominated investments we may make in the future.

Since July 2005, Renminbi is no longer pegged to the U.S. Dollar. Although the People’s Bank of China regularly intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, Renminbi may appreciate or depreciate significantly in value against the U.S. Dollar in the medium to long term. Moreover, it is possible that in the future PRC authorities may lift restrictions on fluctuations in the Renminbi exchange rate and lessen intervention in the foreign exchange market.

Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions. While we may enter into hedging transactions in the future, the availability and effectiveness of these transactions may be limited, and we may not be able to successfully hedge our exposure at all. In addition, our foreign currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currencies.

Restrictions under PRC law on Shanxi Lutu’s ability to make dividends and other distributions could materially and adversely affect our ability to grow, make investments or acquisitions that could benefit our business, pay dividends to you, and otherwise fund and conduct our businesses.

Practically all of our revenues are earned by Shanxi Lutu. PRC regulations restrict the ability of Shanxi Lutu to make dividends and other payments to its offshore parent company. PRC legal restrictions permit payments of dividends by Shanxi Lutu only out of its accumulated after-tax profits, if any, determined in accordance with PRC accounting standards and regulations. Shanxi Lutu also is required under PRC laws and regulations to allocate at least 10% of its annual after-tax profits determined in accordance with PRC GAAP to a statutory general reserve fund until the amounts in said fund reaches 50% of its registered capital. Allocations to these statutory reserve funds can only be used for specific purposes and are not transferable to us in the form of loans, advances or cash dividends. Any limitations on the ability of Shanxi Lutu to transfer funds to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends and otherwise fund and conduct our business.

~~Uncertainties with respect to the PRC legal system could limit the legal protections available to you and us.~~

We conduct substantially all of our business through our operating subsidiaries and affiliate in the PRC. Our principal operating subsidiaries, Shanxi Lutu and Shenzhen Lutu, are subject to laws and regulations applicable to foreign investments in China and, in particular, laws applicable to foreign-invested enterprises. The PRC legal system is based on written statutes, and prior court decisions may be cited for reference but have limited precedential value. Since 1979, a series of new PRC laws and regulations have significantly enhanced the protections afforded to various forms of foreign investments in China. However, since the PRC legal system continues to evolve rapidly, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties, which may limit legal protections available to you and us. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management attention. As a result, it could be difficult for investors to effect service of process in the United States or to enforce a judgment obtained in the United States against our operations, subsidiaries and affiliates in China.

~~Restrictions on currency exchange may limit our ability to receive and use our sales revenue effectively.~~

All our sales revenue and expenses are denominated in Renminbi. Under PRC law, Renminbi is currently convertible under the “current account,” which includes dividends and trade and service-related foreign exchange transactions, but not under the “capital account,” which includes foreign direct investment and loans. The relevant PRC government authorities may limit or eliminate our ability to purchase foreign currencies in the future. Since a significant amount of our future revenue will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize revenue generated in Renminbi to fund our business activities outside China that are denominated in foreign currencies.

Foreign exchange transactions by our PRC operating subsidiary under the capital account continue to be subject to significant foreign exchange controls and require the approval of or need to register with PRC government authorities, including SAFE. In particular, if our PRC operating subsidiary borrows foreign currency through loans from us or other foreign lenders, these loans must be registered with SAFE, and if we finance the subsidiary by means of additional capital contributions, these capital contributions must be approved by certain government authorities, including the Ministry of Commerce, or their respective local counterparts. These limitations could affect their ability to obtain foreign exchange through debt or equity financing.

We may be exposed to liabilities under the Foreign Corrupt Practices Act and PRC anti-corruption law, and any determination that we violated these laws could have a material adverse effect on our business.

We are subject to the U.S. Foreign Corrupt Practices Act (“FCPA”) and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.S. persons and issuers for the purpose of obtaining or retaining business. We are also subject to the PRC anti-corruption law, which strictly prohibits the payment of bribes to government officials.

We principally have operations, agreements with third parties and make sales in China, which may experience corruption. Our activities in China create the risk of unauthorized payments or offers of payments by one of our employees, consultants or distributors, because these parties are not always subject to our control. We believe that to date we have complied in all material respects with the provisions of the FCPA and PRC anti-corruption law. However, our existing safeguards and any future improvements may prove to be less than effective, and our employees, consultants or distributors may engage in conduct for which we might be held responsible. Violations of the FCPA or PRC anti-corruption law may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition. In addition, the government may seek to hold us liable for successor liability FCPA violations committed by companies in which we invest or that we acquire.

~~Our ability to manage and operate Lutu International under the Contractual Arrangements may not be as effective as direct ownership.~~

We obtain the management of Lutu International by adopting a VIE structure through the Contractual Arrangements. Virtually all of our revenues will be generated through Lutu International. Our plans for future growth are based substantially on growing the operations of Lutu International. However, the Contractual Arrangements may not be as effective in providing us with management control over Lutu International as direct ownership. Under the Contractual Arrangement, as a legal matter, if Lutu International fails to perform its obligations under these contractual arrangements, we may have to (i) incur substantial costs and resources to enforce such arrangements, and (ii) rely on legal remedies under the laws of Cayman Islands, which we cannot be sure would be effective. Therefore, if we are unable to effectively control Lutu International, it may have an adverse effect on our ability to achieve our business objectives and grow our revenues.

~~Shareholders of Able Lead have potential conflicts of interest with us, which may adversely affect our business.~~

Dr. Leung Kwong Tak, Michael (“Dr. Leung”), the sole shareholder of Able Lead, which owns 89% of Lutu International’s outstanding equity interests, is also a beneficial owner of the common stock of GVBT. Equity interests held by Dr. Leung in GVBT is less than its interest in Lutu International as a result of the Investment Transaction. In addition, the shareholders’ equity interest in GVBT may be further diluted as a result of any future offering of equity securities. Conflicts of interest may arise as a result of such dual shareholding and governance structure.

If such conflicts arise, Dr. Leung may not act in our best interests, and such conflicts of interest may not be resolved in our favor. In addition, Dr. Leung may breach or cause Lutu International to breach or refuse to renew the Contractual Arrangements that allow us to exercise effective control over Lutu International and to receive economic benefits from Lutu International. If we cannot resolve any conflicts of interest or disputes between us and such shareholders or any future beneficial owners of Lutu International, we would have to rely on arbitral or legal proceedings to remedy the situation. Such arbitral and legal proceedings may cost us substantial financial and other resources and result in disruption of our business, the outcome of which may adversely affect GVBT.

~~Our proposed acquisition of shares of Lutu International from Able Lead is subject to the repayment of the Outstanding Loan~~

Our proposed acquisition of shares of Lutu International from Able Lead is conditional upon the shares of Lutu International being free from encumbrances. Therefore, it is critical whether Able Lead can repay the Outstanding Loan before the maturity date. There is a risk that the current VIE structure has to be continued for an indefinite period of time. Currently, Able Lead is negotiating an extension of the Outstanding Loan with the third party creditor to 2019. There is no guarantee that the Outstanding Loan can be successfully extended. If the Outstanding Loan cannot be extended, there is a risk that Able Lead may default.

~~If we are unable to protect our proprietary rights or to defend against infringement claims, we may not be able to compete effectively or operate profitably.~~

Our success will depend, in part, on our ability to obtain patents, protect our existing patent, operate without infringing the proprietary rights of others, and maintain trade secrets, both in China and other countries. Patent matters in the biotechnology and pharmaceutical industries can be highly uncertain and involve complex legal and factual questions. Accordingly, the validity, breadth and enforceability of our patent, and any s and the existence of potentially blocking patent rights of others cannot be predicted, either in China or other countries.

In addition, competitors may manufacture and sell our potential products in those foreign countries where we have not filed for patent protection or where patent protection may be unavailable, not obtainable or ultimately not enforceable. In addition, even where patent protection is obtained, third-party competitors may challenge our patent claims in the patent office of China. The ability of such competitors to sell such products in the United States or in foreign countries where we have obtained patents is usually governed by the patent laws of the countries in which the product is sold.

We will incur significant ongoing expenses in maintaining our patent and our patent applications. Should we lack the funds to maintain our patent and patent applications, or to enforce our rights against infringers, we could be adversely impacted. Even if claims of infringement are without merit, any such action could divert the time and attention of management and impair our ability to access additional capital and/or cost us significant funds to defend.

Currently, we have one patent issued in the name of Shanxi Lutu, which expires January 20, 2019. Our patent applications are pending and there is a risk that these patent applications are eventually unsuccessful.

~~Intellectual property rights do not necessarily address all potential threats to our competitive advantage.~~

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, or permit us to maintain our competitive advantage. The following examples are illustrative:

~~We may be subject to litigation with respect to the ownership and use of intellectual property that will be costly to defend or pursue and uncertain in its outcome in China~~

Our success also will depend, in part, on our refraining from infringing patents or otherwise violating intellectual property owned or controlled by others. Pharmaceutical companies, biotechnology companies, universities, research institutions and others may have filed patent applications or have received, or may obtain, issued patents in the United States or elsewhere relating to aspects of our technology. It is uncertain whether the issuance of any third-party patents will require us to alter our products or processes, obtain licenses, or cease certain activities. Some third-party applications or patents may conflict with our issued patent or pending applications. Any such conflict could result in a significant reduction of the scope or value of our issued patent, any patents that may result from our patent applications, or any license rights we may have with respect to patents or technology of others.

Competitors may successfully challenge our patents. Our patent may be challenged, invalidated or held unenforceable, which could materially and adversely harm our business and results of operations. Our pending patent applications may not be approved or the scope of claims may be restricted in the final approvals, which may provide insufficient protection for our technologies, processes or products.

In addition, it is possible that competitors could, under PRC patent law, apply for and obtain a compulsory license to our patent, and any future patents we may obtain, should we refuse to grant a license for those patents on reasonable terms. Furthermore, the existence of a patent does not provide assurance that the production, sale or use of our products does not infringe the patent rights of another. Third parties may also have blocking patents that could be used to prevent us from marketing products utilizing our patented technologies or processes.

Furthermore, it is possible that our technologies, processes or products may infringe on patents that have not yet been issued. Specifically, in China and many other jurisdictions, patent protection starts from the date the application is first filed. Therefore our attempt to enforce any PRC patent may be defeated by third-party patents issued on a later date if the applications for those patents were filed before ours and the technologies or processes underlying such patents are the same or substantially similar to ours. In such a case, a third party with an earlier application could force us to pay to license its patented technology, sue us for patent infringement and challenge the validity of our patent, and any future patents we may obtain.

While our common stock is listed for quotation on the OTC Pink Market, there is currently no trading in our common stock. We cannot provide any assurances as to when, or if, an active market will develop for our common stock.

Our common stock is subject to Rule 15g-1 through 15g-9 under the Exchange Act, which imposes certain sales practice requirements on broker-dealers which sell our common stock to persons other than established customers and “accredited investors” (generally, individuals with net worth’s in excess of $1,000,000 or annual incomes exceeding $200,000 (or $300,000 together with their spouses)). For transactions covered by this rule, a broker-dealer must make a special suitability determination for the purchaser and have received the purchaser’s written consent to the transaction prior to the sale. This rule adversely affects the ability of broker-dealers to sell our common stock and the ability of our stockholders to sell their shares of common stock.

Additionally, our common stock is subject to the SEC regulations for “penny stock.” Penny stock includes any equity security that is not listed on a national exchange and has a market price of less than $5.00 per share, subject to certain exceptions. The regulations require that prior to any non-exempt buy/sell transaction in a penny stock, a disclosure schedule set forth by the SEC relating to the penny stock market must be delivered to the purchaser of such penny stock. This disclosure must include the amount of commissions payable to both the broker-dealer and the registered representative and current price quotations for the common stock. The regulations also require that monthly statements be sent to holders of penny stock that disclose recent price information for the penny stock and information of the limited market for penny stocks. These requirements adversely affect the market liquidity of our common stock.

~~You may experience dilution of your ownership interests because of the future issuance of additional shares of the common stock.~~

In the future, we may issue our authorized but previously unissued equity securities, resulting in the dilution of the ownership interests of our present stockholders and the purchasers of common stock offered hereby. We are currently authorized to issue an aggregate of 750,000,000 shares of capital stock consisting of shares of common stock. As of the closing of the Share Exchange, there will be 160,790,000 shares of our common stock outstanding. We may also issue additional shares of our common stock or other securities that are convertible into or exercisable for our common stock in connection with hiring or retaining employees, future acquisitions, future sales of its securities for capital raising purposes, or for other business purposes. The future issuance of any such additional shares of our common stock may create downward pressure on the trading price of the common stock. There can be no assurance that we will not be required to issue additional shares, warrants or other convertible securities in the future in conjunction with any capital raising efforts, including at a price (or exercise prices) below the price at which shares of the common stock will be initially quoted on the OTC Pink market.

~~We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.~~

The JOBS Act permits “emerging growth companies” like us to rely on some of the reduced disclosure requirements that are already available to companies having a public float of less than $75 million, for as long as we qualify as an emerging growth company. During that period, we are permitted to omit the auditor’s attestation on internal control over financial reporting that would otherwise be required by the Sarbanes-Oxley Act. Companies with a public float of $75 million or more must otherwise procure such an attestation beginning with their second annual report after their initial public offering. For as long as we qualify as an emerging growth company, we are also excluded from the requirement to submit “say-on-pay”, “say-on-pay frequency” and “say-on-parachute” votes to our stockholders and may avail ourselves of reduced executive compensation disclosure compared to larger companies. In addition, as an emerging growth company we can take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. Until such time as we cease to qualify as an emerging growth company, investors may find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

We acquired a piece of industrial land in Jinzhong city in Shanxi Province in 2011 as a manufacturing plant. The industrial land use right lasts until 2054. The size of the manufacturing plant is 34,256 square meters. We have completed the phase 1 facilities with an annual production capacity of 100,000 tons per annum. The facilities were tested and adjusted, and are now ready for full scale production.

According to the laws of the PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through the land use rights granted by the government. The land use rights represent cost of the rights to use the land in respect of properties located in the PRC.

Lutu currently owns the land use right of the production plant. The expiry date of the land use right is May 8, 2054. The building and land use right are under the name of ~~“Shanxi Lutu”~~"Shanxi Lutu" or Shanxi Green Biotechnology Industry Limited. Regarding the cost of the land use right and building, please refer to Audit Report ~~F21~~Note 5 and ~~F22:~~Note 6: the cost of Land use rights is USD ~~1,158,222~~1,155,195 and Buildings are USD ~~2,877,610.~~2,837,082. The address of Lutu’s production plant is Chang Ning Town West, Chang Ning Village, Yuci District, Jinzhong City, Shanxi Province, China.

~~As reported in the last 10-Q for the period ending on 30 September 2017,~~ Yao Gui Mu (“the Plaintiff”), former operation manager of ~~our~~the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“~~our~~the Shanxi Subsidiary”), brought a lawsuit against ~~our~~the Shanxi Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of ~~$133,108~~$141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, ~~our~~ Shanxi Subsidiary provided supplemental evidence to the Court on 16 January 2018. ~~Our~~The second hearing was held on September 19, 2018.

The District People’s Court of Jin Zhong City, Yu Ci District released the civil judgement decision (2017) 晋0702 民初3879号, that there were not sufficient evidence provided by the Plaintiff for the dispute, and the Court did not support for the claim of loan and related interest against the Shanxi ~~Subsidiary is awaiting notice~~Subsidiary. The judgement decision dated on August 31, 2018.

Yao Gui Mu (“the Appealer”) appealed for the decision to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On May 10, 2019, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2019) 晋07民終355号, that due to the fact that there was a second hearing ~~from~~held on September 19, 2018 after the ~~Court.~~judgement decision made on August 31, 2018, which was a severe disorder of procedures. Therefore, the civil judgement decision (2017) 晋0702 民初3879号 was revoked and the case was put to re-trial, which was subsequently carried out on October 16, 2019.

~~Management has sought legal advice from~~On December 16, 2019, the ~~Chinese legal advisor of~~Court released the ~~Company. Management~~civil judgement decision (2019) 晋0702 民初3543号之一, that the related dispute loan was ~~informed~~being a criminal case under police investigation. Before the police formed a decision, the Court could not confirm that ~~there is no prima facie~~the civil case ~~of any lender and borrower relationship ever existed between Mr. Mu and~~was under the ~~Company. In addition,~~district court’s judgement jurisdiction. Therefore, the ~~documents provided by Mr. Mu which claims to be loan receipts were not affixed with~~lawsuit against the ~~corporate seal of our~~ Shanxi Subsidiary and hence were not duly executed. The Management is of the view that there is a reasonable prospect of defending this lawsuit successfully. Hence, no provisions have been made for any probable and material loss as a result of the lawsuit.was rejected.

The Appealer dissatisfied and further appeal for the decision to Intermediate People’s Court of Shanxi Province, Jin Zhong City for final appeal. On June 29, 2020, the Court of Final Appeal released the civil judgement decision (2020) 晋07民終1734号, rejected the appeal and remained the original ruling.

Criminal investigation ~~with regard to~~regarding a potential fraud with one of its former customers

Management was provided with a Chinese legal opinion by the Company’s legal advisor in China which opines that disclosure of any information with regard to ongoing criminal investigations is against the laws of China. As a result, the Company is obliged to keep the details surrounding this case confidential at this stage. We will disclose the details and particulars of our claim once the relevant authorities decide to initiate prosecution proceedings against the accused and we are advised that such disclosure complies with the laws and regulations of China.

Management of the Company suspects that one of ~~our~~its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential ~~misconduct~~fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook ~~our~~its case and initiated investigation procedures on 28 January 2018. Management has been informed that the case is currently still under criminal investigation by relevant authorities in China.

~~Management was provided with a Chinese legal opinion by~~Besides the ~~Company’s legal advisor in China which opines that~~ disclosure stated above, management is not aware of any ~~information with regard~~other legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Annual Report, no director, officer or affiliate is (i) a party adverse to ~~ongoing criminal investigations~~us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

Possible claim under Section 16(b) of the ~~laws~~Securities Exchange Act of ~~China. As a result,~~1934

On 10 December 2020, the Company was informed that there was a possible claim against Able Lead for short swing profits under Section 16(b) of the Securities Exchange Act of 1934. Meanwhile, the Board is ~~obliged to keep~~reviewing the ~~details surrounding this case confidential at this stage. We will disclose the details~~said issue and particulars of our claim once the relevant authorities decide to initiate prosecution proceedings against the accused and we are advised that such disclosure complies with the laws and regulations of China.considering any follow-up measures.

There is a limited public market for our common shares. Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

As of December 31, ~~2017,~~2019, no shares of our common stock have traded on an exchange or on the OTC Marketplace. Our common stock is quoted on the OTC Bulletin Board under the symbol “GVBT.”

As of December 31, ~~2017,~~2019, 160,790,000 issued and outstanding shares of common stock were held by a total of 811 shareholders of record.

No cash dividends were paid on our shares of common stock during the fiscal years ended December 31, ~~2017~~2019 and ~~2016.~~2018. We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future.

Purchase of our Equity Securities by the Company and any of our Officers and Directors

We are ~~areporting emerging growth~~a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

This discussion and analysis of our financial condition and results of operations includes “forward-looking” statements that reflect our current views with respect to future events and financial performance. We use words such as “expect,” “anticipate,” “believe,” and “intend” and similar expressions to identify forward-looking statements. You should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties inherent in future events and you should not rely unduly on these forward-looking statements. We disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Reference in the following discussion to “our”, “us” and “we” refer to the operations of Green Vision Biotechnology Corp. and its subsidiaries (“We”), except where the context otherwise indicates or requires.

The following discussion of our financial condition and results of operations should be read in conjunction with the audited financial statements and the notes to the audited financial statements included in this annual report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those anticipated in these forward-looking statements.

Green Vision Biotechnology Corp. (the “Company”), formerly known as Vibe Wireless Corp., also formerly known as Any Translation Corp., was incorporated under the laws of the State of Nevada on July 5, 2012. We were founded to be in the business of translation and interpretation. The Company undertook translation and interpretation projects for various fields from business, economics, to science issues. The Company later adopted a business plan to pursue business opportunities in the global telecommunications industry.

On September 2, 2015, a change in control of the Company took place by virtue of the ~~Company’s~~Company's largest shareholder and sole officer and director at that time, selling 4,000,000 shares of the ~~Company’s~~Company's common stock to Forestbay Capital Partners II, LLC, a Delaware limited liability company. Such shares represented 65.8% of the ~~Company’s~~Company's total issued and outstanding shares of common stock. As part of the sale of the shares, Forestbay Capital Partners arranged with the former officer and director, prior to his resignation as the sole officer and director of the Company Board, to appoint Mr. Edward Mooney as the sole officer and director of the Company. Mr. Mooney is the Manager of Forestbay Capital Partners II, LLC.

On November 12, 2015, we changed our name to Vibe Wireless Corp in connection with merging with our wholly-owned subsidiary. This name change and our ticker symbol change was acknowledged by FINRA and effected in the market on November 23, 2015.

The Company was originally incorporated under the laws of the State of Nevada on July 5, 2012 as Any Translation Corp.

On September 30, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation ~~by increasing~~to increase the Company’s authorized number of shares of common stock from 75 million to 750 million and ~~increasing~~forward split all of its issued and outstanding shares of common stock at a ratio of ten (10) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on September 30, 2016. This stock split has been retroactively applied to the financial statements.

On September 30, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, Green Vision Biotechnology Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company is the surviving entity and changed its name to “Green Vision Biotechnology Corp.”

On September 30, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting that the aforementioned forward split and name change be effected in the market. The Company also requested that its ticker symbol be changed to “GVBT”. ~~Such notification form is being reviewed by FINRA.~~ This name change and our ticker symbol change was acknowledged by FINRA and effected in the market on November 27, 2016.

As disclosed in our Current Report on Form 8-K dated May 12, 2017 there ~~has been~~was a change in our management. Effective May 3, 2017, the Company accepted the resignation of Edward P. Mooney as the sole officer of the Company and as the sole member of the Company’s board of directors. Simultaneously, Mr. Ma Wai Kin, was elected as the Company’s President, Secretary, Treasurer and a member of the Board of Directors.

In the year ended December 31, ~~2017,~~2019, our revenue was ~~$135,126~~$79,950 decreased ~~89.4%~~19.7% from ~~$1,276,722~~$99,595 for the year ended December 31, ~~2016.~~2018.

	·	Selling, ~~and~~ General and Administrative, and other operating expenses for the year ended December 31, ~~2017 increased 44.7%~~2019 decreased 49.0% to ~~$1,994,053~~$550,829 compared to ~~$1,378,405~~$1,080,180 for the same period in ~~2016.~~2018.

	·	Net Loss for the year ended December 31, ~~2017 expanded 60.3%~~2019 decreased 63.5% to ~~$1,683,170~~$496,690 compared to ~~$1,049,897~~$1,362,122 for the same period in ~~2016.~~2018.

Results of Operations for the Years Ended December 31, ~~2107~~2019 and ~~2016~~2018

The following table sets forth the comparison of the audited consolidated statements of operations data for the year ended December 31, ~~2017~~2019 and ~~2016~~2018 and should be read in conjunction with our financial statements and the related notes appearing elsewhere in this document.

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue our operation.

We expect we will require additional capital to meet our ~~long term~~long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Result of Operations for the Years ended December 31, ~~2017~~2019 and ~~2016~~2018

Revenue was ~~$135,126~~$79,950 for the year ended December 31, ~~2017~~2019 (“the FY ~~2017”~~2019”), decreased by ~~$1,141,596,~~$19,645, or ~~89.4%~~19.7% from ~~$1,276,722~~$99,595 for the year ended December 31, ~~2016~~2018 (“the Comparable Year”). The decrease in revenue during the ~~FY2017~~FY2019 as compared to the Comparable Year was the result of the ~~Company’s key customer has not placed an order for 2017. Moreover, this customer has not fully settled outstanding invoices for prior sales and~~decrease in our production as a result of the ~~Company has decided to stop selling products to this customer~~enforcement on ~~credit. In order to diversify the risk, our Company has conducted various field trials~~new environmental regulations over industrial production by coal-fired boilers by local authorities in ~~order to promote and increase the sales in those major rice-producing provinces in China including Guangxi, Heilongjiang, and Yunnan.~~Shanxi.

Cost of sales was decreased by ~~$863,116,~~$10,575, or ~~91.3%~~13.5% from ~~$944,987~~$78,183 in the Comparable Year to ~~$81,871~~$67,608 in the ~~FY2017.~~FY2019. The decrease was due to the decrease in production corresponding with the decrease in the sales revenue. In terms of percentage of revenue, cost of sales was ~~60.6%~~84.6% in the ~~FY2017~~FY2019 as compared to ~~74.0%~~78.5% in the Comparable Year. The decrease in cost of sales with the increase in percentage to revenue, was due to the ~~significant~~ decrease in ~~certain variable costs as~~ the production ~~level dropped.~~as increase in sub-contracting production outsourced.

Gross profit was decreased by ~~$278,480,~~$9,070, or ~~83.9%~~42.4% from ~~$331,735~~$21,412 in the Comparable Year to ~~$53,255~~$12,342 in the ~~FY2017.~~FY2019. The decrease reflected the correlation toin reduction of revenue and the ~~significant drop~~increase in ~~the sales revenue. However, in~~sub-contracting. In terms of percentage of revenue, the gross profit percentage was ~~increased~~decreased to ~~39.4%~~15.4% for the ~~FY2017~~FY2019 as compared to ~~26.0%~~21.5% for the Comparable Year. The decrease was primarily due to the reasons mentioned above.

Selling expenses were decreased by ~~$68,939,~~$25,413, or ~~56.9%~~89.0%, to ~~$52,123~~$3,151 in the ~~FY2017~~FY2019 from ~~$121,062~~$28,564 in the Comparable Year. In terms of percentage of revenue, the rates were ~~38.6%~~3.9% in the ~~FY2017~~FY2019 compared to ~~9.5%~~28.7% in the Comparable Year. The decrease is primarily due to the decrease of testing expenses and shipping and transportation expenses which were correlated to the decrease in sales.

General and administrative expenses were ~~increased~~decreased by ~~$684,587,~~$503,938, or ~~54.4%~~47.9% to ~~$1,941,930~~$547,678 in the ~~FY2017~~FY2019 from ~~$1,257,343~~$1,051,616 in the Comparable Year. The ~~increase~~decrease is primarily due to the decreased from inventory provision of $Nil in the FY2019 compared to $230,372 in the Comparable Year, the salary and payroll expenses of $55,665 in the FY2019 compared to $162,917 in the Comparable Year, the depreciation and amortization of $169,698 in the FY2019 compared to $258,801 in the Comparable Year. All general and administrative expense items were decreased except the increase of provision for doubtful debts of ~~$865,942~~$103,009 in the ~~FY2017.~~FY2019 from $43,922 in Comparable Year. Excluding ~~this factor,~~these factors, there was a decrease of ~~$181,355~~$136,298 for the rest four items compared to the Comparable Year.

The following is a summary of general and administrative expenses for the years ended December 31, ~~2017,~~2019, and ~~2016.~~2018.

	Dec 31, 2017		Dec 31, 2016		Difference			Dec 31, 2019		Dec 31, 2018			Difference

Consulting fees	$	155,480	$	264,194	$	(108,714	)	$	57,386	$	86,884		$	(29,498	)
Salary and payroll expenses		226,418		216,413		10,005			55,665		162,917			(107,252	)
Professional fees		144,426		232,152		(87,726	)		83,002		92,485			(9,483	)
Travel and entertainment		115,227		135,603		(20,376	)		31,036		66,017			(34,981	)
Research and Development		49,788		-		49,788
Provision for doubtful debts		865,942		-		865,942			103,009		43,922			59,087
Provision for inventory									-		230,372			(230,372	)
Depreciation and amortization		242,401		203,249		39,152			169,698		258,801			(89,103	)
Others									47,882		110,218			(62,336	)
								$	547,678	$	1,051,616	)	$	(503,938	)
Other		142,248		205,732		(63,484	)
	$	1,941,930	$	1,257,343	$	684,587

Consulting fees were decreased by ~~$108,714,~~$29,498 or ~~41.1%~~34.0%, to ~~$155,480~~$57,386 in the ~~FY2017,~~FY2019, from ~~$264,194~~$86,884 in Comparable Year, owing to the engagement of external consultants to improve the Company’s operating activities in the Comparable Year.

Our salary and payroll expenses were ~~increased slightly~~decreased to ~~$226,418~~$55,665 in the ~~FY2017,~~FY2019, as compared to ~~$216,413~~$162,917 in the Comparable Year. We anticipate that salary and payroll expenses will ~~continue to~~ rise in future periods as it becomes necessary to increase our staff in order to enhance our management quality for the listing requirement and to increase our production activities.

Professional fees were decreased by ~~$87,726,~~$9,483, or ~~37.8%~~10.3%, from ~~$232,152~~$92,485 in Comparable Year to ~~$144,426~~$83,002 in the FY2017. The decrease of professional fees was due to the engagement of more independent professionals such as international lawyers and accountants in Comparable Year for the professional works performed related to the reverse takeover.FY2019.

Travel and entertainment expenses were decreased by ~~$20,376,~~$34,981, or ~~15.0%~~53.0%, from ~~$135,603~~$66,017 in Comparable Year to ~~$115,227~~$31,036 in ~~FY2017.~~FY2019. The decrease of travel and entertainment expenses is primarily due to the ~~reduction~~slowdown of ~~project-based travelling~~the commercial activities.

~~Research and Development expenses were increased to $49,788 in the FY2017 from $Nil in the Comparable Year.~~

Provision for doubtful debts was increased to ~~$865,942~~$103,009 in the ~~FY2017~~FY2019 from ~~$Nil~~$43,922 (including bad debt reversal of negative $272) in Comparable Year. The increase was due to the doubtful allowance to the ~~accounts receivable of one major customer~~other receivables provided in the ~~FY2107.~~FY2019. The Company is taking all possible action to collect the overdue receivable in the coming ~~quarters.~~year.

Provision for inventory was decreased to $Nil in the FY2019 from $230,372 in Comparable Year.

Depreciation and amortization expenses were ~~increased~~decreased by ~~$39,152,~~$89,103, or ~~19.3%~~34.4%, from ~~$203,249~~$258,801 in Comparable Year to ~~$242,401~~$169,698 in the ~~FY2017.~~FY2019.

Other expenses include items such as office expenses, software related costs, impairment of property, plant and equipment, telephone and a variety of other miscellaneous expenses. ~~None of these expenses alone changed significantly and the~~The difference was ~~$63,484,~~$62,336, or ~~30.9%~~56.6% reduction from ~~$205,732~~$110,218 in Comparable Year to ~~$142,248~~$47,882 in the ~~FY2017.~~FY2019.

We anticipate that we will incur higher general and administrative expenses as a public company. We expect that our professional fees, cost of transfer agent, investor relations costs and other stock related costs will increase.

We also anticipate that selling, general and administrative expenses will concurrently increase ~~with~~while we can resume our ~~increased~~production activity in the ~~future but will not increase in the same proportion to that of revenue.~~future.

Our loss from operations was ~~expanded~~narrowed down significantly by ~~$894,128~~$520,281 or ~~85.4%~~49.1%, to negative ~~$1,940,798~~$538,487 in the ~~FY2017,~~FY2019, from negative ~~$1,046,670~~$1,058,768 in Comparable Year.

Non-operating income (expenses) ~~improved~~increased by ~~$260,855,~~$345,151, or ~~8,083.5%~~113.8% to income of ~~$257,628~~$41,797 in the ~~FY2017,~~FY2019, from expenses of negative ~~$3,227~~$303,354 in Comparable Year, of which mainly due to the other income increase ~~$261,992~~$68,871 from ~~$1,991~~$38,275 in Comparable Year to ~~$263,983~~$107,146 in the of ~~FY2017,~~FY2019, and due to ~~account payables~~the other expenses decreased $275,739 form negative $338,677 in Comparable Year to negative $62,938 in the ~~sum~~ of ~~$262,483 being written off since the limitation period of these account payables have expired and hence these account payables become legally unenforceable.~~FY2019.

The net loss attributed to the Company further ~~expanded~~decreased by ~~$633,273,~~$865,432, or ~~60.3%~~63.5% to negative ~~$1,683,170~~$496,690 in the ~~FY2017,~~FY2019, as ~~compared~~compare to negative ~~$1,049,897~~$1,362,122 in Comparable Year.

The Company’s liquidity and capital is dependent on whether the Company is capable of generating its revenues and increasing its capital for the development and expansion of its business.

Management plans to support the Company’s operation and its business strategy by raising funds through public and private offerings and relying on officers and directors to perform essential management functions with minimal compensation. If we do not raise all of the money we need from a public offering, we will have to find alternative sources, such as a private placement of securities, or loans from our officers, directors or others. The loans are likely to be unsecured, non-interest bearing and repayable at demand.

Moreover, management has actively taken steps to revise its operating and financial needs. Management believes that the Company’s current and available capital resources will allow it to continue its operations throughout this fiscal year.

At December 31, ~~2017,~~2019, we had a working capital deficit of ~~$9,029,045,~~$9,870,703, as compared to a working capital deficit of ~~$7,333,603~~$9,596,914 at December 31, ~~2016.~~2018. Of the working capital deficit at December 31, ~~2017, $9,196,762~~2019, $9,505,026 was amount due to related parties and shareholder. Excluding the amounts due to related parties and shareholder, we would have had a negative working capital ~~surplus~~ of ~~$167,717~~$365,677 at December 31, ~~2017.~~2019. As comparison, for the working capital deficit at December 31, ~~2016, $10,362,992~~2018, $9,361,322 was amount due to related parties and ~~shareholders and $1,814,133 was due from related parties.~~holding. Excluding the amounts due ~~to/from~~to related parties and holding company, we would have had a negative working capital ~~surplus~~ of ~~$1,215,256~~$235,592 at December 31, ~~2016.~~2018. The amounts due to related parties and shareholder are unsecured, ~~interest-free~~interest free and repayable on demand.

During the year ended December 31, ~~2017,~~2019, operating activities ~~used~~provided cash in operations of ~~$279,609,~~$153,631, and for the comparable year ended December 31, ~~2016,~~2018, operating activities used cash in operations of ~~$356,612.~~$314,565. The use of cash in operating activities for the year ended December 31, ~~2017~~2019 was mainly derived from a net loss of ~~$1,683,170~~$496,690 with non-cash items of ~~$264,526~~$169,698 ($~~240,526~~145,902 plus ~~$24,000)~~$23,796) in depreciation and amortization, $103,009 in bad debt provision and ~~$865,942~~negative $66,429 in inventory provision ~~of doubtful debt;~~reversal; moreover, there was an increased in cash of $66,429 in inventory; an increased in cash of $212,614 in other payables; and an increase in cash of ~~$63,585 in other receivables; and a net increase in cash of $577,449 ($2,067,646 minus $1,490,197)~~$257,389 in amount due ~~from/~~to related parties, which were offset by a decrease in cash of ~~$67,568~~$15,520 in accounts receivables; a decrease in cash of ~~$33,869~~$92,185 in ~~inventories;~~other receivables; a decrease in cash of ~~$119,634~~$23,350 in ~~accounts~~tax payables; and a decrease in cash of ~~$142,081~~$21,524 in ~~other payables.~~accrued payroll. As comparison, the use of cash in operating activities for the comparable year ended December 31, ~~2016~~2018 was mainly derived from a net loss of ~~$1,049,897~~$1,362,122 with a non-cash ~~item~~items of ~~$274,935~~$250,556 ($226,187 plus $24,369) in depreciation and ~~amortization;~~amortization, $230,372 in provision of inventory, $333,956 in impairment of fixed assets, $1,419 in impairment of constriction in progress, $44,194 in bad debt provision and $272 in bad debt reversal; moreover, there was an increase in cash of ~~$291,576~~$26,922 in ~~inventories;~~other receivables; an increased in cash of $48,321 in inventory and an increase in cash of ~~$73,176 in accrued expenses; and a net increase in cash of $1,022,264 ($2,676,045 minus $1,653,781)~~$44,577 in amount due ~~to/from~~to related ~~parties;~~parties, which were offset by a decrease in cash of ~~$778,555~~$10,177 in accounts receivables; a decrease in cash of ~~$36,402~~$2,028 in ~~other receivables; a decrease in cash of $69,502 in advances from customers;~~accounts payables; and a decrease in cash of ~~$59,883~~$8,038 in other payables.

During the year ended December 31, ~~2017,~~2019, investing activities ~~used~~provided cash of ~~$1,936 in property, plant and equipment;~~$Nil; and for the comparable year ended December 31, ~~2016,~~2018, investing activities used cash of ~~$6,549~~$613 in property, plant and equipment. The change in cash used was due to the decrease in investment on purchases of property, plant and equipment.

During the year ended December 31, ~~2017,~~2019, continuing financing activities used cash of ~~$198,516;~~$99,307; and for the comparable year ended December 31, ~~2016,~~2018, continuing financing activities provided cash of ~~$418,327.~~$293,603. The change in cash used by financing activities was derived from the changes in the amounts due to our shareholder.

During the year ended December 31, 2019, discontinued financing activities provided cash of $1,956; and for the comparable year ended December 31, 2018, discontinued financing activities provided cash of $Nil.

As at December 31, ~~2017,~~2019, net cash and cash equivalents balance was ~~$38,931~~$61,747 as compared to balance ~~$518,849~~$9,114 as at December 31, ~~2016.~~2018.

As of December 31, ~~2017,~~2019, stockholder’s equity was negative ~~$5,092,072,~~$6,914,523, compared to a negative equity of ~~$3,331,168~~$6,405,098 at December 31, ~~2016.~~2018.

~~The~~In the current operation, the source of fund ~~for supporting the Company’s business operation~~ was provided by loans from directors and shareholders. In the event the directors and shareholders do not continue to support the ~~Company’s business~~ operation, the Company could be short of funds and may not be able to operate any longer. The amounts due to related parties and director are interest-free loans. These loans are unsecured and have no fixed repayment terms.

We expect that working capital requirements will continue to be funded through a combination of our existing funds, loans from third parties, other debt facilities, or further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to ~~be adequate to~~ fund our operations over the next ~~twelve~~three months. We have no lines of credit or other bank financing arrangements. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a growing business; and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to the shareholdings of our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

InSince 2017, the local government of Jinzhong City, Shanxi Province, China (where Shanxi Lutu and our production plant is located) has promulgated a new set of environmental regulations restricting the use of coal-fired boilers in factories. Since coal-powered generators were used in our production plant, our production activities in ~~2017~~2018 were restricted to a certain extent.

We cannot ensure that we can comply with the new environmental regulations in time. If that is the case, our production and our production capacity may be reduced as a result. This will affect our ability to generate income and to meet the demand of our customers, which in turn could have a material adverse effect on our financial condition and results of operations.

Due to the enforcement on new environmental regulations over industrial production by coal-fired boilers by local authorities in Shanxi, the Company’s production was restricted to a certain extent in 2017. In order to fully comply with the new environmental regulations in place, management of the Company ~~has~~had planned to carry our rectification ~~work. Management~~work and expected that the rectification work ~~will~~could be completed by mid of 2018 and full-scale production ~~may~~might resume in the second half of 2018. However, due to the shortage of funding to carry out the rectification work on our coal-powered generators, our production activities were restricted since second quarter in 2018. Our production and our production capacity was reduced as a result, significantly affected our ability to generate income and to meet the demand of our customers, which in turn had a material adverse effect on our financial condition and results of operations. The management had decided to maintain our business by way of sub-contracting or assignment of the production. Furthermore, the management had further researched for other business opportunity to utilize the reduced capacity of the property and equipment, in order to make better the worsened revenue.

As of the date of this Annual Report, the Company does not have any off-balance sheet arrangements, that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors, as of December 31, ~~2017~~2019 and ~~2016.~~2018.

The independent ~~auditors’~~auditors' report accompanying our December 31, ~~2017~~2019 financial statements filed in this Form 10-K contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared ~~“assuming~~"assuming that we will continue as a going concern,”" which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

The U.S. Securities and Exchange Commission (“SEC”) recently issued Financial Reporting Release No. 60, “CautionaryAdvice Regarding Disclosure About Critical Accounting Policies” (“FRR 60”), suggesting companies provide additional disclosure and commentary on their most critical accounting policies. In FRR 60, the SEC defined the most critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and operating results, and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, our most critical accounting policies include: inventory valuation, which affects cost of sales and gross margin; policies for revenue recognition, allowance for doubtful accounts, and stock-based compensation. The methods, estimates and judgments we use in applying these most critical accounting policies have a significant impact on our results we report in our consolidated financial statements.

We account for impairment of property, plant and equipment in accordance with FASB ASC 360. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. During the reporting years, there was no impairment loss incurred. Competitive pricing pressure and changes in interest rates, could materially and adversely affect our estimates of future net cash flows to be generated by our long-lived assets.

On September 26, 2019, the Company has resolved to discontinue the operation of the subsidiary company, Shenzhen Qianhai Lutu Supply Chain Management Company Limited. According to the PRC Company Law and related regulation required, a de-registration committee has been properly formed and the de-registration procedures are undergoing accordingly. On November 11, 2019, the Shenzhen taxation bureau has released the taxation completion certificate, and on December 11, 2019, the Shenzhen market supervision administration has released the notice that the de-registration of Shenzhen Qianhai Lutu Supply Chain Management Company Limited is in process. On April 7, 2020, the Company received notice that the de-registration of Shenzhen Qianhai Lutu Supply Chain Management Company Limited had been completed.

On January 20, 2020, with the approval of the Company, the subsidiary company, Shanxi Green Biotechnology Industry Company Limited (“the Shanxi Subsidiary”) has resolved to dispose the non-current assets which were lying idle for the production. The plant and equipment have been listed to be disposed with the total cost of RMB 2,974,442. The Shanxi Subsidiary also resolved to carry out its future production via sub-contracting the production and goods assessment procedure, and its operations will remain unchanged.

Other than as described, management has evaluated all activities and concluded that there was no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

All subsequent events are being disclosed in the Company’s periodic reports that are currently in preparation for filing. Such events shall be described in detail therein.

The Company does not have off-balance sheet arrangements as of December 31, ~~2017~~2019 and ~~2016.~~2018.

See Note 24 to consolidated financial statements included in Item 8, Financial Statements, of this Annual Report on Form 10-K

We are ~~an emerging growth~~a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Attached hereto and filed as part of this Annual Report on Form 10-K are our Consolidated Financial Statements, beginning on page F-1.

As required by paragraph (b) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934, the Company’s principal executive officer and principal financial officer have evaluated the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by the Annual Report on Form 10-K. Based on this evaluation, these officers have concluded that as of the end of the period covered by the Annual Report on Form 10-K, our disclosure controls and procedures were effective and were adequate to insure that the information required to be disclosed by the Company in reports it files or submits under the Exchange Act were recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms.

~~Management’s~~Management’s Report on Internal Control over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Company’s internal control over financial reporting is supported by written policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

The Company’s internal control system was designed to provide reasonable assurance to the Company’s management and board of directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations which may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, ~~2017.~~2019. In making this assessment, management used the framework set forth in the report entitled “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission, or (“COSO”). The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was ineffective as of December 31, ~~2017.~~2019.

In order to improve the existing internal control especially on the control over assurance regarding prevention and timely detection of unauthorized usage and disposition of the Company’s assets, GVBT top management has reviewed and updated the existing company chop access policy and Delegation of Authority (DOA) for approval process. GVBT management has reviewed all key processes to establish adequate segregation of duties based on the roles and responsibilities. The Delegation of Authority table is reviewed and updated to ensure that transactions are approved properly before processing.

There were no changes in the Company’s internal control over financial reporting during the ~~quarter~~year ended December 31, ~~2017~~2019 that have materially affected, or are reasonably likely to materially affect the Company’s internal control over financial reporting.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. As ~~an “emerging growth company”~~a “Smaller Reporting Company” management’s report was not subject to attestation by the Company’s registered public accounting firm.

The following table sets forth the name, age, and position of our directors and our executive officers as of December 31, ~~2017.~~2019. Each director holds office (subject to our By-Laws) until the next annual meeting of shareholders and until such director’s successor has been elected and qualified. Each executive officer holds his office until he resigns, is removed by the board of directors, or his successor is elected and qualified, subject to applicable employment agreements.

NAME	AGE	POSITION	DATE OF APPOINTMENT
Leung Kwong Tak, Michael	6163	Chairman of the Board, Director	May 12, 2017
Lam Ching Wan, William	6062	Chief Executive Officer, Director	May 12, 2017
Ma Wai Kin	5658	Chief Operation Officer and Director	May 12, 2017
Lo Kwok Leung	5052	Chief Financial Officer	May 12, 2017

There are no family relationships between any of our directors and executive officers. There have been no events under any bankruptcy act, no criminal proceedings and no judgments, orders or decrees material to the evaluation of the ability and integrity of any director or executive officer of the Company during the past five years.

~~As reported in the last 10-Q for the period ending on 30 September 2017,~~ Yao Gui Mu (“the Plaintiff”), former operation manager of ~~our~~the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“~~our~~the Shanxi Subsidiary”), brought a lawsuit against ~~our~~the Shanxi Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of ~~$133,108~~$141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, ~~our~~ Shanxi Subsidiary provided supplemental evidence to the Court on 16 January 2018. ~~our~~The second hearing was held on September 19, 2018.

Criminal investigation ~~with regard to~~regarding a potential fraud with one of its former customers

Management of the Company suspects that one of ~~our~~its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential ~~misconduct~~fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook ~~our~~its case and initiated investigation procedures on 28 January 2018. Management has been informed that itthe case is currently still under criminal investigation by relevant authorities in China.

~~Management was provided with a Chinese legal opinion by~~Possible claim under Section 16(b) of the ~~Company’s legal advisor in China which opines that disclosure~~Securities Exchange Act of ~~any information with regard to ongoing criminal investigations is against the laws of China. As a result,~~1934

Besides the disclosure stated above, management is not aware of any other legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Annual Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

There have been no events under any bankruptcy act, no criminal proceedings and no judgments, orders or decrees material to the evaluation of the ability and integrity of any director or executive officer of the Company during the past five years.

Section 16(a) of the Securities Exchange Act of 1934 requires our Directors and executive officers and persons who beneficially own more than ten percent of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of change in ownership of common stock and other equity securities of the Company. Officers, Directors and greater than ten percent shareholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file. Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to us under Rule 16a-3(e) during the year ended December 31, 2017, Forms 5 and any amendments thereto furnished to us with respect to the year ended December 31, 2017, and the representations made by the reporting persons to us, we believe that during the year ended December 31, 2017, our executive officers and Directors and all persons who own more than ten percent of a registered class of our equity securities complied with all SectionThe filings required undersection 16(a) ~~filing requirements.~~have been made.

Our board of directors adopted an informal Code of Business Conduct and Ethics that applies to, all our officers, directors, employees and agents. Certain provisions of the Code apply specifically to our president and secretary (being our principle executive officer, principle financial officer and principle accounting officer, controller), as well as persons performing similar functions. As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote the following:

	1.	Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

	2.	Full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us;

	3.	Compliance with applicable governmental laws, rules and regulations;

	4.	The prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person identified in our Code of Business Conduct and Ethics; and

	5.	Accountability for adherence to the Code of Business Conduct and Ethics.

Our Code of Business Conduct and Ethics requires, among other things, that all of our Company’s senior officers commit to timely, accurate and consistent disclosure of information; that they maintain confidential information; and that they act with honesty and integrity.

In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly senior officers, have a responsibility for maintaining financial integrity within our Company, consistent with generally accepted accounting principles, and federal and state securities laws. Any senior officer who becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to our management.

We do not presently have a separately designated standing audit committee, compensation committee, nominating committee, executive committee or any other committees of our Board of Directors. The functions of those committees are currently undertaken by our Board of Directors. Because we have only one Director, we believe that the creation of these committees, at this time, would be cumbersome and constitute more form over substance.

We have not established a separately designated standing audit committee nor do we have an audit committee financial expert serving on our Board of Directors. However, the Company intends to establish a new audit committee of the Board of Directors that shall consist of independent Directors. The audit committee’s duties will be to recommend to the Company’s Board of Directors the engagement of an independent registered public accounting firm to audit the Company’s financial statements and to review the Company’s accounting and auditing principles. The audit committee will review the scope, timing and fees for the annual audit and the results of audit examinations performed by the internal auditors and independent registered public accounting firm, including their recommendations to improve the system of accounting and internal controls. The audit committee shall at all times be composed exclusively of Directors who are, in the opinion of the Company’s Board of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee member and who possess an understanding of financial statements and generally accepted accounting principles.

The following table sets forth the annual and long-term compensation of our Named Executive Officers for services rendered in all capacities to the Company for the years ended December 31, ~~2017~~2019 and December 31, ~~2016.~~2018.

There are no employment contracts, compensatory plans or arrangements, including payments to be received from the Company with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with the Company, or its subsidiaries, any change in control, or a change in the person’s responsibilities following a change in control of the Company.

There are no current outstanding equity awards to our executive officers as of December 31, ~~2017.~~2019.

There are no arrangements or plans in which we provide pension, retirement or similar benefits for Directors or executive officers.

We currently do not have a compensation committee of the Board of Directors. The Board of Directors as a whole determines executive compensation.

Directors receive no extra compensation for their services to our Board of Directors.

The following table sets forth certain information regarding the beneficial ownership of our Common Stock as of December 31, ~~2017:~~2019: by (i) each person who is known by us to own beneficially more than 5% of our outstanding Common Stock, (ii) by each of our directors, (iii) by each of our executive officers and (iv) by all our directors and executive officers as a group. On such date, we had 160,790,000 shares of Common Stock outstanding.

As used in the table below, the term beneficial ownership with respect to a security consists of sole or shared voting power, including the power to vote or direct the vote, and/or sole or shared investment power, including the power to dispose or direct the disposition, with respect to the security through any contract, arrangement, understanding, relationship, or otherwise, including a right to acquire such power(s) during the 60 days immediately following December 31, ~~2017.~~2019. Except as otherwise indicated, the stockholders listed in the table have sole voting and investment powers with respect to the shares indicated

We do not anticipate at this time any changes in control of the Company. There are no arrangements either in place or contemplated which may result in a change of control of the Company. There are no provisions within the Articles or the Bylaws of the Company that would delay or prevent a change of control.

Except as described below, during the year ended December 31, ~~2017~~2019 and ~~2016,~~2018, there have been no transactions, whether directly or indirectly, between the Company and any of its officers, directors or their family members.

The Board must approve all related party transactions. All material related party transactions will be made or entered into on terms that are no less favorable to the Company than can be obtained from unaffiliated third parties.

The following table lists the transaction with related party in ~~2017~~2019 and ~~2016:~~2018:

	December 31, 2017		December 31, 2016		December 31, 2019		December 31, 2018

Consultancy fee paid to KM International Property Consultants Limited	$	62,115	$	-	$	-	$	12,632

Total	$	62,115	$	-	$	-	$	12,632

Mr. Ma Wai Kin, Chief Operation Officer and Director of the Company, has a 100% ownership interest in KM International Property Consultants Limited (“KM”). The main transaction between the Company and KM is the consulting service regarding the marketing activities of GVBT provided by KM.

We currently have three directors serving on our board of directors. Our Board of Directors has adopted the definition of “independence” as described in NASDAQ Rules 4200 and 4350. Independent directors would not include anyone who, within the past three years, be employed by us or any of our parent or subsidiary or any of their family members; or any director who is, or who has a family member who is, a controlling shareholder. Our board of directors has determined that no directors do meet the independence requirements.

The following table presents aggregate fees, including professional audit services and other services rendered by our independent registered public accounting firm Centurion ZD CPA ~~Limited~~& Co. during the years ended December 31, ~~2017~~2019 and ~~2016.~~2018.

	Fiscal 2017		Fiscal 2016		Fiscal 2019		Fiscal 2018
Audit Fees (1)	$	67,200	$	100,000	$	69,600	$	69,600
Audit Related Fees (2)	$	-	$	-	$	-	$	-
Tax Fees (3)	$	-	$	-	$	-	$	-
All Other Fees (4)	$	-	$	-	$	-	$	-

Total	$	67,200	$	100,000	$	69,600	$	69,600

	(1)	The financial statements listed in the Index to Consolidated Financial Statements are filed as part of this report
	(2)	The financial statements listed in the Index are filed as part of this report.
	(3)	~~Schedule II – Valuation and Qualifying Accounts and Reserves. Schedule II on page S-1 is filed as part of this report.~~
	~~(3)~~	List of Exhibits

~~(b)~~

~~Exhibits required by Item 601 of Regulation S-K.~~

(b) Exhibits required by Item 601 of Regulation S-K.

(c) Financial statements required by Regulation S-X which are excluded from the annual report to shareholders by Rule 14a-3(b).

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GREEN VISION BIOTECHNOLOGY CORP.

~~Dated: April 16, 2018~~	~~By:~~	~~/s/ Lam Ching Wan, William~~

	By:	/s/ Lam Ching Wan, William
		Lam Ching Wan, William
		Chief Executive Officer

	Dated: January 7 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	~~Title~~	~~Date~~

~~/s/ Lam Ching Wan~~~~, William~~	~~Chief Executive Officer and Director~~	~~April 17, 2018~~
~~Lam Ching Wan, William~~	~~(Principal Executive Officer)~~

~~/s/ Lo Kwok Leung~~	~~Chief Financial Officer~~	~~April 17, 2018~~
~~Lo Kwok Leung~~ Title	~~(Principal Financial and Accounting Officer)~~

~~/s/ Leung Kwong Tak, Michael~~	~~Chairman of the Board and Director~~	~~April 17, 2018~~
~~Leung Kwong Tak, Michael~~		Date

/s/ Lam Ching Wan, William	Chief Executive Officer and Director	January 7 2021
Lam Ching Wan, William	(Principal Executive Officer)

/s/ Lo Kwok Leung	Chief Financial Officer	January 7 2021
Lo Kwok Leung	(Principal Financial and Accounting Officer)

/s/ Leung Kwong Tak, Michael	Chairman of the Board and Director	January 7 2021
Leung Kwong Tak, Michael

/s/ Ma Wai Kin	Chief Operating Officer and Director	~~April 17, 2018~~January 7 2021
Ma Wai Kin

中正達會計師事務所~~有限公司~~

Centurion ZD CPA ~~Limited~~& Co

Certified Public Accountants (Practising)

Unit 1304, 13/F, Two Harbourfront, 22 Tak Fung Street, Hunghom, Hong Kong.

香港紅磡德豐街22號海濱廣場二期 13樓1304室

Tel 電話: (852) 2126 2388 Fax 傳真: (852) 2122 9078

Email 電郵: info@czdcpa.com

To the shareholders and the board of directors of Green Vision Biotechnology Corp.

We have audited the accompanying consolidated balance sheets of Green Vision Biotechnology Corp. and its subsidiaries (the ~~“Company”~~"Company") as of December 31, ~~2017~~2019 and ~~2016,~~2018, the related consolidated statements of operations, changes in shareholders’ equity, and cash flows, for each of the two years in the period ended December 31, ~~2017,~~2019, and the related notes (collectively referred to as the ~~“financial statements”~~"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2017~~2019 and ~~2016,~~2018, and the consolidated results of its operations and its cash flows for each of the two years in the period ended December 31, ~~2017,~~2019, in conformity with U.S. generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ~~Management’s~~Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These consolidated financial statements are the responsibility of the ~~Company’s~~Company's management. Our responsibility is to express an opinion on the ~~Company’s~~Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ~~(“PCAOB”~~("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the ~~Company’s~~Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

	Note	2017			2016			Note	2019			2018
ASSETS
Cash and cash equivalents		$	38,931		$	518,849			$	61,747		$	9,114
Accounts receivable, net of allowance for doubtful accounts			16,139			791,800				10,333			-
Inventories, net	7		278,086			231,976		7		-			-
Advance to suppliers			48,905			53,220				20,953			21,429
Other receivables	4		46,058			106,149		4		343			6,107
Amount due from related parties	11		-			1,814,133
Assets held for disposal								17		5,581			-
Total current assets			428,119			3,516,127				98,957			36,650

Property, plant equipment, net	5		3,013,161			3,117,449		5		2,161,367			2,363,148
Intangible assets	6		883,488			864,981		6		793,234			827,074
Long term lease prepayment			19,962			20,005				-			-
Restricted cash			20,362			-				1,579			1,594
Total non-current assets			3,936,973			4,002,435				2,956,180			3,191,816

TOTAL ASSETS		$	4,365,092		$	7,518,562			$	3,055,137		$	3,228,466

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	31,363		$	146,222			$	25,551		$	28,243
Advances from customer			15			11,511				14			15
Accrued expenses			151,615			100,883				182,558			149,103
Accrued payroll			19,817			17,677				12,371			33,706
Other payables	9		47,276			183,212		9		243,728			37,789
Other tax payables			10,316			27,233				412			23,386
Amount due to related parties	11		5,300,859			6,419,136		11		5,590,490			5,310,386
Amount due to shareholder			3,895,903			3,943,856				3,914,536			4,050,936
Total current liabilities			9,457,164			10,849,730				9,969,660			9,633,564

TOTAL LIABILITIES		$	9,457,164		$	10,849,730			$	9,969,660		$	9,633,564

Stockholders’ equity
Common stock, $0.001 par value per share, authorized 750,000,000 shares, issued and outstanding 160,790,000 and 100,000,000 shares at December 31, 2017, and December 31, 2016 respectively			160,790			100,000
Common stock, $0.001 par value per share, authorized 750,000,000 and 750,000,000 shares, issued and outstanding 160,790,000 shares at December 31, 2019, and December 31, 2018 respectively								20		160,790			160,790
Additional paid-in capital			(282,209	)		(57,120	)			(282,209	)		(282,209	)
Accumulated other comprehensive loss			(87,533	)		(174,098	)			(51,172	)		(38,437	)
Accumulated deficit			(4,883,120	)		(3,199,950	)			(6,741,932	)		(6,245,242	)
TOTAL STOCKHOLDERS’ DEFICIT			(5,092,072	)		(3,331,168	)			(6,914,523	)		(6,405,098	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT		$	4,365,092		$	7,518,562
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT									$	3,055,137		$	3,228,466

	Note	Dec 31, 2017			Dec 31, 2016			Note	Dec 31, 2019			Dec 31, 2018

Revenue, net		$	135,126		$	1,276,722			$	79,950		$	99,595
Cost of Sales			81,871			944,987				67,608			78,183

Gross profit		$	53,255		$	331,735			$	12,342		$	21,412

Operating expenses
Selling expenses			(52,123	)		(121,062	)			(3,151	)		(28,564	)
General and administrative expenses			(1,941,930	)		(1,257,343	)			(547,678	)		(1,051,616	)

(Loss)/income from operations		$	(1,940,798	)	$	(1,046,670	)		$	(538,487	)	$	(1,058,768	)

Non-operating income (expense)
Interest income			149			146				33			77
Interest expense			(2,952	)		(3,796	)			(2,444	)		(3,029	)
Other income			263,983			1,991				107,146			38,275
Other expense			(3,552	)		(1,568	)			(62,938	)		(338,677	)

(Loss)/income before income taxes		$	(1,683,170	)	$	(1,049,897	)		$	(496,690	)	$	(1,362,122	)

Income tax	12		-			-		12		-			-

Net (loss)/income		$	(1,683,170	)	$	(1,049,897	)		$	(496,690	)	$	(1,362,122	)

Non-controlling interest			-			-				-			-
Net (loss)/income attributable to the Company		$	(1,683,170	)	$	(1,049,897	)		$	(496,690	)	$	(1,362,122	)

Foreign currency translation adjustment			86,565			(122,997	)			(12,735	)		49,096

Comprehensive loss		$	(1,596,605	)	$	(1,172,894	)		$	(509,425	)	$	(1,313,026	)

Basic earnings per share of common stock		$	(1.21cents)		$	(1.05cents)			$	(0.31 cents	)	$	(0.85 cents	)
Diluted earnings per share		$	(1.21cents)		$	(1.05cents)			$	(0.31 cents	)	$	(0.85 cents	)

Weighted average number of common shares outstanding – basic and diluted			138,972,219			100,000,000				160,790,000			160,790,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’DEFICIT AND COMPREHENSIVE INCOME

	Notes	For Year Ended Dec 31, 2017			For Year Ended Dec 31, 2016			Notes	For Year Ended Dec 31, 2019			For Year Ended Dec 31, 2018

Cash flows from operating activities :
Cash flows from operating activities:
Net (loss)/income		$	(1,683,170	)	$	(1,049,897	)		$	(496,690	)	$	(1,362,122	)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation			240,526			250,251				145,902			226,187
Amortization of intangible assets			24,000			24,684				23,796			24,369
Loss on disposal of property, plant and equipment										2,416			-
Allowance for doubtful accounts			865,942			-				103,009			44,194
Bad debt reversal										-			(272	)
Inventory provision										-			230,372
Inventory provision reversal										(66,429	)		-
Impairment of property, plant and equipment			13,975			-				27,403			333,956
Impairment of Constriction in progress										-			1,419
Long term lease prepayment			1,016			2,389				-			20,006
Changes in assets and liabilities:
Accounts receivables			(67,568	)		(778,555	)			(15,520	)		(10,177	)
Inventories			(33,869	)		291,576				66,429			48,321
Advances to suppliers			6,818			(29,511	)			204			21,889
Other receivables			63,585			(36,402	)			(92,185	)		26,922
Amount due from related parties			2,067,646			(1,653,781	)
Restricted cash			(19,946	)		-				(5	)		18,747
Accounts payable			(119,634	)		(20,438	)			(2,395	)		(2,028	)
Advances from customers			(11,822	)		(69,502	)
Other payables			(142,081	)		(59,883	)			212,614			(8,038	)
Other tax payables			(17,899	)		28,327
Tax payables										(23,350	)		14,009
Accrued payroll			1,235			(5,091	)			(21,524	)		15,231
Accrued expenses			21,834			73,176				32,567			(2,127	)
Amount due to related parties			(1,490,197	)		2,676,045				257,389			44,577

Net cash flows (used in) operating activities		$	(279,609	)	$	(356,612	)		$	153,631		$	(314,565	)

Cash flows from investing activities :
Cash flows from investing activities:
Purchases of property, plant and equipment			(1,936	)		(6,549	)			-			(613	)

Net cash flows (used in) investing activities		$	(1,936	)	$	(6,549	)		$	-		$	(613	)

Cash flows from financing activities :
Cash flows from financing activities:
Amount due to shareholders			(198,516	)		418,327				(99,307	)		293,603

Net cash flows (used in) / generated by financing activities		$	(198,516	)	$	418,327			$	(99,307	)	$	293,603

Cash flows from discontinued operations
Net cash provided by investing activities of discontinued operations										1,956			-
Net cash provided by discontinued operations										1,956			-

Net increase (decrease) in cash and cash equivalents			(480,061	)		55,166				56,280			(21,575	)

Effect of foreign currency translation			143			(5,873	)			(3,647	)		(8,242	)
Cash and cash equivalents – beginning of year			518,849			469,556				9,114			38,931

Cash and cash equivalents – end of year		$	38,931		$	518,849			$	61,747		$	9,114

Non-cash financing activities
Recapitalization		$	(164,299	)	$	-

Supplementary disclosure of cash flow information:
Interest paid		$	2,952		$	3,796			$	2,444		$	3,029
Income taxes		$	-		$	-				-			-

Green Vision Biotechnology Corp. (formerly known as Vibe Wireless Corp., originally known as Any Translation Corp.), (the “Company”, “GVBT”), was incorporated under the laws of the State of Nevada on July 5, 2012. The Company was founded to be in the business of translation and interpretation. On November 12, 2015, the Company changed its name from Any Translation Corp. to Vibe Wireless Corp. On September 30, 2016, we changed our name from Vibe Wireless Corp. to Green Vision Biotechnology Corp.

Able Lead, an 89% shareholder of Lutu International, has an outstanding loan of $4.43 million denominated in Renminbi (“RMB”) owed to an unrelated third party with its maturity date on January 22, 2018 (the “Outstanding Loan”). Able Lead is ~~currently~~ negotiating an extension of the Outstanding Loan to 2019 with the third party creditor. Shares of Lutu International held by Able Lead were offered by Able Lead as collateral to secure repayment of the Outstanding Loan (the “Security”)...

On May 12, 2017, GVBT entered into a share exchange agreement (the “Majority Interest Exchange Agreement”) with Able Lead, the 89% shareholder of Lutu International. Under the Majority Interest Exchange Agreement, Able Lead agreed to enter into a series of contractual arrangements with GVBT (collectively, the “Contractual Arrangements”) (as described below), in which GVBT assumed management control of the Lutu Group. Able Lead further agreed to deliver the shares of Lutu International to GVBT once the Outstanding Loan is fully repaid. In consideration, GVBT agreed to issue and deliver a total of 89 million shares of GVBT’s common stock to an escrow agent (issued in the name of the escrow agent or its nominee) (the ~~“ Escrow~~“Escrow Shares “). The Escrow Shares ~~shall be~~are held in escrow for a period of one year or such period of time to be agreed by GVBT and Able Lead upon the execution of the Majority Interest Exchange Agreement. Conditional upon the full repayment of the Outstanding Loan and the release of the Security, the Escrow Shares shall be released to Able Lead in exchange for the delivery of a total of 89% of the issued and outstanding shares of Lutu International by Able Lead to GVBT. In the event that Able Lead fully repays the Outstanding Loan and causes the release of the Security, then the Escrow Shares shall be delivered to Able Lead. In the event that Able Lead cannot fully repay the Outstanding Loan (within a period of one year, or such period of time to be agreed by GVBT and Able Lead) and cause the release of the Security, then the Escrow Shares shall be delivered to transfer agent for cancellation. Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Majority ~~Share~~Interest Exchange Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements described as below. The transactions under the Majority Interest Exchange Agreement were completed on May 12, 2017.

Pursuant to an escrow agreement (the “Escrow Agreement”) entered into between Booth Udall Fuller, PLC (the “Escrow Agent”) and GVBT on May 12, 2017, the Escrow Shares shall be held by Booth Udall Fuller, PLC for a year ~~upon~~following the execution of the Majority ~~Share~~Interest Exchange Agreement. The Escrow Shares shall not be subject to any lien, attachment, or any other judicial process of any creditor of GVBT, and shall be held and disbursed solely for the purposes and in accordance with the terms of the Majority ~~Share~~Interest Exchange Agreement.

On July 30, 2019, the Company cancelled the 89,000,000 shares of common stock, par value $.001 per share, and re-issued them to Able Lead Holdings Limited. The issuance was done pursuant to Section 4(a)(2) of the Securities Act of 1933. as it was a non-public offering. On May 12, 2017, the Company had placed the 89,000,000 shares into escrow with Booth Udall Fuller PLC, pending repayment of a loan and discharge of shares of Lutu International by Able Lead Holdings Limited. Full repayment of such was made on February 27, 2019. Therefore, the 89,000,000 shares were returned from escrow and cancelled. Then they were re-issued to Able Lead Holdings Limited. Thereafter, Able Lead transferred the shares to six (6) shareholders who are not affiliated with GVBT.

On May 12, 2017, GVBT entered into ~~a series of contractual agreements as described below~~the Contractual Agreements with Lutu International and/or Able ~~Lead (the “Contractual Arrangements”).~~Lead. Upon execution of the Contractual Arrangements, GVBT assumed management of Lutu International and its subsidiaries (the “Lutu Group”) and received economic benefits which includes the right to receive the expected residual returns and and/or obligation to absorb expected loss from the Lutu Group. Each agreement in the Contractual Arrangements constitutes valid and binding obligations of the parties of such agreements and is enforceable and valid in accordance with the laws of Cayman Islands. All agreements executed by Lutu International were duly approved by its board of directors and the Shareholders of Lutu International.

~~The closing of the Investment Transaction occurred on May 12, 2017, resulting in a~~ change of control of GVBT. Prior to closing of the Investment Transaction, GVBT had a total of 60,790,000 shares of common stock issued and outstanding. As a result of the closing of the Investment Transaction, GVBT now has a total of 160,790,000 shares of its common stock issued and outstanding, of which 60,790,000 shares, or approximately 37.8%, are owned by the previous existing shareholders of GVBT, with the balance of 100,000,000 shares, or approximately 62.2%, owned by the previous shareholders of Lutu International, with certain shares held in escrow pursuant to the Escrow Agreement.

The Investment Transaction ~~is being~~was accounted for as a reverse-merger and recapitalization. For financial reporting purposes, Lutu International is the acquirer and GVBT is the acquired company. After completion of the transaction, the assets, liabilities, operations results and cash flow of GVBT that will be reflected in the historical consolidated financial statements prior to the Investment Transaction will be those of Lutu International and its subsidiaries and will be recorded at the historical cost basis of Lutu International and its subsidiaries. Number of shares deemed to be outstanding for the period from January 1, 2016 to the acquisition date will be reflected in the balance of the common stock and paid in capital. The Company changed its fiscal year ended from January 31 to December 31.

The Investment Transaction is intended to constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), or such other tax free reorganization exemptions that may be available under the Code. Immediately following the Investment Transaction, the filer status of GVBT will be a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K, as promulgated by SEC.

As a company with less than $1.0 billion in revenue during our last fiscal year, the Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

The Company may take advantage of these provisions until the end of the fiscal year ending after the fifth anniversary of their initial public offering or such earlier time that they are no longer an emerging growth company, and if they do, the information that they provide to the stockholders may be different than you might get from other public companies in which you hold equity. The Company would cease to be an emerging growth company if they have more than $1.0 billion in annual revenue, have more than $700 million in market value of their ordinary shares held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a three-year period. The JOBS Act permits an “emerging growth company” like the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies.

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for consolidated financial reporting.

~~Summary of significant accounting policies~~SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The historical presentation of the consolidated financial statements includes the financial statements of LUTU INTERNATIONAL BIOTECHNOLOGY LIMITED, and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). All intercompany accounts, transactions, and profits have been eliminated upon consolidation.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Significant estimates and judgments inherent in the preparation of these consolidated financial statements include, among other things, accounting for asset impairments, allowances for doubtful accounts, depreciation and amortization, the collection of revenues from the Agricultural Cooperative.

NOTE 2. ~~BASIS OF PRESENTATION AND~~ SUMMARY OF SIGNIFICANT ACCOUNTING ~~(continued)~~POLICIES (CONTINUED)

The Company’s operations are mainly conducted in the Hong Kong Special Administrative Region (“Hong Kong”) and the People’s Republic of China (“China”) (for the purpose of this Current Report on Form 10-Q, China does not include Hong Kong, Macau Special Administrative Region of the ~~People’s~~People's Republic of China and Taiwan (The Republic of China) and a large number of customers are located in northern China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in Hong Kong and China, and by the general state of the economy in Hong Kong and China.

The Company’s operations and customers in Hong Kong and China are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments, and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in Hong Kong and China, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency, while its functional currency are Chinese Renminbi (RMB) and Hong Kong Dollar (HKD). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income.

In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US $ using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income.

For the years ended December 31, (Average Rate)

2017

2016

Chinese Renminbi (RMB)

RMB

6.76141

RMB

6.64330

United States dollar ($)

$ 1.00000

$ 1.00000

As of December 31, (Closing Rate)

2017

2016

Chinese Renminbi (RMB)

RMB

6.62061

RMB

6.95566

United States dollar ($)

$ 1.00000

$ 1.00000

For the years ended December 31, (Average Rate)

2017

2016

Hong Kong (HKD)

HKD

7.79197

HKD

7.76224

United States dollar ($)

$ 1.00000

$ 1.00000

As of December 31, (Closing Rate)

2017

2016

Hong Kong (HKD)

HKD

7.80715

HKD

7.75652

United States dollar ($)

$ 1.00000

$ 1.00000

NOTE 2. ~~BASIS OF PRESENTATION AND~~ SUMMARY OF SIGNIFICANT ACCOUNTING ~~(continued)~~POLICIES (CONTINUED)

The Company earns revenue by selling merchandise to end using customers primarily through distribution agent and directly to customers.

Revenue is recognized in accordance with the following five steps: when merchandise is purchased by the customer which identifies the contract (step 1) and performance obligations in the contract (step 2) with Customers. When the Company confirmed the price and collectability is reasonably assured which indicates that the transaction price is determined (step 3) and allocated to the performance obligations in the contract (step 4). When the merchandise is delivered to the customer, ~~and confirmed and collectability~~the performance obligation is ~~reasonably assured.~~satisfied (step 5). Revenue from wholesale distribution agent is recognized after goods delivered, amount fixed or determined and collectability is reasonably ~~assured.~~assured when the above mentioned five steps are completed.

All revenues are shown net of estimated returns during the relevant period represented by measuring the returns obligations with estimated allowance for sales returns based upon historical experience.

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue as defined in ASC ~~605,~~606, Revenue ~~Recognition.~~from Contracts with Customers.

During the year ended December 31, ~~2017~~2019 and ~~2016,~~2018, the provision of sales return were $ Nil respectively.

Cost of goods sold includes the cost of materials, labor, and relevant manufacturing expenses.

Selling expenses include packaging and shipping costs, as well as advertising and certain expenses associated with operating the Company’s corporate headquarters.

The Company expensed all advertising costs as incurred. Advertising expense, net of reimbursement from suppliers, amounted to ~~$10,432~~$Nil and ~~$53,938~~$Nil for the year ended December 31, ~~2017~~2019 and ~~2016~~2018 respectively. Advertising expense is included in selling expense and general and administrative expenses in the accompanying consolidated statements of income.

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840.

The Company ~~accounts for its leases~~elected the package of practical expedients permitted under the ~~provisions~~transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of ~~ASC 840, Leases. Certain~~12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of ~~the Company’s operating leases provide for minimum annual payments that change over the life of the lease. The aggregate minimum annual payments are expensed~~income on ~~the~~a straight-line basis over the ~~minimum~~lease term.

Upon adoption, the Company recognized ROU assets with corresponding liabilities on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows.

Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ~~Company recognizes~~Company’s incremental borrowing rate is a ~~deferred rent liability for minimum step rents when the amount~~hypothetical rate based on its understanding of ~~rent expense exceeds the actual~~what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it ~~reduces the deferred rent liability when the actual~~is reasonably certain that it will exercise such options.

Operating leases are included in operating lease ~~payments exceeds the amount of straight-line rent expense. Rent holidays~~right-of-use assets, operating lease liabilities, current and ~~tenant improvement allowances for office remodels are amortized~~non-current operating lease liabilities, on the ~~straight-line basis over the initial term of the lease and any option period that is reasonably assured of being exercised.~~consolidated balance sheets.

The Company did not have a lease that met the criteria of a capital lease. Leases that do not qualify as a capital lease are classified as an operating lease. Operating lease rental expenses included in selling, general and administrative expenses for year ended December 31, ~~2017~~2019 and ~~2016~~2018 were ~~$17,986~~$Nil and ~~$17,890~~$15,382 respectively.

~~NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)~~

Accounts receivable is recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is maintained for all customers based on a variety of factors, including the industry practice, the length of time the receivables are past due, significant one-time events and historical experience. The Company is selling products delivered to certain customers which are closed to Agriculture Cooperatives as defined by ASC 905 “Agriculture”. The collection cycle may be varied and depended on the growing crops cycle.

Management reviews and adjusts this allowance periodically based on historical experience and its evaluation of the collectability of outstanding accounts receivable. The Company evaluates the credit risk of its customers utilizing historical data and estimates of future performance. Bad debts are written off as incurred. ~~During the years ended December 31, 2017 and 2016, the bad debts incurred were $Nil and $Nil respectively.~~

Outstanding accounts balances are reviewed individually for collectability. The Company does not charge any interest income on trade receivables. Accounts balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company has not charged off any balances as it has yet to exhaust all means of collection.

During the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016,~~2018, the provision of doubtful debts were ~~$865,942~~$4,878 and ~~$Nil~~$26,619 respectively.

Inventories primarily consist of merchandise inventories and are stated at lower of cost or market and net realizable value. Cost of inventories is calculated on the weighted average basis which approximates cost.

Management regularly reviews inventories and records valuation reserves for damaged and defective returns, inventories with slow-moving or obsolescence exposure and inventories with carrying value that exceeds market value. Because of its product mix, the Company has not historically experienced significant occurrences of obsolescence.

Inventory shrinkage is accrued as a percentage of revenues based on historical inventory shrinkage trends. The Company performs physical inventory count of its stores once per quarter and cycle counts inventories at its distribution centers once per quarter throughout the year. The reserve for inventory shrinkage represents an estimate for inventory shrinkage for each store since the last physical inventory date through the reporting date.

These reserves are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions, consumer demand and competitive environments differ from expectations.

During the year ended December 31, 2019 and 2018, the provision of inventory were $Nil and $230,372 respectively.

Property, plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives, using the straight-line method with 5% scrape value as follows:

~~NOTE 2. BASIS OF PRESENTATION AND Summary of significant accounting policies (continued)~~

Goodwill represents the excess of purchase price over fair value of net assets acquired. Under ASC 350, Intangibles — Goodwill and Other, goodwill is not amortized but evaluated for impairment annually or whenever events or changes in circumstances indicate that the value may not be recoverable.

The Company performed an annual impairment test as of the end of fiscal year ~~2017,~~2019, and determined that an impairment loss in the amount of ~~$nil~~$Nil were recorded in ~~2017.~~2019.

The Company reviews long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows, usually at the store level. The carrying amount of a long-lived asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. If the asset is determined not to be recoverable, then it is considered to be impaired and the impairment to be recognized is the amount by which the carrying amount of the asset exceeds the fair value of the asset, determined using discounted cash flow valuation techniques, as defined in ASC 360, Property, Plant, and Equipment.

The Company determined the sum of the undiscounted cash flows expected to result from the use of the asset by projecting future revenue and operating expense for each store under consideration for impairment. The estimates of future cash flows involve management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions.

During the reporting ~~year,~~periods, the Company performed the evaluation and impairment loss of ~~$13,975 in 2017~~$27,403 was recorded.

The Company maintains cash in bank deposit accounts in Hong Kong and PRC, and considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company performs ongoing evaluations of the institution to limit its concentration risk exposure.

The Company’s customers are mainly located in the northeastern China. Because of this, the Company is subject to regional risks, such as the economy, regional financial conditions and unemployment, weather conditions, power outages, and other natural disasters specific to the region in which the Company operates.

~~NOTE 2. BASIS OF PRESENTATION AND Summary of significant accounting policies (continued)~~

Full time employees of the Company in China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company accounts the mandated defined contribution plan under the vested benefit obligations approach based on the guidance of ASC 715, Compensation—Retirement Benefits.

The total amounts for such employee benefits which were expensed were ~~$15,136~~$7,427 and ~~$17,804~~$18,586 for the year ended December 31, ~~2017~~2019 and ~~2016~~2018 respectively.

The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other consolidated financial statements. The Company’s current component of comprehensive income is the net income and foreign currency translation adjustment.

The Company operates in one industry segment, operating manufacturing and selling of organic bio-fertilizer. ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Given the economic characteristics of the similar nature of the products sold, the type of customer and the method of distribution, the Company operates as one reportable segment as defined by ASC 280, Segment Reporting.

In accordance with ASC No. 260 “Earnings Per Share”, the basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share is computed similarly to basic earnings (loss) per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

~~NOTE 2. BASIS OF PRESENTATION AND Summary of significant accounting policies (continued)~~

~~FASB Clarifies the Definition of a Business. The FASB has issued Accounting Standards Update No. 2017-01,~~ ~~Business Combinations~~ ~~(Topic 805):~~ ~~Clarifying the Definition of a Business~~~~, clarifying the definition of a business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business.~~

The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. They also provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable.

For public companies, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. For all other companies and organizations, the amendments are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019.

~~The FASB has issued Accounting Standards Update No. 2017-06,~~ ~~Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.~~ The amendments relate primarily to the reporting by an employee benefit plan (a plan) for its interest in a master trust. A master trust is a trust for which a regulated financial institution (bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or federal agency) serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held.

The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The amendments should be applied retrospectively to each period for which financial statements are presented. The amendments apply to reporting entities within the scope of Topic 960, ~~Plan Accounting - Defined Benefit Pension Plans~~~~, Topic 962,~~ ~~Plan Accounting - Defined Contribution Pension Plans~~~~, or Topic 965,~~ ~~Plan Accounting - Health and Welfare Benefit Plans~~.

Under Topic 960, investments in master trusts are presented in a single line item in the statement of net assets available for benefits. Similar guidance is not provided in Topic 962 or 965, which has resulted in diversity in practice. For each master trust in which a plan holds an interest, the amendments require a plan’s interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively.

Topics 960 and 962 require plans to disclose their percentage interest in the master trust and a list of the investments held by the master trust, presented by general type, within the plan’s financial statements. The amendments remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments.

Current U.S. GAAP does not require disclosure by plans of the master trust’s other assets and liabilities. Examples of those balances include amounts due from brokers for securities sold, amounts due to brokers for securities purchased, accrued interest and dividends, and accrued expenses. The amendments require all plans to disclose: (a) their master trust’s other asset and liability balances; and (b) the dollar amount of the plan’s interest in each of those balances.

Lastly, investment disclosures (e.g., those required by Topics 815 and 820) relating to 401(h) account assets are generally provided in both the defined benefit pension plan financial statements and the health and welfare benefit plan financial statements. Stakeholders noted that the disclosures are redundant. The amendments remove that redundancy and do not require that the investment disclosures relating to the 401(h) account assets be provided in the health and welfare benefit plan’s financial statements. The amendments will require the health and welfare benefit plan to disclose the name of the defined benefit pension plan in which those investment disclosures are provided, so that participants can easily access those statements for information about the 401(h) account assets, if needed.

~~NOTE 2. BASIS OF PRESENTATION AND Summary of significant accounting policies (continued)~~

The FASB has issued Accounting Standards Update (ASU) No. ~~2017-07,~~ ~~Compensation — Retirement Benefits~~2019-01, Leases (Topic ~~715)~~842): ~~Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost~~. The amendments apply to all employers, including not-for-profit entities, that offer to their employees defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715, ~~Compensation — Retirement Benefits~~.Codification Improvements.

The ~~amendments require~~new ASU aligns the guidance for fair value of the underlying asset by lessors that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not ~~used,~~manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the ~~line item~~fair value of the underlying asset at lease commencement is its cost, reflecting any volume or ~~items used in~~trade discounts that may apply. However, if there has been a significant lapse of time between when the ~~income statement to present~~underlying asset is acquired and when the ~~other components~~lease commences, the definition of ~~net benefit cost must~~fair value (in Topic 820, Fair Value Measurement) should be ~~disclosed.~~applied.

The ~~amendments~~ASU also ~~allow only~~requires lessors within the ~~service cost component~~scope of Topic 942, Financial Services—Depository and Lending, to ~~be eligible for capitalization when applicable (e.g., as a cost of internally manufactured inventory or a self-constructed asset).~~present all “principal payments received under leases” within investing activities.

~~The amendments are effective for public business entities for annual periods beginning after December 15, 2017, including~~Finally, the ASU exempts both lessees and lessors from having to provide certain interim ~~periods within those annual periods. For other entities,~~disclosures in the ~~amendments are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted as of~~fiscal year in which a company adopts the ~~beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance.~~new leases standard.

Credit Losses – FASB Issues Targeted Transition Relief to Institutions Applying the Credit Losses Standard

The FASB ~~has~~ issued an Accounting Standards Update (ASU) ~~No. 2017-09,~~ ~~Compensation—Stock Compensation (Topic 718) — Scope~~that eases transition to the credit losses standard by providing the option to measure certain types of ~~Modification Accounting~~~~. ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award.~~assets at fair value.

~~The FASB adopted ASU 2017-09 to provide clarity and reduce diversity~~Issued in ~~practice as well as~~2016, the credit losses standard introduced the expected credit losses method for measuring credit losses on financial assets measured at amortized cost, ~~and complexity~~replacing the previous incurred loss method. It also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when ~~applying~~fair value is less than the ~~guidance in Topic 718,~~ ~~Compensation—Stock Compensation~~~~, to the modification of the terms and conditions of a share-based payment award.~~amortized cost basis.

~~Diversity in practice has arisen in part because some entities apply modification accounting under Topic 718 for modifications~~Some stakeholders, including auto financing institutions that extend credit to ~~terms and conditions~~borrowers with limited or impaired credit histories, noted that ~~they consider substantive, but do not when they conclude that particular modifications~~certain financial statement preparers have begun (or are ~~not substantive. Others apply modification accounting for any change~~planning) to ~~an award, except for changes that they consider purely administrative in nature. Still others apply modification accounting when a change to an award changes~~elect the fair value option on newly originated or purchased financial assets that have historically been measured at amortized cost. They noted that electing the ~~vesting, or~~fair value option would require them to maintain dual measurement methods, fair value measurements and amortized cost basis.

ASU 2019-05 allows an option for preparers to irrevocably elect the ~~classification~~fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of the ~~award. In practice, it appears~~credit losses standard. This increases the comparability of financial statement information provided by institutions that ~~the evaluation of a change in fair value, vesting, or classification may be used~~otherwise would have reported similar financial instruments using different measurement methodologies, potentially decreasing costs for financial statement preparers while providing more useful information to ~~evaluate whether a change is substantive.~~investors and other users.

~~Although~~For institutions that have not yet adopted the ~~Master Glossary of~~credit losses standard, the ~~FASB Accounting Standards Codification™ currently defines~~new ASU will be effective when they implement the ~~term modification as “a change in any of the terms or conditions of a share-based payment award,” Topic 718 does not contain guidance on what changes are substantive or purely administrative.~~credit losses standard.

The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718.

NOTE 2. ~~BASIS~~SUMMARY OF ~~PRESENTATION AND Summary of significant accounting policies (continued)~~SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

~~These amendments require~~For institutions that have already adopted the ~~entity to account for~~credit losses standard, the ~~effects of a modification unless all of the following conditions are met:~~

	·	The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or value using an alternative measurement method) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification;

	·	~~The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and~~

	·	~~The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified.~~

~~The amendments are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017.~~

Early adoption is permitted, including adoption in any interim period for: (a) public business entities for reporting periods for which financial statements have not yet been issued, and (b) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments should be applied prospectively to an award modified on or after the adoption date.

The FASB has issued Accounting Standards Update (ASU) No. 2017-13.This ASU adds, amends, and supersedes SEC paragraphs of the Accounting Standards Codification (ASC) related to the adoption and transition provisions of ASU No. 2014-09, ~~Revenue From Contracts with Customers~~ ~~and ASU 2016-02,~~ ~~Leases~~~~, for public business entities. The~~new ASU is ~~titled ASU No. 2017-13,~~ Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.

~~ASU 2017-13 codifies portions of an SEC Staff Announcement made at the July 20, 2017 Emerging Issues Task Force (EITF) meeting essentially delaying the~~ effective date of the revenue recognition and leases standards for a subset of public entities . The SEC Observer made the following SEC Staff Announcement, “Transition Related to Accounting Standards Updates No. 2014-09 and 2016-02,” at the July 20, 2017 EITF meeting:

The SEC staff would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting (1) ASC Topic 606, ~~Revenue from Contracts with Customers~~ ~~for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019, and (2) ASC Topic 842,~~ ~~Leases~~ for fiscal years beginning after December 15, 2019, ~~and~~including interim periods within those fiscal ~~years beginning~~years. Early adoption is permitted in any interim period after ~~December 15, 2020.~~the issuance of the new ASU as long as an institution has adopted the credit losses standard.

~~A public business entity that otherwise would not meet the definition of a public business entity except for a requirement~~FASB Accounting Standards Updates - Accounting Standards Update No. 2019-07 —Codification Updates to ~~include or the inclusion of its financial statements or financial information in another entity’s filing with the~~ SEC ~~may still elect~~Sections: Amendments to ~~adopt ASC Topic 606~~SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and ~~ASC Topic 842 according~~Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates

Accounting Standards Update No. 2019-07 —Codification Updates to ~~the public business entity effective dates.~~SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates

This ~~announcement is applicable only~~Accounting Standards Update amends various SEC paragraphs pursuant to ~~public business entities that otherwise would not meet~~ the ~~definition~~issuance of ~~a public business entity except for a requirement~~SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to ~~include or~~agree to the ~~inclusion~~electronic Code of ~~its financial statements or financial information in another entity’s filing with the SEC. This announcement is not applicable to other public business entities.~~Federal Regulations also have been incorporated.

ASU No. 2019-10, Financial Instruments Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, finalizes various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), leases, and hedging standards.

FASB Issues Narrow-Scope Improvements to Credit Losses Standard. The FASB issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial writeoff of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets).

In response to this question, the ASU permits organizations to record expected recoveries on PCD assets.

In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities.

The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13.

As of December 31, ~~2017~~2019 and ~~2016,~~2018, the Company has an accumulated deficit of ~~$4,883,120~~$6,741,932 and ~~$3,199,950~~$6,245,242 respectively, and its current liabilities exceed its current assets resulting in negative working capital of ~~$9,029,045~~$9,870,703 and ~~$7,333,603~~$9,596,914 respectively. In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the ~~Company’s~~Company's ability to raise additional financing and to succeed in its future operations. The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors and/or stockholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing (i) additional funding which would enhance capital employed; and (ii) strategic partners which would increase revenue bases or reduce operation expenses. Management believes that the above actions will allow the Company to continue its operations throughout this fiscal year.

Dec 31, 2017

Dec 31, 2016

Deposits

$ 108,930

$ 101,124

Prepaid expenses

82

3,992

Advance to employee

43,013

1,033

Less: Allowance for doubtful debts

(105,967 )

-

Total

$ 46,058

$ 106,149

	Dec 31, 2017			Dec 31, 2016			Dec 31, 2019			Dec 31, 2018

Buildings	$	3,020,685		$	2,877,610		$	2,837,082		$	2,907,837
Machinery & equipment		573,427			545,864			-			-
Office equipment		68,495			65,175			61,002			66,562
Motor vehicles		100,775			143,273			65,542			97,010

Total property, plant and equipment		3,763,382			3,631,922			2,963,626			3,071,409
Less: accumulated depreciation and impairment charges		(750,221	)		(514,473	)		(802,259	)		(708,261	)

Total property, plant and equipment, net	$	3,013,161		$	3,117,449		$	2,161,367		$	2,363,148

The depreciation expenses for the year ended December 31, ~~2017~~2019 and ~~2016~~2018 were ~~$240,526~~$145,902 and ~~$250,251~~$226,187 respectively.

	Dec 31, 2017			Dec 31, 2016			Dec 31, 2019			Dec 31, 2018

Land use rights	$	1,205,819		$	1,158,222		$	1,155,195		$	1,170,387
Software system		1,326			1,263			1,260			1,277
Less – accumulated amortization		(333,647	)		(294,504	)		(363,221	)		(344,590	)

Total intangible assets, net	$	883,488		$	864,981		$	793,234		$	827,074

The amortization expenses of land use rights and software systems for the year ended December 31, ~~2017~~2019 and ~~2016~~2018 were ~~$24,000~~$23,796 and ~~$24,684~~$24,369 respectively.

Years ending December 31,	Amount		Amount
2018	$	24,000
2019		24,000
2020		24,000	$	23,104
2021		24,000		23,104
2022		24,000		23,104
2023				23,104
2024				23,104
Thereafter		763,488		677,714

Total	$	883,488	$	793,234

	December 31, 2017		December 31, 2016		December 31, 2019			December 31, 2018

Raw material	$	110,841	$	87,862	$	68,062		$	67,908
Work in progress		7,044		-		-			-
Finished goods		139,988		144,114		52,662			119,749
Goods on consignment		20,213		-		33,189			33,625
Less: Provision of inventory						(153,913	)		(221,282	)

Inventories, net	$	278,086	$	231,976	$	-		$	-

The provision of inventory for the year ended December 31, 2019 and 2018 were $Nil and $230,372 respectively.

Customer	As at December 31, 2017				As at December 31, 2016				As at December 31, 2019				As at December 31, 2018
A	$	33,022	24	%	$	820,900	64	%	$	27,454	34	%	$	21,404	21	%
B		32,255	24	%		74,128	6	%		24,034	30	%		19,285	19	%
C		26,632	20	%		70,875	6	%		14,604	18	%		19,016	19	%
D		14,914	11	%		-	-	%		6,386	8	%		15,894	16	%
E		13,316	10	%		-	-	%		5,994	7	%		10,445	10	%
Total	$	120,139	89	%	$	965,903	76	%	$	78,472	97	%	$	86,044	85	%

Supplier	As at December 31, 2017				As at December 31, 2016				As at December 31, 2019				As at December 31, 2018
AA	$	41,882	49	%	$	222,269	56	%	$	-	-	%	$	4,467	49	%
BB		17,549	21	%		80,284	20	%		-	-	%		3,367	37	%
CC		11,849	14	%		59,900	15	%		-	-	%		698	8	%
DD		5,203	6	%		9,529	2	%		-	-	%		425	5	%
EE		2,444	3	%		7,123	2	%		-	-	%		204	1	%
Total	$	78,927	93	%	$	379,105	95	%	$	-	-	%	$	9,161	100	%

	December 31, 2017		December 31, 2016		December 31, 2019		December 31, 2018

Raw material	$	5,826	$	162,153
Amount due to third parties						229,621		-
Payables to employees					$	1,835	$	1,859
Miscellaneous		41,450		21,059		12,272		35,930

Total other payables	$	47,276	$	183,212	$	243,728	$	37,789

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share are computed using the weighted average number of shares outstanding during the fiscal year. Potentially dilutive common shares consist of convertible preferred stock (using the if-converted method) and exercisable warrants and stock options outstanding (using the treasury method). The following table sets forth the computation of basic and diluted net income per common share:

The following table sets forth the computation of basic and diluted net income per common share:

Year ended December 31,

2017

2016

Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share

$ (1,683,170 )

$ (1,049,897 )
Weighted-average shares of common stock outstanding in computing net loss per common stock

Basic

138,972,219

100,000,000

Diluted

138,972,219

100,000,000

Basic loss per share of common stock

(1.21) cents

(1.05)cents

Diluted loss per share

(1.21) cents

(1.05)cents

Amount as at

December 31,
2017

December 31,
2016

Amount due from related parties:

Well Supreme Limited (c)

$ -

$ 207,825

China Mineral Resources Holdings Limited (a) (c)

-

9,141

Shanxi Lukun Mining Technology Co., Ltd (a)

-

1,119,750

Isparta Holdings Limited (a) (b) (c)

-

477,417

$ -

$ 1,814,133

Amount as at

December 31,
2017

December 31,
2016

Amount due to related parties:

Shanxi Chengkai Mining Technology Co., Ltd (a)

$ -

$ 1,234,520

Hong Kong Prolific Mineral Technologies Ltd (a)

-

1,518,078

Pilot Sunshine Limited (a) (c)

-

5,157

Able High Holdings Limited (a) (b) (c)

-

2,780,449

Hong Kong Prolific Eco-Technology Limited (a)

-

55,398

Holmsun Capital Limited (a) (b)

5,300,859

393,150

Hui & Lam Solicitors LLP (c)

-

21,380

Maycrown Capital Limited (a) (b)

-

399,401

View Strong Limited (a) (b) (c)

-

11,603

$ 5,300,859

$ 6,419,136

The Company and its subsidiaries have no operation in United States, Cayman Islands and British Virgin Islands, and are not subject to any domestic income tax. Therefore, no domestic income tax of United States, Cayman Islands and British Virgin Islands are paid in the ~~years ended December 31, 2017 and~~ year ended December 31, ~~2016.~~2019 and 2018 respectively.

Hong Kong Prolific Mineral Resources Holdings Limited was incorporated in Hong Kong and is subjected to Hong Kong profits tax rate of 16.5% for the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016.~~2018. Income tax (reversal) expense amounted to $Nil for the ~~years ended December 31, 2017 and~~ year ended December 31, ~~2016.~~2019 and 2018.

A reconciliation of the provision for income taxes with amounts determined by applying the Hong Kong profit rate of 16.5% to income before income taxes is as follows:

	December 31, 2017			December 31, 2016			December 31, 2019			December 31, 2018

Profit (Loss) before income tax	$	(333,619	)	$	(453,066	)	$	(161,366	)	$	(209,849	)
Temporary Difference		-			-			-			-
Permanent Difference		-			-			-			-
Taxable loss	$	(333,619	)	$	(453,066	)	$	(161,366	)	$	(209,849	)
Hong Kong Profits Tax rate		16.5	%		16.5	%		16.5	%		16.5	%
Current tax credit	$	55,047		$	74,756		$	26,625		$	34,625
Less: Valuation allowance		(55,047	)		(74,756	)		(26,625	)		(34,625	)
	$	-		$	-		$	-		$	-

No deferred tax has been provided as there are no material temporary differences arising during the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016.~~2018.

Shanxi Green Biotechnology Industry Company Limited and Shenzhen Qianhai Lutu Supply Chain Management Company Limited were incorporated in the PRC and are subjected to income taxes under the current laws of the PRC. The EIT rate of PRC was 25% for the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016.~~2018.

Profit (loss) before income tax of ~~$(1,272,919)~~$(335,323) and ~~$(484,914)~~$(1,152,274) for the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016,~~2018 respectively, were attributed to operations in China. The income tax expenses consisted of the following:

	December 31, 2017			December 31, 2016			December 31, 2019			December 31, 2018

Profit (Loss) before income tax	$	(1,272,919	)	$	(484,914	)	$	(335,323	)	$	(1,152,274	)
Temporary Difference		-			-			-			-
Permanent Difference		-			-			-			-
Taxable loss	$	(1,272,919	)	$	(484,914	)	$	(335,323	)	$	(1,152,274	)
China Enterprise Income Tax rate		25.0	%		25.0	%		25	%		25.0	%
Current tax credit	$	318,230		$	121,229		$	83,831		$	288,069
Less: Valuation allowance		(318,230	)		(121,229	)		(83,831	)		(288,069	)
	$	-		$	-		$	-		$	-

No deferred tax has been provided as there are no material temporary differences arising during the ~~years~~year ended December 31, ~~2017~~2019 and ~~2016.~~2018.

FASB Accounting Standard Codification Topic 280 (ASC 280) “Segment Reporting” establishes standards for reporting information about operating segments in financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance.

In the year ended December 31, ~~2017~~2019 and ~~2016,~~2018, the Company is regarded as a single operating segment, being engaged in the manufacturing of bio-fertilizer. This principal activity and geographical market are substantially based in China, accordingly, no operating or geographical segment information are presented.

Total comprehensive income includes, in addition to net income, changes in equity that are excluded from the consolidated statements of income and are recorded directly into a separate section of shareholders’ equity on the consolidated balance sheets. Comprehensive income and its components consist of the following:

Year Ended December 31	2017			2016			2019			2018

Net loss	$	(1,683,170	)	$	(1,049,897	)	$	(496,690	)	$	(1,362,122	)
Other comprehensive income, net of tax
Foreign currency translation adjustment		86,565			(122,997	)		(12,735	)		49,096

Comprehensive loss	$	(1,596,605	)	$	(1,172,894	)	$	(509,425	)	$	(1,313,026	)

Certain of our real properties are operated under lease agreements. Rental expense under operating leases was as follows:

	December 31, 2017		December 31, 2016		December 31,2019		December 31,2018

Rent expense	$	17,986	$	17,890	$	-	$	15,382

Total rent expense, net	$	17,986	$	17,890	$	-	$	15,382

The following table lists the transaction with related party in ~~2017~~2019 and ~~2016:~~2018:

	December 31, 2017		December 31, 2016		December 31, 2019		December 31, 2018

Consultancy fee paid to KM International Property Consultants Limited	$	62,115	$	-	$	-	$	12,632

Consultancy fee, net	$	62,115	$	-	$	-	$	12,632

On September 26, 2019, the Company has resolved to discontinue the operation of the subsidiary company, Shenzhen Qianhai Lutu Supply Chain Management Company Limited. The following represents the assets and liabilities of the subsidiary company being held for disposal and will be de-registered effective on April 7, 2020.

On September 26, 2019, the Company has resolved to discontinue the operation of the subsidiary company, Shenzhen Qianhai Lutu Supply Chain Management Company Limited. On September 26, 2019 and onwards, any operation from Shenzhen Qianhai Lutu Supply Chain Management Company Limited has been classified as discontinued operations on the statement of operations. Previous period’s operation has been similarly classified for comparative purposes. A breakdown of discontinued operation for the year ending December 31, 2019 and 2018 is as follows:

Yao Gui Mu (“the Plaintiff”), former operation manager of the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“the Shanxi Subsidiary”), brought a lawsuit against the Shanxi Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of ~~$133,108~~$141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, Shanxi Subsidiary provided supplemental evidence to the Court on 16 January 2018. The second hearing was held on September 19, 2018.

~~For~~On December 16, 2019, the ~~relevant interest of RMB513,100 claimed by~~Court released the ~~Plaintiff, there is no evidence showing that it is more likely not~~civil judgement decision (2019) 晋0702 民初3543号之一, that the ~~Company will be liable~~related dispute loan was being a criminal case under police investigation. Before the police formed a decision, the Court could not confirm that the civil case was under the district court’s judgement jurisdiction. Therefore, the lawsuit against the Shanxi Subsidiary was rejected.

The Appealer dissatisfied and further appeal for the ~~said interest. Hence, no provision was made as at December 31, 2017.~~decision to Intermediate People’s Court of Shanxi Province, Jin Zhong City for final appeal. On June 29, 2020, the Court of Final Appeal released the civil judgement decision (2020) 晋07民終1734号, rejected the appeal and remained the original ruling.

Criminal investigation regarding a potential fraud with one of its former customers

Management of the Company suspects that there was a potential fraud committed in the sales made to one of its previous customers. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud. The Bureau of Public Security of Yuci District officially undertook the case and initiated investigation procedures on 11 September 2017. Management has been informed that the case is currently under criminal investigation by relevant authorities. As the receivable amount regarding the sales to aforementioned customer was long outstanding and it is uncertain that the amount can be settled, the Company has made a provision of doubtful debt regarding the amount receivables of $710,454 (RMB4,703,640) as at December 31, 2017.

Management of the Company suspects that one of its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook its case and initiated investigation procedures on 28 January 2018. Management has been informed that the case is currently under criminal investigation by relevant authorities in China.

~~NOTE 18. SUBSEQUENT EVENT~~Possible claim under Section 16(b) of the Securities Exchange Act of 1934

On July 30, 2019, the Company cancelled 89,000,000 shares of common stock, par value $.001 per share, and re-issued them to Able Lead Holdings Limited. The issuance was done pursuant to Section 4(a)(2) of the Securities Act of 1933. as it was a non-public offering. On May 12, 2017, the Company had placed the 89,000,000 shares into escrow with Booth Udall Fuller PLC, pending repayment of a loan and discharge of shares of Lutu International by Able Lead Holdings Limited. Full repayment of such was made on February 27, 2019. Therefore, the 89,000,000 shares were returned from escrow and cancelled. Then they were re-issued to Able Lead Holdings Limited.

Other than as described on Note 19, Note 20 and above, management has evaluated all activities and concluded that there was no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

All subsequent events are being disclosed in the Company’s periodic reports that are currently in preparation for filing. Such events shall be described in detail therein.

We are ~~an emerging growth~~a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

We are ~~an emerging gowth~~a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

		Page
	FORWARD LOOKING STATEMENT	1	3

PART I.			4

Item 1.	Business	1	4
Item 1A.	Risk Factors	4	7
Item 1B.	Unresolved Staff Comments	4	15
Item 2.	Properties	4	15
Item 3.	Legal Proceedings	4	15
Item 4.	Mine Safety Disclosures	5	16

PART II		17

Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	6	17
Item 6.	Selected Financial Data	6	17
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7	18
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	14	25
Item 8.	Financial Statements and Supplementary Data	14	25
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	14	25
Item 9A.	Controls and Procedures	14	25
Item 9B.	Other Information	15	26

PART III			27

Item 10.	Directors, Executive Officers and Corporate Governance	16	27
Item 11.	Executive Compensation	19	30
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	20	31
Item 13.	Certain Relationships and Related Transactions, and Director Independence	21	33
Item 14.	Principal Accounting Fees and Services	22	34

PART IV		35

Item 15.	Exhibits and Financial Statement Schedules	23	35
	Signatures	24	36
	Index to Consolidated Financial Statements		F-1

	·	a requirement to have only two years of audited financial statements and only two years of related Management’s Discussion and Analysis of Financial Condition and Results of Operations disclosure; and

	·	~~an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes- Oxley Act of 2002.~~
		~~obtain sufficient working capital to support our expansion;~~

	·	~~expand our product offerings and maintain the high quality of our products;~~

	·	~~manage our expanding operations and continue to fill customers’ orders on time;~~

	·	~~maintain adequate control of our expenses allowing us to realize anticipated income growth;~~

	·	~~implement our product development, sales, and acquisition strategies and adapt and modify them as needed;~~

	·	~~successfully integrate any future acquisitions; and~~

	·	anticipate and adapt to changing conditions in the electronics and information technology industry resulting from changes in government regulations, mergers and acquisitions involving our competitors, technological developments and other significant competitive and market dynamics

	Year Ended December 31,
	2019			2018			Difference		Percentage Increase
Revenue	$	79,950		$	99,595		$	-19,645		-19.7	%
Cost of goods sold		67,608			78,183			-10,575		-13.5	%

Gross profit		12,342			21,412			-9,070		-42.4	%

Selling expenses		3,151			28,564			-25,413		-89.0	%
General and administrative expenses		547,678			1,051,616			-503,938		-47.9	%

(Loss) Income from operations		(538,487	)		(1,058,768	)		-520,281		49.1	%
Other income (expenses)		44,208			(300,402	)		344,610		114.7	%
Interest income (expenses)		(2,411	)		(2,952	)		-541		-18.3	%
Income (loss) before income taxes		(496,690	)		(1,362,122	)		-865,432		-63.5	%
Income taxes		-			-			-		-

Net (loss) income		(496,690	)		(1,362,122	)		-865,432		-63.5	%
Non-controlling interest		-			-			-		-
Net (loss) income attribute to the Group	$	(496,690	)		(1,362,122	)		-865,432		-63.5	%

									Option
			Deferred						and		All Other
Name and			Compen-				Stock		Warrant		Compen-
Principal Position	Salary		sation		Bonus		Awards		Awards		sation		Total

Lam Ching Wan, William,
Chief Executive Officer and Director		0		0		0		0		0		0		0

Leung Kwong Tak, Michael,
Chairman and Director		0		0		0		0		0		0		0

Ma Wai Kin,
Chief Operation Officer and Director		0		0		0		0		0		0		0

Lo Kwok Leung
Chief Financial Officer		74,115		0		0		0		0		0		74,115

										Option
										and
Name and				Deferred				Stock		Warrant		All Other
Principal Position		Salary		Compensation		Bonus		Awards		Awards		Compensation		Total

Lam Ching Wan, William, Chief Executive Officer and Director	2018	$	0		0		0		0		0		0		0
	2019	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Leung Kwong Tak, Michael, Chairman and Director	2018	$	0		0		0		0		0		0		0
	2019	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Ma Wai Kin,
Chief Operation Officer and Director	2018	$	0		0		0		0		0		0		0
	2019	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Lo Kwok Leung Chief Financial Officer	2018	$	0		0		0		0		0		0		0
	2019	$	0	$	0	$	0	$	0	$	0	$	0	$	0

GREEN VISION BIOTECHNOLOGY CORP.
(Exact name of registrant as specified in its charter)

	·	~~reduction, delay or cancellation of orders from one or more of our significant customers due to a reduction in our customers’ product sales, or other reasons;~~
	·	~~selection by one or more of our significant customers of our competitors’ products;~~
	·	~~decision by one or more of our significant customers to self-produce products that are currently provided by us;~~
	·	~~loss of one or more of our significant customers and our failure to obtain additional or replacement customers to replace the lost sales volume; and~~
	·	~~failure of any of our significant customers to make timely payment for our products.~~

	·	~~our inability to integrate new operations, products, personnel, services or technologies;~~
	·	~~unforeseen or hidden liabilities;~~
	·	~~disagreement with our strategic relationship partners;~~
	·	~~our inability to generate sufficient revenues to offset the costs and expenses of strategic acquisitions or other strategic relationships; and~~
	·	~~potential loss of, or harm to, employees or customer relationships.~~

	·	Others may be able to make alternative technology and processes which can also produce potash bio-fertilizers that are substitutes for our products but that are not covered by the claims of our patent, our patent applications, or other technology or processes that we may in the future either own or exclusively license.
	·	~~Others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our intellectual property rights.~~
	·	~~The patents of others may have an adverse effect on our business.~~

	Year Ended December 31,
	2017			2016			Difference		Percentage Increase
Revenue	$	135,126		$	1,276,722		$	-1,141,596		-89.4%
Cost of goods sold		81,871			944,987			-863,116		-91.3%

Gross profit		53,255			331,735			-278,480		-83.9%

Selling expenses		52,123			121,062			-68,939		-56.9%
General and administrative expenses		1,941,930			1,257,343			684,587		54.4	%

(Loss) Income from operations		(1,940,798	)		(1,046,670	)		-894,128		85.4	%
Other (expenses) income		260,431			423			260,008		61,467.6	%
Interest (expenses) income		(2,803	)		(3,650	)		847		23.2	%
Income (loss) before income taxes		(1,683,170	)		(1,049,897	)		-633,273		60.3	%
Income taxes		-			-			-		-

Net (loss) income		(1,683,170	)		(1,049,897	)		-633,273		60.3	%
Non-controlling interest		-			-			-		-
Net (loss) income attribute to the Group	$	(1,683,170	)	$	(1,049,897	)	$	-633,273		60.3	%

Name and Address of Beneficial Owner	Shares of Common Stock Beneficially Owned			Percentage of Class Beneficially Owned(1)
Lo Kwok Leung– Chief Financial Officer No. 79, Golden Bamboo Road East, Fairview Park, Yuen Long, N.T. Hong Kong		0			0	%
Dr. Leung Kwong Tak, Michael – Chairman and Director Flat G, 23/F, BLK 2, Tsuen Wan Plaza, 4 Tai Pa Street, Tsuen Wan, Hong Kong		89,000,000	^[1]		55.35	%
Ma Wai Kin-Chief Operating Officer and Director Room 3502, Chun Lai House, Hang Chun Court, No.2. Fortune Street, Cheung Sha Wan, Hong Kong		50,000,000			31.10	%
Lam Ching Wan, William – Chief Executive Officer and Director Flat E, 28/F, Block 1, Park Tower, 1 King’s Road, North Point, Hong Kong		6,000,000	^[2]		3.73	%

All Directors and Officers as a Group		145,000,000			90.18	%

5% or Greater Shareholders
Able Lead Holdings Limited / Leung Kwong Tak ^[1] P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands		89,000,000			55.35	%
Ma Wai Kin Room 3502, Chun Lai House, Hang Chun Court, No.2. Fortune Street, Cheung Sha Wan, Hong Kong		50,000,000			31.10	%

All Directors, Officers and 5% Shareholders as a Group		145,000,000			90.18	%

Name and Address of Beneficial Owner	Shares of Common Stock Beneficially Owned		Percentage of Class Beneficially Owned⁽¹⁾
Lo Kwok Leung– Chief Financial Officer No. 79, Golden Bamboo Road East, Fairview Park, Yuen Long, N.T. Hong Kong		0		0	%
Dr. Leung Kwong Tak, Michael – Chairman and Director Flat G, 23/F, BLK 2, Tsuen Wan Plaza, 4 Tai Pa Street, Tsuen Wan, Hong Kong		99,000,000^[1]		61.57	%
Ma Wai Kin-Chief Operating Officer and Director Room 3502, Chun Lai House, Hang Chun Court, No.2. Fortune Street, Cheung Sha Wan, Hong Kong		0		0	%
Lam Ching Wan, William – Chief Executive Officer and Director Flat E, 28/F, Block 1, Park Tower, 1 King’s Road, North Point, Hong Kong		6,000,000^[2]		3.73	%

All Directors and Officers as a Group (4 people)		105,000,000		65.30	%

5% or Greater Shareholders
Able Lead Holdings Limited / Leung Kwong Tak ^[1] P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands		99,000,000		61.57	%
Liu Wen 2802 Tenglong Yujing Building 4, Qinxian North Street, Taiyuan, Shanxi, China		10,780,000		6.70	%

All Directors, Officers and 5% Shareholders as a Group		115,780,000		72.00	%

(1)	Dr. Leung Kwong Tak, Michael is the controlling shareholder of Able Lead Holdings Limited. Able Lead is majority owner of Lutu International. Pursuant to the Contractual Arrangement discussed above under Item 1.01 Entry Into Material Definitive Agreement, Able Lead agreed to exchange its shares of Lutu Group to the Company in exchange for 89 million shares of the Company’s common stock. Pursuant to the Contractual Arrangements, such 89 million shares are being held in escrow pending removal of a lien against Able Lead’s shares of Lutu International and delivery of the same to the Company. Able Lead therefore is currently unable to sell or dispose of these 89 million shares. Moreover, Able Lead has granted to the Board of Directors of GVBT the sole right to vote such shares while they remain in escrow. Therefore, Dr. Leung currently is deemed not to be a beneficial owner of these shares, however, he will become the beneficial owner of these shares upon Able Lead’s delivery of the shares of Lutu Group to the Company, which will cause these 89 million shares to be released from escrow to Able Lead.

(2)	Mr. Lam Ching Wan, William holds the shares in the name of Harcourt Capital Limited.

Amount as at	December 31, 2017		December 31, 2016

Amount due from related parties:
Well Supreme Limited (c)	$	-	$	207,825
China Mineral Resources Holdings Limited (a) (c)		-		9,141
Shanxi Lukun Mining Technology Co., Ltd (a)		-		1,119,750
Isparta Holdings Limited (a) (b) (c)		-		477,417
	$	-	$	1,814,133

Amount as at	December 31, 2017		December 31, 2016

Amount due to related parties:
Shanxi Chengkai Mining Technology Co., Ltd (a)	$	-	$	1,234,520
Hong Kong Prolific Mineral Technologies Ltd (a)		-		1,518,078
Pilot Sunshine Limited (a) (c)		-		5,157
Able High Holdings Limited (a) (b) (c)		-		2,780,449
Hong Kong Prolific Eco-Technology Limited (a)		-		55,398
Holmsun Capital Limited (a) (b)		5,300,859		393,150
Hui & Lam Solicitors LLP (c)		-		21,380
Maycrown Capital Limited (a) (b)		-		399,401
View Strong Limited (a) (b) (c)		-		11,603
	$	5,300,859	$	6,419,136

Amount as at	December 31, 2019		December 31, 2018

Amount due to related parties:
Holmsun Capital Limited ^{(a) (b)}		5,590,490		5,310,386
	$	5,590,490	$	5,310,386

	(a)	Common director, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited

	(b)	Common shareholder, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited
~~(c)~~		~~Common director LAM Ching Wan of the Company~~

(1)	Audit Fees consist of fees billed for professional services rendered for the audit of the Company’s consolidated annual financial statements and review of the interim consolidated financial statements included in quarterly reports.

(2)	Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not reported under “Audit Fees.” There were no such fees in fiscal year ~~2017~~2019 and ~~2016.~~2018.

(3)	Tax Fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning. There were no such fees in fiscal year ~~2017~~2019 and ~~2016.~~2018.

(4)	All Other Fees consist of fees for products and services other than the services reported above. There were no such fees in fiscal year ~~2017~~2019 or ~~2016.~~2018.

Exhibit No.		Description

31.1		Certification of Principal Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

	Page

Report of Independent Registered Public Accounting Firm		~~F-2~~	F-3

Financial Statements:
Consolidated Balance Sheets		~~F-3~~	F-4
Consolidated Statements of Income and Comprehensive Income		~~F-4~~	F-5
Consolidated Statements of Stockholders’ Equity and Accumulated Other Comprehensive Income		~~F-5~~	F-6
Consolidated Statements of Cash Flows		~~F-6~~	F-7
Notes to Consolidated Financial Statements		~~F-7~~	F-8

	Number of common shares outstanding		Amount		Additional paid-in capital			Accumulated other comprehensive income			Accumulated deficits			Total stockholders’ equity/ (deficit)

Balance, January 1, 2016		100,000,000	$	100,000		(57,120	)		(51,101	)		(2,150,053	)	$	(2,158,274	)
Net loss		-		-		-			-			(1,049,897	)		(1,049,897	)
Foreign currency translation adjustment		-		-		-			(122,997	)		-			(122,997	)

Balance, December 31, 2016		100,000,000	$	100,000		(57,120	)		(174,098	)		(3,199,950	)	$	(3,331,168	)

Balance, January 1, 2017		100,000,000	$	100,000		(57,120	)		(174,098	)		(3,199,950	)	$	(3,331,168	)
Reverse merge recapitalization		60,790,000		60,790		(225,089	)		-			-			(164,299	)
Net loss		-		-		-			-			(1,683,170	)		(1,683,170	)
Foreign currency translation adjustment		-		-		-			86,565			-			86,565

Balance, December 31, 2017		160,790,000	$	160,790		(282,209	)		(87,533	)		(4,883,120	)	$	(5,092,072	)

	Number of common shares outstanding		Amount		Additional paid-in capital			Accumulated other comprehensive income			Accumulated deficits			Total stockholders’ equity/ (deficit)

Balance, January 1, 2018		160,790,000	$	160,790		(282,209	)		(87,533	)		(4,883,120	)	$	(5,092,072	)
Net loss		-		-		-			-			(1,362,122	)		(1,362,122	)
Foreign currency translation adjustment		-		-		-			49,096			-			49,096

Balance, December 31, 2018		160,790,000	$	160,790		(282,209	)		(38,437	)		(6,245,242	)	$	(6,405,098	)

Balance, January 1, 2019		160,790,000	$	160,790		(282,209	)		(38,437	)		(6,245,242	)	$	(6,405,098	)
Net loss		-		-		-			-			(496,690	)		(496,690	)
Foreign currency translation adjustment		-		-		-			(12,735	)		-			(12,735	)

Balance, December 31, 2019		160,790,000	$	160,790		(282,209	)		(51,172	)		(6,741,932	)	$	(6,914,523	)

Name of Subsidiary	Place of Incorporation	Attributable Equity Interest %		Registered Capital
Lutu International Biotechnology Limited (RTO accounting acquirer) ⁽¹⁾	Cayman Islands		100	USD	100
Light Raise Limited ⁽²⁾	BVI		100	USD	1
Hong Kong Prolific Mineral Resources Holdings Limited ⁽³⁾	HKD		100	HKD	2
Shanxi Green Biotechnology Industry Company Limited ⁽⁴⁾	PRC		100	RMB	100,000,000
Shenzhen Qianhai Lutu Supply Chain Management Company Limited ⁽⁵⁾	PRC		100	RMB	5,000,000

~~Name of Subsidiary~~	~~Place of~~ ~~Incorporation~~	~~Attributable~~ ~~Equity~~ ~~Interest %~~		~~Registered~~ ~~Capital~~
~~Lutu International Biotechnology Limited (RTO accounting acquirer) (1)~~	~~Cayman Islands~~		~~100~~	~~USD100~~
~~Light Raise Limited (2)~~	~~BVI~~		~~100~~	~~USD 1~~
~~Hong Kong Prolific Mineral Resources Holdings Limited (3)~~	~~HKD~~		~~100~~	~~HKD 2~~
~~Shanxi Green Biotechnology Industry Company Limited (4)~~	~~PRC~~		~~100~~	~~RMB 100,000,000~~
~~Shenzhen Qianhai Lutu Supply Chain Management Company Limited (5)~~	~~PRC~~		~~100~~	~~RMB 5,000,000~~

Note:	(1)	Wholly owned subsidiary of Green Vision Biotechnology Corp.
	(2)	Wholly owned subsidiary of Lutu International Biotechnology Limited
	(3)	Wholly owned subsidiary of Light Raise Limited
	(4)	Wholly owned subsidiary of Hong Kong Prolific Mineral Resources Holdings Limited
	(5)	Wholly owned subsidiary of Shanxi Green Biotechnology Industry Company Limited

For the years ended December 31, (Average Rate)	2019		2018
Chinese Renminbi (RMB)	RMB	6.76530	RMB	6.61633
United States dollar ($)	$	1.00000	$	1.00000

As of December 31, (Closing Rate)	2019		2018
Chinese Renminbi (RMB)	RMB	6.96800	RMB	6.87755
United States dollar ($)	$	1.00000	$	1.00000

For the years ended December 31, (Average Rate)	2019		2018
Hong Kong (HKD)	HKD	7.83828	HKD	7.83749
United States dollar ($)	$	1.00000	$	1.00000

As of December 31, (Closing Rate)	2019		2018
Hong Kong (HKD)	HKD	7.78764	HKD	7.83170
United States dollar ($)	$	1.00000	$	1.00000

Buildings		20 years
Machinery & equipment		10 years
Office equipment		3 years
Motor vehicles		4 years

·	The effective dates for each of the standards are now as follows:

·	CECL (ASU No. 2016-13): For public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The one-time determination of whether an entity is eligible to be a smaller reporting company should be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations.

·	For all other entities, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

·	Early application is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

·	Leases (ASU No. 2016-02): A public business entity, a not-for-profit entity that has issued or is a conduit bond obligor for securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and an employee benefit plan that files or furnishes financial statements with or to the U.S. Securities and Exchange Commission, for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Earlier application is permitted.

·	All other entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Earlier application is permitted.

·	Derivatives and Hedging (ASU No. 2017-12): For public business entities, for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.

·	For all other entities, for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.

·	Early adoption, including adoption in an interim period, is permitted.

	Dec 31, 2019			Dec 31, 2018

Deposits	$	100,073		$	101,900
Prepaid expenses		928			4,213
Advance to employee		11,864			14,255

Less: Allowance for doubtful debts		(112,522	)		(114,261	)

Total	$	343		$	6,107

Year ended December 31,	2019			2018

Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share	$	(496,690	)	$	(1,362,122	)
Weighted-average shares of common stock outstanding in computing net loss per common stock
Basic		160,790,000			160,790,000
Diluted		160,790,000			160,790,000
Basic loss per share of common stock		(0.31) cents			(0.85) cents
Diluted loss per share		(0.31) cents			(0.85) cents

Years Ended December 31,	Minimum Lease Payment

2018	$	17,577
2019		9,521

Total	$	27,098

Years Ended December 31,	Minimum Lease Payment

2020	$	-
2021		-

Total	$	-

	December 31, 2019		December 31, 2018
	(audited)		(audited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,956	$	-
Other receivables		3,133		-
Non-current assets:
Property, plant and equipment		492		-

Total Assets Held for Disposal	$	5,581	$	-

LIABILITIES
Current liabilities:
Amount due to related parties	$	-	$	-
Total Liabilities Held for Disposal	$	-	$	-

	December 31, 2019		December 31,2018
	(audited)		(audited)
Operating expenses
General and administrative expenses	$	-	$	-
Interest income		-		-
Interest expenses	$	-	$	-
Other income		-		-
Other expenses		-		-
Net (loss) gain from discounted operations	$	-	$	-