Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 29, 2021 | Jun. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Planet Green Holdings Corp. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 20,009,930 | ||
Entity Public Float | $ 3,881,060 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001117057 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-34449 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Interactive Data Current | Yes |
Audited Consolidated Financial
Audited Consolidated Financial Statements - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 3,415,751 | $ 7,272,510 |
Trade receivables, net | 835,384 | 66,673 |
Inventories | 2,251,628 | 1,939,025 |
Advances and prepayments to suppliers | 5,922,562 | 1,558,922 |
Other receivables and other current assets | 1,091,815 | 270,421 |
Related party receivable | ||
Discontinued operations - current assets | 7,050,047 | |
Total current assets | 13,517,140 | 18,157,598 |
Non-current assets | ||
Property, plant and equipment, net | 4,596,637 | 4,152,708 |
Intangible assets, net | 1,516,467 | 1,533,927 |
Construction in progress, net | ||
Goodwill | 2,340,111 | |
Discontinued operations – non-current assets | 2,053,865 | |
Total non-current assets | 8,453,215 | 7,740,500 |
Total Assets | 21,970,355 | 25,898,098 |
Current liabilities | ||
Accounts payable | 1,302,850 | 765,427 |
Taxes payable | 198,683 | 106,315 |
Accrued liabilities and other payables | 1,848,598 | 1,485,365 |
Customers deposits | 241,893 | 52,722 |
Related party payables | 19,850 | 2,003,390 |
Deferred income | 15,682 | |
Discontinued operations - current liabilities | 376,645 | |
Total current liabilities | 3,627,556 | 4,789,864 |
Non-current liabilities | ||
Long-term payables | 31,364 | |
Discontinued operations – non-current liabilities | 373,728 | |
Total non-current liabilities | 31,364 | 373,728 |
Total Liabilities | 3,658,919 | 5,163,592 |
Stockholders’ Equity | ||
Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2020 and 2019, respectively | ||
Common Stock, $0.001 par value, 200,000,000 shares authorized; 11,809,930 and 7,877,765 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 11,810 | 7,878 |
Additional paid-in capital | 95,659,360 | 85,803,421 |
Accumulated deficit | (84,331,897) | (73,280,734) |
Accumulated other comprehensive income | 6,972,163 | 8,203,941 |
Total Stockholders’ Equity | 18,311,436 | 20,734,506 |
Total Liabilities and Stockholders’ Equity | $ 21,970,355 | $ 25,898,098 |
Audited Consolidated Financia_2
Audited Consolidated Financial Statements (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 11,809,930 | 7,877,765 |
Common stock, shares outstanding | 11,809,930 | 7,877,765 |
Audited Consolidated Statements
Audited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net revenues | $ 3,638,801 | $ 1,106,482 |
Cost of revenues | 2,369,736 | 464,402 |
Gross profit | 1,269,065 | 642,080 |
Operating expenses: | ||
Selling and marketing expenses | 160,109 | 40,069 |
General and administrative expenses | 3,896,489 | 904,913 |
Total operating expenses | 4,056,598 | 944,982 |
Operating loss | (2,787,533) | (302,902) |
Other income (expenses): | ||
Interest income(expenses), net. | (23,407) | (9,725) |
Other income(expenses), net. | 27,318 | 68,376 |
Impairment of goodwill | (2,339,829) | |
Write off receivables from disposal of former subsidiaries | (6,078,623) | 8,783,848 |
Total other (expenses) income | (8,414,541) | 8,842,499 |
Loss before taxes | (11,202,074) | 8,539,597 |
Income tax expense | ||
Income (loss) from continuing operations | (11,202,074) | 8,539,597 |
Discontinued Operations: | ||
Income (loss) from discontinued operations | 150,911 | (5,592,401) |
Net income (loss) from discontinuing operations | 150,911 | (5,592,401) |
Net (loss) income | (11,051,163) | 2,947,196 |
Other comprehensive income: | ||
Foreign currency translation adjustment | (1,231,778) | (1,588,342) |
Comprehensive (loss) income | $ (12,282,941) | $ 1,358,854 |
(Loss) income per share from continuing operations - Basic and diluted (in Dollars per share) | $ (1.11) | $ 1.24 |
Income (loss) per share from discontinued operations-Basic and diluted (in Dollars per share) | 0.01 | (0.81) |
(Loss) income per share - Basic and diluted (in Dollars per share) | $ (1.09) | $ 0.43 |
Basic and diluted weighted average shares outstanding (in Shares) | 10,112,648 | 6,897,710 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-in Capital | Statutory Reserves | Accumulated Deficit | Accumulated Other Comprehensive Income | Non-Controlling Interests | Total |
Balance at Dec. 31, 2018 | $ 5,498 | $ 74,739,031 | $ 2,810,953 | $ (79,038,883) | $ 9,792,283 | $ (1,019,552) | $ 7,289,330 |
Balance (in Shares) at Dec. 31, 2018 | 5,497,765 | ||||||
Net income | 2,947,196 | 2,947,196 | |||||
Issuance of shares for acquisition | $ 1,080 | 4,783,212 | 4,784,292 | ||||
Issuance of shares for acquisition (in Shares) | 1,080,000 | ||||||
Issuance of common stock for cash | $ 1,300 | 5,458,700 | 5,460,000 | ||||
Issuance of common stock for cash (in Shares) | 1,300,000 | ||||||
Disposition | (2,810,953) | 2,810,953 | 1,019,552 | 1,019,552 | |||
Acquiring corporation | 822,478 | 822,478 | |||||
Foreign currency translation adjustment | (1,588,342) | (1,588,342) | |||||
Balance at Dec. 31, 2019 | $ 7,878 | 85,803,421 | (73,280,734) | 8,203,941 | 20,734,506 | ||
Balance (in Shares) at Dec. 31, 2019 | 7,877,765 | ||||||
Net income | (11,051,163) | (11,051,163) | |||||
Issuance of shares for acquisition | $ 1,800 | 4,588,200 | 4,590,000 | ||||
Issuance of shares for acquisition (in Shares) | 1,800,000 | ||||||
Issuance of common stock for cash | $ 1,350 | 3,508,650 | 3,510,000 | ||||
Issuance of common stock for cash (in Shares) | 1,350,000 | ||||||
Issuance of common stock for employee stock compensation | $ 782 | 1,759,089 | 1,759,871 | ||||
Issuance of common stock for employee stock compensation (in Shares) | 782,165 | ||||||
Foreign currency translation adjustment | (1,231,778) | (1,231,778) | |||||
Balance at Dec. 31, 2020 | $ 11,810 | $ 95,659,360 | $ (84,331,897) | $ 6,972,163 | $ 18,311,436 | ||
Balance (in Shares) at Dec. 31, 2020 | 11,809,930 |
Audited Consolidated Statemen_2
Audited Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net (Loss) income | $ (11,051,163) | $ 2,947,196 |
Gain from disposal of investment and subsidiaries | (8,783,848) | |
Write off receivables | 6,078,623 | |
Exchange loss | 1,830,579 | |
Impairment of goodwill | 2,339,829 | |
Stock base compensation | 1,759,871 | |
Bad debt expenses | 43,694 | |
Amortization | 173,825 | 13,319 |
Depreciation | 275,228 | 200,727 |
Accounts and other receivables | (1,526,888) | 58,127 |
Inventory | (295,975) | (434,411) |
Prepayments and other current assets | (4,065,395) | (1,486,828) |
Payables and other current liabilities | 938,670 | (3,525,853) |
Net cash used in operating activities | (3,499,103) | (5,419,170) |
Cash flows from investing activities | ||
Purchase of plant and equipment and construction in progress | (695,544) | (578,595) |
Purchase of intangible assets | (157,293) | 62,274 |
Net cash used in investing activities | (852,837) | (516,321) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 3,016,204 | 12,319,834 |
Repayment of borrowings | (1,108,584) | |
(Repayment to) proceeds from related party | (2,777,808) | 1,991,296 |
Net cash provided by financing activities | 238,396 | 13,202,546 |
Net (decrease) increase in cash | (4,113,544) | 7,267,055 |
Effect of foreign currency translation on cash | 256,785 | (11,432) |
Cash and cash equivalents–beginning of year | 7,272,510 | 16,887 |
Cash and cash equivalents–end of year | 3,415,751 | 7,272,510 |
Supplementary cash flow information: | ||
Interest received | 186 | |
Interest paid | 23,407 | 9,911 |
Income taxes paid |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Principal Activities | 1. Organization and Principal Activities Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. We are engaged in various businesses through our subsidiaries and controlled entities in China. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Method of accounting Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. Principles of consolidation The accompanying consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities: Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Lorain Food Stuff (Shenzhen) Co., Ltd (terminated the VIE) PRC VIE 1,913,049 Taishan Muren Agriculture Co. Ltd. (terminated the VIE) PRC VIE 80,000 Xianning Bozhuang Tea Products Co., Ltd. PRC VIE 6,277,922 Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly-own are accounted for as noncontrolling interests. On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company inc orporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”). On August 12, 2019, through Lucky Sky Holdings Corporations (H.K.) Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 20, 2019, The Lucky Sky Holdings Corporations (H.K.) Limited sold 100% of equity interest in Shanghai Xunyang. On May 29, 2020, the Planet Green Holdings Corporation (BVI) incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong. On June 5, 2020, the Planet Green Holdings Corporation (BVI) acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the business of operation of a demand-side platform targeting the Chinese education market in North America. On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.). On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren On August 10, 2020, Planet Green Holdings Corporation(BVI) transferred its 100% equity interest in Lucky Sky Holdings Corporations (H.K.) Limited to Rui Tang. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. Consolidation of Variable Interest Entity On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies. On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control and became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE. On December 20, 2019, we sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain and Taishan Muren. On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. As of December 31, 2020, the following entities were de-consolidated from the structure as a result of the sale agreement executed on September 15, 2020: Name Place of incorporation Ownership Taishan Muren Agriculture Co., Ltd. PRC VIE of Jiayi Technologies (Xianning) Co., Ltd Lorain Food Stuff (Shenzhen) Co., Ltd PRC VIE of Jiayi Technologies (Xianning) Co., Ltd As a result of sale agreement, the accumulated deficit of Taishan Muren Agriculture Co., Ltd. and Lorain Food Stuff (Shenzhen) Co., Ltd with total amount of $6,479,978 are written off, and it also had a net loss of $12,407,690 due to the waiver of receivables. In addition, the Company also recognized a long-term investment loss with total amount of $2,153,111. The net effect is a loss on disposal of VIEs with the total amount of $5,927,712. Discontinued operations See financial note 16. Each of the VIE Agreements is described in detail below: Consultation and Service Agreement Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Business Cooperation Agreement Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice. Equity Pledge Agreements According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority. Equity Option Agreements According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s). Voting Rights Proxy Agreements According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification. Use of estimates The financial statements’ preparation 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 periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Investment securities The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All deposits not included in trading securities are classified as available-for-sale. Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income. They are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income, and a new cost basis for the security is established. To determine whether the impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and believes whether evidence indicating the cost of the asset is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value after year-end, and forecasted performance of the investee. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned. Trade receivables Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred. Inventories Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. Advances and prepayments to suppliers The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. Plant and equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized. Intangible assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: Land use rights 50 years Software licenses 2 years Trademarks 10 years Construction in progress and prepayments for equipment Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis. Accounting for the impairment of long-lived assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. Statutory reserves Statutory reserves are referring to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. Foreign currency translation The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. 12/31/2020 12/31/2019 Period-end US$: CDN$ exchange rate 1.2754 1.2988 Period-end US$: RMB exchange rate 6.5326 6.9762 Period average US$: CDN$ exchange rate 1.3409 1.3269 Period average US$: RMB exchange rate 6.8996 6.8967 The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions. Revenue recognition The Company adopted ASC 606 “Revenue Recognition” and recognized revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from selling fresh foods, spices, convenience foods, and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● Recognize revenue as the performance obligation is satisfied. Advertising All advertising costs are expensed as incurred. Shipping and handling All outbound shipping and handling costs are expensed as incurred. Research and development All research and development costs are expensed as incurred. Retirement benefits Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead. Stock-based compensation The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement. On December 30, 2020, 782,165 shares of common stocks are granted to six employees of the Company for stock compensation. The closing stock price on December 30, 2020 is $2.25 per share. Total amount of $1,759,871 are recorded as stock compensation expenses. Income taxes The Company accounts for income tax using an asset and liability approach and recognizes 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 can realize their benefits or that future realization is uncertain. Comprehensive income The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Earnings per share The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. Financial instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Recent accounting pronouncements In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not however been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would affect the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s balance sheets, statements of income and comprehensive income and statements of cash flows. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Cash | 3. Restricted Cash Restricted cash represents interest-bearing deposits placed with banks to secure banking facilities in the form of loans and notes payable. The funds are restricted from immediate use and are designated for settlement of loans or notes when they become due. |
Variable Interest Entity (VIE)
Variable Interest Entity (VIE) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Variable interest entity | 4. Variable interest entity (“VIE”) A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Xianning Bozhuang Tea Products Co., Ltd because it has both of the following characteristics: 1) The power to direct activities at Xianning Bozhuang Tea Products Co., Ltd that most significantly impact such entity’s economic performance, and 2) The obligation to absorb losses of, and the right to receive benefits from Xianning Bozhuang Tea Products Co., Ltd that could potentially be significant to such entity. Pursuant to the Contractual Arrangements, Xianning Bozhuang Tea Products Co., Ltd pays service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of Xianning Bozhuang Tea Products Co., Ltd’s losses. The Contractual Arrangements are designed so that Xianning Bozhuang Tea Products Co., Ltd operate for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Xianning Bozhuang Tea Products Co., Ltd are consolidated in the accompanying consolidated financial statements. In addition, its financial positions and results of operations are included in the Company’s consolidated financial statements. The carrying amount of VIE’s consolidated assets and liabilities are as follows: 12/31/2020 12/31/2019 Cash and cash equivalents $ 528,048 $ 5,269,076 Note and Accounts receivable, net 835,384 66,673 Other receivables - third party 7,726,607 270,421 Inventories, net 2,251,628 1,939,025 Prepayments 1,215,089 1,558,922 TOTAL CURRENT ASSETS 12,556,756 9,104,117 Plan and equipment, net 4,592,615 4,152,708 Intangible assets, net 1,491,614 1,533,927 Total Non-Current Assets 6,084,229 5,686,635 TOTAL ASSETS $ 18,640,985 $ 14,790,752 Accounts payable $ 1,017,373 $ 486,241 Accounts payable - related party - - Advance from customer 213,469 52,722 Other payables and accrued liabilities 8,951,117 8,963,091 Other payables - related party 2,716,537 - Taxes payable 171,231 106,315 Deferred income - - TOTAL CURRENT LIABILITIES 13,069,728 9,608,369 Long term payable - - TOTAL LIABILITIES $ 13,069,728 $ 9,608,369 Paid-in capital 6,314,908 6,314,908 Retained earnings (793,601 ) (834,993 ) Accumulated other comprehensive income 49,950 (297,532 ) Total Equity 5,571,257 5,182,383 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 18,640,985 $ 14,790,752 The summarized operating results of the VIE’s are as follows: 12/31/2020 12/31/2019 Operating revenues $ 3,804,595 $ 1,106,482 Gross profit 1,336,228 706,292 Income from operations 41,392 (244,194 ) Net income (loss) $ 41,392 $ (244,194 ) |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination | 5 . Business Combination On June 5, 2020, the Company and its wholly owned subsidiary the Planet Green Holdings Corporation (BVI) acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the business of operation of a demand-side platform targeting the Chinese education market in North America. The Company’s acquisition of Fast Approach Inc. was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Fast Approach Inc. based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. Other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, plant and equipment, and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Fast Approach Inc.: Total consideration at fair value $ 4,679,940 Fair Value Cash $ 3,936 Other current assets 2,260 Plant and equipment 1,037 Other noncurrent assets 43,777 Total asset 51,010 Total liabilities (140,950 ) Net asset acquired $ (89,940 ) As of the date of the acquisition, the net asset acquired negative $89,940 is less than total consideration at fair value $4,679,940. The difference of $4,679,940 will be added to the goodwill and additional paid in capital. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Trade Receivables | 6. Trade Receivables The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers 12/31/2020 12/31/2019 Trade accounts receivable $ 881,533 $ 66,673 Less Allowance for doubtful accounts (46,149 ) - $ 835,384 $ 66,673 Allowance for doubtful accounts: Beginning balance $ - $ - Additions to allowance (46,149 ) - Bad debt written-off - - Ending balance $ (46,149 ) $ - |
Advances to suppliers
Advances to suppliers | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Advances to suppliers | 7. Advances to suppliers The advances to suppliers balance of $5,922,562 and $1,558,922 as of December 31, 2020 and December 31, 2019, respectively, mainly represents the advanced payment to the suppliers for raw materials. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Inventories consisted of the following as of December 31, 2020, and 2019. 12/31/2020 12/31/2019 Raw materials $ 240,468 $ 640,990 Inventory of supplies 13,873 12,489 Work in progress 1,991,749 1,071,363 Finished goods 5,538 214,183 Total $ 2,251,628 $ 1,939,025 |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | 9. Plant and Equipment Plant, and equipment consisted of the following as of December 31, 2020, and 2019: 12/31/2020 12/31/2019 At Cost: Buildings $ 3,952,207 $ 3,616,207 Machinery and equipment 1,103,152 785,487 Office equipment 82,670 42,772 Motor vehicles 161,590 120,534 $ 5,299,619 $ 4,565,000 Less (702,982 ) (412,292 ) $ 4,596,637 $ 4,152,708 Depreciation expense for the years ended December 31, 2020, and 2019 was $290,690 and $193,399 respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10. Intangible Assets 12/31/2020 12/31/2019 At Cost: Land use rights 801,170 750,224 Software licenses 56,949 2,552 Trademark 955,974 895,187 $ 1,814,093 $ 1,647,963 Less Accumulated amortization (297,626 ) (114,036 ) $ 1,516,467 $ 1,533, 927 Land use rights: the land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224, located at Xianning City, Hubei Province, China with the land use right until June 12, 2068. Trademark: a tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187, registered with the China National Intellectual Property Administration, registration number is 16964992A. Amortization expense for the years ended December 31, 2020 and 2019 was $183,590 and $10,127, respectively. |
Related Parties Transaction
Related Parties Transaction | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties Transaction | 11. Related Parties Transaction As of December 31, 2020 and 2019, the outstanding balance due to related parties is $19,850 and $2,003,390, respectively. As of December 31, 2020 and 2019, the outstanding balance of $19,850 and $Nil, respectively. The balance as of December 31, 2020 due to Yong Yang, an executive of a subsidiary, was advances for working capital of the Company, non-interest bearing, and unsecured, unless further disclosed. As of December 31, 2020 and 2019, the outstanding balance was $Nil and $2,003,390 due to Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company, respectively, is advances for working capital of the Company which are fully paid off as of December 31, 2020. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Equity | 12. Equity On May 9, 2019, the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. (“Subsidiary”) entered into a Share Exchange Agreement with Xianning Bozhuang Tea Products Co., Ltd. (“Target”) and each of the shareholders of Target (collectively, “Sellers”). Such transaction closed on May 14, 2019. Pursuant to the Share Exchange Agreement, the Subsidiary acquired all outstanding equity interests of Target, a company that produces tea products and sells such products in China. Pursuant to the Share Exchange Agreement, the Company issued an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest of the Target to the Subsidiary. On June 17, 2019, the Company entered into a securities purchase agreement, pursuant to which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price of $4.20 per share. The transaction closed on June 19, 2019. On February 10, 2020, the Company entered into a securities purchase agreement with Mengru Xu and Zhichao Du, pursuant to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of common stock, representing a purchase price of approximately $2.60 per share. On February 28, 2020, the Company closed the transaction. On June 5, 2020, the Company issued an aggregate of 1,800,000 shares of its common stock to acquire all the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America. On December 30, 2020, the Company issued a total of 782,165 ordinary shares to six employees of the Company. Total fair value of these ordinary shares was approximately $1.75 million and the compensation expenses are to be recognized in the fiscal year 2020 because there is no employee’s requisite service period requirement. As of December 31, 2020, there were 11,809,930 shares of common stock outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s primary operations are located in Canada and the PRC. The corporate income tax rate was 13% in Canada and 25% in the PRC as of December 31, 2020. The following tables provide the reconciliation of the differences between the statutory and effective tax expenses following as of December 31, 2020 and 2019. 12/31/2020 12/31/2019 Loss attributed to PRC continuing operations $ (34,348 ) $ (5,836,652 ) Loss attributed to Canada operations (417,271 ) - Income attributed to BVI 9,779,542 8,783,848 Loss attributed to U.S. operations (20,529,997 ) - ( Loss) income before tax $ (11,202,074 ) $ 2,947,196 PRC Statutory Tax at 25% - - Canada Statutory Tax at 13% - - U.S. Federal Statutory Income Tax at 21% - - Effect of tax exemption granted - Income tax $ - $ - Per Share Effect of Tax Exemption - - Effect of tax exemption granted $ - $ - Weighted-Average Shares Outstanding Basic 10,112,648 6,897,710 Per share effect $ - $ - The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows as of December 31, 2020 and 2019: 12/31/2020 12/31/2019 U.S. federal statutory income tax rate 21 % 21 % Higher (lower) rates in PRC, net 4 % 4 % Expenses not deductible to taxable income (25 )% (25 )% The Company’s effective tax rate 0 % 0 % Deferred tax assets Bad debt allowances must be approved by the Chinese tax authority prior to being deducted as an expense item on the tax return. Therefore, deferred tax assets are not likely realized. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | 14. Earnings/(Loss) Per Share Components of basic and diluted earnings per share were as follows: For the years ended 2020 2019 (Loss) income from continuing operations $ (11,202,074 ) $ 8,539,597 Income (loss) from discontinued operations $ 150,911 $ (5,592,401 ) Basic and diluted (loss) earnings per share denominator: Original Shares: 7,877,765 5,497,765 Additions from Actual Events -issuance of common stock for cash 1,202,055 701,644 Additions from Actual Events – issuance of common stock for acquisition 1,030,685 698,301 Additions from Actual Events – issuance of common stock for stock compensation 2,143 - Basic Weighted Average Shares Outstanding 10,112,648 6,897,710 (Loss) income per share from continuing operations - Basic and diluted $ (1.11 ) $ 1.24 Income (loss) per share from discontinued operations-Basic and diluted $ 0.01 $ (0.81 ) (Loss) income per share - Basic and diluted $ (1.09 ) $ 0.43 |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Concentrations [Abstract] | |
Concentrations | 15. Concentrations Customers Concentrations The following table sets forth information as to each customer that accounted for 10% or more of the Company’s revenues as of December 31, 2020 and 2019. For the years ended Customers December 31, 2020 December 31, 2019 Amount $ % Amount $ % A 3,161,520 88 - - B - - 283,822 27 C - - 210,716 20 D - - 207,273 20 E - - 277,302 25 Suppliers Concentrations The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchase as of December 31, 2020 and December 31, 2019. For the periods ended Suppliers December 31, 2020 December 31, 2019 Amount $ % Amount $ % A 307,817 50 - - B 225,577 37 - - C - - 196,899 36 D - - 79,878 15 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 16. Discontinued Operations As of December 31, 2020, the Company has reclassified the results of operations and the financial position of Taishan Muren and Shenzhen Lorain as discontinued operations. Selected details regarding those discontinued operations are provided below. For the years ended Results of Operations 2020 2019 Net revenues $ 38,748 $ 3,006,595 Cost of revenues 33,111 2,515,326 Gross profit 5,637 491,269 Operating expenses: Selling and marketing expenses - 224 General and administrative expenses 152,104 1,013,542 Total operating expenses 152,104 1,013,766 Operating loss (146,467 ) (522,497 ) Other income (expenses): Interest income(expenses), net. (4,444 ) 169 Other income(expenses), net. - (45,039 ) Impairment for goodwill - - Write off receivables from disposal of former subsidiaries - (5,025,034 ) Total other (expenses) income (4,444 ) (5,069,904 ) Loss before taxes (150,911 ) (5,592,401 ) Taxes - - Net income(loss) $ (150,911 ) $ (5,592,401 ) As of December 31, Financial Position 2020 2019 Assets Current assets Cash and cash equivalents $ - $ 130,813 Trade receivables, net - 1,049,538 Inventories - 7,523 Advances and prepayments to suppliers - 5,855,144 Other receivables and other current assets - 4,867 Related party receivable - 2,162 Total current assets $ - $ 7,050,047 Non-current assets Property, plant and equipment, net - 819,992 Construction in progress, net - 834,337 Deposits - 1,454 Right-of-use assets - 398,082 Total non-current assets - 2,053,865 Total Assets $ - $ 9,103,912 Liabilities and Stockholders’ Equity Current liabilities Short-term bank loans $ - $ 136,044 Accounts payable - 187,093 Taxes payable - 108 Accrued liabilities and other payables - 4,300 Customers deposits - - Related party otherpayables - 24,339 Lease payable-current portion - 24,761 Total current liabilities $ - $ 376,645 Lease payable- non-current - 373,728 Total non-current liabilities $ - $ 373,728 Total Liabilities $ - $ 750,373 Net Assets $ - $ 8,353,539 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting The Company follows ASC 280, Segment Reporting, which requires that companies disclose segment data based on how management makes decision about allocating resources to segments and evaluating their performance. The Company’s management evaluates performance and determines resource allocations based on a number of factors, the primary measure being income from operations. The Company’s main business segment and operations are Xianning Bozhuang and Fast Approach. The Company’s consolidated results of operations and consolidated financial position from continuing operations are almost all attributable to Xianning Bozhuang and Fast Approach. Accordingly, management believes that the consolidated balance sheets and statement of operations provide the relevant information to assess Xianning Bozhuang and Fast Approach’s performance. The following represents assets by division as of: Total assets as of December 31, 2020 December 31, 2019 Fast Approach and Shanghai Xunyang $ 572,509 $ - Xianning Bozhuang 11,968,553 14,790,752 Jiayi Technologies (Xianning) Co., Ltd. 6,563,580 2,003,135 Planet Green Holdings Corporation (BVI) - - Planet Green Holdings Corporation 853,486 100 Lucky Sky Planet Green Holdings Co., Limited (H.K.). 2,012,228 2,012,228 Total Assets $ 21,970,355 $ 19,331,066 |
Risks
Risks | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Risks | 18. Risks A. Credit risk The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent. Since the Company’s inception, the age of account receivables has been less than one year indicating that the Company is subject to minimal risk borne from credit extended to customers. B. Interest risk The Company is subject to interest rate risk when short term loans become due and require refinancing. C. Economic and political risks The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC. The Company’s operations in the PRC 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 environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, 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. D. Environmental risks The Company has procured environmental licenses required by the PRC government. The Company has both a water treatment facility for water used in its production process and secure transportation to remove waste off site. In the event of an accident, the Company has purchased insurance to cover potential damage to employees, equipment, and local environment. E. Inflation Risk Management monitors changes in prices levels. Historically inflation has not materially impacted the Company’s financial statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company’s customers could adversely impact the Company’s results of operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events Acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd In January 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. The Company consolidated Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd’s accounts as its VIE. According to the VIE agreements, the Company issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above. The Company’s acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jingshan Sanhe based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expense. Acquisition of Jilin Chuangyuan Chemical Co., Ltd In March 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jilin Chuangyuan Chemical Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd. The Company consolidated Jilin Chuangyuan Chemical Co., Ltd’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above. The Company’s acquisition of Jilin Chuangyuan Chemical Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jilin Chuangyuan based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses. The following table sets forth the unaudited pro forma condensed combined balance sheet for the purpose of providing a brief description of the respective identifiable assets and liabilities of the two companies and the impact on the overall statement of PLAG assuming that the merger date was on December 31, 2020. Planet Green Holdings Corp. Unaudited Pro Forma Condensed Combined Balance Sheet AS OF DECEMBER 31, 2020 (Stated in US Dollars) PLAG JSSH JLCY Adjustments Combined ASSETS Cash $ 3,415,751 $ 21,973 $ 95,237 $ - $ 3,532,961 Accounts receivable 835,384 - 868,874 - 1,704,258 Advances and prepayments to suppliers 5,922,562 298,381 388,349 - 6,609,292 Other receivables and other current assets 1,091,815 282878 123,969 - 1,498,663 Due from related parties - - 212,594 - 212,594 Inventory 2,251,628 400,012 581,569 - 3,233,209 Total Current Assets 13,517,140 1,003,245 2,270,593 - 16,790,977 Property, plant and equipment, net. 4,596,637 4,021,195 11,109,220 - 19,727,053 Intangible assets, net 1,516,467 12,893 2,149,910 - 3,679,269 Right-of-use assets - 976,605 - - 976,605 Other assets and goodwill 2,340,111 - - 4,220,888 6,560,999 Deferred Tax Asset - 728,743 415,154 - 1,143,897 Total Non-Current Assets 8,453,215 5,739,436 13,674,284 4,220,888 32,087,823 Total Assets $ 21,970,355 $ 6,742,680 $ 15,944,877 $ 4,220,888 $ 48,878,800 LIABILITIES, MINORITY INTEREST & STOCKHOLDERS’ EQUITY Liabilities Short term loans $ - $ 459,235 $ 3,826,934 $ - $ 4,286,169 Accounts payable 1,302,850 153,439 575,495 - 2,031,784 Customer advances and deposits 241,893 6,904 291,655 - 540,452 Other payable 1,848,598 1,071,967 2,722,428 - 5,642,993 Due to related parties 19,850 - 765,387 - 785,237 Taxes payable 198,683 - 1,073 - 199,756 Deferred tax liabilities 15,682 - 73,477 - 89,159 Lease payables - 406,410 - - 406,410 Total Current Liabilities 3,627,556 2,097,954 8,256,449 - 13,981,959 Long term debt 31,364 - - - 31,364 Long term payable - - 1,162,355 - 1,162,355 Lease payables-non current - 425,715 - - 425,715 Total Non-Current Liabilities 31,364 425,715 1,162,355 - 1,619,434 Total Liabilities $ 3,658,919 $ 2,523,669 $ 9,418,804 $ - $ 15,601,392 Stockholders’ Equity Registered capital $ - $ 4,710,254 $ 9,280,493 $ (13,990,747 ) $ - Common stock 11,810 - - 5,500 17,310 Additional paid in capital 95,659,360 - - 15,941,766 111,601,126 Statutory reserves - - - - - Retained earnings (84,331,897 ) (281,646 ) (2,129,776 ) - (86,743,319 ) Accumulated other comprehensive income 6,972,163 (209,597 ) (624,645 ) - 6,137,921 Total stockholders’ equity 18,311,436 4,219,011 6,526,073 1,956,519 31,013,038 Non-controlling interest - - - 2,264,370 2,264,370 Total Equity $ 18,311,436 $ 4,219,011 $ 6,526,073 $ 4,220,888 $ 33,277,408 Total Liabilities & Stockholders’ Equity $ 21,970,355 $ 6,742,680 $ 15,944,877 $ 4,220,888 $ 48,878,800 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Method of accounting | Method of accounting Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities: Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Lorain Food Stuff (Shenzhen) Co., Ltd (terminated the VIE) PRC VIE 1,913,049 Taishan Muren Agriculture Co. Ltd. (terminated the VIE) PRC VIE 80,000 Xianning Bozhuang Tea Products Co., Ltd. PRC VIE 6,277,922 Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly-own are accounted for as noncontrolling interests. On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company inc orporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”). On August 12, 2019, through Lucky Sky Holdings Corporations (H.K.) Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 20, 2019, The Lucky Sky Holdings Corporations (H.K.) Limited sold 100% of equity interest in Shanghai Xunyang. On May 29, 2020, the Planet Green Holdings Corporation (BVI) incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong. On June 5, 2020, the Planet Green Holdings Corporation (BVI) acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the business of operation of a demand-side platform targeting the Chinese education market in North America. On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.). On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren On August 10, 2020, Planet Green Holdings Corporation(BVI) transferred its 100% equity interest in Lucky Sky Holdings Corporations (H.K.) Limited to Rui Tang. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. Consolidation of Variable Interest Entity On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies. On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control and became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE. On December 20, 2019, we sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain and Taishan Muren. On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. As of December 31, 2020, the following entities were de-consolidated from the structure as a result of the sale agreement executed on September 15, 2020: Name Place of incorporation Ownership Taishan Muren Agriculture Co., Ltd. PRC VIE of Jiayi Technologies (Xianning) Co., Ltd Lorain Food Stuff (Shenzhen) Co., Ltd PRC VIE of Jiayi Technologies (Xianning) Co., Ltd As a result of sale agreement, the accumulated deficit of Taishan Muren Agriculture Co., Ltd. and Lorain Food Stuff (Shenzhen) Co., Ltd with total amount of $6,479,978 are written off, and it also had a net loss of $12,407,690 due to the waiver of receivables. In addition, the Company also recognized a long-term investment loss with total amount of $2,153,111. The net effect is a loss on disposal of VIEs with the total amount of $5,927,712. |
Discontinued operations | Discontinued operations See financial note 16. Each of the VIE Agreements is described in detail below: Consultation and Service Agreement Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Business Cooperation Agreement Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice. Equity Pledge Agreements According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority. Equity Option Agreements According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s). Voting Rights Proxy Agreements According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification. |
Use of estimates | Use of estimates The financial statements’ preparation 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 periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Investment securities | Investment securities The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All deposits not included in trading securities are classified as available-for-sale. Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income. They are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income, and a new cost basis for the security is established. To determine whether the impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and believes whether evidence indicating the cost of the asset is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value after year-end, and forecasted performance of the investee. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned. |
Trade receivables | Trade receivables Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred. |
Inventories | Inventories Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. |
Advances and prepayments to suppliers | Advances and prepayments to suppliers The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. |
Plant and equipment | Plant and equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized. |
Intangible assets | Intangible assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: Land use rights 50 years Software licenses 2 years Trademarks 10 years |
Construction in progress and prepayments for equipment | Construction in progress and prepayments for equipment Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis. |
Accounting for the impairment of long-lived assets | Accounting for the impairment of long-lived assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. |
Statutory reserves | Statutory reserves Statutory reserves are referring to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. |
Foreign currency translation | Foreign currency translation The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. 12/31/2020 12/31/2019 Period-end US$: CDN$ exchange rate 1.2754 1.2988 Period-end US$: RMB exchange rate 6.5326 6.9762 Period average US$: CDN$ exchange rate 1.3409 1.3269 Period average US$: RMB exchange rate 6.8996 6.8967 The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions. |
Revenue recognition | Revenue recognition The Company adopted ASC 606 “Revenue Recognition” and recognized revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from selling fresh foods, spices, convenience foods, and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● Recognize revenue as the performance obligation is satisfied. |
Advertising | Advertising All advertising costs are expensed as incurred. |
Shipping and handling | Shipping and handling All outbound shipping and handling costs are expensed as incurred. |
Research and development | Research and development All research and development costs are expensed as incurred. |
Retirement benefits | Retirement benefits Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead. |
Stock-based compensation | Stock-based compensation The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement. On December 30, 2020, 782,165 shares of common stocks are granted to six employees of the Company for stock compensation. The closing stock price on December 30, 2020 is $2.25 per share. Total amount of $1,759,871 are recorded as stock compensation expenses. |
Income taxes | Income taxes The Company accounts for income tax using an asset and liability approach and recognizes 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 can realize their benefits or that future realization is uncertain. |
Comprehensive income | Comprehensive income The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. |
Earnings per share | Earnings per share The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. |
Financial instruments | Financial instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. |
Commitments and contingencies | Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Recent accounting pronouncements | Recent accounting pronouncements In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not however been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would affect the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s balance sheets, statements of income and comprehensive income and statements of cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of assets, liabilities, and results of operations | Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Lorain Food Stuff (Shenzhen) Co., Ltd (terminated the VIE) PRC VIE 1,913,049 Taishan Muren Agriculture Co. Ltd. (terminated the VIE) PRC VIE 80,000 Xianning Bozhuang Tea Products Co., Ltd. PRC VIE 6,277,922 |
Schedule of assets, liabilities, and results of operations | Name Place of incorporation Ownership Taishan Muren Agriculture Co., Ltd. PRC VIE of Jiayi Technologies (Xianning) Co., Ltd Lorain Food Stuff (Shenzhen) Co., Ltd PRC VIE of Jiayi Technologies (Xianning) Co., Ltd |
Schedule of estimated useful live | Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years |
Schedule of intangible assets | Land use rights 50 years Software licenses 2 years Trademarks 10 years |
Schedule of average exchange rates | 12/31/2020 12/31/2019 Period-end US$: CDN$ exchange rate 1.2754 1.2988 Period-end US$: RMB exchange rate 6.5326 6.9762 Period average US$: CDN$ exchange rate 1.3409 1.3269 Period average US$: RMB exchange rate 6.8996 6.8967 |
Variable Interest Entity (VIE)
Variable Interest Entity (VIE) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of carrying amount of VIE's consolidated assets and liabilities | 12/31/2020 12/31/2019 Cash and cash equivalents $ 528,048 $ 5,269,076 Note and Accounts receivable, net 835,384 66,673 Other receivables - third party 7,726,607 270,421 Inventories, net 2,251,628 1,939,025 Prepayments 1,215,089 1,558,922 TOTAL CURRENT ASSETS 12,556,756 9,104,117 Plan and equipment, net 4,592,615 4,152,708 Intangible assets, net 1,491,614 1,533,927 Total Non-Current Assets 6,084,229 5,686,635 TOTAL ASSETS $ 18,640,985 $ 14,790,752 Accounts payable $ 1,017,373 $ 486,241 Accounts payable - related party - - Advance from customer 213,469 52,722 Other payables and accrued liabilities 8,951,117 8,963,091 Other payables - related party 2,716,537 - Taxes payable 171,231 106,315 Deferred income - - TOTAL CURRENT LIABILITIES 13,069,728 9,608,369 Long term payable - - TOTAL LIABILITIES $ 13,069,728 $ 9,608,369 Paid-in capital 6,314,908 6,314,908 Retained earnings (793,601 ) (834,993 ) Accumulated other comprehensive income 49,950 (297,532 ) Total Equity 5,571,257 5,182,383 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 18,640,985 $ 14,790,752 |
Schedule of operating results of the VIE's | 12/31/2020 12/31/2019 Operating revenues $ 3,804,595 $ 1,106,482 Gross profit 1,336,228 706,292 Income from operations 41,392 (244,194 ) Net income (loss) $ 41,392 $ (244,194 ) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of fair value of identifiable assets acquired and liabilities assumed | Total consideration at fair value $ 4,679,940 Fair Value Cash $ 3,936 Other current assets 2,260 Plant and equipment 1,037 Other noncurrent assets 43,777 Total asset 51,010 Total liabilities (140,950 ) Net asset acquired $ (89,940 ) |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of trade accounts receivable | 12/31/2020 12/31/2019 Trade accounts receivable $ 881,533 $ 66,673 Less Allowance for doubtful accounts (46,149 ) - $ 835,384 $ 66,673 Allowance for doubtful accounts: Beginning balance $ - $ - Additions to allowance (46,149 ) - Bad debt written-off - - Ending balance $ (46,149 ) $ - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | 12/31/2020 12/31/2019 Raw materials $ 240,468 $ 640,990 Inventory of supplies 13,873 12,489 Work in progress 1,991,749 1,071,363 Finished goods 5,538 214,183 Total $ 2,251,628 $ 1,939,025 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment | 12/31/2020 12/31/2019 At Cost: Buildings $ 3,952,207 $ 3,616,207 Machinery and equipment 1,103,152 785,487 Office equipment 82,670 42,772 Motor vehicles 161,590 120,534 $ 5,299,619 $ 4,565,000 Less (702,982 ) (412,292 ) $ 4,596,637 $ 4,152,708 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | 12/31/2020 12/31/2019 At Cost: Land use rights 801,170 750,224 Software licenses 56,949 2,552 Trademark 955,974 895,187 $ 1,814,093 $ 1,647,963 Less Accumulated amortization (297,626 ) (114,036 ) $ 1,516,467 $ 1,533, 927 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation differences between statutory and effective tax expenses | 12/31/2020 12/31/2019 Loss attributed to PRC continuing operations $ (34,348 ) $ (5,836,652 ) Loss attributed to Canada operations (417,271 ) - Income attributed to BVI 9,779,542 8,783,848 Loss attributed to U.S. operations (20,529,997 ) - ( Loss) income before tax $ (11,202,074 ) $ 2,947,196 PRC Statutory Tax at 25% - - Canada Statutory Tax at 13% - - U.S. Federal Statutory Income Tax at 21% - - Effect of tax exemption granted - Income tax $ - $ - Per Share Effect of Tax Exemption - - Effect of tax exemption granted $ - $ - Weighted-Average Shares Outstanding Basic 10,112,648 6,897,710 Per share effect $ - $ - |
Schedule of U.S. federal statutory income tax rate and the company's effective tax rate | 12/31/2020 12/31/2019 U.S. federal statutory income tax rate 21 % 21 % Higher (lower) rates in PRC, net 4 % 4 % Expenses not deductible to taxable income (25 )% (25 )% The Company’s effective tax rate 0 % 0 % |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | For the years ended 2020 2019 (Loss) income from continuing operations $ (11,202,074 ) $ 8,539,597 Income (loss) from discontinued operations $ 150,911 $ (5,592,401 ) Basic and diluted (loss) earnings per share denominator: Original Shares: 7,877,765 5,497,765 Additions from Actual Events -issuance of common stock for cash 1,202,055 701,644 Additions from Actual Events – issuance of common stock for acquisition 1,030,685 698,301 Additions from Actual Events – issuance of common stock for stock compensation 2,143 - Basic Weighted Average Shares Outstanding 10,112,648 6,897,710 (Loss) income per share from continuing operations - Basic and diluted $ (1.11 ) $ 1.24 Income (loss) per share from discontinued operations-Basic and diluted $ 0.01 $ (0.81 ) (Loss) income per share - Basic and diluted $ (1.09 ) $ 0.43 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Concentrations [Abstract] | |
Summary of customers concentrations | For the years ended Customers December 31, 2020 December 31, 2019 Amount $ % Amount $ % A 3,161,520 88 - - B - - 283,822 27 C - - 210,716 20 D - - 207,273 20 E - - 277,302 25 |
Summary of supplier concentrations | For the periods ended Suppliers December 31, 2020 December 31, 2019 Amount $ % Amount $ % A 307,817 50 - - B 225,577 37 - - C - - 196,899 36 D - - 79,878 15 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of results Operations | For the years ended Results of Operations 2020 2019 Net revenues $ 38,748 $ 3,006,595 Cost of revenues 33,111 2,515,326 Gross profit 5,637 491,269 Operating expenses: Selling and marketing expenses - 224 General and administrative expenses 152,104 1,013,542 Total operating expenses 152,104 1,013,766 Operating loss (146,467 ) (522,497 ) Other income (expenses): Interest income(expenses), net. (4,444 ) 169 Other income(expenses), net. - (45,039 ) Impairment for goodwill - - Write off receivables from disposal of former subsidiaries - (5,025,034 ) Total other (expenses) income (4,444 ) (5,069,904 ) Loss before taxes (150,911 ) (5,592,401 ) Taxes - - Net income(loss) $ (150,911 ) $ (5,592,401 ) |
Schedule of financial position assets | As of December 31, Financial Position 2020 2019 Assets Current assets Cash and cash equivalents $ - $ 130,813 Trade receivables, net - 1,049,538 Inventories - 7,523 Advances and prepayments to suppliers - 5,855,144 Other receivables and other current assets - 4,867 Related party receivable - 2,162 Total current assets $ - $ 7,050,047 Non-current assets Property, plant and equipment, net - 819,992 Construction in progress, net - 834,337 Deposits - 1,454 Right-of-use assets - 398,082 Total non-current assets - 2,053,865 Total Assets $ - $ 9,103,912 Liabilities and Stockholders’ Equity Current liabilities Short-term bank loans $ - $ 136,044 Accounts payable - 187,093 Taxes payable - 108 Accrued liabilities and other payables - 4,300 Customers deposits - - Related party otherpayables - 24,339 Lease payable-current portion - 24,761 Total current liabilities $ - $ 376,645 Lease payable- non-current - 373,728 Total non-current liabilities $ - $ 373,728 Total Liabilities $ - $ 750,373 Net Assets $ - $ 8,353,539 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of represents assets by division | Total assets as of December 31, 2020 December 31, 2019 Fast Approach and Shanghai Xunyang $ 572,509 $ - Xianning Bozhuang 11,968,553 14,790,752 Jiayi Technologies (Xianning) Co., Ltd. 6,563,580 2,003,135 Planet Green Holdings Corporation (BVI) - - Planet Green Holdings Corporation 853,486 100 Lucky Sky Planet Green Holdings Co., Limited (H.K.). 2,012,228 2,012,228 Total Assets $ 21,970,355 $ 19,331,066 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Schedule of pro forma condensed combined balance sheet | PLAG JSSH JLCY Adjustments Combined ASSETS Cash $ 3,415,751 $ 21,973 $ 95,237 $ - $ 3,532,961 Accounts receivable 835,384 - 868,874 - 1,704,258 Advances and prepayments to suppliers 5,922,562 298,381 388,349 - 6,609,292 Other receivables and other current assets 1,091,815 282878 123,969 - 1,498,663 Due from related parties - - 212,594 - 212,594 Inventory 2,251,628 400,012 581,569 - 3,233,209 Total Current Assets 13,517,140 1,003,245 2,270,593 - 16,790,977 Property, plant and equipment, net. 4,596,637 4,021,195 11,109,220 - 19,727,053 Intangible assets, net 1,516,467 12,893 2,149,910 - 3,679,269 Right-of-use assets - 976,605 - - 976,605 Other assets and goodwill 2,340,111 - - 4,220,888 6,560,999 Deferred Tax Asset - 728,743 415,154 - 1,143,897 Total Non-Current Assets 8,453,215 5,739,436 13,674,284 4,220,888 32,087,823 Total Assets $ 21,970,355 $ 6,742,680 $ 15,944,877 $ 4,220,888 $ 48,878,800 LIABILITIES, MINORITY INTEREST & STOCKHOLDERS’ EQUITY Liabilities Short term loans $ - $ 459,235 $ 3,826,934 $ - $ 4,286,169 Accounts payable 1,302,850 153,439 575,495 - 2,031,784 Customer advances and deposits 241,893 6,904 291,655 - 540,452 Other payable 1,848,598 1,071,967 2,722,428 - 5,642,993 Due to related parties 19,850 - 765,387 - 785,237 Taxes payable 198,683 - 1,073 - 199,756 Deferred tax liabilities 15,682 - 73,477 - 89,159 Lease payables - 406,410 - - 406,410 Total Current Liabilities 3,627,556 2,097,954 8,256,449 - 13,981,959 Long term debt 31,364 - - - 31,364 Long term payable - - 1,162,355 - 1,162,355 Lease payables-non current - 425,715 - - 425,715 Total Non-Current Liabilities 31,364 425,715 1,162,355 - 1,619,434 Total Liabilities $ 3,658,919 $ 2,523,669 $ 9,418,804 $ - $ 15,601,392 Stockholders’ Equity Registered capital $ - $ 4,710,254 $ 9,280,493 $ (13,990,747 ) $ - Common stock 11,810 - - 5,500 17,310 Additional paid in capital 95,659,360 - - 15,941,766 111,601,126 Statutory reserves - - - - - Retained earnings (84,331,897 ) (281,646 ) (2,129,776 ) - (86,743,319 ) Accumulated other comprehensive income 6,972,163 (209,597 ) (624,645 ) - 6,137,921 Total stockholders’ equity 18,311,436 4,219,011 6,526,073 1,956,519 31,013,038 Non-controlling interest - - - 2,264,370 2,264,370 Total Equity $ 18,311,436 $ 4,219,011 $ 6,526,073 $ 4,220,888 $ 33,277,408 Total Liabilities & Stockholders’ Equity $ 21,970,355 $ 6,742,680 $ 15,944,877 $ 4,220,888 $ 48,878,800 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 30, 2020USD ($)$ / sharesshares | Jun. 16, 2020 | Dec. 31, 2020USD ($) | Aug. 10, 2020 | Dec. 20, 2019USD ($) | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Ownership, description | Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.). | ||||
Sale of agreement, description | As a result of sale agreement, the accumulated deficit of Taishan Muren Agriculture Co., Ltd. and Lorain Food Stuff (Shenzhen) Co., Ltd with total amount of $6,479,978 are written off, and it also had a net loss of $12,407,690 due to the waiver of receivables. In addition, the Company also recognized a long-term investment loss with total amount of $2,153,111. | ||||
Consultation and service agreement term | 20 years | ||||
Voting rights proxy agreement term | 20 years | ||||
Impairment of goodwill (in Dollars) | $ 2,339,829 | ||||
Cpmmon stocks, granted (in Shares) | shares | 782,165 | ||||
Number of employees | 6 | ||||
Closing stock price (in Dollars per share) | $ / shares | $ 2.25 | ||||
Stock compensation expenses (in Dollars) | $ 1,759,871 | ||||
Minimum [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Property plant and equipment salvage | 0.00% | ||||
Statutory reserve, percentage | 10.00% | ||||
Maximum [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Property plant and equipment salvage | 10.00% | ||||
Statutory reserve, percentage | 50.00% | ||||
VIEs [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Disposal of gain amount (in Dollars) | $ 5,927,712 | ||||
Lucky Sky Holdings Corporations (H.K.) Limited [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Ownership percentage | 100.00% | 100.00% | |||
Shanghai Xunyang [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Ownership percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of assets, liabilities, and results of operations | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Planet Green Holdings Corporation [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | British Virgin Islands |
Attributable equity interest % | 100.00% |
Registered capital | $ 10,000 |
Lucky Sky Planet Green Holdings Co., Limited (H.K.) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | Hong Kong |
Attributable equity interest % | 100.00% |
Registered capital | $ 1 |
Jiayi Technologies (Xianning) Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest % | 100.00% |
Registered capital | $ 2,000,000 |
Fast Approach Inc. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | Canada |
Attributable equity interest % | 100.00% |
Registered capital | $ 79 |
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest % | 100.00% |
Registered capital | |
Lorain Food Stuff (Shenzhen) Co., Ltd (terminated the VIE) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Registered capital | $ 1,913,049 |
Attributable equity interest % | VIE |
Taishan Muren Agriculture Co. Ltd. (terminated the VIE) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Registered capital | $ 80,000 |
Attributable equity interest % | VIE |
Xianning Bozhuang Tea Products Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Registered capital | $ 6,277,922 |
Attributable equity interest % | VIE |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of deconsolidation of subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Taishan Muren Agriculture Co., Ltd. [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of deconsolidation of subsidiaries [Line Items] | |
Place of incorporation | PRC |
Ownership | VIE of Jiayi Technologies (Xianning) Co., Ltd |
Lorain Food Stuff (Shenzhen) Co., Ltd [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of deconsolidation of subsidiaries [Line Items] | |
Place of incorporation | PRC |
Ownership | VIE of Jiayi Technologies (Xianning) Co., Ltd |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 20 years |
Buildings [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 40 years |
Landscaping, plant, and tree [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 30 years |
Machinery and equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 1 year |
Machinery and equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 10 years |
Motor vehicles [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 5 years |
Motor vehicles [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 10 years |
Office equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 5 years |
Office equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 20 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Land use rights [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 50 years |
Software licenses [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 2 years |
Trademarks [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of average exchange rates | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of average exchange rates [Abstract] | ||
Period-end US$: CDN$ exchange rate | 1.2754 | 1.2988 |
Period-end US$: RMB exchange rate | 6.5326 | 6.9762 |
Period average US$: CDN$ exchange rate | 1.3409 | 1.3269 |
Period average US$: RMB exchange rate | 6.8996 | 6.8967 |
Variable Interest Entity (VIE_2
Variable Interest Entity (VIE) (Details) - Schedule of carrying amount of VIE's consolidated assets and liabilities - VIE's [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity (VIE) (Details) - Schedule of carrying amount of VIE's consolidated assets and liabilities [Line Items] | ||
Cash and cash equivalents | $ 528,048 | $ 5,269,076 |
Note and Accounts receivable, net | 835,384 | 66,673 |
Other receivables - third party | 7,726,607 | 270,421 |
Inventories, net | 2,251,628 | 1,939,025 |
Prepayments | 1,215,089 | 1,558,922 |
TOTAL CURRENT ASSETS | 12,556,756 | 9,104,117 |
Plan and equipment, net | 4,592,615 | 4,152,708 |
Intangible assets, net | 1,491,614 | 1,533,927 |
Total Non-Current Assets | 6,084,229 | 5,686,635 |
TOTAL ASSETS | 18,640,985 | 14,790,752 |
Accounts payable | 1,017,373 | 486,241 |
Accounts payable - related party | ||
Advance from customer | 213,469 | 52,722 |
Other payables and accrued liabilities | 8,951,117 | 8,963,091 |
Other payables - related party | 2,716,537 | |
Taxes payable | 171,231 | 106,315 |
Deferred income | ||
TOTAL CURRENT LIABILITIES | 13,069,728 | 9,608,369 |
Long term payable | ||
TOTAL LIABILITIES | 13,069,728 | 9,608,369 |
Paid-in capital | 6,314,908 | 6,314,908 |
Retained earnings | (793,601) | (834,993) |
Accumulated other comprehensive income | 49,950 | (297,532) |
Total Equity | 5,571,257 | 5,182,383 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 18,640,985 | $ 14,790,752 |
Variable Interest Entity (VIE_3
Variable Interest Entity (VIE) (Details) - Schedule of operating results of the VIE's - VIE's [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity (VIE) (Details) - Schedule of operating results of the VIE's [Line Items] | ||
Operating revenues | $ 3,804,595 | $ 1,106,482 |
Gross profit | 1,336,228 | 706,292 |
Income from operations | 41,392 | (244,194) |
Net income | $ 41,392 | $ (244,194) |
Business Combination (Details)
Business Combination (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Business Combinations [Abstract] | |
Assets acquired | $ 89,940 |
Total consideration fairvalue | 4,679,940 |
Goodwill | $ 2,340,111 |
Business Combination (Details)
Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of fair value of identifiable assets acquired and liabilities assumed [Abstract] | |
Total consideration at fair value | $ 4,679,940 |
Cash | 3,936 |
Other current assets | 2,260 |
Plant and equipment | 1,037 |
Other noncurrent assets | 43,777 |
Total asset | 89,940 |
Total liabilities | (140,950) |
Net asset acquired | $ (89,940) |
Trade Receivables (Details)
Trade Receivables (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Trade receivables, description | The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers |
Trade Receivables (Details) - S
Trade Receivables (Details) - Schedule of trade accounts receivable - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of trade accounts receivable [Abstract] | ||
Trade accounts receivable | $ 881,533 | $ 66,673 |
Less: Allowance for doubtful accounts | (46,149) | |
Trade receivables, net | 835,384 | 66,673 |
Allowance for doubtful accounts: | ||
Beginning balance | ||
Additions to allowance | (46,149) | |
Bad debt written-off | ||
Ending balance | $ (46,149) |
Advances to suppliers (Details)
Advances to suppliers (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Advances to suppliers balance | $ 5,922,562 | $ 1,558,922 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of inventories [Abstract] | ||
Raw materials | $ 240,468 | $ 640,990 |
Inventory of supplies | 13,873 | 12,489 |
Work in progress | 1,991,749 | 1,071,363 |
Finished goods | 5,538 | 214,183 |
Total | $ 2,251,628 | $ 1,939,025 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 290,690 | $ 193,399 |
Plant and Equipment (Details) -
Plant and Equipment (Details) - Schedule of property, plant, and equipment - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, At Cost | $ 5,299,619 | $ 4,565,000 |
Less: Accumulated depreciation | (702,982) | (412,292) |
Plant and equipment, net | 4,596,637 | 4,152,708 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, At Cost | 3,952,207 | 3,616,207 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, At Cost | 1,103,152 | 785,487 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, At Cost | 82,670 | 42,772 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, At Cost | $ 161,590 | $ 120,534 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 15, 2019 | Mar. 28, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets, description | Land use rights: the land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224, located at Xianning City, Hubei Province, China with the land use right until June 12, 2068. | Trademark: a tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187, registered with the China National Intellectual Property Administration, registration number is 16964992A. | ||
Amortization expense | $ 183,590 | $ 10,127 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,814,093 | $ 1,647,963 |
Less: Accumulated amortization | (297,626) | (114,036) |
Intangible assets, net | 1,516,467 | 1,533,927 |
Land use rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 801,170 | 750,224 |
Software licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 56,949 | 2,552 |
Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 955,974 | $ 895,187 |
Related Parties Transaction (De
Related Parties Transaction (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Parties Transaction (Details) [Line Items] | ||
Due to related parties | $ 19,850 | $ 2,003,390 |
Yong Yang [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Due to related parties | 19,850 | |
Mr. Bin Zhou [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Due to related parties | $ 2,003,390 |
Equity (Details)
Equity (Details) - USD ($) | Dec. 30, 2020 | Feb. 10, 2020 | May 09, 2019 | Jun. 17, 2019 | Dec. 31, 2020 | Jun. 05, 2020 | Dec. 31, 2019 |
Equity (Details) [Line Items] | |||||||
Aggregate purchase price (in Dollars) | $ 1,759,871 | ||||||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||||
Shares of common stock | 11,809,930 | 1,800,000 | 7,877,765 | ||||
Ordinary shares | 782,165 | ||||||
Compensation expenses (in Dollars) | $ 1,750,000 | ||||||
Common stock shares, outstanding | 11,809,930 | ||||||
Securities Purchase Agreement [Member] | |||||||
Equity (Details) [Line Items] | |||||||
Aggregate purchase price (in Dollars) | $ 5,460,000 | ||||||
Shares purchased | 1,300,000 | ||||||
Common stock, par value (in Dollars per share) | $ 0.001 | ||||||
Purchase price per share (in Dollars per share) | $ 4.20 | ||||||
Mengru Xu and Zhichao Du [Member] | Securities Purchase Agreement [Member] | |||||||
Equity (Details) [Line Items] | |||||||
Aggregate purchase price (in Dollars) | $ 3,510,000 | ||||||
Shares purchased | 1,350,000 | ||||||
Purchase price per share (in Dollars per share) | $ 2.60 | ||||||
Shanghai Xunyang [Member] | |||||||
Equity (Details) [Line Items] | |||||||
Aggregate purchase price (in Dollars) | $ 1,080,000 |
Income Taxes (Details)
Income Taxes (Details) | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes (Details) [Line Items] | |||
Corporate income tax rate | 13.00% | 21.00% | 21.00% |
PRC [Member] | |||
Income Taxes (Details) [Line Items] | |||
Corporate income tax rate | 25.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of reconciliation differences between statutory and effective tax expenses - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation differences between statutory and effective tax expenses [Abstract] | ||
Loss attributed to PRC continuing operations | $ (34,348) | $ (5,836,652) |
Loss attributed to Canada operations | (417,271) | |
Income attributed to BVI | 9,779,542 | 8,783,848 |
Loss attributed to U.S. operations | (20,529,997) | |
(Loss) income before tax | (11,202,074) | 2,947,196 |
PRC Statutory Tax at 25% | ||
Canada Statutory Tax at 13% | ||
U.S. Federal Statutory Income Tax at 21% | ||
Effect of tax exemption granted | ||
Income tax | ||
Per Share Effect of Tax Exemption | ||
Effect of tax exemption granted | ||
Weighted-Average Shares Outstanding Basic | 10,112,648 | 6,897,710 |
Per share effect |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of U.S. federal statutory income tax rate and the company's effective tax rate | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of U.S. federal statutory income tax rate and the company's effective tax rate [Abstract] | |||
U.S. federal statutory income tax rate | 13.00% | 21.00% | 21.00% |
Higher (lower) rates in PRC, net | 4.00% | 4.00% | |
Expenses not deductible to taxable income | (25.00%) | (25.00%) | |
The Company’s effective tax rate | 0.00% | 0.00% |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - Schedule of basic and diluted earnings per share - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of basic and diluted earnings per share [Abstract] | ||
(Loss) income from continuing operations (in Dollars) | $ (11,202,074) | $ 8,539,597 |
Income (loss) from discontinued operations (in Dollars) | $ 150,911 | $ (5,592,401) |
Original Shares: | 7,877,765 | 5,497,765 |
Additions from Actual Events -issuance of common stock for cash | 1,202,055 | 701,644 |
Additions from Actual Events – issuance of common stock for acquisition | 1,030,685 | 698,301 |
Additions from Actual Events – issuance of common stock for stock compensation | 2,143 | |
Basic Weighted Average Shares Outstanding | 10,112,648 | 6,897,710 |
(Loss) income per share from continuing operations - Basic and diluted (in Dollars per share) | $ (1.11) | $ 1.24 |
Income (loss) per share from discontinued operations-Basic and diluted (in Dollars per share) | 0.01 | (0.81) |
(Loss) income per share - Basic and diluted (in Dollars per share) | $ (1.09) | $ 0.43 |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer [Member] | ||
Concentrations (Details) [Line Items] | ||
Concentration risk percentage | 10.00% | |
Supplier [Member[] | ||
Concentrations (Details) [Line Items] | ||
Concentration risk percentage | 10.00% |
Concentrations (Details) - Sche
Concentrations (Details) - Schedule of customers concentrations - Customers Concentrations [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 3,161,520 | |
Concentrations of percentage | 88.00% | |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 283,822 | |
Concentrations of percentage | 27.00% | |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 210,716 | |
Concentrations of percentage | 20.00% | |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 207,273 | |
Concentrations of percentage | 20.00% | |
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 277,302 | |
Concentrations of percentage | 25.00% |
Concentrations (Details) - Sc_2
Concentrations (Details) - Schedule of supplier concentrations - Suppliers Concentrations [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplier A [Member] | ||
Concentrations (Details) - Schedule of supplier concentrations [Line Items] | ||
Customers concentrations amount | $ 307,817 | |
Concentrations of percentage | 50.00% | |
Supplier B [Member] | ||
Concentrations (Details) - Schedule of supplier concentrations [Line Items] | ||
Customers concentrations amount | $ 225,577 | |
Concentrations of percentage | 37.00% | |
Supplier C [Member] | ||
Concentrations (Details) - Schedule of supplier concentrations [Line Items] | ||
Customers concentrations amount | $ 196,899 | |
Concentrations of percentage | 36.00% | |
Supplier D [Member] | ||
Concentrations (Details) - Schedule of supplier concentrations [Line Items] | ||
Customers concentrations amount | $ 79,878 | |
Concentrations of percentage | 15.00% |
Discontinued Operations (Detail
Discontinued Operations (Details) - Schedule of results operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of results operations [Abstract] | ||
Net revenues | $ 38,748 | $ 3,006,595 |
Cost of revenues | 33,111 | 2,515,326 |
Gross profit | 5,637 | 491,269 |
Selling and marketing expenses | 224 | |
General and administrative expenses | 152,104 | 1,013,542 |
Total operating expenses | 152,104 | 1,013,766 |
Operating loss | (146,467) | (522,497) |
Other income (expenses): | ||
Interest income(expenses), net. | (4,444) | 169 |
Other income(expenses), net. | (45,039) | |
Impairment for goodwill | ||
Write off receivables from disposal of former subsidiaries | (5,025,034) | |
Total other (expenses) income | (4,444) | (5,069,904) |
Loss before taxes | (150,911) | (5,592,401) |
Taxes | ||
Net income(loss) | $ (150,911) | $ (5,592,401) |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of financial position assets - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets | ||
Cash and cash equivalents | $ 130,813 | |
Trade receivables, net | 1,049,538 | |
Inventories | 7,523 | |
Advances and prepayments to suppliers | 5,855,144 | |
Other receivables and other current assets | 4,867 | |
Related party receivable | 2,162 | |
Total current assets | 7,050,047 | |
Non-current assets | ||
Property, plant and equipment, net | 819,992 | |
Construction in progress, net | 834,337 | |
Deposits | 1,454 | |
Right-of-use assets | 398,082 | |
Total non-current assets | 2,053,865 | |
Total Assets | 9,103,912 | |
Liabilities and Stockholders’ Equity | ||
Short-term bank loans | 136,044 | |
Accounts payable | 187,093 | |
Taxes payable | 108 | |
Accrued liabilities and other payables | 4,300 | |
Customers deposits | ||
Related party otherpayables | 24,339 | |
Lease payable-current portion | 24,761 | |
Total current liabilities | 376,645 | |
Lease payable- non-current | 373,728 | |
Total non-current liabilities | 373,728 | |
Total Liabilities | 750,373 | |
Net Assets | $ 8,353,539 |
Segment reporting (Details) - S
Segment reporting (Details) - Schedule of represents assets by division - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 21,970,355 | $ 25,898,098 |
Fast Approach and Shanghai Xunyang [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 572,509 | |
Xianning Bozhuang [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 11,968,553 | 14,790,752 |
Jiayi Technologies (Xianning) Co., Ltd. [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 6,563,580 | 2,003,135 |
Planet Green Holdings Corporation(BVI) [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | ||
Planet Green Holdings Corporation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 853,486 | 100 |
Lucky Sky Planet Green Holdings Co., Limited (H.K.). [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 2,012,228 | $ 2,012,228 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - shares | Mar. 31, 2021 | Jan. 31, 2021 |
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Shares of common stock | 2,200,000 | |
Equity interest | 85.00% | |
Jilin Chuangyuan Chemical Co., Ltd [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Shares of common stock | 3,300,000 | |
Equity interest | 75.00% |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of pro forma condensed combined balance sheet | Dec. 31, 2020USD ($) |
PLAG [Member] | |
ASSETS | |
Cash | $ 3,415,751 |
Accounts receivable | 835,384 |
Advances and prepayments to suppliers | 5,922,562 |
Other receivables and other current assets | 1,091,815 |
Due from related parties | |
Inventory | 2,251,628 |
Total Current Assets | 13,517,140 |
Property, plant and equipment, net. | 4,596,637 |
Intangible assets, net | 1,516,467 |
Right-of-use assets | |
Other assets and goodwill | 2,340,111 |
Deferred Tax Asset | |
Total Non-Current Assets | 8,453,215 |
Total Assets | 21,970,355 |
Liabilities | |
Short term loans | |
Accounts payable | 1,302,850 |
Customer advances and deposits | 241,893 |
Other payable | 1,848,598 |
Due to related parties | 19,850 |
Taxes payable | 198,683 |
Deferred tax liabilities | 15,682 |
Lease payables | |
Total Current Liabilities | 3,627,556 |
Long term debt | 31,364 |
Long term payable | |
Lease payables-non current | |
Total Non-Current Liabilities | 31,364 |
Total Liabilities | 3,658,919 |
Stockholders’ Equity | |
Registered capital | |
Common stock | 11,810 |
Additional paid in capital | 95,659,360 |
Statutory reserves | |
Retained earnings | (84,331,897) |
Accumulated other comprehensive income | 6,972,163 |
Total stockholders’ equity | 18,311,436 |
Non-controlling interest | |
Total Equity | 18,311,436 |
Total Liabilities & Stockholders’ Equity | 21,970,355 |
JSSH [Member] | |
ASSETS | |
Cash | 21,973 |
Accounts receivable | |
Advances and prepayments to suppliers | 298,381 |
Other receivables and other current assets | 282,878 |
Due from related parties | |
Inventory | 400,012 |
Total Current Assets | 1,003,245 |
Property, plant and equipment, net. | 4,021,195 |
Intangible assets, net | 12,893 |
Right-of-use assets | 976,605 |
Other assets and goodwill | |
Deferred Tax Asset | 728,743 |
Total Non-Current Assets | 5,739,436 |
Total Assets | 6,742,680 |
Liabilities | |
Short term loans | 459,235 |
Accounts payable | 153,439 |
Customer advances and deposits | 6,904 |
Other payable | 1,071,967 |
Due to related parties | |
Taxes payable | |
Deferred tax liabilities | |
Lease payables | 406,410 |
Total Current Liabilities | 2,097,954 |
Long term debt | |
Long term payable | |
Lease payables-non current | 425,715 |
Total Non-Current Liabilities | 425,715 |
Total Liabilities | 2,523,669 |
Stockholders’ Equity | |
Registered capital | 4,710,254 |
Common stock | |
Additional paid in capital | |
Statutory reserves | |
Retained earnings | (281,646) |
Accumulated other comprehensive income | (209,597) |
Total stockholders’ equity | 4,219,011 |
Non-controlling interest | |
Total Equity | 4,219,011 |
Total Liabilities & Stockholders’ Equity | 6,742,680 |
JLCY [Member] | |
ASSETS | |
Cash | 95,237 |
Accounts receivable | 868,874 |
Advances and prepayments to suppliers | 388,349 |
Other receivables and other current assets | 123,969 |
Due from related parties | 212,594 |
Inventory | 581,569 |
Total Current Assets | 2,270,593 |
Property, plant and equipment, net. | 11,109,220 |
Intangible assets, net | 2,149,910 |
Right-of-use assets | |
Other assets and goodwill | |
Deferred Tax Asset | 415,154 |
Total Non-Current Assets | 13,674,284 |
Total Assets | 15,944,877 |
Liabilities | |
Short term loans | 3,826,934 |
Accounts payable | 575,495 |
Customer advances and deposits | 291,655 |
Other payable | 2,722,428 |
Due to related parties | 765,387 |
Taxes payable | 1,073 |
Deferred tax liabilities | 73,477 |
Lease payables | |
Total Current Liabilities | 8,256,449 |
Long term debt | |
Long term payable | 1,162,355 |
Lease payables-non current | |
Total Non-Current Liabilities | 1,162,355 |
Total Liabilities | 9,418,804 |
Stockholders’ Equity | |
Registered capital | 9,280,493 |
Common stock | |
Additional paid in capital | |
Statutory reserves | |
Retained earnings | (2,129,776) |
Accumulated other comprehensive income | (624,645) |
Total stockholders’ equity | 6,526,073 |
Non-controlling interest | |
Total Equity | 6,526,073 |
Total Liabilities & Stockholders’ Equity | 15,944,877 |
Adjustments [Member] | |
ASSETS | |
Cash | |
Accounts receivable | |
Advances and prepayments to suppliers | |
Other receivables and other current assets | |
Due from related parties | |
Inventory | |
Total Current Assets | |
Property, plant and equipment, net. | |
Intangible assets, net | |
Right-of-use assets | |
Other assets and goodwill | 4,220,888 |
Deferred Tax Asset | |
Total Non-Current Assets | 4,220,888 |
Total Assets | 4,220,888 |
Liabilities | |
Short term loans | |
Accounts payable | |
Customer advances and deposits | |
Other payable | |
Due to related parties | |
Taxes payable | |
Deferred tax liabilities | |
Lease payables | |
Total Current Liabilities | |
Long term debt | |
Long term payable | |
Lease payables-non current | |
Total Non-Current Liabilities | |
Total Liabilities | |
Stockholders’ Equity | |
Registered capital | (13,990,747) |
Common stock | 5,500 |
Additional paid in capital | 15,941,766 |
Statutory reserves | |
Retained earnings | |
Accumulated other comprehensive income | |
Total stockholders’ equity | 1,956,519 |
Non-controlling interest | 2,264,370 |
Total Equity | 4,220,888 |
Total Liabilities & Stockholders’ Equity | 4,220,888 |
Combined [Member] | |
ASSETS | |
Cash | 3,532,961 |
Accounts receivable | 1,704,258 |
Advances and prepayments to suppliers | 6,609,292 |
Other receivables and other current assets | 1,498,663 |
Due from related parties | 212,594 |
Inventory | 3,233,209 |
Total Current Assets | 16,790,977 |
Property, plant and equipment, net. | 19,727,053 |
Intangible assets, net | 3,679,269 |
Right-of-use assets | 976,605 |
Other assets and goodwill | 6,560,999 |
Deferred Tax Asset | 1,143,897 |
Total Non-Current Assets | 32,087,823 |
Total Assets | 48,878,800 |
Liabilities | |
Short term loans | 4,286,169 |
Accounts payable | 2,031,784 |
Customer advances and deposits | 540,452 |
Other payable | 5,642,993 |
Due to related parties | 785,237 |
Taxes payable | 199,756 |
Deferred tax liabilities | 89,159 |
Lease payables | 406,410 |
Total Current Liabilities | 13,981,959 |
Long term debt | 31,364 |
Long term payable | 1,162,355 |
Lease payables-non current | 425,715 |
Total Non-Current Liabilities | 1,619,434 |
Total Liabilities | 15,601,392 |
Stockholders’ Equity | |
Registered capital | |
Common stock | 17,310 |
Additional paid in capital | 111,601,126 |
Statutory reserves | |
Retained earnings | (86,743,319) |
Accumulated other comprehensive income | 6,137,921 |
Total stockholders’ equity | 31,013,038 |
Non-controlling interest | 2,264,370 |
Total Equity | 33,277,408 |
Total Liabilities & Stockholders’ Equity | $ 48,878,800 |