Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Oct. 05, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | ZZLL INFORMATION TECHNOLOGY, INC | |
Trading Symbol | ZZLL | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 20,277,448 | |
Amendment Flag | false | |
Entity Central Index Key | 0001365357 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-134991 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 37-1847396 | |
Entity Address, Address Line One | Unit 1504, 15/F., Carnival Commercial Building | |
Entity Address, Address Line Two | 18 Java Road | |
Entity Address, City or Town | North Point | |
Entity Address, Country | HK | |
City Area Code | (+852) | |
Local Phone Number | 3705 1571 | |
Title of 12(b) Security | Common stock, $0.0001 par value | |
Security Exchange Name | NONE | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | N/A |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 230,885 | $ 1,932,693 |
Accounts receivable, net | 827,296 | 848,181 |
Inventories | 65,476 | 68,984 |
Deposit and prepaid expenses | 50,623 | |
Other receivable, net | 178,472 | |
Amounts due from related parties | 396,300 | 414,395 |
Total current assets | 1,749,052 | 3,264,252 |
Equipment, net | 226,971 | 16,493 |
Other assets: | ||
Operating leases right-of-use assets, net | 308,469 | 200,840 |
Other receivable, net | 200,220 | |
Other assets, net | 128,606 | |
Total other assets | 535,440 | 546,160 |
TOTAL ASSETS | 2,284,492 | 3,810,411 |
Current liabilities: | ||
Loans payable | 970,222 | 1,572,631 |
Accounts payable | 92,162 | 52,682 |
Other payables | 165,788 | 794,038 |
Lease liabilities – current | 197,260 | 123,203 |
Deferred income – current | 154,631 | 143,367 |
Taxes payable | 11,094 | |
Accrued liabilities | 210,148 | 201,815 |
Amounts due to related parties | 1,433,836 | 1,348,102 |
Total current liabilities | 3,224,047 | 4,246,932 |
Lease liabilities – non-current | 107,290 | 98,040 |
Deferred income – non-current | 461,517 | 535,454 |
TOTAL LIABILITIES | 3,792,854 | 4,880,426 |
Stockholders’ deficit: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized; 20,277,448 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 2,028 | 2,028 |
Additional paid-in capital | 1,671,847 | 1,671,847 |
Accumulated other comprehensive income | 37,806 | 46,918 |
Accumulated deficit | (3,220,043) | (2,790,808) |
TOTAL STOCKHOLDERS’ DEFICIT | (1,508,362) | (1,070,015) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 2,284,492 | $ 3,810,411 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares outstanding | 20,277,448 | 20,277,448 |
Common stock, shares outstanding | 20,277,448 | 20,277,448 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 253,361 | $ 19,739,374 | $ 658,944 | $ 20,119,750 |
Cost of revenue | (227,199) | (19,490,994) | (326,728) | (19,500,237) |
Gross profit | 26,162 | 248,380 | 332,216 | 619,513 |
Operating expenses | ||||
General and administrative expenses | 224,278 | 206,248 | 918,386 | 451,685 |
Income (loss) from operations | (198,116) | 42,132 | (586,170) | 167,828 |
Interest income (expense), net | 174,438 | (3,124) | 150,062 | (6,296) |
Other income | 14,579 | 3,241 | 15,347 | 3,566 |
Other expense | (7,411) | (27) | (7,411) | (7,740) |
Income (loss) before income taxes | (16,510) | 42,222 | (428,172) | 157,358 |
Income taxes | 1,063 | 1,063 | ||
Net income (loss) | (17,573) | 42,222 | (429,235) | 157,358 |
Foreign currency translation adjustment | 18,835 | (11,069) | 9,112 | (11,504) |
Comprehensive income (loss) | $ 1,262 | $ 31,153 | $ (420,123) | $ 145,854 |
Net income (loss) per share, basic (in Dollars per share) | $ 0 | $ 0 | $ (0.02) | $ 0.01 |
Weighted average number of shares of common stock outstanding, basic (in Shares) | 20,277,448 | 20,277,448 | 20,277,448 | 20,277,448 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net income (loss) per share, diluted | $ 0 | $ 0 | $ (0.02) | $ 0.01 |
Weighted average number of shares of common stock outstanding, diluted | 20,277,448 | 20,277,448 | 20,277,448 | 20,277,448 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flow from Operating Activities | ||
Net income (loss) | $ (429,235) | $ 157,358 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 131,088 | 37 |
Impairment from other assets | 125,411 | |
Changes in assets and liabilities: | ||
Accounts receivable | (23,005) | |
Other receivables | 14,063 | (32,267) |
Inventories | (4,801,821) | |
Deposit and prepayments | (52,333) | 7,752 |
Other assets | (1,235) | |
Accounts payable | 43,584 | |
Lease liabilities | (114,092) | |
Other payables and accrued liabilities | (513,816) | 751,736 |
Deferred income | (58,137) | 3,325,337 |
Tax payable | (13,148) | (620,613) |
Net cash used in operating activities | (890,855) | (1,212,481) |
Cash Flow from Investing Activities | ||
Purchase of equipment | (247,506) | 68,656 |
Net cash provided by (used in) investing activities | (247,506) | 68,656 |
Cash Flows from Financing Activities | ||
Payment of lease liabilities – current | (802) | |
Payment of lease liabilities – long term | (50,783) | |
Proceeds from loans payable | 77,154 | |
Repayments of loans payable | (617,231) | |
Amounts due from related parties | (3,081) | 418,202 |
Amounts due to related parties | 27,725 | (92,267) |
Net cash used in financing activities | (515,433) | 274,350 |
Net decrease in cash | (1,653,794) | (869,475) |
Currency translation adjustment | (48,013) | 11,504 |
Cash, beginning of period | 1,932,693 | 932,102 |
Cash, end of period | 230,885 | 74,131 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest received | 150,364 | 2 |
Interest paid | 302 | 6,298 |
Income taxes paid | 1,063 | |
Non-cash transactions of investing and financing activities | ||
Establishment of right-of-use assets and lease liabilities for new leases | $ 209,403 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization and Description of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS We were incorporated under the laws of the State of Nevada on September 9, 2005 under the name of JML Holdings, Inc. and we subsequently merged with Baoshinn International Express, Inc. and changed our name to Baoshinn Corporation on January 10, 2006. We changed our name to Green Standard Technologies, Inc. on June 17, 2015 and on May 19, 2016, we changed our name to ZZLL Information Technology, Inc. (the “Company”). On April 23, 2013, we formed a wholly owned subsidiary, Syndicore Asia Limited (“SAL”) under the laws of Hong Kong. SAL has had limited operating activities since incorporation except for holding our ownership interest in Hunan Syndicore Asia Limited (“HSAL”), an E-commerce company organized under the laws of the People’s Republic of China (the “PRC”). HSAL is an E-commerce company that developed Bibishengjia, a shopping search engine that concurrently searches many shopping sites, primarily based in China, including major shopping sites such as Taobao.com, Tmall.com, JD.com and Pinduoduo.com, and helps customers meet their one-stop online shopping needs. On August 18, 2016, we entered into a joint venture agreement with Network Service Management Limited (“NSML”) to form Z-Line International E-commerce Company Limited (“Z-Line”) under the laws of Hong Kong. We initially owned 55% and NSML owned 45% of the equity interests in Z-Line, which was formed to provide consumer-to-consumer, business-to-consumer and business-to-business-sales services via web portals. On October 8, 2019, we acquired the remaining 45% equity interest in Z-Line from NSML and Z-Line became a wholly owned subsidiary of our company. Z-Line has had limited operating activities since incorporation. On March 25, 2019, we established a limited liability company, Shandong Ezekiel Energy Co. Limited (“Shandong Ezekiel”), under the laws of the PRC to develop our trading business in Shandong, China. Shandong Ezekiel is Ezekiel’s wholly owned subsidiary. Shandong Ezekiel has had no operating activities and holds no assets and liabilities. On May 23, 2020, we formed a wholly owned subsidiary, Shenzhen Ezekiel Technology Co. Limited (“Ezekiel”) under the laws of the PRC. Ezekiel is a trading company which purchases products from its suppliers that it sells to its end customers. Currently, Ezekiel is trading petroleum-based products, such as asphalt, heat conduction oil and machine (lubricating) oil. On December 30, 2021, we established a limited liability company, Hunan Ezekiel Energy Co. Limited (“Hunan Ezekiel”), under the laws of the PRC to develop a trading business in Hunan, China. Hunan Ezekiel is HSAL’s wholly owned subsidiary. Hunan Ezekiel has had no operating activities and holds no assets and liabilities. In late 2020, Ezekiel launched a new business where it purchases custom-made multi-function lottery ticket machines and re-sells them to third parties. The machine has a LED screen which allows a customer to browse the Bibishengjia We currently operate our business through our subsidiaries, SAL, HSAL and Ezekiel. SAL and HSAL’s businesses constitute our E-commerce business segment and Ezekiel’s business belongs to our trading business segment. The E-commerce segment operates a shopping search engine “ Bibishengjia” Bibishengjia Bibishengjia |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The unaudited condensed consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Company’s functional currency is the Chinese Renminbi (“RMB”); however the accompanying consolidated financial statements have been translated and presented in United States Dollars (“USD”). The unaudited condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. As of June 30, 2022, the Company’s subsidiaries are as follows: Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Syndicore Asia Limited (1) Hong Kong 100 HKD$ 1 Z-Line International E-commerce Limited (2) Hong Kong 100 HKD$ 8,000,000 Hunan Syndicore Asia Limited (3) PRC 100 HKD$ 10,000,000 Shenzhen Ezekiel Technology Co. Limited (3) PRC 100 HKD$ 10,000,000 Hunan Ezekiel Energy Co. Limited (5) PRC 100 RMB$ 8,000,000 Shandong Ezekiel Energy Co. Limited (4) PRC 100 RMB$ 10,000,000 (1) A wholly owned subsidiary of ZZLL. (2) A wholly owned subsidiary of Syndicore Asia Limited since October 8, 2019 (previously 55% owned). (3) A wholly owned subsidiary of Syndicore Asia Limited. (4) A wholly owned subsidiary of Shenzhen Ezekiel Technology Co. Limited. (5) A wholly owned subsidiary of Hunan Syndicore Asia Limited. Use of estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting year. These accounts and estimates include, but are not limited to, the valuation of accounts receivable, deferred income taxes and the estimation on useful lives of plant and equipment. Actual results could differ from those estimates. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. In respect of accounts receivable, the Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. The Company reviews the present value of each individual trade debt at each balance sheet date to ensure that adequate reserves/provisions are made for those financial instruments. Cash Cash include all cash, deposits in banks. The Company did not have any cash equivalents during the reporting periods. The Company currently maintains bank accounts in Hong Kong and the PRC. Accounts receivable Accounts receivable are stated at the original amount less allowance for credit loss, if any, based on a review of all outstanding amounts at the year end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified. The Company extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for credit loss to be fully collectible. The Company does not accrue interest on trade accounts receivable. Pursuant to the Company’s credit policy exposure to credit risk is monitored on an on-going-basis where management performs credit evaluations on all customers that are sold services or products on account. The Company reported no expected credit loss during the six months ended June 30, 2022 and 2021. Inventories Inventories are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. During the on-going evaluation of inventories, if any inventory item has been determined to be obsolete or spoiled, and the Company will not be able to sell it at a normal profit above its carrying cost, an allowance for impairment of those inventory items will be provided and charged directly to cost of revenue in the period the impairment is determined. The Company’s primary inventories are multi-function lottery ticket machines. The Company did not experience any impairment on inventory during the six months ended June 30, 2022 and 2021. Equipment Equipment is stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Depreciation of equipment is provided using the straight-line method over their estimated useful lives as indicated: Furniture and fixtures 5 years Office equipment 3 years Vehicle 5 years Equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. Deferred income On September 26, 2019, SAL entered into an agreement (the “Pretech Agreement”) with Pretech International Co., Limited (“Pretech”), a company incorporated under the laws of Hong Kong (“HK”). Pretech is a software, hardware and digital company that also specializes in the development and manufacture of consumer electronics. Under the terms of the Pretech Agreement, Pretech agreed to act as SAL’s sales agent to promote and bring more customers to Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia The Company is recognizing the prepayment in a straight line 7-year schedule until the agreement terms are fully delivered. This prepayment has been recorded as a deferred income. Leases The Company leases space from third parties as its offices. In accordance with Statement FASB ASC Topic 842, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease contract and recognizes in profit or loss the lease cost or expense during the lease term. As an accounting policy, the Company elected not to recognize a right-of-use asset and lease liability requirements to short-term leases, with a term of 12 months or less, instead, recognizes the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The Company generally uses an incremental borrowing rate as discount rate to measure its lease liabilities, as the rate implicit in the lease is typically not readily determinable. Certain lease agreements include renewal options that are under the company's control. The Company includes optional renewal periods in the lease term only when it is reasonably certain that the Company will exercise its option. Variable lease payments include payments to lessors for taxes, maintenance, insurance and other operating costs as well as payments that are adjusted based on an index or rate. The company's lease agreements do not contain any significant residual value guarantees or restrictive covenants. Revenue recognition We adopted Accounting Standard Codification (“ASC”) Topic 606, Revenues from Contract with Customers (“ASC 606”) for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the Company’s customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods and services, net of value-added tax. We determine revenue recognition through the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services is transferred to the customers, which at a point in time or over time as appropriate. Our revenues are net of value added tax (“VAT”) collected on behalf of PRC tax authorities in respect to the sales of merchandise. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets until it is paid to the relevant PRC tax authorities Ezekiel’s main businesses are selling petroleum-based products and multi-function lottery ticket machines. Ezekiel reports its revenues upon the sale of petroleum-based products and multi-function lottery ticket machines to third parties and from its retention of a percentage of all lottery ticket sales made by multi-function lottery ticket machines. Fair value of financial instruments The Company measures its financial and non-financial assets and liabilities, as well as makes related disclosures, in accordance with FASB Accounting Standards Codification No. 820, Fair Value Measurement (“ASC 820”), which provides guidance with respect to valuation techniques to be utilized in the determination of fair value of assets and liabilities. Approaches include, (i) the market approach (comparable market prices), (ii) the income approach (present value of future income or cash flow), and (iii) the cost approach (cost to replace the service capacity of an asset or replacement cost). ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1 Level 2 Level 3 Net income (loss) per common share The basic net income (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares during the period. The diluted net income (loss) per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. Diluted net income (loss) per share is the same as basic net income (loss) per share due to the lack of dilutive instruments in the Company. During the six months ended June 30, 2022 and 2021, the Company had no potential dilutive common stock equivalents outstanding. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Comprehensive income (loss) The Company has adopted FASB Accounting Standard Codification Topic 220 (“ASC 220”) “Comprehensive income”, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Accumulated other comprehensive income (loss) represents the accumulated balance of foreign currency translation adjustments of the Company. Foreign currency translation For subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate shareholders' equity (deficit), into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss as a component of shareholders' equity (deficit) in the condensed consolidated balance sheets. Below is a table with foreign exchange rates used for translation: June 30, December 31, Average Yearly (average rate) Chinese Renminbi (RMB) RMB 6.480553 RMB 6.44995 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Chinese Renminbi (RMB) RMB 6.699500 RMB 6.35877 United States dollar ($) $ 1.00 $ 1.00 Average Yearly (average rate) June 30, December 31, Hong Kong dollar (HKD) HKD 7.826100 HKD 7.772253 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Hong Kong dollar (HKD) HKD 7.846800 HKD 7.797129 United States dollar ($) $ 1.00 $ 1.00 Recently issued accounting pronouncements adopted On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses on Financial Instruments,” which requires that expected credit losses relating to financial assets be measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. Also, for available-for-sale debt securities with unrealized losses, the standard eliminates the concept of other-than-temporary impairments and requires allowances to be recorded instead of reducing the amortized cost of the investment. The adoption by the Company of the new guidance did not have a material impact on the Company’s consolidated financial statements. Other pronouncements issued by the FASB or other authoritative accounting standards with future effective dates are either not applicable or not significant to the condensed consolidated financial statements of the Company. Reclassification Certain prior year balances were reclassified to conform to the current year's presentation. None of these reclassifications had an impact on reported financial position or cash flows for any of the periods presented. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2022 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company, which had an accumulated deficit of $3,220,043 and a working capital deficit of $1,474,995 as of June 30, 2022, has incurred losses in most periods since inception. The recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company’s ability to raise additional financing and to succeed in its future operations. The Company will need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors, directors and/or shareholders of the Company. However, there is no assurance that efforts to raise equity or debt will be successful in raising sufficient funds to assure the eventual profitability of the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management plans to support the Company in operation and to maintain its business strategy to raise funds through public and private offerings and to rely on officers and directors to perform essential functions with minimal compensation. If we do not raise all of the money we need, we will have to find alternative sources including, loans from our officers, directors or others. Management has actively taken steps to revise its operating and financial requirements, which they believe will allow the Company to continue its operations for the next 12 months. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4. INVENTORIES Inventories consist of the following: June 30, December 31, Finished goods $ 65,476 $ 68,984 Less: impairment loss - - Inventory, net $ 65,476 $ 68,984 During the three months and the six months ended June 30, 2022 and 2021, the Company recognized $0, respectively, as impairment loss from inventory. |
Equipment, Net
Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Equipment, Net [Abstract] | |
EQUIPMENT, NET | NOTE 5. EQUIPMENT, NET Equipment consisted of the following: June 30, December 31, Furniture and fixtures $ 12,061 $ 12,707 Office equipment 15,946 11,263 Vehicle 234,161 - 262,168 23,970 Less: accumulated depreciation (35,197 ) (7,477 ) Equipment, net $ 226,971 $ 16,493 During the second quarter of 2022, the Company bought a car for RMB $1,568,760 or approximately $234,000 for its regular business purpose. Depreciation expenses for the three months and the six months ended June 30, 2022 were $27,130 and $29,050, respectively. For the three months and the six months ended June 30, 2021, the depreciation expenses were $1,886 and $3,766, respectively. There were no impairment charges in the three and six month periods ended June 30, 2022 and 2021. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | NOTE 6. LEASES The Company's lease portfolio primarily consists of real estate properties. The following table summarizes the amounts and location of operating and finance leases on the consolidated balance sheets: Balance Sheet Caption June 30, December 31, Assets Operating Right-of-use assets $ 308,469 $ 200,840 Finance - - Total lease assets $ 308,469 $ 200,840 Liabilities Operating Current Lease liabilities – current portion $ 197,260 $ 123,203 Noncurrent Lease liabilities – noncurrent portion 107,290 98,040 Finance Current - - Noncurrent - - Total lease liabilities $ 304,550 $ 221,243 The following table summarizes the lease costs recognized in the consolidated statements of operations and comprehensive (loss) income: For the Three Months 2022 2021 Operating lease cost $ 54,698 $ 31,060 Short-term lease cost - - Variable lease cost - - Total lease cost $ 54,698 $ 31,060 For the Six Months Ended June 30, 2022 2021 Operating lease cost $ 102,038 $ 61,138 Short-term lease cost - - Variable lease cost - - Total lease cost $ 102,038 $ 61,138 The following table presents the weighted-average remaining lease term and weighted-average discount rate for operating and finance leases: June 30, December 31, Weighted-average remaining lease term (years) Operating 1.37 1.87 Finance - - Weighted-average discount rate Operating 5.1 % 4.5 % Finance - - The following table presents supplementary cash flow information regarding the company's leases: For the Six Months 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating activities $ 114,092 $ 51,585 Right-of-use assets obtained in exchange for new operating lease liabilities $ 209,403 $ - The following table summarizes the future maturities of the Company's operating lease liabilities as of June 30, 2022: Operating 2022 $ 102,038 2023 5,978 2024 - 2025 - 2026 - Thereafter - Total lease payments 342,012 Less: interest (38,262 ) Present value of lease liabilities $ 304,550 |
Loan Payables
Loan Payables | 6 Months Ended |
Jun. 30, 2022 | |
Loan Payables [Abstract] | |
LOAN PAYABLES | NOTE 8. LOAN PAYABLES On December 31, 2021, Ezekiel entered into a loan agreement with Mr. Jianjun Du, a Chinese resident, whereby Ezekiel borrowed RMB 10 million from Mr. Du for operating purposes. The initial term of the loan was from December 14, 2021 to May 13, 2022 during which time there was no interest. During the second quarter of 2022, the loan was amended without due date and interest charge. The Company repaid RMB 4 million or approximately $617,000 in the second quarter of 2022 and RMB 6 million or approximately $895,590 remains outstanding. On March 25, 2022, Ezekiel borrowed RMB 500,000 or approximately $77,000 from a private Chinese company, Wendeng City Kunan Seafood Co., Ltd., for operating purposes. The loan does not bear interest and is due on demand. As of June 30, 2022, the ending balance of the loan was $74,632. |
Amount Due from_to Related Part
Amount Due from/to Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Amount Due from/to Related Parties [Abstract] | |
AMOUNT DUE FROM/TO RELATED PARTIES | NOTE 9. AMOUNT DUE FROM/TO RELATED PARTIES A related party is generally defined as (i) any person and their immediate families that holds 10% or more of the Company’s securities, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. As of June 30, 2022 and December 31, 2021, the Company reported $396,300 and $414,395 as amounts due from related parties, which funds were used in the normal course of business by businesses owned by related parties for their operating expenses. As of June 30, 2022 and December 31, 2021, the Company reported $1,433,836 and $1,348,101 as amounts due to related parties for use in its operations as shown in the table below. These advances bear no interest, are not collateralized and do not have specified repayment terms. Amounts due from related parties are as follows: June 30, December 31, Amount due from related parties: Hunan Zhong Zong Hong Fu Culture Industry Company Limited (b)(d) $ 7,482 $ 19,049 Hunan Zhong Zong Lianlian Information Technology Limited Company (e) 383,303 395,346 Hunan Zong Lian 5,515 - $ 396,300 $ 414,395 Amount due to related parties: Wei Zhu (a) $ 230,795 $ 232,265 Shen Tian (c) 626,872 626,438 Harry Cheung 40,399 448,742 Various other shareholders and directors 535,770 40,656 $ 1,433,836 $ 1,348,101 (a) A shareholder holding 39.6% shares of the Company’s common stock. (b) Under common control. (c) Ezekiel’s general manager. (d) Hunan Zhong Zong Hong Fu Culture Industry Company Limited (“Hong Fu”): 100% of the equity interests of Hong Fu are owned by Wei Liang and Wei Zhu, the two majority shareholders of the Company. Hong Fu provides services to the cultural and entertainment industries and related marketing services to other industries. Hong Fu has been servicing the Company by making available more than a dozen of online live promoters/influencers trained by Hong Fu to HSAL on a continuous basis in the Bibishengjia (e) Hunan Zhong Zong Lianlian Information Technology Limited Company (“Lianlian”): 100% of the equity interests of Lianlian are owned by Wei Liang and Wei Zhu, the two majority shareholders of the Company. Lianlian is engaged in technology and online-to-offline marketing services. Lianlian served the Company by utilizing its local connections and local marketing resources to help the Company secure a partnerships in March 2020 with the government of Hunan province to help to market local products on the Bibishengjia Bibishengjia |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 10. INCOME TAXES The Company and its subsidiaries file separate income tax returns. The Company was incorporated in Nevada and is subject to United States federal and state income taxes. The Company did not generate taxable income in the United States during the six months ended June 30, 2022 and 2021. Two subsidiaries were incorporated in Hong Kong and are subject to Hong Kong Profits Tax at 16.5% for the quarters ended June 30, 2022 and 2021. Provision for Hong Kong profits tax has not been made for the periods presented as the subsidiaries had no assessable profits during the periods. Two subsidiaries are incorporated in the PRC and are subject to PRC Income Tax at 25% for the six months ended June 30, 2022 and 2021. Provision for PRC Income Tax has not been made for the six months ended June 30, 2022 and 2021 presented as the subsidiary had no assessable profits during the periods. Deferred taxes are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. For the six months ended June 30, 2022 and 2021, the Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 11. SEGMENT INFORMATION FASB Accounting Standard Codification Topic 280 (ASC 280) “Segment Reporting” establishes standards for reporting information about operating segments in financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. General Information of Reportable Segments: Since the fourth quarter of 2020, the Company has been operating in two reportable segments: E-commerce and trading. The E-commerce segment operates a shopping search engine Bibishengjia Bibishengjia Bibishengjia The Company’s reportable business segments are strategic business units that offer different products. Each segment is managed independently because they require different operations and markets to distinct classes of customers. For the Six Months Ended June 30, 2022 E-commerce Trading All Other Total Revenue $ 658,944 $ - $ - $ 658,944 Cost of revenue (312,214 ) (14,514 ) - (326,728 ) Gross profit (loss) 346,730 (14,514 ) - 332,216 Selling and marketing - - - - General and administrative (400,672 ) (499,291 ) (18,423 ) (918,386 ) Operating loss $ (53,942 ) $ (513,805 ) $ (18,423 ) $ (586,170 ) For the Six Months Ended June 30, 2021 E-commerce Trading All Other Total Revenue $ 417,403 $ 19,702,347 $ - $ 20,119,750 Cost of revenue (9,216 ) (19,491,021 ) - (19,500,237 ) Gross profit (loss) 408,187 211,326 - 619,513 Selling and marketing 57,703 - - 57,703 General and administrative 71,647 267,730 54,604 393,981 Operating income (loss) $ 278,836 $ (56,404 ) $ (54,604 ) $ 167,828 Reconciliations of Reportable Segment Revenue, Profit or Loss, and Assets, to the Consolidated Totals as of the six months ended June 30, 2022. For the Six Months 2022 2021 Revenue Total revenue from reportable segments $ 658,944 $ 20,119,750 Elimination of inter segments revenue - - Total consolidated revenue $ 658,944 $ 20,119,750 Profit or Loss Total income (loss) from reportable segments $ (586,170 ) $ 619,513 Elimination of inter segments profit or loss - - Unallocated amount: Other corporation income 157,998 (462,155 ) Total consolidated net loss $ (428,172 ) $ 157,358 Assets Total assets from reportable segments $ 2,284,170 $ 6,230,165 Unallocated amount: Other unallocated assets – Holding Company 322 3,269 Total consolidated assets $ 2,284,492 $ 6,233,434 |
Concentration and Risk
Concentration and Risk | 6 Months Ended |
Jun. 30, 2022 | |
Concentration and Risk [Abstract] | |
CONCENTRATION AND RISK | NOTE 12. CONCENTRATION AND RISK Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, accounts receivable, and other receivables. The Company maintains certain bank accounts in the PRC and in Hong Kong. As of June 30, 2022, $230,885 were deposited in major financial institutions located in Mainland China and Hong Kong. Management believes that these financial institutions are of high credit quality and continually monitor the credit worthiness of these financial institutions. Currency convertibility risk Substantially all of the Company’s businesses is transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. These exchange control measures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiary to transfer its net assets, to the Company through loans, advances or cash dividends. Major customers The Company engages in E-commerce and trading businesses in the PRC. All revenues were generated from customers located in the PRC. For the three months and six months ended June 30, 2022, no customer accounted for 10% or more of the Company’s revenues. For the six month period ended June 30, 2021, one customer accounted for 10% or more of the Company’s revenues: For the Six Months Ended Segment Amount Percentage Customer Customer A Trading $ 19,702,343 97.93 % Major vendors For the three months and six months ended June 30, 2022, no vendor accounted for 10% or more of the Company’s purchases. For the six months ended June 30, 2021, one vendor accounted for 10% or more of the Company’s purchases: For the Six Months Ended Segment Amount Percentage Vendors Vendor A Trading $ 19,478,962 99.89 % |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The unaudited condensed consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Company’s functional currency is the Chinese Renminbi (“RMB”); however the accompanying consolidated financial statements have been translated and presented in United States Dollars (“USD”). The unaudited condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. As of June 30, 2022, the Company’s subsidiaries are as follows: Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Syndicore Asia Limited (1) Hong Kong 100 HKD$ 1 Z-Line International E-commerce Limited (2) Hong Kong 100 HKD$ 8,000,000 Hunan Syndicore Asia Limited (3) PRC 100 HKD$ 10,000,000 Shenzhen Ezekiel Technology Co. Limited (3) PRC 100 HKD$ 10,000,000 Hunan Ezekiel Energy Co. Limited (5) PRC 100 RMB$ 8,000,000 Shandong Ezekiel Energy Co. Limited (4) PRC 100 RMB$ 10,000,000 (1) A wholly owned subsidiary of ZZLL. (2) A wholly owned subsidiary of Syndicore Asia Limited since October 8, 2019 (previously 55% owned). (3) A wholly owned subsidiary of Syndicore Asia Limited. (4) A wholly owned subsidiary of Shenzhen Ezekiel Technology Co. Limited. (5) A wholly owned subsidiary of Hunan Syndicore Asia Limited. |
Use of estimates | Use of estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting year. These accounts and estimates include, but are not limited to, the valuation of accounts receivable, deferred income taxes and the estimation on useful lives of plant and equipment. Actual results could differ from those estimates. |
Concentrations of credit risk | Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. In respect of accounts receivable, the Company extends credit based on an evaluation of the customer’s financial condition, generally without requiring collateral or other security. The Company reviews the present value of each individual trade debt at each balance sheet date to ensure that adequate reserves/provisions are made for those financial instruments. |
Cash | Cash Cash include all cash, deposits in banks. The Company did not have any cash equivalents during the reporting periods. The Company currently maintains bank accounts in Hong Kong and the PRC. |
Accounts receivable | Accounts receivable Accounts receivable are stated at the original amount less allowance for credit loss, if any, based on a review of all outstanding amounts at the year end. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified. The Company extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for credit loss to be fully collectible. The Company does not accrue interest on trade accounts receivable. Pursuant to the Company’s credit policy exposure to credit risk is monitored on an on-going-basis where management performs credit evaluations on all customers that are sold services or products on account. The Company reported no expected credit loss during the six months ended June 30, 2022 and 2021. |
Inventories | Inventories Inventories are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. During the on-going evaluation of inventories, if any inventory item has been determined to be obsolete or spoiled, and the Company will not be able to sell it at a normal profit above its carrying cost, an allowance for impairment of those inventory items will be provided and charged directly to cost of revenue in the period the impairment is determined. The Company’s primary inventories are multi-function lottery ticket machines. The Company did not experience any impairment on inventory during the six months ended June 30, 2022 and 2021. |
Equipment | Equipment Equipment is stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized. Depreciation of equipment is provided using the straight-line method over their estimated useful lives as indicated: Furniture and fixtures 5 years Office equipment 3 years Vehicle 5 years Equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. |
Deferred income | Deferred income On September 26, 2019, SAL entered into an agreement (the “Pretech Agreement”) with Pretech International Co., Limited (“Pretech”), a company incorporated under the laws of Hong Kong (“HK”). Pretech is a software, hardware and digital company that also specializes in the development and manufacture of consumer electronics. Under the terms of the Pretech Agreement, Pretech agreed to act as SAL’s sales agent to promote and bring more customers to Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia Bibishengjia The Company is recognizing the prepayment in a straight line 7-year schedule until the agreement terms are fully delivered. This prepayment has been recorded as a deferred income. |
Leases | Leases The Company leases space from third parties as its offices. In accordance with Statement FASB ASC Topic 842, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease contract and recognizes in profit or loss the lease cost or expense during the lease term. As an accounting policy, the Company elected not to recognize a right-of-use asset and lease liability requirements to short-term leases, with a term of 12 months or less, instead, recognizes the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The Company generally uses an incremental borrowing rate as discount rate to measure its lease liabilities, as the rate implicit in the lease is typically not readily determinable. Certain lease agreements include renewal options that are under the company's control. The Company includes optional renewal periods in the lease term only when it is reasonably certain that the Company will exercise its option. Variable lease payments include payments to lessors for taxes, maintenance, insurance and other operating costs as well as payments that are adjusted based on an index or rate. The company's lease agreements do not contain any significant residual value guarantees or restrictive covenants. |
Revenue recognition | Revenue recognition We adopted Accounting Standard Codification (“ASC”) Topic 606, Revenues from Contract with Customers (“ASC 606”) for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the Company’s customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods and services, net of value-added tax. We determine revenue recognition through the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services is transferred to the customers, which at a point in time or over time as appropriate. Our revenues are net of value added tax (“VAT”) collected on behalf of PRC tax authorities in respect to the sales of merchandise. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets until it is paid to the relevant PRC tax authorities Ezekiel’s main businesses are selling petroleum-based products and multi-function lottery ticket machines. Ezekiel reports its revenues upon the sale of petroleum-based products and multi-function lottery ticket machines to third parties and from its retention of a percentage of all lottery ticket sales made by multi-function lottery ticket machines. |
Fair value of financial instruments | Fair value of financial instruments The Company measures its financial and non-financial assets and liabilities, as well as makes related disclosures, in accordance with FASB Accounting Standards Codification No. 820, Fair Value Measurement (“ASC 820”), which provides guidance with respect to valuation techniques to be utilized in the determination of fair value of assets and liabilities. Approaches include, (i) the market approach (comparable market prices), (ii) the income approach (present value of future income or cash flow), and (iii) the cost approach (cost to replace the service capacity of an asset or replacement cost). ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1 Level 2 Level 3 |
Net income (loss) per common share | Net income (loss) per common share The basic net income (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares during the period. The diluted net income (loss) per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. Diluted net income (loss) per share is the same as basic net income (loss) per share due to the lack of dilutive instruments in the Company. During the six months ended June 30, 2022 and 2021, the Company had no potential dilutive common stock equivalents outstanding. |
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Comprehensive income (loss) | Comprehensive income (loss) The Company has adopted FASB Accounting Standard Codification Topic 220 (“ASC 220”) “Comprehensive income”, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Accumulated other comprehensive income (loss) represents the accumulated balance of foreign currency translation adjustments of the Company. |
Foreign currency translation | Foreign currency translation For subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate shareholders' equity (deficit), into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss as a component of shareholders' equity (deficit) in the condensed consolidated balance sheets. Below is a table with foreign exchange rates used for translation: June 30, December 31, Average Yearly (average rate) Chinese Renminbi (RMB) RMB 6.480553 RMB 6.44995 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Chinese Renminbi (RMB) RMB 6.699500 RMB 6.35877 United States dollar ($) $ 1.00 $ 1.00 Average Yearly (average rate) June 30, December 31, Hong Kong dollar (HKD) HKD 7.826100 HKD 7.772253 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Hong Kong dollar (HKD) HKD 7.846800 HKD 7.797129 United States dollar ($) $ 1.00 $ 1.00 |
Recently issued accounting pronouncements adopted | Recently issued accounting pronouncements adopted On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses on Financial Instruments,” which requires that expected credit losses relating to financial assets be measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. Also, for available-for-sale debt securities with unrealized losses, the standard eliminates the concept of other-than-temporary impairments and requires allowances to be recorded instead of reducing the amortized cost of the investment. The adoption by the Company of the new guidance did not have a material impact on the Company’s consolidated financial statements. Other pronouncements issued by the FASB or other authoritative accounting standards with future effective dates are either not applicable or not significant to the condensed consolidated financial statements of the Company. |
Reclassification | Reclassification Certain prior year balances were reclassified to conform to the current year's presentation. None of these reclassifications had an impact on reported financial position or cash flows for any of the periods presented. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of investments in subsidiaries | Name of Subsidiary Place of Incorporation Attributable Equity Interest % Registered Capital Syndicore Asia Limited (1) Hong Kong 100 HKD$ 1 Z-Line International E-commerce Limited (2) Hong Kong 100 HKD$ 8,000,000 Hunan Syndicore Asia Limited (3) PRC 100 HKD$ 10,000,000 Shenzhen Ezekiel Technology Co. Limited (3) PRC 100 HKD$ 10,000,000 Hunan Ezekiel Energy Co. Limited (5) PRC 100 RMB$ 8,000,000 Shandong Ezekiel Energy Co. Limited (4) PRC 100 RMB$ 10,000,000 (1) A wholly owned subsidiary of ZZLL. (2) A wholly owned subsidiary of Syndicore Asia Limited since October 8, 2019 (previously 55% owned). (3) A wholly owned subsidiary of Syndicore Asia Limited. (4) A wholly owned subsidiary of Shenzhen Ezekiel Technology Co. Limited. (5) A wholly owned subsidiary of Hunan Syndicore Asia Limited. |
Schedule of depreciation of equipment is provided using the straight-line method | Furniture and fixtures 5 years Office equipment 3 years Vehicle 5 years |
Schedule of foreign exchange rates | June 30, December 31, Average Yearly (average rate) Chinese Renminbi (RMB) RMB 6.480553 RMB 6.44995 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Chinese Renminbi (RMB) RMB 6.699500 RMB 6.35877 United States dollar ($) $ 1.00 $ 1.00 Average Yearly (average rate) June 30, December 31, Hong Kong dollar (HKD) HKD 7.826100 HKD 7.772253 United States dollar ($) $ 1.00 $ 1.00 June 30, December 31, Year Ended (closing rate) Hong Kong dollar (HKD) HKD 7.846800 HKD 7.797129 United States dollar ($) $ 1.00 $ 1.00 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, December 31, Finished goods $ 65,476 $ 68,984 Less: impairment loss - - Inventory, net $ 65,476 $ 68,984 |
Equipment, Net (Tables)
Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equipment, Net [Abstract] | |
Schedule of equipment | June 30, December 31, Furniture and fixtures $ 12,061 $ 12,707 Office equipment 15,946 11,263 Vehicle 234,161 - 262,168 23,970 Less: accumulated depreciation (35,197 ) (7,477 ) Equipment, net $ 226,971 $ 16,493 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of company's lease portfolio | Balance Sheet Caption June 30, December 31, Assets Operating Right-of-use assets $ 308,469 $ 200,840 Finance - - Total lease assets $ 308,469 $ 200,840 Liabilities Operating Current Lease liabilities – current portion $ 197,260 $ 123,203 Noncurrent Lease liabilities – noncurrent portion 107,290 98,040 Finance Current - - Noncurrent - - Total lease liabilities $ 304,550 $ 221,243 |
Schedule of lease costs recognized in the consolidated statements of operations and comprehensive (loss) income | For the Three Months 2022 2021 Operating lease cost $ 54,698 $ 31,060 Short-term lease cost - - Variable lease cost - - Total lease cost $ 54,698 $ 31,060 For the Six Months Ended June 30, 2022 2021 Operating lease cost $ 102,038 $ 61,138 Short-term lease cost - - Variable lease cost - - Total lease cost $ 102,038 $ 61,138 |
Schedule of weighted-average remaining lease term and weighted-average discount | June 30, December 31, Weighted-average remaining lease term (years) Operating 1.37 1.87 Finance - - Weighted-average discount rate Operating 5.1 % 4.5 % Finance - - |
Schedule of supplementary cash flow information | For the Six Months 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating activities $ 114,092 $ 51,585 Right-of-use assets obtained in exchange for new operating lease liabilities $ 209,403 $ - |
Schedule of future maturities of the Company's operating lease liabilities | Operating 2022 $ 102,038 2023 5,978 2024 - 2025 - 2026 - Thereafter - Total lease payments 342,012 Less: interest (38,262 ) Present value of lease liabilities $ 304,550 |
Amount Due from_to Related Pa_2
Amount Due from/to Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Amount Due from/to Related Parties (Tables) [Line Items] | |
Schedule of amounts due from related parties | June 30, December 31, Amount due from related parties: Hunan Zhong Zong Hong Fu Culture Industry Company Limited (b)(d) $ 7,482 $ 19,049 Hunan Zhong Zong Lianlian Information Technology Limited Company (e) 383,303 395,346 Hunan Zong Lian 5,515 - $ 396,300 $ 414,395 Amount due to related parties: Wei Zhu (a) $ 230,795 $ 232,265 Shen Tian (c) 626,872 626,438 Harry Cheung 40,399 448,742 Various other shareholders and directors 535,770 40,656 $ 1,433,836 $ 1,348,101 (a) A shareholder holding 39.6% shares of the Company’s common stock. (b) Under common control. (c) Ezekiel’s general manager. (d) Hunan Zhong Zong Hong Fu Culture Industry Company Limited (“Hong Fu”): 100% of the equity interests of Hong Fu are owned by Wei Liang and Wei Zhu, the two majority shareholders of the Company. Hong Fu provides services to the cultural and entertainment industries and related marketing services to other industries. Hong Fu has been servicing the Company by making available more than a dozen of online live promoters/influencers trained by Hong Fu to HSAL on a continuous basis in the Bibishengjia (e) Hunan Zhong Zong Lianlian Information Technology Limited Company (“Lianlian”): 100% of the equity interests of Lianlian are owned by Wei Liang and Wei Zhu, the two majority shareholders of the Company. Lianlian is engaged in technology and online-to-offline marketing services. Lianlian served the Company by utilizing its local connections and local marketing resources to help the Company secure a partnerships in March 2020 with the government of Hunan province to help to market local products on the Bibishengjia Bibishengjia |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of company's reportable business segments | For the Six Months Ended June 30, 2022 E-commerce Trading All Other Total Revenue $ 658,944 $ - $ - $ 658,944 Cost of revenue (312,214 ) (14,514 ) - (326,728 ) Gross profit (loss) 346,730 (14,514 ) - 332,216 Selling and marketing - - - - General and administrative (400,672 ) (499,291 ) (18,423 ) (918,386 ) Operating loss $ (53,942 ) $ (513,805 ) $ (18,423 ) $ (586,170 ) For the Six Months Ended June 30, 2021 E-commerce Trading All Other Total Revenue $ 417,403 $ 19,702,347 $ - $ 20,119,750 Cost of revenue (9,216 ) (19,491,021 ) - (19,500,237 ) Gross profit (loss) 408,187 211,326 - 619,513 Selling and marketing 57,703 - - 57,703 General and administrative 71,647 267,730 54,604 393,981 Operating income (loss) $ 278,836 $ (56,404 ) $ (54,604 ) $ 167,828 |
Schedule of reportable segment revenues, profit or loss, and asset | For the Six Months 2022 2021 Revenue Total revenue from reportable segments $ 658,944 $ 20,119,750 Elimination of inter segments revenue - - Total consolidated revenue $ 658,944 $ 20,119,750 Profit or Loss Total income (loss) from reportable segments $ (586,170 ) $ 619,513 Elimination of inter segments profit or loss - - Unallocated amount: Other corporation income 157,998 (462,155 ) Total consolidated net loss $ (428,172 ) $ 157,358 Assets Total assets from reportable segments $ 2,284,170 $ 6,230,165 Unallocated amount: Other unallocated assets – Holding Company 322 3,269 Total consolidated assets $ 2,284,492 $ 6,233,434 |
Concentration and Risk (Tables)
Concentration and Risk (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Concentration and Risk [Abstract] | |
Schedule of E-commerce and trading businesses in the PRC | For the Six Months Ended Segment Amount Percentage Customer Customer A Trading $ 19,702,343 97.93 % |
Schedule of vendor accounted purchases | For the Six Months Ended Segment Amount Percentage Vendors Vendor A Trading $ 19,478,962 99.89 % |
Organization and Description _2
Organization and Description of Business (Details) | 1 Months Ended | |
Aug. 18, 2016 | Oct. 08, 2019 | |
Organization and Description of Business (Details) [Line Items] | ||
Description of ownership percentage | We initially owned 55% and NSML owned 45% of the equity interests in Z-Line, which was formed to provide consumer-to-consumer, business-to-consumer and business-to-business-sales services via web portals. | |
Business Combination [Member] | ||
Organization and Description of Business (Details) [Line Items] | ||
Equity interest percentage | 45% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | Oct. 08, 2019 | Sep. 26, 2019 |
Accounting Policies [Abstract] | ||
Ownership percentage | 55% | |
Pretech agreement description | On September 26, 2019, SAL entered into an agreement (the “Pretech Agreement”) with Pretech International Co., Limited (“Pretech”), a company incorporated under the laws of Hong Kong (“HK”). Pretech is a software, hardware and digital company that also specializes in the development and manufacture of consumer electronics. Under the terms of the Pretech Agreement, Pretech agreed to act as SAL’s sales agent to promote and bring more customers to Bibishengjia and also make sales of its own products through the use of Bibishengjia. Pretech paid $1 million for the use of Bibishengjia, and the Company agreed to pay Pretech 5% of all sales made in the PRC and HK through Bibishengjia. The initial term of the Pretech Agreement was for 24 months from the date the Pretech Agreement was entered into and was extendable for another 24 months. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of investments in subsidiaries | 6 Months Ended | |
Jun. 30, 2022 HKD ($) | ||
Syndicore Asia Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | Hong Kong | [1] |
Attributable Equity Interest % | 100% | [1] |
Registered Capital | $ 1 | [1] |
Z-Line International E-Commerce Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | Hong Kong | [2] |
Attributable Equity Interest % | 100% | [2] |
Registered Capital | $ 8,000,000 | [2] |
Hunan Syndicore Asia Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | PRC | [3] |
Attributable Equity Interest % | 100% | [3] |
Registered Capital | $ 10,000,000 | [3] |
Shenzhen Ezekiel Technology Co. Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | PRC | [3] |
Attributable Equity Interest % | 100% | [3] |
Registered Capital | $ 10,000,000 | [3] |
Hunan Ezekiel Energy Co. Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | PRC | [4] |
Attributable Equity Interest % | 100% | [5] |
Registered Capital | $ 8,000,000 | [5] |
Shandong Ezekiel Energy Co. Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Place of Incorporation | PRC | [5] |
Attributable Equity Interest % | 100% | [4] |
Registered Capital | $ 10,000,000 | [4] |
[1] A wholly owned subsidiary of ZZLL. A wholly owned subsidiary of Syndicore Asia Limited since October 8, 2019 (previously 55% owned). A wholly owned subsidiary of Syndicore Asia Limited. A wholly owned subsidiary of Shenzhen Ezekiel Technology Co. Limited. A wholly owned subsidiary of Hunan Syndicore Asia Limited. |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of depreciation of equipment is provided using the straight-line method | 6 Months Ended |
Jun. 30, 2022 | |
Furniture and fixtures [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of depreciation of equipment is provided using the straight-line method [Line Items] | |
Depreciation of plant and equipment | 5 years |
Office equipment [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of depreciation of equipment is provided using the straight-line method [Line Items] | |
Depreciation of plant and equipment | 3 years |
Vehicle [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of depreciation of equipment is provided using the straight-line method [Line Items] | |
Depreciation of plant and equipment | 5 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of foreign exchange rates | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 $ / shares | Jun. 30, 2022 ¥ / shares | Jun. 30, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 ¥ / shares | Dec. 31, 2021 $ / shares | |
Schedule Of Foreign Exchange Rates Abstract | ||||||
Chinese Renminbi (RMB) | ¥ / shares | ¥ 6.480553 | ¥ 6.44995 | ||||
United States dollar ($) | $ 1 | $ 1 | ||||
Chinese Renminbi (RMB) | ¥ / shares | ¥ 6.6995 | ¥ 6.35877 | ||||
United States dollar ($) | 1 | 1 | ||||
Hong Kong dollar (HKD) | $ 7.8261 | $ 7.772253 | ||||
United States dollar ($) | 1 | 1 | ||||
Hong Kong dollar (HKD) | $ 7.8468 | $ 7.797129 | ||||
United States dollar ($) | $ 1 | $ 1 |
Going Concern (Details)
Going Concern (Details) | Jun. 30, 2022 USD ($) |
Going Concern [Abstract] | |
Accumulated deficit | $ 3,220,043 |
Working capital deficit | $ 1,474,995 |
Inventories (Details)
Inventories (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Inventories [Abstract] | ||||
Inventory impairment loss | $ 0 | $ 0 | $ 0 | $ 0 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Inventories Abstract | ||
Finished goods | $ 65,476 | $ 68,984 |
Less: impairment loss | ||
Inventory, net | $ 65,476 | $ 68,984 |
Equipment, Net (Details)
Equipment, Net (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2021 USD ($) | |
Equipment, Net [Abstract] | |||||
Purchase of assets | $ 234,000 | ¥ 1,568,760 | |||
Depreciation expenses | $ 27,130 | $ 1,886 | $ 29,050 | $ 3,766 |
Equipment, Net (Details) - Sche
Equipment, Net (Details) - Schedule of equipment - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Equipment Abstract | ||
Furniture and fixtures | $ 12,061 | $ 12,707 |
Office equipment | 15,946 | 11,263 |
Vehicle | 234,161 | |
Equipment, gross | 262,168 | 23,970 |
Less: accumulated depreciation | (35,197) | (7,477) |
Equipment, net | $ 226,971 | $ 16,493 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of company's lease portfolio - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Operating | $ 308,469 | $ 200,840 |
Finance | ||
Total lease assets | 308,469 | 200,840 |
Operating | ||
Current | 197,260 | 123,203 |
Noncurrent | 107,290 | 98,040 |
Finance | ||
Current | ||
Noncurrent | ||
Total lease liabilities | $ 304,550 | $ 221,243 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease costs recognized in the consolidated statements of operations and comprehensive (loss) income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Lease Costs Recognized In The Consolidated Statements Of Operations And Comprehensive Loss Income Abstract | ||||
Operating lease cost | $ 54,698 | $ 31,060 | $ 102,038 | $ 61,138 |
Short-term lease cost | ||||
Variable lease cost | ||||
Total lease cost | $ 54,698 | $ 31,060 | $ 102,038 | $ 61,138 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of weighted-average remaining lease term and weighted-average discount | Jun. 30, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (years) | ||
Weighted-average remaining lease term (years) Operating | 1 year 4 months 13 days | 1 year 10 months 13 days |
Weighted-average remaining lease term (years) Finance | ||
Weighted-average discount rate | ||
Weighted-average discount rate Operating | 5.10% | 4.50% |
Weighted-average discount rate Finance |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of supplementary cash flow information - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating activities | $ 114,092 | $ 51,585 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 209,403 |
Leases (Details) - Schedule o_5
Leases (Details) - Schedule of future maturities of the Company's operating lease liabilities | Jun. 30, 2022 USD ($) |
Schedule Of Future Maturities Of The Companys Operating Lease Liabilities Abstract | |
2022 | $ 102,038 |
2023 | 5,978 |
2024 | |
2025 | |
2026 | |
Thereafter | |
Total lease payments | 342,012 |
Less: interest | (38,262) |
Present value of lease liabilities | $ 304,550 |
Loan Payables (Details)
Loan Payables (Details) | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Mar. 25, 2022 USD ($) | Mar. 25, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Loan Payables [Abstract] | |||||
Amount borrowed | $ 77,000 | ¥ 500,000 | ¥ 10,000,000 | ||
Repaid amount | $ 617,000 | ¥ 4,000,000 | |||
Remains outstanding | 895,590 | ¥ 6,000,000 | |||
Outstanding loan amount | $ 74,632 |
Amount Due from_to Related Pa_3
Amount Due from/to Related Parties (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Amount Due from/to Related Parties (Details) [Line Items] | ||
Percentage of securities | 10% | |
Amount due from related parties | $ 396,300 | $ 414,395 |
Amount due to related parties for operation | $ 1,433,836 | $ 1,348,101 |
Shareholder percentage | 39.60% | |
Hunan Zhong Zong Hong Fu Culture Industry Company Limited [Member] | ||
Amount Due from/to Related Parties (Details) [Line Items] | ||
Related party transaction, description | Hong Fu has been servicing the Company by making available more than a dozen of online live promoters/influencers trained by Hong Fu to HSAL on a continuous basis in the Bibishengjia APP. | |
Hunan Zhong Zong Lianlian Information Technology Limited Company [Member] | ||
Amount Due from/to Related Parties (Details) [Line Items] | ||
Related party transaction, description | The Company lent RMB $4,500,000 (approximately $689,675) to Lianlian when Lianlian needed additional funds to cover operating costs and office renovation costs. | |
Hunan Zhong Zong Hong Fu Culture Industry Company Limited [Member] | ||
Amount Due from/to Related Parties (Details) [Line Items] | ||
Equity interests, percentage | 100% | |
Hunan Zhong Zong Lianlian Information Technology Limited Company [Member] | ||
Amount Due from/to Related Parties (Details) [Line Items] | ||
Equity interests, percentage | 100% |
Amount Due from_to Related Pa_4
Amount Due from/to Related Parties (Details) - Schedule of amounts due from related parties - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Amount due from related parties: | |||
Amount due from related parties | $ 396,300 | $ 414,395 | |
Amount due to related parties: | |||
Amount due to related parties | 1,433,836 | 1,348,101 | |
Hunan Zhong Zong Hong Fu Culture Industry Company Limited [Member] | |||
Amount due from related parties: | |||
Amount due from related parties | [1],[2] | 7,482 | 19,049 |
Hunan Zhong Zong Lianlian Information Technology Limited Company [Member] | |||
Amount due from related parties: | |||
Amount due from related parties | [3] | 383,303 | 395,346 |
Hunan Zong Lian [Member] | |||
Amount due from related parties: | |||
Amount due from related parties | 5,515 | ||
Wei Zhu [Member] | |||
Amount due to related parties: | |||
Amount due to related parties | [4] | 230,795 | 232,265 |
Shen Tian [Member] | |||
Amount due to related parties: | |||
Amount due to related parties | [5] | 626,872 | 626,438 |
Harry Cheung [Member] | |||
Amount due to related parties: | |||
Amount due to related parties | 40,399 | 448,742 | |
Various other shareholders and directors [Member] | |||
Amount due to related parties: | |||
Amount due to related parties | $ 535,770 | $ 40,656 | |
[1] Under common control. Bibishengjia Bibishengjia Bibishengjia A shareholder holding 39.6% shares of the Company’s common stock. Ezekiel’s general manager. |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Abstract] | ||
Profit tax rate | 16.50% | 16.50% |
PRC income tax rate | 25% | 25% |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Reportable segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule of company's reportable business segments - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 253,361 | $ 19,739,374 | $ 658,944 | $ 20,119,750 |
Cost of revenues | (326,728) | (19,500,237) | ||
Gross profit (loss) | 332,216 | 619,513 | ||
Selling and marketing | 57,703 | |||
General and administrative | (918,386) | 393,981 | ||
Operating income (loss) | $ (198,116) | $ 42,132 | (586,170) | 167,828 |
E-Commerce [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 658,944 | 417,403 | ||
Cost of revenues | (312,214) | (9,216) | ||
Gross profit (loss) | 346,730 | 408,187 | ||
Selling and marketing | 57,703 | |||
General and administrative | (400,672) | 71,647 | ||
Operating income (loss) | (53,942) | 278,836 | ||
Trading [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 19,702,347 | |||
Cost of revenues | (14,514) | (19,491,021) | ||
Gross profit (loss) | (14,514) | 211,326 | ||
Selling and marketing | ||||
General and administrative | (499,291) | 267,730 | ||
Operating income (loss) | (513,805) | (56,404) | ||
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | ||||
Cost of revenues | ||||
Gross profit (loss) | ||||
Selling and marketing | ||||
General and administrative | (18,423) | 54,604 | ||
Operating income (loss) | $ (18,423) | $ (54,604) |
Segment Information (Details)_2
Segment Information (Details) - Schedule of reportable segment revenues, profit or loss, and asset - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | ||||
Total consolidated revenues | $ 253,361 | $ 19,739,374 | $ 658,944 | $ 20,119,750 |
Profit or Loss | ||||
Total consolidated profit or loss | (428,172) | 157,358 | ||
Assets | ||||
Total consolidated assets | 2,284,492 | 6,233,434 | 2,284,492 | 6,233,434 |
Total Assets from Reportable Segments [Member] | ||||
Assets | ||||
Total consolidated assets | 2,284,170 | 6,230,165 | 2,284,170 | 6,230,165 |
Other Unallocated Assets – Holding Company [Member] | ||||
Assets | ||||
Total consolidated assets | $ 322 | $ 3,269 | 322 | 3,269 |
Total Revenues from Reportable Segments [Member] | ||||
Revenue | ||||
Total consolidated revenues | 658,944 | 20,119,750 | ||
Elimination of Inter Segments Revenue [Member] | ||||
Revenue | ||||
Total consolidated revenues | ||||
Total Income (Loss) from Reportable Segments [Member] | ||||
Profit or Loss | ||||
Total consolidated profit or loss | (586,170) | 619,513 | ||
Elimination of inter segments profit or loss [Member] | ||||
Profit or Loss | ||||
Total consolidated profit or loss | ||||
Other Corporation Expense [Member] | ||||
Profit or Loss | ||||
Total consolidated profit or loss | $ 157,998 | $ (462,155) |
Concentration and Risk (Details
Concentration and Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Concentration and Risk (Details) [Line Items] | |||
Revenue percentage | 10% | 10% | |
Purchase percentage | 10% | 10% | 10% |
Major Customer [Member] | |||
Concentration and Risk (Details) [Line Items] | |||
Revenue percentage | 10% | ||
Mainland China and Hong Kong.[Member] | |||
Concentration and Risk (Details) [Line Items] | |||
Bank accounts (in Dollars) | $ 230,885 | $ 230,885 |
Concentration and Risk (Detai_2
Concentration and Risk (Details) - Schedule of E-commerce and trading businesses in the PRC - Customer A [Member] | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Customer | |
Segment | Trading |
Amount | $ 19,702,343 |
Percentage | 97.93% |
Concentration and Risk (Detai_3
Concentration and Risk (Details) - Schedule of vendor accounted purchases - Vendor A [Member] | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Vendors | |
Segment | Trading |
Amount | $ 19,478,962 |
Percentage | 99.89% |