Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-54701 | |
Entity Registrant Name | YEW BIO-PHARM GROUP, INC. | |
Entity Central Index Key | 0001548240 | |
Entity Tax Identification Number | 26-1579105 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9460 Telstar Avenue, | |
Entity Address, Address Line Two | Suite 6 | |
Entity Address, City or Town | El Monte, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91731 | |
City Area Code | (626) | |
Local Phone Number | 401-9588 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,700,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 28,453 | $ 563,792 |
Accounts receivable | 2,704,268 | 217,689 |
Accounts receivable - related parties, net | 10,893,076 | 9,045,669 |
Inventories, net | 123,043 | 14,608 |
Other receivables | 131,245 | 90,989 |
VAT input credit | 53,556 | 56,637 |
Total Current Assets | 13,933,641 | 9,989,384 |
LONG-TERM ASSETS: | ||
Long-term inventories, net | 642,212 | 784,784 |
Property and equipment, net | 534,205 | 516,921 |
Land use rights and yew forest assets, net | 45,736,790 | 41,952,483 |
Long-term advance for yew forest assets | 131,555 | 15,415 |
Long-term advance for yew forest assets - related parties | 125,834 | 4,854,273 |
Operating lease right-of-use assets | 292,605 | 333,402 |
Total Long-term Assets | 47,463,201 | 48,457,278 |
Total Assets | 61,396,842 | 58,446,662 |
CURRENT LIABILITIES: | ||
Accounts payable | 791,404 | 423,881 |
Accounts payable - related parties | 325,824 | |
Tax payable | 1,088,287 | 115,327 |
Due to related parties | 794,471 | 651,360 |
Short-term borrowings | 9,012,290 | 8,979,899 |
Other current liabilities | 531,784 | 354,643 |
Total Current Liabilities | 12,544,060 | 10,525,110 |
NONCURRENT LIABILITIES: | ||
Taxes payable | 973,647 | |
Deferred income, noncurrent | 1,812,341 | 1,172,928 |
Operating lease liabilities, noncurrent | 242,341 | 292,409 |
Total Noncurrent Liabilities | 2,054,682 | 2,438,984 |
Total Liabilities | 14,598,742 | 12,964,094 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock: $0.001 par value; 140,000,000 shares authorized; 51,700,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 51,700 | 51,700 |
Additional paid-in capital | 9,644,731 | 9,644,731 |
Retained earnings | 32,238,518 | 31,415,605 |
Statutory reserves | 3,762,288 | 3,762,288 |
Accumulated other comprehensive income | 1,118,429 | 608,244 |
Total Yew Bio-Pharm Group, Inc Shareholders’ Equity | 46,815,666 | 45,482,568 |
Noncontrolling interest | (17,566) | |
Total Equity | 46,798,100 | 45,482,568 |
Total Liabilities and Shareholders’ Equity | $ 61,396,842 | $ 58,446,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 51,700,000 | 51,700,000 |
Common stock, shares outstanding | 51,700,000 | 51,700,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES: | ||||
Revenues | $ 498,346 | $ 6,804,702 | $ 679,844 | |
Revenues - related parties | 110,106 | 9,856,869 | 16,886,287 | 21,266,710 |
Total Revenues | 110,106 | 10,355,215 | 23,690,989 | 21,946,554 |
COST OF REVENUES: | ||||
Cost of revenues | 2,814 | 463,359 | 6,948,445 | 845,929 |
Cost of revenues - related parties | 947,360 | 8,366,498 | 16,853,667 | 17,847,629 |
Total Cost of Revenues | 950,174 | 8,829,857 | 23,802,112 | 18,693,558 |
GROSS (LOSS) PROFIT | (840,068) | 1,525,358 | (111,123) | 3,252,996 |
OPERATING EXPENSES: | ||||
Selling, general and administrative | 211,640 | 203,561 | 693,698 | 720,505 |
Bad debt expense (recovery) | 506,560 | (172,381) | (1,782,619) | 24,425 |
Total Operating Expenses | 718,200 | 31,180 | (1,088,921) | 744,930 |
(LOSS) INCOME FROM OPERATIONS | (1,558,268) | 1,494,178 | 977,798 | 2,508,066 |
OTHER INCOME (EXPENSES): | ||||
Interest expense | (132,525) | (125,615) | (395,989) | (361,209) |
Other income | 44,600 | 27,235 | 226,204 | 40,652 |
Exchange gains | 87,499 | (372,672) | (479) | (275,404) |
Total Other Expenses | (426) | (471,052) | (170,264) | (595,961) |
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES | (1,558,694) | 1,023,126 | 807,534 | 1,912,105 |
PROVISION FOR INCOME TAXES | (27,152) | (1,859) | (27,152) | |
NET (LOSS) INCOME | (1,558,694) | 995,974 | 805,675 | 1,884,953 |
Less: net (loss) attributable to noncontrolling interest | (8,246) | (17,238) | ||
NET (LOSS) INCOME ATTRIBUTABLE TO YEW BIO-PHARM GROUP, INC | (1,550,448) | 995,974 | 822,913 | 1,884,953 |
COMPREHENSIVE INCOME (LOSS): | ||||
NET (LOSS) INCOME | (1,558,694) | 995,974 | 805,675 | 1,884,953 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Foreign currency translation adjustment | 39,056 | 1,671,103 | 510,185 | 957,348 |
COMPREHENSIVE (LOSS) INCOME | (1,519,638) | 2,667,077 | 1,315,860 | 2,842,301 |
Less: comprehensive (loss) attributable to non-controlling interest | (323) | (328) | ||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO YEW BIO-PHARM GROUP, INC | $ (1,519,315) | $ 2,667,077 | $ 1,316,188 | $ 2,842,301 |
NET (LOSS) INCOME PER COMMON SHARE: | ||||
Basic and diluted | $ (0.03) | $ 0.02 | $ 0.02 | $ 0.04 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic and diluted | 51,700,000 | 51,700,000 | 51,700,000 | 51,700,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 805,675 | $ 1,884,953 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Bad debt (recovery) expense | (1,782,619) | 24,425 |
Depreciation | 51,461 | 40,363 |
Loss on disposal of property and equipment | 18,068 | |
Inventory (recovery) reserve | (97,741) | 338,912 |
Amortization of land use rights and yew forest assets | 2,034,989 | 2,045,199 |
Sale of yew forest assets as inventory | 7,999,712 | 8,769,387 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,473,767) | 5,602,258 |
Accounts receivable - related parties | 64,407 | (6,816,982) |
Other current assets | (45,269) | (20,159) |
Inventories | 141,974 | 94,847 |
VAT input credit | 3,835 | (9,332) |
Accounts payable | 50,090 | (55,418) |
Accounts payable - related parties | (16,746) | |
Accrued expenses and other payables | 168,787 | (41,068) |
Advance from customer | 129,025 | |
Due to related parties | 35,664 | 21,583 |
Long-term deferred income | (44,412) | 219,371 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 6,930,855 | 12,210,618 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Prepayments made to related parties for purchase of yew forest assets | 4,776,110 | |
Purchase of property and equipment | (198,767) | (152,531) |
Purchase of yew forest assets | (12,599,300) | (10,934,655) |
Government grants compensated for afforestation | 665,559 | |
NET CASH USED IN INVESTING ACTIVITIES | (7,356,398) | (11,087,186) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short-term borrowings | 10,505,897 | 10,420,110 |
Repayments of short-term borrowings | (10,532,173) | (10,920,492) |
Proceeds from government loans | 79,920 | |
Proceeds from related parties | 105,990 | 2,457 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 79,714 | (418,005) |
EFFECT OF EXCHANGE RATE ON CASH | (189,509) | (223,428) |
NET (DECREASE) INCREASE IN CASH | (535,339) | 481,999 |
CASH - Beginning of the year | 563,792 | 742,294 |
CASH - End of the year | 28,453 | 1,224,293 |
Cash paid for: | ||
Interest | 254,504 | 359,483 |
Income taxes | 27,152 | |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Operating expense paid by related party | $ 434 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Statutory Reserve [Member] | AOCI Attributable to Parent [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 51,700 | $ 9,819,828 | $ 29,950,723 | $ 3,762,288 | $ (2,190,844) | $ 41,393,695 | ||
Beginning balance, shares at Dec. 31, 2019 | 51,700,000 | |||||||
Net income (loss) | 1,884,953 | 1,884,953 | $ 1,884,953 | |||||
Purchase of yew forest assets from entity under common control with price over carrying amount | (174,685) | (174,685) | ||||||
Foreign currency translation adjustment | 957,348 | 957,348 | ||||||
Ending balance, value at Sep. 30, 2020 | $ 51,700 | 9,645,143 | 31,835,676 | 3,762,288 | (1,233,496) | 44,061,311 | ||
Ending balance, shares at Sep. 30, 2020 | 51,700,000 | |||||||
Beginning balance, value at Dec. 31, 2020 | $ 51,700 | 9,644,731 | 31,415,605 | 3,762,288 | 608,244 | 45,482,568 | 45,482,568 | |
Beginning balance, shares at Dec. 31, 2020 | 51,700,000 | |||||||
Net income (loss) | 822,913 | 822,913 | (17,238) | 805,675 | ||||
Foreign currency translation adjustment | 510,185 | 510,185 | (328) | 509,857 | ||||
Ending balance, value at Sep. 30, 2021 | $ 51,700 | $ 9,644,731 | $ 32,238,518 | $ 3,762,288 | $ 1,118,429 | $ 46,815,666 | $ (17,566) | $ 46,798,100 |
Ending balance, shares at Sep. 30, 2021 | 51,700,000 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements of Yew Bio-Pharm Group, Inc. (individually “YBP” and collectively with its subsidiaries and operating variable interest entity, the “Company”). The accompanying unaudited interim consolidated financial statements should be read in conjunction with the summary of significant accounting policies and notes to consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of September 30, 2021, and the results of operations and cash flows for the nine-month periods ended September 30, 2021 and 2020, have been presented. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates its estimates, including those related to bad debts, inventories, income taxes, and the valuation of equity transactions. The Company bases its estimates on historical experience and on various other assumptions that it believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Certain amounts from prior period financial statements have been reclassified to conform to the current period presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented. Details of the Company’s subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiary are as follows: SCHEDULE OF COMPANY'S SUBSIDIARIES AND VARIABLE INTEREST ENTITIES Name Domicile and Date of Incorporation Registered Capital Effective Ownership Principal Activities Heilongjiang Jinshangjing Bio-Technology Development Co., Limited (“JSJ”) PRC October 29, 2009 US$100,000 100 % Holding company Yew Bio-Pharm Holdings Limited (“Yew Bio-Pharm (HK)”) Hong Kong November 29, 2010 HK$10,000 100 % Holding company of JSJ Harbin Yew Science and Technology Development Co., Ltd. (“HDS”) PRC August 22, 1996 RMB45,000,000 Contractual arrangements Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings; the manufacture of yew tree wood handicrafts; and the sales of candle, pine needle extract, yew essential oil soap, complex taxus cuspidate extract, and northeast yew extract Harbin Yew Food Co., Ltd (“HYF”) PRC November 4, 2014 RMB100,000 100 %(1) Sales of wood ear mushroom drink MC Commerce Holding Inc.(“MC”) State of California, United State 100 %(2) Sales of yew oil candles and yew oil soaps Harbin Jingchibai Bio-Technology Development Co., Limited (“JCB”) PRC March 18, 2020 RMB1,000,000 51 % Sales of yew oil candles and yew oil soaps, no active operation since its incorporation Yew (Guangzhou) Bio-Technology Co., Ltd (“YBT”) PRC December 24, 2020 RMB10,000,000 80 % Cosmetic marketing and sales (1) Wholly-owned subsidiary of HDS (2) 51 49 |
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 9 Months Ended |
Sep. 30, 2021 | |
Principles Of Consolidation | |
PRINCIPLES OF CONSOLIDATION | NOTE 2 - PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the financial statements of YBP, its subsidiaries and operating VIE and its subsidiary in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated on consolidation. Certain reclassifications have been made to the consolidated financial statements for prior year to the current year’s presentation. Such reclassifications have no effect on net income as previously reported. Pursuant to a restructuring plan intended to ensure compliance with applicable PRC laws and regulations (the “Second Restructure”), on November 5, 2010, JSJ entered into a series of contractual arrangements (the “Contractual Arrangements”) with HDS and/or Zhiguo Wang, his wife Guifang Qi and Xingming Han (collectively with Mr. Wang and Madame Qi, the “HDS Shareholders”), as described below: ● Exclusive Business Cooperation Agreement Pursuant to the Exclusive Business Cooperation Agreement between JSJ and HDS (the “Business Cooperation Agreement”), JSJ has the exclusive right to provide to HDS general business operation services, including advice and strategic planning, as well as consulting services related to technology, research and development, human resources, marketing and other services deemed necessary (collectively, the “Services”). Under the Business Cooperation Agreement, JSJ has exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the Business Cooperation Agreement, including but not limited to copyrights, patents, patent applications, software and trade secrets. HDS shall pay to JSJ a monthly consulting service fee (the “Service Fee”) in RMB that is equal to 100% of the monthly net income of HDS. Upon the prior written consent by JSJ, the rate of Service Fee may be adjusted pursuant to the operational needs of HDS. Within 30 days after the end of each month, HDS shall (a) deliver to JSJ the management accounts and operating statistics of HDS for such month, including the net income of HDS during such month (the “Monthly Net Income”), and (b) pay 80% of such Monthly Net Income to JSJ (each such payment, a “Monthly Payment”). Within ninety (90) days after the end of each fiscal year, HDS shall (a) deliver to JSJ financial statements of HDS for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by JSJ, and (b) pay an amount to JSJ equal to the shortfall, if any, of the aggregate net income of HDS for such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by HDS to JSJ in such fiscal year. HDS also granted an irrevocable and exclusive option to JSJ to purchase any and all of the assets of HDS, to the extent permitted under PRC law, at the lowest price permitted by PRC law. Unless earlier terminated in accordance with the provisions of the Business Cooperation Agreement or other agreements separately executed between JSJ and HDS, the Business Cooperation Agreement is for a term of ten years and expires on November 5, 2020; however, the term of the Business Cooperation Agreement may be extended if confirmed in writing by JSJ prior to the expiration of the term thereof. The period of the extended term shall be determined exclusively by JSJ and HDS shall accept such extended term unconditionally. Unless JSJ commits gross negligence, or a fraudulent act, against HDS, HDS shall not terminate the Business Cooperation Agreement prior to the expiration of the term, including any extended term. Notwithstanding the foregoing, JSJ shall have the right to terminate the Business Cooperation Agreement at any time upon giving 30 days’ prior written notice to HDS. ● Exclusive Option Agreement Under an Exclusive Option Agreement among JSJ, HDS and each HDS Shareholder (individually, an “Option Agreement”), the terms of which are substantively identical to each other, each HDS Shareholder has granted JSJ or its designee the irrevocable and exclusive right to purchase, to the extent permitted under PRC law, all or any part of the HDS Shareholder’s equity interests in HDS (the “Equity Interest Purchase Option”) for RMB10. If an appraisal is required by PRC laws at the time when and if JSJ exercises the Equity Interest Purchase Option, the parties shall negotiate in good faith and, based upon the appraisal, make a necessary adjustment to the purchase price so that it complies with any and all then applicable PRC laws. Without the consent of JSJ, the HDS Shareholders shall not sell, transfer, mortgage or dispose of their respective shares of HDS stock. Additionally, without the prior consent of JSJ, the HDS Shareholders shall not in any manner supplement, change or amend the articles of association and bylaws of HDS, increase or decrease its registered capital, change the structure of its registered capital in any other manner, or engage in any transactions that could materially affect HDS’ assets, liabilities, rights or operations, including, without limitation, the incurrence or assumption of any indebtedness except incurred in the ordinary course of business, execute any major contract over RMB500,000, sell or purchase any assets or rights, incur of any encumbrance on any of its assets or intellectual property rights in favor of a third party or transfer of any agreements relating to its business operation to any third party. The term of each Option Agreement is ten years commencing on November 5, 2020 and may be extended at the sole election of JSJ ● Equity Interest Pledge Agreement In order to guarantee HDS’s performance of its obligations under the Business Cooperation Agreement, each HDS Shareholder, JSJ and HDS entered into an Equity Interest Pledge Agreement (individually, a “Pledge Agreement”), the terms of which are substantially similar to each other. Pursuant to the Pledge Agreement, each HDS Shareholder pledged all of his or her equity interest in HDS to JSJ. If HDS or the HDS Shareholders breach their respective contractual obligations and such breach is not remedied to the satisfaction of JSJ within 20 days after the giving of notice of breach, JSJ, as pledgee, will be entitled to exercise certain rights, including the right to foreclose upon and sell the pledged equity interests. During the term of the Pledge Agreement, the HDS Shareholder shall not transfer his or her equity interest in HDS or place or otherwise permit any other security interest of other encumbrance to be placed on such equity interest. Upon the full payment of the Service Fee under the Business Cooperation Agreement and upon the termination of HDS’s obligations thereunder, the Pledge Agreement shall be terminated. ● Power of Attorney . Under the Power of Attorney executed by each HDS Shareholder (each, a “Power of Attorney”), the terms of which are substantially similar to each other, JSJ has been granted an exclusive, irrevocable power of attorney to take actions in the place and stead of the HDS Shareholders, to act on behalf of the HDS Shareholder as his or her exclusive agent and attorney with respect to all matters concerning the HDS Shareholder’s equity interests in HDS, including without limitation, the right to: 1) attend shareholders’ meetings of HDS; 2) exercise all the HDS Shareholders’ rights, including voting rights under PRC laws and HDS’s Articles of Association, including but not limited to the sale or transfer or pledge or disposition of the HDS Shareholder’s equity interests in HDS in whole or in part; and 3) designate and appoint on behalf of the HDS Shareholders the legal representative, executive director, supervisor, manager and other senior management of HDS. To the extent that the Contractual Arrangements are enforceable under PRC law, as from time to time interpreted by relevant state agencies, they constitute the valid and binding obligations of each of the parties to each such agreement. The Company believes that HDS is considered a VIE under ASC 810 “Consolidation”, because the equity investors in HDS no longer have the characteristics of a controlling financial interest, and the Company, through JSJ, is the primary beneficiary of HDS and controls HDS’s operations. Accordingly, HDS has been consolidated as a deemed subsidiary into YBP as a reporting company under ASC 810. YBP has no direct or indirect legal or equity ownership interest in HDS. However, through the Contractual Arrangements, the stockholders of HDS have assigned all their rights as stockholders, including voting rights and disposition rights of their equity interests in HDS to JSJ, our indirect, wholly-owned subsidiary. YBP is deemed to be the primary beneficiary of HDS and the financial statements of HDS are consolidated in the Company’s consolidated financial statements. At September 30, 2021 and December 31, 2020, the carrying amount and classification of the assets and liabilities in the Company’s balance sheets that relate to the Company’s variable interest in the VIE and VIE’s subsidiary are as follows: SCHEDULE OF CARRYING AMOUNT OF ASSETS AND LIABILITIES RELATED TO VARIABLE INTEREST ENTITY September 30, 2021 December 31, 2020 Assets Cash $ 17,874 $ 549,771 Accounts receivable 2,741,500 250,000 Accounts receivable - related parties, net 10,893,076 9,045,669 Other current assets 966,640 5,418,495 Property and equipment, net 504,906 483,139 Long-term investment in an affiliate 4,384,743 4,172,550 Land use rights and yew forest assets, net 45,736,790 41,952,483 Operating lease right of use assets 229,207 236,833 Total assets of VIE and its subsidiary $ 65,474,736 $ 62,108,940 Liabilities Accounts payable $ 706,461 $ 389,028 Accounts payable - related parties 325,824 - Other current liabilities 424,977 272,297 Short-term borrowings 8,994,290 8,899,979 Operating lease liability, current and noncurrent 246,050 259,686 Deferred income, noncurrent 1,812,341 1,172,928 Due to related parties and VIE holding companies 133,418 97,461 Total liabilities of VIE and its subsidiary $ 12,643,361 $ 11,091,379 Recent Accounting Pronouncements Adopted In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU No. 2017-04 on January 01, 2020 and the adoption did not have an impact on the Company’s financial position and results of operations. Recent Accounting Pronouncements Not Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently issued amendments (ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of this guidance on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions in which the reference LIBOR or another reference rate are expected to be discontinued as a result of the Reference Rate Reform. The standard is effective for all entities. The standard may be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. The Company is currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition | |
REVENUE RECOGNITION | NOTE 3 - REVENUE RECOGNITION The Company accounts for revenue arising from contracts and customers in accordance with Accounting Standards Update (ASU or Update) No. 2014-09, Revenue from Contracts with Customers (“ASC 606”) Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that Company will collect the consideration it is entitled to in exchange for the goods it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods promised within each contract and determines those that are performance obligations and assesses whether each promised good is distinct. The Company then recognizes as revenue the amount of the transaction price, which is allocated to the respective performance obligation, when the performance obligation is satisfied. Generally, the Company’s performance obligations are satisfied when the customers take possession of the products, which normally occurs upon shipment or delivery depending on the terms of the contracts. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 4 - TAXES (a) Federal Income Tax and Enterprise Income Taxes The table below summarizes the difference between the U.S. statutory federal tax rate and the Company’s effective tax rate for the nine months ended September 30, 2021 and 2020: SCHEDULE OF DIFFERENCE BETWEEN THE U.S. STATUTORY FEDERAL TAX RATE AND COMPANY'S EFFECTIVE TAX RATE 2021 2020 Nine Months ended September 30, 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % State income tax rate 8.8 % 8.8 % %Tax rate difference 6.6 % 5.6 % PRC tax exemption and reduction (56.0 )% (45.7 )% Valuation allowance 19.7 % 11.7 % Effective tax rate 0.2 % 1.4 % In Accordance with the U.S. Tax Cuts and Jobs Act (the “Tax Act”), the Company recognized a one-time transition tax of $ 1,431,835 1,088,287 115,327 nil 973,647 In addition, the 2017 Tax Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder income. GILTI is the excess of the shareholder’s net CFC tested income over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. no The Company’s subsidiary, JSJ, and VIE and its subsidiary, HDS and HYF, incorporated in the PRC, are subject to PRC’s Enterprise Income Tax. Pursuant to the PRC Income Tax Laws, Enterprise Income Taxes (“EIT”) is generally imposed at 25%. However, HDS has been named as a leading enterprise in the agricultural industry and awarded with a tax exemption through December 31, 2058 with an exception of sales of handicrafts, yew candle, pine needle extracts and yew essential oil soap which are not within the scope of agricultural area. |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS | NOTE 5 - SHORT-TERM BORROWINGS Loans from China Everbright Bank On December 22, 2016, HDS entered into a credit agreement with China Everbright Bank (“CEB”) which agreed to provide a line of credit of $ 3,103,000 (approximately RMB 20 million) to the Company for the period of three years . On February 25, 2020, the Company entered into another credit agreement with CEB, pursuant to which CEB provides another line of credit of RMB 20 million (approximately $ 3,103,000 ) to the Company for the period of three years . These loans carry interest rates ranging from 4.30 % to 5.65 % per annum and the interests are payable when the loans are due. The loans with CEB are secured by properties and land use rights of Yew Pharmaceutical. In addition, Zhiguo Wang, Madame Qi, Yew Pharmaceutical, and ZTC provided personal guarantees to the loans. HDS paid two $ 1,400,000 back in March and April 2020, totaling $ 2,800,000 under the initial line of credit, resulted the initial line of credit was paid off in its entirety. As of September 30, 2021 and December 31, 2020, the Company held approximately $ 3.1 million (RMB 20.0 and $ 2.8 million (RMB 18.9 nd Loans from Bank of Yingkou On July 26, 2019, HDS entered into a loan agreement with Bank of Yingkou Harbin Branch (“Yingkou Bank”), through which HDS obtained a bank loan in the amount of RMB 15 million (approximately $ 2,153,000 ), payable on July 25, 2020 . The loan carried an interest rate of 6.525 % per annum and is payable monthly. Heilongjiang Zishan Technology Co., Ltd. (“ZTC”), a related party controlled by Zhiguo Wang and his wife Madame Qi, the President of the Company, collateralized its buildings and land use right with Yingkou Bank to secure the loan. In addition, HEFS, HBP, Yew Pharmaceutical, and ZTC provided guarantees to the loan. HDS renewed the RMB 15 million (approximately $ 2,200,000 ) bank loan with Yingkou Bank on July 24, 2020, and July 24, 2021, with the expiration date on July 23, 2022 . As of September 30, 2021 and December 31, 2020, approximately $ 2.3 million (RMB 15 million) were outstanding under the loan agreement. On August 20, 2019, HDS entered into another loan agreement with Yingkou Bank, pursuant to which HDS obtained a bank loan in the amount of RMB 5 million (approximately $ 718,000 ), payable on August 19, 2020 . The loan carries an interest rate of 6.525 % per annum and is payable monthly. ZTC, a related party controlled by Zhiguo Wang and his wife Madame Qi, the President of the Company, collateralized its buildings and land use right with Yingkou Bank to secure the loan. In addition, HEFS, HBP, Yew Pharmaceutical, and ZTC provided guarantees to the loan. HDS renewed the RMB 5 million (approximately $ 735,000 ) twice on July 24, 2020 and July 24, 2021with the current maturity date on July 23, 2022 . As of September 30, 2021 and December 31, 2020, approximately $ 465,000 (RMB 3 million) and $ 765,000 (RMB 5 million) were outstanding under the loan agreement, respectively. Loan from Postal Saving Bank of China On May 13, 2019, HDS entered into a credit agreement with Postal Saving Bank of China who agreed to provide a line of credit of RMB 20 million (approximately $ 3,103,000 ) to the Company for the period of ten years . These loans have interest rate of 5.22 % per annum payable monthly. Zhiguo Wang and his wife Madame Qi, pledged buildings and land use rights they owned with Postal Saving Bank of China to secure the loans. In addition, Zhiguo Wang and his wife Madame Qi, Yicheng Wang and Lei Zhang provided personal guarantees to the loans. As of September 30, 2021 and December 31, 2020, approximately $ 3.1 million (RMB 20 million) was outstanding under the line of credit. SBA loans On May 1, 2020, the Company got a Promissory Note (the “Note”) of $ 70,920 1.00 61,920 70,920 9,000 Other loan On January 30, 2020, Yicheng Wang entered into a loan agreement with the Company, pursuant to which the Company lent RMB 600,000 5.00 During the three months ended September 30, 2021 and 2020, interest expense was $ 132,525 125,615 395,989 361,209 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 - STOCKHOLDERS’ EQUITY Stock option activities for the nine months ended September 30, 2021 was summarized in the following table. SCHEDULE OF STOCK OPTION ACTIVITIES Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Balance as of December 31, 2020 7,738,737 0.22 1.00 Issued - - Exercised - - Forfeited - - Balance at end of period 7,738,737 0.22 0.25 Option exercisable at September 30, 2021 7,738,737 0.22 0.25 The Company’s outstanding stock options and exercisable stock options had intrinsic value in the amount of $nil, based upon the Company’s closing stock price of $ 0.12 Nil |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Leases | Note 7 - Leases The Company leases office space from third parties and related parties. Leases is classified as operating at inception of the lease. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets represent the Company’s right to use the leased asset for the lease term and lease liabilities represent the obligation to make lease payments. The liability is calculated as the present value of the remaining minimum rental payments for existing operating leases using either the rate implicit in the lease or, if none exists, the Company’s incremental borrowing rate. The Company uses incremental borrowing rate at 6.44 The components of lease expense consist of the following: SCHEDULE OF LEASE EXPENSES Classification Nine Months ended Nine Months ended Operating lease cost Selling, general and administrative expense $ 59,700 $ 54,550 Net lease cost $ 59,700 $ 54,550 Balance sheet information related to leases consists of the following: SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES Classification September 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right-of-use assets $ 292,605 $ 333,402 Total leased assets $ 292,605 $ 333,402 Liabilities Operating Current maturities of operating lease liabilities $ 68,886 $ 65,476 Operating Operating lease liabilities 242,341 292,409 Total lease liabilities $ 311,227 $ 357,885 Weighted average remaining lease term Operating leases 10.9 10.9 Weighted average discount rate Operating leases 6.44 % 6.44 % Cash flow information related to leases consists of the following: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES Nine months ended Nine months ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 67,394 $ 34,725 The minimum future lease payments as of September 30, 2021 are as follows: SCHEDULE OF MINIMUM FUTURE LEASE PAYMENTS Years Ending December 31, Operating Leases The remaining of 2021 $ 14,659 2022 82,287 2023 35,554 2024 31,292 2025 28,072 After 2025 225,984 Total lease payments 417,848 Less: Interest (106,621 ) Present value of lease liabilities $ 311,227 |
CONCENTRATIONS OF CREDIT RISK A
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS | NOTE 8 - CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS Customers For the nine months ended September 30, 2021 and 2020, major customers whose sales and accounts receivable accounted for 10 SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS For the Nine Months ended Customers 2021 2020 A (Yew Pharmaceutical, a related party) 42 % 64 % B (DMSU, a related party) - % 12 % C (LIFEFORFUN LIMITED, a related party) 29 % 21 % D (BR METALS PTE, LTD) 11 % - % Accounts receivable as of Customers September 30, 2021 December 31, 2020 A (Yew Pharmaceutical, a related party) 21 % 32.2 % C (LIFEFORFUN LIMITED, a related party) 59 % 65.2 % D (BR METALS PTE, LTD ) 18 % - % Suppliers For the nine months ended September 30, 2021 and 2020, major suppliers accounting for 10 10 SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS For the Nine months Suppliers 2021 2020 A (Yew Pharmaceutical, a related party) 55 % 44 % Accounts payable as of Suppliers September 30, 2021 December 31, 2020 E (Heilongjiang Weishahe Agriculture Technology Co., Ltd) - % 68 % F (Xingcai Shi) - * % 18 % G (Cai Wang , a related party ) 22 % - % H (Haiyang Liu) 23 % - % I (Qingyong Lu) 32 % - * Less than 10% At September 30, 2021 and December 31, 2020, the Company’s cash balances by geographic area were as follows: SCHEDULE OF CASH BALANCES BY GEOGRAPHICAL AREAS September 30, 2021 December 31, 2020 Country United States $ 1,468 $ 3,071 China 26,985 560,721 Total Cash $ 28,453 $ 563,792 In China, a depositor has up to RMB 500,000 250,000 28,000 242,000 Nil 322,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 - RELATED PARTY TRANSACTIONS In addition to several of the Company’s officers and directors, the Company conducted transactions with the following related parties: SCHEDULE OF COMPANY TRANSACTION WITH THE RELATED PARTIES Company Ownership Heilongjiang Zishan Technology Co., Ltd. (“ZTC”) 51% owned by Heilongjiang Hongdoushan Ecology Forest Co., Ltd., 34% owned by Zhiguo Wang, a principle shareholder of the Company, 11% owned by Guifang Qi, the wife of Mr. Wang and CEO/director of the Company, and 4% owned by third parties. Heilongjiang Yew Pharmaceutical Co., Ltd. (“Yew Pharmaceutical”) 95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. Shanghai Kairun Bio-Pharmaceutical Co., Ltd. (“Kairun”) 60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. Heilongjiang Hongdoushan Ecology Forest Co., Ltd. (“HEFS”) 63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. Hongdoushan Bio-Pharmaceutical Co., Ltd. (“HBP”) 30% owned by Mr. Wang, 19% owned by Madame Qi and 51% owned by HEFS Heilongjiang Pingshan Hongdoushan Development Co., Ltd. (“HDS Development”) 80% owned by HEFS and 20% owned by Kairun Wuchang City Xinlin Forestry Co., Ltd. (Xinlin) 98% owned by ZTC and 2% owned by HEFS Wonder Genesis Global Ltd. Jinguo Wang is the Company’s director. DMSU Digital Technology Limited(“DMSU”) Significantly influenced by the Company HongKong YIDA Commerce Co., Limited(“YIDA”) Significantly influenced by the Company LIFEFORFUN LIMITED Significantly influenced by the Company Jinguo Wang Management of HDS and Legal person of Xinlin Zhiguo Wang Principal shareholder of the Company Guifang Qi Principal shareholder and the CEO of the Company Cai Wang Employee of the Company Weihong Zhang Employee of the Company Xue Wang Employee of the Company Chunping Wang Employee of the Company Jimin Lu Employee of the Company Transactions with Yew Pharmaceutical On January 9, 2010, the Company entered into a Cooperation and Development Agreement (the “Development Agreement”) with Yew Pharmaceutical. Pursuant to the Development Agreement, for a period of ten years January 9, 2020 1,000,000 146,000 For the three months ended September 30, 2021 and 2020, total revenues from Yew Pharmaceutical amounted to $ nil 6,844,205 9,935,074 13,927,843 2,849,082 2,982,114 For the three months ended September 30, 2021 and 2020, total purchase of yew candles and mixed essential oil from Yew Pharmaceutical amounted to $ Nil and $ 4,471,199 , respectively. For the nine months ended September 30, 2021 and 2020, the total purchase of yew candles and mixed essential oil from Yew Pharmaceutical amounted to approximately $ 15,135,169 and $ 7,961,493 , respectively. Transactions with HBP As of September 30, 2021 and December 31, 2020, HYF had due to HBP in the amount of $ 97,588 96,282 Transactions with Lifeforfun Limited For the three months ended September 30, 2021 and 2020, total revenues from Lifeforfun Limited amounted to $ Nil 2,880,000 6,854,400 4,608,000 8,043,994 6,036,080 Transactions with Chunping Wang During the nine months ended September 30, 2021 and 2020, HDS purchased yew forest assets from Chunping Wang in the amount of $ 944,402 868,711 52,752 nil Transactions with Weihong Zhang During the nine months ended September 30, 2021 and 2020, HDS purchased yew forest assets from Weihong Zhang in the amount of $ 24,731 28,909 24,825 nil Transactions with Xue Wang During the nine months ended September 30, 2021 and 2020, HDS purchased yew forest assets from Xue Wang in the amount of $ 1,068,056 750,184 nil Transactions with Cai Wang During the nine months ended September 30, 2021 and 2020, HDS purchased yew forest assets from Cai Wang in the amount of $ 401,873 390,269 248,247 nil Transactions with Jimin Lu During the nine months ended September 30, 2021 and 2020, HDS purchased yew forest assets from Jimin Lu in the amount of $ 819,203 nil Operating Leases On March 25, 2005, the Company entered into an Agreement for the Lease of Seedling Land with ZTC (the “ZTC Lease and leased 361 30 years March 24, 2035 162,450 24,000 On January 1, 2010, the Company entered into a lease for office space with Mr. Wang (the “Office Lease”) with the annual payments of RMB 15,000 2,000 15 years December 31, 2025 On July 1, 2012, the Company entered into a lease for office space with Zhiguo Wang (the “JSJ Lease”) with the annual rent is RMB 10,000 1,500 June 30, 2021 On January 1, 2015, HYF entered into a lease agreement with HBP to lease a warehouse and a workshop in exchange for no consideration for the period from January 1, 2015 to December 31, 2020. The Company leased office space from HDS Development in the A’cheng district in Harbin (the “A’cheng Lease”) on March 20, 2002 with a term of 23 years March 19, 2025 25,000 For the nine months ended September 30, 2021 and 2020, rent expense related to the lease agreements listed above were $ 24,629 23,031 24,722 nil Due to Related Parties The following summarized the Company’s due to related parties as of September 30, 2021 and December 31, 2020: SCHEDULE OF RELATED PARTIES September 30, 2021 December 31, 2020 Guifang Qi and Zhiguo Wang 675,070 555,078 HBP 97,588 96,282 Others 21,813 - Total $ 794,471 * $ 651,360 * Due to related parties $ 794,471 * $ 651,360 * *: The amounts due to related parties bear no interest and are payable on demand. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 10 – SEGMENT INFORMATION The Company managed and reviewed its business as two SCHEDULE OF GEOGRAPHICAL DISTRIBUTIONS OF COMPANY FINANCIAL INFORMATION Geographic Areas 2021 2020 2021 2020 For the Three Months Ended For the Nine months Ended Geographic Areas 2021 2020 2021 2020 Revenue PRC 109,196 10,338,530 $ 23,676,903 $ 21,908,026 USA 910 16,685 25,839 93,548 Elimination Adjustment - - (11,753 ) (55,020 ) Total Revenue $ 110,106 $ 10,355,215 $ 23,690,989 21,946,554 Net income (loss) PRC $ (1,477,289 ) $ 1,088,255 $ 1,243,758 $ 2,625,091 USA (81,405 ) (92,281 ) (438,083 ) (740,138 ) Total net income (loss) $ (1,558,694 ) $ 995,974 $ 805,675 $ 1,884,953 The geographical distribution of the Company’s financial information as of September 30, 2021 and December 31, 2020 were as follows: As of September 30, As of December 31, Geographic Areas 2021 2020 Reportable assets PRC $ 64,846,227 $ 62,362,889 USA 1,076,668 1,278,250 Elimination adjustment (4,526,053 ) (4,194,477 ) Total reportable assets $ 61,396,842 $ 58,446,662 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 - COMMITMENTS AND CONTINGENCIES Operating Lease See future minimum lease payments in Note 7. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date these consolidated financial statements were issued and determine that there were no subsequent events or transactions that require recognition or disclosures in the consolidated financial statements. |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY'S SUBSIDIARIES AND VARIABLE INTEREST ENTITIES | Details of the Company’s subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiary are as follows: SCHEDULE OF COMPANY'S SUBSIDIARIES AND VARIABLE INTEREST ENTITIES Name Domicile and Date of Incorporation Registered Capital Effective Ownership Principal Activities Heilongjiang Jinshangjing Bio-Technology Development Co., Limited (“JSJ”) PRC October 29, 2009 US$100,000 100 % Holding company Yew Bio-Pharm Holdings Limited (“Yew Bio-Pharm (HK)”) Hong Kong November 29, 2010 HK$10,000 100 % Holding company of JSJ Harbin Yew Science and Technology Development Co., Ltd. (“HDS”) PRC August 22, 1996 RMB45,000,000 Contractual arrangements Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings; the manufacture of yew tree wood handicrafts; and the sales of candle, pine needle extract, yew essential oil soap, complex taxus cuspidate extract, and northeast yew extract Harbin Yew Food Co., Ltd (“HYF”) PRC November 4, 2014 RMB100,000 100 %(1) Sales of wood ear mushroom drink MC Commerce Holding Inc.(“MC”) State of California, United State 100 %(2) Sales of yew oil candles and yew oil soaps Harbin Jingchibai Bio-Technology Development Co., Limited (“JCB”) PRC March 18, 2020 RMB1,000,000 51 % Sales of yew oil candles and yew oil soaps, no active operation since its incorporation Yew (Guangzhou) Bio-Technology Co., Ltd (“YBT”) PRC December 24, 2020 RMB10,000,000 80 % Cosmetic marketing and sales (1) Wholly-owned subsidiary of HDS (2) 51 49 |
PRINCIPLES OF CONSOLIDATION (Ta
PRINCIPLES OF CONSOLIDATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Principles Of Consolidation | |
SCHEDULE OF CARRYING AMOUNT OF ASSETS AND LIABILITIES RELATED TO VARIABLE INTEREST ENTITY | SCHEDULE OF CARRYING AMOUNT OF ASSETS AND LIABILITIES RELATED TO VARIABLE INTEREST ENTITY September 30, 2021 December 31, 2020 Assets Cash $ 17,874 $ 549,771 Accounts receivable 2,741,500 250,000 Accounts receivable - related parties, net 10,893,076 9,045,669 Other current assets 966,640 5,418,495 Property and equipment, net 504,906 483,139 Long-term investment in an affiliate 4,384,743 4,172,550 Land use rights and yew forest assets, net 45,736,790 41,952,483 Operating lease right of use assets 229,207 236,833 Total assets of VIE and its subsidiary $ 65,474,736 $ 62,108,940 Liabilities Accounts payable $ 706,461 $ 389,028 Accounts payable - related parties 325,824 - Other current liabilities 424,977 272,297 Short-term borrowings 8,994,290 8,899,979 Operating lease liability, current and noncurrent 246,050 259,686 Deferred income, noncurrent 1,812,341 1,172,928 Due to related parties and VIE holding companies 133,418 97,461 Total liabilities of VIE and its subsidiary $ 12,643,361 $ 11,091,379 |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF DIFFERENCE BETWEEN THE U.S. STATUTORY FEDERAL TAX RATE AND COMPANY'S EFFECTIVE TAX RATE | The table below summarizes the difference between the U.S. statutory federal tax rate and the Company’s effective tax rate for the nine months ended September 30, 2021 and 2020: SCHEDULE OF DIFFERENCE BETWEEN THE U.S. STATUTORY FEDERAL TAX RATE AND COMPANY'S EFFECTIVE TAX RATE 2021 2020 Nine Months ended September 30, 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % State income tax rate 8.8 % 8.8 % %Tax rate difference 6.6 % 5.6 % PRC tax exemption and reduction (56.0 )% (45.7 )% Valuation allowance 19.7 % 11.7 % Effective tax rate 0.2 % 1.4 % |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITIES | Stock option activities for the nine months ended September 30, 2021 was summarized in the following table. SCHEDULE OF STOCK OPTION ACTIVITIES Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Balance as of December 31, 2020 7,738,737 0.22 1.00 Issued - - Exercised - - Forfeited - - Balance at end of period 7,738,737 0.22 0.25 Option exercisable at September 30, 2021 7,738,737 0.22 0.25 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
SCHEDULE OF LEASE EXPENSES | The components of lease expense consist of the following: SCHEDULE OF LEASE EXPENSES Classification Nine Months ended Nine Months ended Operating lease cost Selling, general and administrative expense $ 59,700 $ 54,550 Net lease cost $ 59,700 $ 54,550 |
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES | Balance sheet information related to leases consists of the following: SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES Classification September 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right-of-use assets $ 292,605 $ 333,402 Total leased assets $ 292,605 $ 333,402 Liabilities Operating Current maturities of operating lease liabilities $ 68,886 $ 65,476 Operating Operating lease liabilities 242,341 292,409 Total lease liabilities $ 311,227 $ 357,885 Weighted average remaining lease term Operating leases 10.9 10.9 Weighted average discount rate Operating leases 6.44 % 6.44 % |
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES | Cash flow information related to leases consists of the following: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES Nine months ended Nine months ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 67,394 $ 34,725 |
SCHEDULE OF MINIMUM FUTURE LEASE PAYMENTS | The minimum future lease payments as of September 30, 2021 are as follows: SCHEDULE OF MINIMUM FUTURE LEASE PAYMENTS Years Ending December 31, Operating Leases The remaining of 2021 $ 14,659 2022 82,287 2023 35,554 2024 31,292 2025 28,072 After 2025 225,984 Total lease payments 417,848 Less: Interest (106,621 ) Present value of lease liabilities $ 311,227 |
CONCENTRATIONS OF CREDIT RISK_2
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Concentration Risk [Line Items] | |
SCHEDULE OF CASH BALANCES BY GEOGRAPHICAL AREAS | At September 30, 2021 and December 31, 2020, the Company’s cash balances by geographic area were as follows: SCHEDULE OF CASH BALANCES BY GEOGRAPHICAL AREAS September 30, 2021 December 31, 2020 Country United States $ 1,468 $ 3,071 China 26,985 560,721 Total Cash $ 28,453 $ 563,792 |
Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS | For the nine months ended September 30, 2021 and 2020, major customers whose sales and accounts receivable accounted for 10 SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS For the Nine Months ended Customers 2021 2020 A (Yew Pharmaceutical, a related party) 42 % 64 % B (DMSU, a related party) - % 12 % C (LIFEFORFUN LIMITED, a related party) 29 % 21 % D (BR METALS PTE, LTD) 11 % - % Accounts receivable as of Customers September 30, 2021 December 31, 2020 A (Yew Pharmaceutical, a related party) 21 % 32.2 % C (LIFEFORFUN LIMITED, a related party) 59 % 65.2 % D (BR METALS PTE, LTD ) 18 % - % |
Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS | For the nine months ended September 30, 2021 and 2020, major suppliers accounting for 10 10 SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS For the Nine months Suppliers 2021 2020 A (Yew Pharmaceutical, a related party) 55 % 44 % Accounts payable as of Suppliers September 30, 2021 December 31, 2020 E (Heilongjiang Weishahe Agriculture Technology Co., Ltd) - % 68 % F (Xingcai Shi) - * % 18 % G (Cai Wang , a related party ) 22 % - % H (Haiyang Liu) 23 % - % I (Qingyong Lu) 32 % - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF COMPANY TRANSACTION WITH THE RELATED PARTIES | In addition to several of the Company’s officers and directors, the Company conducted transactions with the following related parties: SCHEDULE OF COMPANY TRANSACTION WITH THE RELATED PARTIES Company Ownership Heilongjiang Zishan Technology Co., Ltd. (“ZTC”) 51% owned by Heilongjiang Hongdoushan Ecology Forest Co., Ltd., 34% owned by Zhiguo Wang, a principle shareholder of the Company, 11% owned by Guifang Qi, the wife of Mr. Wang and CEO/director of the Company, and 4% owned by third parties. Heilongjiang Yew Pharmaceutical Co., Ltd. (“Yew Pharmaceutical”) 95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. Shanghai Kairun Bio-Pharmaceutical Co., Ltd. (“Kairun”) 60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. Heilongjiang Hongdoushan Ecology Forest Co., Ltd. (“HEFS”) 63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. Hongdoushan Bio-Pharmaceutical Co., Ltd. (“HBP”) 30% owned by Mr. Wang, 19% owned by Madame Qi and 51% owned by HEFS Heilongjiang Pingshan Hongdoushan Development Co., Ltd. (“HDS Development”) 80% owned by HEFS and 20% owned by Kairun Wuchang City Xinlin Forestry Co., Ltd. (Xinlin) 98% owned by ZTC and 2% owned by HEFS Wonder Genesis Global Ltd. Jinguo Wang is the Company’s director. DMSU Digital Technology Limited(“DMSU”) Significantly influenced by the Company HongKong YIDA Commerce Co., Limited(“YIDA”) Significantly influenced by the Company LIFEFORFUN LIMITED Significantly influenced by the Company Jinguo Wang Management of HDS and Legal person of Xinlin Zhiguo Wang Principal shareholder of the Company Guifang Qi Principal shareholder and the CEO of the Company Cai Wang Employee of the Company Weihong Zhang Employee of the Company Xue Wang Employee of the Company Chunping Wang Employee of the Company Jimin Lu Employee of the Company |
SCHEDULE OF RELATED PARTIES | The following summarized the Company’s due to related parties as of September 30, 2021 and December 31, 2020: SCHEDULE OF RELATED PARTIES September 30, 2021 December 31, 2020 Guifang Qi and Zhiguo Wang 675,070 555,078 HBP 97,588 96,282 Others 21,813 - Total $ 794,471 * $ 651,360 * Due to related parties $ 794,471 * $ 651,360 * |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF GEOGRAPHICAL DISTRIBUTIONS OF COMPANY FINANCIAL INFORMATION | SCHEDULE OF GEOGRAPHICAL DISTRIBUTIONS OF COMPANY FINANCIAL INFORMATION Geographic Areas 2021 2020 2021 2020 For the Three Months Ended For the Nine months Ended Geographic Areas 2021 2020 2021 2020 Revenue PRC 109,196 10,338,530 $ 23,676,903 $ 21,908,026 USA 910 16,685 25,839 93,548 Elimination Adjustment - - (11,753 ) (55,020 ) Total Revenue $ 110,106 $ 10,355,215 $ 23,690,989 21,946,554 Net income (loss) PRC $ (1,477,289 ) $ 1,088,255 $ 1,243,758 $ 2,625,091 USA (81,405 ) (92,281 ) (438,083 ) (740,138 ) Total net income (loss) $ (1,558,694 ) $ 995,974 $ 805,675 $ 1,884,953 The geographical distribution of the Company’s financial information as of September 30, 2021 and December 31, 2020 were as follows: As of September 30, As of December 31, Geographic Areas 2021 2020 Reportable assets PRC $ 64,846,227 $ 62,362,889 USA 1,076,668 1,278,250 Elimination adjustment (4,526,053 ) (4,194,477 ) Total reportable assets $ 61,396,842 $ 58,446,662 |
SCHEDULE OF COMPANY'S SUBSIDIAR
SCHEDULE OF COMPANY'S SUBSIDIARIES AND VARIABLE INTEREST ENTITIES (Details) | 9 Months Ended | |
Sep. 30, 2021 | ||
Heilongjiang Jinshangjing Bio-Technology Development Co., Limited ("JSJ") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | PRC October 29, 2009 | |
Registered capital | US$100,000 | |
Effective ownership | 100.00% | |
Principal activities | Holding company | |
Yew Bio-Pharm Holdings Limited ("Yew Bio-Pharm (HK)") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | Hong Kong November 29, 2010 | |
Registered capital | HK$10,000 | |
Effective ownership | 100.00% | |
Principal activities | Holding company of JSJ | |
Harbin Yew Science and Technology Development Co., Ltd. ("HDS") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | PRC August 22, 1996 | |
Registered capital | RMB45,000,000 | |
Effective ownership | 49.00% | |
Principal activities | Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings; the manufacture of yew tree wood handicrafts; and the sales of candle, pine needle extract, yew essential oil soap, complex taxus cuspidate extract, and northeast yew extract | |
Effective ownership, description | Contractual arrangements | |
Harbin Yew Food Co., Ltd ("HYF") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | PRC November 4, 2014 | |
Registered capital | RMB100,000 | |
Effective ownership | 100.00% | [1] |
Principal activities | Sales of wood ear mushroom drink | |
MC Commerce Holding Inc.(MC) [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | State of California, United State | |
Effective ownership | 100.00% | [2] |
Principal activities | Sales of yew oil candles and yew oil soaps | |
Harbin Jingchibai Bio-Technology Development Co., Limited ("JCB") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | PRC March 18, 2020 | |
Registered capital | RMB1,000,000 | |
Effective ownership | 51.00% | |
Principal activities | Sales of yew oil candles and yew oil soaps, no active operation since its incorporation | |
Yew (Guangzhou) Bio-Technology Co., Ltd ("YBT") [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Domicile and date of incorporation | PRC December 24, 2020 | |
Registered capital | RMB10,000,000 | |
Effective ownership | 80.00% | |
Principal activities | Cosmetic marketing and sales | |
[1] | Wholly-owned subsidiary of HDS | |
[2] | 51 49 |
SCHEDULE OF COMPANY'S SUBSIDI_2
SCHEDULE OF COMPANY'S SUBSIDIARIES AND VARIABLE INTEREST ENTITIES (Details) (Parenthetical) | 9 Months Ended |
Sep. 30, 2021 | |
Yew Bio Pharm Group Inc [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Effective ownership, percentage | 51.00% |
Harbin Yew Science and Technology Development Co., Ltd. ("HDS") [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Effective ownership, percentage | 49.00% |
SCHEDULE OF CARRYING AMOUNT OF
SCHEDULE OF CARRYING AMOUNT OF ASSETS AND LIABILITIES RELATED TO VARIABLE INTEREST ENTITY (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Accounts receivable - related parties, net | $ 10,893,076 | $ 9,045,669 |
Property and equipment, net | 534,205 | 516,921 |
Operating lease right of use assets | 292,605 | 333,402 |
Total assets of VIE and its subsidiary | 61,396,842 | 58,446,662 |
Liabilities | ||
Other current liabilities | 531,784 | 354,643 |
Short-term borrowings | 9,012,290 | 8,979,899 |
Operating lease liability, current and noncurrent | 311,227 | 357,885 |
Deferred income, noncurrent | 1,812,341 | 1,172,928 |
Total liabilities of VIE and its subsidiary | 14,598,742 | 12,964,094 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 17,874 | 549,771 |
Accounts receivable | 2,741,500 | 250,000 |
Accounts receivable - related parties, net | 10,893,076 | 9,045,669 |
Other current assets | 966,640 | 5,418,495 |
Property and equipment, net | 504,906 | 483,139 |
Long-term investment in an affiliate | 4,384,743 | 4,172,550 |
Land use rights and yew forest assets, net | 45,736,790 | 41,952,483 |
Operating lease right of use assets | 229,207 | 236,833 |
Total assets of VIE and its subsidiary | 65,474,736 | 62,108,940 |
Liabilities | ||
Accounts payable | 706,461 | 389,028 |
Accounts payable - related parties | 325,824 | |
Other current liabilities | 424,977 | 272,297 |
Short-term borrowings | 8,994,290 | 8,899,979 |
Operating lease liability, current and noncurrent | 246,050 | 259,686 |
Deferred income, noncurrent | 1,812,341 | 1,172,928 |
Due to related parties and VIE holding companies | 133,418 | 97,461 |
Total liabilities of VIE and its subsidiary | $ 12,643,361 | $ 11,091,379 |
PRINCIPLES OF CONSOLIDATION (De
PRINCIPLES OF CONSOLIDATION (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Principles Of Consolidation | |
Description of exclusive business cooperation agreement | Pursuant to the Exclusive Business Cooperation Agreement between JSJ and HDS (the “Business Cooperation Agreement”), JSJ has the exclusive right to provide to HDS general business operation services, including advice and strategic planning, as well as consulting services related to technology, research and development, human resources, marketing and other services deemed necessary (collectively, the “Services”). Under the Business Cooperation Agreement, JSJ has exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the Business Cooperation Agreement, including but not limited to copyrights, patents, patent applications, software and trade secrets. HDS shall pay to JSJ a monthly consulting service fee (the “Service Fee”) in RMB that is equal to 100% of the monthly net income of HDS. Upon the prior written consent by JSJ, the rate of Service Fee may be adjusted pursuant to the operational needs of HDS. Within 30 days after the end of each month, HDS shall (a) deliver to JSJ the management accounts and operating statistics of HDS for such month, including the net income of HDS during such month (the “Monthly Net Income”), and (b) pay 80% of such Monthly Net Income to JSJ (each such payment, a “Monthly Payment”). Within ninety (90) days after the end of each fiscal year, HDS shall (a) deliver to JSJ financial statements of HDS for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by JSJ, and (b) pay an amount to JSJ equal to the shortfall, if any, of the aggregate net income of HDS for such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by HDS to JSJ in such fiscal year. HDS also granted an irrevocable and exclusive option to JSJ to purchase any and all of the assets of HDS, to the extent permitted under PRC law, at the lowest price permitted by PRC law. Unless earlier terminated in accordance with the provisions of the Business Cooperation Agreement or other agreements separately executed between JSJ and HDS, the Business Cooperation Agreement is for a term of ten years and expires on November 5, 2020; however, the term of the Business Cooperation Agreement may be extended if confirmed in writing by JSJ prior to the expiration of the term thereof. The period of the extended term shall be determined exclusively by JSJ and HDS shall accept such extended term unconditionally. Unless JSJ commits gross negligence, or a fraudulent act, against HDS, HDS shall not terminate the Business Cooperation Agreement prior to the expiration of the term, including any extended term. Notwithstanding the foregoing, JSJ shall have the right to terminate the Business Cooperation Agreement at any time upon giving 30 days’ prior written notice to HDS. |
SCHEDULE OF DIFFERENCE BETWEEN
SCHEDULE OF DIFFERENCE BETWEEN THE U.S. STATUTORY FEDERAL TAX RATE AND COMPANY'S EFFECTIVE TAX RATE (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax rate | 21.00% | 21.00% |
State income tax rate | 8.80% | 8.80% |
%Tax rate difference | 6.60% | 5.60% |
PRC tax exemption and reduction | (56.00%) | (45.70%) |
Valuation allowance | 19.70% | 11.70% |
Effective tax rate | 0.20% | 1.40% |
TAXES (Details Narrative)
TAXES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2018 | Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
One time transition tax | $ 1,431,835 | |||
Income tax payable current | $ 1,088,287 | $ 115,327 | ||
Income tax payable noncurrent | 973,647 | |||
Controlled foreign corporations, description | GILTI is the excess of the shareholder’s net CFC tested income over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. | |||
GILTI tax payable outstanding | $ 0 | $ 0 | ||
Description of tax exemption date | Pursuant to the PRC Income Tax Laws, Enterprise Income Taxes (“EIT”) is generally imposed at 25%. However, HDS has been named as a leading enterprise in the agricultural industry and awarded with a tax exemption through December 31, 2058 with an exception of sales of handicrafts, yew candle, pine needle extracts and yew essential oil soap which are not within the scope of agricultural area. |
SHORT-TERM BORROWINGS (Details
SHORT-TERM BORROWINGS (Details Narrative) | Dec. 15, 2020USD ($) | Aug. 20, 2020USD ($) | Jul. 31, 2020USD ($) | Jul. 24, 2020USD ($) | Feb. 25, 2020USD ($) | Aug. 20, 2019USD ($) | Jul. 26, 2019USD ($) | May 13, 2019USD ($) | Dec. 22, 2016USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021CNY (¥) | Jan. 29, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Sep. 30, 2020CNY (¥) | Aug. 20, 2020CNY (¥) | Jul. 24, 2020CNY (¥) | May 01, 2020USD ($) | Feb. 25, 2020CNY (¥) | Jan. 30, 2020CNY (¥) | Aug. 20, 2019CNY (¥) | Jul. 26, 2019CNY (¥) | May 13, 2019CNY (¥) | Dec. 22, 2016CNY (¥) |
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Debt forgiveness | $ 61,920 | |||||||||||||||||||||||||||
Interest expense | $ 132,525 | $ 125,615 | $ 395,989 | $ 361,209 | ||||||||||||||||||||||||
SBA Economic Injury Disaster Loans [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Loan advances | $ 9,000 | |||||||||||||||||||||||||||
Paycheck Protection Program Loan [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Loan outstanding | $ 70,920 | |||||||||||||||||||||||||||
Loan amount | $ 70,920 | |||||||||||||||||||||||||||
Interest rate of loans | 1.00% | |||||||||||||||||||||||||||
Yingkou Bank [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Loan outstanding | 2,300,000 | ¥ 15,000,000 | ||||||||||||||||||||||||||
Loan amount | $ 2,200,000 | $ 2,153,000 | ¥ 15,000,000 | ¥ 15,000,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 23, 2022 | Jul. 23, 2022 | Jul. 25, 2020 | |||||||||||||||||||||||||
Interest rate of loans | 6.525% | 6.525% | ||||||||||||||||||||||||||
Yingkou Bank [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Loan outstanding | $ 465,000 | 465,000 | ¥ 3,000,000 | 765,000 | 5,000,000 | |||||||||||||||||||||||
Loan amount | $ 735,000 | $ 718,000 | ¥ 5,000,000 | ¥ 5,000,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 19, 2020 | |||||||||||||||||||||||||||
Interest rate of loans | 6.525% | 6.525% | ||||||||||||||||||||||||||
Postal Saving Bank of China [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,103,000 | ¥ 20,000,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 5.22% | |||||||||||||||||||||||||||
Loan outstanding | 3,100,000 | 20,000,000 | ||||||||||||||||||||||||||
Yicheng Wang [Member] | Loan Agreement Three [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 6,000 | |||||||||||||||||||||||||||
Interest rate of loans | 5.00% | |||||||||||||||||||||||||||
China Everbright Bank [Member] | Line of Credit [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,103,000 | $ 3,103,000 | ¥ 20,000,000 | ¥ 20,000,000 | ||||||||||||||||||||||||
Debt Instrument, Term | 3 years | 3 years | ||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 1,400,000 | $ 2,800,000 | ||||||||||||||||||||||||||
Loan outstanding | $ 3,100,000 | $ 3,100,000 | $ 2,800,000 | ¥ 18,900,000 | ¥ 20,000,000 | |||||||||||||||||||||||
China Everbright Bank [Member] | Line of Credit [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 4.30% | |||||||||||||||||||||||||||
China Everbright Bank [Member] | Line of Credit [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 5.65% | |||||||||||||||||||||||||||
Postal Saving Bank of China [Member] | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Term | 10 years |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITIES (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of Stock Options, Begining balance | shares | 7,738,737 |
Weighted Average Exercise Price, Begining balance | $ / shares | $ 0.22 |
Weighted Average Remaining Contractual Life in Years, Outstanding | 1 year |
Number of Stock Options, Issued | shares | |
Weighted Average Exercise Price, Issued | $ / shares | |
Number of Stock Options, Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Number of Stock Options, Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Number of Stock Options, Ending balance | shares | 7,738,737 |
Weighted Average Exercise Price, Ending balance | $ / shares | $ 0.22 |
Weighted Average Remaining Contractual Life in Years, Outstanding | 3 months |
Number of Stock Options, Options exercisable | shares | 7,738,737 |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 0.22 |
Weighted Average Remaining Contractual Life in Years, Options exercisable | 3 months |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Common stock exercise price | $ 0.12 | $ 0.12 | ||
Stock option expense |
SCHEDULE OF LEASE EXPENSES (Det
SCHEDULE OF LEASE EXPENSES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net lease cost | $ 59,700 | $ 54,550 |
Selling, General and Administrative Expenses [Member] | ||
Operating lease cost | $ 59,700 | $ 54,550 |
SCHEDULE OF BALANCE SHEET INFOR
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases | ||
Operating lease ROU assets | $ 292,605 | $ 333,402 |
Total leased assets | 292,605 | 333,402 |
Current operating lease liabilities | 68,886 | 65,476 |
Non-current operating lease liabilities | 242,341 | 292,409 |
Total operating lease liabilities | $ 311,227 | $ 357,885 |
Weighted average remaining lease term Operating leases | 10 years 10 months 24 days | 10 years 10 months 24 days |
Weighted average discount rate Operating leases | 6.44% | 6.44% |
SCHEDULE OF CASH FLOW INFORMATI
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases | ||
Operating cash flows from operating leases | $ 67,394 | $ 34,725 |
SCHEDULE OF MINIMUM FUTURE LEAS
SCHEDULE OF MINIMUM FUTURE LEASE PAYMENTS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases | ||
The remaining of 2021 | $ 14,659 | |
2022 | 82,287 | |
2023 | 35,554 | |
2024 | 31,292 | |
2025 | 28,072 | |
After 2025 | 225,984 | |
Total lease payments | 417,848 | |
Less: Interest | (106,621) | |
Present value of lease liabilities | $ 311,227 | $ 357,885 |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 30, 2021 |
Leases | |
Incremental borrowing rate | 6.44% |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK MAJOR CUSTOMERS AND SUPPLIERS (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Customer A [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 42.00% | 64.00% | ||
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 21.00% | 32.20% | ||
Customer A [Member] | Suppliers [Member] | Purchase [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 55.00% | 44.00% | ||
Customer B [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 12.00% | |||
Customer C [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 29.00% | 21.00% | ||
Customer C [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 59.00% | 65.20% | ||
Customer D [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 11.00% | |||
Customer D [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 18.00% | |||
Customer E [Member] | Suppliers [Member] | Accounts Payable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 68.00% | |||
Customer F [Member] | Suppliers [Member] | Accounts Payable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | (0.00%) | [1] | 18.00% | |
Customer G [Member] | Suppliers [Member] | Accounts Payable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 22.00% | |||
Customer H [Member] | Suppliers [Member] | Accounts Payable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 23.00% | |||
Customer I [Member] | Suppliers [Member] | Accounts Payable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk, percentage | 32.00% | |||
[1] | Less than 10% |
SCHEDULE OF CASH BALANCES BY GE
SCHEDULE OF CASH BALANCES BY GEOGRAPHICAL AREAS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Total Cash | $ 28,453 | $ 563,792 |
UNITED STATES | ||
Total Cash | 1,468 | 3,071 |
CHINA | ||
Total Cash | $ 26,985 | $ 560,721 |
CONCENTRATIONS OF CREDIT RISK_3
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS (Details Narrative) | Sep. 30, 2021USD ($) | Sep. 30, 2021CNY (¥) | Dec. 31, 2020USD ($) |
Risks and Uncertainties [Abstract] | |||
China Financial Stability Bureau insured (in Yuan Renminbi) | $ 250,000 | ¥ 500,000 | |
FDIC insured (in Dollars) | 28,000 | $ 242,000 | |
FDIC remaining insured (in Dollars) | $ 322,000 |
SCHEDULE OF COMPANY TRANSACTION
SCHEDULE OF COMPANY TRANSACTION WITH THE RELATED PARTIES (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Heilongjiang Zishan Technology Co., Ltd. ("ZTC") [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 51% owned by Heilongjiang Hongdoushan Ecology Forest Co., Ltd., 34% owned by Zhiguo Wang, a principle shareholder of the Company, 11% owned by Guifang Qi, the wife of Mr. Wang and CEO/director of the Company, and 4% owned by third parties. |
Heilongjiang Yew Pharmaceuticals, Co., Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. |
Shanghai Kairun Bio-Pharmaceutical Co., Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. |
Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. |
Hongdoushan Bio-Pharmaceutical Co Ltd HBP [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 30% owned by Mr. Wang, 19% owned by Madame Qi and 51% owned by HEFS |
Heilongjiang Pingshan Hongdoushan Development Co., Ltd. ("HDS Development") [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 80% owned by HEFS and 20% owned by Kairun |
Wuchang City Xinlin Forestry Co Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | 98% owned by ZTC and 2% owned by HEFS |
Wonder Genesis Global Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Jinguo Wang is the Company’s director. |
DMSU Digital Technology Limited [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Significantly influenced by the Company |
Hong Kong YIDA Commerce Co Limited [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Significantly influenced by the Company |
Lifeforfun Limited [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Significantly influenced by the Company |
Jinguo wang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Management of HDS and Legal person of Xinlin |
Zhiguo Wang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Principal shareholder of the Company |
Guifang Qi [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Principal shareholder and the CEO of the Company |
Cai Wang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Employee of the Company |
Weihong zhang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Employee of the Company |
Xue Wang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Employee of the Company |
Chunping Wang [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Employee of the Company |
Jimin Lu [Member] | |
Related Party Transaction [Line Items] | |
Nature of Relationship, description | Employee of the Company |
SCHEDULE OF RELATED PARTIES (De
SCHEDULE OF RELATED PARTIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Due to related parties | [1] | $ 794,471 | $ 651,360 |
Zhiguo Wang and Guifang Qi [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 675,070 | 555,078 | |
HBP [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 97,588 | 96,282 | |
Other [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 21,813 | ||
[1] | The amounts due to related parties bear no interest and are payable on demand. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jul. 01, 2012USD ($) | Jul. 01, 2012CNY (¥) | Jan. 09, 2010USD ($) | Jan. 09, 2010CNY (¥) | Jan. 01, 2010USD ($) | Jan. 01, 2010CNY (¥) | Mar. 25, 2005USD ($)m² | Mar. 25, 2005CNY (¥)m² | Mar. 20, 2002CNY (¥) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||
Revenue | $ 110,106 | $ 10,355,215 | $ 23,690,989 | $ 21,946,554 | ||||||||||
Accounts receivable | 2,704,268 | 2,704,268 | $ 217,689 | |||||||||||
Operating lease rent expenses | 24,629 | 23,031 | ||||||||||||
Prepaid rent | 24,722 | 24,722 | ||||||||||||
Yew Pharmaceutical [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Agreement term | 10 years | 10 years | ||||||||||||
Agreement expiration date | Jan. 9, 2020 | Jan. 9, 2020 | ||||||||||||
Cost of raw materials | $ 146,000 | ¥ 1,000,000 | ||||||||||||
Revenue | 6,844,205 | 9,935,074 | 13,927,843 | |||||||||||
Accounts receivable | 2,849,082 | 2,849,082 | 2,982,114 | |||||||||||
[custom:PurchaseOfProductsForResale] | 0 | 4,471,199 | 15,135,169 | 7,961,493 | ||||||||||
HBP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | 97,588 | 97,588 | 96,282 | |||||||||||
Lifeforfun Limited [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Revenue | 2,880,000 | 6,854,400 | 4,608,000 | |||||||||||
Accounts receivable - related parties | 8,043,994 | 8,043,994 | 6,036,080 | |||||||||||
Chunping Wang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | 52,752 | 52,752 | ||||||||||||
Purchase of products | 944,402 | 868,711 | ||||||||||||
Weihong zhang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | 24,825 | 24,825 | ||||||||||||
Purchase of products | 24,731 | 28,909 | ||||||||||||
Xue Wang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | ||||||||||||||
Purchase of products | 1,068,056 | 750,184 | ||||||||||||
Cai Wang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | $ 248,247 | 248,247 | ||||||||||||
Purchase of products | 401,873 | 390,269 | ||||||||||||
Jimin Lu [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Purchase of products | $ 819,203 | |||||||||||||
ZTC [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Leased area of land | m² | 361 | 361 | ||||||||||||
Operating lease term | 30 years | 30 years | ||||||||||||
Lease expiration date | Mar. 24, 2035 | Mar. 24, 2035 | ||||||||||||
Annual payments under operating lease | $ 24,000 | ¥ 162,450 | ||||||||||||
Mr. Wang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Operating lease term | 15 years | 15 years | ||||||||||||
Lease expiration date | Dec. 31, 2025 | Dec. 31, 2025 | ||||||||||||
Annual payments under operating lease | $ 2,000 | ¥ 15,000 | ||||||||||||
Zhiguo Wang [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Lease expiration date | Jun. 30, 2021 | Jun. 30, 2021 | ||||||||||||
Annual payments under operating lease | $ 1,500 | ¥ 10,000 | ||||||||||||
HDS [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Operating lease term | 23 years | |||||||||||||
Lease expiration date | Mar. 19, 2025 | |||||||||||||
Annual payments under operating lease | ¥ | ¥ 25,000 |
SCHEDULE OF GEOGRAPHICAL DISTRI
SCHEDULE OF GEOGRAPHICAL DISTRIBUTIONS OF COMPANY FINANCIAL INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Revenue | $ 110,106 | $ 10,355,215 | $ 23,690,989 | $ 21,946,554 | |
Total net income (loss) | (1,550,448) | 995,974 | 822,913 | 1,884,953 | |
Total reportable assets | 61,396,842 | 61,396,842 | $ 58,446,662 | ||
Geography Eliminations [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Revenue | (11,753) | (55,020) | |||
Total reportable assets | (4,526,053) | (4,526,053) | (4,194,477) | ||
Operating Segments [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Revenue | 110,106 | 10,355,215 | 23,690,989 | 21,946,554 | |
Total net income (loss) | (1,558,694) | 995,974 | 805,675 | 1,884,953 | |
CHINA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Revenue | 109,196 | 10,338,530 | 23,676,903 | 21,908,026 | |
Total net income (loss) | (1,477,289) | 1,088,255 | 1,243,758 | 2,625,091 | |
Total reportable assets | 64,846,227 | 64,846,227 | 62,362,889 | ||
UNITED STATES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Revenue | 910 | 16,685 | 25,839 | 93,548 | |
Total net income (loss) | (81,405) | $ (92,281) | (438,083) | $ (740,138) | |
Total reportable assets | $ 1,076,668 | $ 1,076,668 | $ 1,278,250 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |