Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 29, 2022 | Jun. 30, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | PLANET GREEN HOLDINGS CORP. | ||
Trading Symbol | PLAG | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 42,581,930 | ||
Entity Public Float | $ 40,576,781.7 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001117057 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-34449 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 87-0430320 | ||
Entity Address, Address Line One | 36-10 Union St | ||
Entity Address, Address Line Two | 2nd Floor | ||
Entity Address, City or Town | Flushing | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11345 | ||
City Area Code | (718) | ||
Local Phone Number | 799-0380 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NYSEAMER | ||
Entity Interactive Data Current | Yes | ||
Auditor Name | WWC, P.C. | ||
Auditor Firm ID | 1711 | ||
Auditor Location | San Mateo |
Audited Consolidated Balance Sh
Audited Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 750,658 | $ 3,415,751 |
Restricted cash | 380,750 | |
Accounts receivable, net | 3,819,073 | 835,384 |
Inventories | 7,816,432 | 2,251,628 |
Advances to suppliers | 5,681,083 | 5,922,562 |
Other receivables | 1,185,136 | 1,091,815 |
Other receivables-related parties | 7,670,434 | |
Total current assets | 27,303,566 | 13,517,140 |
Non-current assets | ||
Plant and equipment, net | 20,485,449 | 4,596,637 |
Intangible assets, net | 4,199,651 | 1,516,467 |
Construction in progress, net | 2,475,874 | |
Prepayment investments | 705,805 | |
Long-term investments | 3,136,910 | |
Investment in real estates | 7,770,943 | |
Deferred tax assets | 1,172,050 | |
Goodwill | 18,180,532 | 2,340,111 |
Right-of-use assets | 584,802 | |
Total non-current assets | 58,712,016 | 8,453,215 |
Total assets | 86,015,582 | 21,970,355 |
Current liabilities | ||
Short-term bank loans | 6,822,054 | |
Accounts payable | 6,237,810 | 1,302,850 |
Advance from customers | 6,190,091 | 241,893 |
Taxes payable | 787,593 | 198,683 |
Other payables and accrued liabilities | 8,635,189 | 1,848,597 |
Other payables-related parties | 5,196,227 | 19,850 |
Lease liabilities-current portion | 436,191 | |
Deferred income | 73,732 | 15,682 |
Total current liabilities | 34,378,887 | 3,627,555 |
Non-current liabilities | ||
Lease liabilities - non-current | ||
Long-term payables | 380,345 | 31,364 |
Total non-current liabilities | 380,345 | 31,364 |
Total Liabilities | 34,759,232 | 3,658,919 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock: $0.001 par value, 5,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and 2020 | ||
Common stock: $0.001 par value, 200,000,000 shares authorized; 35,581,930 and 11,809,930 shares Issued and outstanding as of December 31, 2021 and 2020 | 35,582 | 11,810 |
Additional paid-in capital | 133,232,224 | 95,659,360 |
Accumulated deficit | (94,072,383) | (84,331,897) |
Accumulated other comprehensive income | 7,711,057 | 6,972,163 |
Non-controlling interests | 4,349,870 | |
Total stockholders’ equity | 51,256,350 | 18,311,436 |
Total liabilities and stockholders’ equity | $ 86,015,582 | $ 21,970,355 |
Audited Consolidated Balance _2
Audited Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 35,581,930 | 11,809,930 |
Common stock, shares outstanding | 35,581,930 | 11,809,930 |
Audited Consolidated Statements
Audited Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net revenues | $ 37,767,964 | $ 3,638,801 |
Cost of revenues | 33,921,709 | 2,369,736 |
Gross profit | 3,846,255 | 1,269,065 |
Operating expenses: | ||
Selling and marketing expenses | 2,053,452 | 160,109 |
General and administrative expenses | 7,220,769 | 3,896,489 |
Research & Developing expenses | 808,383 | |
Total operating expenses | 10,082,604 | 4,056,598 |
Operating (loss) income | (6,236,349) | (2,787,533) |
Other (expenses) income | ||
Interest income | 1,455 | 63 |
Interest expenses | (646,572) | (23,470) |
Other income | 300,885 | 213,321 |
Other expenses | (90,646) | (186,003) |
Impairment of goodwill | (3,263,424) | (2,339,829) |
Write off receivables from disposal of former subsidiaries | (6,078,623) | |
Total other (expenses) income | (3,698,302) | (8,414,541) |
(Loss) income before income taxes | (9,934,651) | (11,202,074) |
Discontinued operations: | ||
(Loss) income from discontinued operations | 150,911 | |
Income tax expenses | (56,450) | |
Net loss | (9,991,101) | (11,051,163) |
Less: Net (loss) income attributable to non-controlling interest | (250,616) | |
Net (loss) income attributable to common shareholders | (9,740,485) | (11,051,163) |
Net loss | (9,991,101) | (11,051,163) |
Foreign currency translation adjustment | 761,962 | (1,231,778) |
Total comprehensive loss | (9,229,139) | (12,282,941) |
Less: Comprehensive (loss) income attribute to non-controlling interest | (227,548) | |
Comprehensive (loss) income attribute to common share holders | $ (9,001,591) | $ (12,282,941) |
(Loss) income per share from continuing operations - Basic and diluted (in Dollars per share) | $ (0.4) | $ (1.11) |
(Loss) income per share from discontinued operations-Basic and diluted (in Dollars per share) | 0.01 | |
(Loss) income per common shareholders - Basic and diluted (in Dollars per share) | $ (0.39) | $ (1.09) |
Basic and diluted weighted average shares outstanding (in Shares) | 24,778,588 | 10,112,648 |
Audited Consolidated Statemen_2
Audited Consolidated Statements of Changes in Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Non- Controlling Interests | Total |
Balance at Dec. 31, 2019 | $ 7,878 | $ 85,803,421 | $ (73,280,734) | $ 8,203,941 | $ 20,734,506 | |
Balance (in Shares) at Dec. 31, 2019 | 7,877,765 | |||||
Net (loss) income | (11,051,163) | (11,051,163) | ||||
Issuance of shares for acquisition | $ 1,800 | 4,588,200 | 4,590,000 | |||
Issuance of shares for acquisition (in Shares) | 1,800,000 | |||||
Issuance of common stock for cash | $ 1,350 | 3,508,650 | 3,510,000 | |||
Issuance of common stock for cash (in Shares) | 1,350,000 | |||||
Stock-based compensation and issue of employee benefit plan stock | $ 782 | 1,759,089 | 1,759,871 | |||
Stock-based compensation and issue of employee benefit plan stock (in Shares) | 782,165 | |||||
Foreign currency translation adjustment | (1,231,778) | (1,231,778) | ||||
Balance at Dec. 31, 2020 | $ 11,810 | 95,659,360 | (84,331,897) | 6,972,163 | 18,311,436 | |
Balance (in Shares) at Dec. 31, 2020 | 11,809,930 | |||||
Net (loss) income | (9,740,486) | (250,616) | (9,991,102) | |||
Issuance of shares for acquisition | $ 16,200 | 22,681,227 | 22,697,427 | |||
Issuance of shares for acquisition (in Shares) | 16,200,000 | |||||
Issuance of common stock for cash | $ 6,700 | 13,732,749 | 13,739,449 | |||
Issuance of common stock for cash (in Shares) | 6,700,000 | |||||
Stock-based compensation and issue of employee benefit plan stock | $ 872 | 1,158,888 | 1,159,760 | |||
Stock-based compensation and issue of employee benefit plan stock (in Shares) | 872,000 | |||||
Acquiring subsidiaries | 4,577,418 | 4,577,418 | ||||
Foreign currency translation adjustment | 738,894 | 23,068 | 761,962 | |||
Balance at Dec. 31, 2021 | $ 35,582 | $ 133,232,224 | $ (94,072,383) | $ 7,711,057 | $ 4,349,870 | $ 51,256,350 |
Balance (in Shares) at Dec. 31, 2021 | 35,581,930 |
Audited Consolidated Statemen_3
Audited Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPFRATING ACTIVITIFS: | ||
Net (loss) income | $ (9,991,102) | $ (11,051,163) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||
Depreciation | 2,212,080 | 275,228 |
Amortization | 241,172 | 173,825 |
Bad debt expenses | 43,694 | |
share-based compensation expense | 1,159,760 | 1,759,871 |
Loss on disposal of discontinued operations | ||
Write off receivables | 6,078,623 | |
Exchange loss | 1,830,579 | |
Impairment of goodwill | 3,225,079 | 2,339,829 |
Note and account receivables,net | (384,977) | (1,526,888) |
Inventories | (1,331,385) | (295,975) |
Prepayments and deposit | 4,676,936 | (4,065,394) |
Other receivables | 349,817 | |
Other receivables-related party | (4,814,037) | |
Accounts payables | 1,364,041 | 506,437 |
Advance from customer | (1,540,669) | 150,685 |
Other payables and accruals | 2,384,255 | 221,900 |
Other payables-related parties | 1,750,240 | |
Taxes payable | 198,722 | 59,648 |
Deferred income | (15,246) | |
Lease liability | (4,082) | |
Net cash used in operating activities | (519,396) | (3,499,103) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of plant and equipment | (1,393,139) | (695,544) |
Purchase of intangible assets | (124,337) | (157,293) |
Purchase of long-term investment | (3,100,052) | |
Purchase of real estates | (7,679,634) | |
Net increase in cash from acquisition subsidiaries | 482,760 | |
Net cash used in investing activities | (11,814,402) | (852,837) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of short-term loan - bank | (953,355) | |
(Repayment to) proceeds from related party | (1,036,094) | (2,777,808) |
Proceeds from issuance of common stock | 10,921,157 | 3,016,204 |
Net cash provided by financing activities | 8,931,708 | 238,396 |
Net decrease in cash and cash equivalents | (3,402,090) | (4,113,544) |
EFFECT OF EXCHANGE RATE ON CASH | 1,117,747 | 256,785 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,415,751 | 7,272,510 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,131,408 | 3,415,751 |
SUPPLEMENTARY OF CASH FLOW INFORMATION | ||
Interest received | 1,455 | |
Interest paid | 646,572 | 23,407 |
NON-CASH TRANSACTIONS | ||
Operating lease right-of-use assets | 584,802 | |
Issuance of shares for acquisition | 22,697,427 | 4,590,000 |
issuance of common stock for employee compensation | $ 1,159,760 | $ 1,759,871 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Principal Activities | 1. Organization and Principal Activities Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. We are engaged in various businesses through our subsidiaries and controlled entities in China. Going Concern The accompanying audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $9,740,486 attributable to common shareholders for the year ended December 31, 2021. As of December 31, 2021, the Company had an accumulated deficit of $94,072,383; a working capital deficit of $7,075,320, its net cash used in operating activities for the year ended December 31, 2021 was $519,396 These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying audited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Method of Accounting Management has prepared the accompanying financial statements and these notes according to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. Principles of Consolidation The accompanying consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities: Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation The British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. PRC 85 4,710,254 Xianning Bozhuang Tea Products Co., Ltd. PRC 100 6,277,922 Jilin Chuangyuan Chemical Co., Ltd PRC VIE 9,280,493 Anhui Ansheng Petrochemical Equipment Co., Ltd PRC VIE 3,045,776 Shine Chemical Co., Ltd The British Virgin Islands 100 8,000 Bless Chemical Co., Ltd (a subsidiary of Shine Chemical) Hong Kong 100 10,000 Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical) PRC 100 30,000,000 Shandong Yunchu Supply Chain Co., Ltd PRC 100 5,000,000 Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests. On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company incorporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”). On August 12, 2019, through Lucky Sky Holdings Corporations (H.K.) Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 20, 2019, The Lucky Sky Holdings Corporations (H.K.) Limited sold 100% of equity interest in Shanghai Xunyang. On May 29, 2020, the Planet Green Holdings Corporation (BVI) incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong. On June 5, 2020, the Planet Green Holdings Corporation(BVI) acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America. On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.). On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren On August 10, 2020, Planet Green Holdings Corporation(BVI) transferred its 100% equity interest in Lucky Sky Holdings Corporations (H.K.) Limited to Rui Tang. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. On January 6, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On March 9, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On July 15, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd and acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd. As a result, Xianning Bozhuang Tea Products Co., Ltd has been wholly-owned subsidiaries of the Jiayi Technologies (Xianning) Co., Ltd. On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd, Bless Chemical Co., Ltd and Hubei Bryce Technology Co., Ltd have been wholly-owned subsidiaries of the Planet Green Holding Corp. On September 1st, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd has changed its major shareholder from Mr.Feng Chao to Hubei Bryce Technology Co., Ltd and Hubei Bryce Technology Co., Ltd has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd after the alteration of shareholders. On December 9, 2021, issued an aggregate of 5,900,000 shares of common stock Shandong Yunchu Supply Chain Co., Ltd Shandong Yunchu Supply Chain Co., Ltd Consolidation of Variable Interest Entity On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies. On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control. It became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE. On December 20, 2019, we sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain, and Taishan Muren. On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang, and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On September 6, 2020, it terminated its VIE agreements with Shenzhen Lorain and Taishan Muren. On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On July 15, through Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Anhui Ansheng Petrochemical Equipment Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd Each of the VIE Agreements is described in detail below Consultation and Service Agreement Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Business Cooperation Agreement Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice. Equity Pledge Agreements According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority. Equity Option Agreements According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s). Voting Rights Proxy Agreements According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification. Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation. Use of Estimates The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Investment Securities The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All deposits not included in trading securities are classified as available for sale. Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income. They are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income, and a new cost basis for the security is established. To determine whether the impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and believes whether evidence indicating the cost of the asset is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value after year-end, and forecasted performance of the investee. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned. Accounts Receivables Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred. Inventories Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. Advances and Prepayments to Suppliers The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. Plant and Equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized. Intangible Assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: Land use rights 50 years Software licenses 2 years Trademarks 10 years Construction in Progress and Prepayments for Equipment Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis. Accounting for the Impairment of Long-lived Assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. Statutory Reserves Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital. Foreign Currency Translation The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. 12/31/2021 12/31/2020 Period-end US$: CDN$ exchange rate 1.274 1.2754 Period-end US$: RMB exchange rate 6.3757 6.5326 Period average US$: CDN$ exchange rate 1.2531 1.3409 Period average US$: RMB exchange rate 6.4515 6.8996 The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions. Revenue Recognition The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and; ● Recognize revenue as the performance obligation is satisfied. Advertising All advertising costs are expensed as incurred. Shipping and Handling All outbound shipping and handling costs are expensed as incurred. Research and Development All research and development costs are expensed as incurred. Retirement Benefits Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead. Stock-Based Compensation The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement. Income Taxes The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization. Comprehensive Income The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Earnings Per Share The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. Financial Instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. Lease Effective December 31, 2018, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows. As of December 31, 2021, there were approximately $0.58 million right of use (“ROU”) assets and approximately $0.44 million lease liabilities based on the present value of the future minimum rental payments of leases, using an incremental borrowing rate of 4.75% and 4.90% based on the duration of lease terms. Commitments and Contingencies From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows. Recent Accounting Pronouncements In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued, and (2) for all other entities for reporting periods for which financial statements have not however been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would affect the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s balance sheets, statements of income, and comprehensive income and statements of cash flows. |
Variable Interest Entity (_VIE_
Variable Interest Entity (“VIE”) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Variable interest entity (“VIE”) | 3. Variable Interest Entity (“VIE”) A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder with a controlling financial interest in a VIE is deemed the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd because it has both of the following characteristics: 1) The power to direct activities at Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd that most significantly impact such entity’s economic performance, and 2) The obligation to absorb losses and the right to receive benefits from Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd that could potentially be significant to such entity. Under the Contractual Arrangements, Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd pay service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of the Anhui Ansheng Petrochemical Equipment Co., Ltd’s and Jilin Chuangyuan Chemical Co., Ltd’s losses. The Contractual Arrangements are designed to operate Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Anhui Ansheng Petrochemical Equipment Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd are consolidated in the accompanying consolidated financial statements. In addition, those financial positions and results of operations are included in the Company’s consolidated financial statements. The carrying amount of VIE’s consolidated assets and liabilities are as follows 12/31/2021 12/31/2020 Cash and cash equivalents $ 67,966 $ 528,048 Accounts receivable, net 2,389,796 835,384 Restricted cash 380,750 - Note Receivable 270,770 - Other receivables 118,708 7,726,607 Inventories 4,244,869 2,251,628 Advances to suppliers 310,769 1,215,089 Intercompany receivable 1,725,302 - Other receivables-related parties 7,650,042 - TOTAL CURRENT ASSETS 17,158,972 12,556,756 Plant and equipment, net 12,554,727 4,592,615 Intangible assets, net 2,795,048 1,491,614 Construction in progress, net 2,475,874 - Deferred tax assets 425,374 - Total Non-Current Assets 18,251,023 6,084,229 TOTAL ASSETS $ 35,409,995 $ 18,640,985 Short-term bank loans $ 6,822,054 $ - Accounts payable 3,558,827 1,017,373 Advance from customers 3,476,585 213,469 Other payables and accrued liabilities 3,305,395 8,951,117 Intercompany payable 7,131,860 - Other payables-related parties 3,958,409 2,716,537 Taxes payable 212,658 171,231 Deferred income 58,033 - Long term payable-current portion 126,261 - TOTAL CURRENT LIABILITIES 28,650,082 13,069,727 Long-term payables 222,687 - TOTAL LIABILITIES $ 28,872,769 $ 13,069,727 Paid-in capital 12,326,270 6,314,908 Statutory reserve 29,006 - Retained earnings (5,357,908 ) (793,600 ) Accumulated other comprehensive income (460,142 ) 49,950 Total Equity 6,537,226 5,571,258 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 35,409,995 $ 18,640,985 The summarized operating results of the VIE’s are as follows: 12/31/2021 12/31/2020 Operating revenues $ 9,694,499 $ 3,804,595 Gross profit 2,207,503 1,336,228 Income (loss) from operations (1,072,779 ) 41,392 Net income (loss) (851,735 ) 41,392 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination | 4. Business Combination Acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd On January 4, 2021, Planet Green Holdings Corporation(Nevada) and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. The Company consolidated Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd’s accounts as its VIE. According to the VIE agreements, Planet Green Holdings Corporation(Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The Company’s acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jingshan Sanhe based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd: Total consideration at fair value $ 4,730,000 Fair Value Cash $ 114,162 Accounts receivable, net - Inventories, net 584,119 Advances to suppliers 1,104,705 Other receivables 536,090 Right-of-use assets 1,044,933 Plant and equipment, net 3,867,906 Deferred tax assets 281,243 Goodwill 923,313 Total assets $ 8,456,471 Short-term loan - bank (440,522 ) Lease payable-current portion (406,376 ) Accounts payable (715,019 ) Advance from customers (627,128 ) Other payables and accrued liabilities (50,085 ) Lease payable-non current portion (818,446 ) Income taxes payable (217 ) Total liabilities (3,057,793 ) Noncontrolling interest (668,678 ) Net assets acquired $ 4,730,000 Approximately $0.92 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jingshan Sanhe. None of the goodwill is expected to be deductible for income tax purposes. Acquisition of Jilin Chuangyuan Chemical Co., Ltd On March 9, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jilin Chuangyuan Chemical Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd. The Company consolidated Jilin Chuangyuan Chemical Co., Ltd’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above. The Company’s acquisition of Jilin Chuangyuan Chemical Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jilin Chuangyuan based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jilin Chuangyuan Chemical Co., Ltd: Total consideration at fair value $ 8,085,000 Fair Value Cash $ 95,237 Accounts receivable, net 868,874 Inventories, net 581,569 Advances to suppliers 388,349 Other receivables 123,969 Other receivables-RP 212,594 Plant and equipment, net 11,109,220 Intangible assets, net 2,149,910 Deferred tax assets 415,154 Goodwill 3,191,897 Total assets $ 19,136,773 Short-term loan - bank (3,826,934 ) Long term payable (1,162,355 ) Accounts payable (575,495 ) Advance from customers (291,655 ) Other payables and accrued liabilities (2,815,356 ) Other payables-RP (765,387 ) Income taxes payable (1,073 ) Total liabilities (9,438,255 ) Non controlling interest (1,613,518 ) Net assets acquired $ 8,085,000 Approximately $3.19 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jilin Chuangyuan Chemical Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes. Acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd On July 15, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Anhui Ansheng Petrochemical Equipment Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Anhui Ansheng Petrochemical Equipment Co., Ltd. The Company consolidated Anhui Ansheng Petrochemical Equipment Co., Ltd ’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above. The Company’s acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Anhui Ansheng Petrochemical Equipment Co., Ltd based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd: Total consideration at fair value $ 7,926,000 Fair Value Cash and cash equivalents, and Restricted Cash $ 288,122 Trade receivable and Note receivable 944,704 Inventories 3,236,008 Related party receivable 2,500,117 Other current assets 1,393,817 Plant and equipment, net 4,036,649 Intangible assets, net 635,738 Goodwill 10,263,937 Total assets $ 23,299,092 Short-term loan-bank (3,735,614 ) Related party payable (2,639,938 ) Accounts payable (1,966,099 ) Other current liabilities (3,902,896 ) Total liabilities (12,244,547 ) Non controlling interest (3,758,545 ) Net assets acquired $ 7,296,000 Approximately $10.26 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Anhui Ansheng Petrochemical Equipment Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes. Acquisition of Shandong Yunchu Trading Co., Ltd. On December 9, 2021, the Company and its Jiayi Technologies (Xianning) Co., Ltd, , entered into a Share Exchange Agreement with Shandong Yunchu Supply Chain Co., Ltd, and each of shareholders of Shandong Yunchu Supply Chain Co., Ltd. issued an aggregate of 5,900,000 shares of common stock Shandong Yunchu Supply Chain Co., Ltd Shandong Yunchu Supply Chain Co., Ltd The Company’s acquisition of Shandong Yunchu Supply Chain Co., Ltd Shandong Yunchu Supply Chain Co., Ltd The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Shandong Yunchu Supply Chain Co., Ltd The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Shandong Yunchu Supply Chain Co., Ltd Total consideration at fair value $ 5,420,920 Fair Value Cash and cash equivalents, and Restricted Cash $ 77,427 Trade receivable and Note receivable 780,556 Inventories - Related party receivable 86,448 Other current assets 4,899,559 Plant and equipment, net - Intangible assets, net - Goodwill 4,724,698 Total assets $ 10,568,688 Short-term loan-bank - Related party payable - Accounts payable (992,424 ) Other current liabilities (4,155,344 ) Total liabilities (5,147,768 ) Non controlling interest - Net assets acquired $ 5,420,920 Approximately $4.72 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Shandong Yunchu Supply Chain Co., Ltd |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 5. Restricted Cash As of December 31, 2021 and 2020, the balance of restricted cash was $380,750 and $0, respectively. The details of restricted cash refer to Note 24 contingency section. |
Account Receivable, Net
Account Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Account Receivable, Net | 6. Account Receivable, Net The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers 12/31/2021 12/31/2020 Trade accounts receivable $ 5,481,589 $ 881,533 Less: Allowance for doubtful accounts (1,662,516 ) (46,149 ) $ 3,819,073 $ 835,384 Allowance for doubtful accounts Beginning balance: (46,149 ) - Additions to allowance (1,616,367 ) (46,149 ) Bad debt written-off - - Ending balance $ (1,662,516 ) $ (46,149 ) |
Advances and Prepayments to Sup
Advances and Prepayments to Suppliers | 12 Months Ended |
Dec. 31, 2021 | |
Advances And Prepayments To Suppliers Disclosure [Abstract] | |
Advances and Prepayments to Suppliers | 7. Advances and Prepayments to Suppliers Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following: 12/31/2021 12/31/2020 Investment deposit $ - $ 3,061,568 Payment to suppliers and vendors 5,681,083 2,860,994 Total $ 5,681,083 $ 5,922,562 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Inventories consisted of the following as of December 31, 2021 and December 31, 2020 12/31/2021 12/31/2020 Raw materials $ 2,988,855 $ 240,468 Inventory of supplies 12,587 13,873 Work in progress 3,007,039 1,991,749 Finished goods 1,807,951 5,538 Total $ 7,816,432 $ 2,251,628 |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | 9. Plant and Equipment Plant and equipment consisted of the following as of December 31, 2021 and December 31, 2020: 12/31/2021 12/31/2020 At Cost: Buildings $ 17,550,376 $ 3,952,207 Machinery and equipment 11,681,716 1,103,152 Office equipment 542,695 82,670 Motor vehicles 1,740,191 161,590 31,514,978 5,299,619 Less: Impairment (829,326 ) - Less: Accumulated depreciation (10,200,203 ) (702,982 ) 20,485,449 4,596,637 Construction in progress 2,475,874 - $ 22,961,323 $ 4,596,637 Depreciation expense for the twelve months ended December 31, 2021 and 2020 was $ 2,212,080 and $ 290,690, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10. Intangible Assets 12/31/2021 12/31/2020 At Cost: Land use rights 4,121,488 801,170 Software licenses 86,359 56,949 Trademark 993,248 955,974 $ 5,201,095 $ 1,814,093 Less: Accumulated amortization (1,001,444 ) (297,626 ) $ 4,199,651 $ 1,516,467 Amortization expense for the twelve months ended December 31, 2021 and 2020 was $ 241,172 and $ 183,590 respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 11. Investments As of December 31, 2021, The Company paid approximately $3,136,910 and purchased 20% of Shandong Ningwei New Energy Technology Co., Ltd’s total equity for investments purpose. Based on ASU 2016-01, an entity will be able to elect to record equity investments without readily determinable fair values and not accounted for by the equity method at cost, less impairment, adjusted for subsequent observable price changes. Entities that elect this measurement alternative will report changes in the carrying value of the equity investments in current earnings As of December 31, 2021, the Company spent $7,770,943 to purchase real estates, a commercial complex, for the start-up of the tea trade project, which project has been included in Xianning City government’s 13th Five-Year Development Plan. The Company plans to hold this real estate to earn rentals income.. |
Other Payable
Other Payable | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Payable | 12. Other Payable As of December 31, 2021 and December 31, 2020, the balance of other payable was $8,635,189 and $1,848,598. Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties. |
Related Parties Transaction
Related Parties Transaction | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties Transaction | 13. Related Parties Transaction As of December 31, 2021 and December 31, 2020, the outstanding balance due from related parties was $7,670,434 and $0, respectively. Significant related parties comprised much of the total outstanding balance as of December 31, 2021 are stated below: The outstanding balance of $4,470,097 was due from Mr.Cai Xiaodong, the shareholder of the Anhui Ansheng Petrochemical Equipment Co., Ltd; The outstanding balance of $735,140 was due from Meihekou Chuangyuan Chemical Co. LTD, which has the same legal representative as Jilin branch. The outstanding balance of $2,364,861was due from Wuxi Xinganbang Petrochemical Equipment Co., Ltd, which has significant influence on Ansheng branch. The outstanding balance of $100,336 was due from a couple of individuals, which has significant influence on Ansheng branch. These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand. As of December 31, 2021 and December 31, 2020, the outstanding balance due to related parties was $5,196,225 and $19,850, respectively. Significant parties comprised much of the total outstanding balance as of December 31, 2021 are stated below: The outstanding balance of $1,077,529 as of December 31, 2021, was due to Ms. Yan Yan, the spouse of the legal representative of Jilin Chuangyuan Chemical Co., Ltd; The outstanding balance of $2,093,792 as of December 31, 2021, was due to Mr. Su Lei, the executive of Anhui Ansheng Petrochemical Equipment Co., Ltd; The outstanding balance of $487,054 as of December 31, 2021, was due to Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company; The outstanding balance of $352,902 as of December 31, 2021, was due to Wuxi Yangchang Chemical Machinery Factory, which has significant influence on Ansheng branch; The outstanding balance of $871,257 as of December 31, 2021, was due to a couple of executives of the subsidiaries of the Company; The outstanding balance of $313,691 as of December 31, 2021, was due to the senior managements of Jilin Chuangyuan Chemical Co., Ltd; The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 14. Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows : Balance as of December 31, 2019 Ansheng Fast JSSH JLCY SDYC Goodwill acquired through acquisition $ - $ 4,679,940 $ - $ - $ - Goodwill impairment - (2,339,829 ) - - - Balance as of December 31, 2020 - 2,340,111 - - - Goodwill acquired through acquisition 10,263,937 - 923,313 3,191,897 4,724,698 Goodwill impairment - (2,340,111 ) (923,313 ) - - Balance as of December 31, 2021 $ 10,263,937 $ - $ - $ 3,191,897 $ 4,724,698 The goodwill related to the acquisition of Fast Approach was impaired as the result of actual financial performance being less than that originally forecasted and estimates of future cash flows are at the time of this report, are expected to be less than previously estimated. The global COVID 19 pandemic was a significant macroeconomic factor that contributed to the downward revisions of previous estimation and forecasts; accordingly, after management considered different factors including COVID 19 and performed an analysis by discounting future cash flows, it determined that the fair value of the Fast unit was less than the carrying value; therefore, the Company recorded impairment of goodwill to reflect the difference between fair value and the then previously unimpaired carrying value. Management will continue to monitor for additional deterioration of cash flows. Goodwill related to JSSH was written off in its entirety as the unit experienced operating losses in the years ended December 31, 2021 and 2020, and based on past performance as guidance for future performance, management determined that discounted expected future cash flows and profitability from the unit were enough to support the carrying value for synergies that were expected to be realized when the Company originally acquired the unit. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Bank Loans | 15. Bank Loans The outstanding balances on short-term bank loans consisted of the following: Lender Maturities Weighted average 12/31/2021 12/31/2020 Rural Credit Cooperatives of Jilin Province, Jilin Branch Due in November 2023 7.83 % 3,921,138 - Loan from Anhui Langxi Rural Commercial Bank Of China Due in December 2021 3.85 % 2,900,916 - Buildings and land use rights in the amount of $10,178,520 are used as collateral for Jiling Branch. The short-term bank loan which is denominated in Renminbi was primarily obtained for general working capital. The loan from Anhui Langxi Rural Commercial Bank Of China, Ansheng Branch was credit line obtained for general working capital. As of December 31, 2021, the loan was overdue and the Company proposed to extend maturities on this loan. During the subsequent period, the Company a loan extension with its bankers and it is probable that the bank routinely keeps rolling over debt to keep the Company’s liquidity. Anhui Langxi Rural Commercial Bank’s bank loan has been guaranteed by Anhui Langxi Small and Medium Enterprise Financing Guarantee Co., Ltd. to which Ansheng branch provides the plant with book value of $3,812,106 as the collateral. |
Advance from Customers
Advance from Customers | 12 Months Ended |
Dec. 31, 2021 | |
Advance From Customers [Abstract] | |
Advance from Customers | 16. Advance from Customers The proceeds which are received in advance of the delivery of goods pursuant to applicable contracts, are initially recorded as advance from customer. As of December 31, 2021 and 2020, the balance of advance from customers was approximately $6,190,091 and $241,893. These advances are considered as contract liabilities. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | 17. Equity On May 9, 2019, the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. (“Subsidiary”) entered into a Share Exchange Agreement with Xianning Bozhuang Tea Products Co., Ltd. (“Target”) and each of the shareholders of Target (collectively, “Sellers”). Such transaction closed on May 14, 2019. Under the Share Exchange Agreement, the Subsidiary acquired all outstanding equity interests of Target, a company that produces tea products and sells such products in China. Pursuant to the Share Exchange Agreement, the Company issued an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest of the Target to the Subsidiary. On June 17, 2019, the Company entered into a securities purchase agreement, under which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price of $4.20 per share. The transaction closed on June 19, 2019. On February 10, 2020, the Company entered into a securities purchase agreement with Mengru Xu and Zhichao Du, according to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of common stock, representing a purchase price of approximately $2.60 per share. On February 28, 2020, the Company closed the transaction. On June 5, 2020, the Company issued an aggregate of 1,800,000 shares of its common stock to acquire all the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America. On December 30, 2020, the Company issued a total of 782,165 ordinary shares to six employees of the Company. Total fair value of these ordinary shares was approximately $1.75 million and the compensation expenses are to be recognized in the fiscal year 2020 because there is no employee’s requisite service period requirement. On January 4, 2021, the Company issued an aggregate of 2,200,000 shares of its common stock to the original shareholders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interests of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Company. On January 26, 2021, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 2,700,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $6,750,000, representing a purchase price of $2.50 per Share. On March 9, 2021, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the original shareholder of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Company. On April 26, 2021, the Company has entered into a Share Purchase Agreement with three investors, Pursuant to the agreement, the Company will receive gross proceeds of $7,600,000 in the aggregate, in exchange for the issuance of an aggregate of 4,000,000 shares of the Company’s common stock, representing a purchase price of approximately $1.90 per share. On July 15, 2021, the Company has issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd to the Company. On July 30, 2021, the Company issued a total of 872,000 ordinary shares to seven employees of the Company. Total fair value of these common shares was approximately $1.16 million. The compensation expenses are to be recognized in the fiscal year 2021 because there is no employee’s requisite service period requirement. On December 30, 2021, The Company issued an aggregate of 5,900,000 shares of common stock Shandong Yunchu Supply Chain Co., Ltd Shandong Yunchu Supply Chain Co., Ltd As of December 31, 2021, there were 35,581,930 shares of common stock outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes All of the Company’s continuing operations are located in the PRC. The corporate income tax rate in the PRC is 25%. The following tables provide the reconciliation of the differences between the statutory and effective tax expenses for the years ended December 31, 2021 and 2020: 12/31/2021 12/31/2020 Loss attributed to PRC operations $ (5,540,404 ) $ (34,348 ) Loss attributed to U.S. operations (1,753,427 ) (20,529,997 ) Loss attributed to Canada operations (2,640,821 ) (417,271 ) Income attributed to BVI - 9,779,542 Loss before tax $ (9,934,652 ) $ (11,202,074 ) PRC Statutory Tax at 25% Rate (1,385,101 ) (8,587 ) Effect of tax exemption granted - - Valuation allowance 1,441,551 8,587 Income tax $ 56,450 $ - Per Share Effect of Tax Exemption Effect of tax exemption granted $ - $ - Weighted-Average Shares Outstanding Basic 24,778,588 10,112,648 Per share effect $ - $ - The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows as of December 31, 2021 and 2020: 12/31/2021 12/31/2020 U.S. federal statutory income tax rate 21 % 21 % Higher (lower) rates in PRC, net 4 % 4 % Non-recognized deferred tax benefits in the PRC (25.57 )% (25.00 )% The Company’s effective tax rate (0.57 )% - % |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | 19. Earnings/(Loss) Per Share Components of basic and diluted earnings per share were as follows: For the years ended December 31, 2021 2020 Loss from operations attributable to common stockholders $ (9,740,486 ) $ (11,501,163 ) Basic and diluted (loss) earnings per share denominator: Original Shares at the beginning: 11,809,930 7,877,765 Additions from Actual Events -issuance of common stock for cash 2,926,027 1,202,055 Additions from Actual Events – issuance of common stock for acquisition 9,672,329 1,030,685 Additions from Actual Events – issuance of common stock for stock compensation 370,302 2,143 Basic Weighted Average Shares Outstanding 24,778,588 10,112,648 (Loss) income per share from continuing operations - Basic and diluted $ (0.40 ) $ (1.11 ) (Loss) income per share from discontinued operations-Basic and diluted $ 0.00 $ 0.01 (Loss) income per common shareholders - Basic and diluted $ (0.39 ) $ (1.09 ) Basic and diluted weighted average shares outstanding 24,778,588 10,112,648 |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 20. Concentrations Customers Concentrations: The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the years ended December 31, 2021 and 2020. For the years ended Customers 31-Dec-21 31-Dec-20 Amount $ % Amount $ % A 1,603,947 15 - - B 1,558,075 15 - - C 1,294,587 12 - - D 3,165,520 88 Suppliers Concentrations The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the years ended December 31, 2021 and 2020. For the years ended Suppliers 31-Dec-21 31-Dec-20 Amount $ % Amount $ % A 830,263 14 - - B - - - - C - - 307,817 50 D - - 225,577 37 |
Lease commitment
Lease commitment | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease commitments | 21. Lease commitment Effective December 31, 2018, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the package of practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The Company had a land, facilities and factory lease agreement with a 5-year lease term starting in April 2018 until April 2023. Upon adoption of ASU 2016-02, the Company recognized lease liabilities of approximately $0.82 million, with corresponding Right-of-Use (ROU) assets of the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 4.75%, which is determined using an incremental borrowing rate. The weighted average remaining lease term of its existing leases is 1.33 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the twelve months ended December 31, 2021 and 2020, rent expenses amounted to $442,297 and $413,572 respectively. The five-year maturity of the Company’s lease obligations is presented below: Twelve months ended December 31, Operating lease amount 2022 442,297 2023 147,432 Total lease payment 589,729 Less: interest (153,538 ) Present value of lease liabilities $ 436,191 |
Risks
Risks | 12 Months Ended |
Dec. 31, 2021 | |
Risk And Uncertainties [Abstract] | |
Risks | 22. Risks A. Credit risk The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent. Since the Company’s inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers. B. Interest risk The Company is subject to interest rate risk when short-term loans become due and require refinancing. C. Economic and political risks The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment reporting | 23. Segment Reporting The Company follows ASC 280, Segment Reporting, which requires that companies disclose segment data based on how management makes the decision about allocating resources to segments and evaluating their performance. The Company’s management assesses performance and determines resource allocations based on several factors, the primary measure being income from operations. The Company’s primary business segment and operations are Shandong Yunchu, Shandong Yunchu, Shandong Yunchu, Segment reporting 12/31/2021 12/31/2020 Fast Approach and Shanghai Shuning $ 387,145 $ 572,509 Xianning Bozhuang 10,987,674 11,968,553 Jingshan Sanhe 6,069,282 - Anhui Ansheng 17,298,525 - Jilin Chuangyuan 16,386,168 - Jiayi Technologies (Xianning) Co., Ltd. 12,378,147 6,563,580 Shandong Yunchu 4,094,723 - Planet Green Holdings Corporation 16,413,420 853,486 Lucky Sky Planet Green Holdings Co., Limited (H.K.). 2,000,496 2,012,228 Total Assets $ 86,015,580 $ 21,970,356 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 24. Contingencies From time to time, the Company is a party to various legal actions arising in the ordinary course of business. In November 2021, the claim occurred between Ansheng and Beijing Aerospace Star Technology Co., Ltd due to the dispute over the commercial contracts. On November 16, 2021, Beijing Aerospace Star Technology Co., Ltd applied for pre-litigation custody of property preservation with the local people’s Court of Langxi County, freezing Ansheng’s available cash of $229,120 before filing the action. The liabilities amounts have been accrued in the accompanying consolidated financial statements for the year ended December 31, 2021. As of December 31, 2021, the loan from Anhui Langxi Rural Commercial Bank Of China was overdue and the Company proposed to extend maturities on this loan. During the subsequent period, the Company is negotiating a loan extension with its bankers and it is probable that the bank routinely keeps rolling over debt to keep the Company’s liquidity. The Plaintiff(Wuxi Suxin Natural Gas Utilization Co., Ltd.) sued for that the defendants (Anhui Xuanneng Natural Gas Energy Equipment Co., Ltd, Anhui Ansheng Petrochemical Equipment Co., Ltd and other related individuals) have damaged the interest of creditors and the defendant should restitute the plaintiff’s mortgage loan principal as well as the interest. The case has now been transferred to the Changfeng County Court of Anhui Province for processing. Meanwhile, due to the impact of this case, Ansheng Company’s available cash of $151,630 was temporarily frozen by the court. There was a few solid evidence proves that Anhui Ansheng Petrochemical Equipment Co., Ltd. and Anhui Xuanneng Natural Gas Energy Equipment Co., Ltd. are independent entities, management believes the possibility of unfavorable outcome occur is remote and there was not any negative or any contingency impact on the 2021 Financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events The Company has assessed all events from December 31, 2021 up through March 30, 2022, which is the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these consolidated financial statements. On January 13, 2022, the Company has entered into a Share Purchase Agreement with three investors. Pursuant to the agreement, the Company will receive gross proceeds of $7,600,000, in exchange for the issuance of an aggregate of 7,000,000 shares of the Company’s common stock, representing a purchase price of approximately $1.00 per share. On February 11, 2022, the Company has entered into a Share Purchase Agreement with Xiaodong Cai, the shareholders of Anhui Ansheng Petrochemical Equipment Co., Ltd., pursuant to the Share Purchase Agreement, the Company shall pay the Seller up to an aggregate of U.S. $5,250,000 in exchange for 20.58% of the issued and outstanding shares of Anhui Ansheng Petrochemical Equipment Co., Ltd. After execution of this agreement, the Company held Ansheng’s 86.58% issued and outstanding shares. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Method of Accounting | Method of Accounting Management has prepared the accompanying financial statements and these notes according to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities: Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation The British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. PRC 85 4,710,254 Xianning Bozhuang Tea Products Co., Ltd. PRC 100 6,277,922 Jilin Chuangyuan Chemical Co., Ltd PRC VIE 9,280,493 Anhui Ansheng Petrochemical Equipment Co., Ltd PRC VIE 3,045,776 Shine Chemical Co., Ltd The British Virgin Islands 100 8,000 Bless Chemical Co., Ltd (a subsidiary of Shine Chemical) Hong Kong 100 10,000 Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical) PRC 100 30,000,000 Shandong Yunchu Supply Chain Co., Ltd PRC 100 5,000,000 Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests. On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company incorporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”). On August 12, 2019, through Lucky Sky Holdings Corporations (H.K.) Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 20, 2019, The Lucky Sky Holdings Corporations (H.K.) Limited sold 100% of equity interest in Shanghai Xunyang. On May 29, 2020, the Planet Green Holdings Corporation (BVI) incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong. On June 5, 2020, the Planet Green Holdings Corporation(BVI) acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America. On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.). On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren On August 10, 2020, Planet Green Holdings Corporation(BVI) transferred its 100% equity interest in Lucky Sky Holdings Corporations (H.K.) Limited to Rui Tang. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. On January 6, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On March 9, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On July 15, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd and acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd. As a result, Xianning Bozhuang Tea Products Co., Ltd has been wholly-owned subsidiaries of the Jiayi Technologies (Xianning) Co., Ltd. On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd, Bless Chemical Co., Ltd and Hubei Bryce Technology Co., Ltd have been wholly-owned subsidiaries of the Planet Green Holding Corp. On September 1st, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd has changed its major shareholder from Mr.Feng Chao to Hubei Bryce Technology Co., Ltd and Hubei Bryce Technology Co., Ltd has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd after the alteration of shareholders. On December 9, 2021, issued an aggregate of 5,900,000 shares of common stock Shandong Yunchu Supply Chain Co., Ltd Shandong Yunchu Supply Chain Co., Ltd Consolidation of Variable Interest Entity On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies. On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control. It became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE. On December 20, 2019, we sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain, and Taishan Muren. On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang, and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On September 6, 2020, it terminated its VIE agreements with Shenzhen Lorain and Taishan Muren. On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On July 15, through Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Anhui Ansheng Petrochemical Equipment Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs. On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd Each of the VIE Agreements is described in detail below Consultation and Service Agreement Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Business Cooperation Agreement Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice. Equity Pledge Agreements According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority. Equity Option Agreements According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s). Voting Rights Proxy Agreements According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification. Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation. Use of Estimates The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Investment Securities The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All deposits not included in trading securities are classified as available for sale. Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income. They are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income, and a new cost basis for the security is established. To determine whether the impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and believes whether evidence indicating the cost of the asset is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value after year-end, and forecasted performance of the investee. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned. Accounts Receivables Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred. Inventories Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. Advances and Prepayments to Suppliers The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. Plant and Equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized. Intangible Assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: Land use rights 50 years Software licenses 2 years Trademarks 10 years Construction in Progress and Prepayments for Equipment Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis. Accounting for the Impairment of Long-lived Assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. Statutory Reserves Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital. Foreign Currency Translation The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. 12/31/2021 12/31/2020 Period-end US$: CDN$ exchange rate 1.274 1.2754 Period-end US$: RMB exchange rate 6.3757 6.5326 Period average US$: CDN$ exchange rate 1.2531 1.3409 Period average US$: RMB exchange rate 6.4515 6.8996 The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions. Revenue Recognition The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and; ● Recognize revenue as the performance obligation is satisfied. Advertising All advertising costs are expensed as incurred. Shipping and Handling All outbound shipping and handling costs are expensed as incurred. Research and Development All research and development costs are expensed as incurred. Retirement Benefits Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead. Stock-Based Compensation The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement. Income Taxes The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization. Comprehensive Income The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Earnings Per Share The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. Financial Instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. Lease |
Use of Estimates | Use of Estimates The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Investment Securities | Investment Securities The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All deposits not included in trading securities are classified as available for sale. Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income. They are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income, and a new cost basis for the security is established. To determine whether the impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and believes whether evidence indicating the cost of the asset is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value after year-end, and forecasted performance of the investee. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned. |
Accounts Receivables | Accounts Receivables Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred. |
Inventories | Inventories Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. |
Advances and Prepayments to Suppliers | Advances and Prepayments to Suppliers The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. |
Plant and Equipment | Plant and Equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized. |
Intangible Assets | Intangible Assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: Land use rights 50 years Software licenses 2 years Trademarks 10 years |
Construction in Progress and Prepayments for Equipment | Construction in Progress and Prepayments for Equipment Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis. |
Accounting for the Impairment of Long-lived Assets | Accounting for the Impairment of Long-lived Assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. |
Statutory Reserves | Statutory Reserves Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital. |
Foreign Currency Translation | Foreign Currency Translation The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. 12/31/2021 12/31/2020 Period-end US$: CDN$ exchange rate 1.274 1.2754 Period-end US$: RMB exchange rate 6.3757 6.5326 Period average US$: CDN$ exchange rate 1.2531 1.3409 Period average US$: RMB exchange rate 6.4515 6.8996 The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions. |
Revenue Recognition | Revenue Recognition The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and; ● Recognize revenue as the performance obligation is satisfied. |
Advertising | Advertising All advertising costs are expensed as incurred. |
Shipping and Handling | Shipping and Handling All outbound shipping and handling costs are expensed as incurred. |
Research and Development | Research and Development All research and development costs are expensed as incurred. |
Retirement Benefits | Retirement Benefits Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead. |
Stock-Based Compensation | Stock-Based Compensation The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement. |
Income Taxes | Income Taxes The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization. |
Comprehensive Income | Comprehensive Income The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. |
Earnings Per Share | Earnings Per Share The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. |
Financial instruments | Financial Instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term. ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. |
Lease | Lease Effective December 31, 2018, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows. As of December 31, 2021, there were approximately $0.58 million right of use (“ROU”) assets and approximately $0.44 million lease liabilities based on the present value of the future minimum rental payments of leases, using an incremental borrowing rate of 4.75% and 4.90% based on the duration of lease terms. |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued, and (2) for all other entities for reporting periods for which financial statements have not however been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would affect the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s balance sheets, statements of income, and comprehensive income and statements of cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of assets, liabilities, and results of operations | Place of Attributable equity Registered Name of Company incorporation interest % capital Planet Green Holdings Corporation The British Virgin Islands 100 $ 10,000 Lucky Sky Planet Green Holdings Co., Limited (H.K.) Hong Kong 100 1 Jiayi Technologies (Xianning) Co., Ltd. PRC 100 2,000,000 Fast Approach Inc. Canada 100 79 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) PRC 100 - Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. PRC 85 4,710,254 Xianning Bozhuang Tea Products Co., Ltd. PRC 100 6,277,922 Jilin Chuangyuan Chemical Co., Ltd PRC VIE 9,280,493 Anhui Ansheng Petrochemical Equipment Co., Ltd PRC VIE 3,045,776 Shine Chemical Co., Ltd The British Virgin Islands 100 8,000 Bless Chemical Co., Ltd (a subsidiary of Shine Chemical) Hong Kong 100 10,000 Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical) PRC 100 30,000,000 Shandong Yunchu Supply Chain Co., Ltd PRC 100 5,000,000 |
Schedule of estimated useful live | Buildings 20-40 years Landscaping, plant, and tree 30 years Machinery and equipment 1-10 years Motor vehicles 5-10 years Office equipment 5-20 years |
Schedule of intangible assets | Land use rights 50 years Software licenses 2 years Trademarks 10 years |
Schedule of average exchange rates | 12/31/2021 12/31/2020 Period-end US$: CDN$ exchange rate 1.274 1.2754 Period-end US$: RMB exchange rate 6.3757 6.5326 Period average US$: CDN$ exchange rate 1.2531 1.3409 Period average US$: RMB exchange rate 6.4515 6.8996 |
Variable Interest Entity (_VI_2
Variable Interest Entity (“VIE”) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of carrying amount of VIE's consolidated assets and liabilities | 12/31/2021 12/31/2020 Cash and cash equivalents $ 67,966 $ 528,048 Accounts receivable, net 2,389,796 835,384 Restricted cash 380,750 - Note Receivable 270,770 - Other receivables 118,708 7,726,607 Inventories 4,244,869 2,251,628 Advances to suppliers 310,769 1,215,089 Intercompany receivable 1,725,302 - Other receivables-related parties 7,650,042 - TOTAL CURRENT ASSETS 17,158,972 12,556,756 Plant and equipment, net 12,554,727 4,592,615 Intangible assets, net 2,795,048 1,491,614 Construction in progress, net 2,475,874 - Deferred tax assets 425,374 - Total Non-Current Assets 18,251,023 6,084,229 TOTAL ASSETS $ 35,409,995 $ 18,640,985 Short-term bank loans $ 6,822,054 $ - Accounts payable 3,558,827 1,017,373 Advance from customers 3,476,585 213,469 Other payables and accrued liabilities 3,305,395 8,951,117 Intercompany payable 7,131,860 - Other payables-related parties 3,958,409 2,716,537 Taxes payable 212,658 171,231 Deferred income 58,033 - Long term payable-current portion 126,261 - TOTAL CURRENT LIABILITIES 28,650,082 13,069,727 Long-term payables 222,687 - TOTAL LIABILITIES $ 28,872,769 $ 13,069,727 Paid-in capital 12,326,270 6,314,908 Statutory reserve 29,006 - Retained earnings (5,357,908 ) (793,600 ) Accumulated other comprehensive income (460,142 ) 49,950 Total Equity 6,537,226 5,571,258 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 35,409,995 $ 18,640,985 |
Schedule of summarized operating results of the VIE’s | 12/31/2021 12/31/2020 Operating revenues $ 9,694,499 $ 3,804,595 Gross profit 2,207,503 1,336,228 Income (loss) from operations (1,072,779 ) 41,392 Net income (loss) (851,735 ) 41,392 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd | Total consideration at fair value $ 4,730,000 Fair Value Cash $ 114,162 Accounts receivable, net - Inventories, net 584,119 Advances to suppliers 1,104,705 Other receivables 536,090 Right-of-use assets 1,044,933 Plant and equipment, net 3,867,906 Deferred tax assets 281,243 Goodwill 923,313 Total assets $ 8,456,471 Short-term loan - bank (440,522 ) Lease payable-current portion (406,376 ) Accounts payable (715,019 ) Advance from customers (627,128 ) Other payables and accrued liabilities (50,085 ) Lease payable-non current portion (818,446 ) Income taxes payable (217 ) Total liabilities (3,057,793 ) Noncontrolling interest (668,678 ) Net assets acquired $ 4,730,000 |
Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd. | Total consideration at fair value $ 8,085,000 Fair Value Cash $ 95,237 Accounts receivable, net 868,874 Inventories, net 581,569 Advances to suppliers 388,349 Other receivables 123,969 Other receivables-RP 212,594 Plant and equipment, net 11,109,220 Intangible assets, net 2,149,910 Deferred tax assets 415,154 Goodwill 3,191,897 Total assets $ 19,136,773 Short-term loan - bank (3,826,934 ) Long term payable (1,162,355 ) Accounts payable (575,495 ) Advance from customers (291,655 ) Other payables and accrued liabilities (2,815,356 ) Other payables-RP (765,387 ) Income taxes payable (1,073 ) Total liabilities (9,438,255 ) Non controlling interest (1,613,518 ) Net assets acquired $ 8,085,000 |
Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd. | Total consideration at fair value $ 7,926,000 Fair Value Cash and cash equivalents, and Restricted Cash $ 288,122 Trade receivable and Note receivable 944,704 Inventories 3,236,008 Related party receivable 2,500,117 Other current assets 1,393,817 Plant and equipment, net 4,036,649 Intangible assets, net 635,738 Goodwill 10,263,937 Total assets $ 23,299,092 Short-term loan-bank (3,735,614 ) Related party payable (2,639,938 ) Accounts payable (1,966,099 ) Other current liabilities (3,902,896 ) Total liabilities (12,244,547 ) Non controlling interest (3,758,545 ) Net assets acquired $ 7,296,000 |
Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd | Total consideration at fair value $ 5,420,920 Fair Value Cash and cash equivalents, and Restricted Cash $ 77,427 Trade receivable and Note receivable 780,556 Inventories - Related party receivable 86,448 Other current assets 4,899,559 Plant and equipment, net - Intangible assets, net - Goodwill 4,724,698 Total assets $ 10,568,688 Short-term loan-bank - Related party payable - Accounts payable (992,424 ) Other current liabilities (4,155,344 ) Total liabilities (5,147,768 ) Non controlling interest - Net assets acquired $ 5,420,920 |
Account Receivable, Net (Tables
Account Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of trade accounts receivable | 12/31/2021 12/31/2020 Trade accounts receivable $ 5,481,589 $ 881,533 Less: Allowance for doubtful accounts (1,662,516 ) (46,149 ) $ 3,819,073 $ 835,384 Allowance for doubtful accounts Beginning balance: (46,149 ) - Additions to allowance (1,616,367 ) (46,149 ) Bad debt written-off - - Ending balance $ (1,662,516 ) $ (46,149 ) |
Advances and Prepayments to S_2
Advances and Prepayments to Suppliers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Advances And Prepayments To Suppliers Disclosure [Abstract] | |
Schedule of advances and prepayments to suppliers | 12/31/2021 12/31/2020 Investment deposit $ - $ 3,061,568 Payment to suppliers and vendors 5,681,083 2,860,994 Total $ 5,681,083 $ 5,922,562 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | 12/31/2021 12/31/2020 Raw materials $ 2,988,855 $ 240,468 Inventory of supplies 12,587 13,873 Work in progress 3,007,039 1,991,749 Finished goods 1,807,951 5,538 Total $ 7,816,432 $ 2,251,628 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of plant and equipment | 12/31/2021 12/31/2020 At Cost: Buildings $ 17,550,376 $ 3,952,207 Machinery and equipment 11,681,716 1,103,152 Office equipment 542,695 82,670 Motor vehicles 1,740,191 161,590 31,514,978 5,299,619 Less: Impairment (829,326 ) - Less: Accumulated depreciation (10,200,203 ) (702,982 ) 20,485,449 4,596,637 Construction in progress 2,475,874 - $ 22,961,323 $ 4,596,637 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | 12/31/2021 12/31/2020 At Cost: Land use rights 4,121,488 801,170 Software licenses 86,359 56,949 Trademark 993,248 955,974 $ 5,201,095 $ 1,814,093 Less: Accumulated amortization (1,001,444 ) (297,626 ) $ 4,199,651 $ 1,516,467 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Balance as of December 31, 2019 Ansheng Fast JSSH JLCY SDYC Goodwill acquired through acquisition $ - $ 4,679,940 $ - $ - $ - Goodwill impairment - (2,339,829 ) - - - Balance as of December 31, 2020 - 2,340,111 - - - Goodwill acquired through acquisition 10,263,937 - 923,313 3,191,897 4,724,698 Goodwill impairment - (2,340,111 ) (923,313 ) - - Balance as of December 31, 2021 $ 10,263,937 $ - $ - $ 3,191,897 $ 4,724,698 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of short-term bank loans | Lender Maturities Weighted average 12/31/2021 12/31/2020 Rural Credit Cooperatives of Jilin Province, Jilin Branch Due in November 2023 7.83 % 3,921,138 - Loan from Anhui Langxi Rural Commercial Bank Of China Due in December 2021 3.85 % 2,900,916 - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation differences between statutory and effective tax expenses | 12/31/2021 12/31/2020 Loss attributed to PRC operations $ (5,540,404 ) $ (34,348 ) Loss attributed to U.S. operations (1,753,427 ) (20,529,997 ) Loss attributed to Canada operations (2,640,821 ) (417,271 ) Income attributed to BVI - 9,779,542 Loss before tax $ (9,934,652 ) $ (11,202,074 ) PRC Statutory Tax at 25% Rate (1,385,101 ) (8,587 ) Effect of tax exemption granted - - Valuation allowance 1,441,551 8,587 Income tax $ 56,450 $ - Per Share Effect of Tax Exemption Effect of tax exemption granted $ - $ - Weighted-Average Shares Outstanding Basic 24,778,588 10,112,648 Per share effect $ - $ - |
Schedule of U.S. federal statutory income tax rate and the company's effective tax rate | 12/31/2021 12/31/2020 U.S. federal statutory income tax rate 21 % 21 % Higher (lower) rates in PRC, net 4 % 4 % Non-recognized deferred tax benefits in the PRC (25.57 )% (25.00 )% The Company’s effective tax rate (0.57 )% - % |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | For the years ended December 31, 2021 2020 Loss from operations attributable to common stockholders $ (9,740,486 ) $ (11,501,163 ) Basic and diluted (loss) earnings per share denominator: Original Shares at the beginning: 11,809,930 7,877,765 Additions from Actual Events -issuance of common stock for cash 2,926,027 1,202,055 Additions from Actual Events – issuance of common stock for acquisition 9,672,329 1,030,685 Additions from Actual Events – issuance of common stock for stock compensation 370,302 2,143 Basic Weighted Average Shares Outstanding 24,778,588 10,112,648 (Loss) income per share from continuing operations - Basic and diluted $ (0.40 ) $ (1.11 ) (Loss) income per share from discontinued operations-Basic and diluted $ 0.00 $ 0.01 (Loss) income per common shareholders - Basic and diluted $ (0.39 ) $ (1.09 ) Basic and diluted weighted average shares outstanding 24,778,588 10,112,648 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of customers concentrations | For the years ended Customers 31-Dec-21 31-Dec-20 Amount $ % Amount $ % A 1,603,947 15 - - B 1,558,075 15 - - C 1,294,587 12 - - D 3,165,520 88 |
Schedule of supplier accounted for purchase | For the years ended Suppliers 31-Dec-21 31-Dec-20 Amount $ % Amount $ % A 830,263 14 - - B - - - - C - - 307,817 50 D - - 225,577 37 |
Lease commitment (Tables)
Lease commitment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease obligations | Twelve months ended December 31, Operating lease amount 2022 442,297 2023 147,432 Total lease payment 589,729 Less: interest (153,538 ) Present value of lease liabilities $ 436,191 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of consolidated operations and consolidated financial position from continuing operations | Segment reporting 12/31/2021 12/31/2020 Fast Approach and Shanghai Shuning $ 387,145 $ 572,509 Xianning Bozhuang 10,987,674 11,968,553 Jingshan Sanhe 6,069,282 - Anhui Ansheng 17,298,525 - Jilin Chuangyuan 16,386,168 - Jiayi Technologies (Xianning) Co., Ltd. 12,378,147 6,563,580 Shandong Yunchu 4,094,723 - Planet Green Holdings Corporation 16,413,420 853,486 Lucky Sky Planet Green Holdings Co., Limited (H.K.). 2,000,496 2,012,228 Total Assets $ 86,015,580 $ 21,970,356 |
Organization and Principal Ac_2
Organization and Principal Activities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Incurred net loss | $ (9,740,486) | |
Accumulated deficit | (94,072,383) | $ 7,075,320 |
Net cash used in operating activities | $ (519,396) | $ (3,499,103) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Dec. 09, 2021 | Sep. 01, 2021 | Aug. 03, 2021 | Aug. 01, 2021 | Jul. 15, 2021 | Mar. 09, 2021 | Jan. 06, 2021 | Dec. 31, 2020 | Aug. 10, 2020 | Jun. 16, 2020 | Dec. 20, 2019 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Aggregate of common stock shares (in Shares) | 5,900,000 | 8,000,000 | 4,800,000 | 3,300,000 | 2,200,000 | |||||||
Service agreement term | 20 years | |||||||||||
Right of use assets (in Dollars) | $ 584,802 | |||||||||||
Operating Lease, Liability (in Dollars) | $ 436,191 | |||||||||||
Incremental borrowing rate | 4.75% | |||||||||||
Lease terms | 4.90% | |||||||||||
Lucky Sky Holdings Corporations (H.K.) Limited [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Lucky Sky Planet Green Holdings Co., Limited (H.K.). [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Lucky Sky Holdings Corporations (H.K.) Limited [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 85.00% | 85.00% | ||||||||||
Jilin Chuangyuan Chemical Co., Ltd [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 75.00% | |||||||||||
Jiayi Technologies (Xianning) Co., Ltd. [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | 66.00% | ||||||||||
Xianning Bozhuang Tea Products Co., Ltd. [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Minimum [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Property plant and equipment salvage | 0.00% | |||||||||||
Statutory reserve, percentage | 10.00% | |||||||||||
Maximum [Member] | ||||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Property plant and equipment salvage | 10.00% | |||||||||||
Statutory reserve, percentage | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of assets, liabilities, and results of operations | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Planet Green Holdings Corporation [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | The British Virgin Islands |
Attributable equity interest | 100 |
Registered capital | $ 10,000 |
Lucky Sky Planet Green Holdings Co., Limited (H.K.) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | Hong Kong |
Attributable equity interest | 100 |
Registered capital | $ 1 |
Jiayi Technologies (Xianning) Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 100 |
Registered capital | $ 2,000,000 |
Fast Approach Inc. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | Canada |
Attributable equity interest | 100 |
Registered capital | $ 79 |
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 100 |
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.[Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 85 |
Registered capital | $ 4,710,254 |
Xianning Bozhuang Tea Products Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 100 |
Registered capital | $ 6,277,922 |
Jilin Chuangyuan Chemical Co., Ltd [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | VIE |
Registered capital | $ 9,280,493 |
Anhui Ansheng Petrochemical Equipment Co., Ltd [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | VIE |
Registered capital | $ 3,045,776 |
Shine Chemical Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | The British Virgin Islands |
Attributable equity interest | 100 |
Registered capital | $ 8,000 |
Bless Chemical Co., Ltd [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | Hong Kong |
Attributable equity interest | 100 |
Registered capital | $ 10,000 |
Hubei Bryce Technology Co., Ltd. [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 100 |
Registered capital | $ 30,000,000 |
Shandong Yunchu Supply Chain Co., Ltd [Member] | |
Schedule of Investments [Line Items] | |
Place of incorporation | PRC |
Attributable equity interest | 100 |
Registered capital | $ 5,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live | 12 Months Ended |
Dec. 31, 2021 | |
Landscaping, plant, and tree [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 30 years |
Minimum [Member] | Buildings [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 20 years |
Minimum [Member] | Machinery and equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 1 year |
Minimum [Member] | Motor vehicles [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 5 years |
Minimum [Member] | Office equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 5 years |
Maximum [Member] | Buildings [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 10 years |
Maximum [Member] | Motor vehicles [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 10 years |
Maximum [Member] | Office equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items] | |
Plant and equipment, useful life | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 50 years |
Software licenses [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 2 years |
Trademarks [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items] | |
Estimated useful lives of the intangible assets | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of average exchange rates | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of average exchange rates [Abstract] | ||
Period-end US$: CDN$ exchange rate | 1.274 | 1.2754 |
Period-end US$: RMB exchange rate | 6.3757 | 6.5326 |
Period average US$: CDN$ exchange rate | 1.2531 | 1.3409 |
Period average US$: RMB exchange rate | 6.4515 | 6.8996 |
Variable Interest Entity (_VI_3
Variable Interest Entity (“VIE”) (Details) - Schedule of carrying amount of VIE's consolidated assets and liabilities - VIE’s [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity (“VIE”) (Details) - Schedule of carrying amount of VIE's consolidated assets and liabilities [Line Items] | ||
Cash and cash equivalents | $ 67,966 | $ 528,048 |
Accounts receivable, net | 2,389,796 | 835,384 |
Restricted cash | 380,750 | |
Note Receivable | 270,770 | |
Other receivables | 118,708 | 7,726,607 |
Inventories | 4,244,869 | 2,251,628 |
Advances to suppliers | 310,769 | 1,215,089 |
Intercompany receivable | 1,725,302 | |
Other receivables-related parties | 7,650,042 | |
TOTAL CURRENT ASSETS | 17,158,972 | 12,556,756 |
Plant and equipment, net | 12,554,727 | 4,592,615 |
Intangible assets, net | 2,795,048 | 1,491,614 |
Construction in progress, net | 2,475,874 | |
Deferred tax assets | 425,374 | |
Total Non-Current Assets | 18,251,023 | 6,084,229 |
TOTAL ASSETS | 35,409,995 | 18,640,985 |
Short-term bank loans | 6,822,054 | |
Accounts payable | 3,558,827 | 1,017,373 |
Advance from customers | 3,476,585 | 213,469 |
Other payables and accrued liabilities | 3,305,395 | 8,951,117 |
Intercompany payable | 7,131,860 | |
Other payables-related parties | 3,958,409 | 2,716,537 |
Taxes payable | 212,658 | 171,231 |
Deferred income | 58,033 | |
Long term payable-current portion | 126,261 | |
TOTAL CURRENT LIABILITIES | 28,650,082 | 13,069,727 |
Long-term payables | 222,687 | |
TOTAL LIABILITIES | 28,872,769 | 13,069,727 |
Paid-in capital | 12,326,270 | 6,314,908 |
Statutory reserve | 29,006 | |
Retained earnings | (5,357,908) | (793,600) |
Accumulated other comprehensive income | (460,142) | 49,950 |
Total Equity | 6,537,226 | 5,571,258 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 35,409,995 | $ 18,640,985 |
Variable Interest Entity (_VI_4
Variable Interest Entity (“VIE”) (Details) - Schedule of summarized operating results of the VIE’s - VIE’s [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity (“VIE”) (Details) - Schedule of summarized operating results of the VIE’s [Line Items] | ||
Operating revenues | $ 9,694,499 | $ 3,804,595 |
Gross profit | 2,207,503 | 1,336,228 |
Income (loss) from operations | (1,072,779) | 41,392 |
Net income (loss) | $ (851,735) | $ 41,392 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 09, 2021 | Aug. 03, 2021 | Jul. 15, 2021 | Mar. 09, 2021 | Jan. 06, 2021 | Jan. 04, 2021 | Dec. 20, 2019 |
Business Combination (Details) [Line Items] | ||||||||
Aggregate shares of common stock | 5,900,000 | 8,000,000 | 4,800,000 | 3,300,000 | 2,200,000 | |||
Equity interest | 100.00% | |||||||
Jilin Chuangyuan Chemical Co., Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Equity interest | 75.00% | |||||||
Goodwill | $ 3,190 | |||||||
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Equity interest | 85.00% | |||||||
Goodwill | 920 | |||||||
Jilin Chuangyuan Chemical Co., Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Aggregate shares of common stock | 3,300,000 | |||||||
Equity interest | 75.00% | |||||||
Anhui Ansheng Petrochemical Equipment Co Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Aggregate shares of common stock | 4,800,000 | |||||||
Equity interest | 66.00% | |||||||
Goodwill | 10,260 | |||||||
Shandong Yunchu Trading Co Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Aggregate shares of common stock | 5,900,000 | |||||||
Equity interest | 100.00% | |||||||
Goodwill | $ 4,720 | |||||||
Nevada [Member] | Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | ||||||||
Business Combination (Details) [Line Items] | ||||||||
Aggregate shares of common stock | 2,200,000 |
Business Combination (Details)
Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd - Business Combination [Member] - Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Total consideration at fair value | $ 4,730,000 |
Cash | 114,162 |
Accounts receivable, net | |
Inventories, net | 584,119 |
Advances to suppliers | 1,104,705 |
Other receivables | 536,090 |
Right-of-use assets | 1,044,933 |
Plant and equipment, net | 3,867,906 |
Deferred tax assets | 281,243 |
Goodwill | 923,313 |
Total assets | 8,456,471 |
Short-term loan - bank | (440,522) |
Lease payable-current portion | (406,376) |
Accounts payable | (715,019) |
Advance from customers | (627,128) |
Other payables and accrued liabilities | (50,085) |
Lease payable-non current portion | (818,446) |
Income taxes payable | (217) |
Total liabilities | (3,057,793) |
Noncontrolling interest | (668,678) |
Net assets acquired | $ 4,730,000 |
Business Combination (Details_2
Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd. - Business Combination [Member] - Jilin Chuangyuan Chemical Co., Ltd [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd. [Line Items] | |
Total consideration at fair value | $ 8,085,000 |
Cash | 95,237 |
Accounts receivable, net | 868,874 |
Inventories, net | 581,569 |
Advances to suppliers | 388,349 |
Other receivables | 123,969 |
Other receivables-RP | 212,594 |
Plant and equipment, net | 11,109,220 |
Intangible assets, net | 2,149,910 |
Deferred tax assets | 415,154 |
Goodwill | 3,191,897 |
Total assets | 19,136,773 |
Short-term loan - bank | (3,826,934) |
Long term payable | (1,162,355) |
Accounts payable | (575,495) |
Advance from customers | (291,655) |
Other payables and accrued liabilities | (2,815,356) |
Other payables-RP | (765,387) |
Income taxes payable | (1,073) |
Total liabilities | (9,438,255) |
Non controlling interest | (1,613,518) |
Net assets acquired | $ 8,085,000 |
Business Combination (Details_3
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd. - Business Combination [Member] - Anhui Ansheng Petrochemical Equipment Co Ltd [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Servicing Liabilities at Fair Value [Line Items] | |
Total consideration at fair value | $ 7,926,000 |
Cash and cash equivalents, and Restricted Cash | 288,122 |
Trade receivable and Note receivable | 944,704 |
Inventories | 3,236,008 |
Related party receivable | 2,500,117 |
Other current assets | 1,393,817 |
Plant and equipment, net | 4,036,649 |
Intangible assets, net | 635,738 |
Goodwill | 10,263,937 |
Total assets | 23,299,092 |
Short-term loan-bank | (3,735,614) |
Related party payable | (2,639,938) |
Accounts payable | (1,966,099) |
Other current liabilities | (3,902,896) |
Total liabilities | (12,244,547) |
Non controlling interest | (3,758,545) |
Net assets acquired | $ 7,296,000 |
Business Combination (Details_4
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd - Business Combination [Member] - Shandong Yunchu Trading Co Ltd [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd [Line Items] | |
Total consideration at fair value | $ 5,420,920 |
Cash and cash equivalents, and Restricted Cash | 77,427 |
Trade receivable and Note receivable | 780,556 |
Inventories | |
Related party receivable | 86,448 |
Other current assets | 4,899,559 |
Plant and equipment, net | |
Intangible assets, net | |
Goodwill | 4,724,698 |
Total assets | 10,568,688 |
Short-term loan-bank | |
Related party payable | |
Accounts payable | (992,424) |
Other current liabilities | (4,155,344) |
Total liabilities | (5,147,768) |
Non controlling interest | |
Net assets acquired | $ 5,420,920 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 380,750 | $ 0 |
Account Receivable, Net (Detail
Account Receivable, Net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Trade account receivable net, description | The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers |
Account Receivable, Net (Deta_2
Account Receivable, Net (Details) - Schedule of trade accounts receivable - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of trade accounts receivable [Abstract] | ||
Trade accounts receivable | $ 5,481,589 | $ 881,533 |
Less: Allowance for doubtful accounts | (1,662,516) | (46,149) |
Trade receivables, net | 3,819,073 | 835,384 |
Allowance for doubtful accounts | ||
Beginning balance: | (46,149) | |
Additions to allowance | (1,616,367) | (46,149) |
Bad debt written-off | ||
Ending balance | $ (1,662,516) | $ (46,149) |
Advances and Prepayments to S_3
Advances and Prepayments to Suppliers (Details) - Schedule of advances and prepayments to suppliers - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of advances and prepayments to suppliers [Abstract] | ||
Investment deposit | $ 3,061,568 | |
Payment to suppliers and vendors | 5,681,083 | 2,860,994 |
Total | $ 5,681,083 | $ 5,922,562 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of inventories [Abstract] | ||
Raw materials | $ 2,988,855 | $ 240,468 |
Inventory of supplies | 12,587 | 13,873 |
Work in progress | 3,007,039 | 1,991,749 |
Finished goods | 1,807,951 | 5,538 |
Total | $ 7,816,432 | $ 2,251,628 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2,212,080 | $ 290,690 |
Plant and Equipment (Details) -
Plant and Equipment (Details) - Schedule of plant and equipment - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
At Cost: | ||
Plant and equipment, At Cost | $ 31,514,978 | $ 5,299,619 |
Less: Impairment | (829,326) | |
Less: Accumulated depreciation | (10,200,203) | (702,982) |
Plant and equipment gross | 20,485,449 | 4,596,637 |
Construction in progress | 2,475,874 | |
Plant and equipment, net | 22,961,323 | 4,596,637 |
Buildings [Member] | ||
At Cost: | ||
Plant and equipment, At Cost | 17,550,376 | 3,952,207 |
Machinery and equipment [Member] | ||
At Cost: | ||
Plant and equipment, At Cost | 11,681,716 | 1,103,152 |
Office Equipment [Member] | ||
At Cost: | ||
Plant and equipment, At Cost | 542,695 | 82,670 |
Motor vehicles [Member] | ||
At Cost: | ||
Plant and equipment, At Cost | $ 1,740,191 | $ 161,590 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 241,172 | $ 183,590 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,201,095 | $ 1,814,093 |
Less: Accumulated amortization | (1,001,444) | (297,626) |
Intangible assets, net | 4,199,651 | 1,516,467 |
Land use rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,121,488 | 801,170 |
Software licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 86,359 | 56,949 |
Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 993,248 | $ 955,974 |
Investments (Details)
Investments (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Investments (Details) [Line Items] | |
Investments amount | $ 3,136,910 |
Commercial complex to the seller | 7,770,943 |
Shandong Ningwei New Energy Technology Co., Ltd’s [Member] | |
Investments (Details) [Line Items] | |
Investments amount | $ 3,136,910 |
Investments percentage | 20.00% |
Other Payable (Details)
Other Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Jilin Chuangyuan Chemical Co., Ltd. [Member] | ||
Other Payable (Details) [Line Items] | ||
Other payable | $ 8,635,189 | $ 1,848,598 |
Related Parties Transaction (De
Related Parties Transaction (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related parties [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | $ 7,670,434 | $ 0 |
Mr.Cai Xiaodong [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 4,470,097 | |
Meihekou Chuangyuan Chemical Co. LTD [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 735,140 | |
Wuxi Xinganbang Petrochemical Equipment Co., Ltd [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 2,364 | |
Ansheng branch [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 100,336 | |
Significant parties [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 5,196,225 | $ 19,850 |
Ms. Yan Yan [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 1,077,529 | |
Mr. Su Lei [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 2,093,792 | |
Mr. Bin Zhou [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 487,054 | |
Wuxi Yangchang Chemical Machinery Factory [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 352,902 | |
Executives subsidiaries [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | 871,257 | |
Jilin Chuangyuan Chemical Co., Ltd [Member] | ||
Related Parties Transaction (Details) [Line Items] | ||
Outstanding balance due | $ 313,691 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of goodwill - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ansheng [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | ||
Goodwill acquired through acquisition | 10,263,937 | |
Goodwill impairment | ||
Ending balance | 10,263,937 | |
Fast [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 2,340,111 | |
Goodwill acquired through acquisition | 4,679,940 | |
Goodwill impairment | (2,340,111) | (2,339,829) |
Ending balance | 2,340,111 | |
JSSH [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | ||
Goodwill acquired through acquisition | 923,313 | |
Goodwill impairment | (923,313) | |
Ending balance | ||
JLCY [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | ||
Goodwill acquired through acquisition | 3,191,897 | |
Goodwill impairment | ||
Ending balance | 3,191,897 | |
SDYC [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | ||
Goodwill acquired through acquisition | 4,724,698 | |
Goodwill impairment | ||
Ending balance | $ 4,724,698 |
Bank Loans (Details)
Bank Loans (Details) | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Buildings and land use rights amount | $ 10,178,520 |
Bank loan | $ 3,812,106 |
Bank Loans (Details) - Schedule
Bank Loans (Details) - Schedule of short-term bank loans - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Rural Credit Cooperatives of Jilin Province, Jilin Branch [Member] | ||
Short-term Debt [Line Items] | ||
Maturities | Due in November 2023 | |
Weighted average interest rate | 7.83% | |
Short-term bank loans | $ 3,921,138 | |
Loan from Anhui Langxi Rural Commercial Bank Of China [Member] | ||
Short-term Debt [Line Items] | ||
Maturities | Due in December 2021 | |
Weighted average interest rate | 3.85% | |
Short-term bank loans | $ 2,900,916 |
Advance from Customers (Details
Advance from Customers (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Advance From Customers [Abstract] | ||
Advance from customers | $ 6,190,091 | $ 241,893 |
Equity (Details)
Equity (Details) - USD ($) | Dec. 30, 2020 | Feb. 10, 2020 | Jul. 30, 2021 | Apr. 26, 2021 | Jan. 26, 2021 | Jun. 17, 2019 | Dec. 31, 2021 | Dec. 30, 2021 | Jul. 15, 2021 | Mar. 09, 2021 | Jan. 04, 2021 | Dec. 31, 2020 | Jun. 05, 2020 | Dec. 20, 2019 | May 09, 2019 |
Equity (Details) [Line Items] | |||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||||||||||||
Equity interest percentage | 100.00% | ||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Shares purchased | 1,300,000 | ||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.001 | ||||||||||||||
Aggregate purchase price (in Dollars) | $ 5,460,000 | ||||||||||||||
Purchase price per share (in Dollars per share) | $ 4.2 | ||||||||||||||
Six Employees [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Ordinary shares | 782,165 | ||||||||||||||
Compensation expense (in Dollars) | $ 1,750,000 | ||||||||||||||
Seven Employees [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Ordinary shares | 872,000 | ||||||||||||||
Compensation expense (in Dollars) | $ 1,160,000 | ||||||||||||||
Mengru Xu and Zhichao Du [Member] | Securities Purchase Agreement [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Shares purchased | 1,350,000 | ||||||||||||||
Aggregate purchase price (in Dollars) | $ 3,510,000 | ||||||||||||||
Purchase price per share (in Dollars per share) | $ 2.6 | ||||||||||||||
Fast Approach, Inc. [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 1,800,000 | ||||||||||||||
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 2,200,000 | ||||||||||||||
Equity interest percentage | 85.00% | ||||||||||||||
People’s Republic of China [Member] | Securities Purchase Agreement [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 2,700,000 | ||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.001 | ||||||||||||||
Aggregate purchase price (in Dollars) | $ 6,750,000 | ||||||||||||||
Purchase price per share (in Dollars per share) | $ 2.5 | ||||||||||||||
Jilin Chuangyuan Chemical Co., Ltd [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 3,300,000 | ||||||||||||||
Equity interest percentage | 75.00% | ||||||||||||||
Three Investors [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 4,000,000 | ||||||||||||||
Purchase price per share (in Dollars per share) | $ 1.9 | ||||||||||||||
Gross proceeds (in Dollars) | $ 7,600,000 | ||||||||||||||
Anhui Ansheng Petrochemical Equipment Co Ltd [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 4,800,000 | ||||||||||||||
Equity interest percentage | 66.00% | ||||||||||||||
Shandong Yunchu Supply Chain Co., Ltd [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 5,900,000 | ||||||||||||||
Equity interest percentage | 100.00% | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Common stock shares, outstanding | 35,581,930 | ||||||||||||||
Shanghai Xunyang [Member] | |||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||
Aggregate shares of common stock | 1,080,000 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2021 | |
PRC [Member] | |
Income Taxes (Details) [Line Items] | |
Corporate income tax rate | 25.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of reconciliation differences between statutory and effective tax expenses - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of reconciliation differences between statutory and effective tax expenses [Abstract] | ||
Loss attributed to PRC operations | $ (5,540,404) | $ (34,348) |
Loss attributed to U.S. operations | (1,753,427) | (20,529,997) |
Loss attributed to Canada operations | (2,640,821) | (417,271) |
Income attributed to BVI | 9,779,542 | |
Loss before tax | (9,934,652) | (11,202,074) |
PRC Statutory Tax at 25% Rate | (1,385,101) | (8,587) |
Effect of tax exemption granted | ||
Valuation allowance | 1,441,551 | 8,587 |
Income tax | 56,450 | |
Per Share Effect of Tax Exemption | ||
Effect of tax exemption granted (in Dollars per share) | ||
Weighted-Average Shares Outstanding Basic | $ 24,778,588 | $ 10,112,648 |
Per share effect |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of U.S. federal statutory income tax rate and the company's effective tax rate | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of U.S. federal statutory income tax rate and the company's effective tax rate [Abstract] | ||
U.S. federal statutory income tax rate | 21.00% | 21.00% |
Higher (lower) rates in PRC, net | 4.00% | 4.00% |
Non-recognized deferred tax benefits in the PRC | (25.57%) | (25.00%) |
The Company’s effective tax rate | (0.57%) |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - Schedule of basic and diluted earnings per share - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of basic and diluted earnings per share [Abstract] | ||
Loss from operations attributable to common stockholders (in Dollars) | $ (9,740,486) | $ (11,501,163) |
Original Shares at the beginning: | 11,809,930 | 7,877,765 |
Additions from Actual Events -issuance of common stock for cash | 2,926,027 | 1,202,055 |
Additions from Actual Events – issuance of common stock for acquisition | 9,672,329 | 1,030,685 |
Additions from Actual Events – issuance of common stock for stock compensation | 370,302 | 2,143 |
Basic Weighted Average Shares Outstanding | 24,778,588 | 10,112,648 |
(Loss) income per share from continuing operations - Basic and diluted (in Dollars per share) | $ (0.4) | $ (1.11) |
(Loss) income per share from discontinued operations-Basic and diluted (in Dollars per share) | 0 | 0.01 |
(Loss) income per common shareholders - Basic and diluted (in Dollars per share) | $ (0.39) | $ (1.09) |
Basic and diluted weighted average shares outstanding | 24,778,588 | 10,112,648 |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer [Member] | ||
Concentrations (Details) [Line Items] | ||
Customer concentration percentage | 10.00% | |
Supplier [Member] | ||
Concentrations (Details) [Line Items] | ||
Customer concentration percentage | 10.00% |
Concentrations (Details) - Sche
Concentrations (Details) - Schedule of customers concentrations - Customers Concentrations [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 1,603,947 | |
Customers concentrations percentage | 15.00% | |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 1,558,075 | |
Customers concentrations percentage | 15.00% | |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 1,294,587 | |
Customers concentrations percentage | 12.00% | |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Customers concentrations amount | $ 3,165,520 | |
Customers concentrations percentage | 88.00% |
Concentrations (Details) - Sc_2
Concentrations (Details) - Schedule of supplier accounted for purchase - Suppliers Concentrations [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplier A [Member] | ||
Concentrations (Details) - Schedule of supplier accounted for purchase [Line Items] | ||
Suppliers concentration amount | $ 830,263 | |
Suppliers concentration percentage | 14.00% | |
Supplier B [Member] | ||
Concentrations (Details) - Schedule of supplier accounted for purchase [Line Items] | ||
Suppliers concentration amount | ||
Suppliers concentration percentage | ||
Supplier C [Member] | ||
Concentrations (Details) - Schedule of supplier accounted for purchase [Line Items] | ||
Suppliers concentration amount | $ 307,817 | |
Suppliers concentration percentage | 50.00% | |
Supplier D [Member] | ||
Concentrations (Details) - Schedule of supplier accounted for purchase [Line Items] | ||
Suppliers concentration amount | $ 225,577 | |
Suppliers concentration percentage | 37.00% |
Lease commitment (Details)
Lease commitment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease term description | The Company had a land, facilities and factory lease agreement with a 5-year lease term starting in April 2018 until April 2023. Upon adoption of ASU 2016-02, the Company recognized lease liabilities of approximately $0.82 million, with corresponding Right-of-Use (ROU) assets of the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 4.75%, which is determined using an incremental borrowing rate. | |
Weighted average remaining lease term | 1 year 3 months 29 days | |
Rent expenses | $ 442,297 | $ 413,572 |
Lease commitment (Details) - Sc
Lease commitment (Details) - Schedule of lease obligations | Dec. 31, 2021USD ($) |
Schedule of lease obligations [Abstract] | |
2022 | $ 442,297 |
2023 | 147,432 |
Total lease payment | 589,729 |
Less: interest | (153,538) |
Present value of lease liabilities | $ 436,191 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of consolidated operations and consolidated financial position from continuing operations - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 86,015,580 | $ 21,970,356 |
Fast Approach and Shanghai Shuning [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 387,145 | 572,509 |
Xianning Bozhuang [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 10,987,674 | 11,968,553 |
Jingshan Sanhe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 6,069,282 | |
Anhui Ansheng [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 17,298,525 | |
Jilin Chuangyuan [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 16,386,168 | |
Jiayi Technologies (Xianning) Co., Ltd. [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 12,378,147 | 6,563,580 |
Shandong Yunchu [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 4,094,723 | |
Planet Green Holdings Corporation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 16,413,420 | 853,486 |
Lucky Sky Planet Green Holdings Co., Limited (H.K.). [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 2,000,496 | $ 2,012,228 |
Contingencies (Details)
Contingencies (Details) - USD ($) | Dec. 31, 2021 | Nov. 16, 2021 |
Contingencies (Details) [Line Items] | ||
Cash | $ 229,120 | |
Ansheng Company’s [Member] | ||
Contingencies (Details) [Line Items] | ||
Cash | $ 151,630 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Feb. 11, 2022 | Jan. 13, 2022 |
Subsequent Events (Details) [Line Items] | ||
Gross proceeds | $ 7,600,000 | |
Aggregate shares | 7,000,000 | |
Purchase price per share | $ 1 | |
Subsequent events description | the Company has entered into a Share Purchase Agreement with Xiaodong Cai, the shareholders of Anhui Ansheng Petrochemical Equipment Co., Ltd., pursuant to the Share Purchase Agreement, the Company shall pay the Seller up to an aggregate of U.S. $5,250,000 in exchange for 20.58% of the issued and outstanding shares of Anhui Ansheng Petrochemical Equipment Co., Ltd. After execution of this agreement, the Company held Ansheng’s 86.58% issued and outstanding shares. |