Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 16, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Sino Agro Food, Inc. | |
Entity Central Index Key | 1,488,419 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | SIAF | |
Entity Common Stock, Shares Outstanding | 37,707,952 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 621,884 | $ 560,043 |
Inventories | 58,354,189 | 52,628,947 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 250,828 | 1,249,187 |
Deposits and prepayments | 72,804,156 | 70,459,650 |
Accounts receivable, net of allowance for doubtful accounts | 86,567,127 | 82,971,418 |
Other receivables | 27,309,646 | 20,680,478 |
Total current assets | 245,907,830 | 228,549,723 |
Plant and equipment | ||
Plant and equipment, net of accumulated depreciation | 255,687,803 | 246,857,797 |
Construction in progress | 9,473,451 | 6,178,308 |
Land use rights, net of accumulated amortization | 56,257,506 | 54,838,031 |
Total plant and equipment | 321,418,760 | 307,874,136 |
Other assets | ||
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 9,505,423 | 9,588,605 |
Interests in unconsolidated equity investees | 196,063,253 | 193,267,696 |
Temporary deposits paid to entities for investments in Sino joint venture companies | 34,895,444 | 34,917,222 |
Total other assets | 241,189,060 | 238,498,463 |
Total assets | 808,515,650 | 774,922,322 |
Current liabilities | ||
Accounts payable and accrued expenses | 5,407,330 | 4,243,496 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,682,443 | 5,740,065 |
Due to a director | 437,406 | 107,074 |
Other payables | 40,794,967 | 40,593,482 |
Borrowings - Short term bank loan | 4,850,509 | 4,667,890 |
Negotiable promissory notes | 977,155 | 977,155 |
Derivative liability | 2,100 | 2,100 |
Convertible note payable | 3,894,978 | 3,894,978 |
Income tax payable | 1,116 | 377 |
Liabilities, Current | 62,048,004 | 60,226,617 |
Non-current liabilities | ||
Other payables | 11,933,554 | 11,089,779 |
Borrowings - Long term bank loan | 6,281,807 | 6,045,302 |
Liabilities, Noncurrent | 18,215,361 | 17,135,081 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock value | ||
Common stock: $0.001 par value (50,000,000 shares authorized, 33,184,250 and 29,362,875 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively) | 33,184 | 29,363 |
Additional paid - in capital | 172,822,203 | 169,743,640 |
Retained earnings | 446,561,226 | 441,488,507 |
Accumulated other comprehensive income | 12,973,414 | 2,346,174 |
Treasury stock | (1,250,000) | (1,250,000) |
Total Sino Agro Food, Inc. and subsidiaries stockholders’ equity | 631,140,027 | 612,357,684 |
Non - controlling interest | 97,112,258 | 85,202,940 |
Total stockholders’ equity | 728,252,285 | 697,560,624 |
Total liabilities and stockholders’ equity | 808,515,650 | 774,922,322 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock value | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock value | 0 | 0 |
Series F Non Convertible Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock value | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 100 | 100 |
Preferred stock, share outstanding | 100 | 100 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 33,184,250 | 29,362,875 |
Common stock, shares outstanding | 33,184,250 | 29,362,875 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, share issued | 100 | 100 |
Preferred stock, share outstanding | 100 | 100 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Series F Non Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue | ||
- Sale of goods | $ 31,258,860 | $ 57,423,350 |
- Consulting and service income from development contracts | 2,472,404 | 13,189,265 |
Revenue | 33,731,264 | 70,612,615 |
Cost of goods sold | (25,863,020) | (47,399,536) |
Cost of services | (1,784,322) | (8,782,892) |
Gross profit | 6,083,922 | 14,430,187 |
General and administrative expenses | (3,662,729) | (6,029,735) |
Net income from operations | 2,421,193 | 8,400,452 |
Other income (expenses) | ||
Government grant | 0 | 165,488 |
Share of income from unconsolidated equity investee | 3,782,011 | 2,758,855 |
Other income | 878 | 0 |
Non-operating expenses | (22,004) | 0 |
Interest expense | (453,651) | (505,538) |
Net income (expenses) | 3,307,234 | 2,418,805 |
Net income before income taxes | 5,728,427 | 10,819,257 |
Provision for income taxes | 0 | 0 |
Net income | 5,728,427 | 10,819,257 |
Less: Net (income) loss attributable to non - controlling interest | (655,708) | (2,127,824) |
Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries | 5,072,719 | 8,691,433 |
Other comprehensive income (loss) - Foreign currency translation (loss) income | 21,880,850 | 1,136,947 |
Comprehensive income | 26,953,569 | 9,828,380 |
Less: other comprehensive (income) loss attributable to non - controlling interest | (11,253,610) | (165,487) |
Comprehensive income attributable to Sino Agro Food, Inc. and subsidiaries | $ 15,699,959 | $ 9,662,893 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: | ||
Basic | $ 0.17 | $ 0.38 |
Diluted | $ 0.17 | $ 0.36 |
Weighted average number of shares outstanding: | ||
Basic | 30,653,770 | 22,626,849 |
Diluted | 30,653,770 | 24,798,148 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income for the period | $ 5,728,427 | $ 10,819,257 |
Adjustments to reconcile net income for the period to net cash from operations: | ||
Share of income from unconsolidated equity investee | (3,782,011) | (2,758,855) |
Depreciation | 2,658,508 | 2,143,810 |
Amortization | 569,361 | 620,279 |
Common stock issued for services | 226,113 | 1,991,407 |
Other amortized cost arising from convertible notes and others | 0 | 677,910 |
Changes in operating assets and liabilities: | ||
Increase in inventories | (5,725,242) | (5,335,995) |
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts | 998,359 | (508,203) |
Decrease (increase) in deposits and prepaid expenses | 511,765 | (2,092,804) |
Increase in due to a director | 330,332 | 680,389 |
Increase in accounts payable and accrued expenses | 1,163,834 | 2,786,986 |
Increase in other payables | 1,045,261 | 9,392,511 |
Increase in accounts receivable | (3,595,709) | (223,851) |
Increase in tax payable | 739 | 0 |
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | (57,622) | 2,992,649 |
Increase in other receivables | (6,629,169) | (8,630,234) |
Decrease in amount due from unconsolidated investees | 986,454 | 0 |
Net cash (used in) provided by operating activities | (5,570,600) | 12,555,256 |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,422,169) | (4,651,413) |
Payment for construction in progress | (3,053,435) | (4,699,322) |
Net cash used in investing activities | (5,475,604) | (9,350,735) |
Cash flows from financing activities | ||
Effects on exchange rate changes on cash | 11,108,045 | (1,791,296) |
Increase in cash and cash equivalents | 61,841 | 1,413,225 |
Cash and cash equivalents, beginning of period | 560,043 | 2,576,058 |
Cash and cash equivalents, end of period | 621,884 | 3,989,283 |
Supplementary disclosures of cash flow information: | ||
Cash paid for interest | 148,738 | 90,609 |
Cash paid for income taxes | 0 | 0 |
Non - cash transactions | ||
Common stock issued for service and compensation | $ 3,082,384 | $ 0 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. CORPORATE INFORMATION Sino Agro Food, Inc. (the “ Company SIAF The Company was engaged in the mining and exploration business but ceased its mining and exploring business on October 14, 2005. On August 24 2007 CA CS CH 3,232,323 On August 24, 2007 the Company changed its name from Volcanic Gold, Inc. to A Power Agro Agriculture Development, Inc. On December 8, 2007, the Company changed its name to Sino Agro Food, Inc. On September 5, 2007, the Company acquired three existing businesses in the People’s Republic of China (the “P.R.C.” (a) Hang Yu Tai Investment Limited (“ HYT 78 ZX (b) Tri-way Industries Limited (“ TRW (c) Macau Eiji Company Limited (“ MEIJI 75 HST On November 27, 2007, MEIJI and HST established a corporate Sino - Foreign joint venture, Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd. (“ JHST 75 25 On November 26, 2008, SIAF established Pretty Mountain Holdings Limited (“ PMH 80 SJAP 45 55 · Qinghai Province Sanjiang Group Company Limited (English translation) (“ Qinghai Sanjiang · Guangzhou City Garwor Company Limited (English translation) (“ Garwor SJAP is engaged in the business of manufacturing bio-organic fertilizer, livestock feed and development of other agriculture projects in the County of Huangyuan, in the vicinity of the Xining City, Qinghai Province, P.R.C. In September 2009, the Company carried out an internal reorganization of its corporate structure and business, and formed a 100 APWAM 45 45 55 On September 9, 2010, an application was submitted by the Company to the Companies Registry of Hong Kong for deregistration of PMH under Section 291AA of the Hong Kong Companies Ordinance. On January 28, 2011, PMH was dissolved. On March 23, 2017, Qinghai Quanwang Investment Management Company Limited (“Quanwang”) acquired 8.3% equity interest in SJAP for total cash consideration of $ 459,137 41.25 50.45 8.3 On February 15, 2011 and March 29, 2011, the Company entered into an agreement and a memorandum of understanding (an “ MOU 100 45,000,000 January 1, 2011 On February 28, 2011, the Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co Limited (“ EBAPCD 25 On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“ EBAPFD 25 JFD 25 25 1,258,607 25 1,662,365 25 1,702,580 75 25 100 238.32 30 99,990,000 3.41 340.53 100 23.89 56,947,005 23.89 36.60 On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ ECF 25 1,076,489 JHMC 50 2,944,176 25 75 On July 18, 2011, the Company formed Hunan Shenghua A Power Agriculture Co., Limited (“ HSA 26 50 24 On November 12, 2013, the Company acquired a shell company, Goldcup9203 AB, incorporated in Sweden, in which the Company owns a 100 SAFS 77,664 SJAP formed Qinghai Zhong He Meat Products Co., Limited (“ QZH 100 QQI 4,157,682 769,941 85 14 (i) QQI only enjoy interest 6% annually on its capital contribution and did not enjoy profit distribution; (ii) investment period was 3 years only, and (iii) SJAP shared 100% on profit or loss after deduction 6% interest to QQI and enjoyed 100% voting rights of QZH’s board and stockholder meetings. 2 0 The Company’s principal executive office is located at Room 3801, Block A, China Shine Plaza, No. 9 Lin He Xi Road, Tianhe District, Guangzhou City, Guangdong Province, P.R.C., 510610. The nature of the operations and principal activities of the Company and its subsidiaries are described in Note 2.2. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 FISCAL YEAR The Company has adopted December 31 as its fiscal year end. REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100 100 Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100 100 Dormant Capital Hero Inc. (“CH”) Belize 100 100 Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100 100 Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of variable interest entity Place of incorporation Percentage of interest Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 41.25 41.25 Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures BASIS OF PRESENTATION The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ US GAAP Reverse stock split and new conversion rate of Series B preferred stock to share of common stock on December 16, 2014, the Company implemented a 9.9-for-1 reverse stock split. On December 17, 2014, the Company implemented new conversion rate of 9.9 for 1 share of common stock. All share information contained within this report, including consolidated balance sheets, consolidated statements of income and other comprehensive income, and footnotes have been retroactively adjusted for the effects of reverse stock split and new conversion rate of Series B preferred stock to share of common stock. In the first quarter of 2018, the company adopted Accounting Standards Update (“ASU”) 2014-09 (ASC Topic 606), “Revenue from Contracts with Customers” using the modified retrospective method in which the new guidance was applied retrospectively to contracts that were not completed as of January 1, 2018. Results for the reporting period beginning after January 1, 2018 have been presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with previous guidance. See Note 2.8 for a further discussion of the adoption and the impact on the consolidated financial statements. BASIS OF CONSOLIDATION The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, MEIJI, JHST, JHMC, HSA, APWAM, SAFS and its variable interest entity, SJAP. All material inter-company transactions and balances have been eliminated in consolidation. QZH was derecognized as variable interest entity on December 30, 2017. SIAF, CA, CS, CH, MEIJI, JHST, JHMC, HSA, APWAM, SAFS and SJAP are hereafter referred to as (the “Company”). BUSINESS COMBINATION The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. NON - CONTROLLING INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements. 2.7 USE OF ESTIMATES The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves. 2.8 REVENUE RECOGNITION On January 1, 2018, the Company adopted Topic 606, using the modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting under Topic 605. There was no adjustment to beginning retained earnings on January 1, 2018. Under Topic 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expect to be entitled to in exchange for those goods or services. ASU 2014-09, “Revenue from Contracts with Customers” outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 outlines a five-step process for revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards, and also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Major provisions include determining which goods and services are distinct and represent separate performance obligations, how variable consideration (which may include change orders and claims) is recognized, whether revenue should be recognized at a point in time or over time and ensuring the time value of money is considered in the transaction price. ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” clarifies the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies how an entity determines whether to report revenue gross or net based on whether it controls a specific good or service before it is transferred to a customer. ASU 2016-08 also reframes the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10, “Identifying Performance Obligations and Licensing” amends certain aspects of ASU 2014-09. ASU 2016-10 amends how an entity should identify performance obligations for immaterial promised goods or services, shipping and handling activities and promises that may represent performance obligations. ASU 2016-10 also provides implementation guidance for determining the nature of licensing and royalties arrangements. ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients” also clarifies certain aspects of ASU 2014-09 including the assessment of collectability, presentation of sales taxes, treatment of noncash consideration, and accounting for completed contracts and contract modifications at transition. ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” allows an entity to determine the provision for loss contracts at either the contract level or the performance obligation level as an accounting policy election. The company determines its provision for loss contracts at the contract level. ASU 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” clarifies that the scope and application of ASC 610-20 on accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales, applies only when the asset (or asset group) does not meet the definition of a business. ASU 2017-13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments” provides guidance related to the effective dates of the ASUs noted above. We determine revenue recognition through the following steps: · identification of the contract, or contracts, with a customer; · identification of the performance obligations in the contract; · determination of the transaction price; · allocation of the transaction price to the performance obligations in the contract; and · recognition of revenue when, or as, we satisfy a performance obligation. Consulting and service income from development contracts The company recognizes c onsulting and service income from development contracts Consulting and service income from development contracts Variable Consideration The nature of the company’s contracts gives rise to several types of variable consideration, including claims and unpriced change orders; awards and incentive fees; and liquidated damages and penalties. The company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Factors considered in determining whether revenue associated with claims (including change orders in dispute and unapproved change orders in regard to both scope and price) should be recognized include the following: (a) the contract or other evidence provides a legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company’s performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only when the costs associated with the claims or unapproved change orders have been incurred. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable, and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for claims accounting have been satisfied. The company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. Revenue excludes sales and usage-based taxes where it has been determined that the Company is acting as a pass-through agent. Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. 2.9 COST OF GOODS SOLD AND COST OF SERVICES Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies. Cost of services consist primarily direct cost and indirect cost incurred to date for development contracts and provision for anticipated losses for development contracts. SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $ 786 7,747 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $ 400,754 631,717 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $ 0 0 FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME The reporting currency of the Company is the U.S. dollars. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollars, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $ 5,589,436 2,346,174 6.29 1.00 6.53 1.00 6.36 1.00 6.89 1.00 2.14 CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the P.R.C. are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. ACCOUNTS RECEIVABLE The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of March 31, 2018 and December 31, 2017 are $ 0 INVENTORIES Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. Costs incurred in bringing each product to its location and conditions are accounted for as follows: (a) raw materials - purchase cost on a weighted average basis; (b) manufactured finished goods and work-in-progress - cost of direct materials and labor and a proportion of manufacturing overhead based on normal operation capacity but excluding borrowing costs; and (c) retail and wholesale merchandise finished goods - purchase cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale. PLANT AND EQUIPMENT Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. Plant and machinery 5 - 10 years Structure and leasehold improvements 10 - 30 years Mature seeds and herbage cultivation 20 years Furniture and equipment 2.5 - 10 years Motor vehicles 4 - 10 years An item of plant and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed. GOODWILL Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $ 724,940 LONG TERM INVESTMENT On October 29, 2014, the Company invested in Huangyuan County Rural Credit Union (“RCU”), Huangyuan County, Xining City, Qinghai Province, the P.R.C. RCU is engaged in the financing and crediting business to agricultural projects for local farmers. The Company has a 5 2.20 PROPRIETARY TECHNOLOGIES A master license of stock feed manufacturing technology was acquired, and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition of stock feed manufacturing technology master license is amortized using the straight-line method over its estimated life of 20 An aromatic cattle-feeding formula was acquired, and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition on aromatic cattle-feeding formula is amortized using the straight-line method over its estimated life of 20 The cost of sleepy cods breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleepy cods breeding technology license is amortized using the straight-line method over its estimated life of 25 Bacterial cellulose technology license and related trade mark are capitalized as proprietary technologies when technological feasibility has been established. Cost of license and related trade mark is amortized using the straight-line method over its estimated life of 20 The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible - Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment. CONSTRUCTION IN PROGRESS Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use. LAND USE RIGHTS Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 10 60 EQUITY METHOD INVESTMENTS Investee entities, in which the company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include but would not necessarily be limited to absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. 2.24 CORPORATE JOINT VENTURE A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. VARIABLE INTEREST ENTITY A variable interest entity (“ VIE (a) equity-at-risk is not sufficient to support the entity’s activities; (b) as a group, the equity-at-risk holders cannot control the entity; or (c) the economics do not coincide with the voting interest. If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture. TREASURY STOCK Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows: (a) to meet additional stock needs for various reasons, including newly implemented stock option plans, stock for convertible bonds or convertible preferred stock, or a stock dividend. (b) to make more shares available for acquisitions of other entities. The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Property and equipment are not depreciated once classified as held for distribution. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: · represents a separate major line of business or geographical area of operations · is part of a single coordinated · is a subsidiary acquired exclusively with a view to resale Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of income and other comprehensive income. INCOME TAXES The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. 2.29 POLITICAL AND BUSINESS RISK The Company’s operations are carried out in the P.R.C. Accordingly, the political, economic and legal environment in the P.R.C. may influence the Company’s business, financial condition and results of operations by the general state of the P.R.C.’s economy. The Company’s operations in the P.R.C. are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. CONCENTRATION OF CREDIT RISK Cash includes cash at banks and demand deposits in accounts maintained with banks within the P.R.C. Total cash in these banks as of March 31, 2018 and December 31, 2017 amounted to $ 464,259 327,019 Three months ended Three months ended Customer A 31.66 % 24.79 % Customer B 17.08 % 7.93 % Customer C 14.82 % 11.91 % Customer D 8.91 % - % Customer E 7.33 % 18.68 % Customer F - % 17.90 % 79.80 % 81.21 % Percentage Amount Customer A Corporate and others Division 31.66 % $ 10,678,768 Customer B Corporate and others Division 17.08 % $ 5,761,189 Customer C Cattle Farm Development Division 14.82 % $ 4,998,083 Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: March 31, 2018 December 31, 2017 Customer A 60.62 % 27.13 % Customer B 10.37 % 7.34 % Customer C 8.43 % 7.49 % Customer D 4.80 % 4.78 % Customer E 4.77 % - % Customer F - % 12.31 % 88.99 % 59.05 % As of March 31, 2018, amounts due from customers A and B are $ 52,478,526 8,979,732 IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, during each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of March 31, 2018, and December 31, 2017, the Company determined no impairment losses were necessary. EARNINGS PER SHARE As prescribed in ASC Topic 260 “ Earnings per Share, EPS ASC 260-10-55 requires that stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the year, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to p |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION The Company establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as business segments and major customers in consolidated financial statements. The Company operates in five principal reportable segments: Fishery Development Division, HU Plantation Division, Organic Fertilizer and Bread Grass Division, Cattle Farm Development Division and Corporate and Others Division. No geographic information is required as all revenue and assets are located in the P.R.C. On December 30, 2017, QZH was disposed to third party and derecognized as variable interest entity on the same date. Three months ended March 31, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division(1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 2,472,404 $ 1,050,229 $ 8,770,591 $ 4,998,083 $ 16,439,957 $ 33,731,264 Net income (loss) $ 560,943 $ (340,166) $ 1,344,459 $ 350,674 $ 3,812,517 $ 5,728,427 Total assets $ 81,042,358 $ 49,552,231 $ 357,336,786 $ 34,311,911 $ 286,272,364 $ 808,515,650 Three months ended March 31, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division(1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 13,189,265 $ 1,323,176 $ 24,577,507 $ 8,412,087 $ 23,110,580 $ 70,612,615 Net income (loss) $ 4,358,338 $ 161,930 $ 1,725,036 $ 1,094,209 $ 1,351,920 $ 8,691,433 Total assets $ 95,259,028 $ 47,557,945 $ 360,767,029 $ 67,606,927 $ 222,766,220 $ 793,957,149 (1) Operated by Capital Award, Inc. (“CA”). (2) Operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). (3) Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2017, QZH was derecognized as variable interest entity of the company. (4) Operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). (5) Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (“SAFS”). Three ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (6) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 1,050,228 $ - $ - $ - $ 1,050,228 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 6,405,025 - - 6,405,025 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 2,365,567 - - 2,365,567 Macau Eiji Company Limited (“MEIJI”) - - - 4,998,083 - 4,998,083 Sino Agro Food, Inc. (“SIAF”) - - - - 16,439,957 16,439,957 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 2,472,404 - - - - 2,472,404 $ 2,472,404 $ 1,050,228 $ 8,770,592 $ 4,998,083 $ 16,439,957 $ 33,731,264 Further analysis of revenue: Three months ended March 31, 2017 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (6) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 1,323,176 $ - $ - $ - $ 1,323,176 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 2,764,003 - - 2,764,003 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 8,104,975 - - 8,104,975 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,708,529 - - 13,708,529 Macau Eiji Company Limited (“MEIJI”) - - - 8,412,087 - 8,412,087 Sino Agro Food, Inc. (“SIAF”) - - - - 23,110,580 23,110,580 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 13,189,265 - - - - 13,189,265 $ 13,189,265 $ 1,323,176 $ 24,577,507 $ 8,412,087 $ 23,110,580 $ 70,612,615 Further analysis of cost of goods sold and cost of services: COST OF GOODS SOLD Three months ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (5) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 894,722 $ - $ - $ - $ 894,722 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 1,613,685 - - 1,613,685 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 4,136,324 - - 4,136,324 Macau Eiji Company Limited (“MEIJI”) - - - 4,528,498 - 4,528,498 Sino Agro Food, Inc. (“SIAF”) - - - - 14,689,791 14,689,791 $ - $ 894,722 $ 5,750,009 $ 4,528,498 $ 14,689,791 $ 25,863,020 COST OF SERVICES Three months ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 1,784,322 $ - $ - $ - $ - $ 1,784,322 COST OF GOODS SOLD Three months ended March 31, 2017 Fishery HU Organic Cattle Farm Corporate Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 455,501 $ - $ - $ - $ 455,501 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) - - 1,770,068 - - 1,770,068 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) - - 5,226,865 - - 5,226,865 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - - 12,420,908 - - 12,420,908 Macau Eiji Company Limited (“MEIJI”) - - - 6,983,456 - 6,983,456 Sino Agro Food, Inc. (“SIAF”) - - - - 20,542,738 20,542,738 $ - $ 455,501 $ 19,417,841 $ 6,983,456 $ 20,542,738 $ 47,399,536 COST OF SERVICES Three months ended March 31, 2017 Fishery HU Organic Cattle Farm Corporate Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 8,782,892 $ - $ - $ - $ - $ 8,782,892 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 4. INCOME TAXES United States of America The Company was incorporated in the State of Nevada, in the United States of America. The Company has no trading operations in United States of America and no U.S. corporate tax has been provided for in the consolidated financial statements of the Company. Undistributed Earnings of Foreign Subsidiaries The Company intends to use the remaining accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed earnings of foreign subsidiaries are indefinitely reinvested outside the United States and no provision for U.S. Federal and State income tax or applicable dividend distribution tax has been provided thereon. China Beginning January 1, 2008, the new Enterprise Income Tax (“ EIT DE’s FIE’s 25 33 25 Under new tax legislation in China beginning in January 2008, the agriculture, dairy and fishery sectors are exempt from enterprise income taxes. No EIT has been provided in the financial statements of SIAF, CA, JHST, JHMC, HSA and SJAP since they are exempt from EIT for the three months ended March 31, 2018 and 2017 as they are within the agriculture, and cattle sectors. No EIT has been provided in the financial statements of QZH since they are exempt from EIT for the three months ended March 31, 2017 as it is within the cattle sector. QZH was derecognized as variable interest entity on December 30, 2017. Belize CA, CS and CH are international business companies incorporated in Belize and are exempt from corporate tax in Belize. Macau No Macau Corporate income tax has been provided in the consolidated financial statements of APWAM and MEIJI since these entities did not earn any assessable profits for the three months ended March 31, 2018 and 2017. Sweden No Sweden Corporate income tax has been provided in the consolidated financial statements of SAFS since SAFS incurred a tax loss for the three months ended March 31, 2018 and 2017. No deferred tax assets and liabilities are of March 31, 2018 and December 31, 2017 since there was no difference between the financial statements carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the period in which the differences are expected to reverse. Three months ended Three months ended (Unaudited) (Unaudited) SIAF $ - $ - SAFS - - MEIJI and APWAM - - JHST, JHMC, SJAP, QZH and HSA - - $ - $ - The Company did not recognize any interest or penalties related to unrecognized tax benefits in the three months ended March 31, 2018 and 2017. The Company had no uncertain positions that would necessitate recording of tax related liability. The Company is subject to examination by the respective tax authorities. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 5. CASH AND CASH EQUIVALENTS March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cash and bank balances $ 621,884 $ 560,043 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 6. INVENTORIES March 31, 2018 December 31, 2017 (Unaudited) (Audited) Bread grass 693,809 976,514 Beef cattle 9,401,381 5,903,442 Organic fertilizer 16,374,521 16,832,390 Forage for cattle and consumable 6,926,350 7,397,910 Raw materials for bread grass and organic fertilizer 21,822,473 19,113,274 Immature seeds 3,135,655 2,405,417 $ 58,354,189 $ 52,628,947 |
DEPOSITS AND PREPAYMENTS
DEPOSITS AND PREPAYMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Deposits and Prepaid Expenses Disclosure [Text Block] | 7. DEPOSITS AND PREPAYMENTS March 31, 2018 December 31, 2017 (Unaudited) (Audited) Deposits for - purchases of equipment $ 2,908,124 $ 2,815,774 - acquisition of land use rights 3,371,501 3,244,567 - inventories purchases 22,757,154 24,282,950 - construction in progress 11,814,144 11,365,748 - issue of shares as collateral 25,761,658 25,427,293 Shares issued for employee compensation and overseas professional and bond interest 3,559,336 702,625 Others 2,632,238 2,620,693 $ 72,804,155 $ 70,459,650 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable Disclosure [Text Block] | 8. ACCOUNTS RECEIVABLE The Company has performed an analysis on all of its accounts receivable and determined that all amounts are collectible by the Company. As such, all accounts receivable are reflected as a current asset and no allowance for bad debt has been recorded as of March 31, 2018 and December 31, 2017. March 31, 2017 December 31, 2017 (Unaudited) (Audited) 0 - 30 days $ 10,756,488 $ 7,973,308 31 - 90 days 22,635,431 18,240,251 91 - 120 days 2,102,348 5,725,069 over 120 days and less than 1 year 7,783,315 21,551,845 over 1 year 43,289,545 29,480,945 $ 86,567,127 $ 82,971,418 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2018 | |
Other Receivable [Abstract] | |
Other Receivables Disclosure [Text Block] | 9. OTHER RECEIVABLES March 31, 2018 December 31, 2017 (Unaudited) (Audited) Advanced to employees $ 403,578 $ 219,186 Advanced to suppliers 2,140,313 3,768,585 Advanced to customers 14,700,663 11,982,331 Advanced to developers 494,592 399,449 Others 9,570,500 4,310,927 $ 27,309,646 $ 20,680,478 Advanced to employees, suppliers, customers and developers are unsecured, interest free and with no fixed terms of repayment. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 10. PLANT AND EQUIPMENT March 31, 2018 December 31, 2017 (Unaudited) (Audited) Plant and machinery $ 5,683,042 $ 5,501,975 Structure and leasehold improvements 217,026,839 209,378,338 Mature seeds and herbage cultivation 54,647,803 49,685,830 Furniture and equipment 704,173 699,494 Motor vehicles 634,686 614,792 278,696,543 265,880,429 Less: Accumulated depreciation (23,008,740) (19,022,632) Net carrying amount $ 255,687,803 $ 246,857,797 Depreciation expenses were $ 2,658,508 2,143,810 |
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS | 3 Months Ended |
Mar. 31, 2018 | |
Construction In Progress [Abstract] | |
Construction in Progress Disclosure [Text Block] | 11. CONSTRUCTION IN PROGRESS March 31, 2018 December 31, 2017 (Unaudited) (Audited) Construction in progress - Rangeland for beef cattle and office building 9,473,451 6,178,308 |
LAND USE RIGHTS
LAND USE RIGHTS | 3 Months Ended |
Mar. 31, 2018 | |
Land Use Rights [Abstract] | |
Land Use Rights Disclosure [Text Block] | 12. LAND USE RIGHTS March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 67,756,251 $ 65,573,223 Less: Accumulated amortization (11,498,745) (10,735,192) Net carrying amount $ 56,257,506 $ 54,838,031 Amount Balance 1.1.2017 $ 62,341,829 Exchange difference 3,231,394 Balance 12.31.2017 $ 65,573,223 Exchange difference 2,183,028 Balance 3.31.2018 $ 67,756,251 Land use rights are amortized on the straight-line basis over their respective lease periods. The lease period of agriculture land is 10 60 422,580 474,491 |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | 13. GOODWILL Goodwill represents the fair value of the assets acquired the acquisitions over the cost of the assets acquired. It is stated at cost less accumulated impairment losses. Management tests goodwill for impairment on an annual basis or when impairment indicators arise. In these instances, the Company recognizes an impairment loss when it is probable that the estimated cash flows are less than the carrying value of the assets. To date, no such impairment loss has been recorded. March 31, 2018 December 31, 2017 (Unaudited) (Audited) Goodwill from acquisition $ 724,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
PROPRIETARY TECHNOLOGIES
PROPRIETARY TECHNOLOGIES | 3 Months Ended |
Mar. 31, 2018 | |
Proprietary Technologies [Abstract] | |
Proprietary Technologies Disclosure [Text Block] | 14. PROPRIETARY TECHNOLOGIES By an agreement dated November 12, 2008, TRW acquired an enzyme technology master license, registered under a Chinese patent, for the manufacturing of livestock feed and bioorganic fertilizer and its related labels for $ 8,000,000 5,473,720 On March 6, 2012, MEIJI acquired an aromatic-feed formula technology to produce 1,500,000 2,270,000 50 2,119,075 20 March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 11,282,576 $ 11,211,100 Less: Accumulated amortization (1,777,153) (1,622,495) Net carrying amount $ 9,505,423 $ 9,588,605 Amortization of proprietary technologies was $ 146,781 145,788 |
INTERESTS IN UNCONSOLIDATED EQU
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES | 3 Months Ended |
Mar. 31, 2018 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“EBAPFD”), incorporated in the PRC. TRW owned a 25 25 25 1,258,607 25 1,662,365 25 1,702,580 75 On August 15, 2016, the acquisition agreement was executed by TRW for acquiring the other 25 100 238.32 30 99,990,000 3.41 340.53 100 23.89 56,947,005 23.89 36.60 On May 6, 2016, SJAP invested in 30 HTIT 1,000,000 March 31, 2018 December 31, 2017 (Unaudited) (Audited) Investments at cost - TRW $ 138,476,941 $ 134,694,930 Amount due from a consolidated equity investee - TRW 57,586,312 58,572,766 $ 196,063,253 $ 193,267,696 |
TEMPORARY DEPOSITS PAID TO ENTI
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES | 3 Months Ended |
Mar. 31, 2018 | |
Sino Joint Venture companies [Member] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 16. TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES Intended unincorporated Projects Investee Engaged March 31, 2018 December 31, 2017 (Unaudited) (Audited) A Trade center * $ 12,000,000 $ 12,000,000 B Fish Farm 2 GaoQiqiang Aquaculture * 17,403,959 17,403,959 C Cattle farm 2 * 5,491,485 5,513,263 $ 34,895,444 $ 34,917,222 The Company made temporary deposits paid to entities for equity investments in future Sino Joint Venture companies (“SJVCs”) engaged in projects development of trade and seafood centers, fish, prawns and cattle farms. Such temporary deposits represented as deposits of the respective consideration required for the purchase of equity stakes of respective future SJVCs. The amounts were classified as temporary because legal procedures of formation of SJVCs have not yet been completed. As of March 31, 2018, the percentages of equity stakes of A (trade and seafood centers), B (fish farm 2 GaoQiqiang Aquaculture Farm) and C (cattle farm 2) are 31 23 35 * The above amounts were subject to conversion to an additional equity investment in the investees upon the completion of legal procedures of formation of SJVCs. |
VARIABLE INTEREST ENTITY
VARIABLE INTEREST ENTITY | 3 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | 17. VARIABLE INTEREST ENTITY On September 28, 2009, APWAM acquired the PMH’s 45 SJAP 2,251,359 Continuous assessment of the VIE relationship with SJAP The Company may also have a controlling financial interest in an entity through an arrangement that does not involve voting interests, such as a VIE. The Company evaluates entities deemed to be VIE’s using a risk and reward model to determine whether to consolidate. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. The Company also quantitatively and qualitatively examined if SJAP is considered a VIE. Qualitative analyses considered the extent to which the nature of its variable interest exposed the Company to losses. For quantitative analyses, the Company also used internal cash flow models to determine if SJAP was a VIE and, if so, whether the Company was the primary beneficiary. The projection of these cash flows and probabilities thereof requires significant managerial judgment because of the inherent limitations that relate to the use of historical data for the projection of future events. On March 31, 2018, the Company evaluated the above VIE testing results and concluded that the Company is the primary beneficiary of SJAP’s expected losses or residual returns and that SJAP qualifies as a VIE of the Company. As result, the Company has consolidated SJAP as a VIE. The reasons for the changes are as follows: · Originally, the board of directors of SJAP consisted of 7 members; 3 appointees from Qinghai Sanjiang (one stockholder), 1 from Garwor (one stockholder), and 3 from the Company, such that the Company did not have majority interest represented on the board of directors of SJAP. · On May 7, 2010, Qinghai Sanjiang sold and transferred its equity interest in SJAP to Garwor. The State Administration for Industry and Commerce of Xining City Government of the P.R.C. approved the sale and transfer. Consequently, Garwor and the Company agreed that the new board of directors of SJAP would consist of 3 members; 1 appointee from Garwor and 2 appointees from the Company, such that the Company now had a majority interest in the board of directors of SJAP. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s management appointed the chief financial officer of SJAP. As a result, the financial statements of SJAP were included in the consolidated financial statements of the Company. Continuous assessment of the VIE relationship with QZH The Company may also have a controlling financial interest in an entity through an arrangement that does not involve voting interests, such as a VIE. The Company evaluates entities deemed to be VIE’s using a risk and reward model to determine whether to consolidate. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. The Company also quantitatively and qualitatively examined if QZH is considered a VIE. Qualitative analyses considered the extent to which the nature of its variable interest exposed the Company to losses. For quantitative analyses, the Company also used internal cash flow models to determine if QZH was a VIE and, if so, whether the Company was the primary beneficiary. The projection of these cash flows and probabilities thereof requires significant managerial judgment because of the inherent limitations that relate to the use of historical data for the projection of future events. On March 31, 2017, the Company evaluated the above VIE testing results and concluded that the Company is the primary beneficiary of QZH’s expected losses or residual returns and that QZH qualifies as a VIE of the Company. As result, the Company has consolidated QZH as a VIE. SJAP is sole stockholder of QZH and SJAP appointed sole director of QZH. Consequently, the Company indirectly control directorship of QZH, such that the Company now had a majority interest in the directorship of QZH. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s management appointed the chief financial officer of QZH. As a result, the financial statements of QZH were included in the consolidated financial statements of the Company for the three months ended March 31, 2017. The reasons for the QZH qualified as a VIE are as follows: · Originally, SJAP was sole stockholder of QZH, owned 100% equity interest in QZH and controlled directorship of QZH. · On October 25, 2015, both QZH and new stockholder, Qinghai Quanwang Investment Management Co., Ltd (“ QQI 4,157,682 769,941 100 86 14 · Consequently, the Company still indirectly control directorship of QZH, such that the Company now had a majority interest in the directorship of QZH. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s controlled QZH’s chief financial officer appointment. As a result, the financial statements of QZH were included in the consolidated financial statements of the Company. As of December 30, 2017, QZH was derecognized as a VIE. |
CONSTRUCTION CONTRACT
CONSTRUCTION CONTRACT | 3 Months Ended |
Mar. 31, 2018 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 18. CONSTRUCTION CONTRACT (i) Costs and estimated earnings in excess of billings on uncompleted contracts March 31, 2018 December 31, 2017 (Unaudited) (Audited) Costs $ 9,265,019 $ 8,208,912 Estimated earnings 7,688,323 6,740,289 Less: Billings (16,702,514) (13,700,014) Costs and estimated earnings in excess of billings on uncompleted contracts $ 250,828 $ 1,249,187 (ii) Billings in excess of costs and estimated earnings on uncompleted contracts March 31, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 41,954,194 $ 41,543,554 Less: Costs (24,311,874) (23,980,880) Estimated earnings (11,959,877) (11,822,609) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,682,443 $ 5,740,065 (iii) Overall March 31, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 58,656,708 $ 55,243,568 Less: Costs (33,576,893) (32,189,792) Estimated earnings (19,648,200) (18,562,898) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,431,615 $ 4,490,878 |
OTHER PAYABLES
OTHER PAYABLES | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 19. OTHER PAYABLES March 31, 2018 December 31, 2017 (Unaudited) (Audited) Due to third parties $ 11,331,549 $ 11,133,656 Straight note payable 29,367,999 29,367,999 Promissory notes issued to third parties 11,933,554 11,089,779 Due to local government 95,419 91,827 $ 52,728,521 $ 51,683,261 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (11,933,554) (11,089,779) Amount classified as current liabilities $ 40,794,967 $ 40,593,482 Due to third parties are unsecured, interest free and have no fixed terms of repayment. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 20. BORROWINGS There are no provisions in the Company’s bank borrowings and long term debts that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. Name of lender Interest rate Term March 31, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank 5.2835 % November 29, 2017 - November 28, 2018 $ 3,180,661 $ 3,060,913 China Development Bank 5.2835 % December 14, 2017 - December 13, 2018 $ 1,590,331 $ 1,530,455 Add: current portion of long term $ 79,517 $ 76,522 4,850,509 4,667,890 Long term bank loan Name of lender Interest rate Term March 31, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank December 16, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 $ 6,361,324 $ 6,121,824 Less: current portion of long term $ (79,517) $ (76,522) 6,281,807 6,045,302 On November 30, 2017 and December 14, 2017, the Company obtained two 1-year short term loans of RMB 20 3.18 10 1.59 5.2835 On December 16, 2016, the Company obtained a 10-year long term loan of RMB 40 6.05 110 5.39 5.39 443,502 429,982 6,090,783 5,954,915 500,000 79,517 The above note agreements contained regular provisions requiring timely repayment of principals and accrued interests, payment of default interest in the event of default, and without specific financial covenants. Management of the Company believes the Company is in material compliance with the terms of the loan agreements. |
NEGOTIABLE PROMISSORY NOTES
NEGOTIABLE PROMISSORY NOTES | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Promissory Notes Disclosure [Text Block] | 21. NEGOTIABLE PROMISSORY NOTES On August 29, 2015, TRW issued negotiable promissory notes to three fund companies and one individual for $ 3,450,000 March 31, 2018 December 31, 2017 (Unaudited) (Audited) Negotiable promissory notes $ 977,155 $ 977,155 Principal amount: $ 977,155 722,167 Interest payable: $ 254,988 254,988 Interest rate: 2.5 2.5 Default interest rate 15% per month on principal amount. Interest shall be calculated on the basis of a 30/360-day count convention Interest payment Accrued interest on the principal amount shall be paid by cash in arrears on each interest payment date Issue date: August 29, 2015 and October 12, 2015 Repayment date: Repaid in full within 283 calendar days from the issue of notes Conversion option: Notes holders can exercise at any time from and including the day falling 60 calendar days from the date of the notes, upon the note holders giving not less than 5 business day prior written notices to TRW and the Company, the principal amount shall be converted to shares of the Company. The TRW may at their own discretion choose to settle such conversion option with newly issue shares or existing shares, at their sole discretion. In the event a dividend, share split or consolidation or spin-off (each a Corporate Event”) from the Company, the conversion price shall be adjusted to provide the same economic value to the notes holders as if such Corporate Event did not occur. Security: Corporate guarantee by the Company |
CONVERTIBLE NOTE PAYABLES
CONVERTIBLE NOTE PAYABLES | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Note Payable Disclosure [Text Block] | 22. CONVERTIBLE NOTE PAYABLES On August 29, 2014, the Company completed the closing of a private placement financing transaction with an accredited investor, which purchased a 10.5 Note 1 33,300,000 11,632,450 25 Interest on the note shall accrue on the outstanding principal balance of this Note from August 29, 2014. Interest shall be payable quarterly on the last day of each of March, June, September and December commencing September 30, 2014 provided, however, that note holder may elect to require the Company to issue to the note holder a promissory note in lieu of cash in satisfaction of any interest due and payable at such time. Any interest payment note shall be subject to the same terms as the note. The note has a maturity date of February 28, 2020. The note is convertible, at the discretion of the note holder, into shares of the Company’s common stock (i) at any time following an Event of Default, or (ii) for a period of thirty (30) calendar days following October 31, 2015 and each anniversary thereof, at an initial conversion price per share of $ 1.00 The Company and the note holder entered into a restructuring agreement regarding the settlement of the Note 1. Both parties have agreed to restructure the indebtedness represented by Note 1 as follows: (a) SIAF issues 5,196,333 400,000 15,589,000 As a result, the amount outstanding under Note 1 was reclassified as other payables straight note payable of $ 29,367,999 On October 20, 2017, the Company issued another Convertible Note (the “ ” 4,000,000 Under the agreement, the Company shall pay the note holder 120,000 32,000 200,000 55,000 March 31, 2018 December 31, 2017 (Unaudited) (Audited) Convertible note due February 28, 2018 $ 3,894,978 $ 3,894,978 Less: classified as current liabilities (3,894,978) (3,894,978) Non-current liabilities $ - $ - The fair value of the conversion option was approximately $ 211,320 106,297 March 31, 2018 Expected dividends - Expected term (years) 0.34 Volatility 52.09% - 54.32 % Risk-free rate 1.65% - 1.9 % Level 1 Level 2 Level 3 Total LIABILITIES: $ $ $ $ Derivative liabilities as of March 31, 2018 - - 2,100 2,100 Derivative liabilities as of December 31, 2017 - - 2,100 2,100 Fair value of derivative liabilities as of December 31, 2017 $ 2,100 Change in fair value of derivative liabilities - Fair value of derivative liabilities as of March 31, 2018 $ 2,100 The above note agreement contained regular provisions requiring timely repayment of principals and accrued interests, payment of default interest in the event of default, default and optional conversion and without specific financial covenants. Management of the Company believes the Company is in material compliance with the terms of the convertible note agreement. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 23. SHAREHOLDERS’ EQUITY The Group’s share capital as of March 31, 2018 and December 31, 2017 shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as of that date. On March 22, 2010, the Company designated 100 0.001 100 1 100 The Series A preferred stock: (i) does not pay a dividend; (ii) votes together with the shares of Common Stock of the Corporation as a single class and, regardless of the number of shares of Series A Preferred Stock outstanding and as long as at least one of such shares of Series A Preferred Stock is outstanding, shall represent eighty percent ( 80 Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80% (ii) ranks senior to common stockholders, holders of Series B convertible preferred stockholders and any other stockholders on liquidation. The Company has designated 100 100 The Series B convertible preferred stock: On March 22, 2010, the Company designated 7,000,000 0.001 7,000,000 7,000,000 9.90 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 9.9 0.001 7,000,000 707,070 There were 0 The Series F Non-Convertible Preferred Stock: (i) is not redeemable subject to (iv); (ii) except for (iv), with respect to dividend rights, rights on liquidation, winding up and dissolution, rank junior and subordinate to (a) all classes of Common Stock, (b) all other classes of Preferred Stock and (c) any class or series of capital securities of the Company. (iii) shall not entitled to receive any further dividend; and (iv) on May 30, 2014, the holders of shares of Series F Non-Convertible Preferred Stock with coupon shall be entitled to a coupon payment directly from the Company at the redemption rate of $ 3.40 On August 22, 2012, the Company’s Board of Directors declared that the Company’s stockholders were entitled to receive one share of restricted Series F Non- Convertible 100 3.40 Convertible Convertible 3,124,737 Convertible As a result, total issued and outstanding of Series F Non-Convertible Preferred Stock as of March 31, 2018 and December 31, 2017 are 0 100 Common Stock: On November 10, 2014, the Company approved an amendment to the Corporation’s Articles of Incorporation to effectuate a reverse stock split (the “Reverse Split”) of the Corporation’s common stock, par value $ 0.001 9.9 for 1 17,171,716 22,727,272 The Board of directors and the holders of a majority of the voting power of our stockholders of the company have approved an amendment to articles of incorporation to increase its authorized shares of Common Stock from 22,727,272 27,000,000 During the year ended December 31, 2017, the Company (i) issued 1,167,502 1.00 3.45 1,452,984 500,800 1 500,800 4,074,979 1.40 5.15 12,054045 892,735 0 The Board of directors and the holders of a majority of the voting power of our stockholders of the company have approved an amendment to articles of incorporation to increase its authorized shares of Common Stock from 27,000,000 50,000,000 During the three months ended March 31, 2018, the Company (i) issued 72,450 1.56 113,022 3.748,925 0.55 1.00 2,969,361 The Company has 33,184,250 29,362,875 |
OBLIGATION UNDER OPERATING LEAS
OBLIGATION UNDER OPERATING LEASES | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 24. OBLIGATION UNDER OPERATING LEASES The Company leases (i) 2,178 864 March 31, 2019 5,081 12,722 July 8, 2018 Lease expenses were $ 40,758 40,989 Within 1 year $ 49,641 2 to 5 years - Over 5 years - $ 49,641 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 25. STOCK BASED COMPENSATION On June 30, 2017, the Company issued employees total of 117,000 3.45 3.45 500,800 1 3.45 1,050,502 1 1 The Company calculated stock-based compensation of $ 5,937,765 4,184,638 201,825 500,800 During the three months ended March 31, 2018, the Company (i) issued 72,450 1.56 113,022 3.748,925 0.55 1.00 2,969,361 The Company calculated stock-based compensation of $ 3,785,008 3,982,813 226,113 1,991,407 3,558,895 100,912 375,600 3,082,383 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | 26. CONTINGENCIES As of March 31, 2018 and December 31, 2017, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated balance sheets, consolidated statements of income and other comprehensive income or consolidated statements of cash flows. On September 19, 2015, the Company entered into a trade facility agreement with two independent third parties. Pursuant to the agreement, the Company provides collateral in the form of Company’s common shares to a PRC based lender (the “Lender”) and the Lender agrees to provide a revolving trade facility loan up to $ 20,000,000 As of March 31, 2018, the Company has issued aggregate 4,809,979 4,809,979 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 27. RELATED PARTY TRANSACTIONS In addition to the transactions and balances as disclosed elsewhere in these consolidated financial statements, during the three months ended March 31, 2018 and 2017, the Company had the following significant related party transactions: Name of related party Nature of transactions Mr. Solomon Yip Tri-way Industries Limited, (“TRW’) Unconsolidated equity investee Included in due to a director, due to Mr. Solomon Yip Kun Lee is $ 437,406 107,074 Included in interest in unconsolidated equity investee, due from Tri-way Industries Limited is $ 57,586,312 58,572,766 Included in accounts receivable, due from Tri-way Industries Limited is $ 52,478,526 49,065,385 The Company has consulting and service income from development contracts of $ 2,472,404 13,189,265 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 28. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution of securities by including other potential common stock, including convertible preferred stock, stock options and warrants, in the weighted average number of common shares outstanding for the year, if dilutive. Three months ended Three months ended (Unaudited) (Unaudited) BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,072,719 $ 8,619,433 Basic earnings per share - continuing and discontinued operations $ 0.17 $ 0.38 Basic weighted average shares outstanding 30,653,770 22,626.849 Three months ended Three months ended (Unaudited) (Unaudited) DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,072,719 $ 8,619,433 Convertible note interest - 361,961 Net income used in computing diluted earnings per share $ 5,072,719 $ 8,981,394 Diluted earnings per share $ 0.17 $ 0.36 Basic weighted average shares outstanding 30,653,770 22,626,849 Add: weight average of common stock convertible from convertible note payables - 2,171,299 Diluted weighted average shares outstanding 30,653,770 24,798,148 For the three months ended March 31, 2017, full dilution effect of convertible note of $ 35,560,989 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | 2.1 FISCAL YEAR The Company has adopted December 31 as its fiscal year end. |
Reporting Entity Policy [Policy Text Block] | REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100 100 Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100 100 Dormant Capital Hero Inc. (“CH”) Belize 100 100 Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100 100 Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of variable interest entity Place of incorporation Percentage of interest Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 41.25 41.25 Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures |
Basis of Accounting, Policy [Policy Text Block] | BASIS OF PRESENTATION The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ US GAAP Reverse stock split and new conversion rate of Series B preferred stock to share of common stock on December 16, 2014, the Company implemented a 9.9-for-1 reverse stock split. On December 17, 2014, the Company implemented new conversion rate of 9.9 for 1 share of common stock. All share information contained within this report, including consolidated balance sheets, consolidated statements of income and other comprehensive income, and footnotes have been retroactively adjusted for the effects of reverse stock split and new conversion rate of Series B preferred stock to share of common stock. In the first quarter of 2018, the company adopted Accounting Standards Update (“ASU”) 2014-09 (ASC Topic 606), “Revenue from Contracts with Customers” using the modified retrospective method in which the new guidance was applied retrospectively to contracts that were not completed as of January 1, 2018. Results for the reporting period beginning after January 1, 2018 have been presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with previous guidance. See Note 2.8 for a further discussion of the adoption and the impact on the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | BASIS OF CONSOLIDATION The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, MEIJI, JHST, JHMC, HSA, APWAM, SAFS and its variable interest entity, SJAP. All material inter-company transactions and balances have been eliminated in consolidation. QZH was derecognized as variable interest entity on December 30, 2017. SIAF, CA, CS, CH, MEIJI, JHST, JHMC, HSA, APWAM, SAFS and SJAP are hereafter referred to as (the “Company”). |
Business Combinations Policy [Policy Text Block] | BUSINESS COMBINATION The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. |
Consolidation Subsidiaries Or Other Investments Consolidated Entities Policy [Policy Text Block] | NON - CONTROLLING INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | 2.7 USE OF ESTIMATES The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves. |
Revenue Recognition, Policy [Policy Text Block] | 2.8 REVENUE RECOGNITION On January 1, 2018, the Company adopted Topic 606, using the modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting under Topic 605. There was no adjustment to beginning retained earnings on January 1, 2018. Under Topic 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expect to be entitled to in exchange for those goods or services. ASU 2014-09, “Revenue from Contracts with Customers” outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 outlines a five-step process for revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards, and also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Major provisions include determining which goods and services are distinct and represent separate performance obligations, how variable consideration (which may include change orders and claims) is recognized, whether revenue should be recognized at a point in time or over time and ensuring the time value of money is considered in the transaction price. ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” clarifies the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies how an entity determines whether to report revenue gross or net based on whether it controls a specific good or service before it is transferred to a customer. ASU 2016-08 also reframes the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10, “Identifying Performance Obligations and Licensing” amends certain aspects of ASU 2014-09. ASU 2016-10 amends how an entity should identify performance obligations for immaterial promised goods or services, shipping and handling activities and promises that may represent performance obligations. ASU 2016-10 also provides implementation guidance for determining the nature of licensing and royalties arrangements. ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients” also clarifies certain aspects of ASU 2014-09 including the assessment of collectability, presentation of sales taxes, treatment of noncash consideration, and accounting for completed contracts and contract modifications at transition. ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” allows an entity to determine the provision for loss contracts at either the contract level or the performance obligation level as an accounting policy election. The company determines its provision for loss contracts at the contract level. ASU 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” clarifies that the scope and application of ASC 610-20 on accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales, applies only when the asset (or asset group) does not meet the definition of a business. ASU 2017-13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments” provides guidance related to the effective dates of the ASUs noted above. We determine revenue recognition through the following steps: · identification of the contract, or contracts, with a customer; · identification of the performance obligations in the contract; · determination of the transaction price; · allocation of the transaction price to the performance obligations in the contract; and · recognition of revenue when, or as, we satisfy a performance obligation. Consulting and service income from development contracts The company recognizes c onsulting and service income from development contracts Consulting and service income from development contracts Variable Consideration The nature of the company’s contracts gives rise to several types of variable consideration, including claims and unpriced change orders; awards and incentive fees; and liquidated damages and penalties. The company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Factors considered in determining whether revenue associated with claims (including change orders in dispute and unapproved change orders in regard to both scope and price) should be recognized include the following: (a) the contract or other evidence provides a legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company’s performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only when the costs associated with the claims or unapproved change orders have been incurred. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable, and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for claims accounting have been satisfied. The company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. Revenue excludes sales and usage-based taxes where it has been determined that the Company is acting as a pass-through agent. Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. |
Cost of Sales, Policy [Policy Text Block] | 2.9 COST OF GOODS SOLD AND COST OF SERVICES Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies. Cost of services consist primarily direct cost and indirect cost incurred to date for development contracts and provision for anticipated losses for development contracts. |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $ 786 7,747 |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $ 400,754 631,717 |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $ 0 0 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME The reporting currency of the Company is the U.S. dollars. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollars, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $ 5,589,436 2,346,174 6.29 1.00 6.53 1.00 6.36 1.00 6.89 1.00 |
Cash and Cash Equivalents, Policy [Policy Text Block] | 2.14 CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the P.R.C. are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. |
Receivables, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of March 31, 2018 and December 31, 2017 are $ 0 |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. Costs incurred in bringing each product to its location and conditions are accounted for as follows: (a) raw materials - purchase cost on a weighted average basis; (b) manufactured finished goods and work-in-progress - cost of direct materials and labor and a proportion of manufacturing overhead based on normal operation capacity but excluding borrowing costs; and (c) retail and wholesale merchandise finished goods - purchase cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale. |
Property, Plant and Equipment, Policy [Policy Text Block] | PLANT AND EQUIPMENT Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. Plant and machinery 5 - 10 years Structure and leasehold improvements 10 - 30 years Mature seeds and herbage cultivation 20 years Furniture and equipment 2.5 - 10 years Motor vehicles 4 - 10 years An item of plant and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | GOODWILL Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $ 724,940 |
Investment, Policy [Policy Text Block] | LONG TERM INVESTMENT On October 29, 2014, the Company invested in Huangyuan County Rural Credit Union (“RCU”), Huangyuan County, Xining City, Qinghai Province, the P.R.C. RCU is engaged in the financing and crediting business to agricultural projects for local farmers. The Company has a 5 |
Proprietary Technologies Policy [Policy Text Block] | 2.20 PROPRIETARY TECHNOLOGIES A master license of stock feed manufacturing technology was acquired, and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition of stock feed manufacturing technology master license is amortized using the straight-line method over its estimated life of 20 An aromatic cattle-feeding formula was acquired, and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition on aromatic cattle-feeding formula is amortized using the straight-line method over its estimated life of 20 The cost of sleepy cods breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleepy cods breeding technology license is amortized using the straight-line method over its estimated life of 25 Bacterial cellulose technology license and related trade mark are capitalized as proprietary technologies when technological feasibility has been established. Cost of license and related trade mark is amortized using the straight-line method over its estimated life of 20 The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible - Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment. |
Government Contractors, Contracts in Progress, Policy [Policy Text Block] | CONSTRUCTION IN PROGRESS Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use. |
Land Use Rights Policy [Policy Text Block] | LAND USE RIGHTS Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 10 60 |
Equity Method Investment [Policy Text Block] | EQUITY METHOD INVESTMENTS Investee entities, in which the company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include but would not necessarily be limited to absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. |
Corporate Joint Venture Policy [Policy Text Block] | 2.24 CORPORATE JOINT VENTURE A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | VARIABLE INTEREST ENTITY A variable interest entity (“ VIE (a) equity-at-risk is not sufficient to support the entity’s activities; (b) as a group, the equity-at-risk holders cannot control the entity; or (c) the economics do not coincide with the voting interest. If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture. |
Treasury Stock Policy [Policy Text Block] | TREASURY STOCK Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows: (a) to meet additional stock needs for various reasons, including newly implemented stock option plans, stock for convertible bonds or convertible preferred stock, or a stock dividend. (b) to make more shares available for acquisitions of other entities. The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance. |
Discontinued Operations, Policy [Policy Text Block] | NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Property and equipment are not depreciated once classified as held for distribution. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: ⋅ represents a separate major line of business or geographical area of operations ⋅ is part of a single coordinated ⋅ is a subsidiary acquired exclusively with a view to resale Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of income and other comprehensive income. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. |
Political and Business Risk Policy [Policy Text Block] | 2.29 POLITICAL AND BUSINESS RISK The Company’s operations are carried out in the P.R.C. Accordingly, the political, economic and legal environment in the P.R.C. may influence the Company’s business, financial condition and results of operations by the general state of the P.R.C.’s economy. The Company’s operations in the P.R.C. are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK Cash includes cash at banks and demand deposits in accounts maintained with banks within the P.R.C. Total cash in these banks as of March 31, 2018 and December 31, 2017 amounted to $ 464,259 327,019 Three months ended Three months ended Customer A 31.66 % 24.79 % Customer B 17.08 % 7.93 % Customer C 14.82 % 11.91 % Customer D 8.91 % - % Customer E 7.33 % 18.68 % Customer F - % 17.90 % 79.80 % 81.21 % Percentage Amount Customer A Corporate and others Division 31.66 % $ 10,678,768 Customer B Corporate and others Division 17.08 % $ 5,761,189 Customer C Cattle Farm Development Division 14.82 % $ 4,998,083 Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: March 31, 2018 December 31, 2017 Customer A 60.62 % 27.13 % Customer B 10.37 % 7.34 % Customer C 8.43 % 7.49 % Customer D 4.80 % 4.78 % Customer E 4.77 % - % Customer F - % 12.31 % 88.99 % 59.05 % As of March 31, 2018, amounts due from customers A and B are $ 52,478,526 8,979,732 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, during each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of March 31, 2018, and December 31, 2017, the Company determined no impairment losses were necessary. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE As prescribed in ASC Topic 260 “ Earnings per Share, EPS ASC 260-10-55 requires that stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the year, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the year. For the three months ended March 31, 2018 and 2017, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amounted to $ 0.17 0.38 0.17 0.36 |
Comprehensive Income, Policy [Policy Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income” |
Postemployment Benefit Plans, Policy [Policy Text Block] | RETIREMENT BENEFIT COSTS P.R.C. state managed retirement benefit programs are defined contribution plans and the payments to the plans are charged as expenses when employees have rendered service entitling them to the contribution made by the employer. |
Compensation Related Costs, Policy [Policy Text Block] | STOCK-BASED COMPENSATION The Company has adopted both ASC Topic 718, “Compensation - Stock Compensation” and ASC Topic 505-50, “Equity-Based Payments to Non - Employees” using the fair value method in which an entity issues its equity instruments to acquire goods and services from employees and non-employees. Stock compensation for stock granted to non-employees has been determined in accordance with this accounting standard and the accounting standard regarding accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling goods or services, as the fair value of the consideration received, or the fair value of equity instruments issued, whichever is more reliably measured. This accounting standard allows the “simplified” method to determine the term of employee options when other information is not available. Under ASC Topic 718 and ASC Topic 505-50, stock compensation expenses is measured at the grant date on the value of the option or restricted stock and is recognized as expenses, less expected forfeitures, over the requisite service period, which is generally the vesting period. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value under U.S. GAAP and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value as of March 31, 2018 or December 31, 2017, nor gains or losses are reported in the statements of income and comprehensive income that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the fiscal period ended March 31, 2018 or 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income StatementReporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. We adopted the new standard effective January 1, 2018, using the modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the effective date, which was not material to our consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block] | Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100 100 Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100 100 Dormant Capital Hero Inc. (“CH”) Belize 100 100 Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100 100 Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of variable interest entity Place of incorporation Percentage of interest Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 41.25 41.25 Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures |
Schedule Of Property Plant Equipment Useful Life [Table Text Block] | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Plant and machinery 5 - 10 years Structure and leasehold improvements 10 - 30 years Mature seeds and herbage cultivation 20 years Furniture and equipment 2.5 - 10 years Motor vehicles 4 - 10 years |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The Company had 5 major customers (A, B, C, D and E) whose business individually represented the following percentages of the Company’s total revenue for the period indicated: Three months ended Three months ended Customer A 31.66 % 24.79 % Customer B 17.08 % 7.93 % Customer C 14.82 % 11.91 % Customer D 8.91 % - % Customer E 7.33 % 18.68 % Customer F - % 17.90 % 79.80 % 81.21 % Percentage Amount Customer A Corporate and others Division 31.66 % $ 10,678,768 Customer B Corporate and others Division 17.08 % $ 5,761,189 Customer C Cattle Farm Development Division 14.82 % $ 4,998,083 Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: March 31, 2018 December 31, 2017 Customer A 60.62 % 27.13 % Customer B 10.37 % 7.34 % Customer C 8.43 % 7.49 % Customer D 4.80 % 4.78 % Customer E 4.77 % - % Customer F - % 12.31 % 88.99 % 59.05 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as business segments and major customers in consolidated financial statements. The Company operates in five principal reportable segments: Fishery Development Division, HU Plantation Division, Organic Fertilizer and Bread Grass Division, Cattle Farm Development Division and Corporate and Others Division. No geographic information is required as all revenue and assets are located in the P.R.C. On December 30, 2017, QZH was disposed to third party and derecognized as variable interest entity on the same date. Three months ended March 31, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division(1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 2,472,404 $ 1,050,229 $ 8,770,591 $ 4,998,083 $ 16,439,957 $ 33,731,264 Net income (loss) $ 560,943 $ (340,166) $ 1,344,459 $ 350,674 $ 3,812,517 $ 5,728,427 Total assets $ 81,042,358 $ 49,552,231 $ 357,336,786 $ 34,311,911 $ 286,272,364 $ 808,515,650 Three months ended March 31, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division(1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 13,189,265 $ 1,323,176 $ 24,577,507 $ 8,412,087 $ 23,110,580 $ 70,612,615 Net income (loss) $ 4,358,338 $ 161,930 $ 1,725,036 $ 1,094,209 $ 1,351,920 $ 8,691,433 Total assets $ 95,259,028 $ 47,557,945 $ 360,767,029 $ 67,606,927 $ 222,766,220 $ 793,957,149 (1) Operated by Capital Award, Inc. (“CA”). (2) Operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). (3) Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2017, QZH was derecognized as variable interest entity of the company. (4) Operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). (5) Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (“SAFS”). |
Schedule Of Further Analysis Of Revenue [Table Text Block] | Three ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (6) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 1,050,228 $ - $ - $ - $ 1,050,228 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 6,405,025 - - 6,405,025 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 2,365,567 - - 2,365,567 Macau Eiji Company Limited (“MEIJI”) - - - 4,998,083 - 4,998,083 Sino Agro Food, Inc. (“SIAF”) - - - - 16,439,957 16,439,957 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 2,472,404 - - - - 2,472,404 $ 2,472,404 $ 1,050,228 $ 8,770,592 $ 4,998,083 $ 16,439,957 $ 33,731,264 Further analysis of revenue: Three months ended March 31, 2017 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (6) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 1,323,176 $ - $ - $ - $ 1,323,176 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 2,764,003 - - 2,764,003 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 8,104,975 - - 8,104,975 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,708,529 - - 13,708,529 Macau Eiji Company Limited (“MEIJI”) - - - 8,412,087 - 8,412,087 Sino Agro Food, Inc. (“SIAF”) - - - - 23,110,580 23,110,580 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 13,189,265 - - - - 13,189,265 $ 13,189,265 $ 1,323,176 $ 24,577,507 $ 8,412,087 $ 23,110,580 $ 70,612,615 Further analysis of cost of goods sold and cost of services: COST OF GOODS SOLD Three months ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (5) Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 894,722 $ - $ - $ - $ 894,722 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 1,613,685 - - 1,613,685 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 4,136,324 - - 4,136,324 Macau Eiji Company Limited (“MEIJI”) - - - 4,528,498 - 4,528,498 Sino Agro Food, Inc. (“SIAF”) - - - - 14,689,791 14,689,791 $ - $ 894,722 $ 5,750,009 $ 4,528,498 $ 14,689,791 $ 25,863,020 COST OF SERVICES Three months ended March 31, 2018 Fishery Development Division (1) HU Plantation Division (2) Organic Fertilizer and Bread Grass Division (3) Cattle Farm Development Division (4) Corporate and others (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 1,784,322 $ - $ - $ - $ - $ 1,784,322 COST OF GOODS SOLD Three months ended March 31, 2017 Fishery HU Organic Cattle Farm Corporate Total Name of entity Sale of goods Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) $ - $ 455,501 $ - $ - $ - $ 455,501 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) - - 1,770,068 - - 1,770,068 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) - - 5,226,865 - - 5,226,865 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - - 12,420,908 - - 12,420,908 Macau Eiji Company Limited (“MEIJI”) - - - 6,983,456 - 6,983,456 Sino Agro Food, Inc. (“SIAF”) - - - - 20,542,738 20,542,738 $ - $ 455,501 $ 19,417,841 $ 6,983,456 $ 20,542,738 $ 47,399,536 COST OF SERVICES Three months ended March 31, 2017 Fishery HU Organic Cattle Farm Corporate Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 8,782,892 $ - $ - $ - $ - $ 8,782,892 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Provision for income taxes is as follows: Three months ended Three months ended (Unaudited) (Unaudited) SIAF $ - $ - SAFS - - MEIJI and APWAM - - JHST, JHMC, SJAP, QZH and HSA - - $ - $ - |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cash and bank balances $ 621,884 $ 560,043 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2018, inventories are as follows: March 31, 2018 December 31, 2017 (Unaudited) (Audited) Bread grass 693,809 976,514 Beef cattle 9,401,381 5,903,442 Organic fertilizer 16,374,521 16,832,390 Forage for cattle and consumable 6,926,350 7,397,910 Raw materials for bread grass and organic fertilizer 21,822,473 19,113,274 Immature seeds 3,135,655 2,405,417 $ 58,354,189 $ 52,628,947 |
DEPOSITS AND PREPAYMENTS (Table
DEPOSITS AND PREPAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule Of Deposits and Prepaid Expenses [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Deposits for - purchases of equipment $ 2,908,124 $ 2,815,774 - acquisition of land use rights 3,371,501 3,244,567 - inventories purchases 22,757,154 24,282,950 - construction in progress 11,814,144 11,365,748 - issue of shares as collateral 25,761,658 25,427,293 Shares issued for employee compensation and overseas professional and bond interest 3,559,336 702,625 Others 2,632,238 2,620,693 $ 72,804,155 $ 70,459,650 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Past Due Financing Receivables [Table Text Block] | March 31, 2017 December 31, 2017 (Unaudited) (Audited) 0 - 30 days $ 10,756,488 $ 7,973,308 31 - 90 days 22,635,431 18,240,251 91 - 120 days 2,102,348 5,725,069 over 120 days and less than 1 year 7,783,315 21,551,845 over 1 year 43,289,545 29,480,945 $ 86,567,127 $ 82,971,418 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Receivable [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Advanced to employees $ 403,578 $ 219,186 Advanced to suppliers 2,140,313 3,768,585 Advanced to customers 14,700,663 11,982,331 Advanced to developers 494,592 399,449 Others 9,570,500 4,310,927 $ 27,309,646 $ 20,680,478 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Plant and machinery $ 5,683,042 $ 5,501,975 Structure and leasehold improvements 217,026,839 209,378,338 Mature seeds and herbage cultivation 54,647,803 49,685,830 Furniture and equipment 704,173 699,494 Motor vehicles 634,686 614,792 278,696,543 265,880,429 Less: Accumulated depreciation (23,008,740) (19,022,632) Net carrying amount $ 255,687,803 $ 246,857,797 |
CONSTRUCTION IN PROGRESS (Table
CONSTRUCTION IN PROGRESS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Construction In Progress [Abstract] | |
Schedule Of Construction In progress [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Construction in progress - Rangeland for beef cattle and office building 9,473,451 6,178,308 |
LAND USE RIGHTS (Tables)
LAND USE RIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Land Use Rights [Abstract] | |
Land Use Rights [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 67,756,251 $ 65,573,223 Less: Accumulated amortization (11,498,745) (10,735,192) Net carrying amount $ 56,257,506 $ 54,838,031 |
Schedule Of Land Use Rights Including Foreign Currency Adjustments [Table Text Block] | Amount Balance 1.1.2017 $ 62,341,829 Exchange difference 3,231,394 Balance 12.31.2017 $ 65,573,223 Exchange difference 2,183,028 Balance 3.31.2018 $ 67,756,251 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Goodwill from acquisition $ 724,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
PROPRIETARY TECHNOLOGIES (Table
PROPRIETARY TECHNOLOGIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Proprietary Technologies [Abstract] | |
Schedule Of Proprietary Technologies [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 11,282,576 $ 11,211,100 Less: Accumulated amortization (1,777,153) (1,622,495) Net carrying amount $ 9,505,423 $ 9,588,605 |
INTERESTS IN UNCONSOLIDATED E48
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Investments at cost - TRW $ 138,476,941 $ 134,694,930 Amount due from a consolidated equity investee - TRW 57,586,312 58,572,766 $ 196,063,253 $ 193,267,696 |
TEMPORARY DEPOSITS PAID TO EN49
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Sino Joint Venture companies [Member] | |
Equity Method Investments [Table Text Block] | Intended unincorporated Projects Investee Engaged March 31, 2018 December 31, 2017 (Unaudited) (Audited) A Trade center * $ 12,000,000 $ 12,000,000 B Fish Farm 2 GaoQiqiang Aquaculture * 17,403,959 17,403,959 C Cattle farm 2 * 5,491,485 5,513,263 $ 34,895,444 $ 34,917,222 |
CONSTRUCTION CONTRACT (Tables)
CONSTRUCTION CONTRACT (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Contractors [Abstract] | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | (i) Costs and estimated earnings in excess of billings on uncompleted contracts March 31, 2018 December 31, 2017 (Unaudited) (Audited) Costs $ 9,265,019 $ 8,208,912 Estimated earnings 7,688,323 6,740,289 Less: Billings (16,702,514) (13,700,014) Costs and estimated earnings in excess of billings on uncompleted contracts $ 250,828 $ 1,249,187 (ii) Billings in excess of costs and estimated earnings on uncompleted contracts March 31, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 41,954,194 $ 41,543,554 Less: Costs (24,311,874) (23,980,880) Estimated earnings (11,959,877) (11,822,609) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,682,443 $ 5,740,065 (iii) Overall March 31, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 58,656,708 $ 55,243,568 Less: Costs (33,576,893) (32,189,792) Estimated earnings (19,648,200) (18,562,898) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,431,615 $ 4,490,878 |
OTHER PAYABLES (Tables)
OTHER PAYABLES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Payables [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Due to third parties $ 11,331,549 $ 11,133,656 Straight note payable 29,367,999 29,367,999 Promissory notes issued to third parties 11,933,554 11,089,779 Due to local government 95,419 91,827 $ 52,728,521 $ 51,683,261 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (11,933,554) (11,089,779) Amount classified as current liabilities $ 40,794,967 $ 40,593,482 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Short term bank loan Name of lender Interest rate Term March 31, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank 5.2835 % November 29, 2017 - November 28, 2018 $ 3,180,661 $ 3,060,913 China Development Bank 5.2835 % December 14, 2017 - December 13, 2018 $ 1,590,331 $ 1,530,455 Add: current portion of long term $ 79,517 $ 76,522 4,850,509 4,667,890 Long term bank loan Name of lender Interest rate Term March 31, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank December 16, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 $ 6,361,324 $ 6,121,824 Less: current portion of long term $ (79,517) $ (76,522) 6,281,807 6,045,302 |
NEGOTIABLE PROMISSORY NOTES (Ta
NEGOTIABLE PROMISSORY NOTES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Promissory Notes Payable [Table Text Block] | March 31, 2018 December 31, 2017 (Unaudited) (Audited) Negotiable promissory notes $ 977,155 $ 977,155 |
CONVERTIBLE NOTE PAYABLES (Tabl
CONVERTIBLE NOTE PAYABLES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Debt [Table Text Block] | All other terms and conditions of the Bond Subscription Agreement and the Conditions continue in full force and effect. March 31, 2018 December 31, 2017 (Unaudited) (Audited) Convertible note due February 28, 2018 $ 3,894,978 $ 3,894,978 Less: classified as current liabilities (3,894,978) (3,894,978) Non-current liabilities $ - $ - |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | March 31, 2018 Expected dividends - Expected term (years) 0.34 Volatility 52.09% - 54.32 % Risk-free rate 1.65% - 1.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Level 1 Level 2 Level 3 Total LIABILITIES: $ $ $ $ Derivative liabilities as of March 31, 2018 - - 2,100 2,100 Derivative liabilities as of December 31, 2017 - - 2,100 2,100 |
Schedule of Derivative Instruments [Table Text Block] | Fair value of derivative liabilities as of December 31, 2017 $ 2,100 Change in fair value of derivative liabilities - Fair value of derivative liabilities as of March 31, 2018 $ 2,100 |
OBLIGATION UNDER OPERATING LE55
OBLIGATION UNDER OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Within 1 year $ 49,641 2 to 5 years - Over 5 years - $ 49,641 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Three months ended (Unaudited) (Unaudited) BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,072,719 $ 8,619,433 Basic earnings per share - continuing and discontinued operations $ 0.17 $ 0.38 Basic weighted average shares outstanding 30,653,770 22,626.849 Three months ended Three months ended (Unaudited) (Unaudited) DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,072,719 $ 8,619,433 Convertible note interest - 361,961 Net income used in computing diluted earnings per share $ 5,072,719 $ 8,981,394 Diluted earnings per share $ 0.17 $ 0.36 Basic weighted average shares outstanding 30,653,770 22,626,849 Add: weight average of common stock convertible from convertible note payables - 2,171,299 Diluted weighted average shares outstanding 30,653,770 24,798,148 |
CORPORATE INFORMATION (Details
CORPORATE INFORMATION (Details Textual) | Oct. 05, 2016USD ($)$ / shares | Aug. 15, 2016USD ($)$ / sharesshares | Dec. 30, 2017USD ($) | Dec. 30, 2017CNY (¥) | Mar. 23, 2017USD ($) | Mar. 23, 2017USD ($) | Oct. 25, 2015USD ($) | Oct. 25, 2015USD ($) | Aug. 24, 2007shares | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Mar. 31, 2017USD ($) | Oct. 01, 2016 | Nov. 12, 2013 | Sep. 30, 2012USD ($) | Sep. 17, 2012 | Apr. 01, 2012USD ($) | Jan. 02, 2012USD ($) | Nov. 17, 2011 | Jul. 18, 2011 | Feb. 28, 2011 | May 07, 2010 | Sep. 30, 2009 | May 25, 2009 | Nov. 26, 2008 | Nov. 27, 2007 | Sep. 05, 2007 |
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 3,232,323 | |||||||||||||||||||||||||||||
Equity Method Investments | $ 196,063,253 | $ 193,267,696 | ||||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 0 | ¥ 2 | ||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | |||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,007 | |||||||||||||||||||||||||||||
Equity Method Investment Description | (i) QQI only enjoy interest 6% annually on its capital contribution and did not enjoy profit distribution; (ii) investment period was 3 years only, and (iii) SJAP shared 100% on profit or loss after deduction 6% interest to QQI and enjoyed 100% voting rights of QZHs board and stockholder meetings. | (i) QQI only enjoyed interest 6% annually on its capital contribution and did not enjoy any profit distribution; (ii) investment period was 3 years only, and (iii) SJAP shared 100% on profit or loss after deduction 6% interest to QQI and enjoyed 100% voting rights of QZH’s board and stockholders meetings. | ||||||||||||||||||||||||||||
Chinese Partners [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | |||||||||||||||||||||||||||||
Qinghai Quanwang Investment Management Co., Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.30% | |||||||||||||||||||||||||||||
Hyt [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 45,000,000 | |||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 1, 2011 | |||||||||||||||||||||||||||||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Additional Equity Method Investment Ownership Percentage | 50.00% | |||||||||||||||||||||||||||||
SJAP [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 459,137 | |||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.45% | |||||||||||||||||||||||||||||
Qinghai Quanwang Investment Management Co., Ltd [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 14.00% | 14.00% | ||||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ 769,941 | $ 769,941 | ||||||||||||||||||||||||||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||||||||||||
Hang Yu Tai Investment Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 78.00% | |||||||||||||||||||||||||||||
Macau Eiji Company Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Hang Sing Tai Agriculture Co. Ltd [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||||||||||||||||||||||||||
Pretty Mountain Holdings Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | 80.00% | ||||||||||||||||||||||||||||
Other Entities [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | |||||||||||||||||||||||||||||
APWAM [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 45.00% | |||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 41.25% | |||||||||||||||||||||||||||||
Garwor [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | |||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 45.00% | |||||||||||||||||||||||||||||
JFD [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 75.00% | 25.00% | 75.00% | 25.00% | |||||||||||||||||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | ||||||||||||||||||||||||||||
Equity Method Investments | $ 1,258,607 | $ 1,702,580 | $ 1,662,365 | |||||||||||||||||||||||||||
EBAPFD [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||||||||||||||||||||
HSA [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 26.00% | |||||||||||||||||||||||||||||
Tri Way Industries Limited [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 99,990,000 | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 23.89% | 100.00% | |||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | |||||||||||||||||||||||||||||
Fair Value of Assets Acquired | $ 238,320,000 | |||||||||||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 3.41 | $ 3.41 | ||||||||||||||||||||||||||||
Licensing Fees | $ 30,000,000 | |||||||||||||||||||||||||||||
Ebapcd [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||||||||||||||||||||
JHMC [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||||||||||||||||||||||||||
ECF [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||||||||||||||||||||
Equity Method Investments | $ 2,944,176 | $ 1,076,489 | ||||||||||||||||||||||||||||
Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 85.00% | 85.00% | ||||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ 4,157,682 | |||||||||||||||||||||||||||||
Sino Agro Food Sweden AB [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||||
Equity Method Investments | $ 77,664 | |||||||||||||||||||||||||||||
Tri-way Industries [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 99,990,000 | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | 36.60% | ||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | |||||||||||||||||||||||||||||
Quanwang [Member] | ||||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 24.00% | 24.00% |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Nov. 12, 2013 | |
Capital Award Inc [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Belize | ||
Equity Method Investment, Description of Principal Activities | Fishery development and holder of A-Power Technology master license. | Fishery development and holder of A-Power Technology master license. | |
Capital Award Inc [Member] | Direct Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
Capital Stage Inc [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Belize | ||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | |
Capital Stage Inc [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
Capital Hero Inc [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Belize | ||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | |
Capital Hero Inc [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
Sino Agro Food Sweden [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Sweden | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | |
Sino Agro Food Sweden [Member] | Direct Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
Macau Eiji Company Limited [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Macau, P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Investment holding, cattle farm development, beef cattle and beef trading | Investment holding, cattle farm development, beef cattle and beef trading | |
Macau Eiji Company Limited [Member] | Direct Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
A Power Agro Agriculture Development (Macau) Limited (APWAM) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | Macau, P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Investment holding | Investment holding | |
A Power Agro Agriculture Development (Macau) Limited (APWAM) [Member] | Direct Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | HylocereusUndatus Plantation (“HU Plantation”). | HylocereusUndatus Plantation (“HU Plantation”). | |
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | |
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Beef cattle cultivation | Beef cattle cultivation | |
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | |
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures | Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures | |
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 41.25% | 41.25% | |
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | |
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) [Member] | Indirect Ownership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 76.00% | 76.00% |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 3 Months Ended |
Mar. 31, 2018 | |
Plant and machinery [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Plant and machinery [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Structure and leasehold improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 30 years |
Structure and leasehold improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Mature seeds and herbage cultivation [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 2.5 years |
Motor vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Motor vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 4 years |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Product Information [Line Items] | |||
Sales Revenue, Goods, Net | $ 31,258,860 | $ 57,423,350 | |
Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 79.80% | 81.21% | |
Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 88.99% | 59.05% | |
Customer A [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 31.66% | 24.79% | |
Customer A [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 60.62% | 27.13% | |
Customer A [Member] | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 31.66% | ||
Sales Revenue, Goods, Net | $ 10,678,768 | ||
Customer B [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 17.08% | 7.93% | |
Customer B [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10.37% | 7.34% | |
Customer B [Member] | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 17.08% | ||
Sales Revenue, Goods, Net | $ 5,761,189 | ||
Customer C [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 14.82% | 11.91% | |
Customer C [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 8.43% | 7.49% | |
Customer C [Member] | Sales Revenue, Net [Member] | Cattle Farm Development and HU Plantation Division [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 14.82% | ||
Sales Revenue, Goods, Net | $ 4,998,083 | ||
Customer D [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 8.91% | 0.00% | |
Customer D [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 4.80% | 4.78% | |
Customer E [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 7.33% | 18.68% | |
Customer E [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 4.77% | 0.00% | |
Customer F [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 17.90% | |
Customer F [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 12.31% |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares¥ / shares | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2017¥ / shares | Dec. 31, 2017USD ($)$ / shares | Mar. 31, 2018¥ / shares | Dec. 31, 2017¥ / shares | Oct. 29, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accumulated other comprehensive income | $ (12,973,414) | $ (12,973,414) | $ (2,346,174) | |||||
Goodwill, Acquired During Period | 724,940 | |||||||
Cash, Uninsured Amount | 464,259 | 464,259 | 327,019 | |||||
Accounts Receivable, Net, Current, Total | $ 86,567,127 | $ 86,567,127 | 82,971,418 | |||||
Earnings Per Share, Basic, Total | $ / shares | $ 0.17 | $ 0.38 | ||||||
Earnings Per Share, Diluted, Total | $ / shares | 0.17 | $ 0.36 | ||||||
Provision for Doubtful Accounts | $ 0 | |||||||
Huangyuan County Rural Credit Union [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 5.00% | |||||||
Balance Sheet [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Foreign Currency Exchange Rate | (per share) | $ 1 | $ 1 | $ 1 | ¥ 6.29 | ¥ 6.53 | |||
Customer A [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accounts Receivable, Net, Current, Total | $ 52,478,526 | $ 52,478,526 | ||||||
Customer B [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accounts Receivable, Net, Current, Total | $ 8,979,732 | $ 8,979,732 | ||||||
Stock Feed Manufacturing Technology [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | |||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||
Use Rights [Member] | Minimum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lease Period Of Land | 10 years | |||||||
Use Rights [Member] | Maximum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lease Period Of Land | 60 years | |||||||
Bacterial Cellulose Technology [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | |||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||
Sleep Cod Breeding Technology [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | |||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||
Aromatic Cattle-Feeding Formula [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | |||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||
General and Administrative Expense [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Advertising Revenue Cost | $ 400,754 | $ 631,717 | ||||||
Shipping, Handling and Transportation Costs | 786 | 7,747 | ||||||
Research and Development Expense | $ 0 | $ 0 | ||||||
Statements of Income And Other Comprehensive Income And of Cash Flows [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Average Foreign Currency Exchange Rate Remeasurement | (per share) | $ 1 | $ 6.36 | $ 1 | ¥ 6.89 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 33,731,264 | $ 70,612,615 | ||
Net income | 5,728,427 | 10,819,257 | ||
Total assets | 808,515,650 | 793,957,149 | $ 774,922,322 | |
Fishery Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [1] | 2,472,404 | 13,189,265 | |
Net income | [1] | 560,943 | 4,358,338 | |
Total assets | [1] | 81,042,358 | 95,259,028 | |
HU Plantation Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [2] | 1,050,229 | 1,323,176 | |
Net income | [2] | (340,166) | 161,930 | |
Total assets | [2] | 49,552,231 | 47,557,945 | |
Organic Fertilizer and Bread Grass Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [3] | 8,770,591 | 24,577,507 | |
Net income | [3] | 1,344,459 | 1,725,036 | |
Total assets | [3] | 357,336,786 | 360,767,029 | |
Cattle Farm Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [4] | 4,998,083 | 8,412,087 | |
Net income | [4] | 350,674 | 1,094,209 | |
Total assets | [4] | 34,311,911 | 67,606,927 | |
Corporate and Others Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [5] | 16,439,957 | 23,110,580 | |
Net income | [5] | 3,812,517 | 1,351,920 | |
Total assets | [5] | $ 286,272,364 | $ 222,766,220 | |
[1] | Operated by Capital Award, Inc. (“CA”). | |||
[2] | Operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). | |||
[3] | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2017, QZH was derecognized as variable interest entity of the company. | |||
[4] | Operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). | |||
[5] | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | $ 31,258,860 | $ 57,423,350 | |
Sales Revenue, Services, Net, Total | 2,472,404 | 13,189,265 | |
Cost of goods sold | 25,863,020 | 47,399,536 | |
Cost of services, total | 1,784,322 | 8,782,892 | |
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 455,501 | ||
Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 1,770,068 | ||
Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 5,226,865 | ||
Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 12,420,908 | ||
Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 6,983,456 | ||
Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold | 20,542,738 | ||
Fishery Development Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 2,472,404 | 13,189,265 |
Cost of goods sold | [1] | 0 | 0 |
Cost of services, total | [1] | 8,782,892 | |
Fishery Development Division [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | [2] | 0 | |
Fishery Development Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 |
Cost of goods sold | [1] | 0 | 0 |
Fishery Development Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 |
Cost of goods sold | [1] | 0 | 0 |
Fishery Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 |
Cost of goods sold | [1] | 0 | 0 |
Fishery Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | |
Cost of goods sold | [1] | 0 | |
Fishery Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 |
Cost of goods sold | [1] | 0 | 0 |
Fishery Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 |
Cost of goods sold | [1] | 0 | 0 |
Fishery Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [1] | ||
Sales Revenue, Services, Net, Total | [1] | 2,472,404 | |
Fishery Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | [1] | 13,189,265 | |
Hu Plantation Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 1,050,228 | 1,323,176 |
Cost of goods sold | [2] | 894,722 | 455,501 |
Cost of services, total | [2] | 0 | |
Hu Plantation Division [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | [3] | 0 | |
Hu Plantation Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 1,050,228 | 1,323,176 |
Cost of goods sold | [2] | 894,722 | 455,501 |
Hu Plantation Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 |
Cost of goods sold | [2] | 0 | 0 |
Hu Plantation Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 |
Cost of goods sold | [2] | 0 | 0 |
Hu Plantation Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 0 | |
Cost of goods sold | [2] | 0 | |
Hu Plantation Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 |
Cost of goods sold | [2] | 0 | 0 |
Hu Plantation Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 |
Cost of goods sold | [2] | 0 | 0 |
Hu Plantation Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | |||
Sales Revenue, Services, Net, Total | [2] | 0 | |
Hu Plantation Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | [2] | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 8,770,592 | 24,577,507 |
Cost of goods sold | [3] | 5,750,009 | 19,417,841 |
Cost of services, total | [3] | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | [4] | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 |
Cost of goods sold | [3] | 0 | 0 |
Organic Fertilizer and Bread Grass Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 6,405,025 | 2,764,003 |
Cost of goods sold | [3] | 1,613,685 | 1,770,068 |
Organic Fertilizer and Bread Grass Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 2,365,567 | 8,104,975 |
Cost of goods sold | [3] | 4,136,324 | 5,226,865 |
Organic Fertilizer and Bread Grass Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 13,708,529 | |
Cost of goods sold | [3] | 12,420,908 | |
Organic Fertilizer and Bread Grass Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 |
Cost of goods sold | [3] | 0 | 0 |
Organic Fertilizer and Bread Grass Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 |
Cost of goods sold | [3] | 0 | 0 |
Organic Fertilizer and Bread Grass Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [3] | ||
Sales Revenue, Services, Net, Total | [3] | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | [3] | 0 | |
Cattle Farm Development Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 4,998,083 | 8,412,087 |
Cost of goods sold | [4] | 4,528,498 | 6,983,456 |
Cost of services, total | [4] | 0 | |
Cattle Farm Development Division [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | [5] | 0 | |
Cattle Farm Development Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 |
Cost of goods sold | [4] | 0 | 0 |
Cattle Farm Development Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 |
Cost of goods sold | [4] | 0 | 0 |
Cattle Farm Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 |
Cost of goods sold | [4] | 0 | 0 |
Cattle Farm Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 0 | |
Cost of goods sold | [4] | 0 | |
Cattle Farm Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 4,998,083 | 8,412,087 |
Cost of goods sold | [4] | 4,528,498 | 6,983,456 |
Cattle Farm Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 |
Cost of goods sold | [4] | 0 | 0 |
Cattle Farm Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | |||
Sales Revenue, Services, Net, Total | [4] | 0 | |
Cattle Farm Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | [4] | 0 | |
Corporate and Others [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 16,439,957 | 23,110,580 |
Cost of goods sold | [5] | 14,689,791 | 20,542,738 |
Cost of services, total | [5] | 0 | |
Corporate and Others [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 |
Cost of goods sold | [5] | 0 | 0 |
Corporate and Others [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 |
Cost of goods sold | [5] | 0 | 0 |
Corporate and Others [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 |
Cost of goods sold | [5] | 0 | 0 |
Corporate and Others [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 0 | |
Cost of goods sold | [5] | 0 | |
Corporate and Others [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 |
Cost of goods sold | [5] | 0 | 0 |
Corporate and Others [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | [5] | 16,439,957 | 23,110,580 |
Cost of goods sold | [5] | 14,689,791 | 20,542,738 |
Corporate and Others [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | |||
Sales Revenue, Services, Net, Total | [5] | 0 | |
Corporate and Others [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | [5] | 0 | |
Discontinued operation Fishery Development Division [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | [1] | 1,784,322 | |
Operating Segments [Member] | Name of entity Sale of goods [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | 1,784,322 | ||
Operating Segments [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 1,050,228 | 1,323,176 | |
Cost of goods sold | 894,722 | ||
Operating Segments [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 6,405,025 | 2,764,003 | |
Cost of goods sold | 1,613,685 | ||
Operating Segments [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 2,365,567 | 8,104,975 | |
Cost of goods sold | 4,136,324 | ||
Operating Segments [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 13,708,529 | ||
Operating Segments [Member] | Macau Eiji Company Limited MEIJI [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 4,998,083 | 8,412,087 | |
Cost of goods sold | 4,528,498 | ||
Operating Segments [Member] | Sino Agro Food, Inc. SIAF [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | 16,439,957 | 23,110,580 | |
Cost of goods sold | 14,689,791 | ||
Operating Segments [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | |||
Sales Revenue, Services, Net, Total | $ 2,472,404 | ||
Cost of services, total | |||
Operating Segments [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Fees and Commissions | 13,189,265 | ||
Operating Segments [Member] | Fishery Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | |||
Operating Segments [Member] | Hu Plantation Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | |||
Operating Segments [Member] | Organic Fertilizer and Bread Grass Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | |||
Operating Segments [Member] | Cattle Farm Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | |||
Operating Segments [Member] | Corporate and Others [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of services, total | |||
[1] | Operated by Capital Award, Inc. (“CA”). | ||
[2] | Operated by Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). | ||
[3] | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2017, QZH was derecognized as variable interest entity of the company. | ||
[4] | Operated by Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). | ||
[5] | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | $ 0 | $ 0 |
SIAF [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | 0 | 0 |
SAFS [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | 0 | 0 |
MEIJI and APWAM [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | 0 | 0 |
JHST, JHMC, SJAP, QZH and HSA [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 12 Months Ended |
Dec. 31, 2008 | |
Income Taxes Disclosure [Line Items] | |
Corporate Income Tax Rate | 25.00% |
Standard Rate [Member] | |
Income Taxes Disclosure [Line Items] | |
Enterprise Income Tax Rate | 33.00% |
Revised Rate [Member] | |
Income Taxes Disclosure [Line Items] | |
Enterprise Income Tax Rate | 25.00% |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and bank balances | $ 621,884 | $ 560,043 | $ 3,989,283 | $ 2,576,058 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Inventories | $ 58,354,189 | $ 52,628,947 |
Bread Grass [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 693,809 | 976,514 |
Beef Cattle [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 9,401,381 | 5,903,442 |
Organic Fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 16,374,521 | 16,832,390 |
Forage For Cattle and Consumable [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 6,926,350 | 7,397,910 |
Raw materials for bread grass and organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 21,822,473 | 19,113,274 |
Immature Seeds [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | $ 3,135,655 | $ 2,405,417 |
DEPOSITS AND PREPAYMENTS (Detai
DEPOSITS AND PREPAYMENTS (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Deposits And Prepaid Expenses [Line Items] | ||
Deposits for - purchases of equipment | $ 2,908,124 | $ 2,815,774 |
Deposits for - acquisition of land use rights | 3,371,501 | 3,244,567 |
Deposits for - inventories purchases | 22,757,154 | 24,282,950 |
Deposits for - construction in progress | 11,814,144 | 11,365,748 |
Deposits for - issue of shares as collateral | 25,761,658 | 25,427,293 |
Shares issued for employee compensation and overseas professional and bond interest | 3,559,336 | 702,625 |
Others | 2,632,238 | 2,620,693 |
Prepaid Expense and Other Assets, Current | $ 72,804,156 | $ 70,459,650 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
0 - 30 days | $ 10,756,488 | $ 7,973,308 |
31 - 90 days | 22,635,431 | 18,240,251 |
91 - 120 days | 2,102,348 | 5,725,069 |
over 120 days and less than 1 year | 7,783,315 | 21,551,845 |
over 1 year | 43,289,545 | 29,480,945 |
Accounts Receivable, Net, Current | $ 86,567,127 | $ 82,971,418 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 27,309,646 | $ 20,680,478 |
Advanced to employees [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 403,578 | 219,186 |
Advanced to suppliers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 2,140,313 | 3,768,585 |
Advanced to customers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 14,700,663 | 11,982,331 |
Advanced to developers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 494,592 | 399,449 |
Others [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 9,570,500 | $ 4,310,927 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 278,696,543 | $ 265,880,429 |
Less: Accumulated depreciation | (23,008,740) | (19,022,632) |
Net carrying amount | 255,687,803 | 246,857,797 |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 5,683,042 | 5,501,975 |
Structure and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 217,026,839 | 209,378,338 |
Mature Seeds and Herbage Cultivation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 54,647,803 | 49,685,830 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 704,173 | 699,494 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 634,686 | $ 614,792 |
PLANT AND EQUIPMENT (Details Te
PLANT AND EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 2,658,508 | $ 2,143,810 |
CONSTRUCTION IN PROGRESS (Detai
CONSTRUCTION IN PROGRESS (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Construction In Progress [Line Items] | ||
Construction in progress | $ 9,473,451 | $ 6,178,308 |
Rangeland for beef cattle and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | $ 9,473,451 | $ 6,178,308 |
LAND USE RIGHTS (Details)
LAND USE RIGHTS (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Land Use Rights [Line Items] | |||
Cost | $ 67,756,251 | $ 65,573,223 | $ 62,341,829 |
Less: Accumulated amortization | (11,498,745) | (10,735,192) | |
Net carrying amount | $ 56,257,506 | $ 54,838,031 |
LAND USE RIGHTS (Details 1)
LAND USE RIGHTS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Land Use Rights [Line Items] | ||
Beginning Balance | $ 65,573,223 | $ 62,341,829 |
Exchange difference | 2,183,028 | 3,231,394 |
Ending Balance | $ 67,756,251 | $ 65,573,223 |
LAND USE RIGHTS (Details Textua
LAND USE RIGHTS (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Land Use Rights [Line Items] | ||
Amortization of Leased Asset | $ 422,580 | $ 474,491 |
Use Rights [Member] | Minimum [Member] | ||
Land Use Rights [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Use Rights [Member] | Maximum [Member] | ||
Land Use Rights [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 60 years |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Goodwill from acquisition | $ 724,940 | $ 724,940 |
Less: Accumulated impairment losses | 0 | 0 |
Net carrying amount | $ 724,940 | $ 724,940 |
PROPRIETARY TECHNOLOGIES (Detai
PROPRIETARY TECHNOLOGIES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 11,282,576 | $ 11,211,100 |
Less: Accumulated amortization | (1,777,153) | (1,622,495) |
Net carrying amount | $ 9,505,423 | $ 9,588,605 |
PROPRIETARY TECHNOLOGIES (Det79
PROPRIETARY TECHNOLOGIES (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2015 | Nov. 12, 2008 | Mar. 06, 2012 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||||
Payments To Acquire Intangible Assets | $ 5,473,720 | $ 1,500,000 | |||||
Finite-Lived Intangible Assets, Net | $ 9,505,423 | $ 9,588,605 | |||||
Developed Technology Rights [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Amortization Of Intangible Assets | $ 146,781 | $ 145,788 | |||||
Patents [Member] | Tri Way Industries Limited [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Payments To Acquire Intangible Assets | $ 8,000,000 | ||||||
Sleep Cod Breeding Technology License [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
License Costs | $ 2,270,000 | ||||||
Finite-Lived Intangible Asset, Useful Life | 50 years | ||||||
Bacterial Cellulose Technology License [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||
Finite-Lived Intangible Assets, Net | $ 2,119,075 |
INTERESTS IN UNCONSOLIDATED E80
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 196,063,253 | $ 193,267,696 |
Total investment at cost | 196,063,253 | 193,267,696 |
Tri Way Industries Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 138,476,941 | 134,694,930 |
Amount due from a consolidated equity investee - TRW | $ 57,586,312 | $ 58,572,766 |
INTERESTS IN UNCONSOLIDATED E81
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Details Textual) | Oct. 05, 2016USD ($)$ / shares | Aug. 15, 2016USD ($)$ / sharesshares | Aug. 24, 2007shares | Dec. 31, 2016USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2016 | May 06, 2016CNY (¥) | Apr. 01, 2012USD ($) | Jan. 02, 2012USD ($) | Dec. 31, 2011USD ($) | Nov. 17, 2011 | Feb. 28, 2011 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investments | $ 196,063,253 | $ 193,267,696 | |||||||||||
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | shares | 3,232,323 | ||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | ||||||||||||
Jiang Men City Power Fishery Development Co Limited [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Fair Value of Master Technology License Acquired | $ 30,000,000 | ||||||||||||
Ebapfd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||
Jfd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 75.00% | 25.00% | 75.00% | 25.00% | ||||||||
Equity Method Investments | $ 1,702,580 | $ 1,662,365 | $ 1,258,607 | ||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | |||||||||||
Tri Way Industries Limited [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 23.89% | 100.00% | ||||||||||
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | shares | 99,990,000 | ||||||||||||
Business Acquisition, Share Price | $ / shares | $ 3.41 | $ 3.41 | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | ||||||||||||
Fair Value of Assets Acquired | $ 238,320,000 | ||||||||||||
Tri Way Industries Limited [Member] | Minimum [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | 23.89% | |||||||||||
Tri Way Industries Limited [Member] | Maximum [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 36.60% | |||||||||||
Guangzhou Horan Taita Information Technology Co. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||
Equity Method Investments | ¥ | ¥ 1,000,000 |
TEMPORARY DEPOSITS PAID TO EN82
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | $ 34,895,444 | $ 34,917,222 | |
Trade Center [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | 12,000,000 | 12,000,000 |
Fish farm 2 Gao Qiqiang Aquaculture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | 17,403,959 | 17,403,959 |
Cattle farm 2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | $ 5,491,485 | $ 5,513,263 |
[1] | The above amounts were subject to conversion to an additional equity investment in the investees upon the completion of legal procedures of formation of SJVCs. |
TEMPORARY DEPOSITS PAID TO EN83
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details Textual) | Mar. 31, 2018 |
Sino Joint Venture companies [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 31.00% |
Sino Joint Venture companies B [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 23.00% |
Sino Joint Venture companies C [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 35.00% |
VARIABLE INTEREST ENTITY (Detai
VARIABLE INTEREST ENTITY (Details Textual) - USD ($) | Sep. 28, 2009 | Oct. 25, 2015 | Oct. 25, 2015 | Mar. 31, 2018 | Dec. 31, 2017 | Jul. 18, 2011 |
Variable Interest Entity [Line Items] | ||||||
Equity Method Investments | $ 196,063,253 | $ 193,267,696 | ||||
Equity Method Investment Description | (i) QQI only enjoy interest 6% annually on its capital contribution and did not enjoy profit distribution; (ii) investment period was 3 years only, and (iii) SJAP shared 100% on profit or loss after deduction 6% interest to QQI and enjoyed 100% voting rights of QZHs board and stockholder meetings. | (i) QQI only enjoyed interest 6% annually on its capital contribution and did not enjoy any profit distribution; (ii) investment period was 3 years only, and (iii) SJAP shared 100% on profit or loss after deduction 6% interest to QQI and enjoyed 100% voting rights of QZH’s board and stockholders meetings. | ||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | |||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Qinghai Quanwang Investment Management Co., Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 14.00% | 14.00% | ||||
Proceeds from Contributed Capital | $ 769,941 | $ 769,941 | ||||
Qinghai Zhong He Meat Products Co Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Proceeds from Contributed Capital | $ 4,157,682 | |||||
Qinghai Zhong He Meat Products Co Ltd [Member] | Maximum [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||||
Qinghai Zhong He Meat Products Co Ltd [Member] | Minimum [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 86.00% | 86.00% | ||||
A Power Agro Agriculture Development Macau Limited [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investments | $ 2,251,359 |
CONSTRUCTION CONTRACT (Details)
CONSTRUCTION CONTRACT (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Construction Contracts [Line Items] | ||
Billings | $ 58,656,708 | $ 55,243,568 |
Less: Costs | (33,576,893) | (32,189,792) |
Estimated earnings | (19,648,200) | (18,562,898) |
Billing in excess of costs and estimated earnings on uncompleted contracts | 5,431,615 | 4,490,878 |
Costs and estimated earnings in excess of billings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Billings | (16,702,514) | (13,700,014) |
Less: Costs | 9,265,019 | 8,208,912 |
Estimated earnings | 7,688,323 | 6,740,289 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 250,828 | 1,249,187 |
Billings in excess of costs and estimated earnings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Billings | 41,954,194 | 41,543,554 |
Less: Costs | (24,311,874) | (23,980,880) |
Estimated earnings | (11,959,877) | (11,822,609) |
Billing in excess of costs and estimated earnings on uncompleted contracts | $ 5,682,443 | $ 5,740,065 |
OTHER PAYABLES (Details)
OTHER PAYABLES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Other Payables [Line Items] | ||
Due to third parties | $ 11,331,549 | $ 11,133,656 |
Straight Note Payable Current | 29,367,999 | 29,367,999 |
Promissory notes issued to third parties | 11,933,554 | 11,089,779 |
Due to local government | 95,419 | 91,827 |
Other Liabilities | 52,728,521 | 51,683,261 |
Less: Amount classified as non-current liabilities Promissory notes issued to third parties | (11,933,554) | (11,089,779) |
Amount classified as current liabilities | $ 40,794,967 | $ 40,593,482 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Short term bank loan | $ 4,850,509 | $ 4,667,890 |
Long-term Debt, Total | 6,281,807 | 6,045,302 |
Long-term Debt, Current Maturities | 79,517 | 76,522 |
Long-term Debt, Current Maturities | $ (79,517) | (76,522) |
Bank Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.2835% | |
Debt Instrument, Issuance Date | Nov. 29, 2017 | |
Debt Instrument, Maturity Date | Nov. 28, 2018 | |
Short term bank loan | $ 3,180,661 | 3,060,913 |
Bank Loan Two [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.2835% | |
Debt Instrument, Issuance Date | Dec. 14, 2017 | |
Debt Instrument, Maturity Date | Dec. 13, 2018 | |
Short term bank loan | $ 1,590,331 | 1,530,455 |
Bank Loan Three [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.39% | |
Debt Instrument, Issuance Date | Dec. 16, 2016 | |
Debt Instrument, Maturity Date | Dec. 15, 2026 | |
Long-term Debt, Total | $ 6,361,324 | $ 6,121,824 |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) | Dec. 14, 2017USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 14, 2017CNY (¥) | Nov. 30, 2017CNY (¥) | Oct. 20, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 16, 2016 |
Short-term and Long-term Debt [Line Items] | ||||||||||||
2,018 | $ 79,517 | ¥ 500,000 | ||||||||||
Debt Instrument, Face Amount | $ 15,589,000 | $ 4,000,000 | ||||||||||
Land Use Rights [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 429,982 | |||||||||||
Land Use Rights [Member] | Scenario, Forecast [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 443,502 | |||||||||||
China Development Bank [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 6,050,000 | ¥ 40,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.39% | 5.39% | 110.00% | |||||||||
China Development Bank [Member] | Scenario, Forecast [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.39% | |||||||||||
Short term Debt One [Member] | China Development Bank [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 5.2835% | 5.2835% | ||||||||||
Property, Plant and Equipment, Other Types [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 5,954,915 | |||||||||||
Property, Plant and Equipment, Other Types [Member] | Scenario, Forecast [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 6,090,783 | |||||||||||
Long-term Debt [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Term | 10 years | |||||||||||
Short-term Debt [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Term | 1 year | 1 year | ||||||||||
Short-term Debt [Member] | China Development Bank [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 1,590,000 | $ 3,180,000 | ¥ 10,000,000 | ¥ 20,000,000 |
NEGOTIABLE PROMISSORY NOTES (De
NEGOTIABLE PROMISSORY NOTES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 29, 2015 |
Negotiable promissory notes | $ 977,155 | $ 977,155 | $ 3,450,000 |
Tri-way Industries [Member] | |||
Negotiable promissory notes | $ 977,155 | $ 977,155 |
NEGOTIABLE PROMISSORY NOTES (90
NEGOTIABLE PROMISSORY NOTES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Aug. 29, 2015 | |
Notes Payable, Current, Total | $ 977,155 | $ 977,155 | $ 3,450,000 |
Negotiable Notes Payable [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | |
Debt Instrument, Annual Principal Payment | $ 977,155 | $ 722,167 | |
Debt Instrument, Increase, Accrued Interest | $ 254,988 | $ 254,988 | |
Debt Instrument, Interest Rate Terms | 15% per month on principal amount. Interest shall be calculated on the basis of a 30/360 day count convention | ||
Debt Instrument, Payment Terms | August 29, 2015 |
CONVERTIBLE NOTE PAYABLES (Deta
CONVERTIBLE NOTE PAYABLES (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Less: classified as current liabilities | $ (3,894,978) | $ (3,894,978) |
Non-current Liabilities | 0 | 0 |
Convertible note due February 28, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Notes Payable | $ 3,894,978 | $ 3,894,978 |
CONVERTIBLE NOTE PAYABLES (De92
CONVERTIBLE NOTE PAYABLES (Details 1) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Debt Instrument [Line Items] | |
Expected dividends | $ 0 |
Expected term (years) | 4 months 2 days |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Volatility | 54.32% |
Risk-free rate | 1.90% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Volatility | 52.09% |
Risk-free rate | 1.65% |
CONVERTIBLE NOTE PAYABLES (De93
CONVERTIBLE NOTE PAYABLES (Details 2) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Derivative Liability | $ 2,100 | $ 2,100 |
Level 1 [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability | 0 | 0 |
Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability | 0 | 0 |
Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability | $ 2,100 | $ 2,100 |
CONVERTIBLE NOTE PAYABLES (De94
CONVERTIBLE NOTE PAYABLES (Details 3) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Fair value of derivative liabilities as of December 31, 2017 | $ 2,100 |
Change in fair value of derivative liabilities | 0 |
Fair value of derivative liabilities as of March 31, 2018 | $ 2,100 |
CONVERTIBLE NOTE PAYABLES (De95
CONVERTIBLE NOTE PAYABLES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 20, 2017 | Aug. 29, 2014 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 15,589,000 | $ 4,000,000 | ||
Debt Instrument, Convertible, Conversion Price | $ 211,320 | $ 1 | ||
Amortization of Debt Discount (Premium) | $ 106,297 | |||
Convertible Notes Payable, Noncurrent | 0 | $ 0 | ||
Convertible Notes Reclassified To Straight Notes Payable | $ 29,367,999 | |||
Common Stock Issuable In Lieu Origination Fee | 120,000 | |||
Common Stock Issuable In Lieu Interest Payments | 200,000 | |||
Debt Conversion, Converted Instrument, Shares Issued | 5,196,333 | |||
Tri-way Industries [Member] | ||||
Debt Instrument [Line Items] | ||||
Common Stock Issuable In Lieu Origination Fee | 32,000 | |||
Common Stock Issuable In Lieu Interest Payments | 55,000 | |||
Debt Conversion, Converted Instrument, Shares Issued | 400,000 | |||
Convertible Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | |||
Debt Instrument, Face Amount | $ 33,300,000 | |||
Debt Instrument, Discount Percentage | 25.00% | |||
Convertible Notes Payable, Noncurrent | $ 11,632,450 | |||
Debt Instrument, Convertible, Terms of Conversion Feature | lesser of $1.5 per share or at 65% of the market share price of the Company. While the conversion price for Secondary Optional Conversion is $3.41 per share subject to equitable adjustment for stock split, stock dividend or right offerings. |
SHAREHOLDERS' EQUITY (Details T
SHAREHOLDERS' EQUITY (Details Textual) - USD ($) | Nov. 10, 2014 | Jun. 14, 2014 | Jun. 15, 2015 | Mar. 27, 2013 | Dec. 23, 2012 | Dec. 22, 2012 | Aug. 22, 2012 | Jun. 26, 2010 | Mar. 22, 2010 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | Jun. 30, 2017 | Dec. 28, 2016 | Dec. 16, 2016 | Dec. 31, 2014 | Dec. 17, 2014 | May 30, 2014 |
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 100 | 100 | ||||||||||||||||||
Preferred stock, share outstanding | 100 | 100 | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 3.40 | |||||||||||||||||||
Common Stock, Shares, Issued | 33,184,250 | 29,362,875 | ||||||||||||||||||
Common Stock, Shares, Outstanding | 33,184,250 | 29,362,875 | ||||||||||||||||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Shares Issued, Price Per Share | $ 3.45 | |||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 9.9 for 1 | |||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | $ 3,785,008 | $ 3,982,813 | ||||||||||||||||||
Stock Issued During Period, Value, Other | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,167,502 | |||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | $ 1,452,984 | |||||||||||||||||||
Employee Stock Option [Member] | Employees And Directors [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 72,450 | |||||||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 113,022 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 1.56 | |||||||||||||||||||
Professionals [Member] | Employees And Directors [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | $ 500,800 | |||||||||||||||||||
Professionals [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 500,800 | |||||||||||||||||||
Professionals and Contractors [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3.748925 | |||||||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 2,969,361 | |||||||||||||||||||
Maximum [Member] | Professionals and Contractors [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||||||||||
Minimum [Member] | Professionals and Contractors [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 0.55 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 27,000,000 | |||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 707,070 | |||||||||||||||||||
Common Stock [Member] | Loans Payable [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, Other | 892,735 | |||||||||||||||||||
Stock Issued During Period, Value, Other | $ 0 | |||||||||||||||||||
Common Stock [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Issue of common stock for settlement of debts, Value | $ 12,054,045 | |||||||||||||||||||
Stock Issued During Period, Shares, Other | 4,074,979 | |||||||||||||||||||
Common Stock [Member] | Pre Amendment [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 17,171,716 | |||||||||||||||||||
Common Stock [Member] | Post Amendment [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 22,727,272 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 50,000,000 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 5.15 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | Employee Stock Option [Member] | Employees And Directors [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | 3.45 | |||||||||||||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 22,727,272 | |||||||||||||||||||
Common Stock [Member] | Minimum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | 1.40 | |||||||||||||||||||
Common Stock [Member] | Minimum [Member] | Employee Stock Option [Member] | Employees And Directors [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 100 | 100 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 100 | 100 | ||||||||||||||||||
Preferred stock, share outstanding | 100 | 100 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 100 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 0 | 0 | ||||||||||||||||||
Preferred stock, share outstanding | 0 | 0 | ||||||||||||||||||
Conversion Of Stock, Shares Converted | 7,000,000 | |||||||||||||||||||
Share Exchange Agreement Shares Exchangeable | 3,000,000 | 3,000,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,000,000 | 7,000,000 | 3,000,000 | |||||||||||||||||
Shares Issued, Price Per Share | $ 9.90 | $ 9.9 | ||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Capital Adventure Inc [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, share issued | 3,000,000 | |||||||||||||||||||
Share Exchange Agreement Shares Exchangeable | 3,000,000 | |||||||||||||||||||
Series F Non-Convertible Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 0 | 0 | ||||||||||||||||||
Preferred stock, share outstanding | 0 | 0 | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 3.40 | |||||||||||||||||||
Conversion Of Stock, Shares Converted | 100 | |||||||||||||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | $ 3,124,737 | |||||||||||||||||||
Series B Convertible Redeemable Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 7,000,000 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 7,000,000 | |||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 100 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||
Preferred stock, share issued | 100 | |||||||||||||||||||
Preferred Stock, Voting Rights | Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80% | |||||||||||||||||||
Business Acquisition, Percentage Of Voting Interests Acquired | 80.00% |
OBLIGATION UNDER OPERATING LE97
OBLIGATION UNDER OPERATING LEASES (Details) | Mar. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Within 1 year | $ 49,641 |
2 to 5 years | 0 |
Over 5 years | 0 |
Operating Leases, Future Minimum Payments Due | $ 49,641 |
OBLIGATION UNDER OPERATING LE98
OBLIGATION UNDER OPERATING LEASES (Details Textual) | 3 Months Ended | |
Mar. 31, 2018USD ($)a | Mar. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense | $ | $ 40,758 | $ 40,989 |
Agriculture Land [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | 2,178 | |
Operating Leases Rent Frequency Of Periodic Payment | 864 | |
Lease Expiration Date | Mar. 31, 2019 | |
Office Space [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | 5,081 | |
Staff Quarter [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating Leases Rent Frequency Of Periodic Payment | 12,722 | |
Lease Expiration Date | Jul. 8, 2018 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Benefits and Share-based Compensation | $ 3,785,008 | $ 3,982,813 | |||
Allocated Share-based Compensation Expense | $ 226,113 | 1,991,407 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 3.45 | ||||
Amortization of Deferred Charges, Total | $ 500,800 | ||||
Stock Issued During Period, Shares, Issued for Services | 117,000 | ||||
Shares Issued, Price Per Share | $ 3.45 | ||||
Trading Price One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 3.45 | ||||
Stock Issued During Period, Shares, Issued for Services | 500,800 | ||||
Shares Issued, Price Per Share | $ 1 | ||||
Trading Price Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 1 | ||||
Stock Issued During Period, Shares, Issued for Services | 1,050,502 | ||||
Shares Issued, Price Per Share | $ 1 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Benefits and Share-based Compensation | $ 5,937,765 | ||||
Allocated Share-based Compensation Expense | 4,184,638 | ||||
Employee Stock Option [Member] | Employees And Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 72,450 | ||||
Shares Issued, Price Per Share | $ 1.56 | ||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 113,022 | ||||
Professionals [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amortization of Deferred Charges, Total | $ 100,912 | $ 375,600 | 3,082,383 | ||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 3,558,895 | ||||
Professionals [Member] | Employees And Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Benefits and Share-based Compensation | $ 500,800 | ||||
Shares Issued, Price Per Share | $ 1 | ||||
Staff [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 201,825 | ||||
Professionals and Contractors [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3.748925 | ||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 2,969,361 | ||||
Maximum [Member] | Professionals and Contractors [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Price Per Share | $ 1 | ||||
Minimum [Member] | Professionals and Contractors [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Price Per Share | $ 0.55 |
CONTINGENCIES (Details Textual)
CONTINGENCIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 19, 2015 | |
Gain Contingencies [Line Items] | |||
Stock Issued During Period Shares Colleteral | 4,809,979 | 4,809,979 | |
Shanghai, P.R.C [Member] | |||
Gain Contingencies [Line Items] | |||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 20,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Due To Directors Current | $ 437,406 | $ 107,074 | |
Accounts Receivable, Net, Current, Total | 86,567,127 | 82,971,418 | |
Sales Revenue, Services, Net, Total | 2,472,404 | $ 13,189,265 | |
Solomon Yip Kun Lee [Member] | |||
Related Party Transaction [Line Items] | |||
Due To Directors Current | 437,406 | 107,074 | |
Tri Way Industries Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Due To Directors Current | 57,586,312 | 58,572,766 | |
Accounts Receivable, Net, Current, Total | 52,478,526 | $ 49,065,385 | |
Sales Revenue, Services, Net, Total | $ 2,472,404 | $ 13,189,265 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||
Net income used in computing basic earnings per share -continuing operations | $ 5,072,719 | $ 8,691,433 |
From continuing operations, Basic (in dollars per share) | $ 0.17 | $ 0.38 |
Basic weighted average shares outstanding | 30,653,770 | 22,626,849 |
DILUTED | ||
From continuing and discontinued operations, Diluted (in dollars per share) | $ 0.17 | $ 0.36 |
Basic weighted average shares outstanding | 30,653,770 | 22,626,849 |
Diluted weighted average shares outstanding | 30,653,770 | 24,798,148 |
Continuing Operations [Member] | ||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||
Net income used in computing basic earnings per share | $ 5,072,719 | $ 8,619,433 |
Net income used in computing basic earnings per share -continuing operations | $ 0 | $ 0 |
From continuing operations, Basic (in dollars per share) | $ 0.17 | $ 0.38 |
Basic weighted average shares outstanding | 30,653,770 | 22,626,849 |
DILUTED | ||
Net income used in computing basic earnings per share | $ 5,072,719 | $ 8,619,433 |
Convertible note interest | 0 | 361,961 |
Net income used in computing diluted earnings per share | $ 5,072,719 | $ 8,981,394 |
From continuing and discontinued operations, Diluted (in dollars per share) | $ 0.17 | $ 0.36 |
Basic weighted average shares outstanding | 30,653,770 | 22,626,849 |
weight average of common stock convertible from convertible note payables | 0 | 2,171,299 |
Diluted weighted average shares outstanding | 30,653,770 | 24,798,148 |
EARNINGS PER SHARE (Details Tex
EARNINGS PER SHARE (Details Textual) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive Securities Excluded From Computation Diluted Earnings Per Share | $ 35,560,989 |