Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Sino Agro Food, Inc. | |
Entity Central Index Key | 1,488,419 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SIAF | |
Entity Common Stock, Shares Outstanding | 40,305,492 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 605,994 | $ 560,043 |
Inventories | 52,941,240 | 52,628,947 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 250,828 | 1,249,187 |
Deposits and prepayments | 63,904,021 | 70,459,650 |
Accounts receivable, net of allowance for doubtful accounts | 89,045,305 | 82,971,418 |
Other receivables | 26,039,372 | 20,680,478 |
Total current assets | 232,786,760 | 228,549,723 |
Plant and equipment | ||
Plant and equipment, net of accumulated depreciation | 243,424,801 | 246,857,797 |
Construction in progress | 11,410,770 | 6,178,308 |
Land use rights, net of accumulated amortization | 56,424,062 | 54,838,031 |
Total plant and equipment | 311,259,633 | 307,874,136 |
Other assets | ||
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 9,279,211 | 9,588,605 |
Interests in unconsolidated equity investees | 201,311,597 | 193,267,696 |
Temporary deposits paid to entities for investments in Sino joint venture companies | 34,895,444 | 34,917,222 |
Total other assets | 246,211,192 | 238,498,463 |
Total assets | 790,257,585 | 774,922,322 |
Current liabilities | ||
Accounts payable and accrued expenses | 6,246,248 | 4,243,496 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,602,681 | 5,740,065 |
Due to a director | 0 | 107,074 |
Other payables | 40,784,287 | 40,593,482 |
Borrowings - Short term bank loan | 4,684,902 | 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 | 371 | 377 |
Liabilities, Current | 62,192,722 | 60,226,617 |
Non-current liabilities | ||
Other payables | 10,949,126 | 11,089,779 |
Borrowings - Long term bank loan | 5,893,910 | 6,045,302 |
Liabilities, Noncurrent | 16,843,036 | 17,135,081 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock value | ||
Common stock: $0.001 par value (50,000,000 shares authorized, 40,305,492 and 29,362,875 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively) | 40,306 | 29,363 |
Additional paid - in capital | 176,731,765 | 169,743,640 |
Retained earnings | 447,458,892 | 441,488,507 |
Accumulated other comprehensive income | 2,934,454 | 2,346,174 |
Treasury stock | (1,250,000) | (1,250,000) |
Total Sino Agro Food, Inc. and subsidiaries stockholders' equity | 625,915,417 | 612,357,684 |
Non - controlling interest | 85,306,410 | 85,202,940 |
Total stockholders' equity | 711,221,827 | 697,560,624 |
Total liabilities and stockholders' equity | 790,257,585 | 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 | Jun. 30, 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 | 40,305,492 | 29,362,875 |
Common stock, shares outstanding | 40,305,492 | 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | ||||
Revenue | $ 33,994,723 | $ 47,726,978 | $ 67,725,987 | $ 118,339,593 |
Gross profit | 5,443,046 | 6,508,149 | 11,526,968 | 20,938,336 |
General and administrative expenses | (4,133,054) | (5,849,346) | (7,795,783) | (11,879,081) |
Net income from operations | 1,309,992 | 658,803 | 3,731,185 | 9,059,255 |
Other income (expenses) | ||||
Government grant | 132,847 | 291,800 | 132,847 | 457,288 |
Share of income from unconsolidated equity investee | 1,549,960 | 1,313,996 | 5,331,971 | 4,072,851 |
Other income | 58,860 | 0 | 59,738 | 0 |
Non-operating expenses | (3,139,329) | 0 | (3,161,333) | 0 |
Interest expense | (417,307) | (724,774) | (870,958) | (1,230,312) |
Net income (expenses) | (1,814,969) | 881,022 | 1,492,265 | 3,299,827 |
Net income (loss) before income taxes | (504,977) | 1,539,825 | 5,223,450 | 12,359,082 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | (504,977) | 1,539,825 | 5,223,450 | 12,359,082 |
Less: Net (income) loss attributable to non - controlling interest | 1,402,644 | (1,157,393) | 746,936 | (3,285,217) |
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | 897,667 | 382,432 | 5,970,386 | 9,073,865 |
Other comprehensive income (loss) - Foreign currency translation gain (loss) | (20,442,164) | 6,848,801 | 1,438,686 | 7,985,748 |
Comprehensive income | (19,544,497) | 7,231,233 | 7,409,072 | 17,059,613 |
Less: Other comprehensive (income) loss attributable to non - controlling interest | 10,403,204 | (862,524) | (850,406) | (1,028,011) |
Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries | $ (9,141,293) | $ 6,368,709 | $ 6,558,666 | $ 16,031,602 |
Earnings per share attributable to the Sino Agro Food, Inc. and subsidiaries common stockholders: | ||||
Basic | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.39 |
Diluted | $ 0.02 | $ 0.03 | $ 0.17 | $ 0.38 |
Weighted average number of shares outstanding: | ||||
Basic | 37,573,999 | 22,995,676 | 35,749,331 | 23,365,503 |
Diluted | 37,573,999 | 25,203,537 | 35,749,331 | 25,555,083 |
Product [Member] | ||||
Revenue | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 32,932,737 | $ 47,726,978 | $ 64,191,597 | $ 105,150,328 |
Cost of Goods and Services Sold | (27,671,259) | (41,218,829) | (53,534,279) | (88,618,365) |
Service [Member] | ||||
Revenue | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Cost of Goods and Services Sold | (880,418) | 0 | (2,664,740) | (8,782,892) |
Financial Service [Member] | ||||
Revenue | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,061,986 | $ 0 | $ 3,534,390 | $ 13,189,265 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net income for the period - Continuing operations | $ 5,223,450 | $ 12,359,082 |
Net income for the period - Discontinued operations | 0 | 0 |
Adjustments to reconcile net income for the period to net cash from operations: | ||
Share of income from unconsolidated equity investee | (5,331,971) | (4,072,851) |
Depreciation | 5,325,531 | 4,506,239 |
Amortization | 1,134,904 | 1,300,504 |
Inventory written off | 3,139,356 | 0 |
Common stock issued for services | 1,350,490 | 3,982,813 |
Other amortized cost arising from convertible notes and others | 0 | 1,355,819 |
Changes in operating assets and liabilities: | ||
Increase in inventories | (3,451,648) | (12,753,320) |
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 | 4,001,896 | (9,200,854) |
Decrease in due to a director | (107,074) | (1,815,827) |
Increase in accounts payable and accrued expenses | 3,090,752 | 5,755,563 |
Increase in other payables | 4,163,723 | 3,726,045 |
(Increase) decrease in accounts receivable | (6,073,887) | 17,338,773 |
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts | (137,384) | 2,992,649 |
Increase in other receivables | (5,358,896) | (9,820,337) |
Increase in interests in an unconsolidated equity investee | (2,600,812) | 0 |
Net cash provided by operating activities | 5,366,789 | 15,146,095 |
Cash flows from investing activities | ||
Purchases of property and equipment and non-current assets held for sale | (4,840,642) | (9,382,745) |
Investment in unconsolidated equity investee | (52,258) | 0 |
Payment for construction in progress | (4,347,826) | (6,307,903) |
Net cash used in investing activities | (9,240,726) | (15,690,648) |
Cash flows from financing activities | ||
Long term debts repaid | 0 | (1,478,934) |
Capital contribution from non-controlling interest | 0 | 434,808 |
Net cash provided by financing activities | 0 | (1,044,126) |
Effects on exchange rate changes on cash | 3,919,888 | 2,613,732 |
Increase (decrease) in cash and cash equivalents | 45,951 | 1,025,053 |
Cash and cash equivalents, beginning of period | 560,043 | 2,576,058 |
Cash and cash equivalents, end of period | 605,994 | 3,601,111 |
Supplementary disclosures of cash flow information: | ||
Cash paid for interest | 297,926 | 197,474 |
Cash paid for income taxes | 0 | 0 |
Non - cash transactions | ||
Common stock issued for services and employee compensation | 6,999,067 | 403,650 |
Common stock issued to secure debts loan | 0 | 8,718,900 |
Transfer to plant and equipment from construction in progress | $ 0 | $ 1,476,233 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 6 Months Ended |
Jun. 30, 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, the Company entered into a Merger and Acquisition Agreement with Capital Award Inc., a Belize corporation (“ CA CS CH 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 ZX (b) Tri-way Industries Limited (“ TRW (c) Macau Eiji Company Limited (“ MEIJI 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 On November 26, 2008, SIAF established Pretty Mountain Holdings Limited (“ PMH SJAP 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% owned subsidiary, A Power Agro Agriculture Development (Macau) Limited (“ APWAM 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. As of June 30, 2018, APWAM owned 41.25% of SJAP, Garwor owned 50.45% and Quanwang owned the remaining 8.3%. On February 15, 2011 and March 29, 2011, the Company entered into an agreement and a memorandum of understanding (an “ MOU On February 28, 2011, the Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co Limited (“ EBAPCD On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“ EBAPFD JFD On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ ECF JHMC On July 18, 2011, the Company formed Hunan Shenghua A Power Agriculture Co., Limited (“ HSA On November 12, 2013, the Company acquired a shell company, Goldcup9203 AB, incorporated in Sweden, in which the Company owns a 100% equity interest. Goldcup 9203 AB changed its name to Sino Agro Food Sweden AB (publ) (“ SAFS SJAP formed Qinghai Zhong He Meat Products Co., Limited (“ QZH QQI 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 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. 2.2 REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100% (12.31.2017: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100% (12.31.2017: 100%) indirectly Dormant Capital Hero Inc. (“CH”) Belize 100% (12.31.2017: 100%) indirectly Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100% (12.31.2017: 100%) directly Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75% (12.31.2017: 75%) indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75% (12.31.2017:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76% (12.31.2017:76%) indirectly 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% (12.31.2017: 41.25%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures 2.3 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and follow the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The balance sheet as of December 31, 2017 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. 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. 2.4 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”). 2.5 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. 2.6 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. 2.10 SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $1,960 and $8,398, $2,745 and $16,145 for the three months and the six months ended June 30, 2018 and 2017, respectively. 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $399,749 and $372,045, $800,504 and $1,003,762 for 2.12 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $0 and $0, $0 and $0 for the three months ended and the six months ended June 30, 2018 and 2017, respectively. 2.13 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 $ 2,934,453 6. 37 6. 87 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. 2.15 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 June 30, 2018 and December 31, 2017 are $0. 2.16 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. 2.17 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. 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 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. 2.18 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. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired. 2.19 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% stake in RCU. The Company has no representative on the board of directors to oversee corporate operations. The Company accounts for its long term investment at cost. On October 18, 2017, the Company withdrew its equity interest in RCU. 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 years. 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 years. 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 years. 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 years. 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. 2.21 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. 2.22 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 to 60 years. Land use rights purchase prices were determined in accordance with the P.R.C. Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. 2.23 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. 2.25 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. 2.26 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. 2.27 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 co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or 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. 2.28 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. 2.30 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 June 30, 2018 and December 31, 2017 amounted to $348,673 and $327,019, respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. The Company had 5 major customers (A, B, C, D and E) whose bus |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 3. 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. For the three months ended June 30, 2018 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 1,061,986 1,044,245 7,624,303 6,073,838 18,190,351 - 33,994,723 Net income (loss) $ 54,428 (268,503 ) (689,227 ) 409,794 1,391,175 - 897,667 Total assets $ 81,997,442 46,569,574 341,912,724 41,143,209 278,634,636 - 790,257,585 For the three months ended June 30, 2017 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ - $ 755,579 $ 21,499,999 $ 7,401,149 $ 18,070,251 $ - $ 47,726,978 Net income (loss) $ (48,036 ) $ (659,970 ) $ 786,481 $ 795,810 $ (491,853 ) $ - $ 382,432 Total assets $ 77,911,145 $ 47,620,284 $ 372,142,920 $ 42,999,309 $ 265,159,309 $ - $ 805,832,967 For the six months ended June 30, 2018 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 3,534,390 2,094,473 16,394,895 11,071,921 34,630,308 - 67,725,987 Net income (loss) $ 615,371 (523,627 ) (20,862 ) 695,812 5,203,692 - 5,970,386 Total assets $ 81,997,442 46,569,574 341,912,724 41,143,209 278,634,636 - 790,257,585 For the six months ended June 30, 2017 Continuing Discontinued Operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 13,189,265 $ 2,078,755 $ 46,077,506 $ 15,813,236 $ 41,180,831 $ - $ 118,339,593 Net income (loss) $ 4,310,302 $ (498,040 ) $ 2,511,517 $ 1,890,019 $ 860,067 $ - $ 9,073,865 Total assets $ 77,911,145 $ 47,620,284 $ 372,142,920 $ 42,999,309 $ 265,159,309 $ - $ 805,832,967 (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”). Further analysis of revenue:- For the three ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 1,044,245 1,044,245 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,499,490 2,499,490 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 5,124,813 5,124,813 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 6,073,838 6,073,838 Sino Agro Food, Inc. (“SIAF”) 18,190,351 18,190,351 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 1,061,986 1,061,986 Commission and management fee Capital Award, Inc. (“CA”) $ 1,061,986 1,044,245 7,624,303 6,073,838 18,190,351 33,994,723 Further analysis of revenue:- For the three months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 755,579 - - - 755,579 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 959,598 - - 959,598 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 7,308,554 - - 7,308,554 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,231,847 - - 13,231,847 Macau Eiji Company Limited (“MEIJI”) - - - 7,401,149 - 7,401,149 Sino Agro Food, Inc. (“SIAF”) - - - - 18,070,251 18,070,251 Consulting and service income for development contracts Capital Award, Inc. (“CA”) - - - - - - Commission and management fee Capital Award, Inc. (“CA”) - - - - - - $ - $ 755,579 $ 21,499,999 $ 7,401,149 $ 18,070,251 $ 47,726,978 Further analysis of revenue:- For the six months ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 2,094,473 2,094,473 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 4,865,057 4,865,057 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 11,529,838 11,529,838 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 11,071,921 11,071,921 Sino Agro Food, Inc. (“SIAF”) 34,630,308 34,630,308 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 3,534,390 3,534,390 Commission and management fee Capital Award, Inc. (“CA”) $ 3,534,390 2,094,473 16,394,895 11,071,921 34,630,308 67,725,987 Further analysis of revenue:- For the six months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 2,078,755 - - - 2,078,755 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 3,723,601 - - 3,723,601 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 15,413,529 - - 15,413,529 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 26,940,376 - - 26,940,376 Macau Eiji Company Limited (“MEIJI”) - - - 15,813,236 - 15,813,236 Sino Agro Food, Inc. (“SIAF”) - - - - 41,180,831 41,180,831 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 13,189,265 - - - - 13,189,265 Commission and management fee Capital Award, Inc. (“CA”) - - - - - - $ 13,189,265 $ 2,078,755 $ 46,077,506 $ 15,813,236 $ 41,180,831 $ 118,339,593 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD For the three months ended June 30, 2018 Fishery HU Organic Fertilizer Cattle Farm Corporate Development Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 859,183 859,183 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 1,645,595 1,645,595 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 3,489,352 3,489,352 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 5,507,928 5,507,928 Sino Agro Food, Inc. (“SIAF”) 16,169,201 16,169,201 $ - 859,183 5,134,947 5,507,928 16,169,201 27,671,259 COST OF SERVICES For the three months ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Corporate Development HU Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) 880,418 - - - - 880,418 $ 880,418 $ - $ - $ - $ - $ 880,418 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD For the three months ended June 30, 2017 Fishery HU Organic Fertilizer Cattle Farm Corporate Development Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 629,856 - - - 629,856 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 766,897 - - 766,897 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 5,001,068 - - 5,001,068 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 12,479,848 - - 12,479,848 Macau Eiji Company Limited (“MEIJI”) - - - 6,278,714 - 6,278,714 Sino Agro Food, Inc. (“SIAF”) - - - - 16,062,446 16,062,446 $ - $ 629,856 $ 18,247,813 $ 6,278,714 $ 16,062,446 $ 41,218,829 COST OF SERVICES For the three months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Corporate Development HU Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) - - - - - - $ - $ - $ - $ - $ - $ - COST OF GOODS SOLD For the six months ended June 30, 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 Capital Award, Inc. (“CA”) $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 1,753,905 1,753,905 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) 3,259,280 3,259,280 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) 7,625,676 7,625,676 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - Macau Eiji Company Limited (“MEIJI”) 10,036,426 10,036,426 Sino Agro Food, Inc. (“SIAF”) 30,858,992 30,858,992 $ - 1,753,905 10,884,956 10,036,426 30,858,992 53,534,279 COST OF SERVICES For the six months ended June 30, 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”) 2,664,740 2,664,740 $ 2,664,740 2,664,740 COST OF GOODS SOLD For the six months ended June 30, 2017 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 Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 1,085,357 - - - 1,085,357 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) - - 2,536,965 - - 2,536,965 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) - - 10,227,933 - - 10,227,933 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - - 24,900,756 - - 24,900,756 Macau Eiji Company Limited (“MEIJI”) - - - 13,262,170 - 13,262,170 Sino Agro Food, Inc. (“SIAF”) - - - - 36,605,184 36,605,184 $ - $ 1,085,357 $ 37,665,654 $ 13,262,170 $ 36,605,184 $ 88,618,365 COST OF SERVICES For the six months ended June 30, 2017 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”) 8,782,892 - - - - 8,782,892 $ 8,782,892 $ - $ - $ - $ - $ 8,782,892 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 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 considered to be 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 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 until December 31, 2018 since they are exempt from EIT 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 six months ended June 30, 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 June 30, 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 June 30, 2018 and 2017. No deferred tax assets and liabilities are of June 30, 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. Provision for income taxes is as follows: Three months ended June 30, 2018 Three months ended June 30, 2017 (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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 5. CASH AND CASH EQUIVALENTS June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cash and bank balances $ 605,994 $ 560,043 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 6. INVENTORIES As of June 30, 2018, inventories are as follows: June 30, 2018 December 31, 2017 (Unaudited) (Audited) Bread grass 437,755 976,514 Beef cattle 9,747,627 5,903,442 Organic fertilizer 12,669,705 16,832,390 Forage for cattle and consumable 7,204,550 7,397,910 Raw materials for bread grass and organic fertilizer 19,896,828 19,113,274 Immature seeds 2,984,775 2,405,417 $ 52,941,240 $ 52,628,947 |
DEPOSITS AND PREPAYMENTS
DEPOSITS AND PREPAYMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Deposits and Prepaid Expenses Disclosure [Text Block] | 7. DEPOSITS AND PREPAYMENTS June 30, 2018 December 31, 2017 (Unaudited) (Audited) Deposits for - purchases of equipment $ 2,765,042 $ 2,815,774 - acquisition of land use rights 181,352 3,244,567 - inventories purchases 21,721,995 24,282,950 - construction in progress 5,101,578 6,774,380 - issue of shares as collateral 25,761,658 25,427,293 Shares issued for employee compensation and overseas professional and bond interest 1,138,689 702,625 Others 7,233,707 7,212,061 $ 63,904,021 $ 70,459,650 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 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 June 30, 2018 and December 31, 2017. Aging analysis of accounts receivable is as follows: June 30, 2018 December 31, 2017 (Unaudited) (Audited) 0 - 30 days $ 3,580,793 $ 7,973,308 31 - 90 days 26,555,865 18,240,251 91 - 120 days 8,012,583 5,725,069 over 120 days and less than 1 year 7,606,519 21,551,845 over 1 year 43,289,545 29,480,945 $ 89,045,305 $ 82,971,418 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 2018 | |
Other Receivable [Abstract] | |
Other Receivables Disclosure [Text Block] | 9. OTHER RECEIVABLES June 30, 2018 December 31, 2017 (Unaudited) (Audited) Advanced to employees $ 1,004,318 $ 219,186 Advanced to suppliers 2,033,895 3,768,585 Advanced to customers 13,584,941 11,982,331 Advanced to developers 470,002 399,449 Others 8,946,216 4,310,927 $ 26,039,372 $ 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 | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 10. PLANT AND EQUIPMENT June 30, 2018 December 31, 2017 (Unaudited) (Audited) Plant and machinery $ 5,443,921 $ 5,501,975 Structure and leasehold improvements 206,926,056 209,378,338 Mature seeds and herbage cultivation 53,671,290 49,685,830 Furniture and equipment 698,700 699,494 Motor vehicles 608,413 614,792 267,348,380 265,880,429 Less: Accumulated depreciation (23,923,579 ) (19,022,632 ) Net carrying amount $ 243,424,801 $ 246,857,797 Depreciation expense was $2,667,023 and $2,362,429, $5,325,531 and $4,506,239 for the three months ended and the six months ended June 30, 2018 and 2017, respectively. |
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS | 6 Months Ended |
Jun. 30, 2018 | |
Construction In Progress [Abstract] | |
Construction in Progress Disclosure [Text Block] | 11. CONSTRUCTION IN PROGRESS June 30, 2018 December 31, 2017 (Unaudited) (Audited) Construction in progress - Rangeland for beef cattle and office building 11,410,770 6,178,308 |
LAND USE RIGHTS
LAND USE RIGHTS | 6 Months Ended |
Jun. 30, 2018 | |
Land Use Rights [Abstract] | |
Land Use Rights Disclosure [Text Block] | 12. LAND USE RIGHTS June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 67,870,609 $ 65,573,223 Less: Accumulated amortization (11,446,547) (10,735,192 ) Net carrying amount $ 56,424,062 $ 54,838,031 Amount Balance 1.1.2017 $ 62,341,829 Exchange difference 3,231,394 Balance 12.31.2017 $ 65,573,223 Addition 3,022,518 Exchange difference (725,132 ) Balance 6.30.2018 $ 67,870,609 Land use rights are amortized on the straight-line basis over their respective lease periods. The lease period of agriculture land is 10 to 60 years. Amortization of land use rights was $418,873, $530,869, $841,453 and $1,005,360 for the three months and the six months ended June 30, 2018 and 2017 respectively. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 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. June 30, 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 | 6 Months Ended |
Jun. 30, 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. On October 1, 2015, the Company took up such assets at $5,473,720. On March 6, 2012, MEIJI acquired an aromatic-feed formula technology for the production of aromatic cattle for $1,500,000. On October 1, 2013, SIAF was granted a license to exploit sleepy cods breeding technology to grow out of sleepy cods for $2,270,000 for 50 years. SJAP booked bacterial cellulose technology license and related trademark for $2,119,075 and amortized expenditures for 20 years starting from January 1, 2014. June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 11,180,413 $ 11,211,100 Less: Accumulated amortization (1,901,202 ) (1,622,495 ) Net carrying amount $ 9,279,211 $ 9,588,605 Amortization of proprietary technologies was $146,670 and $149,356, $293,451 and $295,144 for the three months and the six months ended June 30, 2018 and 2017, respectively. No impairments of proprietary technologies have been identified for the three months and the six months ended June 30, 2018 and 2017. |
INTERESTS IN UNCONSOLIDATED EQU
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES | 6 Months Ended |
Jun. 30, 2018 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 15. 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% equity interest in EBAPFD. On November 17, 2011, TRW formed Jiang Men City A Power Fishery Development Co., Limited (“JFD”) in which it acquired a 25% equity interest, while withdrawing its 25% equity interest in EBAPFD. As of December 31, 2011, the Company had invested for total cash consideration of $1,258,607 in JFD. JFD operates an indoor fish farm. On January 1, 2012, the Company acquired an additional 25% equity interest in JFD for total cash consideration of $1,662,365. As of January 1, 2012, the Company had consolidated the assets and operations of JFD. On April 1, 2012, the Company acquired an additional 25% equity interest in JFD for the total cash consideration of $1,702,580. These acquisitions were at our option according the terms of the original development agreement. The Company owned a 75% equity interest in JFD, representing majority of voting rights and controls its board of directors. On August 15, 2016, the acquisition agreement was executed by TRW for acquiring the other 25% equity in JFD which was a Sino Foreign Joint Venture Co. that TRW had 100% equity interest with effect on October 5, 2016. Upon the acquisitions of 3 additional prawn farms assets at fair value of $238.32 million from respective third parties and the master technology license at fair value of $30 million from Capital Award, Inc. by JFD, and the consideration of the above acquisitions were planned to be settled by the new issue shares of 99,990,000 TRW shares at $3.41 amounting to $340.53 million on or before June 30, 2017. As a result, SIAF’s equity interest in TRW was diluted from 100% to 23.89% with effective on October 5, 2016. The above transactions leaded the Company loss of control over TRW group, the Company’s investments in TRW and JFD were reclassified from a subsidiary to investments in unconsolidated equity investees as of October 5, 2016. The dilution of the Company’s investments in TRW group constituted a deemed disposal of the subsidiaries. The deemed gain on disposal of $56,947,005 was recorded in net income from discontinued operations of the consolidated statements of income and other comprehensive income of the Company for the year ended December 31, 2016. On October 1, 2016, SIAF took up all assets and liabilities of TRW and JFD except plant and equipment - fish farm. The Company converted the amount due from unconsolidated equity investee into equity interest during the fourth quarter of 2017, which resulted in equity interest in TRW from 23.89% to 36.60%. On May 6, 2016, SJAP invested in 30% equity interest in Guangzhou Horan Taita Information Technology Co., Limited (“ HTIT June 30, 2018 December 31, 2017 (Unaudited) (Audited) Investments at cost - TRW $ 141,999,564 $ 136,667,593 Amount due from a consolidated equity investee - TRW 59,312,033 56,600,103 $ 201,311,597 $ 193,267,696 |
TEMPORARY DEPOSITS PAID TO ENTI
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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% and 35% respectively. * 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 | 6 Months Ended |
Jun. 30, 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% equity interest in the Sino-Foreign joint venture company, Qinghai Sanjiang A Power Agriculture Co. Limited (“ SJAP 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 June 30, 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 June 30, 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 and six months ended June 30, 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 SJAP and new stockholder, Qinghai Quanwang Investment Management Co., Ltd (“ QQI 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017 (Unaudited) (Audited) Costs $ 6,186,261 $ 8,208,912 Estimated earnings 4,777,300 6,740,289 Less: Billings (10,712,733 ) (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 June 30, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 40,590,477 $ 41,543,554 Less: Costs (23,404,302 ) (23,980,880 ) Estimated earnings (11,583,494 ) (11,822,609 ) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,602,681 $ 5,740,065 (iii) Overall June 30, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ $ 55,243,568 Less: Costs ) (32,189,792 ) Estimated earnings ) (18,562,898 ) Billing in excess of costs and estimated earnings on uncompleted contracts $ $ 4,490,878 |
OTHER PAYABLES
OTHER PAYABLES | 6 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 19. OTHER PAYABLES June 30, 2018 December 31, 2017 (Unaudited) (Audited) Due to third parties $ 11,325,613 $ 11,133,656 Straight note payable 29,367,999 29,367,999 Promissory notes issued to third parties 10,949,126 11,089,779 Due to local government 90,675 91,827 $ 51,733,413 $ 51,683,261 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (10,949,126 ) (11,089,779 ) Amount classified as current liabilities $ 40,784,287 $ 40,593,482 Due to third parties are unsecured, interest free and have no fixed terms of repayment. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 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. Short term bank loan Name of lender Interest rate Term June 30, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank Beijing City, the P.R.C 5.2835 % November 29, 2017 - November 28, 2018 $ 3,022,518 $ 3,060,913 China Development Bank Beijing City, the P.R.C 5.2835 % December 14, 2017 - December 13, 2018 $ 1,511,258 $ 1,530,455 Add: current portion of long term bank loan $ 151,126 $ 76,522 4,684,902 4,667,890 Long term bank loan Name of lender Interest rate Term June 30, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank December 16, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 $ 6,045,036 $ 6,121,824 Less: current portion of long term bank loan $ (151,126 ) $ (76,522 ) 5,893,910 6,045,302 On November 30, 2017 and December 14, 2017, the Company obtained two 1-year short term loans of RMB20 million (approximately $3.18million) and RMB10 million (approximately $1.59million) respectively from China Development Bank for the period from November 29, 2017 to November 28, 2018 and December 14, 2017 to December 13, 2018 respectively, bearing fixed interest at 5.2835% per annum. Both loans were guaranteed by Xining City SME Guarantee Corporation. On December 16, 2016, the Company obtained a 10-year long term loan of RMB40million (approximately $6.05million) from China Development Bank for the period from December 16, 2016 to December 15, 2026, bearing an annual interest rate at 110% of the benchmark rate of PBOC on the date of the loan agreement and will be adjusted in line with any adjustment of the benchmark rate which is 5.39% (12.31.2017: 5.39%). The loan was guaranteed by Mr. Zhao Yilin and Ms. Song Haixian, Mr. Zhao Yilin’s wife. The loan was also secured by land use right with net carrying amount of $418,313 as of June 30, 2018 (12.31.2017: 429,982) and a batch of plant, machinery and equipment with net carrying amount of $5,700,609 (12.31.2017: 5,954,915). According to the loan agreement, 2 partial payments of RMB500,000 each, totaling of RMB1,000,000 (approximately $151,126) were scheduled to be repaid by December 15, 2018 and May 20, 2019 respectively. 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 | 6 Months Ended |
Jun. 30, 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 and the company acted as guarantor for repayment. As of October 1, 2016, the Company entered assignment agreement with TRW to take up liabilities of negotiable promissory notes. June 30, 2018 December 31, 2017 (Unaudited) (Audited) Negotiable promissory notes $ 977,155 $ 977,155 Principal amount: $722,167 (12.31.2017: $722,167) Interest payable: $254,988 (12.31.2017: $254,988) Interest rate: 2.5% (12.31.2017: 2.50% %) per month on principal amount. Interest shall be calculated on the basis of a 30/360 day count convention 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 | 6 Months Ended |
Jun. 30, 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% Convertible Note (the “ Note 1 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, (price prior to reversed split) subject to adjustment for stock splits, reverse stock splits, stock dividends and other similar transactions and subject to the terms of the note. As long as the note is outstanding, the investor shall have a right of first refusal, exercisable for thirty (30) calendar days after notice to the note holder, to purchase securities proposed to be offered and sold by the Company. 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 shares of its common stock and transfer 400,000 shares of TRW to the note holder; and (b) SIAF executes a new promissory note in the principal amount of $15,589,000 to the note holder to be paid in installments over a period of time. However, both parties remain open to negotiate an all-cash settlement of the Note 1. As a result, the amount outstanding under Note 1 was reclassified as other payables – straight note payable of $29,367,999 (see Note 19). On October 20, 2017, the Company issued another Convertible Note (the "Note 2" Under the agreement, the Company shall pay the note holder 120,000 common shares of SIAF or 32,000 common shares of TRW as an origination fee. The note bears a flat interest payment which shall be settled by 200,000 common shares of SIAF or 55,000 common shares of TRW. As of June 30, 2018, no settlement for both origination fee and interest payment. The supplemental agreement to the Bond Subscription Agreement with the Subscriber to extend the Bond Issue by a year to December 31, 2018 was signed. All other terms and conditions of the Bond Subscription Agreement and the Conditions continue in full force and effect . June 30, 2018 December 31, 2017 (Unaudited) (Audited) Convertible note due December 31, 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, the Company discounted the note and created a derivative liability, which will be evaluated annually and adjusted for any change in value. For the year ended December 31, 2017, the Company recognized the amortization of the discount of approximately $106,297. The Company estimated the fair value of the derivative liabilities using the Binomial Option Pricing Model and the following key assumptions during the six months ended June 30, 2018 and the year ended December 31, 2017 June 30, 2018 Expected dividends - Expected term (years) 0.34 Volatility 52.09% - 54.32% Risk-free rate 1.65% - 1.9% The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value as of June 30, 2018 and December 31, 2017. Level 1 Level 2 Level 3 Total LIABILITIES: $ $ $ $ Derivative liabilities as of June 30, 2018 - - 2,100 2,100 Derivative liabilities as of December 31, 2017 - - 2,100 2,100 The following table represents the change in the fair value of the derivative liabilities during the six months ended June 30, 2018 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 23. SHAREHOLDERS’ EQUITY The Group’s share capital as of June 30, 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 shares of Series A preferred stock at a par value per share of $0.001. As of the same date, 100 shares of Series A preferred stock were issued at $1 per share for cash in the amount of $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%) of all votes entitled to be voted at any annual or special meeting of shareholders of the Corporation or action by written consent of shareholders. Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80%, which is allocated to the outstanding shares of Series A Preferred Stock; and (ii) ranks senior to common stockholders, holders of Series B convertible preferred stockholders and any other stockholders on liquidation. The Company has designated 100 shares of Series A preferred stock with 100 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively. The Series B convertible preferred stock: On March 22, 2010, the Company designated 7,000,000 shares of Series B convertible preferred stock at a par value per share of $0.001. The Series B convertible preferred stock is redeemable; the stockholders are not entitled to receive any dividend and voting rights but rank senior over common stockholders on liquidation, and can convert to common stock on a one for one basis at any time. On June 26, 2010, 7,000,000 shares of common stock were surrendered for cancellation and the Company issued 7,000,000 shares of Series B convertible preferred stock at $9.90 per share. Pursuant to share exchange agreement made as of December 22, 2012, between the Company and a stockholder, Capital Adventure Inc., a holder of 3,000,000 shares of common shares, with the consent of Board of Directors, to exchange for 3,000,000 shares of Series B convertible preferred stock on a one-for-one basis. As of December 23, 2012, 3,000,000 shares of Series B convertible preferred stock were issued to Capital Adventure Inc., for the exchange of its holding of 3,000,000 shares of common stocks. As of December 31, 2012, 3,000,000 shares of common stocks were still not returned to the Company. On March 27, 2013, 3,000,000 Series B convertible preferred stock were cancelled. On December 17, 2014, the Company approved an amendment to certificate designation in respect of Series B preferred stock. Pursuant to the above new amendment, each holder of Series B preferred stock shall have the rights, at any time or from time to time, to convert each 9.9 shares of Series B preferred to one fully paid and non-assessable share of common stock of par value $0.001 per share. On June 15, 2015, Series B preferred stockholder exercised at the above conversion ratio to convert 7,000,000 shares of Series B preferred stock to 707,070 shares of common stock. There were 0 shares of Series B convertible preferred stock issued and outstanding as of June 30, 2018 and December 31, 2017, respectively. 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 per share. Upon redemption, the Holder shall no longer own any shares of Series F with coupon that have been redeemed, and all such redeemed shares shall disappear and no longer exist on the books and records of the Company; redeemed shares of Series F which no longer exist upon redemption shall thereafter be counted toward the authorized but unissued “blank check” preferred stock of the Company. 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 Preferred Stock for every 100 shares of Common Stock owned by the stockholders as of September 28, 2012, with lesser or greater amounts being rounded up to the nearest 100 shares of Common Stock for purpose of the computing the dividend. The holders of record of shares of Series F Non-Convertible Preferred Stock shall be entitled to a coupon payment directly from the Company at the redemption rate of $3.40 per share and be payable on May 30, 2014. However, the Company was unable to issue the Series F Non-convertible Preferred Stock as originally contemplated. Consequently, The Company’s transfer agent was instructed to note in its record date rather than actual issue the Preferred F shares. On June 14, 2014, the Company announced the delay in payment of the coupon until May 30, 2015. The company reserved the excess over the nominal amount of the Series F Non-convertible Preferred Stock of $3,124,737 as Series F Non-convertible Preferred Stock redemption payable. As of May 30, 2015, payment on the F series shares has been made, and respective shares cancelled, accordingly. As a result, total issued and outstanding of Series F Non-Convertible Preferred Stock as of June 30, 2018 and December 31, 2017 are 0 shares and grand total issued and outstanding preferred stock as of June 30, 2018 and December 31, 2017 are 100 shares. 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 per share (the “Common Stock”) affecting both the authorized and issued and outstanding number of such shares by a ratio of 9.9 for 1. The Reverse Split became effective in the State of Nevada on December 16, 2014. Subsequent to the December 31, 2014, 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 17,171,716 to 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 to 27,000,000 and the amendment was filed on December 28, 2016. During the year ended December 31, 2017, the Company (i) issued 1,167,502 shares of employees and directors at fair value of $1.00 to $3.45 per share for $1,452,984 for employee compensation; (ii) issued 500,800 shares of common stock valued to professionals at fair value of $1 per share for $500,800 for service compensation; (iii) issued 4,074,979 shares of common stock ranging from $1.40 to $5.15 amounting to $12,054,045 as collateral to secure trade and loan facilities, and the shares issued by the Company were valued at the trading price of the stock on the date the shares were issued; and (iv) 892,735 shares of common stock issued for $0 as top up securities for debts loans. 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 to 50,000,000 and the amendment was filed on August 24, 2017 with an effective date of August 25, 2017. During the six months ended June 30, 2018, the Company (i) issued 72,450 shares of common stock valued to employees and directors at fair value of $1.56 per share for $113,022 for employee compensation; (ii) issued 10,870,167 shares of common stock valued to professionals and contractors at fair value ranging from $ 0.55 to $1.00 per share for 6,886,045 for service compensation; and the shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. The Company has 40,305,492 and 29,362,875 shares of common stock issued and outstanding as of June 30, 2018 and December 31, 2017 respectively. |
OBLIGATION UNDER OPERATING LEAS
OBLIGATION UNDER OPERATING LEASES | 6 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 24. OBLIGATION UNDER OPERATING LEASES The Company leases (i) 2,178 square feet of agriculture space used for offices for a monthly rent of $906 in Enping City, Guangdong Province, P.R.C., its lease expiring on March 31, 2019; and (ii) 5,081 square feet of office space in Guangzhou City, Guangdong Province, P.R.C. for a monthly rent of $12,197, its lease expiring on July 8, 2018. Lease expenses were $40,789 and $42,790, $81,547 and $83,779 for The future minimum lease payments as of June 30, 2018, are as follows: Within 1 year $ 88,240 2 to 5 years 80,387 Over 5 years - $ 168,627 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 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 shares of common stock valued at fair value of $3.45 per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $3.45 per share. On December 31, 2017, the Company issued employees total of 500,800 shares of common stock valued at fair value of $1per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $3.45 per share. On December 31, 2017, the Company issued employees total of 1,050,502 shares of common stock valued at fair value of $1 per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $1 per share. During the six months ended June 30, 2018, the Company (i) issued 72,450 $1.56 per The Company calculated stock-based compensation of $ 2,489,179 $ 4,386,463 $1,350,490 and $3,982,813 $ 1,138,689 $888,289 |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | 26. CONTINGENCIES As of June 30, 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 to a PRC based borrower. The arrangement was commenced on February 15, 2016 and will be expired on February 15, 2019. As of June 30, 2018, the Company has issued aggregate 4,809,979 (12.31.2017: 4,809,979) common shares as collateral. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 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 June 30, 2018 and 2017, the Company had the following significant related party transactions:- Name of related party Nature of transactions Mr. Solomon Yip Kun Lee, Chairman Tri-way Industries Limited, (“TRW’) Unconsolidated equity investee Included in due to a director, due to Mr. Solomon Yip Kun Lee is $0 and $107,074 as of June 30, 2018 and December 31, 2017, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. Included in interest in unconsolidated equity investee, due from Tri-way Industries Limited is $59,814,070 and $58,572,766 as of June 30, 2018 and December 31, 2017, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. Included in accounts receivable, due from Tri-way Industries Limited is $53,460,749 and $49,065,385 as of June 30, 2018 and December 31, 2017, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. The Company has consulting and service income from development contracts of $1,061,985 and $0, $3,534,390 and $13,189,265 from Tri-way Industries Limited for the three months and the six months ended June 30, 2018 and 2017, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 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. The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: Three months ended June 30, 2018 Three months ended June 30, 2017 BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 897,667 $ 382,432 Basic earnings per share $ 0.02 $ 0.02 Basic weighted average shares outstanding 37,573,999 22,995,676 Three months ended June 30, 2018 Three months ended June 30, 2017 DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 897,667 $ 382,432 Convertible note interest - 361,960 Net income used in computing diluted earnings per share $ 897,667 $ 744,392 Diluted earnings per share $ 0.02 $ 0.03 Basic weighted average shares outstanding 37,573,999 22,995,676 Add: weight average of common stock convertible from convertible note payables - 2,207,861 Diluted weighted average shares outstanding 37,573,999 25,203,537 For the three months ended June 30, 2017, full dilution effect of convertible note of $22,038,798 was taken into account for calculation of the diluted earnings per share because convertible note holder can exercise the right to exercise to convert to common stock by giving 1 month notice after October 1, 2015 under terms of convertible note agreement. 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. The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: Six months ended June 30, 2018 Six months ended June 30, 2017 BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,970,386 $ 9,073,865 Basic earnings per share $ 0.17 $ 0.39 Basic weighted average shares outstanding 35,749,331 23,365,503 Six months ended June 30, 2018 Six months ended June 30, 2017 DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,970,386 $ 9,073,865 Convertible note interest - 723,921 Net income used in computing diluted earnings per share $ 5,970,386 $ 9,797,786 Diluted earnings per share $ 0.17 $ 0.38 Basic weighted average shares outstanding 35,749,331 23,365,503 Add: weight average of common stock convertible from convertible note payables - 2,189,580 Diluted weighted average shares outstanding 35,749,331 25,555,083 For the six months ended June 30, 2017, full dilution effect of convertible note of $22,038,798 was taken into account for calculation of the diluted earnings per share because convertible note holder can exercise the right to exercise to convert to common stock by giving 1 month notice after October 1, 2015 under terms of convertible note agreement. |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 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] | 2.2 REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100% (12.31.2017: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100% (12.31.2017: 100%) indirectly Dormant Capital Hero Inc. (“CH”) Belize 100% (12.31.2017: 100%) indirectly Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100% (12.31.2017: 100%) directly Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75% (12.31.2017: 75%) indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75% (12.31.2017:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76% (12.31.2017:76%) indirectly 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% (12.31.2017: 41.25%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures |
Basis of Accounting, Policy [Policy Text Block] | 2.3 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and follow the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The balance sheet as of December 31, 2017 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. 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] | 2.4 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] | 2.5 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] | 2.6 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] | 2.10 SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $1,960 and $8,398, $2,745 and $16,145 for the three months and the six months ended June 30, 2018 and 2017, respectively. |
Advertising Costs, Policy [Policy Text Block] | 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $399,749 and $372,045, $800,504 and $1,003,762 for |
Research and Development Expense, Policy [Policy Text Block] | 2.12 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $0 and $0, $0 and $0 for the three months ended and the six months ended June 30, 2018 and 2017, respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 2.13 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 $ 2,934,453 6. 37 6. 87 |
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] | 2.15 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 June 30, 2018 and December 31, 2017 are $0. |
Inventory, Policy [Policy Text Block] | 2.16 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] | 2.17 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. 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 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] | 2.18 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. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired. |
Investment, Policy [Policy Text Block] | 2.19 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% stake in RCU. The Company has no representative on the board of directors to oversee corporate operations. The Company accounts for its long term investment at cost. On October 18, 2017, the Company withdrew its equity interest in RCU. |
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 years. 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 years. 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 years. 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 years. 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] | 2.21 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] | 2.22 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 to 60 years. Land use rights purchase prices were determined in accordance with the P.R.C. Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. |
Equity Method Investment [Policy Text Block] | 2.23 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] | 2.25 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] | 2.26 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] | 2.27 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 co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or 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] | 2.28 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] | 2.30 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 June 30, 2018 and December 31, 2017 amounted to $348,673 and $327,019, respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. 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 June 30, 2018 Three months ended June 30, 2017 Six months ended June 30, 2018 Six months ended June 30, 2017 Customer A 35.13 % 27.88 % 33.40 % 26.64 % Customer B - % 25.53 % - % 20.98 % Customer C 18.44 % 16.16 % 16.63 % 13.63 % Customer D 18.38 % 9.99 % 17.73 % 8.76 % Customer E 6.26 % 6.26 % 7.64 % 7.93 % Customer F 4.62 % - % - % - % Customer G - % - % 5.22 % - % Customer H - % - % - % 11.15 % 82.83 % 85.82 % 80.62 % 89.09 % Percentage of revenue Amount Customer A Corporate and others Division 33.40 % $ 22,619,734 Customer D Corporate and others Division 17.73 % $ 12,010,574 Customer C Cattle Farm Development Division 16.63 % $ 11,265,270 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: June 30, 2018 December 31, 2017 Customer A 60.04 % 27.13 % Customer B 12.15 % 7.34 % Customer C 8.79 % 7.49 % Customer D 5.14 % 4.78 % Customer E 3.70 % - % Customer F - % 12.31 % 89.82 % 59.05 % As of June 30, 2018, amounts due from customers A and B are $53,460,749 and $10,814,651, respectively. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware of any financial difficulties of its major customers. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | 2.31 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 June 30, 2018 and December 31, 2017, the Company determined no impairment losses were necessary. |
Earnings Per Share, Policy [Policy Text Block] | 2.32 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 June 30, 2018 and 2017, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amounted to $0.02 and $0.02, respectively. For the three months ended June 30, 2018 and 2017, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.02 and $0.03, respectively. For the six months ended June 30, 2018 and 2017, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amounted to $0.17 and $0.39, respectively. For the six months ended June 30, 2018 and 2017, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.17 and $0.38, respectively. |
Comprehensive Income, Policy [Policy Text Block] | 2.33 ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income” |
Postemployment Benefit Plans, Policy [Policy Text Block] | 2.34 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] | 2.35 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] | 2.36 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 June 30, 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 June 30, 2018 or 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | 2.37 NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), which generally requires companies to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. This guidance will be effective for us in the first quarter of 2019 on a modified retrospective basis and early adoption is permitted. We will adopt the new standard effective January 1, 2019. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02), In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) Topic 605, Revenue Recognition (Topic 605). ASU 2014-09 can be adopted using one of two retrospective transition methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. While the Company has not yet completed their evaluation, it has reviewed ASU 2014-09 and does not expect this new guidance to have a material impact on its consolidated financial statements. To the extent there is an impact, the Company will apply as a cumulative-effect adjustment as of the date of adoption. 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 (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statements of cash flows. We adopted the new standard effective January 1, 2018, using the retrospective transition approach. The reclassified restricted cash balances from investing activities to changes in cash, cash equivalents and restricted cash on the consolidated statements of cash flows were nil for all periods presented. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We adopted the new standard effective January 1, 2018 on a prospective basis. The new standard did not have a material impact on our consolidated financial statements. 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) | 6 Months Ended |
Jun. 30, 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% (12.31.2017: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Stage Inc. (“CS”) Belize 100% (12.31.2017: 100%) indirectly Dormant Capital Hero Inc. (“CH”) Belize 100% (12.31.2017: 100%) indirectly Dormant Sino Agro Food Sweden AB (“SAFS”) Sweden 100% (12.31.2017: 100%) directly Dormant Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100% (12.31.2017: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. 75% (12.31.2017: 75%) indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75% (12.31.2017:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76% (12.31.2017:76%) indirectly 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% (12.31.2017: 41.25%) indirectly 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 June 30, 2018 Three months ended June 30, 2017 Six months ended June 30, 2018 Six months ended June 30, 2017 Customer A 35.13 % 27.88 % 33.40 % 26.64 % Customer B - % 25.53 % - % 20.98 % Customer C 18.44 % 16.16 % 16.63 % 13.63 % Customer D 18.38 % 9.99 % 17.73 % 8.76 % Customer E 6.26 % 6.26 % 7.64 % 7.93 % Customer F 4.62 % - % - % - % Customer G - % - % 5.22 % - % Customer H - % - % - % 11.15 % 82.83 % 85.82 % 80.62 % 89.09 % Percentage of revenue Amount Customer A Corporate and others Division 33.40 % $ 22,619,734 Customer D Corporate and others Division 17.73 % $ 12,010,574 Customer C Cattle Farm Development Division 16.63 % $ 11,265,270 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: June 30, 2018 December 31, 2017 Customer A 60.04 % 27.13 % Customer B 12.15 % 7.34 % Customer C 8.79 % 7.49 % Customer D 5.14 % 4.78 % Customer E 3.70 % - % Customer F - % 12.31 % 89.82 % 59.05 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 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. For the three months ended June 30, 2018 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 1,061,986 1,044,245 7,624,303 6,073,838 18,190,351 - 33,994,723 Net income (loss) $ 54,428 (268,503 ) (689,227 ) 409,794 1,391,175 - 897,667 Total assets $ 81,997,442 46,569,574 341,912,724 41,143,209 278,634,636 - 790,257,585 For the three months ended June 30, 2017 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ - $ 755,579 $ 21,499,999 $ 7,401,149 $ 18,070,251 $ - $ 47,726,978 Net income (loss) $ (48,036 ) $ (659,970 ) $ 786,481 $ 795,810 $ (491,853 ) $ - $ 382,432 Total assets $ 77,911,145 $ 47,620,284 $ 372,142,920 $ 42,999,309 $ 265,159,309 $ - $ 805,832,967 For the six months ended June 30, 2018 Continuing operation Discontinued operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 3,534,390 2,094,473 16,394,895 11,071,921 34,630,308 - 67,725,987 Net income (loss) $ 615,371 (523,627 ) (20,862 ) 695,812 5,203,692 - 5,970,386 Total assets $ 81,997,442 46,569,574 341,912,724 41,143,209 278,634,636 - 790,257,585 For the six months ended June 30, 2017 Continuing Discontinued Operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 13,189,265 $ 2,078,755 $ 46,077,506 $ 15,813,236 $ 41,180,831 $ - $ 118,339,593 Net income (loss) $ 4,310,302 $ (498,040 ) $ 2,511,517 $ 1,890,019 $ 860,067 $ - $ 9,073,865 Total assets $ 77,911,145 $ 47,620,284 $ 372,142,920 $ 42,999,309 $ 265,159,309 $ - $ 805,832,967 (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] | Further analysis of revenue:- For the three ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 1,044,245 1,044,245 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,499,490 2,499,490 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 5,124,813 5,124,813 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 6,073,838 6,073,838 Sino Agro Food, Inc. (“SIAF”) 18,190,351 18,190,351 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 1,061,986 1,061,986 Commission and management fee Capital Award, Inc. (“CA”) $ 1,061,986 1,044,245 7,624,303 6,073,838 18,190,351 33,994,723 Further analysis of revenue:- For the three months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 755,579 - - - 755,579 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 959,598 - - 959,598 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 7,308,554 - - 7,308,554 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,231,847 - - 13,231,847 Macau Eiji Company Limited (“MEIJI”) - - - 7,401,149 - 7,401,149 Sino Agro Food, Inc. (“SIAF”) - - - - 18,070,251 18,070,251 Consulting and service income for development contracts Capital Award, Inc. (“CA”) - - - - - - Commission and management fee Capital Award, Inc. (“CA”) - - - - - - $ - $ 755,579 $ 21,499,999 $ 7,401,149 $ 18,070,251 $ 47,726,978 Further analysis of revenue:- For the six months ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 2,094,473 2,094,473 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 4,865,057 4,865,057 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 11,529,838 11,529,838 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 11,071,921 11,071,921 Sino Agro Food, Inc. (“SIAF”) 34,630,308 34,630,308 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 3,534,390 3,534,390 Commission and management fee Capital Award, Inc. (“CA”) $ 3,534,390 2,094,473 16,394,895 11,071,921 34,630,308 67,725,987 Further analysis of revenue:- For the six months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (6) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 2,078,755 - - - 2,078,755 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 3,723,601 - - 3,723,601 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 15,413,529 - - 15,413,529 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 26,940,376 - - 26,940,376 Macau Eiji Company Limited (“MEIJI”) - - - 15,813,236 - 15,813,236 Sino Agro Food, Inc. (“SIAF”) - - - - 41,180,831 41,180,831 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 13,189,265 - - - - 13,189,265 Commission and management fee Capital Award, Inc. (“CA”) - - - - - - $ 13,189,265 $ 2,078,755 $ 46,077,506 $ 15,813,236 $ 41,180,831 $ 118,339,593 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD For the three months ended June 30, 2018 Fishery HU Organic Fertilizer Cattle Farm Corporate Development Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 859,183 859,183 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 1,645,595 1,645,595 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) 3,489,352 3,489,352 Qinghai Zhong He Meat Products Co., Limited (“QZH”) Macau Eiji Company Limited (“MEIJI”) 5,507,928 5,507,928 Sino Agro Food, Inc. (“SIAF”) 16,169,201 16,169,201 $ - 859,183 5,134,947 5,507,928 16,169,201 27,671,259 COST OF SERVICES For the three months ended June 30, 2018 Fishery Organic Fertilizer Cattle Farm Corporate Development HU Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) 880,418 - - - - 880,418 $ 880,418 $ - $ - $ - $ - $ 880,418 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD For the three months ended June 30, 2017 Fishery HU Organic Fertilizer Cattle Farm Corporate Development Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Sale of goods Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 629,856 - - - 629,856 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 766,897 - - 766,897 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 5,001,068 - - 5,001,068 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 12,479,848 - - 12,479,848 Macau Eiji Company Limited (“MEIJI”) - - - 6,278,714 - 6,278,714 Sino Agro Food, Inc. (“SIAF”) - - - - 16,062,446 16,062,446 $ - $ 629,856 $ 18,247,813 $ 6,278,714 $ 16,062,446 $ 41,218,829 COST OF SERVICES For the three months ended June 30, 2017 Fishery Organic Fertilizer Cattle Farm Corporate Development HU Plantation and Bread Grass Development and others Division (1) Division (2) Division (3) Division (4) (5) Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) - - - - - - $ - $ - $ - $ - $ - $ - COST OF GOODS SOLD For the six months ended June 30, 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 Capital Award, Inc. (“CA”) $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) 1,753,905 1,753,905 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) 3,259,280 3,259,280 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) 7,625,676 7,625,676 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - Macau Eiji Company Limited (“MEIJI”) 10,036,426 10,036,426 Sino Agro Food, Inc. (“SIAF”) 30,858,992 30,858,992 $ - 1,753,905 10,884,956 10,036,426 30,858,992 53,534,279 COST OF SERVICES For the six months ended June 30, 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”) 2,664,740 2,664,740 $ 2,664,740 2,664,740 COST OF GOODS SOLD For the six months ended June 30, 2017 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 Capital Award, Inc. (“CA”) $ - $ - $ - $ - $ - $ - Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 1,085,357 - - - 1,085,357 Hunan Shenghua A Power Agriculture Co., Limited (“HSA “) - - 2,536,965 - - 2,536,965 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP “) - - 10,227,933 - - 10,227,933 Qinghai Zhong He Meat Products Co., Limited (“QZH “) - - 24,900,756 - - 24,900,756 Macau Eiji Company Limited (“MEIJI”) - - - 13,262,170 - 13,262,170 Sino Agro Food, Inc. (“SIAF”) - - - - 36,605,184 36,605,184 $ - $ 1,085,357 $ 37,665,654 $ 13,262,170 $ 36,605,184 $ 88,618,365 COST OF SERVICES For the six months ended June 30, 2017 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”) 8,782,892 - - - - 8,782,892 $ 8,782,892 $ - $ - $ - $ - $ 8,782,892 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2018 Three months ended June 30, 2017 (Unaudited) (Unaudited) SIAF $ - $ - SAFS - - MEIJI and APWAM - - JHST, JHMC, SJAP, QZH and HSA - - $ - $ - |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cash and bank balances $ 605,994 $ 560,043 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | As of June 30, 2018, inventories are as follows: June 30, 2018 December 31, 2017 (Unaudited) (Audited) Bread grass 437,755 976,514 Beef cattle 9,747,627 5,903,442 Organic fertilizer 12,669,705 16,832,390 Forage for cattle and consumable 7,204,550 7,397,910 Raw materials for bread grass and organic fertilizer 19,896,828 19,113,274 Immature seeds 2,984,775 2,405,417 $ 52,941,240 $ 52,628,947 |
DEPOSITS AND PREPAYMENTS (Table
DEPOSITS AND PREPAYMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule Of Deposits and Prepaid Expenses [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Deposits for - purchases of equipment $ 2,765,042 $ 2,815,774 - acquisition of land use rights 181,352 3,244,567 - inventories purchases 21,721,995 24,282,950 - construction in progress 5,101,578 6,774,380 - issue of shares as collateral 25,761,658 25,427,293 Shares issued for employee compensation and overseas professional and bond interest 1,138,689 702,625 Others 7,233,707 7,212,061 $ 63,904,021 $ 70,459,650 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Past Due Financing Receivables [Table Text Block] | Aging analysis of accounts receivable is as follows: June 30, 2018 December 31, 2017 (Unaudited) (Audited) 0 - 30 days $ 3,580,793 $ 7,973,308 31 - 90 days 26,555,865 18,240,251 91 - 120 days 8,012,583 5,725,069 over 120 days and less than 1 year 7,606,519 21,551,845 over 1 year 43,289,545 29,480,945 $ 89,045,305 $ 82,971,418 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Receivable [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Advanced to employees $ 1,004,318 $ 219,186 Advanced to suppliers 2,033,895 3,768,585 Advanced to customers 13,584,941 11,982,331 Advanced to developers 470,002 399,449 Others 8,946,216 4,310,927 $ 26,039,372 $ 20,680,478 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Plant and machinery $ 5,443,921 $ 5,501,975 Structure and leasehold improvements 206,926,056 209,378,338 Mature seeds and herbage cultivation 53,671,290 49,685,830 Furniture and equipment 698,700 699,494 Motor vehicles 608,413 614,792 267,348,380 265,880,429 Less: Accumulated depreciation (23,923,579 ) (19,022,632 ) Net carrying amount $ 243,424,801 $ 246,857,797 |
CONSTRUCTION IN PROGRESS (Table
CONSTRUCTION IN PROGRESS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Construction In Progress [Abstract] | |
Schedule Of Construction In progress [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Construction in progress - Rangeland for beef cattle and office building 11,410,770 6,178,308 |
LAND USE RIGHTS (Tables)
LAND USE RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Land Use Rights [Abstract] | |
Land Use Rights [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 67,870,609 $ 65,573,223 Less: Accumulated amortization (11,446,547) (10,735,192 ) Net carrying amount $ 56,424,062 $ 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 Addition 3,022,518 Exchange difference (725,132 ) Balance 6.30.2018 $ 67,870,609 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | June 30, 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) | 6 Months Ended |
Jun. 30, 2018 | |
Proprietary Technologies [Abstract] | |
Schedule Of Proprietary Technologies [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Cost $ 11,180,413 $ 11,211,100 Less: Accumulated amortization (1,901,202 ) (1,622,495 ) Net carrying amount $ 9,279,211 $ 9,588,605 |
INTERESTS IN UNCONSOLIDATED E48
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Investments at cost - TRW $ 141,999,564 $ 136,667,593 Amount due from a consolidated equity investee - TRW 59,312,033 56,600,103 $ 201,311,597 $ 193,267,696 |
TEMPORARY DEPOSITS PAID TO EN49
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Sino Joint Venture companies [Member] | |
Equity Method Investments [Table Text Block] | Intended unincorporated Projects Investee Engaged June 30, 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 above amounts were subject to conversion to an additional equity investment in the investees upon the completion of legal procedures of formation of SJVCs. |
CONSTRUCTION CONTRACT (Tables)
CONSTRUCTION CONTRACT (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017 (Unaudited) (Audited) Costs $ 6,186,261 $ 8,208,912 Estimated earnings 4,777,300 6,740,289 Less: Billings (10,712,733 ) (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 June 30, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ 40,590,477 $ 41,543,554 Less: Costs (23,404,302 ) (23,980,880 ) Estimated earnings (11,583,494 ) (11,822,609 ) Billing in excess of costs and estimated earnings on uncompleted contracts $ 5,602,681 $ 5,740,065 (iii) Overall June 30, 2018 December 31, 2017 (Unaudited) (Audited) Billings $ $ 55,243,568 Less: Costs ) (32,189,792 ) Estimated earnings ) (18,562,898 ) Billing in excess of costs and estimated earnings on uncompleted contracts $ $ 4,490,878 |
OTHER PAYABLES (Tables)
OTHER PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Payables [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Due to third parties $ 11,325,613 $ 11,133,656 Straight note payable 29,367,999 29,367,999 Promissory notes issued to third parties 10,949,126 11,089,779 Due to local government 90,675 91,827 $ 51,733,413 $ 51,683,261 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (10,949,126 ) (11,089,779 ) Amount classified as current liabilities $ 40,784,287 $ 40,593,482 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Short term bank loan Name of lender Interest rate Term June 30, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank Beijing City, the P.R.C 5.2835 % November 29, 2017 - November 28, 2018 $ 3,022,518 $ 3,060,913 China Development Bank Beijing City, the P.R.C 5.2835 % December 14, 2017 - December 13, 2018 $ 1,511,258 $ 1,530,455 Add: current portion of long term bank loan $ 151,126 $ 76,522 4,684,902 4,667,890 Long term bank loan Name of lender Interest rate Term June 30, 2018 December 31, 2017 (Unaudited) (Audited) China Development Bank December 16, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 $ 6,045,036 $ 6,121,824 Less: current portion of long term bank loan $ (151,126 ) $ (76,522 ) 5,893,910 6,045,302 |
NEGOTIABLE PROMISSORY NOTES (Ta
NEGOTIABLE PROMISSORY NOTES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Promissory Notes Payable [Table Text Block] | June 30, 2018 December 31, 2017 (Unaudited) (Audited) Negotiable promissory notes $ 977,155 $ 977,155 |
CONVERTIBLE NOTE PAYABLES (Tabl
CONVERTIBLE NOTE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 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 . June 30, 2018 December 31, 2017 (Unaudited) (Audited) Convertible note due December 31, 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] | The Company estimated the fair value of the derivative liabilities using the Binomial Option Pricing Model and the following key assumptions during the six months ended June 30, 2018 and the year ended December 31, 2017 June 30, 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] | The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value as of June 30, 2018 and December 31, 2017. Level 1 Level 2 Level 3 Total LIABILITIES: $ $ $ $ Derivative liabilities as of June 30, 2018 - - 2,100 2,100 Derivative liabilities as of December 31, 2017 - - 2,100 2,100 |
Schedule of Derivative Instruments [Table Text Block] | The following table represents the change in the fair value of the derivative liabilities during the six months ended June 30, 2018 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 June 30, 2018 $ 2,100 |
OBLIGATION UNDER OPERATING LE55
OBLIGATION UNDER OPERATING LEASES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments as of June 30, 2018, are as follows: Within 1 year $ 88,240 2 to 5 years 80,387 Over 5 years - $ 168,627 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: Three months ended June 30, 2018 Three months ended June 30, 2017 BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 897,667 $ 382,432 Basic earnings per share $ 0.02 $ 0.02 Basic weighted average shares outstanding 37,573,999 22,995,676 Three months ended June 30, 2018 Three months ended June 30, 2017 DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 897,667 $ 382,432 Convertible note interest - 361,960 Net income used in computing diluted earnings per share $ 897,667 $ 744,392 Diluted earnings per share $ 0.02 $ 0.03 Basic weighted average shares outstanding 37,573,999 22,995,676 Add: weight average of common stock convertible from convertible note payables - 2,207,861 Diluted weighted average shares outstanding 37,573,999 25,203,537 The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: Six months ended June 30, 2018 Six months ended June 30, 2017 BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,970,386 $ 9,073,865 Basic earnings per share $ 0.17 $ 0.39 Basic weighted average shares outstanding 35,749,331 23,365,503 Six months ended June 30, 2018 Six months ended June 30, 2017 DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share $ 5,970,386 $ 9,073,865 Convertible note interest - 723,921 Net income used in computing diluted earnings per share $ 5,970,386 $ 9,797,786 Diluted earnings per share $ 0.17 $ 0.38 Basic weighted average shares outstanding 35,749,331 23,365,503 Add: weight average of common stock convertible from convertible note payables - 2,189,580 Diluted weighted average shares outstanding 35,749,331 25,555,083 |
CORPORATE INFORMATION (Details
CORPORATE INFORMATION (Details Textual) | Oct. 05, 2016USD ($) | Aug. 15, 2016USD ($)$ / sharesshares | Dec. 30, 2017USD ($) | Dec. 30, 2017CNY (¥) | Mar. 23, 2017USD ($) | Oct. 25, 2015USD ($) | Aug. 24, 2007shares | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017 | 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 Investment, Ownership Percentage | 75.00% | |||||||||||||||||||||||||||
Equity Method Investments | $ 201,311,597 | $ 193,267,696 | ||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 0 | ¥ 2 | ||||||||||||||||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | |||||||||||||||||||||||||||
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 QZH’s board and stockholders meetings. | |||||||||||||||||||||||||||
Chinese Partners [Member] | ||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | |||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ 769,941 | |||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.30% | 8.30% | ||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ 4,157,682 | |||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
JFD [Member] | ||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 75.00% | 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 | |||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 25.00% | 23.89% | 100.00% | ||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | |||||||||||||||||||||||||||
Fair Value of Assets Acquired | $ 238,320,000 | $ 238,320,000 | ||||||||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 3.41 | |||||||||||||||||||||||||||
Licensing Fees | $ 30,000,000 | |||||||||||||||||||||||||||
Ebapcd [Member] | ||||||||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | 36.60% |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended | ||
Jun. 30, 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. | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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”). | ||
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 | ||
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% | |
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 | ||
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% | |
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 | ||
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% |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Product Information [Line Items] | |||||
Sales Revenue, Goods, Net | $ 33,994,723 | $ 47,726,978 | $ 67,725,987 | $ 118,339,593 | |
Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 82.83% | 85.82% | 80.62% | 89.09% | |
Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 89.82% | 59.05% | |||
Customer A [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 35.13% | 27.88% | 33.40% | 26.64% | |
Customer A [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 60.04% | 27.13% | |||
Customer A [Member] | Sales Revenue, Net [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 33.40% | ||||
Sales Revenue, Goods, Net | $ 22,619,734 | ||||
Customer B [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 25.53% | 0.00% | 20.98% | |
Customer B [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 12.15% | 7.34% | |||
Customer C [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 18.44% | 16.16% | 16.63% | 13.63% | |
Customer C [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 8.79% | 7.49% | |||
Customer C [Member] | Sales Revenue, Net [Member] | Cattle Farm Development and HU Plantation Division [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 16.63% | ||||
Sales Revenue, Goods, Net | $ 11,265,270 | ||||
Customer D [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 18.38% | 9.99% | 17.73% | 8.76% | |
Customer D [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 5.14% | 4.78% | |||
Customer D [Member] | Sales Revenue, Net [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 17.73% | ||||
Sales Revenue, Goods, Net | $ 12,010,574 | ||||
Customer E [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 6.26% | 6.26% | 7.64% | 7.93% | |
Customer E [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 3.70% | 0.00% | |||
Customer F [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 4.62% | 0.00% | 0.00% | 0.00% | |
Customer F [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 12.31% | |||
Customer G [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 5.22% | 0.00% | |
Customer H [Member] | Sales Revenue, Product Line [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | 11.15% |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares¥ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2017¥ / shares | Dec. 31, 2017USD ($)$ / shares | Jun. 30, 2018¥ / shares | Dec. 31, 2017¥ / shares | Oct. 29, 2014 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accumulated other comprehensive income | $ (2,934,454) | $ (2,934,454) | $ (2,934,454) | $ (2,346,174) | |||||||
Goodwill, Acquired During Period | 724,940 | ||||||||||
Cash, Uninsured Amount | 348,673 | 348,673 | 348,673 | 327,019 | |||||||
Accounts Receivable, Net, Current | $ 89,045,305 | 89,045,305 | $ 89,045,305 | 82,971,418 | |||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||
Provision for Doubtful Accounts | $ 0 | $ 0 | |||||||||
Earnings Per Share, Basic | $ / shares | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.39 | |||||||
Earnings Per Share, Diluted | $ / shares | 0.02 | 0.03 | 0.17 | 0.38 | |||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | 0.02 | $ 0.03 | 0.17 | $ 0.38 | |||||||
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 | $ 1 | ¥ 6.62 | ¥ 6.53 | |||||
Customer A [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accounts Receivable, Net, Current | $ 53,460,749 | $ 53,460,749 | $ 53,460,749 | ||||||||
Customer B [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accounts Receivable, Net, Current | 10,814,651 | $ 10,814,651 | $ 10,814,651 | ||||||||
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] | |||||||||||
Research and Development Expense | 0 | $ 0 | $ 0 | $ 0 | |||||||
General and Administrative Expense [Member] | Advertising [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cost of Goods and Services Sold | 399,749 | 372,045 | 800,504 | 1,003,762 | |||||||
General and Administrative Expense [Member] | Shipping and Handling [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ 1,960 | $ 8,398 | $ 2,745 | $ 16,145 | |||||||
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 | $ 6.37 | $ 1 | ¥ 6.87 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | $ 33,994,723 | $ 47,726,978 | $ 67,725,987 | $ 118,339,593 | |||||
Net income | (5,223,450) | (12,359,082) | |||||||
Total assets | 790,257,585 | 790,257,585 | $ 774,922,322 | ||||||
Fishery Development Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [1] | 1,061,986 | 3,534,390 | 13,189,265 | |||||
HU Plantation Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [2] | 1,044,245 | 755,579 | 2,094,473 | 2,078,755 | ||||
Organic Fertilizer and Bread Grass Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [3] | 7,624,303 | 21,499,999 | 16,394,895 | 46,077,506 | ||||
Cattle Farm Development Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [4] | 6,073,838 | 7,401,149 | 11,071,921 | 15,813,236 | ||||
Corporate and Others Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [5] | 18,190,351 | 18,070,251 | 34,630,308 | 41,180,831 | ||||
Continuing Operations [Member] | Fishery Development Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [1] | 1,061,986 | 0 | 3,534,390 | 13,189,265 | ||||
Net income | 54,428 | [1] | (48,036) | [1] | 615,371 | 4,310,302 | [1] | ||
Total assets | 81,997,442 | 77,911,145 | [1] | 81,997,442 | 77,911,145 | [1] | |||
Continuing Operations [Member] | HU Plantation Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [2] | 1,044,245 | 755,579 | 2,094,473 | 2,078,755 | ||||
Net income | [2] | (268,503) | (659,970) | (523,627) | (498,040) | ||||
Total assets | [2] | 46,569,574 | 47,620,284 | 46,569,574 | 47,620,284 | ||||
Continuing Operations [Member] | Organic Fertilizer and Bread Grass Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [3] | 7,624,303 | 21,499,999 | 16,394,895 | 46,077,506 | ||||
Net income | [3] | (689,227) | 786,481 | (20,862) | 2,511,517 | ||||
Total assets | [3] | 341,912,724 | 372,142,920 | 341,912,724 | 372,142,920 | ||||
Continuing Operations [Member] | Cattle Farm Development Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [4] | 6,073,838 | 7,401,149 | 11,071,921 | 15,813,236 | ||||
Net income | [4] | 409,794 | 795,810 | 695,812 | 1,890,019 | ||||
Total assets | [4] | 41,143,209 | 42,999,309 | 41,143,209 | 42,999,309 | ||||
Continuing Operations [Member] | Corporate and Others Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [5] | 18,190,351 | 18,070,251 | 34,630,308 | 41,180,831 | ||||
Net income | [5] | 1,391,175 | (491,853) | 5,203,692 | 860,067 | ||||
Total assets | [5] | 278,634,636 | 265,159,309 | 278,634,636 | 265,159,309 | ||||
Discontinued Operations [Member] | Fishery Development Division [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | [1] | 0 | 0 | 0 | 0 | ||||
Net income | [1] | 0 | 0 | 0 | 0 | ||||
Total assets | [1] | 0 | 0 | 0 | 0 | ||||
Operating Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 33,994,723 | 47,726,978 | 118,339,593 | ||||||
Net income | 897,667 | 382,432 | 5,970,386 | 9,073,865 | |||||
Total assets | $ 790,257,585 | $ 805,832,967 | $ 790,257,585 | $ 805,832,967 | |||||
[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”). |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | $ 33,994,723 | $ 47,726,978 | $ 67,725,987 | $ 118,339,593 | |
Cost Of Goods Sold | 27,671,259 | 41,218,829 | 53,534,279 | 88,618,365 | |
Cost Of Services | 880,418 | 0 | 2,664,740 | 8,782,892 | |
Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | |||||
Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 0 | ||||
Cost Of Goods Sold | 0 | 0 | 0 | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited ("JHST") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 1,044,245 | 755,579 | 2,094,473 | 2,078,755 | |
Cost Of Goods Sold | 859,183 | 629,856 | 1,753,905 | 1,085,357 | |
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 2,499,490 | 959,598 | 4,865,057 | 3,723,601 | |
Cost Of Goods Sold | 1,645,595 | 766,897 | 3,259,280 | 2,536,965 | |
Qinghai Sanjiang A Power Agriculture Co., Limited ("SJAP") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 5,124,813 | 7,308,554 | 11,529,838 | 15,413,529 | |
Cost Of Goods Sold | 3,489,352 | 5,001,068 | 7,625,676 | 10,227,933 | |
Qinghai Zhong He Meat Products Co., Limited ("QZH") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 13,231,847 | 26,940,376 | |||
Cost Of Goods Sold | 12,479,848 | 0 | 24,900,756 | ||
Macau Eiji Company Limited ("MEIJI") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 6,073,838 | 7,401,149 | 11,071,921 | 15,813,236 | |
Cost Of Goods Sold | 5,507,928 | 6,278,714 | 10,036,426 | 13,262,170 | |
Sino Agro Food, Inc. ("SIAF") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 18,190,351 | 18,070,251 | 34,630,308 | 41,180,831 | |
Cost Of Goods Sold | 16,169,201 | 16,062,446 | 30,858,992 | 36,605,184 | |
Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 1,061,986 | 3,534,390 | 13,189,265 | ||
Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | 0 | ||||
Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | |||||
Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | 880,418 | 0 | 2,664,740 | 8,782,892 | |
Fishery Development Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [1] | 1,061,986 | 3,534,390 | 13,189,265 | |
Cost Of Goods Sold | [1] | 0 | 0 | 0 | 0 |
Cost Of Services | [1] | 880,418 | 0 | 2,664,740 | 8,782,892 |
Fishery Development Division [Member] | Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [1] | ||||
Fishery Development Division [Member] | Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [1] | 0 | |||
Cost Of Goods Sold | [1] | 0 | 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 | |||
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 | |||
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 | |||
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 | 0 | ||
Fishery Development Division [Member] | Macau Eiji Company Limited ("MEIJI") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [1] | 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 | |||
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] | 1,061,986 | 3,534,390 | 13,189,265 | |
Fishery Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [1] | 0 | |||
Fishery Development Division [Member] | Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [1] | ||||
Fishery Development Division [Member] | Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [1] | 880,418 | 0 | 2,664,740 | 8,782,892 |
Hu Plantation Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [2] | 1,044,245 | 755,579 | 2,094,473 | 2,078,755 |
Cost Of Goods Sold | [2] | 859,183 | 629,856 | 1,753,905 | 1,085,357 |
Cost Of Services | [2] | 0 | 0 | 0 | |
Hu Plantation Division [Member] | Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [2] | ||||
Hu Plantation Division [Member] | Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [2] | 0 | |||
Cost Of Goods Sold | [2] | 0 | 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] | 1,044,245 | 755,579 | 2,094,473 | 2,078,755 |
Cost Of Goods Sold | [2] | 859,183 | 629,856 | 1,753,905 | 1,085,357 |
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 | |||
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 | |||
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 | 0 | ||
Hu Plantation Division [Member] | Macau Eiji Company Limited ("MEIJI") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [2] | 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 | |||
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 | [2] | 0 | |||
Hu Plantation Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [2] | 0 | |||
Hu Plantation Division [Member] | Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [2] | ||||
Hu Plantation Division [Member] | Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [2] | 0 | 0 | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [3] | 7,624,303 | 21,499,999 | 16,394,895 | 46,077,506 |
Cost Of Goods Sold | [3] | 5,134,947 | 18,247,813 | 10,884,956 | 37,665,654 |
Cost Of Services | [3] | 0 | 0 | 0 | |
Organic Fertilizer and Bread Grass Division [Member] | Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [3] | ||||
Organic Fertilizer and Bread Grass Division [Member] | Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [3] | 0 | |||
Cost Of Goods Sold | [3] | 0 | 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 | |||
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] | 2,499,490 | 959,598 | 4,865,057 | 3,723,601 |
Cost Of Goods Sold | [3] | 1,645,595 | 766,897 | 3,259,280 | 2,536,965 |
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] | 5,124,813 | 7,308,554 | 11,529,838 | 15,413,529 |
Cost Of Goods Sold | [3] | 3,489,352 | 5,001,068 | 7,625,676 | 10,227,933 |
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] | 13,231,847 | 26,940,376 | ||
Cost Of Goods Sold | [3] | 12,479,848 | 24,900,756 | ||
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 | |||
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 | |||
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] | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [3] | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [3] | ||||
Organic Fertilizer and Bread Grass Division [Member] | Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [3] | 0 | 0 | 0 | |
Cattle Farm Development Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [4] | 6,073,838 | 7,401,149 | 11,071,921 | 15,813,236 |
Cost Of Goods Sold | [4] | 5,507,928 | 6,278,714 | 10,036,426 | 13,262,170 |
Cost Of Services | [4] | 0 | 0 | 0 | |
Cattle Farm Development Division [Member] | Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [4] | ||||
Cattle Farm Development Division [Member] | Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [4] | 0 | |||
Cost Of Goods Sold | [4] | 0 | 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 | |||
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 | |||
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 | |||
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 | 0 | ||
Cattle Farm Development Division [Member] | Macau Eiji Company Limited ("MEIJI") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [4] | 6,073,838 | 7,401,149 | 11,071,921 | 15,813,236 |
Cost Of Goods Sold | [4] | 5,507,928 | 6,278,714 | 10,036,426 | 13,262,170 |
Cattle Farm Development Division [Member] | Sino Agro Food, Inc. ("SIAF") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [4] | 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 | [4] | 0 | |||
Cattle Farm Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [4] | 0 | |||
Cattle Farm Development Division [Member] | Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [4] | ||||
Cattle Farm Development Division [Member] | Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [4] | 0 | 0 | 0 | |
Corporate and Others [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [5] | 18,190,351 | 18,070,251 | 34,630,308 | 41,180,831 |
Cost Of Goods Sold | [5] | 16,169,201 | 16,062,446 | 30,858,992 | 36,605,184 |
Cost Of Services | [5] | 0 | 0 | 0 | |
Corporate and Others [Member] | Name of entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [5] | ||||
Corporate and Others [Member] | Name of entity Sale of goods Capital Award, Inc. ("CA") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [5] | 0 | |||
Cost Of Goods Sold | [5] | 0 | 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 | |||
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 | |||
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 | |||
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 | 0 | ||
Corporate and Others [Member] | Macau Eiji Company Limited ("MEIJI") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [5] | 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] | 18,190,351 | 18,070,251 | 34,630,308 | 41,180,831 |
Cost Of Goods Sold | [5] | 16,169,201 | 16,062,446 | 30,858,992 | 36,605,184 |
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 | [5] | 0 | |||
Corporate and Others [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Goods, Net, Total | [5] | 0 | |||
Corporate and Others [Member] | Consulting and service income for development contracts [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [5] | ||||
Corporate and Others [Member] | Capital Award Inc CA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost Of Services | [5] | $ 0 | $ 0 | $ 0 | |
[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”). |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes Disclosure [Line Items] | ||||
Provision for income taxes | $ 0 | $ 0 | $ 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 ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and bank balances | $ 605,994 | $ 560,043 | $ 3,601,111 | $ 2,576,058 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Inventories | $ 52,941,240 | $ 52,628,947 |
Bread Grass [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 437,755 | 976,514 |
Beef Cattle [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 9,747,627 | 5,903,442 |
Organic Fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 12,669,705 | 16,832,390 |
Forage For Cattle and Consumable [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 7,204,550 | 7,397,910 |
Raw materials for bread grass and organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 19,896,828 | 19,113,274 |
Immature Seeds [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | $ 2,984,775 | $ 2,405,417 |
DEPOSITS AND PREPAYMENTS (Detai
DEPOSITS AND PREPAYMENTS (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Deposits And Prepaid Expenses [Line Items] | ||
Deposits for - purchases of equipment | $ 2,765,042 | $ 2,815,774 |
Deposits for - acquisition of land use rights | 181,352 | 3,244,567 |
Deposits for - inventories purchases | 21,721,995 | 24,282,950 |
Deposits for - construction in progress | 5,101,578 | 6,774,380 |
Deposits for - issue of shares as collateral | 25,761,658 | 25,427,293 |
Shares issued for employee compensation and overseas professional and bond interest | 1,138,689 | 702,625 |
Others | 7,233,707 | 7,212,061 |
Prepaid Expense and Other Assets, Current | $ 63,904,021 | $ 70,459,650 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
0 - 30 days | $ 3,580,793 | $ 7,973,308 |
31 - 90 days | 26,555,865 | 18,240,251 |
91 - 120 days | 8,012,583 | 5,725,069 |
over 120 days and less than 1 year | 7,606,519 | 21,551,845 |
over 1 year | 43,289,545 | 29,480,945 |
Accounts Receivable, Net, Current | $ 89,045,305 | $ 82,971,418 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 26,039,372 | $ 20,680,478 |
Advanced to employees [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 1,004,318 | 219,186 |
Advanced to suppliers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 2,033,895 | 3,768,585 |
Advanced to customers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 13,584,941 | 11,982,331 |
Advanced to developers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 470,002 | 399,449 |
Others [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 8,946,216 | $ 4,310,927 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 267,348,380 | $ 265,880,429 |
Less: Accumulated depreciation | (23,923,579) | (19,022,632) |
Net carrying amount | 243,424,801 | 246,857,797 |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 5,443,921 | 5,501,975 |
Structure and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 206,926,056 | 209,378,338 |
Mature Seeds and Herbage Cultivation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 53,671,290 | 49,685,830 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 698,700 | 699,494 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 608,413 | $ 614,792 |
PLANT AND EQUIPMENT (Details Te
PLANT AND EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 2,667,023 | $ 2,362,429 | $ 5,325,531 | $ 4,506,239 |
CONSTRUCTION IN PROGRESS (Detai
CONSTRUCTION IN PROGRESS (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Construction In Progress [Line Items] | ||
Construction in progress | $ 11,410,770 | $ 6,178,308 |
Rangeland for beef cattle and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | $ 11,410,770 | $ 6,178,308 |
LAND USE RIGHTS (Details)
LAND USE RIGHTS (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Land Use Rights [Line Items] | |||
Cost | $ 67,870,609 | $ 65,573,223 | $ 62,341,829 |
Less: Accumulated amortization | (11,446,547) | (10,735,192) | |
Net carrying amount | $ 56,424,062 | $ 54,838,031 |
LAND USE RIGHTS (Details 1)
LAND USE RIGHTS (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Land Use Rights [Line Items] | ||
Beginning Balance | $ 65,573,223 | $ 62,341,829 |
Addition | 3,022,518 | |
Exchange difference | (725,132) | 3,231,394 |
Ending Balance | $ 67,870,609 | $ 65,573,223 |
LAND USE RIGHTS (Details Textua
LAND USE RIGHTS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Land Use Rights [Line Items] | ||||
Amortization of Leased Asset | $ 418,873 | $ 530,869 | $ 841,453 | $ 1,005,360 |
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 ($) | Jun. 30, 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 ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 11,180,413 | $ 11,211,100 |
Less: Accumulated amortization | (1,901,202) | (1,622,495) |
Net carrying amount | $ 9,279,211 | $ 9,588,605 |
PROPRIETARY TECHNOLOGIES (Det79
PROPRIETARY TECHNOLOGIES (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2015 | Nov. 12, 2008 | Mar. 06, 2012 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 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 | $ 9,279,211 | $ 9,279,211 | $ 9,588,605 | ||||||
Developed Technology Rights [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Amortization of Intangible Assets | $ 146,670 | $ 149,356 | $ 293,451 | $ 295,144 | |||||
Patents [Member] | Tri Way Industries Limited [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to Acquire Intangible Assets | $ 8,000,000 | ||||||||
Sleep Cods Breeding Technology License [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Cost of Goods and Services Sold | $ 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 ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 201,311,597 | $ 193,267,696 |
Total investment at cost | 201,311,597 | 193,267,696 |
Tri Way Industries Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 141,999,564 | 136,667,593 |
Amount due from a consolidated equity investee - TRW | $ 59,312,033 | $ 56,600,103 |
INTERESTS IN UNCONSOLIDATED E81
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Details Textual) | Oct. 05, 2016USD ($) | Aug. 15, 2016USD ($)$ / sharesshares | Aug. 24, 2007shares | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2016 | May 06, 2016CNY (¥) | Sep. 30, 2012 | Apr. 01, 2012USD ($) | Jan. 02, 2012USD ($) | Dec. 31, 2011USD ($) | Nov. 17, 2011 | Feb. 28, 2011 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||||||||||
Equity Method Investments | $ 201,311,597 | $ 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% | 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% | 25.00% | 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 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | |||||||||||||
Fair Value of Assets Acquired | $ 238,320,000 | $ 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 ($) | Jun. 30, 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) | Jun. 30, 2018 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 75.00% | |
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 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2012 | Jul. 18, 2011 |
Variable Interest Entity [Line Items] | ||||||
Equity Method Investments | $ 201,311,597 | $ 193,267,696 | ||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||
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 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% | |||||
Proceeds from Contributed Capital | $ 4,157,682 | |||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Maximum [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Minimum [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 86.00% | |||||
Qinghai Quanwang Investment Management Co., Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 14.00% | |||||
Proceeds from Contributed Capital | $ 769,941 | |||||
A Power Agro Agriculture Development Macau Limited [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity Method Investments | $ 4,054,421 |
CONSTRUCTION CONTRACT (Details)
CONSTRUCTION CONTRACT (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Construction Contracts [Line Items] | ||
Billings | $ 51,303,210 | $ 55,243,568 |
Less: Costs | (29,590,563) | (32,189,792) |
Estimated earnings | (16,360,794) | (18,562,898) |
Billing in excess of costs and estimated earnings on uncompleted contracts | 5,351,853 | 4,490,878 |
Costs and estimated earnings in excess of billings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Billings | (10,712,733) | (13,700,014) |
Less: Costs | 6,186,261 | 8,208,912 |
Estimated earnings | 4,777,300 | 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 | 40,590,477 | 41,543,554 |
Less: Costs | (23,404,302) | (23,980,880) |
Estimated earnings | (11,583,494) | (11,822,609) |
Billing in excess of costs and estimated earnings on uncompleted contracts | $ 5,602,681 | $ 5,740,065 |
OTHER PAYABLES (Details)
OTHER PAYABLES (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Other Payables [Line Items] | ||
Due to third parties | $ 11,325,613 | $ 11,133,656 |
Straight Note Payable Current | 29,367,999 | 29,367,999 |
Promissory notes issued to third parties | 10,949,126 | 11,089,779 |
Due to local government | 90,675 | 91,827 |
Other Liabilities | 51,733,413 | 51,683,261 |
Less: Amount classified as non-current liabilities Promissory notes issued to third parties | (10,949,126) | (11,089,779) |
Amount classified as current liabilities | $ 40,784,287 | $ 40,593,482 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Short term bank loan | $ 4,684,902 | $ 4,667,890 |
Long-term Debt | 5,893,910 | 6,045,302 |
Long-term Debt, Current Maturities | 151,126 | 76,522 |
Long-term Debt, Current Maturities | $ (151,126) | (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 | $ 3,022,518 | 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 | $ 1,511,258 | 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 | $ 6,045,036 | $ 6,121,824 |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) | Dec. 14, 2017USD ($) | Nov. 30, 2017USD ($) | Jun. 30, 2018CNY (¥) | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 14, 2017CNY (¥) | Nov. 30, 2017CNY (¥) | Oct. 20, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 16, 2016 |
Short-term and Long-term Debt [Line Items] | ||||||||||||
2,018 | $ 151,126 | |||||||||||
Debt Instrument, Face Amount | $ 15,589,000 | 211,320 | $ 4,000,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | ¥ | ¥ 500,000 | |||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ¥ | ¥ 1,000,000 | |||||||||||
Land Use Rights [Member] | ||||||||||||
Short-term and Long-term Debt [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 418,313 | $ 429,982 | ||||||||||
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% | 5.39% | 110.00% | ||||||||
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 | $ 5,700,609 | $ 5,954,915 | ||||||||||
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 ($) | Jun. 30, 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 ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | Aug. 29, 2015 | |
Notes Payable, Current | $ 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 | $ 722,167 | $ 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 ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Convertible note due December 31, 2018 | $ 3,894,978 | $ 3,894,978 |
Less: classified as current liabilities | (3,894,978) | (3,894,978) |
Non-current liabilities | $ 0 | $ 0 |
CONVERTIBLE NOTE PAYABLES (De92
CONVERTIBLE NOTE PAYABLES (Details 1) | 6 Months Ended |
Jun. 30, 2018 | |
Measurement Input, Expected Dividend Payment [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Rate | 0.00% |
Measurement Input, Expected Term [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Term | 4 months 2 days |
Maximum [Member] | Measurement Input, Price Volatility [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Rate | 54.32% |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Rate | 1.90% |
Minimum [Member] | Measurement Input, Price Volatility [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Rate | 52.09% |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Fair Value Assumptions Rate | 1.65% |
CONVERTIBLE NOTE PAYABLES (De93
CONVERTIBLE NOTE PAYABLES (Details 2) - USD ($) | Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2018 | $ 2,100 |
CONVERTIBLE NOTE PAYABLES (De95
CONVERTIBLE NOTE PAYABLES (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Oct. 20, 2017 | Aug. 29, 2014 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 15,589,000 | $ 211,320 | $ 4,000,000 | |
Debt Instrument, Convertible, Conversion Price | $ 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 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2012 | Aug. 24, 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 | 40,305,492 | 29,362,875 | |||||||||||||||||
Common Stock, Shares, Outstanding | 40,305,492 | 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 | $ 2,489,179 | $ 4,386,463 | |||||||||||||||||
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 | $ 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 | $ 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 | 10,870,167 | ||||||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 6,886,045 | ||||||||||||||||||
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 | 50,000,000 | 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] | 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 | 27,000,000 | 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 | |||||||||||||||||
Preferred Stock, Voting Rights | Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80% | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 100 | ||||||||||||||||||
Shares Issued, Price Per Share | $ 1 | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | ||||||||||||||||||
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 outstanding | 100 |
OBLIGATION UNDER OPERATING LE97
OBLIGATION UNDER OPERATING LEASES (Details) | Jun. 30, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Within 1 year | $ 88,240 |
2 to 5 years | 80,387 |
Over 5 years | 0 |
Operating Leases, Future Minimum Payments Due | $ 168,627 |
OBLIGATION UNDER OPERATING LE98
OBLIGATION UNDER OPERATING LEASES (Details Textual) | Jul. 09, 2018USD ($)ft² | Jun. 30, 2018USD ($)a | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)a | Jun. 30, 2017USD ($) |
Operating Leased Assets [Line Items] | |||||
Operating Leases, Rent Expense | $ | $ 40,789 | $ 42,790 | $ 81,547 | $ 83,779 | |
Subsequent Event [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Area of Land | ft² | 2,695 | ||||
Lease Expiration Date | Jul. 8, 2020 | ||||
Operating Leases, Rent Expense | $ | $ 6,958 | ||||
Agriculture Land [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Area of Land | a | 2,178 | 2,178 | |||
Operating Leases Rent Frequency Of Periodic Payment | 906 | ||||
Lease Expiration Date | Mar. 31, 2019 | ||||
Office Space [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Area of Land | a | 5,081 | 5,081 | |||
Staff Quarter [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Operating Leases Rent Frequency Of Periodic Payment | 12,197 | ||||
Lease Expiration Date | Jul. 8, 2018 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 2,489,179 | $ 4,386,463 | ||||
Allocated Share-based Compensation Expense | $ 1,124,377 | $ 1,991,406 | 1,350,490 | $ 3,982,813 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 3.45 | $ 3.45 | $ 3.45 | |||
Amortization of Deferred Charges | 888,289 | |||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 250,400 | $ 250,400 | ||||
Stock Issued During Period, Shares, Issued for Services | 117,000 | |||||
Shares Issued, Price Per Share | $ 3.45 | $ 3.45 | $ 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] | 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 | $ 1.56 | ||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 113,022 | |||||
Staff [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 1,138,689 | $ 1,138,689 | ||||
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 | 10,870,167 | |||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 6,886,045 | |||||
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 | $ 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 | $ 0.55 |
CONTINGENCIES (Details Textual)
CONTINGENCIES (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Due To Directors Current | $ 0 | $ 0 | $ 107,074 | ||
Accounts Receivable, Net, Current | 89,045,305 | 89,045,305 | 82,971,418 | ||
Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | 0 | $ 0 | |
Solomon Yip Kun Lee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due To Directors Current | 0 | 0 | 107,074 | ||
Tri Way Industries Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due To Directors Current | 59,814,070 | 59,814,070 | 58,572,766 | ||
Accounts Receivable, Net, Current | 53,460,749 | 53,460,749 | $ 49,065,385 | ||
Tri Way Industries Limited [Member] | Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,061,985 | $ 0 | $ 3,534,390 | $ 13,189,265 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator for basic earnings per share attributable to the Company's common stockholders: | ||||
Net income used in computing basic earnings per share -continuing and discontinued operations | $ 897,667 | $ 382,432 | $ 5,970,386 | $ 9,073,865 |
Basic earnings per share - continuing and discontinued operations | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.39 |
Basic weighted average shares outstanding | 37,573,999 | 22,995,676 | 35,749,331 | 23,365,503 |
DILUTED | ||||
Net income used in computing basic earnings per share - continuing and discontinued operations | $ 897,667 | $ 382,432 | $ 5,970,386 | $ 9,073,865 |
Convertible note interest | 0 | 361,960 | 0 | 723,921 |
Net income used in computing diluted earnings per share | $ 897,667 | $ 744,392 | $ 5,970,386 | $ 9,797,786 |
Diluted earnings per share - continuing operations | $ 0.02 | $ 0.03 | $ 0.17 | $ 0.38 |
Basic weighted average shares outstanding | 37,573,999 | 22,995,676 | 35,749,331 | 23,365,503 |
Diluted weighted average shares outstanding | 37,573,999 | 25,203,537 | 35,749,331 | 25,555,083 |
Continuing Operations [Member] | ||||
Numerator for basic earnings per share attributable to the Company's common stockholders: | ||||
Basic weighted average shares outstanding | 37,573,999 | 22,995,676 | 35,749,331 | 23,365,503 |
DILUTED | ||||
Basic weighted average shares outstanding | 37,573,999 | 22,995,676 | 35,749,331 | 23,365,503 |
weight average of common stock convertible from convertible note payables | 0 | 2,207,861 | 0 | 2,189,580 |
Diluted weighted average shares outstanding | 37,573,999 | 25,203,537 | 35,749,331 | 25,555,083 |
EARNINGS PER SHARE (Details Tex
EARNINGS PER SHARE (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Diluted Earnings Per Share | $ 22,038,798 | $ 22,038,798 |