Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | SINO AGRO FOOD, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 60,356,776 | |
Amendment Flag | false | |
Entity Central Index Key | 0001488419 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54191 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 33-1219070 | |
Entity Address, Address Line One | Room 3520, Block A, China Shine Plaza | |
Entity Address, Address Line Two | No. 9 Lin He Xi Road | |
Entity Address, Address Line Three | Tianhe District | |
Entity Address, City or Town | Guangzhou City | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 510610 | |
City Area Code | (+86) | |
Local Phone Number | -20-22116293 | |
Title of 12(g) Security | Common Stock, $0.001 par value per share | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 173,738 | $ 188,846 |
Inventories | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | ||
Deposits and prepayments | 13,929,779 | 13,141,301 |
Accounts receivable, net of allowance for doubtful accounts | 19,880,881 | 32,658,330 |
Other receivables | 77,979,221 | 82,083,392 |
Total current assets | 111,963,619 | 128,071,869 |
Non-current assets | ||
Plant and equipment, net of accumulated depreciation | 95,219,634 | 97,879,543 |
Construction in progress | ||
Land use rights, net of accumulated amortization | 51,488,934 | 52,482,217 |
Total non-current assets | 146,708,568 | 150,361,760 |
Other assets | ||
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 6,440,168 | 6,562,933 |
Interest in unconsolidated investees | 232,152,692 | 232,100,046 |
Total other assets | 239,317,800 | 239,387,919 |
Total assets | 497,989,987 | 517,821,549 |
Current liabilities | ||
Accounts payable and accrued expenses | 3,597,951 | 2,665,150 |
Billings in excess of costs and estimated earnings on uncompleted contracts | ||
Due to directors | 2,084,292 | 1,985,040 |
Other payables | 37,984,515 | 36,542,468 |
Borrowings - Short term bank loan | ||
Derivative liability | ||
Convertible note payable | ||
Liabilities, Current | 43,666,758 | 41,192,658 |
Non-current liabilities | ||
Other payables | ||
Borrowings - Long term debts and bank loan | ||
Liabilities, Noncurrent | ||
Stockholders’ equity | ||
Common stock: = $0.001 par value (60,352,942 and 59,963,332 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively) | 60,353 | 59,963 |
Additional paid - in capital | 135,722,286 | 135,664,235 |
Retained earnings | 299,577,991 | 316,408,390 |
Accumulated other comprehensive income | (61,305,643) | (54,997,545) |
Treasury stock | (1,250,000) | (1,250,000) |
Total Sino Agro Food, Inc. and subsidiaries stockholders’ equity | 372,804,987 | 395,885,043 |
Non - controlling interest | 81,518,242 | 80,743,848 |
Total stockholders’ equity | 454,323,229 | 476,628,891 |
Total liabilities and stockholders’ equity | $ 497,989,987 | $ 517,821,549 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 60,352,942 | 59,963,332 |
Common stock, shares outstanding | 60,352,942 | 59,963,332 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||
- Sale of goods | ||
-Leasing & contracting income | 5,242,971 | 4,946,199 |
5,242,971 | 4,946,199 | |
Cost of goods sold | ||
Cost of Leasing & contracting | (1,221,657) | (1,162,376) |
Gross profit | 4,021,314 | 3,783,824 |
General and administrative expenses | (2,679,305) | (2,977,000) |
Net income from operations | 1,342,010 | 806,824 |
Other income (expenses) | ||
Government grant | ||
Sharee of income from unconsolidated equity investee | 52,646 | (14,094,773) |
Impairment losses | (17,723,648) | (52,246,409) |
Interest expense | ||
Net income (expenses) | (17,671,002) | (66,341,182) |
Net income before income taxes | (16,328,992) | (65,534,358) |
Provision for income taxes | ||
Net income | (16,328,992) | (65,534,358) |
Less: Net (income) loss attributable to non - controlling interest | (501,407) | 13,762,215 |
Net income attributable to Sino Agro Food Inc. and subsidiaries | (16,830,399) | (51,772,143) |
Other comprehensive income (loss) - Foreign currency translation gain (loss) | (6,035,111) | 8,541,563 |
Comprehensive income | (22,865,510) | (43,230,580) |
Less: Other comprehensive (income) loss attributable to non - controlling interest | (272,987) | 571,476 |
Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries | $ (23,138,497) | $ (42,659,104) |
Earnings per share attributable to the Sino Agro Food, Inc. and subsidiaries common stockholders: | ||
Basic (in Dollars per share) | $ (0.28) | $ (0.88) |
Diluted (in Dollars per share) | $ (0.28) | $ (0.88) |
Weighted average number of shares outstanding: | ||
Basic (in Shares) | 60,158,137 | 58,712,555 |
Diluted (in Shares) | 60,158,137 | 58,712,555 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) for the year | $ (16,328,992) | $ (65,534,358) |
Adjustments to reconcile net income for the year to net cash from operations: | ||
Depreciation | 6,038,535 | 5,615,837 |
Amortization | 3,320,187 | 3,021,370 |
Gain on deemed disposal of subsidiaries | ||
Other amortized cost arising from convertible notes and others | ||
Share of unconsolidated equity investee | (52,646) | 14,094,773 |
Changes in operating assets and liabilities: | ||
Decrease in inventories | ||
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contacts | ||
Increase in deposits and prepaid expenses | (788,478) | (6,994,154) |
(Decrease) increase in due to a director | 99,252 | |
Increase/(decrease) in accounts payable and accrued expenses | 932,801 | 5,247,554 |
Increase in other payables | 1,442,047 | 2,549,983 |
Decrease (increase) in accounts receivable | 12,777,449 | 32,954,753 |
(Decrease) increase in tax payable | ||
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts | ||
Decrease in other receivables | ||
Increase in interests in unconsolidated investees | ||
Net cash provided by operating activities | 7,440,155 | (9,044,242) |
Cash flows from investing activities | ||
Acquisition of plant, property and equipment | ||
Payment for construction in progress | ||
Proceed from disposal of a long term investee | ||
Proceed from disposal of plant, property and equipment | ||
Net cash used in investing activities | ||
Cash flows from financing activities | ||
-Proceeds from convertible bond payable | ||
Capital contribution from non-controlEng interest | ||
Proceeds from short term debts | ||
Long term debts repaid | ||
Short term bank loan repaid | ||
Net cash provided by financing activities | ||
Effects on exchange rate changes on cash | (7,455,263) | 5,822,546 |
(Decrease)/increase in cash and cash equivalents | (15,108) | (3,221,696) |
Cash and cash equivalents, beginning of year | 188,846 | 4,950,799 |
Cash and cash equivalents, end of year | $ 173,738 | $ 1,729,103 |
Corporate Information
Corporate Information | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
CORPORATE INFORMATION | 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, 2018, Qinghai Quanwang Investment Management Company Limited (“ Quanwang 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 th st SJAP formed Qinghai Zhong He Meat Products Co., Limited (“QZH”), with SJAP would owning 100% equity interest. SJAP formed Qinghai Zhong He Meat Products Co., Limited (“QZH”), with SJAP would owning 100% equity interest. On October 25, 2015, both QZH and new stockholder, Qinghai Quanwang Investment Management Co., Ltd (“QQI”) contributed additional capital of $4,157,682 and $769,941, respectively. As a result, SJAP decreased its equity interest from 100% to 85% and QQI owned a 14% equity interest. In addition, according to investment agreement between QZH and QQI, (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. SJAP disposed its 85% equity interest in QZH for RMB2 (equivalent to $0) for cash and completed on December 30, 2018. As a result, QZH was derecognized as variable interest entity of the company. On September 30th 2019, Mr. Solomon Lee resigned as the Chairman of SJAP resulting in categorization of SJAP as an Investor in Associate from a subsidiary status. Up until September 30th 2019, revenues have been generated from activities that the Company divided into five stand-alone business divisions or units: (1) Fishery development (in consulting and services), (2) Cattle & Beef (fully integrated activity), (3) Organic Fertilizer, (4) HU Plantation, and (5) Marketing and Trading. The fully integrated Cattle and Beef business was gradually being scaled down from year 2016 onward after the China Government relaxed its importation policies to allow many countries (i.e. Australia, NZ, Countries of South America and Canada etc.) to import beef into China affecting its domestic cattle rearing and beef industry. SJAP lost in excessive of US$30 million by year ended December 31st 2017 and by June 30th 2019, it reduced its large fully integrated activity into a small operation keeping and maintaining the production of fertilizer at less than 8,000 MT per year comparing to over 35,000 MT per year in 2015 and the production of concentrated live-stock feed at less than 3000 MT per year compares to over 15,000 MT in 2016 and fattening less than 1500 heads of live cattle at its own farm compares to 2015’s around 25,000 heads of live cattle reared and fattening by 20 corporative farms that consisted over 2,000 individual farmers collectively. From 1st October 2019 onward, SJAP contracted the said small maintaining operation to its existing management. The Company currently maintains operations of its services in engineering consulting and specializing in the development of agriculture and aquaculture projects whereas operations of its HU Plantation, Asian “Yellow cattle” demonstration farm, and HSA’s manufacturing of fertilizer were contracted out to their respective farm’s management since 30th September 2019. The Company is now the investor in two Associates originated from subsidiary status namely SJAP and Tri-way; whereas Tri-way is in the aquaculture segment contracting out it’s aqua-farms’ operations (inclusive Aqua-farm 1, 2 and 3 & b) to respective farm’s managements and JFD, it’s fully owned subsidiary in China, has the sole right to market and distribute the said Aqua-farms’ productions by buying from and selling all fishery productions of the said contracted aqua-farms. Operation of Aqua-farm 4 and 5 of the Zhongshen Mega Farm Development ceased since September 30th 2019 failing the Company’s original ambition to become one of the biggest prawn producers in the world by year end of 2024. Therefore from 1st October 2019 onward, Revenues of the Company are generated from (i). Incomes derived from CA’s Engineering Consulting and services, (ii). Incomes derived from the contractual agreements of JHST, MEIJI and HSA, (iii). CA’s (or the Corporate) marketing and Trading business and (iv). Incomes generated from its investments in SJAP and Tri-way. The Company’s principal executive office is located at Room 3520 Block A, China Shine Plaza, No. 9 Lin He Xi Road, Tianhe District, Guangzhou City, Guangdong Province, P.R.C., 510610. The nature of the operations and principal activities of the Company and its subsidiaries are described in Note 2.2. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 (2021: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Hero Inc. (“CS”) Belize (2021:100%)indirectly Dormant Capital HeroInc. (“CH”)Capital Stage Inc. (CH) Belize (2021: 100%) indirectly Dormant Capital Stage Inc.(CS) Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. (2021: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading Sino Agro Food Sweden AB (“SAFS”). Sweden Dormant: Dissolved 31 st A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. (2021: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. (2021: 75%) Indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. (2021:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. (2021:76%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of associate (investee) Place of incorporation Percentage of interest* Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. (2021: 41.25%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle Tri-way Industries Limited Hong Kong, P.R.C. (2021: 36.6%) directly A-Power Technology license (P.R.C.) Sales and marketing of fishery production& products. 2.3 BASIS OF PRESENTATION The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ US GAAP 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. 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 In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606), The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenues generated mainly from trading of frozen food and sales of agricultural products are recognized at a point in time. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenues. Multiple-Element Arrangements To qualify as a separate unit of accounting under ASC 605-25 “ Multiple Element Arrangements Revenues from the Company’s consulting and services under development contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“ FASB ASC Revenue Recognition The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management’s estimate of the contract’s total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims. The Company provides various management services to its customers in the P.R.C. based on a negotiated fixed-price contract. The clients usually pay the fees when the services contract is signed and services are rendered. The Company recognizes these services-based revenues from contracts when (i) management services are rendered; (ii) clients recognize the completion of services; and (iii) collectability is reasonably assured. Fees received in advance are recorded as deferred revenue under current liabilities. 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 $0 and $85,475 for the six months ended June 30, 2021 and 2020, respectively. 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $0, and $485,568 for the six months ended June 30, 2021 and 2020, respectively. 2.12 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $0 and $349,541 for the six months ended June 30, 2021 and 2020, 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 $ (61,305,643) as of June 30, 2021 and $(54,997,545) as of December 31, 2020. The balance sheet amounts with the exception of equity as of June 30, 2021 and December 31, 2019 were translated using an exchange rate of RMB 6.46 to $1.00 and RMB 6.52 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the six months ended June 30, 2021 and 2020 were RMB 6.47 to $1.00 and RMB 6.58 to $1.00, respectively. 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. 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 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 25 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. 2.20 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. 2.21 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. 2.22 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. 2.23 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. 2.24 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. 2.25 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. 2.26 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. 2.27 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. 2.28 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, 2021 and December 31, 2020 amounted to $173,738 and $188,846, 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: 2021 Q1-2 2020 Q1-2 Customer A 53.22 % 31.54 % Customer B 28.71 % 26.27 % Customer C 18.07 % 18.32 % Customer D 7.09 % Customer F 3.09 % 100 % 86.31 % Percentage of revenue Amount Customer A Organic fertilizer and Bread Grass Division 53.22 % $ 2,790,309 Customer B Cattle Farm Development and HU Plantation Division 28.71 % $ 1,505,258 Customer C Corporate Division 18.07 % $ 947,404 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, December 31, Customer A 43.05 % 44.89 % Customer B 20.17 % 24.45 % Customer C 12.56 % 14.66 % Customer D 11.25 % 10.56 % Customer E 2.54 % 0.02 % Customer F % 89.57 % 99.63 % As of June 30, 2021, amounts due from customers A, B and C are $8,558,719, $4,009,974 and $2,497,039 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. 2.29 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 31 December 2019, 2020 and 30 June 2021, the Company provided impairment losses of -$3,834,658.00, -$104,492,817.00 and -$17,723,648.00 respectively. 2.30 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 six months ended June 30, 2021 and 2020, basic earnings (loss) per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amounted to $(0.28), and $(0.88), respectively. For the six months ended June 30, 2021 and 2020, diluted earnings (loss) per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $(0.28), and $(0.88), respectively. 2.31 ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income 2.32 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. 2.33 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. 2.34 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 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observ |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 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. June 30, 2021 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 0 1,308,333 2,653,964 1,280,674 0 $ 5,242,971 Net income (loss) $ (3,511,424 ) 267,409 731,237 544,061 (14,861,681 ) $ (16,830,399 ) Total assets $ 128,023,261 47,414,554 103,670,726 33,706,092 185,175,354 $ 497,989,987 June 30, 2020 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 0 1,103,592 2,618,490 1,224,117 0 $ 4,946,199 Net income (loss) $ (28,672,571 ) 343,272 841,807 442,485 (24,727,135 ) $ (51,772,143 ) Total assets $ 124,547,854 56,524,872 75,482,876 58,745,778 157,418,784 $ 472,720,164 Note (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”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2018 QZH was disposed to third party and derecognized as variable interest entity on the same date. (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”) ---- ( st ) Further analysis of revenue:- For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 1,308,333 1,308,333 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) - Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,653,964 2,653,964 Macau Eiji Company Limited (“MEIJI”) 1,280,674 1,280,674 Sino Agro Food, Inc. (“SIAF”) - - - 1,308,333 2,653,964 1,280,674 0 5,242,971 Further analysis of revenue:- For the six months ended June 30, 2020 Fishery HU Organic Cattle Farm Corporate and Total Name of entity Capital Award, Inc. (CA) - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 1,242,916 1,242,916 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) - Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,729,330 2,729,330 Macau Eiji Company Limited (“MEIJI”) 973,953 973,953 Sino Agro Food, Inc. (“SIAF”) - - - 1,242,916 2,729,330 973,953 0 4,946,199 Further analysis of cost For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 950,417 950,417 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - Macau Eiji Company Limited (“MEIJI”) 271,240 271,240 Sino Agro Food, Inc. (SIAF) - - - 950,417 - 271,240 - 1,221,657 Further analysis of cost For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 944,616 944,616 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - Macau Eiji Company Limited (“MEIJI”) 217,759 217,759 Sino Agro Food, Inc. (SIAF) - - - 944,616 - 217,759 - 1,162,375 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 5. 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. As of 30 June 2021, the Company reviewed its tax position with the assistance US tax professionals and believed that there would be no taxes and no penalties assessed by the IRS in the United States of America. China The 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, JHST, JHMC, HSA, and SJAP since they are exempt from EIT for the years ended December 31, 2019 and 2018 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 period ended December 30, 2018 (date of de- recognition QZH as subsidiary) and as it is within the cattle sectors. 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 years ended December 31, 2019 and 2018. Sweden Sweden Corporate income tax has been provided at 22% on reported profit for the year ended December 31, 2019 and 2018 in the consolidated financial statements of SAFS. No deferred tax assets and liabilities are of December 31, 2019 and 2018 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: June 30, December 31, SIAF $ - $ - SAFS CA, CH and CS 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 years ended December 31, 2020 and 2019. 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. |
Net Loss from Disposal of a Var
Net Loss from Disposal of a Variable Interest Entity | 6 Months Ended |
Jun. 30, 2021 | |
Qinghai Zhong He Meat Products Co Limited [Member] | |
Net Loss from Disposal of a Variable Interest Entity [Line Items] | |
NET LOSS FROM DISPOSAL OF A VARIABLE INTEREST ENTITY | 6. NET LOSS FROM DISPOSAL OF A VARIABLE INTEREST ENTITY Historical no longer applicable |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 7. CASH AND CASH EQUIVALENTS June 30, December 31, Cash and bank balances $ 173,738 $ 188,84 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 8. INVENTORIES As of June 30, 2021, inventories are as follows: June 30, December 31, Bread grass $ Beef cattle Organic fertilizer Forage for cattle and consumable Raw materials for bread grass and organic fertilizer Immature seeds - $ - |
Deposits and Prepayments
Deposits and Prepayments | 6 Months Ended |
Jun. 30, 2021 | |
Deposits And Prepaid Expenses Disclosure [Abstract] | |
DEPOSITS AND PREPAYMENTS | 9. DEPOSITS AND PREPAYMENTS June 30, December 31, Deposits for - purchases of equipment - $ - - acquisition of land use rights - - - inventories purchases 13,929,779 13,141,301 - construction in progress - - - issue of shares as collateral - - Shares issued for employee compensation and overseas professional and bond interest - - Others - - 13,929,779 $ 13,141,301 |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss, Additional Improvements [Abstract] | |
ACCOUNTS RECEIVABLE | 10. ACCOUNTS RECEIVABLE All accounts receivable are reflected as a current asset and no allowance for bad debt of June 30, 2021 and December 31, 2020, respectively. Aging analysis of accounts receivable is as follows: June 30, December 31, 0 - 30 days 1,125,414 $ 4,695,820 31 - 90 days 3,820,785 10,238,862 91 - 120 days 2,100,461 5,389,705 over 120 days and less than 1 year 12,834,221 12,333,943 over 1 year - - 19,880,881 $ 32,658,330 |
Other Receivables
Other Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
OTHER RECEIVABLES | 11. OTHER RECEIVABLES June 30, December 31, Advanced to employees $ $ - Advanced to suppliers 298,554 2,028,907 Advanced to customers Advanced to developers - - Advanced to SJAP 75,640,904 76,404,954 Others 2,039,763 3,649,530 $ 77,979,221 $ 82,083,391 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, 2021 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 12. PLANT AND EQUIPMENT June 30, December 31, Plant and machinery $ 10,489,442 $ 9,712,446 Structure and leasehold improvements 92,939,669 91,547,512 Mature seeds and herbage cultivation 18,533,307 17,612,200 Furniture and equipment 3,536,281 3,367,887 Motor vehicles 3,452,512 3,332,541 128,951,211 125,572,586 Less: Accumulated depreciation 33,731,577 27,693,043 Net carrying amount $ 95,219,634 $ 97,879,543 |
Construction in Progress
Construction in Progress | 6 Months Ended |
Jun. 30, 2021 | |
Construction In Progress Disclosure [Abstract] | |
CONSTRUCTION IN PROGRESS | 13. CONSTRUCTION IN PROGRESS June 30, December 31, Construction in progress - Office, warehouse and organic fertilizer plant in HSA $ - $ - - Oven room, road for production of dried flowers - - - Organic fertilizer and bread grass production plant and office building - - - Rangeland for beef cattle and office building - - - Fish pond and breeding factory - - $ - $ - |
Land Use Rights
Land Use Rights | 6 Months Ended |
Jun. 30, 2021 | |
Land Use Rights Disclosure [Abstract] | |
LAND USE RIGHTS | 14. LAND USE RIGHTS June 30, December 31, Cost $ 70,052,058 $ 68,293,896 Less: Accumulated amortization (18,563,124 ) (15,811,679 ) Net carrying amount $ 51,488,934 $ 52,482,217 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 15. 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, December 31, Goodwill from acquisition $ 729,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
Proprietary Technologies
Proprietary Technologies | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PROPRIETARY TECHNOLOGIES | 16. PROPRIETARY TECHNOLOGIES June 30, December 31, Cost 9,692,600 $ 9,232,228 Less: Accumulated amortization (3,252,432 ) (2,164,475 ) Net carrying amount 6,440,168 $ 7,067,753 |
Interests in Unconsolidated Equ
Interests in Unconsolidated Equity Interests | 6 Months Ended |
Jun. 30, 2021 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Interests in Unconsolidated Equity Interests [Line Items] | |
INTERESTS IN UNCONSOLIDATED EQUITY INTERESTS | 17. INTERESTS IN UNCONSOLIDATED EQUITY INTERESTS June 30, December 31, Investments at cost $ $ - TRW 149,720,418 149,720,418 - SJAP 40,211,202 40,211,202 Cattle farm 2 20,078,441 20,078,441 Amount due from a consolidated equity investee 22,142,631 22,089,985 232,152,692 $ 232,100,046 |
Other Payables
Other Payables | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
OTHER PAYABLES | 18. OTHER PAYABLES June 30, December 31, Due to third parties 11,441,796 $ 9,271,281 Straight note payable (note 23(i)) 26,542,719 29,367,999 Promissory notes issued to third parties - - Due to local government - - 37,984,515 $ 38,639,280 Less: Amount classified as non-current liabilities Promissory notes issued to third parties - Amount classified as current liabilities 37,984,515 $ 38,639,280 Due to third parties are unsecured, interest free and have no fixed terms of repayment. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 19. BORROWINGS There are no provisions in the Company’s bank borrowings and long term debts that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. Name of lender Interest Term June 30, 2021 December 31, China Development Bank 5.2835 % November 29, 2019 - November 28, 2019 - China Development Bank 5.2835 % December 14, 2019 - December 13, 2019 - China Development Bank 4.7306 % December 27, 2019 - December 27, 2020 Add: current portion of a long term bank loan Short term bank loans China Development Bank 5.39 % December 16, 2016 - December 15, 2026 Less: current portion of long term bank loan 0 0 ) Long term bank loans $ 0 $ 0 On November 29, 2019 and December 14, 2019, the Company obtained two 1-year short term loans of RMB20 million (approximately $3.06 million) and RMB10 million (approximately $1.53 million) respectively from China Development Bank for the period from November 29, 2019 to November 28, 2019 and December 14, 2019 to December 13, 2019 respectively, bearing fixed interest at 5.2835% per annum. Both loans were guaranteed by Xining City SME Guarantee Corporation and have been repaid on November 28, 2019 and December 13, 2019, respectively. On December 16, 2016, the Company obtained a 10-year long term loan of RMB40 million (approximately $6.05 million) 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% (2019: 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 $397,269 as of December 31, 2020 (2019: 429,982) and a batch of plant, machinery and equipment with net carrying amount of $5,326,385 (2019: 5,954,915). On December 14, 2019, RMB500,000 (approximately $75,563) was repaid to the bank. According to the loan agreement, RMB1,500,000 (approximately $218,563) was schedule to be repaid by November 20, 2020 in two partial repayments. On December 27, 2019, the Company obtained a 1-year short term loan of RMB30 million (approximately $4.37 million) from China Development Bank for the period from December 27, 2019 to December 27, 2020, bearing fixed interest at 4.7306% per annum. This loan was guaranteed by Xining City SME Guarantee Corporation. 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. |
Convertible Note Payables
Convertible Note Payables | 6 Months Ended |
Jun. 30, 2021 | |
Convertible Note Payable Disclosure [Abstract] | |
CONVERTIBLE NOTE PAYABLES | 20. CONVERTIBLE NOTE PAYABLES (i) 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, 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 of December 31, 2020, as a result, the amount outstanding under Note 1 was reclassified as other payables – straight note payable of $29,367,999 (see Note 21) and a loss on restructuring of $6,225,204 which representing the non-amortized part of the discount upon the issuing of the convertible bond incurred during the year. Subsequently, Note 1 matured on February 28, 2020, the Company intends to offer the settlement of the note to the accredited investors based on the following understanding, terms and conditions: (i). The earlier understanding of the restructured indebtedness is to be carried 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 is to pay the revised promissory note in the principal amount of $15,589,000 to the note holder. (ii). It is the Company’s intension for the said 5,196,333 shares of its common stocks to be converted into the G Series Preferred Stocks at conversion ratio of the offer of the Initial Public Offer stated in the registration statement filed with SEC targeting on or before June 30, 2021. (iii). There were 500,050 Common Shares of the Company loaned to the said accredited investor on (Date: July 22, 2014) valued at US$18.10 / share as security for the accredited investors to secure their investors to invest on the Bond prior to the completion of a registration statement filed with SEC on June 2014 to allow the official issuing of additional common stocks to ECAB’s BOND investors, and that ECAB would return back the loaned stocks back to the Company upon the time the said accredited investor invested the balance of the Note 1 proceed of (US$ 13,362,550) needed to complete the disbursement of the total loan proceed of US$25,000,000 on or before (Date: February 28 th th (iv). In order that the principal amount of $15,589,000 of the cash settlement sum mentioned above may be settled amicably between the accredited investor and the Company, the sales proceeds (of US$13,362,550.00) from the sales of the 500,050 shares loaned in good faith to ECAB must be taken into consideration and be deduced from the said principal amount before this bond arrangements can be settled. (ii) On October 20, 2019, the Company issued another Convertible Note (the “Note 2”) with a principal amount of $4,000,000 due on February 28, 2019. The note holder had the option to convert all or any part of the outstanding note into the common stock of the Company (the “Primary Optional Conversion”) or TRW (the “Secondary Optional Conversion”) at any time for a period of eight months from the note’s maturity date. The conversion price for Primary Optional Conversion is 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. 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 December 31, 2020, 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 another year to December 31, 2021 was signed. All other terms and conditions of the Bond Subscription Agreement and the Conditions continue in full force and effect. 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 each quarter and adjusted for any change in value. For the year ended December 31, 2020 and 2019, the Company recognized the amortization of the discount of approximately $ nil The Company estimated the fair value of the derivative liabilities using the Binomial Option Pricing Model and the following key assumptions during 2020 2021 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 December 31, 2020 and 2019 Level 1 Level 2 Level 3 Total $ $ $ $ LIABILITIES: Derivative liabilities as of December 31, 2019 - - 0 0 Derivative liabilities as of December 31, 2020 - - 2,100 2,100 The following table represents the change in the fair value of the derivative liabilities during the year ended December 31, 2020 $ Fair value of derivative liabilities as of December 31, 2019 2,100 Change in fair value of derivative liabilities - Fair value of derivative liabilities as of 30 June 2021 0 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, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | 21. SHAREHOLDERS’ EQUITY The Group’s share capital as of December 31, 2020 and 2019 shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as of that date. Common Stock: During the year ended December 31, 2019, the Company (i) issued 535,598 shares of common stock valued to employees and directors at ranging from $1 to $1.56 per share for $576,170 for employee compensation; (ii) issued 16,032,262 shares of common stock valued to professionals and contractors ranging from $ 0.55 to $1.00 per share for $9,723,720 for service compensation; and (iii) issued 3,935,439 shares of common stock valued at $ 0.30 to $0.50 per share for 1,478,029 for settlement of debts. During the year ended December 31, 2020, the Company (i) issued 6,511,081 shares of common stock at US$0.25 per share in quarter (1) for US$1,596,370 for settlement of debts and (ii) issued 1,876,166 shares of common stocks at US$0.25 per shares for US$469,041 for settlement of debts and there was no further issuance of shares of common stock since thus total issuance of shares of common stocks for the year ended December 2020 is 8,387,247 shares for US$2,065,411. The Company has 60,352,942 and 59,963,332 shares of common stock issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. |
Obligation Under Operating Leas
Obligation Under Operating Leases | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block [Abstract] | |
OBLIGATION UNDER OPERATING LEASES | 22. OBLIGATION UNDER OPERATING LEASES The Company leases (i) 2,178 square feet of agriculture space used for offices for a monthly rent of $812 in Enping City, Guangdong Province, P.R.C., its lease expiring on March 31, 2021; and (ii) 2,695 square feet of office space in Guangzhou City, Guangdong Province, P.R.C. for a monthly rent of $3,034, its lease expiring on July 8, 2022. Lease expenses were $26,254 and $24,357 for the six months ended June 30, 2021 and 2020, respectively. The future minimum lease payments as of December 31, 2020, are as follows: Within 1 year $ 31,541 2 to 5 years 26,485 Over 5 years - $ 58,026 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | 23. STOCK BASED COMPENSATION On June 30, 2019, 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, 2019, the Company issued employees total of 500,800 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 $3.45 per share. On December 31, 2019, 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. As of June 30, 2021, the deferred compensation balance for staff was $0 and $0 were to be amortized over 6 months and 1 year, respectively beginning on January 1, 2020. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
CONTINGENCIES | 24. CONTINGENCIES On March 26, 2020, a shareholder derivative complaint was filed in the United States District Court for the Southern District of New York against the Company, as well as four of its current directors. The Complaint alleges violations of securities law and state law, breaches of fiduciary duties (including gross mismanagement of the Company) by the individual defendants, a material default of its obligations under a commercial loan agreement, misleading and false statements (including material omissions) by the individual defendants, and unauthorized issuance of new shares of Common Stock to pay debts that, in the view of the plantiffs, has diluted shareholder ownership and oppressed shareholders of the Company. The Company and the individual defendants believe that these claims are without merit and intend to vigorously defend against the Complaint. On July 23 rd th th On September 22, 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 September 15, 2020. As of December 31, 2020, the Company has issued aggregate 5,708,312 common shares as collateral and the trade facility line reduced to $13 million that was settled and written off with the consent of the Lender on the understanding that it is due to the impacts of the Covid-19 the borrower is no longer requiring the revolving trade facility. Therefore as at December 31 st |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 25. RELATED PARTY TRANSACTIONS In addition to the transactions and balances as disclosed elsewhere in these consolidated financial statements, during the years ended December 31, 2020 and 2019, the Company had the following significant related party transactions:- Name of related party Nature of transactions Mr. Solomon Yip Kun Lee, Chairman Included in due to director, due to Mr. Solomon Yip Kun Lee is $2,084,092 and $1,985,040 as of June 30, 2021 and December 31, 2020, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. Tri-Way Industries Limited (“TRW”) Unconsolidated equity investee Included in interest in unconsolidated equity investee, due from Tri-Way Industries Limited is $168,614,275 and $170,150,427 as of June 30, 2021 and December 31, 2020, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. SJAP Included in interest in unconsolidated equity investee, due from SJAP Limited is $41,895,847 and $41,871,178 as of June 30, 2021 and December 31, 2020, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 26. 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: Six months Six months BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share (16,830,399 ) $ (21,772,143 ) Basic earnings per share (0.28 ) $ (0.88 ) Basic weighted average shares outstanding 60,158,137 58,712,555 Six months Six months DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing diluted earnings per share (16,830,399 ) $ (21,772,143 ) Diluted earnings per share (0.28 ) $ (0.88 ) Diluted weighted average shares outstanding 60,158,137 58,712,555 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
FISCAL YEAR | 2.1 FISCAL YEAR The Company has adopted December 31 as its fiscal year end. |
REPORTING ENTITIES | 2.2 REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest* Principal activities Capital Award Inc. (“CA”) Belize (2021: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Hero Inc. (“CS”) Belize (2021:100%)indirectly Dormant Capital HeroInc. (“CH”)Capital Stage Inc. (CH) Belize (2021: 100%) indirectly Dormant Capital Stage Inc.(CS) Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. (2021: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading Sino Agro Food Sweden AB (“SAFS”). Sweden Dormant: Dissolved 31 st A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. (2021: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. (2021: 75%) Indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. (2021:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. (2021:76%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of associate (investee) Place of incorporation Percentage of interest* Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. (2021: 41.25%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle Tri-way Industries Limited Hong Kong, P.R.C. (2021: 36.6%) directly A-Power Technology license (P.R.C.) Sales and marketing of fishery production& products. |
BASIS OF PRESENTATION | 2.3 BASIS OF PRESENTATION The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ US GAAP |
BASIS OF CONSOLIDATION | 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. SIAF, CA, CS, CH, MEIJI, JHST, JHMC, HSA, APWAM, SAFS, and SJAP are hereafter referred to as (the “Company”). |
BUSINESS COMBINATION | 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. |
NON - CONTROLLING INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS | 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 | 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 | 2.8 REVENUE RECOGNITION In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606), The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenues generated mainly from trading of frozen food and sales of agricultural products are recognized at a point in time. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenues. Multiple-Element Arrangements To qualify as a separate unit of accounting under ASC 605-25 “ Multiple Element Arrangements Revenues from the Company’s consulting and services under development contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“ FASB ASC Revenue Recognition The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management’s estimate of the contract’s total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims. The Company provides various management services to its customers in the P.R.C. based on a negotiated fixed-price contract. The clients usually pay the fees when the services contract is signed and services are rendered. The Company recognizes these services-based revenues from contracts when (i) management services are rendered; (ii) clients recognize the completion of services; and (iii) collectability is reasonably assured. Fees received in advance are recorded as deferred revenue under current liabilities. |
COST OF GOODS SOLD AND COST OF SERVICES | 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 | 2.10 SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $0 and $85,475 for the six months ended June 30, 2021 and 2020, respectively. |
ADVERTISING | 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $0, and $485,568 for the six months ended June 30, 2021 and 2020, respectively. |
RESEARCH AND DEVELOPMENT EXPENSES | 2.12 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $0 and $349,541 for the six months ended June 30, 2021 and 2020, respectively. |
FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME | 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 $ (61,305,643) as of June 30, 2021 and $(54,997,545) as of December 31, 2020. The balance sheet amounts with the exception of equity as of June 30, 2021 and December 31, 2019 were translated using an exchange rate of RMB 6.46 to $1.00 and RMB 6.52 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the six months ended June 30, 2021 and 2020 were RMB 6.47 to $1.00 and RMB 6.58 to $1.00, respectively. |
CASH AND CASH EQUIVALENTS | 2.14 CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the P.R.C. are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. |
ACCOUNTS RECEIVABLE | 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. |
INVENTORIES | 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. |
PLANT AND EQUIPMENT | 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 | 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. |
PROPRIETARY TECHNOLOGIES | 2.19 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 25 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. |
CONSTRUCTION IN PROGRESS | 2.20 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 | 2.21 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 INVESTMENTS | 2.22 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 | 2.23 CORPORATE JOINT VENTURE A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. |
VARIABLE INTEREST ENTITY | 2.24 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 | 2.25 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. |
INCOME TAXES | 2.26 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 | 2.27 POLITICAL AND BUSINESS RISK The Company’s operations are carried out in the P.R.C. Accordingly, the political, economic and legal environment in the P.R.C. may influence the Company’s business, financial condition and results of operations by the general state of the P.R.C.’s economy. The Company’s operations in the P.R.C. are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti- inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. |
CONCENTRATION OF CREDIT RISK | 2.28 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, 2021 and December 31, 2020 amounted to $173,738 and $188,846, 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: 2021 Q1-2 2020 Q1-2 Customer A 53.22 % 31.54 % Customer B 28.71 % 26.27 % Customer C 18.07 % 18.32 % Customer D 7.09 % Customer F 3.09 % 100 % 86.31 % Percentage of revenue Amount Customer A Organic fertilizer and Bread Grass Division 53.22 % $ 2,790,309 Customer B Cattle Farm Development and HU Plantation Division 28.71 % $ 1,505,258 Customer C Corporate Division 18.07 % $ 947,404 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, December 31, Customer A 43.05 % 44.89 % Customer B 20.17 % 24.45 % Customer C 12.56 % 14.66 % Customer D 11.25 % 10.56 % Customer E 2.54 % 0.02 % Customer F % 89.57 % 99.63 % As of June 30, 2021, amounts due from customers A, B and C are $8,558,719, $4,009,974 and $2,497,039 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 OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS | 2.29 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 31 December 2019, 2020 and 30 June 2021, the Company provided impairment losses of -$3,834,658.00, -$104,492,817.00 and -$17,723,648.00 respectively. |
EARNINGS PER SHARE | 2.30 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 six months ended June 30, 2021 and 2020, basic earnings (loss) per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amounted to $(0.28), and $(0.88), respectively. For the six months ended June 30, 2021 and 2020, diluted earnings (loss) per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $(0.28), and $(0.88), respectively. |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 2.31 ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income |
RETIREMENT BENEFIT COSTS | 2.32 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. |
STOCK-BASED COMPENSATION | 2.33 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 | 2.34 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 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 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. Financial instruments consist principally of cash, accounts receivable, Deposits and prepayments, accounts payable and accrued expenses, other payables, due to a director and income tax payables. The carrying amounts of such financial instruments in the accompanying condensed consolidated balance sheet approximate their fair values due to their relatively short-term nature. The Company’s long-term borrowing, promissory notes and convertible notes payable approximates the fair value of such instrument based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement at December 31, 2019. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. The Company revalues its derivative liability at every reporting period and recognizes gains or losses in the consolidated statement of income and other comprehensive income that are attributable to the change in the fair value of the derivative liability. The Company has no other assets or liabilities measured at fair value on a recurring basis. |
RECENT ACCOUNTING PRONOUNCEMENTS | 2.35 RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, Leases, which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07—Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. |
RECLASSIFICATION | 2.36 RECLASSIFICATION Certain balances have been reclassified in the December 31, 2018 consolidated balance sheet and the consolidated statement of cash flows on a basis consistent with the financial statements as of and for the year ended December 31, 2019. There is no further reclassification since. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of subsidiary and variable interest entity | Name of subsidiaries Place of incorporation Percentage of interest* Principal activities Capital Award Inc. (“CA”) Belize (2021: 100%) directly Fishery development and holder of A-Power Technology master license. Capital Hero Inc. (“CS”) Belize (2021:100%)indirectly Dormant Capital HeroInc. (“CH”)Capital Stage Inc. (CH) Belize (2021: 100%) indirectly Dormant Capital Stage Inc.(CS) Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C. (2021: 100%) directly Investment holding, cattle farm development, beef cattle and beef trading Sino Agro Food Sweden AB (“SAFS”). Sweden Dormant: Dissolved 31 st A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. (2021: 100%) directly Investment holding Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C. (2021: 75%) Indirectly HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. (2021:75%) indirectly Beef cattle cultivation Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. (2021:76%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Name of associate (investee) Place of incorporation Percentage of interest* Principal activities Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. (2021: 41.25%) indirectly Manufacturing of organic fertilizer, livestock feed, and beef cattle Tri-way Industries Limited Hong Kong, P.R.C. (2021: 36.6%) directly A-Power Technology license (P.R.C.) Sales and marketing of fishery production& products. |
Schedule of property plant equipment useful life | 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 |
Schedule of concentration of risk, by risk factor | 2021 Q1-2 2020 Q1-2 Customer A 53.22 % 31.54 % Customer B 28.71 % 26.27 % Customer C 18.07 % 18.32 % Customer D 7.09 % Customer F 3.09 % 100 % 86.31 % Percentage of revenue Amount Customer A Organic fertilizer and Bread Grass Division 53.22 % $ 2,790,309 Customer B Cattle Farm Development and HU Plantation Division 28.71 % $ 1,505,258 Customer C Corporate Division 18.07 % $ 947,404 June 30, December 31, Customer A 43.05 % 44.89 % Customer B 20.17 % 24.45 % Customer C 12.56 % 14.66 % Customer D 11.25 % 10.56 % Customer E 2.54 % 0.02 % Customer F % 89.57 % 99.63 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | June 30, 2021 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 0 1,308,333 2,653,964 1,280,674 0 $ 5,242,971 Net income (loss) $ (3,511,424 ) 267,409 731,237 544,061 (14,861,681 ) $ (16,830,399 ) Total assets $ 128,023,261 47,414,554 103,670,726 33,706,092 185,175,354 $ 497,989,987 June 30, 2020 Fishery Organic Fertilizer Cattle Farm Development HU Plantation and Bread Grass Development Corporate and Division (1) Division (2) Division (3) Division (4) others (5) Total Revenue $ 0 1,103,592 2,618,490 1,224,117 0 $ 4,946,199 Net income (loss) $ (28,672,571 ) 343,272 841,807 442,485 (24,727,135 ) $ (51,772,143 ) Total assets $ 124,547,854 56,524,872 75,482,876 58,745,778 157,418,784 $ 472,720,164 (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”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2018 QZH was disposed to third party and derecognized as variable interest entity on the same date. (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”) ---- ( st ) |
Schedule of further analysis of revenue | For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 1,308,333 1,308,333 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) - Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,653,964 2,653,964 Macau Eiji Company Limited (“MEIJI”) 1,280,674 1,280,674 Sino Agro Food, Inc. (“SIAF”) - - - 1,308,333 2,653,964 1,280,674 0 5,242,971 For the six months ended June 30, 2020 Fishery HU Organic Cattle Farm Corporate and Total Name of entity Capital Award, Inc. (CA) - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 1,242,916 1,242,916 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) - Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) 2,729,330 2,729,330 Macau Eiji Company Limited (“MEIJI”) 973,953 973,953 Sino Agro Food, Inc. (“SIAF”) - - - 1,242,916 2,729,330 973,953 0 4,946,199 For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 950,417 950,417 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - Macau Eiji Company Limited (“MEIJI”) 271,240 271,240 Sino Agro Food, Inc. (SIAF) - - - 950,417 - 271,240 - 1,221,657 For the six months ended June 30, 2021 Organic Fishery HU and Bread Cattle Farm Corporate Development Plantation Grass Development and Division Division Division Division others Total Name of entity Capital Award, Inc. (CA) - - Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) 944,616 944,616 Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - Macau Eiji Company Limited (“MEIJI”) 217,759 217,759 Sino Agro Food, Inc. (SIAF) - - - 944,616 - 217,759 - 1,162,375 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision of income taxes | June 30, December 31, SIAF $ - $ - SAFS CA, CH and CS MEIJI and APWAM JHST, JHMC, SJAP, QZH and HSA $ |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | June 30, December 31, Cash and bank balances $ 173,738 $ 188,84 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | June 30, December 31, Bread grass $ Beef cattle Organic fertilizer Forage for cattle and consumable Raw materials for bread grass and organic fertilizer Immature seeds - $ - |
Deposits and Prepayments (Table
Deposits and Prepayments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits And Prepaid Expenses Disclosure [Abstract] | |
Schedule of deposits and prepayments | June 30, December 31, Deposits for - purchases of equipment - $ - - acquisition of land use rights - - - inventories purchases 13,929,779 13,141,301 - construction in progress - - - issue of shares as collateral - - Shares issued for employee compensation and overseas professional and bond interest - - Others - - 13,929,779 $ 13,141,301 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss, Additional Improvements [Abstract] | |
Schedule of accounts receivable | June 30, December 31, 0 - 30 days 1,125,414 $ 4,695,820 31 - 90 days 3,820,785 10,238,862 91 - 120 days 2,100,461 5,389,705 over 120 days and less than 1 year 12,834,221 12,333,943 over 1 year - - 19,880,881 $ 32,658,330 |
Other Receivables (Tables)
Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of other receivables | June 30, December 31, Advanced to employees $ $ - Advanced to suppliers 298,554 2,028,907 Advanced to customers Advanced to developers - - Advanced to SJAP 75,640,904 76,404,954 Others 2,039,763 3,649,530 $ 77,979,221 $ 82,083,391 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of plant and equipment | June 30, December 31, Plant and machinery $ 10,489,442 $ 9,712,446 Structure and leasehold improvements 92,939,669 91,547,512 Mature seeds and herbage cultivation 18,533,307 17,612,200 Furniture and equipment 3,536,281 3,367,887 Motor vehicles 3,452,512 3,332,541 128,951,211 125,572,586 Less: Accumulated depreciation 33,731,577 27,693,043 Net carrying amount $ 95,219,634 $ 97,879,543 |
Construction in Progress (Table
Construction in Progress (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Construction In Progress Disclosure [Abstract] | |
Schedule of construction in progress | June 30, December 31, Construction in progress - Office, warehouse and organic fertilizer plant in HSA $ - $ - - Oven room, road for production of dried flowers - - - Organic fertilizer and bread grass production plant and office building - - - Rangeland for beef cattle and office building - - - Fish pond and breeding factory - - $ - $ - |
Land Use Rights (Tables)
Land Use Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Land Use Rights Disclosure [Abstract] | |
Schedule of land use rights | June 30, December 31, Cost $ 70,052,058 $ 68,293,896 Less: Accumulated amortization (18,563,124 ) (15,811,679 ) Net carrying amount $ 51,488,934 $ 52,482,217 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | June 30, December 31, Goodwill from acquisition $ 729,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
Proprietary Technologies (Table
Proprietary Technologies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Proprietary Technologies | June 30, December 31, Cost 9,692,600 $ 9,232,228 Less: Accumulated amortization (3,252,432 ) (2,164,475 ) Net carrying amount 6,440,168 $ 7,067,753 |
Interests in Unconsolidated E_2
Interests in Unconsolidated Equity Interests (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Interests in Unconsolidated Equity Interests (Tables) [Line Items] | |
Schedule of equity method investments | June 30, December 31, Investments at cost $ $ - TRW 149,720,418 149,720,418 - SJAP 40,211,202 40,211,202 Cattle farm 2 20,078,441 20,078,441 Amount due from a consolidated equity investee 22,142,631 22,089,985 232,152,692 $ 232,100,046 |
Other Payables (Tables)
Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Schedule of other payables | June 30, December 31, Due to third parties 11,441,796 $ 9,271,281 Straight note payable (note 23(i)) 26,542,719 29,367,999 Promissory notes issued to third parties - - Due to local government - - 37,984,515 $ 38,639,280 Less: Amount classified as non-current liabilities Promissory notes issued to third parties - Amount classified as current liabilities 37,984,515 $ 38,639,280 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Name of lender Interest Term June 30, 2021 December 31, China Development Bank 5.2835 % November 29, 2019 - November 28, 2019 - China Development Bank 5.2835 % December 14, 2019 - December 13, 2019 - China Development Bank 4.7306 % December 27, 2019 - December 27, 2020 Add: current portion of a long term bank loan Short term bank loans China Development Bank 5.39 % December 16, 2016 - December 15, 2026 Less: current portion of long term bank loan 0 0 ) Long term bank loans $ 0 $ 0 |
Convertible Note Payables (Tabl
Convertible Note Payables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Convertible Note Payable Disclosure [Abstract] | |
Schedule of fair value of the derivative liabilities using the binomial option pricing model | 2021 Expected dividends - Expected term (years) 0.34 Volatility 52.09% - 54.32% Risk-free rate 1.65% - 1.9% |
Schedule of fair value hierarchy, the Company’s financial liabilities | Level 1 Level 2 Level 3 Total $ $ $ $ LIABILITIES: Derivative liabilities as of December 31, 2019 - - 0 0 Derivative liabilities as of December 31, 2020 - - 2,100 2,100 |
Schedule of change in fair vlue of derivative liabilities | $ Fair value of derivative liabilities as of December 31, 2019 2,100 Change in fair value of derivative liabilities - Fair value of derivative liabilities as of 30 June 2021 0 |
Obligation Under Operating Le_2
Obligation Under Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block [Abstract] | |
Schedule of future minimum lease payments | Within 1 year $ 31,541 2 to 5 years 26,485 Over 5 years - $ 58,026 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and dilutive earnings per share | Six months Six months BASIC Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share (16,830,399 ) $ (21,772,143 ) Basic earnings per share (0.28 ) $ (0.88 ) Basic weighted average shares outstanding 60,158,137 58,712,555 Six months Six months DILUTED Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing diluted earnings per share (16,830,399 ) $ (21,772,143 ) Diluted earnings per share (0.28 ) $ (0.88 ) Diluted weighted average shares outstanding 60,158,137 58,712,555 |
Corporate Information (Details)
Corporate Information (Details) | Mar. 23, 2018USD ($) | Mar. 29, 2011USD ($) | Aug. 24, 2007shares | Jun. 30, 2019l | Mar. 31, 2018USD ($)$ / sharesshares | Oct. 25, 2015USD ($) | Feb. 15, 2011USD ($) | Jun. 30, 2021USD ($)l | Jun. 30, 2020USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)l | Dec. 31, 2015l | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 31, 2018USD ($) | Oct. 05, 2016 | Oct. 01, 2016 | Aug. 15, 2016 | Nov. 12, 2013 | Sep. 30, 2012USD ($) | Sep. 17, 2012 | Apr. 01, 2012USD ($) | Jan. 01, 2012USD ($) | Dec. 31, 2011USD ($) | 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 |
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Business acquisition, equity interest issued or issuable, number of shares (in Shares) | shares | 3,232,323 | ||||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | $ 232,152,692 | $ 232,100,046 | |||||||||||||||||||||||||||||||
Gain on disposal of net income (in Dollars) | $ 56,947,005 | ||||||||||||||||||||||||||||||||
Net income (loss) (in Dollars) | $ (16,328,992) | $ (65,534,358) | |||||||||||||||||||||||||||||||
Hang Yu Tai Investment Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 78.00% | ||||||||||||||||||||||||||||||||
Macau Eiji Company Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 75.00% | 75.00% | |||||||||||||||||||||||||||||||
Hang Sing Tai Agriculture Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 25.00% | ||||||||||||||||||||||||||||||||
Pretty Mountain Holdings Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 45.00% | 80.00% | |||||||||||||||||||||||||||||||
SJAP [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 55.00% | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 50.45% | ||||||||||||||||||||||||||||||||
Business combination, consideration transferred (in Dollars) | $ 459,137 | ||||||||||||||||||||||||||||||||
APWAM [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 45.00% | 100.00% | |||||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 45.00% | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 41.25% | ||||||||||||||||||||||||||||||||
Garwor [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 55.00% | ||||||||||||||||||||||||||||||||
Qinghai Quanwang Investment Management Co., Ltd (“QQI”) [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 14.00% | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 8.30% | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 8.30% | ||||||||||||||||||||||||||||||||
Proceeds from Contributed Capital (in Dollars) | $ 769,941 | ||||||||||||||||||||||||||||||||
Hyt Group [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 100.00% | 100.00% | |||||||||||||||||||||||||||||||
Business combination, consideration transferred (in Dollars) | $ 45,000,000 | $ 45,000,000 | |||||||||||||||||||||||||||||||
EBAPCD [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 25.00% | 25.00% | |||||||||||||||||||||||||||||||
JFD [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 75.00% | 25.00% | |||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | $ 1,702,580 | $ 1,662,365 | $ 1,258,607 | ||||||||||||||||||||||||||||||
Percentage of addition minority interest in joint ventures | 25.00% | 25.00% | |||||||||||||||||||||||||||||||
Fair value of assets acquired (in Dollars) | $ 238,320,000 | ||||||||||||||||||||||||||||||||
Licensing fees (in Dollars) | $ 30,000,000 | ||||||||||||||||||||||||||||||||
Tri-Way Industrie Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | 25.00% | |||||||||||||||||||||||||||||||
New issuance of shares (in Shares) | shares | 99,990,000 | ||||||||||||||||||||||||||||||||
Enping City A Power Cattle Farm Co., Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 25.00% | ||||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | $ 1,076,489 | ||||||||||||||||||||||||||||||||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | $ 4,385,101 | $ 2,944,176 | |||||||||||||||||||||||||||||||
Withdrawing equity interest | 25.00% | ||||||||||||||||||||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 26.00% | ||||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | 1,651,774 | ||||||||||||||||||||||||||||||||
Sino Agro Food Sweden AB (“SAFS”) [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | ||||||||||||||||||||||||||||||||
Equity method investments (in Dollars) | $ 77,664 | ||||||||||||||||||||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Proceeds from Contributed Capital (in Dollars) | $ 4,157,682 | ||||||||||||||||||||||||||||||||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | SJAP [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Additional Equity Method Investment Ownership Percentage | 50.00% | ||||||||||||||||||||||||||||||||
Business Acquisition [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Business combination, description | In addition, according to investment agreement between QZH and QQI, (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. SJAP disposed its 85% equity interest in QZH for RMB2 (equivalent to $0) for cash and completed on December 30, 2018. | ||||||||||||||||||||||||||||||||
Business Acquisition [Member] | Tri-Way Industrie Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Business acquisition, share price (in Dollars per share) | $ / shares | $ 3.41 | ||||||||||||||||||||||||||||||||
Amount of shares issued (in Dollars) | $ 340,530,000 | ||||||||||||||||||||||||||||||||
Business Acquisition [Member] | Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 75.00% | ||||||||||||||||||||||||||||||||
Maximum [Member] | Tri-Way Industrie Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | 36.60% | |||||||||||||||||||||||||||||||
Maximum [Member] | Qinghai Zhong He Meat Products Co., Limited (“QZH”) [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | ||||||||||||||||||||||||||||||||
Minimum [Member] | Tri-Way Industrie Limited [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 23.89% | 23.89% | |||||||||||||||||||||||||||||||
Minimum [Member] | Qinghai Zhong He Meat Products Co., Limited (“QZH”) [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 85.00% | ||||||||||||||||||||||||||||||||
Chinese Partners [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 24.00% | ||||||||||||||||||||||||||||||||
SJAP [Member] | |||||||||||||||||||||||||||||||||
Corporate Information (Details) [Line Items] | |||||||||||||||||||||||||||||||||
Net income (loss) (in Dollars) | $ 30,000,000 | ||||||||||||||||||||||||||||||||
Volume of fertilizer production (in Liters) | l | 8,000 | 35,000 | |||||||||||||||||||||||||||||||
Volume of concentrated live-stock feed (in Liters) | l | 3,000 | 15,000 | |||||||||||||||||||||||||||||||
Number of fattening heads of live cattle | 25,000 | 1,500 | |||||||||||||||||||||||||||||||
Number of corporative farms | 20 | ||||||||||||||||||||||||||||||||
Number of individual farmers | 2,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)¥ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020¥ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019¥ / shares | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Cost of goods and services sold | |||||||
Accumulated other comprehensive income | $ (61,305,643) | $ (61,305,643) | $ (54,997,545) | ||||
Foreign Currency Exchange Rate | (per share) | $ 1 | $ 6.46 | $ 1 | ¥ 6.52 | |||
Average Foreign Currency Exchange Rate Remeasurement | (per share) | $ 1 | $ 6.47 | $ 1 | ¥ 6.58 | |||
GoodwillAcquiredDuringPeriod | $ 724,940 | ||||||
Cash, Uninsured Amount | 173,738 | $ 173,738 | 188,846 | ||||
Accounts Receivable, Net, Current | 19,880,881 | 19,880,881 | 32,658,330 | ||||
Impairment losses | $ 17,723,648 | $ 104,492,817 | $ 3,834,658 | ||||
Earnings Per Share, Basic (in Dollars per share) | $ / shares | $ (0.28) | (0.88) | |||||
Earnings Per Share, Diluted (in Dollars per share) | $ / shares | $ (0.28) | $ (0.88) | |||||
Customer A [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Accounts Receivable, Net, Current | $ 8,558,719 | 8,558,719 | |||||
Customer B [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Accounts Receivable, Net, Current | 4,009,974 | 4,009,974 | |||||
Customer C [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Accounts Receivable, Net, Current | 2,497,039 | $ 2,497,039 | |||||
General and Administrative Expense [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Research and development expense | 0 | $ 349,541 | |||||
General and Administrative Expense [Member] | Shipping and Handlings [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Cost of goods and services sold | 0 | 85,475 | |||||
General and Administrative Expense [Member] | Advertising [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Cost of goods and services sold | $ 0 | $ 485,568 | |||||
Revenue [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Number of customers | 5 | ||||||
Accounts Receivable [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Number of customers | 5 | ||||||
Stock Feed Manufacturing Technology [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 25 years | ||||||
Aromatic Cattle-Feeding Formula [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||
Sleepy Cods Breeding Technology [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 25 years | ||||||
Bacterial Cellulose Technology [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||
Land Use Rights [Member] | Minimum [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Lease Period Of Land | 10 years | 10 years | |||||
Land Use Rights [Member] | Maximum [Member] | |||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Lease Period Of Land | 60 years | 60 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of subsidiary and variable interest entity | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | |
Principal activities | Sales and marketing of fishery production& products. |
Capital Award Inc. (“CA”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Belize |
Percentage of interest | (2021: 100%) directly |
Principal activities | Fishery development and holder of A-Power Technology master license. |
Capital Hero Inc. (“CS”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Belize |
Percentage of interest | (2021:100%)indirectly |
Principal activities | Dormant Capital HeroInc. |
(“CH”)Capital Stage Inc. (CH) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Belize |
Percentage of interest | (2021: 100%) indirectly |
Principal activities | Dormant Capital Stage Inc.(CS) |
Macau Eiji Company Limited (“MEIJI”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Macau, P.R.C. |
Percentage of interest | (2021: 100%) directly |
Principal activities | Investment holding, cattle farm development, beef cattle and beef trading |
Sino Agro Food Sweden AB (“SAFS”). [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Sweden |
Principal activities | Dormant: Dissolved 31st December |
A Power Agro Agriculture Development (Macau) Limited (“APWAM”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Macau, P.R.C. |
Percentage of interest | (2021: 100%) directly |
Principal activities | Investment holding |
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | P.R.C. |
Percentage of interest | (2021: 75%) Indirectly |
Principal activities | HylocereusUndatus Plantation (“HU Plantation”). |
Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | P.R.C. |
Percentage of interest | (2021:75%) indirectly |
Principal activities | Beef cattle cultivation |
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | P.R.C. |
Percentage of interest | (2021:76%) indirectly |
Principal activities | Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures |
Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | P.R.C. |
Percentage of interest | (2021: 41.25%) indirectly |
Principal activities | Manufacturing of organic fertilizer, livestock feed, and beef cattle |
Tri-way Industries Limited [Member] | |
Variable Interest Entity [Line Items] | |
Place of incorporation | Hong Kong, P.R.C. |
Percentage of interest | (2021: 36.6%) directly |
Principal activities | A-Power Technology license (P.R.C.) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life | 6 Months Ended |
Jun. 30, 2021 | |
Mature seeds and herbage cultivation [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Plant and machinery [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Structure and leasehold improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Furniture and equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years 6 months |
Minimum [Member] | Motor vehicles [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Maximum [Member] | Plant and machinery [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Structure and leasehold improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Maximum [Member] | Furniture and equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Motor vehicles [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property plant equipment useful life [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of concentration of risk, by risk factor - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 86.31% | ||
Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 89.57% | 99.63% | ||
Customer A [Member] | Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 53.22% | 31.54% | ||
Customer A [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 43.05% | 44.89% | ||
Customer B [Member] | Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 28.71% | 26.27% | ||
Customer B [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 20.17% | 24.45% | ||
Customer C [Member] | Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 18.07% | 18.32% | ||
Customer C [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 12.56% | 14.66% | ||
Customer D [Member] | Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 7.09% | |||
Customer D [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 11.25% | 10.56% | ||
Customer F [Member] | Sales Revenue, Product Line [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 3.09% | |||
Customer E [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 2.54% | 0.02% | ||
Organic fertilizer and Bread Grass Division [Member] | Customer A [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 53.22% | |||
Sales Revenue, Goods, Net (in Dollars) | $ 2,790,309 | |||
Cattle Farm Development and HU Plantation Division [Member] | Customer B [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 28.71% | |||
Sales Revenue, Goods, Net (in Dollars) | $ 1,505,258 | |||
Corporate Division [Member] | Customer C [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 18.07% | |||
Sales Revenue, Goods, Net (in Dollars) | $ 947,404 |
Segment Information (Details) -
Segment Information (Details) - Schedule of segment reporting information, by segment - USD ($) | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5,242,971 | $ 4,946,199 | ||
Net income (loss) | (16,830,399) | (51,772,143) | ||
Total assets | 497,989,987 | 472,720,164 | $ 517,821,549 | |
Fishery Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [1] | 0 | 0 | |
Net income (loss) | [1] | (3,511,424) | (28,672,571) | |
Total assets | [1] | 128,023,261 | 124,547,854 | |
HU Plantation Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [2] | 1,308,333 | 1,103,592 | |
Net income (loss) | [2] | 267,409 | 343,272 | |
Total assets | [2] | 47,414,554 | 56,524,872 | |
Organic Fertilizer and Bread Grass Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [3] | 2,653,964 | 2,618,490 | |
Net income (loss) | [3] | 731,237 | 841,807 | |
Total assets | [3] | 103,670,726 | 75,482,876 | |
Cattle Farm Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [4] | 1,280,674 | 1,224,117 | |
Net income (loss) | [4] | 544,061 | 442,485 | |
Total assets | [4] | 33,706,092 | 58,745,778 | |
Corporate and others [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [5] | 0 | 0 | |
Net income (loss) | [5] | (14,861,681) | (24,727,135) | |
Total assets | [5] | $ 185,175,354 | $ 157,418,784 | |
[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”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”), and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). On December 30, 2018 QZH was disposed to third party and derecognized as variable interest entity on the same date. | |||
[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”) ---- ( st ) |
Segment Information (Details)_2
Segment Information (Details) - Schedule of further analysis of revenue - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | $ 5,242,971 | $ 4,946,199 |
Cost of Goods Sold | 1,221,657 | 1,162,375 |
Name of entity Capital Award, Inc. (CA) | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | ||
Cost of Goods Sold | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited ("JHST") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,308,333 | 1,242,916 |
Cost of Goods Sold | 950,417 | 944,616 |
Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | ||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 2,653,964 | 2,729,330 |
Cost of Goods Sold | ||
Macau Eiji Company Limited ("MEIJI") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,280,674 | 973,953 |
Cost of Goods Sold | 271,240 | 217,759 |
Sino Agro Food, Inc. (“SIAF”) | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | ||
Cost of Goods Sold | ||
HU Plantation Division [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,308,333 | 1,242,916 |
Cost of Goods Sold | 950,417 | 944,616 |
HU Plantation Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited ("JHST") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,308,333 | 1,242,916 |
Cost of Goods Sold | 950,417 | 944,616 |
Organic Fertilizer and Bread Grass Division [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 2,653,964 | 2,729,330 |
Cost of Goods Sold | ||
Organic Fertilizer and Bread Grass Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited ("HSA") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 2,653,964 | 2,729,330 |
Cost of Goods Sold | ||
Cattle Farm Development Division [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,280,674 | 973,953 |
Cost of Goods Sold | 271,240 | 217,759 |
Cattle Farm Development Division [Member] | Macau Eiji Company Limited ("MEIJI") [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 1,280,674 | 973,953 |
Cost of Goods Sold | 271,240 | 217,759 |
Corporate and others [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | 0 | 0 |
Cost of Goods Sold | ||
Corporate and others [Member] | Sino Agro Food, Inc. (“SIAF”) | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | ||
Cost of Goods Sold | ||
Fishery Development Division [Member] | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Sales Revenue, Goods, Net, Total | ||
Cost of Goods Sold | ||
Fishery Development Division [Member] | Name of entity Capital Award, Inc. (CA) | ||
Segment Information (Details) - Schedule of further analysis of revenue [Line Items] | ||
Cost of Goods Sold |
Income Taxes (Details)
Income Taxes (Details) | Jan. 01, 2008 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 |
Income Tax Disclosure [Abstract] | ||||
Enterprise income tax rate | 25.00% | 33.00% | ||
Corporate income tax rate | 22.00% | 22.00% | 25.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision of income taxes - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes | ||
SIAF [Member] | ||
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes | ||
SAFS [Member] | ||
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes | ||
CA, CH and CS [Member] | ||
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes | ||
MEIJI and APWAM [Member] | ||
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes | ||
JHST, JHMC, SJAP, QZH and HSA [Member] | ||
Income Taxes (Details) - Schedule of provision of income taxes [Line Items] | ||
Provision for income taxes |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of cash and cash equivalents [Abstract] | ||
Cash and bank balances | $ 173,738 | $ 18,884 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventories | ||
Bread Grass [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | ||
Beef cattle [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | ||
Organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | ||
Forage for cattle and consumable [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | ||
Raw materials for bread grass and organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | ||
Immature seeds [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross |
Deposits and Prepayments (Detai
Deposits and Prepayments (Details) - Schedule of deposits and prepayments - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Deposits for | ||
- purchases of equipment | ||
- acquisition of land use rights | ||
- inventories purchases | 13,929,779 | 13,141,301 |
- construction in progress | ||
- issue of shares as collateral | ||
Shares issued for employee compensation and overseas professional and bond interest | ||
Others | ||
Prepaid Expense and Other Assets, Current | $ 13,929,779 | $ 13,141,301 |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of accounts receivable [Abstract] | ||
0 - 30 days | $ 1,125,414 | $ 4,695,820 |
31 - 90 days | 3,820,785 | 10,238,862 |
91 - 120 days | 2,100,461 | 5,389,705 |
over 120 days and less than 1 year | 12,834,221 | 12,333,943 |
over 1 year | ||
Accounts Receivable, Net, Current | $ 19,880,881 | $ 32,658,330 |
Other Receivables (Details) - S
Other Receivables (Details) - Schedule of other receivables - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | $ 77,979,221 | $ 82,083,391 |
Advanced to employees [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | ||
Advanced to suppliers [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | 298,554 | 2,028,907 |
Advanced to customers [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | ||
Advanced to developers [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | ||
Advanced to SJAP [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | 75,640,904 | 76,404,954 |
Others [Member] | ||
Other Receivables (Details) - Schedule of other receivables [Line Items] | ||
Other Receivables, Net | $ 2,039,763 | $ 3,649,530 |
Plant and Equipment (Details) -
Plant and Equipment (Details) - Schedule of plant and equipment - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 128,951,211 | $ 125,572,586 |
Less: Accumulated depreciation | 33,731,577 | 27,693,043 |
Net carrying amount | 95,219,634 | 97,879,543 |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 10,489,442 | 9,712,446 |
Structure and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 92,939,669 | 91,547,512 |
Mature seeds and herbage cultivation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 18,533,307 | 17,612,200 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 3,536,281 | 3,367,887 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 3,452,512 | $ 3,332,541 |
Construction in Progress (Detai
Construction in Progress (Details) - Schedule of construction in progress - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress | ||
Office, warehouse and organic fertilizer plant in HSA [Member] | ||
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress | ||
Oven room, road for production of dried flowers [Member] | ||
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress | ||
Organic fertilizer and bread grass production plant and office building [Member] | ||
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress | ||
Rangeland for beef cattle and office building [Member] | ||
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress | ||
Fish pond and breeding factory [Member] | ||
Construction in Progress (Details) - Schedule of construction in progress [Line Items] | ||
Construction in progress |
Land Use Rights (Details) - Sch
Land Use Rights (Details) - Schedule of land use rights - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of land use rights [Abstract] | ||
Cost | $ 70,052,058 | $ 68,293,896 |
Less: Accumulated amortization | (18,563,124) | (15,811,679) |
Net carrying amount | $ 51,488,934 | $ 52,482,217 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Goodwill - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Goodwill [Abstract] | ||
Goodwill from acquisition | $ 729,940 | $ 724,940 |
Less: Accumulated impairment losses | ||
Net carrying amount | $ 724,940 | $ 724,940 |
Proprietary Technologies (Detai
Proprietary Technologies (Details) - Schedule of Proprietary Technologies - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Proprietary Technologies [Abstract] | ||
Cost | $ 9,692,600 | $ 9,232,228 |
Less: Accumulated amortization | (3,252,432) | (2,164,475) |
Net carrying amount | $ 6,440,168 | $ 7,067,753 |
Interests in Unconsolidated E_3
Interests in Unconsolidated Equity Interests (Details) - Schedule of equity method investments - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 232,152,692 | $ 232,100,046 |
Amount due from a consolidated equity investee | 22,142,631 | 22,089,985 |
Total investment at cost | 232,152,692 | 232,100,046 |
TRW [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 149,720,418 | 149,720,418 |
SJAP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 40,211,202 | 40,211,202 |
Cattle farm 2 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 20,078,441 | $ 20,078,441 |
Other Payables (Details) - Sche
Other Payables (Details) - Schedule of other payables - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of other payables [Abstract] | ||
Due to third parties | $ 11,441,796 | $ 9,271,281 |
Straight note payable (note 23(i)) | 26,542,719 | 29,367,999 |
Promissory notes issued to third parties | ||
Due to local government | ||
37,984,515 | 38,639,280 | |
Less: Amount classified as non-current liabilities | ||
Promissory notes issued to third parties | ||
Amount classified as current liabilities | $ 37,984,515 | $ 38,639,280 |
Borrowings (Details)
Borrowings (Details) | Nov. 30, 2020USD ($) | Nov. 30, 2020CNY (¥) | Dec. 14, 2019USD ($) | Dec. 14, 2019CNY (¥) | Dec. 27, 2019USD ($) | Nov. 29, 2019USD ($) | Dec. 16, 2016USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 27, 2019CNY (¥) | Dec. 14, 2019CNY (¥) | Nov. 29, 2019CNY (¥) | Oct. 20, 2019USD ($) | Dec. 16, 2016CNY (¥) |
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 15,589,000 | $ 4,000,000 | |||||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 4.7306% | 4.7306% | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | On December 16, 2016, the Company obtained a 10-year long term loan of RMB40 million (approximately $6.05 million) 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% (2019: 5.39%). | ||||||||||||||
Repayments of Short-term Debt | |||||||||||||||
China Development Bank [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.39% | 5.39% | |||||||||||||
Repayments of Short-term Debt | $ 75,563 | ¥ 500,000 | |||||||||||||
Da Tong National Development Rural Bank Limited [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 218,563 | ¥ 1,500,000 | |||||||||||||
Property, Plant and Equipment, Other Types [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | $ 5,326,385 | $ 5,954,915 | |||||||||||||
Short-term Debt [Member] | China Development Bank [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Term | 1 year | 1 year | |||||||||||||
Debt Instrument, Face Amount | $ 1,530,000 | $ 4,370,000 | $ 3,060,000 | ¥ 30,000,000 | ¥ 10,000,000 | ¥ 20,000,000 | |||||||||
Long-term Debt [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | |||||||||||||||
Long-term Debt [Member] | China Development Bank [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||
Debt Instrument, Face Amount | $ 6,050,000 | ¥ 40,000,000 | |||||||||||||
Land Use Rights [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | $ 397,269 | $ 429,982 | |||||||||||||
Short term Debt One [Member] | China Development Bank [Member] | |||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 5.2835% | 5.2835% |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of debt - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Long term bank loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | ||
Term | ||
Short and Long term bank loans | ||
China Development Bank Qinghai Province, the P.R.C. | Short term bank loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.2835% | |
Term | November 29, 2019 - November 28, 2019 | |
Short and Long term bank loans | ||
China Development Bank Qinghai Province, the P.R.C. | Short term bank loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.2835% | |
Term | December 14, 2019 - December 13, 2019 | |
Short and Long term bank loans | ||
China Development Bank Qinghai Province, the P.R.C | Short term bank loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.7306% | |
Term | December 27, 2019 - December 27, 2020 | |
Short and Long term bank loans | ||
China Development Bank Qinghai Province, the P.R.C. | Long term bank loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.39% | |
Term | December 16, 2016 - December 15, 2026 | |
Short and Long term bank loans |
Convertible Note Payables (Deta
Convertible Note Payables (Details) - USD ($) | Mar. 31, 2015 | Jul. 22, 2014 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 20, 2019 | Jun. 30, 2015 | Feb. 28, 2015 | Aug. 29, 2014 |
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 15,589,000 | $ 4,000,000 | |||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 1 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 400,000 | ||||||||
Convertible notes reclassified to straight notes payable | $ 29,367,999 | ||||||||
Loss on restructuring | 6,225,204 | ||||||||
Debt instrument, cash settlement | $ 15,589,000 | ||||||||
Sales proceeds | $ 13,362,550 | ||||||||
Common Stock Issuable In Lieu Origination Fee (in Shares) | 120,000 | ||||||||
Common Stock Issuable In Lieu Interest Payments (in Shares) | 200,000 | ||||||||
Amortization of Debt Discount (Premium) | $ 106,297 | ||||||||
Tri-way Industries [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 400,000 | ||||||||
Common Stock Issuable In Lieu Origination Fee (in Shares) | 32,000 | ||||||||
Common Stock Issuable In Lieu Interest Payments (in Shares) | 55,000 | ||||||||
Convertible Notes Payable [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | ||||||||
Debt Instrument, Face Amount | $ 33,300,000 | ||||||||
Convertible Notes Payable, Noncurrent | $ 11,632,450 | ||||||||
Debt Instrument, Discount Percentage | 25.00% | ||||||||
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. | ||||||||
Conversion option [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 211,320 | ||||||||
Common Stock [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,196,333 | ||||||||
Common Stock [Member] | IPO [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,196,333 | ||||||||
SIAF [Member] | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,196,333 | ||||||||
ECAB | |||||||||
Convertible Note Payables (Details) [Line Items] | |||||||||
Common shares loaned to accredited investor (in Shares) | 500,050 | ||||||||
Share price (in Dollars per share) | $ 18.10 | ||||||||
Remaining proceeds from notes | $ 13,362,550 | ||||||||
Disbursement of the total loan proceed | $ 22,137,450 | $ 25,000,000 | |||||||
Common shares sold by investor (in Shares) | 500,050 | ||||||||
Proceeds from sale of shares invested back in entity | $ 10,500,000 |
Convertible Note Payables (De_2
Convertible Note Payables (Details) - Schedule of fair value of the derivative liabilities using the binomial option pricing model | 6 Months Ended |
Jun. 30, 2021 | |
Expected dividends [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected dividends | |
Expected term (years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected term (years) | 4 months 2 days |
Minimum [Member] | Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Volatility | 52.09% |
Minimum [Member] | Risk-free rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Risk-free rate | 1.65% |
Maximum [Member] | Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Volatility | 54.32% |
Maximum [Member] | Risk-free rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Risk-free rate | 1.90% |
Convertible Note Payables (De_3
Convertible Note Payables (Details) - Schedule of fair value hierarchy, the Company’s financial liabilities - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible Note Payables (Details) - Schedule of fair value hierarchy, the Company’s financial liabilities [Line Items] | |||
Derivative liabilities | $ 0 | $ 2,100 | |
Level 3 [Member] | |||
Convertible Note Payables (Details) - Schedule of fair value hierarchy, the Company’s financial liabilities [Line Items] | |||
Derivative liabilities | $ 0 |
Convertible Note Payables (De_4
Convertible Note Payables (Details) - Schedule of change in fair vlue of derivative liabilities | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Schedule of change in fair vlue of derivative liabilities [Abstract] | |
Fair value of derivative liabilities as of December 31, 2019 | $ 2,100 |
Change in fair value of derivative liabilities | |
Fair value of derivative liabilities as of 30 June 2021 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2019 | Aug. 29, 2014 | |
Shareholders' Equity (Details) [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares issued in period | 1,876,166 | ||||
Shares issued, price per share (in Dollars per share) | $ 3.45 | ||||
Stock issued during period, shares, conversion of convertible securities | 3,935,439 | ||||
Debt instrument, convertible, conversion price (in Dollars per share) | $ 1 | ||||
Stock issued during period, value, conversion of convertible securities, net of adjustments (in Dollars) | $ 1,596,370 | $ 1,478,029 | |||
Common stock, shares, issued | 59,963,332 | 60,352,942 | |||
Common stock, shares, outstanding | 59,963,332 | 60,352,942 | |||
Common Stock [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares issued in period | 6,511,081 | ||||
Shares issued, price per share (in Dollars per share) | $ 0.25 | ||||
Stock issued during period, value, conversion of convertible securities, net of adjustments (in Dollars) | $ 469,041 | ||||
Stock redeemed or called during period, shares | 8,387,247 | ||||
Stock redeemed or called during period, value (in Dollars) | $ 2,065,411 | ||||
Minimum [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Debt instrument, convertible, conversion price (in Dollars per share) | $ 0.30 | ||||
Maximum [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Debt instrument, convertible, conversion price (in Dollars per share) | $ 0.50 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares issued in period | 535,598 | ||||
Employee benefits and share-based compensation (in Dollars) | $ 576,170 | ||||
Share-based Payment Arrangement, Option [Member] | Professionals And Contractors [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares issued in period | 16,032,262 | ||||
Share based compensation arrangement by share based payment award shares issued in period value (in Dollars) | $ 9,723,720 | ||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Professionals And Contractors [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares issued, price per share (in Dollars per share) | $ 0.55 | ||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | Professionals And Contractors [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares issued, price per share (in Dollars per share) | 1 | ||||
Share-based Payment Arrangement, Option [Member] | Common Stock [Member] | Minimum [Member] | Employees And Directors [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares issued, price per share (in Dollars per share) | 1 | ||||
Share-based Payment Arrangement, Option [Member] | Common Stock [Member] | Maximum [Member] | Employees And Directors [Member] | |||||
Shareholders' Equity (Details) [Line Items] | |||||
Shares issued, price per share (in Dollars per share) | $ 1.56 |
Obligation Under Operating Le_3
Obligation Under Operating Leases (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)m² | Jun. 30, 2020USD ($) | |
Obligation Under Operating Leases (Details) [Line Items] | ||
Lease expenses | $ 26,254 | $ 24,357 |
Agriculture Land [Member] | ||
Obligation Under Operating Leases (Details) [Line Items] | ||
Company leases (in Square Meters) | m² | 2,178 | |
Operating leases rent frequency of periodic payment | $ 812 | |
Lease expiration date | Mar. 31, 2021 | |
Office Space [Member] | ||
Obligation Under Operating Leases (Details) [Line Items] | ||
Company leases (in Square Meters) | m² | 2,695 | |
Operating leases rent frequency of periodic payment | $ 3,034 | |
Lease expiration date | Jul. 8, 2022 |
Obligation Under Operating Le_4
Obligation Under Operating Leases (Details) - Schedule of future minimum lease payments | Jun. 30, 2021USD ($) |
Schedule of future minimum lease payments [Abstract] | |
Within 1 year | $ 31,541 |
2 to 5 years | 26,485 |
Over 5 years | |
Operating Leases, Future Minimum Payments Due | $ 58,026 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Jun. 30, 2021 | Dec. 31, 2019 | |
Stock Based Compensation (Details) [Line Items] | |||
Shares issued (in Shares) | 117,000 | ||
Shares issued, price per share | $ 3.45 | ||
Common stock of issuance per share | $ 3.45 | ||
Amortization of deferred charges (in Dollars) | $ 0 | ||
Trading Price One [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Shares issued (in Shares) | 500,800 | ||
Shares issued, price per share | $ 1 | ||
Common stock of issuance per share | $ 3.45 | ||
Trading Price Two [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Shares issued (in Shares) | 1,050,502 | ||
Shares issued, price per share | $ 1 | ||
Common stock of issuance per share | $ 1 | ||
Staff [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Deferred Compensation (in Dollars) | $ 0 |
Contingencies (Details)
Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Sep. 22, 2015 | |
Contingencies (Details) [Line Items] | ||
Revolving trade facility loan | $ 13,000,000 | |
common shares issued (in Shares) | 5,708,312 | |
Shanghai, P.R.C [Member] | ||
Contingencies (Details) [Line Items] | ||
Revolving trade facility loan | $ 20,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Solomon Yip Kun Lee [Member] | ||
Related Party Transactions (Details) [Line Items] | ||
Due to directors current | $ 2,084,092 | $ 1,985,040 |
Tri Way Industries Limited [Member] | ||
Related Party Transactions (Details) [Line Items] | ||
Due to directors current | 168,614,275 | 170,150,427 |
SJAP [Member] | ||
Related Party Transactions (Details) [Line Items] | ||
Due to directors current | $ 41,895,847 | $ 41,871,178 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of computations of basic and dilutive earnings per share - Continuing Operations [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||
Net income used in computing basic earnings per share | $ (16,830,399) | $ (21,772,143) |
Basic earnings per share | $ (0.28) | $ (0.88) |
Basic weighted average shares outstanding | 60,158,137 | 58,712,555 |
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||
Net income used in computing diluted earnings per share | $ (16,830,399) | $ (21,772,143) |
Diluted earnings per share | $ (0.28) | $ (0.88) |
Diluted weighted average shares outstanding | 60,158,137 | 58,712,555 |