Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 12, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | HF Foods Group Inc. | |
Entity Central Index Key | 0001680873 | |
Trading Symbol | hffg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 22,350,211 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 6,941,989 | $ 5,489,404 |
Accounts receivable, net | 13,687,825 | 14,406,476 |
Accounts receivable - related parties, net | 2,690,110 | 2,292,151 |
Inventories, net | 26,122,873 | 22,175,769 |
Advances to suppliers, net | 396,929 | 280,267 |
Advances to suppliers - related parties, net | 1,229,659 | 1,526,482 |
Notes receivable | 718,284 | 3,803,826 |
Notes receivable - related parties, current | 979,211 | 8,117,686 |
Income Tax Recoverable | 637,660 | |
Other current assets | 950,470 | 950,703 |
TOTAL CURRENT ASSETS | 54,355,010 | 59,042,764 |
Property and equipment, net | 27,617,543 | 22,650,021 |
Operating lease right-of-use assets | 85,783 | |
Deferred tax assets | 85,451 | 117,933 |
Long-term notes receivable | 3,078,987 | |
Long-term notes receivable - related parties | 7,419,521 | 423,263 |
Other long-term assets | 206,663 | 242,426 |
TOTAL ASSETS | 92,848,958 | 82,476,407 |
CURRENT LIABILITIES: | ||
Lines of credit | 11,364,481 | 8,194,146 |
Accounts payable | 19,617,687 | 17,474,206 |
Accounts payable -related parties | 3,453,519 | 3,923,120 |
Advance from customers | 408,080 | 61,406 |
Advance from customers - related parties | 166,490 | |
Current portion of long-term debt, net | 1,757,027 | 1,455,441 |
Current portion of obligations under capital leases | 262,904 | 164,894 |
Current portion of obligations under operating leases | 40,156 | |
Income tax payable | 12,836 | |
Accrued expenses | 2,255,262 | 2,148,602 |
TOTAL CURRENT LIABILITIES | 39,171,952 | 33,588,305 |
Long-term debt, net | 14,132,172 | 13,109,854 |
Obligations under capital leases, non-current | 1,207,694 | 120,705 |
Obligations under operating leases, non-current | 45,627 | |
Deferred tax liabilities | 1,065,746 | 1,196,061 |
TOTAL LIABILITIES | 55,623,192 | 48,014,925 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preferred Stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | ||
Common Stock, $0.0001 par value, 30,000,000 shares authorized, 22,167,486 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 2,217 | 2,217 |
Additional paid-in capital | 22,920,603 | 22,920,603 |
Retained earnings | 13,129,692 | 10,433,984 |
Total shareholders’ equity | 36,052,512 | 33,356,804 |
Noncontrolling interest | 1,173,254 | 1,104,678 |
TOTAL EQUITY | 37,225,766 | 34,461,482 |
TOTAL LIABILITIES AND EQUITY | $ 92,848,958 | $ 82,476,407 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred Stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, issued (in shares) | 0 | 0 |
Preferred Stock, outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common Stock, issued (in shares) | 22,167,486 | 22,167,486 |
Common Stock, outstanding (in shares) | 22,167,486 | 22,167,486 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Revenue | $ 74,718,206 | $ 72,287,515 | $ 149,519,228 | $ 146,868,286 |
Cost of revenue | 62,206,053 | 60,163,782 | 124,300,219 | 122,640,487 |
GROSS PROFIT | 12,512,153 | 12,123,733 | 25,219,009 | 24,227,799 |
DISTRIBUTION, SELLING AND ADMINISTRATIVE EXPENSES | 11,094,041 | 11,267,770 | 21,459,213 | 21,340,382 |
INCOME FROM OPERATIONS | 1,418,112 | 855,963 | 3,759,796 | 2,887,417 |
Other Income (Expenses) | ||||
Interest income | 152,518 | 6,875 | 304,467 | 13,750 |
Interest expense and bank charges | (388,160) | (349,150) | (725,118) | (754,713) |
Other income | 338,995 | 290,142 | 623,530 | 547,332 |
Total Other Income (Expenses), net | 103,353 | (52,133) | 202,879 | (193,631) |
INCOME BEFORE INCOME TAX PROVISION | 1,521,465 | 803,830 | 3,962,675 | 2,693,786 |
PROVISION FOR INCOME TAXES | 460,751 | 198,579 | 1,108,390 | 702,060 |
NET INCOME | 1,060,714 | 605,251 | 2,854,285 | 1,991,726 |
Less: net income (loss) attributable to noncontrolling interest | 37,819 | (419,980) | 158,577 | (381,455) |
NET INCOME ATTRIBUTABLE TO HF FOODS GROUP INC. | $ 1,022,895 | $ 1,025,231 | $ 2,695,708 | $ 2,373,181 |
Earnings per common share - basic and diluted (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.12 | $ 0.12 |
Weighted average shares - basic and diluted (in shares) | 22,167,486 | 19,969,831 | 22,167,486 | 19,969,831 |
Third Parties [Member] | ||||
Net Revenue | $ 70,648,233 | $ 68,055,945 | $ 140,952,144 | $ 137,931,855 |
Cost of revenue | 58,310,424 | 56,034,520 | 116,035,779 | 113,901,064 |
Related Parties [Member] | ||||
Net Revenue | 4,069,973 | 4,231,570 | 8,567,084 | 8,936,431 |
Cost of revenue | $ 3,895,629 | $ 4,129,262 | $ 8,264,440 | $ 8,739,423 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 19,969,831 | |||||
Balance at Dec. 31, 2017 | $ 1,997 | $ 21,549,703 | $ 4,255,213 | $ 25,806,913 | $ 1,091,199 | $ 26,898,112 |
Net Income | 1,347,950 | 1,347,950 | 38,525 | 1,386,475 | ||
Distribution to shareholders | (180,089) | (180,089) | (89,911) | (270,000) | ||
Balance (in shares) at Mar. 31, 2018 | 19,969,831 | |||||
Balance at Mar. 31, 2018 | $ 1,997 | 21,549,703 | 5,423,074 | 26,974,774 | 1,039,813 | 28,014,587 |
Balance (in shares) at Dec. 31, 2017 | 19,969,831 | |||||
Balance at Dec. 31, 2017 | $ 1,997 | 21,549,703 | 4,255,213 | 25,806,913 | 1,091,199 | 26,898,112 |
Net Income | 1,991,726 | |||||
Balance (in shares) at Jun. 30, 2018 | 19,969,831 | |||||
Balance at Jun. 30, 2018 | $ 1,997 | 21,549,703 | 6,268,214 | 27,819,914 | 529,924 | 28,349,838 |
Balance (in shares) at Mar. 31, 2018 | 19,969,831 | |||||
Balance at Mar. 31, 2018 | $ 1,997 | 21,549,703 | 5,423,074 | 26,974,774 | 1,039,813 | 28,014,587 |
Net Income | 1,025,231 | 1,025,231 | (419,980) | 605,251 | ||
Distribution to shareholders | (180,091) | (180,091) | (89,909) | (270,000) | ||
Balance (in shares) at Jun. 30, 2018 | 19,969,831 | |||||
Balance at Jun. 30, 2018 | $ 1,997 | 21,549,703 | 6,268,214 | 27,819,914 | 529,924 | 28,349,838 |
Balance (in shares) at Dec. 31, 2018 | 22,167,486 | |||||
Balance at Dec. 31, 2018 | $ 2,217 | 22,920,603 | 10,433,984 | 33,356,804 | 1,104,678 | 34,461,482 |
Net Income | 1,672,813 | 1,672,813 | 120,759 | 1,793,572 | ||
Distribution to shareholders | ||||||
Balance (in shares) at Mar. 31, 2019 | 22,167,486 | |||||
Balance at Mar. 31, 2019 | $ 2,217 | 22,920,603 | 12,106,797 | 35,029,617 | 1,225,437 | 36,255,054 |
Balance (in shares) at Dec. 31, 2018 | 22,167,486 | |||||
Balance at Dec. 31, 2018 | $ 2,217 | 22,920,603 | 10,433,984 | 33,356,804 | 1,104,678 | 34,461,482 |
Net Income | 2,854,285 | |||||
Balance (in shares) at Jun. 30, 2019 | 22,167,486 | |||||
Balance at Jun. 30, 2019 | $ 2,217 | 22,920,603 | 13,129,692 | 36,052,512 | 1,173,254 | 37,225,766 |
Balance (in shares) at Mar. 31, 2019 | 22,167,486 | |||||
Balance at Mar. 31, 2019 | $ 2,217 | 22,920,603 | 12,106,797 | 35,029,617 | 1,225,437 | 36,255,054 |
Net Income | 1,022,895 | 1,022,895 | 37,817 | 1,060,714 | ||
Distribution to shareholders | (90,000) | (90,000) | ||||
Balance (in shares) at Jun. 30, 2019 | 22,167,486 | |||||
Balance at Jun. 30, 2019 | $ 2,217 | $ 22,920,603 | $ 13,129,692 | $ 36,052,512 | $ 1,173,254 | $ 37,225,766 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net Income | $ 2,854,285 | $ 1,991,726 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization expense | 1,434,819 | 1,041,662 |
Gain from disposal of equipment | (40,594) | |
Provision of doubtful accounts | (73,187) | 42,809 |
Deferred tax benefits | (97,832) | (524,880) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 791,838 | 903,394 |
Accounts receivable - related parties, net | (397,959) | (323,696) |
Inventories | (3,947,104) | (2,077,161) |
Advances to suppliers | (116,662) | 492,438 |
Advances to suppliers - related parties, net | 296,823 | 446,973 |
Income tax recoverable | (637,660) | |
Other current assets | (5,782) | (61,372) |
Other long-term assets | 35,763 | 1,246,516 |
Accounts payable | 2,143,481 | 2,111,991 |
Accounts payable - related parties | (469,601) | 704,244 |
Advance from customers | 346,674 | 120,298 |
Advance from customers - related parties | (166,490) | (1,224,350) |
Income tax payable | 12,836 | (386,060) |
Accrued expenses | 106,660 | 1,595,939 |
Net cash provided by operating activities | 2,070,308 | 6,100,471 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (5,156,772) | (2,069,380) |
Proceeds from disposal of equipment | 233,699 | |
Proceeds from notes receivable | 115,305 | |
Payment made for notes receivable | (108,750) | (1,778,855) |
Proceeds from notes receivable to related parties | 316,023 | (322,971) |
Payment made for long-term notes receivable to related parties | (173,806) | |
Payments made for shareholder loan | (1,121,598) | |
Net cash used in investing activities | (4,774,301) | (5,292,804) |
Cash flows from financing activities: | ||
Proceeds from lines of credit | 14,264,481 | 2,600,000 |
Repayment of lines of credit | (10,294,146) | (2,400,000) |
Proceeds from long-term debt | 1,625,878 | 1,365,474 |
Repayment of long-term debt | (1,101,973) | (1,988,287) |
Repayment of capital lease | (247,662) | (209,268) |
Cash distribution paid to shareholders | (90,000) | (1,101,445) |
Net cash provided by (used in) financing activities | 4,156,578 | (1,733,526) |
Net increase (decrease) in cash | 1,452,585 | (925,859) |
Cash at beginning of the period | 5,489,404 | 6,086,044 |
Cash at end of the period | 6,941,989 | 5,160,185 |
Supplemental cash flow information | ||
Cash paid for interest | 746,784 | 683,675 |
Cash paid for income taxes | $ 1,599,284 | $ 1,613,000 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Description | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ORGANIZATION AND BUSINESS DESCRIPTION Organization and General HF Foods Group Inc. (“HF Foods”, or the “Company”) markets and distributes fresh produces, frozen and dry food, and non-food products to primarily Asian/Chinese restaurants and other foodservice customers throughout the Southeast region of the United States. The Company was originally incorporated in Delaware on May 19, 2016 one Business Combination Effective August 22, 2018, March 28, 2018, At closing on August 22, 2018, 19,969,831 88.5% 11.5% Following the consummation of the Transactions on August 22, 2018, 22,567,486 19,969,831 10,000 one 2,587,655 400,000 one 22,167,486 September 9, 2018, June 30, 2019. The Acquisition is treated by Atlantic as a reverse business combination under the acquisition method of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). For accounting purposes, HF Holding is considered to be acquiring Atlantic in this transaction. Therefore, the aggregate consideration paid in connection with the business combination will be allocated to Atlantic’s tangible and intangible assets and liabilities based on their fair market values. The assets and liabilities and results of operations of Atlantic will be consolidated into the results of operations of HF Holding as of the completion of the business combination. Reorganization of HF Group HF Holding was incorporated in the State of North Carolina on October 11, 2017. January 1, 2018, 11 ● Han Feng, Inc. (“Han Feng”) ● Truse Trucking, Inc. (“TT”) ● Morning First Delivery (“MFD”) ● R&N Holdings, LLC (“R&N Holdings”) ● R&N Lexington, LLC (“R&N Lexington”) ● Kirnsway Manufacturing Inc. (“Kirnsway”) ● Chinesetg, Inc. (“Chinesetg”) ● New Southern Food Distributors, Inc. (“NSF”) ● B&B Trucking Services, Inc. (“BB”) ● Kirnland Food Distribution, Inc. (“Kirnland”) ● HG Realty LLC (“HG Realty”) In accordance with Accounting Standards Codification (“ASC”) 805 50 25, 11 The following table summarizes the entities under HF Group after the above-mentioned reorganization: Date Of Place Of Percentage Of Legal Ownership By Name Incorporation Incorporation HF Holding Principal Activities Parent: HF Holding October 11, 2017 North Carolina, USA — Holding Company Subsidiaries: Han Feng January 14, 1997 North Carolina, USA 100 % Distributing food and related products TT August 06, 2002 North Carolina, USA 100 % Trucking service MFD April 15, 1999 North Carolina, USA 100 % Trucking service R&N Holdings November 21, 2002 North Carolina, USA 100 % Real estate holding R&N Lexington May 27, 2010 North Carolina, USA 100 % Real estate holding Kirnsway May 24, 2006 North Carolina, USA 100 % Design and printing services Chinesetg July 12, 2011 North Carolina, USA 100 % Design and printing services NSF December 17, 2008 Florida, USA 100 % Distributing food and related products BB September 12, 2001 Florida, USA 100 % Trucking service Kirnland April 11, 2006 Georgia, USA 66.7 % Distributing food and related products HG Realty May 11, 2012 Georgia, USA 100 % Real estate holding On June 5, 2018, 100% February 23, 2019, no two 8 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The unaudited condensed consolidated financial statements include the financial statements of HF Holding and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial information as of June 30, 2019 and for the six months ended June 30, 2019 and 2018 have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto for the fiscal years ended December 31, 2018 and 2017. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s financial position as of June 30, 2019, its results of operations and its cash flows for the six months ended June 30, 2019 and 2018, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. Noncontrolling interests U.S. GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of a company’s balance sheet. In addition, the amounts attributable to the net income (loss) of those subsidiaries are reported separately in the consolidated statements of income and comprehensive income. Uses of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowances for doubtful accounts, estimated useful lives and fair value in connection with the impairment of property and equipment. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three or fewer months to be cash equivalents. As of June 30, 2019, and December 31, 2018, the Company had no cash equivalents. Accounts Receivable Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do not bear interest. Receivables are presented net of the allowance for doubtful accounts in the accompanying unaudited condensed consolidated balance sheets. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for doubtful accounts based on a combination of factors. When the Company is aware of a customer’s inability to meet its financial obligation, a specific allowance for doubtful accounts is recorded, reducing the receivable to the net amount the Company reasonably expects to collect. In addition, allowances are recorded for all other receivables based on historic collection trends, write-offs and the aging of receivables. The Company uses specific criteria to determine uncollectible receivables to be written off, including bankruptcy, accounts referred to outside parties for collection, and accounts past due over specified periods. As of June 30, 2019, and December 31, 2018, the allowances for doubtful accounts were $563,768 and $658,104, respectively. Inventories The Company’s inventories, consisting mainly of food and other food service-related products, are primarily considered as finished goods. Inventory costs, including the purchase price of the product and freight charges to deliver it to the Company’s warehouses, are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. Inventories are stated at the lower of cost or net realizable value using the first -in, first -out (FIFO) method. No inventory reserves were recorded as of June 30, 2019 and December 31, 2018. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets. Following are the estimated useful lives of the Company’s property and equipment: Estimated useful lives Buildings and improvements (in years) 7 - 39 Machinery and equipment (in years) 3 - 7 Motor vehicles (in years) 5 Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of income and comprehensive income in other income or expenses. Impairment of Long-lived Assets The Company assesses its long-lived assets such as property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Factors which may indicate potential impairment include a significant underperformance related to the historical or projected future operating results or a significant negative industry or economic trend. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If property and equipment are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds their fair value. The Company did not record any impairment loss on its long-lived assets as of June 30, 2019 and December 31, 2018. Revenue recognition The Company recognizes revenue from the sale of products when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Sales taxes invoiced to customers and remitted to government authorities are excluded from net sales. On January 1, 2018 the Company adopted Accounting Standards Update (“ASU”) 2014 - 09 Revenue from Contracts with Customers (FASB ASC Topic 606 ) using the modified retrospective method for contracts that were not completed as of January 1, 2018. The results of applying Topic 606 using the modified retrospective approach were insignificant and did not have a material impact on our consolidated financial condition, results of operations, cash flows, business process, controls or systems. The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company 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 majority of the Company’s contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s revenue streams are recognized at a point in time. The contract assets and contract liabilities are recorded on the unaudited condensed consolidated balance sheets as accounts receivable and advance from customers as of June 30, 2019 and December 31, 2018. For the six months ended June 30, 2019 and 2018, revenue recognized from performance obligations related to prior periods was insignificant. Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. The following table summarizes disaggregated revenue from contracts with customers by geographic locations: For the Three Months Ended June 30, 2019 June 30, 2018 North Carolina $ 35,624,947 34,571,240 Florida 22,753,309 21,971,797 Georgia 16,339,950 15,744,478 Total $ 74,718,206 72,287,515 For the Six Months Ended June 30, 2019 June 30, 2018 North Carolina $ 70,884,714 69,568,907 Florida 45,884,051 45,125,335 Georgia 32,750,463 32,174,044 Total $ 149,519,228 146,868,286 Shipping and handling costs Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in distribution, selling and administrative expenses. Shipping and handling costs were $2,078,850 and $2,824,454 for the six months ended June 30, 2019 and 2018, and $1,027,730 and $1,750,661 for the three months ended June 30, 2019 and 2018, respectively. Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two -step process in which ( 1 ) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and ( 2 ) for those tax positions that meet the more-likely-than- not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company does not believe that there were any uncertain tax positions at June 30, 2019 and December 31, 2018. Leases On January 1, 2019 the Company adopted Accounting Standards Update (“ASU”) 2016 - 02. For all leases that were entered into prior to the effective date of ASC 842, the Company elected to apply the package of practical expedients. Based on this guidance the Company will not reassess the following: ( 1 ) whether any expired or existing contracts are or contain leases; ( 2 ) the lease classification for any expired or existing leases; and ( 3 ) initial direct costs for any existing leases. The new standard was adopted in the current quarter and did not have a material impact on our consolidated balance sheets or on our consolidated income statements. The adoption of Topic 842 resulted in the presentation of $85,783 of operating lease assets and operating lease liabilities on the consolidated balance sheet as of June 30, 2019. See Note 8 for additional information. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating leases, and obligations under operating leases, non-current on our consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under capital leases, and obligations under capital leases, non-current on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Earnings per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260” ). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There is no anti-dilutive effect for the six months ended June 30, 2019 and 2018. Fair value of financial instruments The Company follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, accounts receivable, advances to suppliers, other current assets, accounts payable, income tax payable, advance from customers, accrued and other liabilities approximate their fair value based on the short-term maturity of these instruments. Concentrations and credit risk Credit risk Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. Concentration risk There were no receivables from any one customer representing more than 10% of the Company’s consolidated gross accounts receivable at June 30, 2019 and December 31, 2018. For the six and three months ended June 30, 2019 and 2018, no supplier accounted for more than 10% of the total cost of revenue. As of June 30, 2019, three suppliers accounted for 42%, 22% and 12% of total advance payments outstanding, respectively, and these three suppliers accounted for 56%, 28% and 16% of advance payments to related parties, respectively. As of December 31, 2018, three suppliers accounted for 55%, 18% and 12% of total advance payments outstanding, respectively, and these three suppliers accounted for 65%, 22% and 14% of advance payments to related parties, respectively. Recent accounting pronouncements In July 2017, the FASB issued ASU No. 2017 - 11, Earnings Per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ), and Derivatives and Hedging (Topic 815 ). The guidance of Part I is to clarify accounting for certain financial instruments with down round feature in a financial instrument that reduces the strike price of an issued financial instrument if the issuer sells shares of its stock for an amount less than the currently stated strike price of the issued financial instrument or issues an equity-linked financial instrument with a strike price below the currently stated strike price of the issued financial instrument. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The amendments also re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The amendments in Part I of ASU No. 2017 - 11 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has not early adopted this update and it will become effective on July 1, 2020. The Company is currently evaluating the impact of our pending adoption of ASU 2017 - 11 on its consolidated financial statements. In February 2018, the FASB issued ASU No. 2018 - 02, “Income Statement—Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments eliminate the stranded tax effects resulting from the United States Tax Cuts and Jobs Act (the “Act”) and will improve the usefulness of information reported to financial statement users. ASU No. 2018 - 02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has not early adopted this update and it will become effective on July 1, 2019. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. |
Note 3 - Accounts Receivable, N
Note 3 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 Accounts receivable consisted of the following: As of As of June 30, 2019 December 31, 2018 Accounts receivable $ 14,251,593 $ 15,064,580 Less: allowance for doubtful accounts (563,768 ) (658,104 ) Accounts receivable, net $ 13,687,825 $ 14,406,476 For the Six Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 658,104 $ 567,108 Provision for doubtful accounts (73,187 ) 55,531 Less: write off/recovery (21,149 ) (12,722 ) Ending balance $ 563,768 $ 609,917 |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 On September 30, 2018, $4,000,000 5% September 30, 2019 June 30, 2019, December 31, 2018, $3,797,271 $3,803,826, March 1 2019, March 1, 2024 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property and equipment, net consisted of the following: As of As of June 30, 2019 December 31, 2018 Land $ 1,894,253 $ 1,608,647 Buildings and improvements 22,003,932 18,784,628 Machinery and equipment 9,571,138 10,160,205 Motor vehicles 11,607,077 10,267,095 Subtotal 45,076,400 40,820,575 Less: accumulated depreciation (17,458,857 ) (18,170,554 ) Property and equipment, net $ 27,617,543 $ 22,650,021 Depreciation expense was $1,428,806 $1,041,662 six June 30, 2019 2018, $721,410 $545,567 three June 30, 2019 2018, |
Note 6 - Lines of Credit
Note 6 - Lines of Credit | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 On July 1, 2016, $14,500,000. May 2018 May 27, 2019, 0.15%, no 3.25% 5.35% March 31, 2019). April 18, 2019, $5,156,018 April 18, 2019. On April 18, 2019, $25 one August 18, 2021. $6,111,692 0.375% 2.20% no 4.214% 5.13% June 30, 2019). June 30, 2019 $11,364,481. June 30, 2019, On November 14, 2012, $4,000,000. three two January 2018 February 2020. 2.75% 5.2486% March 31, 2019). April 18, 2019, $954,984 April 18, 2019. |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7 Long-term debt at June 30, 2019 December 31, 2018 Bank name Maturity Interest rate at June 30, 2019 As of June 30, 2019 As of December 31, 2018 East West Bank – (b) August 2022 - August 2027 4.25% - 5.75% $ 4,968,281 $ 5,053,539 Capital Bank – (c) October 2027 3.85% 5,045,321 5,138,988 Bank of America – (d) April 2021 - February 2023 5.132% - 5.509% 3,271,173 1,363,211 Bank of Montreal – (a) April 2022 - January 2024 5.87% - 5.99% 594,679 2,256,724 Peoples United Bank - (e) March 2019-January 2023 5.75% - 7.53% 1,374,145 752,833 Other finance companies April 2023 - March 2024 5.95% - 6.17% 635,600 - Total debt 15,889,199 14,565,295 Less: current portion (1,757,027 ) (1,455,441 ) Long-term debt $ 14,132,172 $ 13,109,854 The terms of the various loan agreements relating to long-term bank borrowings contain certain restrictive financial covenants which, among other things, require the Company to maintain specified levels of debt to tangible net worth and debt service coverage. As of June 30, 2019, December 31, 2018, The loans outstanding were guaranteed by the following properties, entities or individuals: (a) Not guaranteed. (b) Guaranteed by two five S ecured by assets of Han Feng and R&N Lexington and R&N Holding, two s of these long-term debts are $3,642,215. (c) Guaranteed by two shareholders of the Company , as well as Han Feng, a subsidiary of the Company. S ecured by a real property owned by HG Realty. Balloon payment of this long-term debt is $3,116,687. (d) Guaranteed by two of the Company , as well as two $1,684,898. (e) Secured by vehicles. The future maturities of long-term debt at June 30, 2019 Twelve months ending June 30 2020 $ 1,757,027 2021 1,626,580 2022 2,789,965 2023 2,624,001 2024 471,927 Thereafter 6,619,699 Total $ 15,889,199 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 8 The Company has operating and finance leases for vehicles or delivery trucks, forklifts and computer equipment with various expiration dates through 2021. Operating lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, the Company also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization. Operating Leases The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 127,508 $ 292,260 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 127,508 $ 292,260 Supplemental balance sheet information related to leases was as follows: As of June 30, 2019 Operating Leases Operating lease right-of-use assets $ 85,783 Current portion of obligations under operating leases $ 40,156 Obligations under operating leases, non-current 45,627 Total operating lease liabilities $ 85,783 Weighted Average Remaining Lease Term (Months) Operating leases 28 Weighted Average Discount Rate Operating leases 5.10 % Capital Leases The components of lease expense were as follows: Three Months Ended June 30, 2019 June 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 145,879 $ 64,895 Interest on lease liabilities 28,279 14,906 Total capital leases cost $ 174,158 $ 79,801 Six Months Ended June 30, 2019 June 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 291,758 $ 129,790 Interest on lease liabilities 60,606 33,552 Total capital leases cost $ 352,364 $ 163,342 Supplemental cash flow information related to leases was as follows: Three Months Ended June 30, 2019 June 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 28,279 14,906 Financing cash flows from capital leases 65,150 106,504 Right-of-use assets obtained in exchange for lease obligations: Capital leases - - Six Months Ended June 30, 2019 June 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 60,606 33,552 Financing cash flows from capital leases 247,662 209,268 Right-of-use assets obtained in exchange for lease obligations: Capital leases 1,432,662 - Supplemental balance sheet information related to leases was as follows: June 30, 2019 December 31, 2018 Capital Leases Property and equipment, at cost $ 2,917,573 $ 1,484,911 Accumulated depreciation (1,102,510 ) (810,753 ) Property and equipment, net $ 1,815,063 $ 674,158 Current portion of obligations under capital leases $ 262,904 $ 164,894 Obligations under capital leases, non-current 1,207,694 120,705 Total capital leases liabilities $ 1,470,598 $ 285,599 Weighted Average Remaining Lease Term (Months) Capital leases 60 27 Weighted Average Discount Rate Capital leases 7.50 % 8.05 % Maturities of lease liabilities were as follows Twelve months ending June 30 Operating Leases Capital Leases 2020 $ 43,631 $ 373,715 2021 29,699 373,715 2022 17,501 342,278 2023 - 334,224 2024 - 277,340 Thereafter - 96,496 Total Lease Payments 90,830 1,797,768 Less Imputed Interest (5,048 ) (327,170 ) Total $ 85,783 $ 1,470,598 On July 2, 2018, two two 273 275 30 15 two 273 275 On February 23, 2019, $20,000. May 2, 2019. not |
Note 9 - Taxes
Note 9 - Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 A. Corporate Income Taxes (“CIT”) Prior to January 1, 2018, not not Effective January 1, 2018, 740. On December 22, 2017, 35% 21% January 1, 2018, not no not (i) The Income tax provision (benefit) of the Company for the six and three months ended June 30, 2019 and 2018 following: For the six months ended June 30, 2019 June 30, 2018 Current: Federal $ 923,974 $ 985,237 State 282,248 241,703 Current income tax provision 1,206,222 1,226,940 Deferred: Federal (58,129 ) (429,903 ) State (39,703 ) (94,977 ) Deferred income tax benefit (97,832 ) (527,880 ) Total income tax provision $ 1,108,390 $ 702,060 For the three months ended June 30, 2019 June 30, 2018 Current: Federal $ 531,491 $ 565,219 State 142,860 154,843 Current income tax provision 674,351 720,062 Deferred: Federal (161,190 ) (425,931 ) State (52,410 ) (95,552 ) Deferred income tax benefit (213,600 ) (521,483 ) Total income tax provision $ 460,751 $ 198,579 (ii) Temporary differences and carryforwards of the Company that created significant deferred tax assets and liabilities are as follows: As of June 30, 2019 As of December 31, 2018 Deferred tax assets: Allowance for doubtful accounts $ 140,016 $ 165,083 Inventories 133,411 113,730 Section 481(a) adjustment - 40,317 Other accrued expenses 350,232 46,750 Total deferred tax assets 623,659 365,880 Deferred tax liabilities: Property and equipment (1,603,954 ) (1,444,008 ) Net deferred tax liabilities $ (980,295 ) $ (1,078,128 ) The net deferred tax liabilities presented in the Company's Consolidated Balance Sheets were as follows: As of June 30, 2019 As of December 31, 2018 Deferred tax assets $ 85,451 $ 117,933 Deferred tax liabilities (1,065,746 ) (1,196,061 ) Net deferred tax liabilities $ (980,295 ) $ (1,078,128 ) (iii) Reconciliations of the statutory income tax rate to the effective income tax rate are as follows: For the six months ended June 30, 2019 June 30, 2018 Federal statutory tax rate 21.0 % 21.0 % State statutory tax rate 5.0 % 5.4 % U.S. permanent difference 3.7 % 1.6 % Others (1.7% ) (1.9% ) Effective tax rate 28.0 % 26.1 % |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 The Company records transactions with various related parties. These related party transactions as of June 30, 2019 December 31, 2018 three six June 30, 2019 2018 Related party balances: a. Accounts receivable - related parties, net Below is a summary of accounts receivable with related parties as of June 30, 2019 December 31, 2018, As of June 30 As of December 31, Name of Related Party 2019 2018 (a) Allstate Trading Company Inc. $ 14,838 $ 1,000 (b) Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”) 257,787 255,412 (c) Eagle Food Service LLC 939,204 817,275 (d) Fortune One Foods Inc. 162,234 130,314 (e) Eastern Fresh LLC 636,013 784,836 (f) Enson Trading LLC 160,839 170,633 (g) Hengfeng Food Service Inc. 423,348 83,654 (h) Enson Philadelphia Inc. - 49,027 (i) N&F 95,847 - Total $ 2,690,110 $ 2,292,151 (a) Mr. Zhou Min Ni, the Chairman and Chief Executive Officer of the Company, owns a 40% in this entity; (b) Mr. Zhou Min Ni owns a 50% in this entity. (c) Tina Ni, one s, owns a 50% in this entity. (d) Mr. Zhou Min Ni owns a 17.5% in this entity. (e) Mr. Zhou Min Ni owns a 30% equity interest in this entity. (f) Mr. Zhou Min Ni owns a 25% equity interest in this entity. (g) Mr. Zhou Min Ni owns a 45% equity interest in this entity. (h) Mr. Zhou Min Ni owns a 25% equity interest in this entity. All accounts receivable from these related parties are current and considered fully collectible. No b. Advances to suppliers - related parties, net The Company periodically provides purchase advances to various vendors, including the related party suppliers. These advances are made in the normal course of business and are considered fully realizable. Below is a summary of advances to related party suppliers as of June 30, 2019 December 31, 2018, As of June As of December Name of Related Party 30, 2019 31, 2018 (1) Ocean Pacific Seafood Group $ 196,802 $ 208,960 (2) Revolution Industry LLC 683,203 329,394 (3) First Choice Seafood Inc. 349,654 988,128 Total $ 1,229,659 $ 1,526,482 ( 1 Mr. Zhou Min Ni owns a 25% in this entity. ( 2 The son of Mr. Zhou Min N, Raymond Ni , owns 100% LLC. ( 3 First Choice Seafood is owned by Enson Seafood GA Inc. of which Mr. Zhou Min Ni owns a 50% c. Notes receivables - related parties The Company had previously made advances or loans to certain entities that are either owned by the controlling shareholders of the Company or family members of the controlling shareholders. As of June 30, 2019, December 31, 2018, Name of Related Party As of June 30, 2019 As of December 31, 2018 Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”) $ 2,020,176 $ 1,987,241 NSG International Inc. (“NSG”) (1) 5,941,031 6,092,397 Revolution Automotive LLC (“Revolution Automotive”) (2) 437,525 461,311 Total $ 8,398,732 $ 8,540,949 Less: Current portion $ 979,211 $ 8,117,686 Total $ 7,419,521 $ 423,263 ( 1 Mr. Zhou Min Ni owns a 30% interest in this entity. ( 2 The son of Mr. Zhou Min Ni, Raymond Ni , owns 100% LLC. On January 1, 2018, $550,000 December 31, 2017 5% January 1, 2018. no December 31, 2019. 360 On September 30, 2018, $2,000,000. 5% no September 30, 2019, $171,215 12 March 1, 2019, February 29, 2024 On January 1, 2018, $5,993,552 December 31, 2017 5% January 1, 2018. no December 31, 2019. 360 On March 1, 2019 five January 1, 2018. $5,941,031 5% March 1, 2024. On March 1, 2018, $483,628. $5,000 60 $284,453. 5% 360 no April 30, 2023. On March 1, 2019, February 29, 2024 d. Accounts payable - related parties As of June 30, 2019, December 31, 2018, $3,453,519 $3,923,120 e. Advance from customers - related parties The Company also periodically receives advances from its related parties for business purposes. These advances are interest free and due upon demand. There was no June 30, 2019 $166,490 December 31, 2018. Lease Agreements with Related Parties: A subsidiary of the Company, RN Holding, leases a facility to a related party under an operating lease agreement expiring in 2024. $400,000 June 30, 2019 December 31, 2018, $105,128 $100,000 June 30, 2019 December 31, 2018, six June 30, 2019 June 30, 2018 $22,800 $22,800, three June 30, 2019 June 30, 2018 $11,400 $11,400, In 2017, September 21, 2027. $3,223,745 June 30, 2019 December 31, 2018, $475,296 $433,966 June 30, 2019 December 31, 2018, six June 30, 2019 June 30, 2018 $240,000 $240,000, three June 30, 2019 June 30, 2018 $120,000 $120,000, Related party purchases transactions: The Company purchases from various related parties during the normal course of business. The total purchases made from related parties were $17,486,091 $13,010,492 six June 30, 2019 2018, $8,553,875 $5,875,732 three June 30, 2019 2018, |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 ASC 280, two The following table presents net sales by segment for the six three June 30, 2019 2018, For the Six Months Ended June 30, 2019 June 30, 2018 Net revenue Sales to independent restaurants $ 140,583,856 $ 137,516,339 Wholesale 8,935,372 9,351,947 Total $ 149,519,228 $ 146,868,286 For the Three Months Ended June 30, 2019 June 30, 2018 Net revenue Sales to independent restaurants $ 70,460,722 $ 67,640,429 Wholesale 4,257,484 4,647,086 Total $ 74,718,206 $ 72,287,515 All the Company’s revenue was generated from its business operation in the U.S. For the Six Months Ended June 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 140,583,856 $ 8,935,372 $ 149,519,228 Cost of revenue 115,700,311 8,599,908 124,300,219 Gross profit $ 24,883,545 $ 335,464 $ 25,219,009 Depreciation and amortization $ 1,349,073 $ 85,746 $ 1,434,819 Total capital expenditures $ 4,848,600 $ 308,172 $ 5,156,772 For the Six Months Ended June 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 137,516,339 $ 9,351,947 $ 146,868,286 Cost of revenue 113,900,208 8,740,279 122,640,487 Gross profit $ 23,616,131 $ 611,668 $ 24,227,799 Depreciation and amortization $ 975,333 $ 66,329 $ 1,041,662 Total capital expenditures $ 1,937,611 $ 131,769 $ 2,069,380 For the Three Months Ended June 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 70,460,722 $ 4,257,484 $ 74,718,206 Cost of revenue 58,140,065 4,065,988 62,206,053 Gross profit $ 12,320,657 $ 191,496 $ 12,512,153 Depreciation and amortization $ 685,974 $ 41,449 $ 727,423 Total capital expenditures $ 3,594,995 $ 217,222 $ 3,812,217 For the Three Months Ended June 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 67,640,429 $ 4,647,086 $ 72,287,515 Cost of revenue 56,033,664 4,130,118 60,163,782 Gross profit $ 11,606,765 $ 516,968 $ 12,123,733 Depreciation and amortization $ 510,534 $ 35,033 $ 545,567 Total capital expenditures $ 673,062 $ 46,625 $ 719,687 As of As of June 30, 2019 December 31, 2018 Total assets: Sales to independent restaurants $ 87,300,241 $ 77,138,353 Wholesale 5,548,717 5,338,054 Total Assets $ 92,848,958 $ 82,476,407 |
Note 12 - Contingency
Note 12 - Contingency | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 The Company has taken a $1 not not six June 30, 2019 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13 On June 21, 2019, June 21, 2019 ( July 26, 2019. After July 1, 2019, 182,725 one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The unaudited condensed consolidated financial statements include the financial statements of HF Holding and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial information as of June 30, 2019 six June 30, 2019 2018 December 31, 2018 2017. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s financial position as of June 30, 2019, six June 30, 2019 2018, not |
Consolidation, Policy [Policy Text Block] | Noncontrolling interests U.S. GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of a company’s balance sheet. In addition, the amounts attributable to the net income (loss) of those subsidiaries are reported separately in the consolidated statements of income and comprehensive income. |
Use of Estimates, Policy [Policy Text Block] | Uses of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowances for doubtful accounts, estimated useful lives and fair value in connection with the impairment of property and equipment. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three June 30, 2019, December 31, 2018, no |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | Accounts Receivable Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do not June 30, 2019, December 31, 2018, $563,768 $658,104, |
Inventory, Policy [Policy Text Block] | Inventories The Company’s inventories, consisting mainly of food and other food service-related products, are primarily considered as finished goods. Inventory costs, including the purchase price of the product and freight charges to deliver it to the Company’s warehouses, are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. Inventories are stated at the lower of cost or net realizable value using the first first No June 30, 2019 December 31, 2018. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets. Following are the estimated useful lives of the Company’s property and equipment: Estimated useful lives Buildings and improvements (in years) 7 - 39 Machinery and equipment (in years) 3 - 7 Motor vehicles (in years) 5 Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of income and comprehensive income in other income or expenses. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company assesses its long-lived assets such as property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not may not June 30, 2019 December 31, 2018. |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition The Company recognizes revenue from the sale of products when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Sales taxes invoiced to customers and remitted to government authorities are excluded from net sales. On January 1, 2018 2014 09 606 not January 1, 2018. 606 not The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company 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 majority of the Company’s contracts have one not not The contract assets and contract liabilities are recorded on the unaudited condensed consolidated balance sheets as accounts receivable and advance from customers as of June 30, 2019 December 31, 2018. six June 30, 2019 2018, Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. The following table summarizes disaggregated revenue from contracts with customers by geographic locations: For the Three Months Ended June 30, 2019 June 30, 2018 North Carolina $ 35,624,947 34,571,240 Florida 22,753,309 21,971,797 Georgia 16,339,950 15,744,478 Total $ 74,718,206 72,287,515 For the Six Months Ended June 30, 2019 June 30, 2018 North Carolina $ 70,884,714 69,568,907 Florida 45,884,051 45,125,335 Georgia 32,750,463 32,174,044 Total $ 149,519,228 146,868,286 |
Shipping and Handling Expense [Policy Text Block] | Shipping and handling costs Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in distribution, selling and administrative expenses. Shipping and handling costs were $2,078,850 $2,824,454 six June 30, 2019 2018, $1,027,730 $1,750,661 three June 30, 2019 2018, |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not The Company records uncertain tax positions in accordance with ASC 740 two 1 not 2 not 50 not June 30, 2019 December 31, 2018. |
Lessee, Leases [Policy Text Block] | Leases On January 1, 2019 2016 02. 842, not 1 2 3 not The adoption of Topic 842 $85,783 June 30, 2019. 8 The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating leases, and obligations under operating leases, non-current on our consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under capital leases, and obligations under capital leases, non-current on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, 260” 260 no six June 30, 2019 2018. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The Company follows the provisions of FASB ASC 820, 820 Level 1 Level 2 not Level 3 The carrying amounts reported in the balance sheets for cash, accounts receivable, advances to suppliers, other current assets, accounts payable, income tax payable, advance from customers, accrued and other liabilities approximate their fair value based on the short-term maturity of these instruments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations and credit risk Credit risk Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. Concentration risk There were no one 10% June 30, 2019 December 31, 2018. For the six three June 30, 2019 2018, no 10% June 30, 2019, three 42%, 22% 12% three 56%, 28% 16% December 31, 2018, three 55%, 18% 12% three 65%, 22% 14% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In July 2017, No. 2017 11, 260 480 815 260 480 not No. 2017 11 December 15, 2019, December 15, 2020. not not not July 1, 2020. 2017 11 In February 2018, No. 2018 02, 220 No. 2018 02 December 15, 2018, not July 1, 2019. not |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Description (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Date Of Place Of Percentage Of Legal Ownership By Name Incorporation Incorporation HF Holding Principal Activities Parent: HF Holding October 11, 2017 North Carolina, USA — Holding Company Subsidiaries: Han Feng January 14, 1997 North Carolina, USA 100 % Distributing food and related products TT August 06, 2002 North Carolina, USA 100 % Trucking service MFD April 15, 1999 North Carolina, USA 100 % Trucking service R&N Holdings November 21, 2002 North Carolina, USA 100 % Real estate holding R&N Lexington May 27, 2010 North Carolina, USA 100 % Real estate holding Kirnsway May 24, 2006 North Carolina, USA 100 % Design and printing services Chinesetg July 12, 2011 North Carolina, USA 100 % Design and printing services NSF December 17, 2008 Florida, USA 100 % Distributing food and related products BB September 12, 2001 Florida, USA 100 % Trucking service Kirnland April 11, 2006 Georgia, USA 66.7 % Distributing food and related products HG Realty May 11, 2012 Georgia, USA 100 % Real estate holding |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Useful Lives of Property, Plant, and Equipment [Table Text Block] | Buildings and improvements (in years) 7 - 39 Machinery and equipment (in years) 3 - 7 Motor vehicles (in years) 5 |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended June 30, 2019 June 30, 2018 North Carolina $ 35,624,947 34,571,240 Florida 22,753,309 21,971,797 Georgia 16,339,950 15,744,478 Total $ 74,718,206 72,287,515 For the Six Months Ended June 30, 2019 June 30, 2018 North Carolina $ 70,884,714 69,568,907 Florida 45,884,051 45,125,335 Georgia 32,750,463 32,174,044 Total $ 149,519,228 146,868,286 |
Note 3 - Accounts Receivable,_2
Note 3 - Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of As of June 30, 2019 December 31, 2018 Accounts receivable $ 14,251,593 $ 15,064,580 Less: allowance for doubtful accounts (563,768 ) (658,104 ) Accounts receivable, net $ 13,687,825 $ 14,406,476 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | For the Six Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 658,104 $ 567,108 Provision for doubtful accounts (73,187 ) 55,531 Less: write off/recovery (21,149 ) (12,722 ) Ending balance $ 563,768 $ 609,917 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of As of June 30, 2019 December 31, 2018 Land $ 1,894,253 $ 1,608,647 Buildings and improvements 22,003,932 18,784,628 Machinery and equipment 9,571,138 10,160,205 Motor vehicles 11,607,077 10,267,095 Subtotal 45,076,400 40,820,575 Less: accumulated depreciation (17,458,857 ) (18,170,554 ) Property and equipment, net $ 27,617,543 $ 22,650,021 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Bank name Maturity Interest rate at June 30, 2019 As of June 30, 2019 As of December 31, 2018 East West Bank – (b) August 2022 - August 2027 4.25% - 5.75% $ 4,968,281 $ 5,053,539 Capital Bank – (c) October 2027 3.85% 5,045,321 5,138,988 Bank of America – (d) April 2021 - February 2023 5.132% - 5.509% 3,271,173 1,363,211 Bank of Montreal – (a) April 2022 - January 2024 5.87% - 5.99% 594,679 2,256,724 Peoples United Bank - (e) March 2019-January 2023 5.75% - 7.53% 1,374,145 752,833 Other finance companies April 2023 - March 2024 5.95% - 6.17% 635,600 - Total debt 15,889,199 14,565,295 Less: current portion (1,757,027 ) (1,455,441 ) Long-term debt $ 14,132,172 $ 13,109,854 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Twelve months ending June 30 2020 $ 1,757,027 2021 1,626,580 2022 2,789,965 2023 2,624,001 2024 471,927 Thereafter 6,619,699 Total $ 15,889,199 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 127,508 $ 292,260 Three Months Ended June 30, 2019 June 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 145,879 $ 64,895 Interest on lease liabilities 28,279 14,906 Total capital leases cost $ 174,158 $ 79,801 Six Months Ended June 30, 2019 June 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 291,758 $ 129,790 Interest on lease liabilities 60,606 33,552 Total capital leases cost $ 352,364 $ 163,342 |
Operating and Finance Leases, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 127,508 $ 292,260 Three Months Ended June 30, 2019 June 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 28,279 14,906 Financing cash flows from capital leases 65,150 106,504 Right-of-use assets obtained in exchange for lease obligations: Capital leases - - Six Months Ended June 30, 2019 June 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 60,606 33,552 Financing cash flows from capital leases 247,662 209,268 Right-of-use assets obtained in exchange for lease obligations: Capital leases 1,432,662 - |
Operating and Finance Leases, Supplemental Balance Sheet Information [Table Text Block] | As of June 30, 2019 Operating Leases Operating lease right-of-use assets $ 85,783 Current portion of obligations under operating leases $ 40,156 Obligations under operating leases, non-current 45,627 Total operating lease liabilities $ 85,783 Weighted Average Remaining Lease Term (Months) Operating leases 28 Weighted Average Discount Rate Operating leases 5.10 % June 30, 2019 December 31, 2018 Capital Leases Property and equipment, at cost $ 2,917,573 $ 1,484,911 Accumulated depreciation (1,102,510 ) (810,753 ) Property and equipment, net $ 1,815,063 $ 674,158 Current portion of obligations under capital leases $ 262,904 $ 164,894 Obligations under capital leases, non-current 1,207,694 120,705 Total capital leases liabilities $ 1,470,598 $ 285,599 Weighted Average Remaining Lease Term (Months) Capital leases 60 27 Weighted Average Discount Rate Capital leases 7.50 % 8.05 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Twelve months ending June 30 Operating Leases Capital Leases 2020 $ 43,631 $ 373,715 2021 29,699 373,715 2022 17,501 342,278 2023 - 334,224 2024 - 277,340 Thereafter - 96,496 Total Lease Payments 90,830 1,797,768 Less Imputed Interest (5,048 ) (327,170 ) Total $ 85,783 $ 1,470,598 |
Note 9 - Taxes (Tables)
Note 9 - Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Federal Income Tax Note [Table Text Block] | For the six months ended June 30, 2019 June 30, 2018 Current: Federal $ 923,974 $ 985,237 State 282,248 241,703 Current income tax provision 1,206,222 1,226,940 Deferred: Federal (58,129 ) (429,903 ) State (39,703 ) (94,977 ) Deferred income tax benefit (97,832 ) (527,880 ) Total income tax provision $ 1,108,390 $ 702,060 For the three months ended June 30, 2019 June 30, 2018 Current: Federal $ 531,491 $ 565,219 State 142,860 154,843 Current income tax provision 674,351 720,062 Deferred: Federal (161,190 ) (425,931 ) State (52,410 ) (95,552 ) Deferred income tax benefit (213,600 ) (521,483 ) Total income tax provision $ 460,751 $ 198,579 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of June 30, 2019 As of December 31, 2018 Deferred tax assets: Allowance for doubtful accounts $ 140,016 $ 165,083 Inventories 133,411 113,730 Section 481(a) adjustment - 40,317 Other accrued expenses 350,232 46,750 Total deferred tax assets 623,659 365,880 Deferred tax liabilities: Property and equipment (1,603,954 ) (1,444,008 ) Net deferred tax liabilities $ (980,295 ) $ (1,078,128 ) As of June 30, 2019 As of December 31, 2018 Deferred tax assets $ 85,451 $ 117,933 Deferred tax liabilities (1,065,746 ) (1,196,061 ) Net deferred tax liabilities $ (980,295 ) $ (1,078,128 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the six months ended June 30, 2019 June 30, 2018 Federal statutory tax rate 21.0 % 21.0 % State statutory tax rate 5.0 % 5.4 % U.S. permanent difference 3.7 % 1.6 % Others (1.7% ) (1.9% ) Effective tax rate 28.0 % 26.1 % |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Receivable With Related Parties [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of June 30</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of December 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Name of Related Party</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">2019</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(a) Allstate Trading Company Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,838</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(b) Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,787</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">255,412</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(c) Eagle Food Service LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">939,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">817,275</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(d) Fortune One Foods Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,234</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,314</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(e) Eastern Fresh LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">636,013</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">784,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(f) Enson Trading LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160,839</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">170,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(g) Hengfeng Food Service Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,348</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,654</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(h) Enson Philadelphia Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,027</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(i) N&F</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,847</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,690,110</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,292,151</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of June 30</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of December 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Name of Related Party</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">2019</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(a) Allstate Trading Company Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,838</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(b) Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257,787</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">255,412</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(c) Eagle Food Service LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">939,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">817,275</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(d) Fortune One Foods Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,234</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,314</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(e) Eastern Fresh LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">636,013</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">784,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(f) Enson Trading LLC</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">160,839</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">170,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(g) Hengfeng Food Service Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,348</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,654</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(h) Enson Philadelphia Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,027</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(i) N&F</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,847</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,690,110</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,292,151</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> </table></div> |
Schedule of Related Party Transactions [Table Text Block] | As of June As of December Name of Related Party 30, 2019 31, 2018 (1) Ocean Pacific Seafood Group $ 196,802 $ 208,960 (2) Revolution Industry LLC 683,203 329,394 (3) First Choice Seafood Inc. 349,654 988,128 Total $ 1,229,659 $ 1,526,482 |
Schedule of Outstanding Loans to Various Related Parties [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 36pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Name of Related Party</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of June 30, 2019</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of December 31, 2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</div> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020,176</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,987,241</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">NSG International Inc. (“NSG”) (1)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,941,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,092,397</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revolution Automotive LLC (“Revolution Automotive”) (2)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">437,525</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">461,311</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">8,398,732</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">8,540,949</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: Current portion</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">979,211</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,117,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">7,419,521</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">423,263</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 36pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Name of Related Party</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of June 30, 2019</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">As of December 31, 2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</div> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020,176</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,987,241</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">NSG International Inc. (“NSG”) (1)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,941,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,092,397</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revolution Automotive LLC (“Revolution Automotive”) (2)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">437,525</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">461,311</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">8,398,732</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">8,540,949</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: Current portion</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">979,211</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,117,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">7,419,521</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">423,263</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Six Months Ended June 30, 2019 June 30, 2018 Net revenue Sales to independent restaurants $ 140,583,856 $ 137,516,339 Wholesale 8,935,372 9,351,947 Total $ 149,519,228 $ 146,868,286 For the Three Months Ended June 30, 2019 June 30, 2018 Net revenue Sales to independent restaurants $ 70,460,722 $ 67,640,429 Wholesale 4,257,484 4,647,086 Total $ 74,718,206 $ 72,287,515 |
Revenue from External Customers by Geographic Areas [Table Text Block] | For the Six Months Ended June 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 140,583,856 $ 8,935,372 $ 149,519,228 Cost of revenue 115,700,311 8,599,908 124,300,219 Gross profit $ 24,883,545 $ 335,464 $ 25,219,009 Depreciation and amortization $ 1,349,073 $ 85,746 $ 1,434,819 Total capital expenditures $ 4,848,600 $ 308,172 $ 5,156,772 For the Six Months Ended June 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 137,516,339 $ 9,351,947 $ 146,868,286 Cost of revenue 113,900,208 8,740,279 122,640,487 Gross profit $ 23,616,131 $ 611,668 $ 24,227,799 Depreciation and amortization $ 975,333 $ 66,329 $ 1,041,662 Total capital expenditures $ 1,937,611 $ 131,769 $ 2,069,380 For the Three Months Ended June 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 70,460,722 $ 4,257,484 $ 74,718,206 Cost of revenue 58,140,065 4,065,988 62,206,053 Gross profit $ 12,320,657 $ 191,496 $ 12,512,153 Depreciation and amortization $ 685,974 $ 41,449 $ 727,423 Total capital expenditures $ 3,594,995 $ 217,222 $ 3,812,217 For the Three Months Ended June 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 67,640,429 $ 4,647,086 $ 72,287,515 Cost of revenue 56,033,664 4,130,118 60,163,782 Gross profit $ 11,606,765 $ 516,968 $ 12,123,733 Depreciation and amortization $ 510,534 $ 35,033 $ 545,567 Total capital expenditures $ 673,062 $ 46,625 $ 719,687 |
Schedule Of Assets By Reporting Segments [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-left: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">As of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">As of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">December 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total assets:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Sales to independent restaurants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,300,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,138,353</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wholesale</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,548,717</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,338,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,848,958</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,476,407</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-left: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">As of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">As of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">December 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total assets:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Sales to independent restaurants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,300,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,138,353</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wholesale</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,548,717</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,338,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,848,958</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,476,407</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> </table></div> |
Note 1 - Organization and Bus_3
Note 1 - Organization and Business Description (Details Textual) | Aug. 22, 2018shares | Jun. 30, 2019shares | Dec. 31, 2018shares | Jun. 05, 2018 | Jan. 01, 2018 |
Pre-transaction Issued and Outstanding Shares, Percentage | 11.50% | ||||
Common Stock, Shares, Issued, Total | 22,567,486 | 22,167,486 | 22,167,486 | ||
Common Stock, Shares, Outstanding, Ending Balance | 22,567,486 | 22,167,486 | 22,167,486 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 10,000 | ||||
Stock Issued During Period, Shares, Issued to the Pre-transaction Stockholders | 2,587,655 | ||||
Number of Shares Redeemed by Pre-Transaction Shareholders | 400,000 | ||||
Number of Subsidiaries | 11 | ||||
AnHeart [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||
HF Holding [Member] | |||||
Stock Issued During Period, Shares, New Issues | 19,969,831 | ||||
Aggregate Issued and Outstanding Shares, Percentage | 88.50% |
Note 1 - Organization and Bus_4
Note 1 - Organization and Business Description - Schedule of Entities Under HF Group (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Han Feng [Member] | |
Date of incorporation | Jan. 14, 1997 |
Principal activities | Distributing food and related products |
Percentage of legal ownership by HF Holding | 100.00% |
TT [Member] | |
Date of incorporation | Aug. 6, 2002 |
Principal activities | Trucking service |
Percentage of legal ownership by HF Holding | 100.00% |
MFD [Member] | |
Date of incorporation | Apr. 15, 1999 |
Principal activities | Trucking service |
Percentage of legal ownership by HF Holding | 100.00% |
R&N Holdings [Member] | |
Date of incorporation | Nov. 21, 2002 |
Principal activities | Real estate holding |
Percentage of legal ownership by HF Holding | 100.00% |
R&N Lexington [Member] | |
Date of incorporation | May 27, 2010 |
Principal activities | Real estate holding |
Percentage of legal ownership by HF Holding | 100.00% |
Kirnsway [Member] | |
Date of incorporation | May 24, 2006 |
Principal activities | Design and printing services |
Percentage of legal ownership by HF Holding | 100.00% |
Chinesetg [Member] | |
Date of incorporation | Jul. 12, 2011 |
Principal activities | Design and printing services |
Percentage of legal ownership by HF Holding | 100.00% |
NSF [Member] | |
Date of incorporation | Dec. 17, 2008 |
Principal activities | Distributing food and related products |
Percentage of legal ownership by HF Holding | 100.00% |
BB [Member] | |
Date of incorporation | Sep. 12, 2001 |
Principal activities | Trucking service |
Percentage of legal ownership by HF Holding | 100.00% |
Kirnland [Member] | |
Date of incorporation | Apr. 11, 2006 |
Principal activities | Distributing food and related products |
Percentage of legal ownership by HF Holding | 66.70% |
HG Realty [Member] | |
Date of incorporation | May 11, 2012 |
Principal activities | Real estate holding |
Percentage of legal ownership by HF Holding | 100.00% |
HF Holding [Member] | |
Date of incorporation | Oct. 11, 2017 |
Principal activities | Holding Company |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($) | Mar. 31, 2019 | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Equivalents, at Carrying Value, Total | $ 0 | $ 0 | $ 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 563,768 | $ 609,917 | 563,768 | $ 609,917 | 658,104 | $ 567,108 | |
Inventory Valuation Reserves, Ending Balance | 0 | 0 | 0 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |||||
Cost of Goods and Services Sold, Total | 1,027,730 | $ 1,750,661 | 2,078,850 | $ 2,824,454 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | ||||
Operating Lease, Right-of-Use Asset | 85,783 | 85,783 | |||||
Operating Lease, Liability, Total | $ 85,783 | $ 85,783 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | |||||||
Number of Major Suppliers | 3 | 3 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier One [Member] | |||||||
Concentration Risk, Percentage | 42.00% | 55.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier Two [Member] | |||||||
Concentration Risk, Percentage | 22.00% | 18.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier Three [Member] | |||||||
Concentration Risk, Percentage | 12.00% | 12.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | |||||||
Number of Major Suppliers | 3 | 3 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier One [Member] | |||||||
Concentration Risk, Percentage | 56.00% | 65.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier Two [Member] | |||||||
Concentration Risk, Percentage | 28.00% | 22.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier Three [Member] | |||||||
Concentration Risk, Percentage | 16.00% | 14.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Polices - Estimated Useful Lives of Property, Plant and Equipment (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful lives of property and equipment (Year) | 7 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful lives of property and equipment (Year) | 39 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Estimated useful lives of property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Estimated useful lives of property and equipment (Year) | 7 years |
Vehicles [Member] | |
Estimated useful lives of property and equipment (Year) | 5 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Summary of Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 74,718,206 | $ 72,287,515 | $ 149,519,228 | $ 146,868,286 |
North Carolina [Member] | ||||
Revenue | 35,624,947 | 34,571,240 | 70,884,714 | 69,568,907 |
FLORIDA | ||||
Revenue | 22,753,309 | 21,971,797 | 45,884,051 | 45,125,335 |
Georgia [Member] | ||||
Revenue | $ 16,339,950 | $ 15,744,478 | $ 32,750,463 | $ 32,174,044 |
Note 3 - Accounts Receivable,_3
Note 3 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable | $ 14,251,593 | $ 15,064,580 | ||
Less: allowance for doubtful accounts | (563,768) | (658,104) | $ (609,917) | $ (567,108) |
Accounts receivable, net | $ 13,687,825 | $ 14,406,476 |
Note 3 - Accounts Receivable,_4
Note 3 - Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Beginning balance | $ 658,104 | $ 567,108 |
Provision of doubtful accounts | (73,187) | 42,809 |
Less: write off/recovery | (21,149) | (12,722) |
Ending balance | $ 563,768 | $ 609,917 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) - Line of Credit [Member] - Feilong Trading, Inc, [Member] - Promissory Note Agreement [Member] - USD ($) | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||
Line of Credit Facility, Interest Rate at Period End | 5.00% | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 3,797,271 | $ 3,803,826 | |
Debt Instrument, Maturity Date | Sep. 30, 2019 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 721,410 | $ 545,567 | $ 1,428,806 | $ 1,041,662 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 45,076,400 | $ 40,820,575 |
Less: accumulated depreciation | (17,458,857) | (18,170,554) |
Property and equipment, net | 27,617,543 | 22,650,021 |
Land [Member] | ||
Property and equipment, gross | 1,894,253 | 1,608,647 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 22,003,932 | 18,784,628 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 9,571,138 | 10,160,205 |
Vehicles [Member] | ||
Property and equipment, gross | $ 11,607,077 | $ 10,267,095 |
Note 6 - Lines of Credit (Detai
Note 6 - Lines of Credit (Details Textual) - USD ($) | Apr. 18, 2019 | Jul. 01, 2016 | Jan. 31, 2018 | Jun. 30, 2019 | Nov. 14, 2012 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.85% | ||||
East West Bank [Member] | ||||||
Repayments of Senior Debt, Total | $ 6,111,692 | |||||
East West Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||
Long-term Line of Credit, Total | $ 11,364,481 | |||||
East West Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Interest Rate at Period End | 4.214% | |||||
East West Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | (0.375%) | |||||
East West Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | 5.13% | ||||
Han Feng, Inc. ("Han Feng") [Member] | Line of Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,500,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 5.35% | |||||
Repayments of Long-term Lines of Credit | $ 5,156,018 | |||||
Han Feng, Inc. ("Han Feng") [Member] | Line of Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||
Han Feng, Inc. ("Han Feng") [Member] | Line of Credit Agreement [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.15% | |||||
New Southern Food Distributors, Inc. ("NSF") [Member] | Bank of America [Member] | Revolving Credit Facility [Member] | ||||||
Repayments of Long-term Lines of Credit | $ 954,984 | |||||
New Southern Food Distributors, Inc. ("NSF") [Member] | Line of Credit Agreement [Member] | Bank of America [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | |||||
New Southern Food Distributors, Inc. ("NSF") [Member] | Line of Credit Agreement [Member] | Bank of America [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 5.2486% | ||||
[1] | Guaranteed by two shareholders, as well as Han Feng, a subsidiary of the Company. Also secured by a real property owned by HG Realty. Balloon payment of this debt is $3,116,687. |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | Jun. 30, 2019USD ($) |
East West Bank [Member] | |
Debt Instrument, Collateral Amount | $ 3,642,215 |
Capital Bank [Member] | |
Debt Instrument, Collateral Amount | 3,116,687 |
Bank of America [Member] | |
Debt Instrument, Collateral Amount | $ 1,684,898 |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Interest rate | [1] | 3.85% | |
Total debt | $ 15,889,199 | $ 14,565,295 | |
Less: current portion | (1,757,027) | (1,455,441) | |
Long-term debt | 14,132,172 | 13,109,854 | |
East West Bank [Member] | |||
Total debt | [2] | $ 4,968,281 | 5,053,539 |
East West Bank [Member] | Minimum [Member] | |||
Interest rate | [2] | 4.25% | |
East West Bank [Member] | Maximum [Member] | |||
Interest rate | [2] | 5.75% | |
Capital Bank [Member] | |||
Interest rate | [1] | 3.85% | |
Total debt | [1] | $ 5,045,321 | 5,138,988 |
Bank of America [Member] | |||
Total debt | [3] | $ 3,271,173 | 1,363,211 |
Bank of America [Member] | Minimum [Member] | |||
Interest rate | [3] | 5.132% | |
Bank of America [Member] | Maximum [Member] | |||
Interest rate | [3] | 5.509% | |
Bank of Montreal [Member] | |||
Total debt | [4] | $ 594,679 | 2,256,724 |
Bank of Montreal [Member] | Minimum [Member] | |||
Interest rate | [4] | 5.87% | |
Bank of Montreal [Member] | Maximum [Member] | |||
Interest rate | [4] | 5.99% | |
Peoples United Bank [Member] | |||
Total debt | [5] | $ 1,374,145 | 752,833 |
Peoples United Bank [Member] | Minimum [Member] | |||
Interest rate | [5] | 5.75% | |
Peoples United Bank [Member] | Maximum [Member] | |||
Interest rate | [5] | 7.53% | |
Other Finance Companies [Member] | |||
Total debt | $ 635,600 | ||
Other Finance Companies [Member] | Minimum [Member] | |||
Interest rate | 5.95% | ||
Other Finance Companies [Member] | Maximum [Member] | |||
Interest rate | 6.17% | ||
[1] | Guaranteed by two shareholders, as well as Han Feng, a subsidiary of the Company. Also secured by a real property owned by HG Realty. Balloon payment of this debt is $3,116,687. | ||
[2] | Guaranteed by two shareholders of the Company, as well as five subsidiaries of the Company, Han Feng, TT, MFD, R&N Holding and R&N Lexington. Also secured by assets of Han Feng and R&N Lexington and R&N Holding, two real properties of R&N Holding, and a real property of R&N Lexington. Balloon payment of these long-term debts is $3,642,215. | ||
[3] | Guaranteed by two shareholders, as well as two subsidiaries of the Company, NSF and BB. Secured by a real property, equipment and fixtures, inventories, receivables and all other personal property owned by NSF. Balloon payment of this long-term debt is $1,684,898. | ||
[4] | Not collateralized or guaranteed. | ||
[5] | Secured by vehicles. |
Note 7 - Long-term Debt - Futur
Note 7 - Long-term Debt - Future Maturities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
2020 | $ 1,757,027 | |
2021 | 1,626,580 | |
2022 | 2,789,965 | |
2023 | 2,624,001 | |
2024 | 471,927 | |
Thereafter | 6,619,699 | |
Total | $ 15,889,199 | $ 14,565,295 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | Feb. 23, 2019 | Jul. 02, 2018 |
Jianping An [Member] | AnHeart [Member] | ||
Ownership Interest, Transferred, Transfer Price | $ 20,000 | |
Building [Member] | Lease for 273 Fifth Avenue, Manhattan,New York [Member] | ||
Lessee, Operating Lease, Term of Contract | 30 years | |
Building [Member] | Lease for 275 Fifth Avenue, Manhattan,New York [Member] | ||
Lessee, Operating Lease, Term of Contract | 15 years |
Note 8 - Leases - Components of
Note 8 - Leases - Components of Operating and Finance Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating lease cost | $ 127,508 | $ 292,260 | ||
Amortization of right-of-use assets | 145,879 | $ 64,895 | 291,758 | $ 129,790 |
Interest on lease liabilities | 28,279 | 14,906 | 60,606 | 33,552 |
Total capital leases cost | $ 174,158 | $ 79,801 | $ 352,364 | $ 163,342 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating cash flows from operating leases | $ 127,508 | $ 292,260 | ||
Operating cash flows from capital leases | 28,279 | $ 14,906 | 60,606 | $ 33,552 |
Financing cash flows from capital leases | 65,150 | 106,504 | 247,662 | 209,268 |
Capital leases | $ 1,432,662 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Balance Sheet Information Related to Operating and Finance Leases (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ (85,783) | |
Current portion of obligations under operating leases | (40,156) | |
Obligations under operating leases, non-current | (45,627) | |
Total operating lease liabilities | $ 85,783 | |
Weighted Average Remaining Lease Term, Operating leases (Month) | 2 years 120 days | |
Weighted Average Discount Rate, Operating leases | 5.10% | |
Property and equipment, gross | $ 45,076,400 | 40,820,575 |
Less: accumulated depreciation | (17,458,857) | (18,170,554) |
Property and equipment, net | 27,617,543 | 22,650,021 |
Current portion of obligations under capital leases | 262,904 | 164,894 |
Obligations under capital leases, non-current | 1,207,694 | 120,705 |
Total capital leases liabilities | $ 1,470,598 | $ 285,599 |
Weighted Average Remaining Lease Term Finance leases (Month) | 5 years | 2 years 90 days |
Weighted Average Discount Rate | 7.50% | 8.05% |
Finance Lease [Member] | ||
Property and equipment, gross | $ 2,917,573 | $ 1,484,911 |
Less: accumulated depreciation | (1,102,510) | (810,753) |
Property and equipment, net | $ 1,815,063 | $ 674,158 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases, 2020 | $ 43,631 | |
Operating Leases, 2021 | 29,699 | |
Operating Leases, 2022 | 17,501 | |
Operating Leases, 2023 | ||
Operating Leases, 2024 | ||
Operating Leases, Thereafter | ||
Operating Leases, Total Lease Payments | 90,830 | |
Operating Leases, Less Imputed Interest | (5,048) | |
Operating Leases, Total | 85,783 | |
Finance Leases, 2020 | 373,715 | |
Finance Leases, 2021 | 373,715 | |
Finance Leases, 2022 | 342,278 | |
Finance Leases, 2023 | 334,224 | |
Finance Leases, 2024 | 277,340 | |
Finance Leases, Thereafter | 96,496 | |
Finance Leases, Total Lease Payments | 1,797,768 | |
Finance Leases, Less Imputed Interest | (327,170) | |
Finance Leases, Total | $ 1,470,598 | $ 285,599 |
Note 9 - Taxes (Details Textual
Note 9 - Taxes (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 35.00% |
Note 9 - Taxes - Income Tax Pro
Note 9 - Taxes - Income Tax Provision (Benefit) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current: | ||||
Federal | $ 531,491 | $ 565,219 | $ 923,974 | $ 985,237 |
State | 142,860 | 154,843 | 282,248 | 241,703 |
Current income tax provision | 674,351 | 720,062 | 1,206,222 | 1,226,940 |
Deferred: | ||||
Federal | (161,190) | (425,931) | (58,129) | (429,903) |
State | (52,410) | (95,552) | (39,703) | (94,977) |
Deferred income tax benefit | (213,600) | (521,483) | (97,832) | (527,880) |
Total income tax provision | $ 460,751 | $ 198,579 | $ 1,108,390 | $ 702,060 |
Note 9 - Taxes - Deferred Tax A
Note 9 - Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 140,016 | $ 165,083 |
Inventories | 133,411 | 113,730 |
Section 481(a) adjustment | 40,317 | |
Other accrued expenses | 350,232 | 46,750 |
Total deferred tax assets | 623,659 | 365,880 |
Deferred tax liabilities: | ||
Property and equipment | (1,603,954) | (1,444,008) |
Net deferred tax liabilities | (980,295) | (1,078,128) |
Deferred tax assets | 85,451 | 117,933 |
Deferred tax liabilities | (1,065,746) | (1,196,061) |
Net deferred tax liabilities | $ (980,295) | $ (1,078,128) |
Note 9 - Taxes - Reconciliation
Note 9 - Taxes - Reconciliation of Income Tax Rate (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
State statutory tax rate | 5.00% | 5.40% | ||
U.S. permanent difference | 3.70% | 1.60% | ||
Others | (1.70%) | (1.90%) | ||
Effective tax rate | 28.00% | 26.10% |
Note 10 - Related Party Trans_3
Note 10 - Related Party Transactions (Details Textual) - USD ($) | Mar. 01, 2019 | Sep. 30, 2018 | Mar. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.85% | 3.85% | |||||||||||
Notes Receivable, Related Parties | $ 8,398,732 | $ 8,398,732 | $ 8,540,949 | |||||||||||
Accounts Payable, Related Parties, Current | 3,453,519 | 3,453,519 | 3,923,120 | |||||||||||
Contract with Customer, Liability, Current | 166,490 | |||||||||||||
Property, Plant and Equipment, Net, Ending Balance | 27,617,543 | 27,617,543 | 22,650,021 | |||||||||||
Depreciation, Total | 721,410 | $ 545,567 | 1,428,806 | $ 1,041,662 | ||||||||||
Related Party Transaction, Purchases from Related Party | 8,553,875 | 5,875,732 | 17,486,091 | 13,010,492 | ||||||||||
NSG International Inc [Member] | ||||||||||||||
Notes Receivable, Related Parties | $ 5,941,031 | 5,941,031 | [2] | 5,941,031 | [2] | 6,092,397 | [2] | $ 5,993,552 | ||||||
R&N Holdings [Member] | Building [Member] | ||||||||||||||
Property, Plant and Equipment, Net, Ending Balance | 400,000 | 400,000 | 400,000 | |||||||||||
Depreciation, Total | 105,128 | 100,000 | ||||||||||||
Rental Income, Nonoperating | 11,400 | 11,400 | 22,800 | 22,800 | ||||||||||
HG Realty [Member] | Building [Member] | ||||||||||||||
Property, Plant and Equipment, Net, Ending Balance | 3,223,745 | 3,223,745 | 3,223,745 | |||||||||||
Depreciation, Total | 475,296 | $ 433,966 | ||||||||||||
Rental Income, Nonoperating | $ 120,000 | $ 120,000 | $ 240,000 | $ 240,000 | ||||||||||
Promissory Note Agreement [Member] | Enson Seafood GA Inc [Member] | ||||||||||||||
Notes Payable, Total | $ 2,000,000 | $ 550,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||
Debt Instrument, Periodic Payment, Total | $ 171,215 | |||||||||||||
Debt Instrument, Term | 1 year | |||||||||||||
Promissory Note Agreement [Member] | NSG International Inc [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||
Promissory Note Agreement [Member] | Revolution Automotive LLC [Member] | ||||||||||||||
Notes Payable, Total | $ 483,628 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||
Debt Instrument, Periodic Payment, Total | $ 5,000 | |||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 284,453 | |||||||||||||
Allstate Trading Company Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | 40.00% | ||||||||||||
Enson Seafood GA Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | ||||||||||||
Eagle Food Service LLC [Member] | Tina Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | ||||||||||||
Fortune One Foods Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 17.50% | 17.50% | ||||||||||||
Eastern Fresh LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | ||||||||||||
Enson Trading LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||||||||||
Hengfeng Food Service Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | 45.00% | ||||||||||||
Enson Philadelphia Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||||||||||
Ocean Pacific Seafood Group [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||||||||||
Revolution Industry LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | ||||||||||||
First Choice Seafood [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | ||||||||||||
NSG International Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | ||||||||||||
Revolution Automotive LLC [Member] | Raymond Ni [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||
[1] | Guaranteed by two shareholders, as well as Han Feng, a subsidiary of the Company. Also secured by a real property owned by HG Realty. Balloon payment of this debt is $3,116,687. | |||||||||||||
[2] | Mr. Zhou Min Ni owns a 30% equity interest in this entity. |
Note 10 - Related Party Trans_4
Note 10 - Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts receivable | $ 2,690,110 | $ 2,292,151 | |
Allstate Trading Company Inc [Member] | |||
Accounts receivable | [1] | 14,838 | 1,000 |
Enson Seafood GA Inc [Member] | |||
Accounts receivable | [2] | 257,787 | 255,412 |
Eagle Food Service LLC [Member] | |||
Accounts receivable | [3],[4] | 939,204 | 817,275 |
Fortune One Foods Inc [Member] | |||
Accounts receivable | [5] | 162,234 | 130,314 |
Eastern Fresh LLC [Member] | |||
Accounts receivable | [6] | 636,013 | 784,836 |
Enson Trading LLC [Member] | |||
Accounts receivable | [7] | 160,839 | 170,633 |
Hengfeng Food Service Inc [Member] | |||
Accounts receivable | [8] | 423,348 | 83,654 |
Enson Philadelphia Inc [Member] | |||
Accounts receivable | [3] | 49,027 | |
N&F [Member] | |||
Accounts receivable | $ 95,847 | ||
[1] | Mr. Zhou Min Ni, the Chairman and Chief Executive Officer of the Company, owns a 40% equity interest in this entity; | ||
[2] | Mr. Zhou Min Ni owns a 50% equity interest in this entity; | ||
[3] | Mr. Zhou Min Ni owns a 25% equity interest in this entity. | ||
[4] | Tina Ni, one of Mr. Zhou Min Ni's family member owns a 50% equity interest in this entity; | ||
[5] | Mr. Zhou Min Ni owns a 17.5% equity interest in this entity; | ||
[6] | Mr. Zhou Min Ni owns a 30% equity interest in this entity; | ||
[7] | Mr. Zhou Min Ni owns a 25% equity interest in this entity. | ||
[8] | Mr. Zhou Min Ni owns a 45% equity interest in this entity. |
Note 10 - Related Party Trans_5
Note 10 - Related Party Transactions - Summary of Advances to Related Party Suppliers (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Advances to suppliers | $ 1,229,659 | $ 1,526,482 | |
Ocean Pacific Seafood Group [Member] | |||
Advances to suppliers | [1] | 196,802 | 208,960 |
Revolution Industry LLC [Member] | |||
Advances to suppliers | [2] | 683,203 | 329,394 |
First Choice Seafood [Member] | |||
Advances to suppliers | [3] | $ 349,654 | $ 988,128 |
[1] | Mr. Zhou Min Ni owns a 25% equity interest of this entity; | ||
[2] | The son of Mr. Zhou Min N, Raymond Ni, owns 100% of Revolution Industry LLC; | ||
[3] | First Choice Seafood is owned by Enson Seafood GA Inc. of which Mr. Zhou Min Ni owns a 50% equity interest. |
Note 10 - Related Party Trans_6
Note 10 - Related Party Transactions - Outstanding Loans to Various Partners (Details) - USD ($) | Jun. 30, 2019 | Mar. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Notes receivable | $ 8,398,732 | $ 8,540,949 | |||||
Less: Current portion | 979,211 | 8,117,686 | |||||
Total | 7,419,521 | 423,263 | |||||
Enson Seafood GA Inc [Member] | |||||||
Notes receivable | 2,020,176 | 1,987,241 | |||||
NSG International Inc [Member] | |||||||
Notes receivable | 5,941,031 | [1] | $ 5,941,031 | 6,092,397 | [1] | $ 5,993,552 | |
Revolution Automotive LLC [Member] | |||||||
Notes receivable | [2] | $ 437,525 | $ 461,311 | ||||
[1] | Mr. Zhou Min Ni owns a 30% equity interest in this entity. | ||||||
[2] | The son of Mr. Zhou Min Ni, Raymond Ni owns 100% of Revolution Automotive LLC. |
Note 11 - Segment Reporting (De
Note 11 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Operating Segments | 2 |
Note 11 - Segment Reporting - N
Note 11 - Segment Reporting - Net Sales by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 74,718,206 | $ 72,287,515 | $ 149,519,228 | $ 146,868,286 |
Sales to Independent Restaurants [Member] | ||||
Net sales | 70,460,722 | 67,640,429 | 140,583,856 | 137,516,339 |
Wholesale [Member] | ||||
Net sales | $ 4,257,484 | $ 4,647,086 | $ 8,935,372 | $ 9,351,947 |
Note 11 - Segment Reporting - R
Note 11 - Segment Reporting - Revenue by Business Operation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Revenue | $ 74,718,206 | $ 72,287,515 | $ 149,519,228 | $ 146,868,286 |
Cost of revenue | 62,206,053 | 60,163,782 | 124,300,219 | 122,640,487 |
Gross profit | 12,512,153 | 12,123,733 | 25,219,009 | 24,227,799 |
Depreciation and amortization | 727,423 | 545,567 | 1,434,819 | 1,041,662 |
Total capital expenditures | 3,812,217 | 719,687 | 5,156,772 | 2,069,380 |
Sales to Independent Restaurants [Member] | ||||
Net Revenue | 70,460,722 | 67,640,429 | 140,583,856 | 137,516,339 |
Cost of revenue | 58,140,065 | 56,033,664 | 115,700,311 | 113,900,208 |
Gross profit | 12,320,657 | 11,606,765 | 24,883,545 | 23,616,131 |
Depreciation and amortization | 685,974 | 510,534 | 1,349,073 | 975,333 |
Total capital expenditures | 3,594,995 | 673,062 | 4,848,600 | 1,937,611 |
Wholesale [Member] | ||||
Net Revenue | 4,257,484 | 4,647,086 | 8,935,372 | 9,351,947 |
Cost of revenue | 4,065,988 | 4,130,118 | 8,599,908 | 8,740,279 |
Gross profit | 191,496 | 516,968 | 335,464 | 611,668 |
Depreciation and amortization | 41,449 | 35,033 | 85,746 | 66,329 |
Total capital expenditures | $ 217,222 | $ 46,625 | $ 308,172 | $ 131,769 |
Note 11 - Segment Reporting - A
Note 11 - Segment Reporting - Assets by Segment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Total assets: | ||
Total Assets | $ 92,848,958 | $ 82,476,407 |
Sales to Independent Restaurants [Member] | ||
Total assets: | ||
Total Assets | 87,300,241 | 77,138,353 |
Wholesale [Member] | ||
Total assets: | ||
Total Assets | $ 5,548,717 | $ 5,338,054 |
Note 12 - Contingency (Details
Note 12 - Contingency (Details Textual) $ in Millions | Jun. 30, 2019USD ($) |
Loss Contingency Accrual, Ending Balance | $ 1 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | 1 Months Ended |
Aug. 13, 2019shares | |
OneUnderwriter of Atlantic's Initial Public Offering [Member] | Subsequent Event [Member] | |
Stock Issued During Period, Shares, New Issues | 182,725 |