Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 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) | 52,145,096 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 6,803,415 | $ 5,489,404 |
Accounts receivable, net | 13,089,775 | 14,406,476 |
Accounts receivable - related parties, net | 2,677,503 | 2,292,151 |
Inventories, net | 29,826,054 | 22,175,769 |
Advances to suppliers, net | 647,339 | 280,267 |
Advances to suppliers - related parties, net | 990,139 | 1,526,482 |
Notes receivable | 3,803,826 | |
Notes receivable - related parties, current | 8,117,686 | |
Income Tax Recoverable | 448,512 | |
Other current assets | 1,229,379 | 950,703 |
TOTAL CURRENT ASSETS | 55,712,116 | 59,042,764 |
Property and equipment, net | 27,096,211 | 22,650,021 |
Operating lease right-of-use assets | 75,169 | |
Deferred tax assets | 81,385 | 117,933 |
Long-term notes receivable - related parties | 423,263 | |
Other long-term assets | 141,954 | 242,426 |
TOTAL ASSETS | 83,106,834 | 82,476,407 |
CURRENT LIABILITIES: | ||
Lines of credit | 11,864,481 | 8,194,146 |
Accounts payable | 18,728,857 | 17,474,206 |
Accounts payable - related parties | 4,279,050 | 3,923,120 |
Advance from customers | 758,296 | 61,406 |
Advance from customers - related parties | 166,490 | |
Current portion of long-term debt, net | 1,650,898 | 1,455,441 |
Current portion of obligations under capital leases | 262,904 | 164,894 |
Current portion of obligations under operating leases | 40,155 | |
Income tax payable | 13,343 | |
Accrued expenses | 991,299 | 2,148,602 |
TOTAL CURRENT LIABILITIES | 38,589,283 | 33,588,305 |
Long-term debt, net | 15,409,535 | 13,109,854 |
Obligations under capital leases, non-current | 1,139,964 | 120,705 |
Obligations under operating leases, non-current | 35,014 | |
Deferred tax liabilities | 1,306,630 | 1,196,061 |
TOTAL LIABILITIES | 56,480,426 | 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 September 30, 2019 and December 31, 2018, respectively | ||
Common Stock, $0.0001 par value, 30,000,000 shares authorized, 22,350,211 shares issued, 905,115 treasury shares, and 21,445,096 shares outstanding as of September 30, 2019, and 30,000,000 shares authorized, and 22,167,486 shares issued and outstanding as of December 31, 2018 | 2,236 | 2,217 |
Additional paid-in capital | 10,882,646 | 22,920,603 |
Retained earnings | 14,477,257 | 10,433,984 |
Treasury Stock | (91) | |
Total shareholders’ equity | 25,362,048 | 33,356,804 |
Noncontrolling interest | 1,264,360 | 1,104,678 |
TOTAL EQUITY | 26,626,408 | 34,461,482 |
TOTAL LIABILITIES AND EQUITY | $ 83,106,834 | $ 82,476,407 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 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, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common Stock, shares issued (in shares) | 22,350,211 | 22,167,486 |
Common Stock, shares outstanding (in shares) | 21,445,096 | 22,167,486 |
Common Stock, treasury shares (in shares) | 905,115 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Revenue | $ 75,698,877 | $ 70,363,798 | $ 225,218,105 | $ 217,232,084 |
Cost of revenue | 63,506,729 | 57,801,111 | 187,806,948 | 180,441,598 |
GROSS PROFIT | 12,192,148 | 12,562,687 | 37,411,157 | 36,790,486 |
DISTRIBUTION, SELLING AND ADMINISTRATIVE EXPENSES | 9,969,785 | 10,385,563 | 31,428,998 | 31,725,945 |
INCOME FROM OPERATIONS | 2,222,363 | 2,177,124 | 5,982,159 | 5,064,541 |
Other Income (Expenses) | ||||
Interest income | 113,930 | 333,072 | 418,397 | 346,822 |
Interest expense and bank charges | (482,099) | (270,049) | (1,207,217) | (1,024,762) |
Other income | 281,619 | 370,678 | 905,149 | 918,010 |
Total Other Income (Expenses), net | (86,550) | 433,701 | 116,329 | 240,070 |
INCOME BEFORE INCOME TAX PROVISION | 2,135,813 | 2,610,825 | 6,098,488 | 5,304,611 |
PROVISION FOR INCOME TAXES | 607,142 | 840,147 | 1,715,532 | 1,542,207 |
NET INCOME | 1,528,671 | 1,770,678 | 4,382,956 | 3,762,404 |
Less: net income (loss) attributable to noncontrolling interest | 181,106 | 103,600 | 339,683 | (277,855) |
NET INCOME ATTRIBUTABLE TO HF FOODS GROUP INC. | $ 1,347,565 | $ 1,667,078 | $ 4,043,273 | $ 4,040,259 |
Earnings per common share - basic and diluted (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.18 | $ 0.20 |
Weighted average shares - basic and diluted (in shares) | 22,258,557 | 21,364,256 | 22,198,290 | 20,434,639 |
Third Parties [Member] | ||||
Net Revenue | $ 70,568,373 | $ 65,936,159 | $ 211,520,517 | $ 203,868,014 |
Cost of revenue | 58,598,428 | 53,471,081 | 174,634,207 | 167,372,145 |
Related Parties [Member] | ||||
Net Revenue | 5,130,504 | 4,427,639 | 13,697,588 | 13,364,070 |
Cost of revenue | $ 4,908,301 | $ 4,330,030 | $ 13,172,741 | $ 13,069,453 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) | Common Stock Outstanding [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 | 3,762,404 | |||||
Balance (in shares) at Sep. 30, 2018 | 22,167,486 | |||||
Balance at Sep. 30, 2018 | $ 2,217 | 22,920,603 | 8,187,789 | 31,110,609 | 759,583 | 31,870,192 |
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 |
Net Income | 1,667,078 | 1,667,078 | 103,600 | 1,770,678 | ||
Distribution to shareholders | 252,497 | 252,497 | 126,059 | 378,556 | ||
Balance (in shares) at Sep. 30, 2018 | 22,167,486 | |||||
Balance at Sep. 30, 2018 | $ 2,217 | 22,920,603 | 8,187,789 | 31,110,609 | 759,583 | 31,870,192 |
Effective of reverse acquisition (in shares) | 2,197,655 | |||||
Effective of reverse acquisition | $ 220 | 1,370,900 | 1,371,120 | 1,371,120 | ||
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 | ||
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 | 4,382,956 | |||||
Balance (in shares) at Sep. 30, 2019 | 21,445,096 | |||||
Balance at Sep. 30, 2019 | $ 2,144 | 10,882,646 | 14,477,257 | 25,362,047 | 1,264,361 | 26,626,408 |
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 | 1,060,712 | ||
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 |
Net Income | 1,347,565 | 1,347,565 | 181,107 | 1,528,671 | ||
Distribution to shareholders | (90,000) | (90,000) | ||||
Exercise of Stock Options (in shares) | 182,725 | |||||
Exercise of Stock Options | $ 18 | (18) | ||||
Treasury Stock (in shares) | (905,115) | |||||
Treasury Stock | $ (91) | (12,037,939) | (12,038,030) | (12,038,030) | ||
Balance (in shares) at Sep. 30, 2019 | 21,445,096 | |||||
Balance at Sep. 30, 2019 | $ 2,144 | $ 10,882,646 | $ 14,477,257 | $ 25,362,047 | $ 1,264,361 | $ 26,626,408 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net Income | $ 4,382,956 | $ 3,762,404 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization expense | 2,173,723 | 1,579,105 |
Gain from disposal of equipment | (68,626) | |
Provision of doubtful accounts | (50,090) | 62,231 |
Deferred tax benefits | 147,117 | (168,868) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,366,791 | 1,801,941 |
Accounts receivable - related parties, net | (385,352) | 14,320 |
Inventories | (7,650,285) | (1,454,817) |
Advances to suppliers, net | (367,072) | (215,820) |
Advances to suppliers - related parties, net | 536,343 | 2,573,416 |
Income tax recoverable | (448,512) | |
Other current assets | (291,864) | (421,424) |
Other long-term assets | 100,472 | 1,264,289 |
Accounts payable | 1,254,651 | 96,141 |
Accounts payable - related parties | 355,930 | (928,457) |
Advance from customers | 696,890 | 374,072 |
Advance from customers - related parties | (166,490) | (1,000,575) |
Income tax payable | 13,343 | (745,958) |
Accrued expenses | (1,157,301) | 1,890,258 |
Net cash provided by operating activities | 442,624 | 8,482,258 |
Cash flows from investing activities: | ||
Cash acquired from acquisition of Atlantic Acquisition | 5,550,298 | |
Cash paid for redemption of Atlantic Acquisition’s stock in connection of reverse acquisition | (4,120,000) | |
Purchase of property and equipment | (5,381,138) | (2,194,210) |
Proceeds from disposal of equipment | 275,699 | |
Cash received from long-term notes receivable | 290,071 | |
Cash paid for issuance of long-term notes receivable | (108,750) | (2,559,469) |
Cash received from long-term notes receivable to related parties | 386,358 | 316,504 |
Cash paid for issuance of long-term notes receivable to related parties | (260,933) | (1,988,813) |
Net cash used in investing activities | (4,798,693) | (4,995,690) |
Cash flows from financing activities: | ||
Proceeds from lines of credit | 15,364,481 | 3,600,000 |
Repayment of lines of credit | (11,694,146) | (3,000,000) |
Proceeds from long-term debt | 6,100,878 | 3,745,048 |
Repayment of long-term debt | (3,605,740) | (4,965,264) |
Repayment of capital lease | (315,393) | |
Cash distribution paid to shareholders | (180,000) | (1,161,445) |
Net cash provided by (used in) financing activities | 5,670,080 | (1,781,661) |
Net increase in cash | 1,314,011 | 1,704,907 |
Cash at beginning of the period | 5,489,404 | 6,086,044 |
Cash at end of the period | 6,803,415 | 7,790,951 |
Supplemental cash flow information | ||
Cash paid for interest | 1,021,687 | 1,008,666 |
Cash paid for income taxes | $ 1,692,927 | $ 2,413,148 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Description | 9 Months Ended |
Sep. 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 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 Reorganization of HF Group ( Continued ) 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 | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 September 30, 2019 nine September 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 September 30, 2019, nine September 30, 2019 2018, not 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. Uses of estimates The preparation of the unaudited condensed 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 unaudited condensed 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 unaudited condensed 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 September 30, 2019, December 31, 2018, no 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 September 30, 2019 December 31, 2018, $576,349 $658,104, 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 September 30, 2019 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 may not September 30, 2019 December 31, 2018. Business Combinations The Company accounts for business combinations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 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 Revenue recognition (Continued) The contract assets and contract liabilities are recorded on the unaudited condensed consolidated balance sheets as accounts receivable and advance from customers as of September 30, 2019 December 31, 2018. nine September 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 September 30, 2019 September 30, 2018 North Carolina $ 36,813,987 33,693,974 Florida 22,833,584 21,156,747 Georgia 16,051,306 15,513,077 Total $ 75,698,877 70,363,798 For the Nine Months Ended September 30, 2019 September 30, 2018 North Carolina $ 107,698,700 103,262,880 Florida 68,717,635 66,282,082 Georgia 48,801,770 47,687,122 Total $ 225,218,105 217,232,084 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 $3,093,138 $3,615,470 nine September 30, 2019 2018, $1,014,288 $791,016 three September 30, 2019 2018, 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 September 30, 2019 December 31, 2018. Leases On January 1, 2019 2016 02. 842, not 1 2 3 not The adoption of Topic 842 $75,169 September 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 The Company computes earnings per share (“EPS”) in accordance with ASC 260, 260” 260 no nine September 30, 2019 2018. 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 expenses 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 one 10% September 30, 2019 December 31, 2018. For the nine three September 30, 2019 2018, no 10% September 30, 2019, two 47% 14% two 77% 23% December 31, 2018, three 55%, 18% 12% three 65%, 22% 14% 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 January 1, 2020. 2017 11 not In February 2018, No. 2018 02, 220 No. 2018 02 December 15, 2018, January 1, 2019. not |
Note 3 - Accounts Receivable, N
Note 3 - Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 Accounts receivable consisted of the following: As of As of September 30, 2019 December 31, 2018 Accounts receivable $ 13,666,124 $ 15,064,580 Less: allowance for doubtful accounts (576,349 ) (658,104 ) Accounts receivable, net $ 13,089,775 $ 14,406,476 For the Nine Months Ended September 30, 2019 September 30, 2018 Beginning balance $ 658,104 $ 567,108 Provision (reversal) for doubtful accounts (50,090 ) 89,019 Less: write off/recovery (31,665 ) (26,788 ) Ending balance $ 576,349 $ 629,339 |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 9 Months Ended |
Sep. 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, $3,622,505 272,369 $13.30 September 30, 2019. 89,882 one 250 $13.30 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 9 Months Ended |
Sep. 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 September 30, 2019 December 31, 2018 Land $ 1,894,253 $ 1,608,647 Buildings and improvements 22,201,597 18,784,628 Machinery and equipment 9,587,840 10,160,205 Motor vehicles 11,454,793 10,267,095 Subtotal 45,138,483 40,820,575 Less: accumulated depreciation (18,042,272 ) (18,170,554 ) Property and equipment, net $ 27,096,211 $ 22,650,021 Depreciation expense was $2,160,538 $1,579,105 nine September 30, 2019 2018, $731,731 $537,443 three September 30, 2019 2018, |
Note 6 - Lines of Credit
Note 6 - Lines of Credit | 9 Months Ended |
Sep. 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% 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% 4.625% September 30, 2019). September 30, 2019 $11,864,481. September 30, 2019, November 4, 2019, 14 $13,864,481. On November 14, 2012, $4,000,000. three two January 2018 February 2020. 2.75%. April 18, 2019, $954,984 April 18, 2019, |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7 Long-term debt at September 30, 2019 December 31, 2018 Bank name Maturity Interest rate at September 30, 2019 As of September 30, 2019 As of December 31, 2018 East West Bank – (b) August 2022 - September 2029 4.25% - 5.75% $ 8,600,471 $ 5,053,539 Capital Bank – (c) October 2027 3.85% 5,014,605 5,138,988 Bank of America – (d) April 2021 - February 2023 5.07% - 5.51% 1,043,073 1,363,211 BMO Harris Bank – (e) April 2022 - January 2024 5.87% - 5.99% 552,764 2,256,724 Peoples United Bank – (e) March 2019-January 2023 5.75% - 7.53% 1,245,857 752,833 Other finance companies April 2023 - March 2024 5.95% - 6.17% 603,663 - Total debt 17,060,433 14,565,295 Less: current portion (1,650,898 ) (1,455,441 ) Long-term debt $ 15,409,535 $ 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 September 30, 2019, December 31, 2018, November 4, 2019, one 14 $1,561,126. The loans outstanding were guaranteed by the following properties, entities or individuals: (a) Not (b) Guaranteed by the Company, nine subsidiaries of the Company, TT, MFD, R&N Holding , R&N Lexington , Kirnsway, Chinesetg, BB, Kirnland and HG Realty , and by two . Secured by assets of Han Feng , New Southern Foods , R&N Lexington and R&N Holding, two two and a real property of R&N Lexington. Balloon payments of these long-term debts are $ 6 , 590 , 710 . (c) Guaranteed by two $3,116,687. (d) Guaranteed by two two vehicles. (e) Secured by vehicles. The future maturities of long-term debt at September 30, 2019 Twelve months ending September 30 , 2020 $ 1,650,898 2021 1,512,541 2022 2,641,941 2023 833,393 2024 517,687 Thereafter 9,903,973 Total $ 17,060,433 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 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 recognizes a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization of the lease payment. Operating Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 184,002 $ 476,262 Supplemental cash flow information related to leases was as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 184,002 $ 476,262 Supplemental balance sheet information related to leases was as follows: As of September 30, 2019 Operating Leases Operating lease right-of-use assets $ 75,169 Current portion of obligations under operating leases $ 40,155 Obligations under operating leases, non-current 35,014 Total operating lease liabilities $ 75,169 Weighted Average Remaining Lease Term (Months) Operating leases 26 Weighted Average Discount Rate Operating leases 5.09 % Capital Leases The components of lease expense were as follows: Three Months Ended September 30, 2019 September 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 139,686 $ 64,895 Interest on lease liabilities 25,697 11,041 Total capital leases cost $ 165,383 $ 75,936 Nine Months Ended September 30, 2019 September 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 431,444 $ 194,685 Interest on lease liabilities 86,303 44,593 Total capital leases cost $ 517,747 $ 239,278 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 September 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 86,303 44,593 Financing cash flows from capital leases 315,393 319,637 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: September 30, 2019 December 31, 2018 Capital Leases Property and equipment, at cost $ 2,793,731 $ 1,484,911 Accumulated depreciation (1,153,443 ) (810,753 ) Property and equipment, net $ 1,640,288 $ 674,158 Current portion of obligations under capital leases $ 262,904 $ 164,894 Obligations under capital leases, non-current 1,139,964 120,705 Total capital leases liabilities $ 1,402,868 $ 285,599 Weighted Average Remaining Lease Term (Months) Capital leases 57 27 Weighted Average Discount Rate Capital leases 7.50 % 8.05 % Maturities of lease liabilities were as follows Twelve months ending September 30 Operating Leases Capital Leases 2020 $ 42,238 $ 373,715 2021 26,043 370,309 2022 11,641 335,812 2023 - 331,070 2024 - 253,056 Thereafter - 40,378 Total Lease Payments 79,922 1,704,340 Less Imputed Interest (4,753 ) (301,472 ) Total $ 75,169 $ 1,402,868 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 | 9 Months Ended |
Sep. 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 nine and three September 30, 2019 2018 For the nine months ended September 30, 2019 September 30, 2018 Current: Federal $ 1,184,630 $ 1,345,253 State 383,782 365,822 Current income tax provision 1,568,412 1,711,075 Deferred: Federal 159,162 (120,728 ) State (12,042 ) (48,140 ) Deferred income tax benefit 147,120 (168,868 ) Total income tax provision $ 1,715,532 $ 1,542,207 For the three months ended September 30, 2019 September 30, 2018 Current: Federal $ 260,656 $ 360,016 State 101,534 124,118 Current income tax provision 362,190 484,134 Deferred: Federal 217,292 309,176 State 27,660 46,837 Deferred income tax provision 244,952 356,013 Total income tax provision $ 607,142 $ 840,147 (ii) Temporary differences and carryforwards of the Company that created significant deferred tax assets and liabilities are as follows: As of September 30, 2019 As of December 31, 2018 Deferred tax assets: Allowance for doubtful accounts $ 143,271 $ 165,083 Inventories 155,185 113,730 State NOL 16,315 - Section 481(a) adjustment - 40,317 Other accrued expenses 231,791 46,750 Total deferred tax assets 546,562 365,880 Deferred tax liabilities: Property and equipment (1,771,807 ) (1,444,008 ) Net deferred tax liabilities $ (1,225,245 ) $ (1,078,128 ) The net deferred tax liabilities presented in the Company's consolidated balance sheets were as follows: As of September 30, 2019 As of December 31, 2018 Deferred tax assets $ 81,385 $ 117,933 Deferred tax liabilities (1,306,630 ) (1,196,061 ) Net deferred tax liabilities $ (1,225,245 ) $ (1,078,128 ) (iii) Reconciliations of the statutory income tax rate to the effective income tax rate are as follows: For the nine months ended September 30, 2019 September 30, 2018 Federal statutory tax rate 21.0 % 21.0 % State statutory tax rate 4.8 % 4.7 % U.S. permanent difference 3.4 % 1.2 % Others (1.0 )% 2.1 % Effective tax rate 28.2 % 29.0 % |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 9 Months Ended |
Sep. 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 September 30, 2019 December 31, 2018 three nine September 30, 2019 2018 Related party balances: a. Accounts receivable - related parties, net Below is a summary of accounts receivable with related parties as of September 30, 2019 December 31, 2018, As of September 30 As of December 31, Name of Related Party 2019 2018 (a) Allstate Trading Company Inc. $ 7,816 $ 1,000 (b) Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”) 124,159 255,412 (c) Eagle Food Service LLC 1,227,643 817,275 (d) Fortune One Foods Inc. 155,173 130,314 (e) Eastern Fresh LLC 801,254 784,836 (f) Enson Trading LLC 194,504 170,633 (g) Hengfeng Food Service Inc. 75,347 83,654 (h) Enson Philadelphia Inc. - 49,027 (i) N&F Logistic, Inc. 91,757 - (j) Golden Poultry. (150 ) - Total $ 2,677,503 $ 2,292,151 (a) Mr. Zhou Min Ni, the Chairman and Chief Executive Officer of the Company, owns a 40% (b) Mr. Zhou Min Ni owns a 50% (c) Tina Ni, one 50% (d) Mr. Zhou Min Ni owns a 17.5% (e) Mr. Zhou Min Ni owns a 30% (f) Mr. Zhou Min Ni owns a 25% (g) Mr. Zhou Min Ni owns a 45% (h) Mr. Zhou Min Ni owns a 25% (i) Mr. Zhou Min Ni owns a 25% (j) Mr. Zhou Min Ni owns a 40% 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 September 30, 2019 December 31, 2018, As of As of Name of Related Party September 2019 December 2018 (1) Ocean Pacific Seafood Group $ 224,979 $ 208,960 (2) Revolution Industry LLC 765,160 329,394 (3) First Choice Seafood Inc. - 988,128 Total $ 990,139 $ 1,526,482 ( 1 Mr. Zhou Min Ni owns a 25% ( 2 The son of Mr. Zhou Min N, Raymond Ni, owns 100% ( 3 First Choice Seafood is owned by Enson Seafood GA Inc. of which Mr. Zhou Min Ni owns a 50% HF FOODS GROUP INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 10 c. Notes receivable - 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 September 30, 2019, December 31, 2018, Name of Related Party As of September 30, 2019 As of December 31, 2018 Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”) $ - $ 1,987,241 NSG International Inc. (“NSG”) (1) 6,092,397 Revolution Automotive LLC (“Revolution Automotive”) (2) - 461,311 Total $ - $ 8,540,949 Less: Current portion $ - $ 8,117,686 Total $ - $ 423,263 ( 1 Mr. Zhou Min Ni owns a 30% ( 2 The son of Mr. Zhou Min Ni, Raymond Ni, owns 100% 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 On September 30, 2019, $8,415,525 632,746 $13.30 September 30, 2019. 208,806 one 250 $13.30. d. Accounts payable - related parties As of September 30, 2019, December 31, 2018, $4,279,050 $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 September 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 September 30, 2019 December 31, 2018, $107,692 $100,000 September 30, 2019 December 31, 2018, nine September 30, 2019 September 30, 2018 $34,200 $34,200, three September 30, 2019 September 30, 2018 $11,400 $11,400, In 2017, September 21, 2027. $3,223,745 September 30, 2019 December 31, 2018, $495,961 $433,966 September 30, 2019 December 31, 2018, nine September 30, 2019 September 30, 2018 $360,000 $360,000, three September 30, 2019 September 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 $25,998,461 $26,882,395 nine September 30, 2019 2018, $8,512,370 $13,871,903 three September 30, 2019 2018, |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 9 Months Ended |
Sep. 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 nine three September 30, 2019 2018, For the Nine Months Ended September 30, 2019 September 30, 2018 Net revenue Sales to independent restaurants $ 210,802,187 $ 203,272,084 Wholesale 14,415,918 13,960,000 Total $ 225,218,105 $ 217,232,084 For the Three Months Ended September 30, 2019 September 30, 2018 Net revenue Sales to independent restaurants $ 70,218,330 $ 65,755,745 Wholesale 5,480,547 4,608,053 Total $ 75,698,877 $ 70,363,798 All the Company’s revenue was generated from its business operation in the U.S. For the Nine Months Ended September 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 210,802,187 $ 14,415,918 $ 225,218,105 Cost of revenue 173,986,745 13,820,203 187,806,948 Gross profit $ 36,815,442 $ 595,715 $ 37,411,157 Depreciation and amortization $ 2,034,586 $ 139,137 $ 2,173,723 Total capital expenditures $ 5,036,698 $ 344,440 $ 5,381,138 For the Nine Months Ended September 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 203,272,084 $ 13,960,000 $ 217,232,084 Cost of revenue 167,388,910 13,052,688 180,441,598 Gross profit $ 35,883,174 $ 907,312 $ 36,790,486 Depreciation and amortization $ 1,477,627 $ 101,478 $ 1,579,105 Total capital expenditures $ 2,053,203 $ 141,007 $ 2,194,210 For the Three Months Ended September 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 70,218,330 $ 5,480,547 $ 75,698,877 Cost of revenue 58,286,433 5,220,296 63,506,729 Gross profit $ 11,931,897 $ 260,251 $ 12,192,148 Depreciation and amortization $ 685,408 $ 53,496 $ 738,904 Total capital expenditures $ 208,122 $ 16,244 $ 224,366 For the Three Months Ended September 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 65,755,745 $ 4,608,053 $ 70,363,798 Cost of revenue 53,488,702 4,312,409 57,801,111 Gross profit $ 12,267,043 $ 295,644 $ 12,562,687 Depreciation and amortization $ 502,293 $ 35,150 $ 537,443 Total capital expenditures $ 115,593 $ 9,237 $ 124,830 As of As of September 30, 2019 December 31, 2018 Total assets: Sales to independent restaurants $ 77,787,273 $ 77,138,353 Wholesale 5,319,561 5,338,054 Total Assets $ 83,106,834 $ 82,476,407 |
Note 12 - Contingency
Note 12 - Contingency | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 During the six June 30, 2019, $1 November 11, 2019, $0.4 $0.6 three September 30, 2019. nine September 30, 2019. |
Note 13 - Business Combination
Note 13 - Business Combination | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 13 On June 21, 2019, two 6,800 ten On November 4, 2019 ( 30.7 58.9% 41.1%. 53,050,211 52,145,096 The Business Combination will be accounted for using the acquisition method of accounting under the provisions of Accounting Standards Codification 805, Due to the limited time since the date of the acquisition, it is impracticable for the Company to make certain business combination disclosures at this time as the Company is still gathering information necessary to provide those disclosures. The Company plans to provide this information in its annual report on Form 10 December 31, 2019. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 4 – SUBSEQUENT EVENTS On November 4, 2019, 30.7 On November 4, 2019, $100 November 4, 2022, $55.4 1.10 1.00, four November 4, 2019, $13.91 $1.57 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 30, 2019 nine September 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 September 30, 2019, nine September 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. |
Use of Estimates, Policy [Policy Text Block] | Uses of estimates The preparation of the unaudited condensed 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 unaudited condensed 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 unaudited condensed 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 September 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 September 30, 2019 December 31, 2018, $576,349 $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 September 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 September 30, 2019 December 31, 2018. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 |
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 September 30, 2019 December 31, 2018. nine September 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 September 30, 2019 September 30, 2018 North Carolina $ 36,813,987 33,693,974 Florida 22,833,584 21,156,747 Georgia 16,051,306 15,513,077 Total $ 75,698,877 70,363,798 For the Nine Months Ended September 30, 2019 September 30, 2018 North Carolina $ 107,698,700 103,262,880 Florida 68,717,635 66,282,082 Georgia 48,801,770 47,687,122 Total $ 225,218,105 217,232,084 |
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 $3,093,138 $3,615,470 nine September 30, 2019 2018, $1,014,288 $791,016 three September 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 September 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 $75,169 September 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 nine September 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 expenses approximate their fair value based on the short-term maturity of these instruments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration risk There were no one 10% September 30, 2019 December 31, 2018. For the nine three September 30, 2019 2018, no 10% September 30, 2019, two 47% 14% two 77% 23% 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 January 1, 2020. 2017 11 not In February 2018, No. 2018 02, 220 No. 2018 02 December 15, 2018, January 1, 2019. not |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Description (Tables) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 September 30, 2019 September 30, 2018 North Carolina $ 36,813,987 33,693,974 Florida 22,833,584 21,156,747 Georgia 16,051,306 15,513,077 Total $ 75,698,877 70,363,798 For the Nine Months Ended September 30, 2019 September 30, 2018 North Carolina $ 107,698,700 103,262,880 Florida 68,717,635 66,282,082 Georgia 48,801,770 47,687,122 Total $ 225,218,105 217,232,084 |
Note 3 - Accounts Receivable,_2
Note 3 - Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of As of September 30, 2019 December 31, 2018 Accounts receivable $ 13,666,124 $ 15,064,580 Less: allowance for doubtful accounts (576,349 ) (658,104 ) Accounts receivable, net $ 13,089,775 $ 14,406,476 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | For the Nine Months Ended September 30, 2019 September 30, 2018 Beginning balance $ 658,104 $ 567,108 Provision (reversal) for doubtful accounts (50,090 ) 89,019 Less: write off/recovery (31,665 ) (26,788 ) Ending balance $ 576,349 $ 629,339 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of As of September 30, 2019 December 31, 2018 Land $ 1,894,253 $ 1,608,647 Buildings and improvements 22,201,597 18,784,628 Machinery and equipment 9,587,840 10,160,205 Motor vehicles 11,454,793 10,267,095 Subtotal 45,138,483 40,820,575 Less: accumulated depreciation (18,042,272 ) (18,170,554 ) Property and equipment, net $ 27,096,211 $ 22,650,021 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Bank name Maturity Interest rate at September 30, 2019 As of September 30, 2019 As of December 31, 2018 East West Bank – (b) August 2022 - September 2029 4.25% - 5.75% $ 8,600,471 $ 5,053,539 Capital Bank – (c) October 2027 3.85% 5,014,605 5,138,988 Bank of America – (d) April 2021 - February 2023 5.07% - 5.51% 1,043,073 1,363,211 BMO Harris Bank – (e) April 2022 - January 2024 5.87% - 5.99% 552,764 2,256,724 Peoples United Bank – (e) March 2019-January 2023 5.75% - 7.53% 1,245,857 752,833 Other finance companies April 2023 - March 2024 5.95% - 6.17% 603,663 - Total debt 17,060,433 14,565,295 Less: current portion (1,650,898 ) (1,455,441 ) Long-term debt $ 15,409,535 $ 13,109,854 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Twelve months ending September 30 , 2020 $ 1,650,898 2021 1,512,541 2022 2,641,941 2023 833,393 2024 517,687 Thereafter 9,903,973 Total $ 17,060,433 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 184,002 $ 476,262 Three Months Ended September 30, 2019 September 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 139,686 $ 64,895 Interest on lease liabilities 25,697 11,041 Total capital leases cost $ 165,383 $ 75,936 Nine Months Ended September 30, 2019 September 30, 2018 Capital leases cost: Amortization of right-of-use assets $ 431,444 $ 194,685 Interest on lease liabilities 86,303 44,593 Total capital leases cost $ 517,747 $ 239,278 |
Operating and Finance Leases, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 184,002 $ 476,262 Nine Months Ended September 30, 2019 September 30, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capital leases 86,303 44,593 Financing cash flows from capital leases 315,393 319,637 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 September 30, 2019 Operating Leases Operating lease right-of-use assets $ 75,169 Current portion of obligations under operating leases $ 40,155 Obligations under operating leases, non-current 35,014 Total operating lease liabilities $ 75,169 Weighted Average Remaining Lease Term (Months) Operating leases 26 Weighted Average Discount Rate Operating leases 5.09 % September 30, 2019 December 31, 2018 Capital Leases Property and equipment, at cost $ 2,793,731 $ 1,484,911 Accumulated depreciation (1,153,443 ) (810,753 ) Property and equipment, net $ 1,640,288 $ 674,158 Current portion of obligations under capital leases $ 262,904 $ 164,894 Obligations under capital leases, non-current 1,139,964 120,705 Total capital leases liabilities $ 1,402,868 $ 285,599 Weighted Average Remaining Lease Term (Months) Capital leases 57 27 Weighted Average Discount Rate Capital leases 7.50 % 8.05 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Twelve months ending September 30 Operating Leases Capital Leases 2020 $ 42,238 $ 373,715 2021 26,043 370,309 2022 11,641 335,812 2023 - 331,070 2024 - 253,056 Thereafter - 40,378 Total Lease Payments 79,922 1,704,340 Less Imputed Interest (4,753 ) (301,472 ) Total $ 75,169 $ 1,402,868 |
Note 9 - Taxes (Tables)
Note 9 - Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Federal Income Tax Note [Table Text Block] | For the nine months ended September 30, 2019 September 30, 2018 Current: Federal $ 1,184,630 $ 1,345,253 State 383,782 365,822 Current income tax provision 1,568,412 1,711,075 Deferred: Federal 159,162 (120,728 ) State (12,042 ) (48,140 ) Deferred income tax benefit 147,120 (168,868 ) Total income tax provision $ 1,715,532 $ 1,542,207 For the three months ended September 30, 2019 September 30, 2018 Current: Federal $ 260,656 $ 360,016 State 101,534 124,118 Current income tax provision 362,190 484,134 Deferred: Federal 217,292 309,176 State 27,660 46,837 Deferred income tax provision 244,952 356,013 Total income tax provision $ 607,142 $ 840,147 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of September 30, 2019 As of December 31, 2018 Deferred tax assets: Allowance for doubtful accounts $ 143,271 $ 165,083 Inventories 155,185 113,730 State NOL 16,315 - Section 481(a) adjustment - 40,317 Other accrued expenses 231,791 46,750 Total deferred tax assets 546,562 365,880 Deferred tax liabilities: Property and equipment (1,771,807 ) (1,444,008 ) Net deferred tax liabilities $ (1,225,245 ) $ (1,078,128 ) As of September 30, 2019 As of December 31, 2018 Deferred tax assets $ 81,385 $ 117,933 Deferred tax liabilities (1,306,630 ) (1,196,061 ) Net deferred tax liabilities $ (1,225,245 ) $ (1,078,128 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the nine months ended September 30, 2019 September 30, 2018 Federal statutory tax rate 21.0 % 21.0 % State statutory tax rate 4.8 % 4.7 % U.S. permanent difference 3.4 % 1.2 % Others (1.0 )% 2.1 % Effective tax rate 28.2 % 29.0 % |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Receivable With Related Parties [Table Text Block] | <table style="margin-right: auto; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">30</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%; border-bottom: thin 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; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(a)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Allstate Trading Company Inc.</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;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,816</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(b)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</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;"> </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;">124,159</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(c)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Eagle Food Service LLC</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;"> </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;">1,227,643</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(d)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Fortune One Foods Inc.</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;"> </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;">155,173</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(e)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Eastern Fresh LLC</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;"> </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;">801,254</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(f)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Trading LLC</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;"> </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;">194,504</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(g)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Hengfeng Food Service Inc.</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;"> </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;">75,347</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(h)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Philadelphia Inc.</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;"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(i)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N&F Logistic, Inc.</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;"> </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;">91,757</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(j)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Golden Poultry.</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; 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;">(150</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,677,503</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: auto; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">30</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%; border-bottom: thin 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; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(a)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Allstate Trading Company Inc.</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;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,816</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(b)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)</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;"> </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;">124,159</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(c)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Eagle Food Service LLC</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;"> </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;">1,227,643</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(d)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Fortune One Foods Inc.</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;"> </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;">155,173</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(e)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Eastern Fresh LLC</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;"> </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;">801,254</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(f)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Trading LLC</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;"> </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;">194,504</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(g)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Hengfeng Food Service Inc.</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;"> </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;">75,347</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(h)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Enson Philadelphia Inc.</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;"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(i)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">N&F Logistic, Inc.</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;"> </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;">91,757</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;">(j)</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Golden Poultry.</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; 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;">(150</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 2%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,677,503</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> |
Schedule of Related Party Transactions [Table Text Block] | As of As of Name of Related Party September 2019 December 2018 (1) Ocean Pacific Seafood Group $ 224,979 $ 208,960 (2) Revolution Industry LLC 765,160 329,394 (3) First Choice Seafood Inc. - 988,128 Total $ 990,139 $ 1,526,482 |
Schedule of Outstanding Loans to Various Related Parties [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; width: 68%; border-bottom: thin 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: center; 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;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">30,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></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: center; 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;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></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;">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; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</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;">1,987,241</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;">NSG International Inc. (“NSG”) (1)</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: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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: 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;">-</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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</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-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</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-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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-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; width: 68%; border-bottom: thin 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: center; 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;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">30,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></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: center; 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;"><div style="display: inline; font-weight: bold;">As of</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></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;">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; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</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;">1,987,241</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;">NSG International Inc. (“NSG”) (1)</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: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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: 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;">-</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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</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-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</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-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Nine Months Ended September 30, 2019 September 30, 2018 Net revenue Sales to independent restaurants $ 210,802,187 $ 203,272,084 Wholesale 14,415,918 13,960,000 Total $ 225,218,105 $ 217,232,084 For the Three Months Ended September 30, 2019 September 30, 2018 Net revenue Sales to independent restaurants $ 70,218,330 $ 65,755,745 Wholesale 5,480,547 4,608,053 Total $ 75,698,877 $ 70,363,798 |
Revenue from External Customers by Geographic Areas [Table Text Block] | For the Nine Months Ended September 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 210,802,187 $ 14,415,918 $ 225,218,105 Cost of revenue 173,986,745 13,820,203 187,806,948 Gross profit $ 36,815,442 $ 595,715 $ 37,411,157 Depreciation and amortization $ 2,034,586 $ 139,137 $ 2,173,723 Total capital expenditures $ 5,036,698 $ 344,440 $ 5,381,138 For the Nine Months Ended September 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 203,272,084 $ 13,960,000 $ 217,232,084 Cost of revenue 167,388,910 13,052,688 180,441,598 Gross profit $ 35,883,174 $ 907,312 $ 36,790,486 Depreciation and amortization $ 1,477,627 $ 101,478 $ 1,579,105 Total capital expenditures $ 2,053,203 $ 141,007 $ 2,194,210 For the Three Months Ended September 30, 2019 Sales to independent restaurants Wholesale Total Revenue $ 70,218,330 $ 5,480,547 $ 75,698,877 Cost of revenue 58,286,433 5,220,296 63,506,729 Gross profit $ 11,931,897 $ 260,251 $ 12,192,148 Depreciation and amortization $ 685,408 $ 53,496 $ 738,904 Total capital expenditures $ 208,122 $ 16,244 $ 224,366 For the Three Months Ended September 30, 2018 Sales to independent restaurants Wholesale Total Revenue $ 65,755,745 $ 4,608,053 $ 70,363,798 Cost of revenue 53,488,702 4,312,409 57,801,111 Gross profit $ 12,267,043 $ 295,644 $ 12,562,687 Depreciation and amortization $ 502,293 $ 35,150 $ 537,443 Total capital expenditures $ 115,593 $ 9,237 $ 124,830 |
Schedule Of Assets By Reporting Segments [Table Text Block] | <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <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: 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;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></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: 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;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></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;"> </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; 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;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></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: center; 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;"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></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; width: 70%;"> <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;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,787,273</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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: 12%; 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;">5,319,561</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </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: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </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);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,106,834</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <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: 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;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></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: 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;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">As of</div></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;"> </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; 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;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></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: center; 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;"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></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; width: 70%;"> <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;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,787,273</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </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: 12%; 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;">5,319,561</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </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: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </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);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,106,834</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; 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 style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> |
Note 1 - Organization and Bus_3
Note 1 - Organization and Business Description (Details Textual) | Aug. 22, 2018shares | Sep. 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 | 22,350,211 | 22,167,486 | ||
Common Stock, Shares, Outstanding, Ending Balance | 22,567,486 | 21,445,096 | 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) | 9 Months Ended |
Sep. 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 | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Mar. 31, 2019 | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Equivalents, at Carrying Value, Total | $ 0 | $ 0 | $ 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 576,349 | $ 629,339 | 576,349 | $ 629,339 | 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 | 1,014,288 | $ 791,016 | 3,093,138 | $ 3,615,470 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | ||||
Operating Lease, Right-of-Use Asset | 75,169 | $ 75,169 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | |||||
Operating Lease, Liability, Total | $ 75,169 | $ 75,169 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | |||||||
Number of Major Suppliers | 3 | 2 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier One [Member] | |||||||
Concentration Risk, Percentage | 47.00% | 55.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier Two [Member] | |||||||
Concentration Risk, Percentage | 14.00% | 18.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments Outstanding [Member] | Supplier Three [Member] | |||||||
Concentration Risk, Percentage | 12.00% | ||||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | |||||||
Number of Major Suppliers | 2 | 3 | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier One [Member] | |||||||
Concentration Risk, Percentage | 77.00% | 65.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier Two [Member] | |||||||
Concentration Risk, Percentage | 23.00% | 22.00% | |||||
Cost of Goods and Service Benchmark [Member] | Advance Payments to Related Parties [Member] | Supplier Three [Member] | |||||||
Concentration Risk, Percentage | 14.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Polices - Estimated Useful Lives of Property, Plant and Equipment (Details) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 75,698,877 | $ 70,363,798 | $ 225,218,105 | $ 217,232,084 |
North Carolina [Member] | ||||
Revenue | 36,813,987 | 33,693,974 | 107,698,700 | 103,262,880 |
FLORIDA | ||||
Revenue | 22,833,584 | 21,156,747 | 68,717,635 | 66,282,082 |
Georgia [Member] | ||||
Revenue | $ 16,051,306 | $ 15,513,077 | $ 48,801,770 | $ 47,687,122 |
Note 3 - Accounts Receivable,_3
Note 3 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts receivable | $ 13,666,124 | $ 15,064,580 | ||
Less: allowance for doubtful accounts | (576,349) | (658,104) | $ (629,339) | $ (567,108) |
Accounts receivable, net | $ 13,089,775 | $ 14,406,476 |
Note 3 - Accounts Receivable,_4
Note 3 - Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Beginning balance | $ 658,104 | $ 567,108 |
Provision of doubtful accounts | (50,090) | 62,231 |
Less: write off/recovery | (31,665) | (26,788) |
Ending balance | $ 576,349 | $ 629,339 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) - Promissory Note Agreement [Member] - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Feilong Trading, Inc, [Member] | ||
Promissory Note Receivable, Maximum Borrowing Capacity | $ 4,000,000 | |
Note Receivable, Interest Rate | 5.00% | |
Note Receivable Sold, Original Amount | $ 3,622,505 | |
Mr Zhou Min Ni [Member] | ||
Treasury Stock Shares Exchanged for Note Receivable | 272,369 | |
Treasury Stock Shares Exchanged for Note Receivable, Per Share | $ 13.30 | |
Restricted Shares, Held in Escrow | 89,882 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation, Total | $ 731,731 | $ 537,443 | $ 2,160,538 | $ 1,579,105 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 45,138,483 | $ 40,820,575 |
Less: accumulated depreciation | (18,042,272) | (18,170,554) |
Property and equipment, net | 27,096,211 | 22,650,021 |
Land [Member] | ||
Property and equipment, gross | 1,894,253 | 1,608,647 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 22,201,597 | 18,784,628 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 9,587,840 | 10,160,205 |
Vehicles [Member] | ||
Property and equipment, gross | $ 11,454,793 | $ 10,267,095 |
Note 6 - Lines of Credit (Detai
Note 6 - Lines of Credit (Details Textual) - USD ($) | Nov. 04, 2019 | Apr. 18, 2019 | Jul. 01, 2016 | Jan. 31, 2018 | Sep. 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 | $ 11,864,481 | ||||||
East West Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||
Repayments of Long-term Lines of Credit | $ 13,864,481 | ||||||
East West Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Interest Rate at Period End | 4.214% | 4.625% | |||||
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% | ||||||
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 | ||||||
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% | ||||||
[1] | Guaranteed by two shareholders of the Company, as well as Han Feng, a subsidiary of the Company. Secured by a real property owned by HG Realty. Balloon payment of this long-term debt is $3,116,687. |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | Nov. 04, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Repayments of Long-term Debt, Total | $ 3,605,740 | $ 4,965,264 | |
East West Bank [Member] | |||
Debt Instrument, Collateral Amount | 6,590,710 | ||
East West Bank [Member] | Subsequent Event [Member] | |||
Repayments of Long-term Debt, Total | $ 1,561,126 | ||
Capital Bank [Member] | |||
Debt Instrument, Collateral Amount | $ 3,116,687 |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |
Interest rate | [1] | 3.85% | |
Total debt | $ 17,060,433 | $ 14,565,295 | |
Less: current portion | (1,650,898) | (1,455,441) | |
Long-term debt | 15,409,535 | 13,109,854 | |
East West Bank [Member] | |||
Total debt | [2] | $ 8,600,471 | 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] | $ 5,014,605 | 5,138,988 |
Bank of America [Member] | |||
Total debt | [3] | $ 1,043,073 | 1,363,211 |
Bank of America [Member] | Minimum [Member] | |||
Interest rate | [3] | 5.07% | |
Bank of America [Member] | Maximum [Member] | |||
Interest rate | [3] | 5.51% | |
Bank of Montreal [Member] | |||
Total debt | [4] | $ 552,764 | 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 | [4] | $ 1,245,857 | 752,833 |
Peoples United Bank [Member] | Minimum [Member] | |||
Interest rate | [4] | 5.75% | |
Peoples United Bank [Member] | Maximum [Member] | |||
Interest rate | [4] | 7.53% | |
Other Finance Companies [Member] | |||
Total debt | $ 603,663 | ||
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 of the Company, as well as Han Feng, a subsidiary of the Company. Secured by a real property owned by HG Realty. Balloon payment of this long-term debt is $3,116,687. | ||
[2] | Guaranteed by the Company, nine subsidiaries of the Company, TT, MFD, R&N Holding, R&N Lexington, Kirnsway, Chinesetg, BB, Kirnland and HG Realty, and by two shareholders of the Company. Secured by assets of Han Feng, New Southern Foods, R&N Lexington and R&N Holding, two real properties of R&N Holding, two real properties of New Southern Foods, and a real property of R&N Lexington. Balloon payments of these long-term debts are $6,590,710. | ||
[3] | Guaranteed by two shareholders of the Company, as well as two subsidiaries of the Company, NSF and BB. Secured by vehicles. | ||
[4] | Secured by vehicles. |
Note 7 - Long-term Debt - Futur
Note 7 - Long-term Debt - Future Maturities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
2020 | $ 1,650,898 | |
2021 | 1,512,541 | |
2022 | 2,641,941 | |
2023 | 833,393 | |
2024 | 517,687 | |
Thereafter | 9,903,973 | |
Total | $ 17,060,433 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating lease cost | $ 184,002 | $ 476,262 | ||
Amortization of right-of-use assets | 139,686 | $ 64,895 | 431,444 | $ 194,685 |
Interest on lease liabilities | 25,697 | 11,041 | 86,303 | 44,593 |
Total capital leases cost | $ 165,383 | $ 75,936 | $ 517,747 | $ 239,278 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating cash flows from operating leases | $ 184,002 | $ 476,262 | |
Operating cash flows from capital leases | 86,303 | $ 44,593 | |
Financing cash flows from capital leases | 315,393 | ||
Right-of-use assets obtained in exchange for lease obligations: Finance leases | $ 1,432,662 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Balance Sheet Information Related to Operating and Finance Leases (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ (75,169) | |
Current portion of obligations under operating leases | (40,155) | |
Obligations under operating leases, non-current | (35,014) | |
Total operating lease liabilities | $ 75,169 | |
Weighted Average Remaining Lease Term, Operating leases (Month) | 2 years 60 days | |
Weighted Average Discount Rate, Operating leases | 5.09% | |
Property and equipment, gross | $ 45,138,483 | 40,820,575 |
Less: accumulated depreciation | (18,042,272) | (18,170,554) |
Property and equipment, net | 27,096,211 | 22,650,021 |
Current portion of obligations under capital leases | 262,904 | 164,894 |
Obligations under capital leases, non-current | 1,139,964 | 120,705 |
Total capital leases liabilities | $ 1,402,868 | $ 285,599 |
Weighted Average Remaining Lease Term Finance leases (Year) | 57 years | 27 years |
Weighted Average Discount Rate | 7.50% | 8.05% |
Finance Lease [Member] | ||
Property and equipment, gross | $ 2,793,731 | $ 1,484,911 |
Less: accumulated depreciation | (1,153,443) | (810,753) |
Property and equipment, net | $ 1,640,288 | $ 674,158 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases, 2020 | $ 42,238 | |
Finance Leases, 2020 | 373,715 | |
Operating Leases, 2021 | 26,043 | |
Finance Leases, 2021 | 370,309 | |
Operating Leases, 2022 | 11,641 | |
Finance Leases, 2022 | 335,812 | |
Operating Leases, 2023 | ||
Finance Leases, 2023 | 331,070 | |
Operating Leases, 2024 | ||
Finance Leases, 2024 | 253,056 | |
Operating Leases, Thereafter | ||
Finance Leases, Thereafter | 40,378 | |
Operating Leases, Total Lease Payments | 79,922 | |
Finance Leases, Total Lease Payments | 1,704,340 | |
Operating Leases, Less Imputed Interest | (4,753) | |
Finance Leases, Less Imputed Interest | (301,472) | |
Operating Leases, Total | 75,169 | |
Finance Leases, Total | $ 1,402,868 | $ 285,599 |
Note 9 - Taxes (Details Textual
Note 9 - Taxes (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current: | ||||
Federal | $ 260,656 | $ 360,016 | $ 1,184,630 | $ 1,345,253 |
State | 101,534 | 124,118 | 383,782 | 365,822 |
Current income tax provision | 362,190 | 484,134 | 1,568,412 | 1,711,075 |
Deferred: | ||||
Federal | 217,292 | 309,176 | 159,162 | (120,728) |
State | 27,660 | 46,837 | (12,042) | (48,140) |
Deferred income tax benefit | 244,952 | 356,013 | 147,120 | (168,868) |
Total income tax provision | $ 607,142 | $ 840,147 | $ 1,715,532 | $ 1,542,207 |
Note 9 - Taxes - Deferred Tax A
Note 9 - Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 143,271 | $ 165,083 |
Inventories | 155,185 | 113,730 |
State NOL | 16,315 | |
Section 481(a) adjustment | 40,317 | |
Other accrued expenses | 231,791 | 46,750 |
Total deferred tax assets | 546,562 | 365,880 |
Deferred tax liabilities: | ||
Property and equipment | (1,771,807) | (1,444,008) |
Net deferred tax liabilities | (1,225,245) | (1,078,128) |
Deferred tax assets | 81,385 | 117,933 |
Deferred tax liabilities | (1,306,630) | (1,196,061) |
Net deferred tax liabilities | $ (1,225,245) | $ (1,078,128) |
Note 9 - Taxes - Reconciliation
Note 9 - Taxes - Reconciliation of Income Tax Rate (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
State statutory tax rate | 4.80% | 4.70% | ||
U.S. permanent difference | 3.40% | 1.20% | ||
Others | (1.00%) | 2.10% | ||
Effective tax rate | 28.20% | 29.00% |
Note 10 - Related Party Trans_3
Note 10 - Related Party Transactions (Details Textual) - USD ($) | Sep. 30, 2019 | Mar. 01, 2019 | Sep. 30, 2018 | Mar. 01, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.85% | 3.85% | 3.85% | ||||||||||||
Notes Receivable, Related Parties | $ 8,540,949 | |||||||||||||||
Accounts Payable, Related Parties, Current | 4,279,050 | 4,279,050 | 4,279,050 | 3,923,120 | ||||||||||||
Contract with Customer, Liability, Current | 0 | 0 | 0 | 166,490 | ||||||||||||
Property, Plant and Equipment, Net, Ending Balance | 27,096,211 | 27,096,211 | 27,096,211 | 22,650,021 | ||||||||||||
Depreciation, Total | 731,731 | $ 537,443 | 2,160,538 | $ 1,579,105 | ||||||||||||
Related Party Transaction, Purchases from Related Party | $ 8,512,370 | 13,871,903 | $ 25,998,461 | 26,882,395 | ||||||||||||
Promissory Note Agreements, January 2018 to September 2019 [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Note Receivable Sold, Original Amount | $ 8,415,525 | |||||||||||||||
Treasury Stock Shares Exchanged for Note Receivable | 632,746 | |||||||||||||||
Treasury Stock Shares Exchanged for Note Receivable, Per Share | $ 13.30 | |||||||||||||||
Restricted Shares, Held in Escrow | 208,806 | 208,806 | 208,806 | |||||||||||||
NSG International Inc [Member] | ||||||||||||||||
Notes Receivable, Related Parties | [2] | $ 5,941,031 | [2] | [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 | 400,000 | ||||||||||||
Depreciation, Total | 107,692 | 100,000 | ||||||||||||||
Rental Income, Nonoperating | 11,400 | 11,400 | 34,200 | 34,200 | ||||||||||||
HG Realty [Member] | Building [Member] | ||||||||||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 3,223,745 | 3,223,745 | 3,223,745 | |||||||||||||
Depreciation, Total | 495,961 | $ 433,966 | ||||||||||||||
Rental Income, Nonoperating | $ 120,000 | 120,000 | $ 360,000 | 360,000 | ||||||||||||
Promissory Note Agreement [Member] | Enson Seafood GA Inc [Member] | ||||||||||||||||
Notes Payable, Total | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 550,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 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% | 40.00% | |||||||||||||
Enson Seafood GA Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | 50.00% | |||||||||||||
Eagle Food Service LLC [Member] | Tina Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 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% | 17.50% | |||||||||||||
Eastern Fresh LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | 30.00% | |||||||||||||
Enson Trading LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 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% | 45.00% | |||||||||||||
Enson Philadelphia Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | 25.00% | |||||||||||||
N&F [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | 25.00% | |||||||||||||
Golden Poultry [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | 40.00% | 40.00% | |||||||||||||
Ocean Pacific Seafood Group [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | 25.00% | |||||||||||||
Revolution Industry LLC [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | 100.00% | |||||||||||||
First Choice Seafood [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | 50.00% | |||||||||||||
NSG International Inc [Member] | Mr Zhou Min Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | 30.00% | |||||||||||||
Revolution Automotive LLC [Member] | Raymond Ni [Member] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | 100.00% | |||||||||||||
[1] | Guaranteed by two shareholders of the Company, as well as Han Feng, a subsidiary of the Company. Secured by a real property owned by HG Realty. Balloon payment of this long-term debt is $3,116,687. | |||||||||||||||
[2] | Mr. Zhou Min Ni owns a 30% equity interest in this entity. |
Note 10 - Related Party Trans_4
Note 10 - Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts receivable | $ 2,677,503 | $ 2,292,151 | |
Allstate Trading Company Inc [Member] | |||
Accounts receivable | [1] | 7,816 | 1,000 |
Enson Seafood GA Inc [Member] | |||
Accounts receivable | [2] | 124,159 | 255,412 |
Eagle Food Service LLC [Member] | |||
Accounts receivable | [3] | 1,227,643 | 817,275 |
Fortune One Foods Inc [Member] | |||
Accounts receivable | [4] | 155,173 | 130,314 |
Eastern Fresh LLC [Member] | |||
Accounts receivable | [5] | 801,254 | 784,836 |
Enson Trading LLC [Member] | |||
Accounts receivable | [6] | 194,504 | 170,633 |
Hengfeng Food Service Inc [Member] | |||
Accounts receivable | [7] | 75,347 | 83,654 |
Enson Philadelphia Inc [Member] | |||
Accounts receivable | [8] | 49,027 | |
N&F [Member] | |||
Accounts receivable | [9] | 91,757 | |
Golden Poultry [Member] | |||
Accounts receivable | [10] | $ (150) | |
[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] | Tina Ni, one of Mr. Zhou Min Ni's family members, owns a 50% equity interest in this entity. | ||
[4] | Mr. Zhou Min Ni owns a 17.5% equity interest in this entity. | ||
[5] | Mr. Zhou Min Ni owns a 30% equity interest in this entity. | ||
[6] | Mr. Zhou Min Ni owns a 25% equity interest in this entity. | ||
[7] | Mr. Zhou Min Ni owns a 45% equity interest in this entity. | ||
[8] | Mr. Zhou Min Ni owns a 25% equity interest in this entity. | ||
[9] | Mr. Zhou Min Ni owns a 25% equity interest in this entity. | ||
[10] | Mr. Zhou Min Ni owns a 40% 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 ($) | Sep. 30, 2019 | Dec. 31, 2018 | |
Advances to suppliers | $ 990,139 | $ 1,526,482 | |
Ocean Pacific Seafood Group [Member] | |||
Advances to suppliers | [1] | 224,979 | 208,960 |
Revolution Industry LLC [Member] | |||
Advances to suppliers | [2] | 765,160 | 329,394 |
First Choice Seafood [Member] | |||
Advances to suppliers | [3] | $ 988,128 | |
[1] | Mr. Zhou Min Ni owns a 25% equity interest in 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 ($) | Sep. 30, 2019 | Mar. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Notes receivable | $ 8,540,949 | ||||||
Less: Current portion | 8,117,686 | ||||||
Total | 423,263 | ||||||
Enson Seafood GA Inc [Member] | |||||||
Notes receivable | 1,987,241 | ||||||
NSG International Inc [Member] | |||||||
Notes receivable | [1] | $ 5,941,031 | 6,092,397 | [1] | $ 5,993,552 | ||
Revolution Automotive LLC [Member] | |||||||
Notes receivable | [2] | $ 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) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 75,698,877 | $ 70,363,798 | $ 225,218,105 | $ 217,232,084 |
Sales to Independent Restaurants [Member] | ||||
Net sales | 70,218,330 | 65,755,745 | 210,802,187 | 203,272,084 |
Wholesale [Member] | ||||
Net sales | $ 5,480,547 | $ 4,608,053 | $ 14,415,918 | $ 13,960,000 |
Note 11 - Segment Reporting - R
Note 11 - Segment Reporting - Revenue by Business Operation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Revenue | $ 75,698,877 | $ 70,363,798 | $ 225,218,105 | $ 217,232,084 |
Cost of revenue | 63,506,729 | 57,801,111 | 187,806,948 | 180,441,598 |
Gross profit | 12,192,148 | 12,562,687 | 37,411,157 | 36,790,486 |
Depreciation and amortization | 738,904 | 537,443 | 2,173,723 | 1,579,105 |
Total capital expenditures | 224,366 | 124,830 | 5,381,138 | 2,194,210 |
Sales to Independent Restaurants [Member] | ||||
Net Revenue | 70,218,330 | 65,755,745 | 210,802,187 | 203,272,084 |
Cost of revenue | 58,286,433 | 53,488,702 | 173,986,745 | 167,388,910 |
Gross profit | 11,931,897 | 12,267,043 | 36,815,442 | 35,883,174 |
Depreciation and amortization | 685,408 | 502,293 | 2,034,586 | 1,477,627 |
Total capital expenditures | 208,122 | 115,593 | 5,036,698 | 2,053,203 |
Wholesale [Member] | ||||
Net Revenue | 5,480,547 | 4,608,053 | 14,415,918 | 13,960,000 |
Cost of revenue | 5,220,296 | 4,312,409 | 13,820,203 | 13,052,688 |
Gross profit | 260,251 | 295,644 | 595,715 | 907,312 |
Depreciation and amortization | 53,496 | 35,150 | 139,137 | 101,478 |
Total capital expenditures | $ 16,244 | $ 9,237 | $ 344,440 | $ 141,007 |
Note 11 - Segment Reporting - A
Note 11 - Segment Reporting - Assets by Segment (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Total assets: | ||
Total Assets | $ 83,106,834 | $ 82,476,407 |
Sales to Independent Restaurants [Member] | ||
Total assets: | ||
Total Assets | 77,787,273 | 77,138,353 |
Wholesale [Member] | ||
Total assets: | ||
Total Assets | $ 5,319,561 | $ 5,338,054 |
Note 12 - Contingency (Details
Note 12 - Contingency (Details Textual) $ in Millions | Sep. 30, 2019USD ($) |
Loss Contingency Accrual, Ending Balance | $ 1 |
Note 13 - Business Combination
Note 13 - Business Combination (Details Textual) | Nov. 04, 2019shares | Sep. 30, 2019shares | Jun. 21, 2019 | Dec. 31, 2018shares | Aug. 22, 2018shares |
Common Stock, Shares, Issued, Total | 22,350,211 | 22,167,486 | 22,567,486 | ||
Common Stock, Shares, Outstanding, Ending Balance | 21,445,096 | 22,167,486 | 22,567,486 | ||
Subsequent Event [Member] | |||||
Acquiring Shareholders Ownership Interest Percentage | 58.90% | ||||
Acquiree Shareholders Ownership Interest Percentage | 41.10% | ||||
Common Stock, Shares, Issued, Total | 53,050,211 | ||||
Common Stock, Shares, Outstanding, Ending Balance | 52,145,096 | ||||
Subsequent Event [Member] | B & R [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 30,700,000 | ||||
B & R [Member] | |||||
Number of Restaurants | 6,800 | ||||
Number of States in which Entity Operates | 10 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) | Nov. 04, 2019USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Apr. 18, 2019USD ($) | Dec. 31, 2018USD ($) |
Long-term Debt, Total | $ 17,060,433 | $ 14,565,295 | |||
Repayments of Long-term Debt, Total | $ 3,605,740 | $ 4,965,264 | |||
East West Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||
Subsequent Event [Member] | JP Morgan [Member] | Amended and Restated Credit Agreement [Member] | |||||
Fixed Charge Coverage Ratio Required | 1.1 | ||||
Subsequent Event [Member] | JP Morgan [Member] | Amended and Restated Credit Agreement [Member] | Mortgage-Secured Term Loans [Member] | |||||
Long-term Debt, Total | $ 55,400,000 | ||||
Subsequent Event [Member] | JP Morgan [Member] | Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||||
Subsequent Event [Member] | East West Bank [Member] | |||||
Repayments of Long-term Debt, Total | 1,570,000 | ||||
Subsequent Event [Member] | East West Bank [Member] | Revolving Credit Facility [Member] | |||||
Repayments of Long-term Lines of Credit | $ 13,864,481 | ||||
B & R [Member] | Subsequent Event [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 30,700,000 |