UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q/A

(Amendment No. 1)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: June 30, 2024

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ____________

 

Commission File Number: 001-34449

  

PLANET GREEN HOLDINGS CORP.
(Exact name of registrant as specified in its charter)

 

Nevada   87-0430320
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification Number)

 

130-30 31st Ave, Suite 512
Flushing, NY 11354

(Address of principal executive office and zip code)

 

(718) 799-0380
(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   PLAG   NYSE American

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ Smaller reporting company ☒
  Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

The number of outstanding shares of the registrant’s common stock as of September 30, 2024 was 7,282,714.

 

 

 

 

 

 

Explanatory Note

 

Planet Green Holdings Corp. (the “Company”) is filing this Amendment No.1 on Form 10-Q/A for the six months ended June 30, 2024 (this “Form 10-Q/A”).

 

This Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the six months ended June 30, 2024, as filed with the Securities and Exchange Commission (“SEC”) on August 14, 2024 (the “Original Filing”). This Form 10-Q/A is being filed to restate the Company’s unaudited condensed consolidated financial statements for the six months ended June 30, 2024.

 

The Management identified an error related to the disposal of Allinyson Ltd. that incorrectly increased the gain on disposal and reduced the additional paid in capital. The restatement reflected the correction of the above error, which increased additional paid-in capital, decreased gain on disposal, accumulated deficit and accumulated other comprehensive income in connection with disposal of the Company’s wholly-owned subsidiary Allinyson Ltd, on April 1, 2024. These adjustments were evaluated by management in accordance with SEC Staff Accounting Bulletin Topic 1M, “Materiality” and management determined the effects of the restatement to be material.

 

The Company is filing this Form 10-Q/A to amend and restate the Original Filing with modification as necessary to reflect the restatement. The following items have been amended to reflect the restatement:

 

Part I, Item 1:

Part I, Item 2:

Part I, Item 4:

 

In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this Form 10-Q/A (Exhibits 31.1, 31.2, 32.1 and 32.2).

 

Except as otherwise described above and as otherwise set forth in this Form 10-Q/A, this Form 10-Q/A does not amend, modify or update any other information contained in the Original Filing. This Form 10-Q/A does not purport to reflect any information or events subsequent to the Original Filing, except as expressly described herein. Accordingly, this Form 10-Q/A should be read in conjunction with our filings made with the SEC subsequent to the filing of the Original Filing. Among other things, forward-looking statements and risk factor disclosure in the Original 10-Q have not been revised to reflect events that occurred or facts that became known to the Company after the filing of the Original Filing, and such forward-looking statements and risk factors should be read in their historical context.

 

 

 

 

TABLE OF CONTENT

 

    PAGE
     
PART I - FINANCIAL INFORMATION 1
     
ITEM 1 FINANCIAL STATEMENTS F-1
     
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2
     
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 6
     
ITEM 4 CONTROLS AND PROCEDURES 6
     
PART II - OTHER INFORMATION 7
     
ITEM 1 LEGAL PROCEEDINGS 7
     
ITEM 1A RISK FACTORS 7
     
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7
     
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 7
     
ITEM 4 MINE SAFETY DISCLOSURES 7
     
ITEM 5 OTHER INFORMATION 7
     
ITEM 6 EXHIBITS 8
     
SIGNATURES 9

 

i

 

 

Caution Regarding Forward-Looking Statements

 

This quarterly report on Form 10-Q/A contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to the factors described in the section captioned “Risk Factors” described on the Registration Statement on Form S-3 filed by the Company on September 17, 2021, and as subsequently amended, together with the other information contained in this report. If any of the events descripted in the risk factors occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.

 

In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” or the negative of such terms or other similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report completely and with the understanding that our actual future results may be materially different from what we expect.

 

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

 

ii

 

 

PART I

 

Use of Certain Defined Terms

 

Except where the context otherwise requires and for the purposes of this report only: 

 

  ● “Anhui Ansheng” refers to Anhui Ansheng Petrochemical Equipment Co., Ltd., a company incorporated in China. 
     
  ● “Allinyson” refers to Allinyson Ltd., a company incorporated in the State of Colorado.
     
  ● “Bless Chemical” refers to Bless Chemical Co., Ltd., a company incorporated in Hong Kong.
     
  ● “Baokuan Hong Kong” refers to Baokuan Technology (Hong Kong) Limited, a company incorporated in Hong Kong.
     
  ● “China” and “PRC” refer to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purposes of this report only).

 

  ● “Fast Approach” refers to Fast Approach Inc., a corporation incorporated under the laws of Canada.
     
  ●

“Hubei Bulaisi” Refers to Hubei Bulaisi Technology Co., Ltd., a PRC limited liability company.

     
  ● “Guangzhou Haishi” refers to Guangzhou Haishi Technology Co., Ltd., a PRC limited liability company.
     
  ● “Jiayi Technologies” or “WFOE” refers to Jiayi Technologies (Xianning) Co., Ltd., a PRC limited liability company and a wholly foreign-owned enterprise, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co. Ltd.

 

  ● “Jilin Chuangyuan” refers to Jilin Chuangyuan Chemical Co., Ltd., a PRC limited liability company.

 

  ● “Jingshan Sanhe” refers to Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., a PRC limited company.

 

  ●

“Promising Prospect HK” refers to Promising Prospect HK Limited, formerly known as Lucky Sky Planet Green Holdings Co., Limited, a company incorporated in Hong Kong.

     
  ● “PLAG,” “we,” “us”, “our,” “Planet Green” and the “Company” refer to Planet Green Holdings Corp., a Nevada corporation, and except where the context requires otherwise, our wholly-owned subsidiaries and VIEs.
     
  ● “Promising Prospect BVI” refers to Promising Prospect Limited, formerly known as Planet Green Holdings Corporation, a British Virgin Islands company.

 

  ● “RMB” refers to Renminbi, the legal currency of China.

 

  ● “Shanghai Shuning” refers to Shanghai Shuning Advertising Co., Ltd., a PRC limited liability company.

  

  ●  “Shandong Yunchu” Refers to Shandong Yunchu Supply Chain Co., Ltd., a PRC limited liability company.

 

  ● “U.S. dollar”, “$” and “US$” refer to the legal currency of the United States.

 

  ● “VIE” refers to variable interest entity.

 

  ● “Xianning Bozhuang” refers to Xianning Bozhuang Tea Products Co., Ltd., a PRC limited liability company.
     
  ● “Shine Chemical” refers to Shine Chemical Co., Ltd., a company incorporated in British Islands.

 

1

 

 

Item 1 - Financial Statements.

 

PLANET GREEN HOLDINGS CORP.

CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

 

CONTENTS   PAGES
Condensed Consolidated Balance Sheets as of June 30 (Unaudited), 2024 and December 31, 2023   F-2
     
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six Months Ended June 30, 2024 and 2023   F-3
     
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023   F-4
     
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023   F-6
     
Notes to Unaudited Condensed Consolidated Financial Statements   F-7 to F-34

 

F-1

 

 

Planet Green Holdings Corp.

Condensed Consolidated Balance Sheets

 

   June 30,   December 31, 
   2024   2023 
Assets  (Unaudited)     
Current assets        
Cash and cash equivalents  $539,744   $270,317 
Restricted cash   19,189    
-
 
Accounts receivable, net   3,798,197    3,114,893 
Inventories   2,177,664    1,953,063 
Advances to suppliers   3,211,442    5,316,195 
Other receivables   350,913    349,984 
Other receivables-related parties   1,968,784    315,724 
Prepaid expenses   1,262,360    978,803 
Assets classified as held for sale   
-
    211,498 
Total current assets   13,328,293    12,510,477 
           
Non-current assets          
Plant and equipment, net   19,184,650    20,271,844 
Intangible assets, net   2,726,154    2,834,102 
Construction in progress, net   30,756    30,948 
Long-term investments   2,243,954    2,257,926 
Goodwill   4,724,699    4,724,699 
Total non-current assets   28,910,213    30,119,519 
           
Total assets  $42,238,506   $42,629,996 
           
Liabilities and Stockholders’ Equity          
Current liabilities          
Loans-current  $1,443,425   $
-
 
Accounts payable   3,787,019    3,328,344 
Advance from customers   2,465,754    2,464,319 
Taxes payable   1,254,898    1,243,060 
Other payables and accrued liabilities   4,534,229    4,484,453 
Other payables-related parties   7,922,110    7,111,257 
Deferred income   13,330    36,334 
Liabilities directly associated with assets classified as held for sale   
-
    517,930 
Total current liabilities   21,420,765    19,185,697 
           
Non-current liabilities          
Other long-term liabilities   119,908    191,981 
Loans-noncurrent   4,167,369    3,812,106 
Total non-current liabilities   4,287,277    4,004,087 
           
Total liabilities  $25,708,042   $23,189,784 
Commitments and contingencies   
 
    
 
 
Stockholders’ equity          
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023   
-
    
-
 
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 and 7,282,714 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.*   7,283    7,283 
Additional paid-in capital   155,767,774    155,767,774 
Accumulated deficit   (143,526,095)   (140,724,597)
Accumulated other comprehensive income   4,281,502    4,389,752 
           
Total stockholders’ equity  $16,530,464   $19,440,212 
           
Total liabilities and stockholders’ equity  $42,238,506   $42,629,996 

 

*Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements 

 

F-2

 

 

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

 

   For the Three Months Ended
June 30,		   For the Six Months Ended
June 30,		 
   2024   2023   2024   2023 
Net revenues  $1,945,211   $4,363,474   $3,475,978   $11,920,978 
Cost of revenues   1,877,906    4,239,263    3,045,868    11,582,167 
Gross profit   67,305    124,211    430,110    338,811 
                     
Operating expenses:                    
Selling and marketing expenses   33,998    242,718    74,528    487,437 
General and administrative expenses   1,222,598    982,555    2,426,299    2,073,166 
Research and development expenses   32,287    65,188    77,985    133,907 
Total operating expenses   1,288,883    1,290,461    2,578,812    2,694,510 
                     
Operating loss   (1,221,578)   (1,166,250)   (2,148,702)   (2,355,699)
                     
Other (expenses) income                    
Interest income   72    46    307    150 
Interest expenses   (191,491)   (129,521)   (314,538)   (245,734)
Other income   50,541    62,483    54,991    101,198 
Other expenses   (747,193)   (2,980)   (748,666)   (3,419)
Loss on disposal of equity investments   
-
    (10,848,632)   
-
    (10,848,632)
Total other expenses   (888,071)   (10,918,604)   (1,007,906)   (10,996,437)
                     
Loss before income taxes   (2,109,649)   (12,084,854)   (3,156,608)   (13,352,136)
                     
Income tax expenses   
-
    (31,074)   
-
    (78,698)
                     
Loss from continuing operations   (2,109,649)   (12,115,928)   (3,156,608)   (13,430,834)
                     
Discontinued operations:                    
Income (loss) from discontinued operations   389,055    (83,720)   355,110    (54,185)
                     
Net loss   (1,720,594)   (12,199,648)   (2,801,498)   (13,485,019)
                     
Less: Net loss attributable to non-controlling interest   
-
    
-
    
-
    
-
 
                     
Net loss attributable to common shareholders  $(1,720,594)  $(12,199,648)  $(2,801,498)  $(13,485,019)
                     
Net loss   (1,720,594)   (12,199,648)   (2,801,498)   (13,485,019)
                     
Foreign currency translation adjustment   (81,119)   (1,116,356)   (108,250)   (784,746)
                     
Total comprehensive loss   (1,801,713)   (13,316,004)   (2,909,748)   (14,269,765)
                     
Earnings (loss) per common share of common stock - basic and diluted*                    
Continuing operations
  $(0.29)  $(1.66)  $(0.43)  $(1.84)
Discontinued operations
  $0.05   $(0.01)  $0.05   $(0.01)
                     
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714    7,282,714 

 

*Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-3

 

 

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three Months Ended June 30, 2024 and 2023

 

                   Accumulated     
           Additional       Other     
   Common Stock   Paid-in   Accumulated   Comprehensive     
   Shares*   Amount   Capital   Deficit   Income   Total 
Balance, March 31, 2023   7,282,714   $7,283   $155,767,774   $(121,166,172)  $5,023,852   $39,632,737 
Net loss   -    
-
    
-
    (12,199,648)   
-
    (12,199,648)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (1,116,356)   (1,116,356)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $26,316,733 
                               
Balance, March 31, 2024   7,282,714   $7,283   $155,767,774   $(141,805,501)  $4,362,621   $18,332,177 
Net loss   -    
-
    
-
    (1,720,594)   
-
    (1,720,594)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (81,119)   (81,119)
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $16,530,464 

 

*Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-4

 

 

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Six Months Ended June 30, 2024 and 2023

 

                   Accumulated     
           Additional       Other     
   Common Stock   Paid-in   Accumulated   Comprehensive     
   Shares*   Amount   Capital   Deficit   Income   Total 
Balance, January 1, 2023   7,282,714   $7,283   $155,767,774   $(119,880,801)  $4,692,242   $40,586,498 
Net loss   -    
-
    
-
    (13,485,019)   
-
    (13,485,019)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (784,746)   (784,746)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $26,316,733 
                               
Balance, January 1, 2024   7,282,714   $7,283   $155,767,774   $(140,724,597)  $4,389,752   $19,440,212 
Net loss   -    
-
    
-
    (2,801,498)   
-
    (2,801,498)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (108,250)   (108,250)
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $16,530,464 

 

*Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-5

 

 

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

 

   For the Six Months Ended June 30, 
   2024   2023 
CASH FLOWS FROM OPFRATING ACTIVITIFS:        
         
Net loss  $(2,801,498)  $(13,485,019)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:          
Depreciation   958,969    1,038,757 
Amortization   90,688    60,314 
Loss on disposal of equity investments   
-
    10,848,632 
Gain on disposal of subsidiary   (189,044)   
-
 
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:          
Accounts receivables, net   (690,160)   48,800 
Inventories   (237,407)   362,305 
Prepayments and deposit   1,815,371    (3,248,171)
Other receivables   (19,865)   (41,407)
Accounts payable   506,753    
-
 
Advance from customer   (117,075)   1,357,209 
Other payables and accrued liabilities   53,928    576,796 
Taxes payable   (8,988)   249,706 
Deferred income   (22,539)   (8,032)
Net cash used in operating activities   (660,867)   (2,240,110)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of plant and equipment   5,683    (20,857)
Proceeds from disposal of equity method investments   
-
    2,770,000 
Net decrease in cash from disposal of subsidiaries   (166,066)   
-
 
Net cash (used in) provided by investing activities   (160,383)   2,749,143 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from long-term loans   1,757,361    (39,521)
Changes in related party balances, net   (816,191)   73,426 
Net cash provided by financing activities   941,170    33,905 
           
Net increase in cash and cash equivalents   119,920    542,938 
           
EFFECT OF EXCHANGE RATE ON CASH   2,630    76,771 
           
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR   436,383    93,487 
           
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR  $558,933   $713,196 
           
SUPPLEMENTARY OF CASH FLOW INFORMATION          
Interest received  $307   $365 
Interest paid  $314,538   $245,734 

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-6

 

 

PLANET GREEN HOLDINGS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

 

1. Organization and Principal Activities

 

Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. We are engaged in various businesses through our subsidiaries and VIE entities in China.

  

On May 18, 2018, the Company incorporated Promising Prospect BVI Limited (“Planet Green BVI”), a limited company incorporated in the British Virgin Islands.

 

On September 28, 2018, Planet Green BVI acquired Lucky Sky HK through the Company’s restructuring plans.

 

On May 9, 2019, the Company issued an aggregate of 1,080,000 shares of Planet Green Holdings Corporation’s common stock to the BoZhuang Shareholders, in exchange for BoZhuang Shareholders’ agreement to enter into VIE Agreements (the “BoZhuang VIE Agreements”). On August 1, 2021, the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd was terminated and the company acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd.

 

On August 12, 2019, through Lucky Sky HK, the Company established Lucky Sky Petrochemical, a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. (“Jiayi Technologies” or “WFOE”)

 

On May 29, 2020, the Promising Prospect BVI Limited incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong.

 

On June 5, 2020, the Promising Prospect BVI Limited acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America.

 

On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.).

 

On August 10, 2020, Promising Prospect BVI Limited disposed of its 100% equity interest in Lucky Sky Holdings Corporations (H.K.).

 

On January 6, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

 

F-7

 

 

On March 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd. in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd.

 

On July 15, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd. On December 12, 2022, Anhui Ansheng Petrochemical Equipment Co., Ltd. was disposed.

 

On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd., Bless Chemical Co., Ltd. and Hubei Bryce Technology Co., Ltd. have been wholly-owned subsidiaries of the Planet Green Holding Corp.

 

On September 1, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. has changed its major shareholder from Mr. Feng Chao to Hubei Bryce Technology Co., Ltd. and Hubei Bryce Technology Co., Ltd. has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 

On December 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd. for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd.

 

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd., including its wholly-owned subsidiary Baokuan Technology (Hongkong) Limited. On April 1, 2024, Allinyson Ltd. has completely been disposed.

 

On September 14, 2022, Planet Green Holdings Corp. and Hubei Bulaisi Technology Co., Ltd. a subsidiary of the Company, entered into a Share Purchase Agreement with Xue Wang, a shareholder of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. Before the closing of this Share Purchase transaction, the Company owns 85% equity interest of Jingshan through the Purchaser. On September 14, 2022, the Company closed the Share Purchase transaction. As of September 30, 2022, Hubei Bryce Technology Co., Ltd. has hold 100% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 

Consolidation of Variable Interest Entity

 

On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd., as well as its shareholders, which gave the Company the ability to substantially influence those companies’ daily operations and financial affairs and appointment of its senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

 

F-8

 

 

The VIE Agreement is described in detail below

 

Consultation and Service Agreement

 

Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice.

 

Business Cooperation Agreement

 

Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice.

 

Equity Pledge Agreements

 

According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements.

 

Equity Option Agreements

 

According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s).

 

Voting Rights Proxy Agreements

 

According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification.

 

F-9

 

 

Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and Jilin Chuangyuan Chemical Co., Ltd. in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation.

 

Enterprise-Wide Disclosure

 

The Company’s chief operating decision-makers (i.e. chief executive officer and her direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by business lines for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment.

 

Going Concern

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $3,156,608 from continuing operations for the six months ended June 30, 2024. As of June 30, 2024 the Company had an accumulated deficit of $143,526,095, a working capital deficit of $8,092,472, its net cash used in operating activities for the six months ended June 30, 2024 was $660,867.

 

These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

 

2. Restatement of Previously Issued Financial Statements

 

On September 30, 2024, the Company’s management, in consultation with its advisors, concluded that the Company’s previously issued unaudited condensed consolidated financial statements contained within the Quarterly Report on Form 10-Q for the period ended June 30, 2024 should no longer be relied upon due to an error related to the disposal of the Company’s wholly-owned subsidiary Allinyson Ltd, on April 1, 2024, and that we would restate such financial statements to make the necessary accounting corrections. Details of the restated condensed consolidated financial statements for the three and six months ended June 30, 2024, are provided below (“Restatement Items”).

 

Restatement Items

 

The Company incorrectly recognized income from discontinued operations in additional paid in capital in connection with disposal of Allinyson Ltd. The corrections resulted in a $7,407,267 decrease in income from discontinued operation, a $7,422,000 increase in additional paid-in capital, a $7,407,267 decrease in accumulated deficit and a $14,733 decrease in accumulated other comprehensive income.

 

F-10

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated balance sheet as of June 30, 2024:

 

  

As of June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Assets            
Current assets            
Cash and cash equivalents  $539,744   $
-
   $539,744 
Restricted cash   19,189    
-
    19,189 
Accounts receivable, net   3,798,197    
-
    3,798,197 
Inventories   2,177,664    
-
    2,177,664 
Advances to suppliers   3,211,442    
-
    3,211,442 
Other receivables   350,913    
-
    350,913 
Other receivables-related parties   1,968,784    
-
    1,968,784 
Prepaid expenses   1,262,360    
-
    1,262,360 
Total current assets   13,328,293    
-
    13,328,293 
                
Non-current assets               
Plant and equipment, net   19,184,650    
-
    19,184,650 
Intangible assets, net   2,726,154    
-
    2,726,154 
Construction in progress, net   30,756    
-
    30,756 
Long-term investments   2,243,954    
-
    2,243,954 
Goodwill   4,724,699    
-
    4,724,699 
Total non-current assets   28,910,213    
-
    28,910,213 
                
Total assets  $42,238,506   $
-
   $42,238,506 
                
Liabilities and Stockholders’ Equity               
Current liabilities               
Loans-current  $1,443,425   $
-
   $1,443,425 
Accounts payable   3,787,019    
-
    3,787,019 
Advance from customers   2,465,754    
-
    2,465,754 
Taxes payable   1,254,898    
-
    1,254,898 
Other payables and accrued liabilities   4,534,229    
-
    4,534,229 
Other payables-related parties   7,922,110    
-
    7,922,110 
Deferred income   13,330    
-
    13,330 
Total current liabilities   21,420,765    
-
    21,420,765 
                
Non-current liabilities               
Other long-term liabilities   119,908    
-
    119,908 
Loans-noncurrent   4,167,369    
-
    4,167,369 
Total non-current liabilities   4,287,277    
-
    4,287,277 
         -      
Total liabilities  $25,708,042   $
-
   $25,708,042 
Commitments and contingencies               
Stockholders’ equity               
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024   
-
    
-
    
-
 
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024   7,283    
-
    7,283 
Additional paid-in capital   148,345,774    7,422,000    155,767,774 
Accumulated deficit   (136,118,828)   (7,407,267)   (143,526,095)
Accumulated other comprehensive income   4,296,235    (14,733)   4,281,502 
                
Total stockholders’ equity  $16,530,464   $
-
   $16,530,464 
                
Total liabilities and stockholders’ equity  $42,238,506   $
-
   $42,238,506 

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-11

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the three months ended June 30, 2024:

 

  

For the Three Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $1,945,211   $
-
   $1,945,211 
Cost of revenues   1,877,906    
-
    1,877,906 
Gross profit   67,305    
-
    67,305 
                
Operating expenses:               
Selling and marketing expenses   33,998    
-
    33,998 
General and administrative expenses   1,222,598    
-
    1,222,598 
Research and development expenses   32,287    
-
    32,287 
Total operating expenses   1,288,883    
-
    1,288,883 
                
Operating loss   (1,221,578)   
-
    (1,221,578)
                
Other (expenses) income               
Interest income   72    
-
    72 
Interest expenses   (191,491)   
-
    (191,491)
Other income   50,541    
-
    50,541 
Other expenses   (747,193)   
-
    (747,193)
Total other expenses   (888,071)   
-
    (888,071)
                
Loss before income taxes   (2,109,649)   
-
    (2,109,649)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (2,109,649)   
-
    (2,109,649)
                
Discontinued operations:               
Income from discontinued operations   7,796,322    (7,407,267)   389,055 
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $5,686,673   $(7,407,267)  $(1,720,594)
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Foreign currency translation adjustment   (66,386)   (14,733)   (81,119)
                
Total comprehensive loss   5,620,287    (7,422,000)   (1,801,713)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.29)  $
-
   $(0.29)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-12

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the six months ended June 30, 2024:

 

  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $3,475,978   $
-
   $3,475,978 
Cost of revenues   3,045,868    
-
    3,045,868 
Gross profit   430,110    
-
    430,110 
                
Operating expenses:               
Selling and marketing expenses   74,528    
-
    74,528 
General and administrative expenses   2,426,299    
-
    2,426,299 
Research and development expenses   77,985    
-
    77,985 
Total operating expenses   2,578,812    
-
    2,578,812 
                
Operating loss   (2,148,702)   
-
    (2,148,702)
                
Other (expenses) income               
Interest income   307    
-
    307 
Interest expenses   (314,538)   
-
    (314,538)
Other income   54,991    
-
    54,991 
Other expenses   (748,666)   
-
    (748,666)
Total other expenses   (1,007,906)   
-
    (1,007,906)
                
Loss before income taxes   (3,156,608)   
-
    (3,156,608)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (3,156,608)   
-
    (3,156,608)
                
Discontinued operations:               
Income from discontinued operations   7,762,377    (7,407,267)   355,110 
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $4,605,769   $(7,407,267)  $(2,801,498)
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Foreign currency translation adjustment   (93,517)   (14,733)   (108,250)
                
Total comprehensive loss   4,512,252    (7,422,000)   (2,909,748)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.43)  $
-
   $(0.43)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-13

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024:

 

                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Amount   Capital   Deficit   Income   Interests   Total 
Balance, March 31, 2023   7,282,714   $7,283   $155,767,774   $(121,166,172)  $5,023,852   $
                -
   $39,632,737 
Net loss   -    
-
    
-
    (12,199,648)   
-
    
-
    (12,199,648)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (1,116,356)   
-
    (1,116,356)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, March 31, 2024   7,282,714   $7,283   $155,767,774   $(141,805,501)  $4,362,621   $
-
   $18,332,177 
Net loss   -    
-
    
-
    5,686,673    
-
    
-
    5,686,673 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (66,386)   
-
    (66,386)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 

 

* Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-14

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the six months ended June 30, 2024:

 

                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Stock   Capital   Deficit   Income   Interests   Total 
Balance, January 1, 2023   7,282,714   $7,283   $155,767,774   $(119,880,801)  $4,692,242   $
                   -
   $40,586,498 
Net loss   -    
-
    
-
    (13,485,019)   -    
-
    (13,485,019)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (784,746)   
-
    (784,746)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, January 1, 2024   7,282,714   $7,283   $155,767,774   $(140,724,597)  $4,389,752   $
-
   $19,440,212 
Net loss   -    
-
    
-
    4,605,769    
-
    
-
    4,605,769 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (93,517)   
-
    (93,517)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 

 

* Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-15

 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of cash flows for the six months ended June 30, 2024:

 

  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
CASH FLOWS FROM OPFRATING ACTIVITIFS:            
             
Net loss  $4,605,769   $(7,407,267)  $(2,801,498)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        -      
Depreciation   958,969    
-
    958,969 
Amortization   90,688    
-
    90,688 
Gain on disposal of subsidiary   (7,596,311)   7,407,267    (189,044)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:               
Accounts receivables, net   (690,160)   
-
    (690,160)
Inventories   (237,407)   
-
    (237,407)
Prepayments and deposit   1,815,371    
-
    1,815,371 
Other receivables   (19,865)   
-
    (19,865)
Accounts payable   506,753    
-
    506,753 
Advance from customer   (117,075)   
-
    (117,075)
Other payables and accrued liabilities   53,928    
-
    53,928 
Taxes payable   (8,988)   
-
    (8,988)
Deferred income   (22,539)   
-
    (22,539)
Net cash used in operating activities   (660,867)   
-
    (660,867)
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of plant and equipment   5,683    
-
    5,683 
Net decrease in cash from disposal of subsidiaries   (166,066)   
-
    (166,066)
Net cash (used in) provided by investing activities   (160,383)   
-
    (160,383)
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from long-term loans   1,757,361    
-
    1,757,361 
Changes in related party balances, net   (816,191)   
-
    (816,191)
Net cash provided by financing activities   941,170    
-
    941,170 
                
Net increase in cash and cash equivalents   119,920    
-
    119,920 
                
EFFECT OF EXCHANGE RATE ON CASH   2,630    
-
    2,630 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR   436,383    
-
    436,383 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR  $558,933   $
-
   $558,933 
                
SUPPLEMENTARY OF CASH FLOW INFORMATION               
Interest received  $307   $
-
   $307 
Interest paid  $314,538   $
-
   $314,538 

 

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

 

F-16

 

 

3. Summary of Significant Accounting Policies

 

Basis of Presentation

 

Management has prepared the accompanying financial statements and these notes according to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting.

 

Principles of Consolidation

 

Details of the Subsidiaries of the Company as of June 30, 2024 are set below:

 

Name of Company 

Place of

incorporation

 

Attributable equity

interest %

  

Registered

capital

 
Promising Prospect BVI Limited  The British Virgin Islands    100   $10,000 
Promising Prospect HK Limited  Hong Kong    100     1 
Jiayi Technologies (Xianning) Co., Ltd.  PRC    100     2,000,000 
Fast Approach Inc.  Canada    100     79 
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.)  PRC    100     - 
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.  PRC    100     4,710,254 
Xianning Bozhuang Tea Products Co., Ltd.  PRC    100     6,277,922 
Jilin Chuangyuan Chemical Co., Ltd.  PRC    VIE     9,280,493 
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)  Hong Kong    100     10,000 
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)  PRC    100     30,000,000 
Shandong Yunchu Supply Chain Co., Ltd.  PRC    100     5,000,000 
Shine Chemical Co., Ltd.  Cayman    100     8,000 

 

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests.

 

Reclassifications

 

Certain amounts on the prior-years’ consolidated balance sheets and statement of operations were reclassified to reflect discontinued operations, with no effect on ending stockholders’ equity.

 

Noncontrolling Interests

 

The noncontrolling interests of the Company represent the ownership stakes held by minority shareholders in the Company’s subsidiaries, and are presented separately from the equity attributable to the Company’s shareholders on the consolidated balance sheets. Noncontrolling interests in the Company’s results are disclosed on the consolidated statement of operations and comprehensive loss as allocations of total income or loss for the year between noncontrolling interest holders and the Company’s shareholders.

 

Use of Estimates

 

The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates estimates, including the allowance for credit losses of accounts receivable, amounts due from related parties and equity investments, the useful lives of our property and equipment, impairment of long-lived assets, long-term investments and goodwill, etc. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

 

F-17

 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of June 30, 2024, the Company had cash and cash equivalents of $558,933 compared to $270,317 as of December 31, 2023.

 

Accounts Receivable, Net

 

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the amount is not expected to be collected. Delinquent amount balances are written off against the allowance for doubtful amounts after the management has determined that the likelihood of collection is not probable.

 

Inventories

 

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. An annual impairment test will be performed on inventory, and any excess of the recoverable amount over the carrying amount will be recognized as impairment losses in the current period.

 

Advances and Prepayments to Suppliers

 

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. At the end of each fiscal year, we undertake a thorough examination of prepaid expenses and contractual terms, analyze the causes of delayed receipt of corresponding valuable goods, calculate recoverable amounts using a probability-weighted average method for unrecoverable amounts, and make provisions for impairment as deemed necessary.

 

Plant and Equipment

 

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

 

Buildings   20-40 years 
Machinery and equipment   1-10 years 
Motor vehicles   5-10 years 
Office equipment   5-20 years 

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

 

F-18

 

 

Intangible Assets

 

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

 

Land use rights   50 years 
Software licenses   2 years 
Trademarks   10 years 

 

Construction in Progress and Prepayments for Equipment

 

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.

 

Goodwill

 

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

 

Impairment of Long-lived Assets

 

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

 

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.

 

Statutory Reserves

 

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

 

F-19

 

 

Foreign Currency Translation

 

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

 

   06/30/2024   12/31/2023    06/30/2023 
Period-end US$: CDN exchange rate   1.3634    1.3196    1.3205 
Period-end US$: RMB exchange rate   7.1268    7.0827    7.2258 
Period-end US$: HK exchange rate   7.8087    7.8157    7.8373 
Period average US$: CDN exchange rate   1.3515    1.3452    1.3480 
Period average US$: RMB exchange rate   7.1051    7.0467    6.9291 
Period average US$: HK exchange rate   7.8187    7.8282    7.8387 

 

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

 

Revenue Recognition

 

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

 

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company recognizes product revenue at a point in time when the control of the products has been transferred to customers. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

  ● identify the contract with a customer;

 

  ● identify the performance obligations in the contract;

 

  ● determine the transaction price;

 

  ● allocate the transaction price to performance obligations in the contract; and;

 

  ● Recognize revenue as the performance obligation is satisfied.

 

F-20

 

 

Advertising

 

All advertising costs are expensed as incurred.

 

Shipping and Handling

 

All outbound shipping and handling costs are expensed as incurred.

 

Research and Development

 

All research and development costs are expensed as incurred.

 

Retirement Benefits

 

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

  

Income Taxes

 

The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

 

Comprehensive Income

 

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

 

Earnings Per Share

 

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

 

F-21

 

 

Fair Value Measurements of Financial Instruments

 

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

 

  ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

 

  ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.

 

  ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Lease

 

Effective December 31, 2018, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. 

 

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

 

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows.

 

As of June 30, 2024, the lease agreement with JSSH has lapsed and the company does not have any current lease agreements exceeding 12 months.

 

F-22

 

 

Equity Investments

 

In January 2016, the FASB issued ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities, which, among other things, generally requires companies to measure investments in other entities, except those accounted for under the equity method, at fair value and to recognize any changes in fair value in net income. ASU 2016-01 also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and the guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity investments without readily determinable fair values (including disclosure requirements) is applied prospectively to equity investments that exist as of the date of adoption. ASU 2016-01, which the Company adopted on January 1, 2018, did not have a material impact on the consolidated financial statements.

 

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an entity in which the Company has recorded an equity investment equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the equity investee.

  

Commitments and Contingencies 

 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

 

F-23

 

 

Recent Accounting Pronouncements

 

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company has implemented the new standard, and as of June 30, 2024, there was no material effect of this current standard on its consolidated financial statements and related disclosures.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

 

4. Variable Interest Entity (“VIE”)

 

A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder with a controlling financial interest in a VIE is deemed the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd because it has both of the following characteristics:

 

1) The power to direct activities at Jilin Chuangyuan Chemical Co., Ltd. that most significantly impact such entity’s economic performance, and

 

2) The obligation to absorb losses and the right to receive benefits from Jilin Chuangyuan Chemical Co., Ltd that could potentially be significant to such entity. Under the Contractual Arrangements, Jilin Chuangyuan Chemical Co., Ltd pay service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of the Jilin Chuangyuan Chemical Co., Ltd.’s losses. The Contractual Arrangements are designed to operate Jilin Chuangyuan Chemical Co., Ltd for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Jilin Chuangyuan Chemical Co., Ltd are consolidated in the accompanying consolidated financial statements. In addition, those financial positions and results of operations are included in the Company’s consolidated financial statements.

 

F-24

 

 

The carrying amount of VIE’s consolidated assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows:

 

   June 30,   December 31, 
   2024   2023 
Assets        
Current assets        
Cash and cash equivalents  $18,378   $33,103 
Trade accounts receivable, net   2,556    132,013 
Inventories   563,190    528,624 
Advances to suppliers   124,688    106,971 
Other receivables   19,983    25,280 
Intercompany receivable   1,543,470    1,553,080 
Prepaid expenses   3,908    
-
 
Total current assets   2,276,173    2,379,071 
           
Non-current assets          
Plant and equipment, net   7,433,054    7,991,576 
Intangible assets, net   1,819,736    1,854,099 
Construction in progress, net   7,296    7,342 
Total non-current assets   9,260,086    9,853,017 
           
Total assets  $11,536,259   $12,232,088 
           
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $531,620   $565,582 
Advance from customers   144,538    7,723 
Taxes payable   49    16,363 
Other payables and accrued liabilities   3,167,600    3,115,764 
Intercompany payable   3,012,656    3,031,415 
Other payables-related parties   1,530,826    1,307,260 
Long term payable-current portion   119,908    161,669 
Deferred income   13,330    21,178 
Total current liabilities   8,520,527    8,226,954 
           
Non-current liabilities          
Long-term payables    3,788,517     3,812,106 
Total non-current liabilities   3,788,517    3,812,106 
           
Total Liabilities  $12,309,044   $12,039,060 
           
Stockholders’ equity          
Paid-in capital   9,280,493    9,280,493 
Statutory Reserve   29,006    29,006 
Accumulated deficit   (9,196,984)   (8,229,416)
Accumulated other comprehensive income   (885,300)   (887,055)
Total stockholders’ equity   (772,785)   193,028 
           
Total liabilities and stockholders’ equity  $11,536,259   $12,232,088 

 

F-25

 

 

The summarized operating results of the VIE’s for the three and six months ended June 30, 2024 and 2023 are as follows:

 

   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
  2024   2023   2024   2023 
Operating revenues  $36,065   $2,093,307   $62,705   $4,286,828 
Gross profit   (23,464)   (57,239)   (37,895)   (142,868)
Loss from operations   (529,171)    (672,427)    (967,568)    (1,179,913)
Net loss  $(529,171)  $(672,427)  $(967,568)  $(1,179,913)

 

5. Accounts Receivable, Net

 

The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers

 

   June 30,   December 31, 
   2024   2023 
Trade accounts receivable  $5,870,607   $5,217,020 
Less: Allowance for credit losses   (2,072,410)   (2,102,127)
   $3,798,197   $3,114,893 
Allowance for credit losses          
Beginning balance:   (2,102,127)   (366,301)
Additions to allowance   
-
    (1,735,826)
Bad debt written-off   29,717    
-
 
Ending balance  $(2,072,410)  $(2,102,127)

 

6. Advances and Prepayments to Suppliers

 

Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:

 

   June 30,   December 31, 
   2024   2023 
Payment to suppliers and vendors   3,342,753    5,448,324 
Allowance for credit losses   (131,311)   (132,129)
Total  $3,211,442   $5,316,195 

 

7. Inventories

 

Inventories consisted of the following as of June 30, 2024 and December 31, 2023:

 

   June 30,   December 31, 
   2024   2023 
Raw materials  $2,291,883   $1,957,942 
Work in progress   1,365,375    1,394,569 
Finished goods   604,609    697,733 
Allowance for inventory reserve   (2,084,203)   (2,097,181)
Total  $2,177,664   $1,953,063 

 

F-26

 

 

8. Plant and Equipment, Net

 

Plant and equipment consisted of the following as of June 30, 2024 and December 31, 2023:

 

   June 30,   December 31, 
   2024   2023 
At Cost:        
Buildings  $19,483,292   $19,604,604 
Machinery and equipment   11,117,907    11,181,032 
Office equipment   750,432    767,094 
Motor vehicles   1,456,592    1,465,662 
    32,808,223    33,018,392 
Less: Impairment   (745,674)   (750,317)
Less: Accumulated depreciation   (12,877,899)   (11,996,231)
    19,184,650    20,271,844 
Construction in progress   30,756    30,948 
   $19,215,406   $20,302,792 

 

Depreciation expense for the six months ended June 30, 2024 and June 30, 2023 was $881,669 and $630,258, respectively.

 

9. Intangible Assets

 

   June 30,   December 31, 
   2024   2023 
At Cost:          
Land use rights   2,982,288    3,000,857 
Software licenses   66,792    68,573 
Trademark   896,094    901,674 
   $3,945,174   $3,971,104 
           
Less: Accumulated amortization   (1,219,020)   (1,137,002)
   $2,726,154   $2,834,102 

 

Amortization expense for the three months ended June 30, 2024 and June30, 2023 was $82,018 and $60,314, respectively.

 

10. Long-term Investment

  

In 2020, the Company made an initial investment of $2.87 million in exchange for a 19% limited partner interest in Shandong Ningwei New Energy Technology Co., Ltd. The investment was accounted for using the cost method due to the lack of readily determinable fair value in 2024.

 

As of June 30, 2024 and December 31, 2023, the balance of long-term investments stood at $2,243,954 and $2,257,926 respectively. The variance can be attributed to the impact of foreign exchange fluctuations.

 

F-27

 

 

11. Other Payable

 

As of June 30, 2024 and December 31, 2023, the balance of other payable was $4,534,229 and $4,484,453 Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties.

 

12. Advance From Customer

 

For our operation, the proceeds received from sales are initially recorded as advance from customers, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period. As of June 30, 2024 and December 31, 2023, the outstanding balance of the Advance from customers was $2,465,754 and $2,464,319 respectively. Due to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting period.

 

13. Related Parties Transaction

 

As of June 30, 2024 and December 31, 2023, the outstanding balance due from related parties was $1,968,784 and $315,724, respectively. Significant related parties comprised much of the total outstanding balance are stated below:

 

      As of
June 30,		   As of
December 31,		 
Amounts due from related parties:     2024   2023 
Mr. Chen Xing  the management of the Shandong Yunchu  $292,390   $294,210 
Mr. Lu Jun  the management of the Jingshan Sanhe  $
-
   $21,514 
Mr. Xiong Hai Yan  the management of the Jingshan Sanhe  $1,640,675   $
-
 
Mr. Yang Yong  the management of the Fast  $35,719   $
-
 

 

These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand.

 

As of June 30, 2024 and December 31, 2023, the outstanding balance due to related parties was $7,922,110 and $7,111,257, respectively. The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed.

 

Significant parties comprised much of the total outstanding balance are stated below:

 

      As of
June 30,		   As of
December 31,		 
Amounts due to related parties:     2024   2023 
Ms. Yan Yan  the spouse of the legal representative of Jilin Chuangyuan  $1,156,199   $899,241 
Mr. Bin Zhou  Chief Executive Officer and Chairman of the Company  $1,494,181   $1,393,529 
Hubei Shuang New Energy Technology Co., Ltd.  significant impact  $974,015   $442,216 
Shandong Ningwei New Energy Technology Co., Ltd.  significant impact  $1,486,782   $1,496,040 
Anhui Ansheng equipment Co., Ltd.  Previous subsidiary  $1,177,804   $1,177,836 
Senior managements  significant impact  $1,633,129   $1,702,395 

 

F-28

 

 

14. Goodwill

 

The changes in the carrying amount of goodwill by reportable segment are as follows: 

 

   SDYC 
Balance as of December 31, 2022  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Disposal of subsidiaries   
-
 
Balance as of December 31, 2023  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Balance as of June 30, 2024  $4,724,699 

 

As of June 30, 2024 and December 31, 2023, the carrying amount of the Company’s goodwill was $4,724,699. 

 

15. Bank Loans

 

The outstanding balances on short-term and long-term bank loans consisted of the following:

 

Lender  Maturities  Weighted
average
interest
rate		   06/30/2024   12/31/2023 
Rural Credit Cooperatives of Jilin Province, Jilin Branch  Due in November 2026   7.83%  $3,507,886   $3,529,727 
Tonghua Dongchang Yuyin Village Bank Co., Ltd.  Due in June 2025   8%  $280,631   $282,378 
Jingshan City branch of Postal Saving Bank of China  Due in January 2025   3.85%  $1,401,330   $
-
 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in June 2026   4%  $420,946   $- 

 

Buildings and land use rights in the amount of $11,043,343 are used as collateral for Jilin Branch. The long-term bank loan which is denominated in Renminbi was primarily obtained for general working capital.

 

F-29

 

 

The loan from Tonghua Dongchang Yuyin Village Bank, as a three years long-term debt, was denominated in Renminbi and was primarily obtained for general working capital. On June 15, 2022, Mr. Chen Yongsheng and Mr. Cai Xiaodong pledged 28,465,000 stocks of Jilin Chuangyuan Chemical Co., Ltd. to the pledgee-Tonghua Dongchang Yuyin Village Bank. As the pledgee, Tonghua Dongchang Yuyin Village Bank shall have custody of these stocks, which accounted for approximately 71.43% of the total share during the entire term of pledge set forth in this agreement.

 

The loan from the Jingshan City branch of Postal Savings Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Zhou Bin, the Company’s COO, and Hubei Bryce Technology Co., Ltd., which is under the company’s control.

 

Interest expense for six months ended June 30, 2024 and 2023 was $176,236 and $135,452 respectively.

 

16. Equity

 

On January 13, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 7,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $7,000,000, representing a purchase price of $1.00 per Share.

 

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

 

On May 19, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which two investors agreed to purchase an aggregate of 10,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $4,100,000, representing a purchase price of $0.41 per Share. 

 

On July 20, 2022, the Company acquired 30% equity interest of the Xianning Xiangtian Energy Holdings Group Co., Ltd. and the Company issued 12,000,000 shares of common stock to the Sellers.

 

On May 31, 2024, every ten shares of the Common Stock issued and outstanding or held as treasury stock will be automatically converted into one new share of Common Stock. The total number of shares of Common Stock authorized for issuance will then be reduced by a corresponding proportion The par value per share of the Common Stock will remain unchanged at $0.001 per share.

 

As of June 30, 2024 and 2023, the number of common stock issued was 7,282,714 and 7,282,714 respectively.

 

17. Income Taxes

 

United States

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. As the Company has a December 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of 21% for the Company’s fiscal year ending June 30, 2024. Accordingly, the Company has remeasured the Company’s deferred tax assets on net operating loss carryforwards (“NOLs”) in the U.S at the lower enacted cooperated tax rate of 21%. However, this remeasurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

F-30

 

 

Additionally, the Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The change in rate has caused the Company to remeasure all U.S. deferred income tax assets and liabilities for temporary differences and NOLs and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to March 31, 2024 which the Company has foreign cumulative losses at June 30, 2024.

 

British Virgin Islands

 

Planet Green Holdings Corporation BVI is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

 

Hong Kong

 

Lucky Sky Planet Green Holdings Co., Limited (H.K.) is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, Lucky Sky Planet Green Holdings Co., Limited (H.K.) is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

 

PRC

 

The Company PRC subsidiaries and VIEs and their controlled entities are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC, Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.

 

Significant components of the income tax expense consisted of the following for the three months ended June 30, 2024 and 2023: 

 

   6/30/2024   6/30/2023 
Loss attributed to PRC operations  $(2,756,026)  $(1,834,178)
Loss attributed to U.S. operations   (628,100)   (11,560,992)
Income attributed to Canada operations   227,518    43,034 
Loss before tax  $(3,156,608)  $(13,352,136)
           
PRC Statutory Tax at 25% Rate   (689,007)   (472,091)
Valuation allowance   689,007    550,789 
Income tax  $
-
   $78,698 
Per Share Effect of Tax Exemption   
 
    
 
 
Weighted-Average Shares Outstanding Basic   7,282,714    7,282,714 
Per share effect  $
-
   $
-
 

 

F-31

 

 

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

 

Reconciliation of effective income tax rate from continuing operations is as follows for the six months ended June 30, 2024 and 2023:

 

   6/30/2024   6/30/2023 
U.S. federal statutory income tax rate   21%   21%
Higher (lower) rates in PRC, net   4%   4%
Non-recognized deferred tax benefits in the PRC   (25.00)%   (25.59)%
The Company’s effective tax rate   
-
%   0.59%

 

18. Earnings (Loss) Per Share of Common Stock

 

   For the Six Months Ended 
   June 30, 
   2024   2023 
Net loss from operations attributable to common stockholders  $(2,801,498)  $(13,485,019)
           
Basic and diluted (loss) earnings per share denominator:          
Original Shares at the beginning:   7,282,714    7,282,714 
Basic Weighted Average Shares Outstanding   7,282,714    7,282,714 
           
Loss per share from continuing operations - Basic and diluted
  $(0.43)  $(1.84)
Income per share from discontinued operations - Basic and diluted
  $0.05   $(0.01)
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714 

 

F-32

 

 

19. Concentrations

 

Customers Concentrations:

 

The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the six months ended June 30, 2024 and 2023.

 

   For the six months ended 
Customers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   1,054,847    31    
-
    
-
 
B   

-

    
-
    2,536,866    19 
C   656,699    20    
-
    
-
 
D   
-
    
-
    1,342,227    10 
E   376,997    11    

-

    

-

 

 

Suppliers Concentrations

 

The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the six months ended June 30, 2024 and 2023.

 

   For the six months ended 
Suppliers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   
-
    
-
    2,738,879    22 
B   
-
    
-
    2,225,440    18 
C   
-
    
-
    1,664,699    14 
D   
-
    
-
    1,200,986    10 
E   912,116    27    
-
    
-
 
F   825,925    24    
-
    
-
 
G   572,169    17    
-
    
-
 
H   366,357    11    
-
    
-
 

 

F-33

 

 

20. Risks

 

A. Credit risk

 

The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent.

 

Since the Company’s inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers.

 

B. Interest risk

 

The Company is subject to interest rate risk when short-term loans become due and require refinancing.

 

C. Economic and political risks

 

The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.

 

21. Contingencies

 

The Group records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Group evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Group discloses the amount of the accrual if it is material.

 

When a loss contingency is not both probable and estimable, the Group does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Group discloses an estimate of the loss or range of loss, unless it is immaterial or an estimate cannot be made. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. The Company has analyzed its operations subsequent to June 30, 2024 to the date these consolidated financial statements were issued, and has determined that it does not have any material contingency events to disclose.

 

22. Subsequent Events

 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to June 30, 2024 to the date these financial statements were issued, and has determined that it does not have any material events to disclose.

 

F-34

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2024 and 2023, our primary business, which is carried out by Shandong Yunchu, Jingshan Sanhe, Jilin Chuangyuan, Fast Approach Inc and Xianning Bozhuang, is:

 

  ● To sell black tea product cultivation, packaging, and sales;

 

  ● To sell high-grade synthetic fuel products;

 

  ● To sell formaldehyde, urea-formaldehyde glue, methylal, and clean fuel oil;

 

  ● Online advertising services.

 

Results of Operations

 

Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023.

 

The following discussion should be read in conjunction with the company’s unaudited condensed consolidated financial statement for the three months ended June 30, 2024, and 2023 and related notes to that.

 

   Three months ended   Increase /   Increase / 
   June 30,   Decrease   Decrease 
(In Thousands of USD)  2024   2023   ($)   (%) 
Net revenues   1,945    4,363    (2,418)   (55)
Cost of revenues   1,878    4,239    (2,361)   (56)
Gross profit   67    124    (57)   (46)
Operating expenses:                    
Selling and marketing expenses   34    243    (209)   (86)
General and administrative expenses   1,223    983    240    24 
Research & Developing expenses   32    65    (33)   (51)
Operating loss   (1,222)   (1,167)   (55)   5 
Interest expense   (191)   (129)   (62)   48 
Other income (expense)   (697)   60    (757)   (1,262)
Loss on disposal of equity investments   -    (10,849)   10,849    (100)
Loss before tax   (2,110)   (12,085)   9,975    (83)
Income tax expense   -    (31)   31    (100)
Loss from continuing operations   (2,110)   (12,116)   10,006    (83)
Net income from discontinuing operations   389    (84)   473    (563)
Net loss   (1,721)   (12,200)   10,479    (86)

 

Net Revenues. Our net revenues for the three months ended June 30, 2024 amounted to $1.95 million, which represents a decrease of approximately $2.42 million, or 55%, from $4.36 million for the three months ended June 30, 2023. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $2.09 million to $0.04 million during the current period, as well as a decline in food product sales from $2.01 million to $1.00 million.

 

Cost of Revenues. During the three months ended June 30, 2024, we experienced a decrease in cost of revenue of $2.36 million or 56%, in comparison to the three months ended June 30, 2023, from approximately $4.24 million to $1.88 million. This change was mainly due to a decrease in sales of revenue, as discussed above.

 

Gross Profit. Our gross profit for the three months ended June 30, 2024 decreased by $0.06 million, representing a 46% decrease to $0.07 million compared to $0.12 million for the same period in 2023. The decrease was attributed to a decrease in sales of revenue, as discussed above .

 

Operating Expenses

 

Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0.21 million, or 86%, to $0.03 million for the three months ended June 30, 2024 from $0.24 million for the three months ended June 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue. The selling and marketing expenses mainly come from transportation and storage cost and the sales staff salaries cost decline.

 

2

 

 

General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2024 increased slightly by $0.24 million, or 24%, to $1.22 million compared to the previous year’s $0.98 million for the same period. The increase was primarily due to a reclassification of selling and marketing expenses to general and administrative expenses as a result of staff function realignment.

 

Net Income

 

Our net loss for the three months ended June 30, 2024 decreased by $10.48 million, or 86%, to $1.72 million from $12.20 million in the same period in 2023. This decrease was primarily attributed to the loss on disposal of equity investments.

 

Six Months Ended June 30, 2024 Compared to Six months Ended June 30, 2023.

 

The following discussion should be read in conjunction with the company’s audited consolidated financial statement for the six months ended June 30, 2024, and 2023 and related notes to that.

 

   Six months ended   Increase /   Increase / 
   June 30,   Decrease   Decrease 
(In Thousands of USD)  2024   2023   ($)   (%) 
Net revenues   3,476    11,921    (8,445)   (71)
Cost of revenues   3,046    11,582    (8,536)   (74)
Gross profit   430    339    91    27 
Operating expenses:                    
Selling and marketing expenses   75    487    (412)   (85)
General and administrative expenses   2,426    2,073    353    17 
Research & Developing expenses   78    134    (56)   (42)
Operating loss   (2,149)   (2,355)   206    (9)
Interest expense   (314)   (246)   (68)   28 
Other income (expense)   (694)   98    (792)   (808)
Loss on disposal of equity investments   -    (10,849)   10,849    (100)
Loss before tax   (3,157)   (13,352)   10,195    (76)
Income tax expense   -    (79)   79    (100)
Loss from continuing operations   (3,157)   (13,431)   10,274    (76)
Net income from discontinuing operations   355    (54)   409    (757)
Net loss   (2,801)   (13,485)   10,684    (79)

 

Net Revenues. As of June 30, 2024, our net revenue for the six months ended was $3.48 million, representing a decrease of approximately $8.45 million or 71% from the same period last year’s $11.92 million. During the corresponding period in the previous fiscal year, over 56% of our total revenue was derived from selling various food products to restaurants. However, this segment has been significantly impacted by COVID-19 and the company management is strategically realigning new supply markets to effectively mitigate this adverse impact, resulting in sales declining from $7.30 million in 2023 to $1.00 million dollars in 2024. The sales of high-grade synthetic fuel products have remained stagnant in the current period, decreasing from $4.28 million to $0.06 million. 

 

Cost of Revenues. During the six months ended June 30, 2024, we experienced a decrease in cost of revenue of $8.54 million or 74%, in comparison to the six months ended June 30, 2023, from approximately $11.58 million to $3.05 million. This change was mainly due to a decrease in revenue, as discussed above.

 

Gross Profit. Our gross profit for the six months ended June 30, 2024 increased by $0.09 million, representing a 27% increase to $0.43 million compared to $0.34 million for the same period in 2023. The substantial growth is primarily attributed to the significant increase in advertising revenue from the Fast branch, which operates at an approximate gross profit rate of 100%.  

 

Operating Expenses

 

Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0.41 million, or 85%, to $0.08 million for the six months ended June 30, 2024 from $0.49 million for the six months ended June 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue.

 

General and Administrative Expenses. Our general and administrative expenses for the six months ended June 30, 2024 increased slightly by $0.35 million, or 17%, to $2.43 million compared to the previous year’s $2.07 million for the same period. The increase was primarily due to a reclassification of selling and marketing expenses to general and administrative expenses as a result of staff function realignment.

 

3

 

 

Net Loss

 

Our net loss for the six months ended June 30, 2024 decreased by $10.69 million, or 79%, to $2.80 million from $13.49 million in the same period in 2023. This decrease was primarily attributed to the loss on disposal of equity investments.

 

Liquidity and Capital Resources

 

In assessing our liquidity, we monitor and analyze our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating expenses, and capital expenditure obligations. In the reporting period at June 30, 2024, our primary sources of financing have been cash generated from operations and private placements.

 

As of June 30, 2024, we had cash and cash equivalents of $558,933 compared to $270,317 as of December 31, 2023. The debt to assets ratio was 60.86% and 54.40% as of June 30, 2024 and December 31, 2023, respectively. We expect to continue to finance our operations and working capital needs in 2024 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.

 

Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $3,156,608 from continuing operations for the six months ended June 30, 2024. As of June 30, 2024 the Company had an accumulated deficit of $143,526,095, a working capital deficit of $8,092,472, its net cash used in operating activities for the six months ended June 30, 2024 was $660,867.

 

These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

 

The following table provides detailed information about our net cash flow for all financial statement periods presented in this report.

 

Cash Flows Data:

 

   For the six months ended
June 30		 
(In thousands of U.S. dollars)  2024   2023 
Net cash flows used in operating activities   (661)   (2,240)
Net cash flows (used in) provided by investing activities   (160)   2,749 
Net cash flows provided by financing activities   941    34 

 

Operating Activities

 

Net cash used in operating activities decreased by $1.57 million to $0.66 million during the six months ended June 30, 2024, from $2.24 million during the six months ended June 30, 2023. This decrease was primarily due to changes in net operating assets and liabilities of $1.98 million and was partially offset by an increase in net loss excluding non-cash expenses, gains and losses of $0.40 million.

 

4

 

 

Investing Activities

 

Net cash provided by investing activities for the six months ended June 30, 2024 decreased to $0.16 million from the $2.74 million provided by investing activities for the same period in 2023. This decrease is primarily due to a reduction in plant and equipment purchases compared to the six months ended June 30, 2023.

 

Financing Activities

 

The net cash provided by financing activities increased by $0.91 million to $0.94 million during the six-month period ended June 30, 2024, compared to $0.03 million for the same period in 2023. This increase can be attributed to a rise in bank loans obtained for operational purposes.

 

Critical Accounting Policies

 

The preparation of financial statements in conformity with the United States generally accepted accounting principles requires our management to make assumptions, estimates, and judgments that affect the amounts reported in the financial statements, including the notes to that, and related disclosures of commitments contingencies, if any.

 

We consider our critical accounting policies to require the more significant judgments and estimates in preparing financial statements, including those outlined in Note 2 to the financial statements included herein.

 

The Company has evaluated the timing and the impact of the guidance above on the financial statements.

 

As of June 30, 2024, there were no other recently issued accounting standards not yet adopted that would or could have a material effect on the Company’s consolidated financial statements.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance arrangements.

 

5

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 

We are a smaller reporting company as defined in Rule 12b-2 under the Securities Exchange Act of 1934. As a result, pursuant to Item 305(e) of Regulation S-K, we are not required to provide the information required by this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our chief executive officer and chief financial officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based upon their evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of June 30, 2024.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.

 

We have identified a material weakness in our internal control over financial reporting as of June 30, 2024, relating to ineffective review and approval procedures over journal entries and financial statement preparation which resulted in errors not being timely identified in prior period financial statements, such as the overstatement of income of our discontinued operation and other errors in connection with the disposal of Allinyson Ltd., our wholly-owned subsidiary, on April 1, 2024. We concluded that the failure to timely identify such accounting errors constituted material weakness as defined in the SEC regulations. As such, management determined that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of June 30, 2024.

 

To respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance our system of evaluating and implementing the complex accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature, research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation plan can only be accomplished over the time, and we can offer no assurance that these initiatives will ultimately have the intended effects, or that any additional material weaknesses or of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. Even if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.

 

Changes in Internal Control Over Financial Reporting

 

During the most recently completed fiscal quarter, other than as discussed above, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

6

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On July 27, 2023, Daqi Cui, a former employee, filed a complaint against the Company in Queens County, the Supreme Court of the State of New York, asserting claims of breach of employment contract, seeking $609,145.05 in damages as well as attorneys’ fees and costs. On November 6, 2023, the Company filed a motion to move the case to the United States District Courthouse, Eastern District of New York for an Order to dismiss with prejudice.

 

ITEM 1A. RISK FACTORS

 

Risk Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in the Company’s registration statement on Form S3/A as filed with the SEC on April 18, 2023. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in the Company’s registration statement Form S3/A as filed with the SEC on April 18, 2023.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Not applicable. 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

Not applicable.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

7

 

 

ITEM 6. EXHIBITS

 

The following exhibits are filed as part of this report.

  

Exhibit No.   Description
31.1   Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2   Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS   Inline XBRL Instance Document.*
101.SCH   Inline XBRL Taxonomy Extension Schema Document.*
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*

 

* Filed herewith.

 

** Furnished herewith.

 

8

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PLANET GREEN HOLDINGS CORP.
   
Date: September 30, 2024 By: /s/ Bin Zhou
    Bin Zhou, Chief Executive Officer and Chairman
(Principal Executive Officer)

 

Date: September 30, 2024 By: /s/ Lili Hu
   

Lili Hu, Chief Financial Officer

(Principal Financial and Accounting Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed by the following persons in the capacities and on the dates indicated.

 

 

9

 

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Exhibit 31.1

 

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302

 

I, Bin Zhou, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q/A of Planet Green Holdings Corp.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 30, 2024 By:  /s/ Bin Zhou
    Bin Zhou,
    Chief Executive Officer and Chairman
    (Principal Executive Officer)

 

Exhibit 31.2

 

CERTIFICATIONS OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302

 

I, Lili Hu, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q/A of Planet Green Holdings Corp.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 30, 2024 By:  /s/ Lili Hu
    Lili Hu,
Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Planet Green Holdings Corp. (the “Company”) on Form 10-Q/A for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Date: September 30, 2024 By:  /s/ Bin Zhou
    Bin Zhou,
    Chief Executive Officer and Chairman
    (Principal Executive Officer)

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Planet Green Holdings Corp. (the “Company”) on Form 10-Q/A for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Date: September 30, 2024 By:  /s/ Lili Hu         
    Lili Hu,
Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

v3.24.3
Cover - shares
 6 Months Ended
Jun. 30, 2024
Sep. 30, 2024
Document Information [Line Items]    
Document Type 10-Q/A  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Amendment Flag true  
Amendment Description Planet Green Holdings Corp. (the “Company”) is filing this Amendment No.1 on Form 10-Q/A for the six months ended June 30, 2024 (this “Form 10-Q/A”).This Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the six months ended June 30, 2024, as filed with the Securities and Exchange Commission (“SEC”) on August 14, 2024 (the “Original Filing”). This Form 10-Q/A is being filed to restate the Company’s unaudited condensed consolidated financial statements for the six months ended June 30, 2024.The Management identified an error related to the disposal of Allinyson Ltd. that incorrectly increased the gain on disposal and reduced the additional paid in capital. The restatement reflected the correction of the above error, which increased additional paid-in capital, decreased gain on disposal, accumulated deficit and accumulated other comprehensive income in connection with disposal of the Company’s wholly-owned subsidiary Allinyson Ltd, on April 1, 2024. These adjustments were evaluated by management in accordance with SEC Staff Accounting Bulletin Topic 1M, “Materiality” and management determined the effects of the restatement to be material.The Company is filing this Form 10-Q/A to amend and restate the Original Filing with modification as necessary to reflect the restatement. The following items have been amended to reflect the restatement:Part I, Item 1:Part I, Item 2:Part I, Item 4:In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this Form 10-Q/A (Exhibits 31.1, 31.2, 32.1 and 32.2).Except as otherwise described above and as otherwise set forth in this Form 10-Q/A, this Form 10-Q/A does not amend, modify or update any other information contained in the Original Filing. This Form 10-Q/A does not purport to reflect any information or events subsequent to the Original Filing, except as expressly described herein. Accordingly, this Form 10-Q/A should be read in conjunction with our filings made with the SEC subsequent to the filing of the Original Filing. Among other things, forward-looking statements and risk factor disclosure in the Original 10-Q have not been revised to reflect events that occurred or facts that became known to the Company after the filing of the Original Filing, and such forward-looking statements and risk factors should be read in their historical context.  
Document Period End Date Jun. 30, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Information [Line Items]    
Entity Registrant Name PLANET GREEN HOLDINGS CORP.  
Entity Central Index Key 0001117057  
Entity File Number 001-34449  
Entity Tax Identification Number 87-0430320  
Entity Incorporation, State or Country Code NV  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Contact Personnel [Line Items]    
Entity Address, Address Line One 130-30 31st Ave  
Entity Address, Address Line Two Suite 512  
Entity Address, City or Town Flushing  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11354  
Entity Phone Fax Numbers [Line Items]    
City Area Code (718)  
Local Phone Number 799-0380  
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol PLAG  
Security Exchange Name NYSEAMER  
Entity Common Stock, Shares Outstanding   7,282,714
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 539,744 $ 270,317
Restricted cash 19,189
Accounts receivable, net 3,798,197 3,114,893
Inventories 2,177,664 1,953,063
Advances to suppliers 3,211,442 5,316,195
Other receivables 350,913 349,984
Prepaid expenses 1,262,360 978,803
Assets classified as held for sale 211,498
Total current assets 13,328,293 12,510,477
Non-current assets    
Plant and equipment, net 19,184,650 20,271,844
Intangible assets, net 2,726,154 2,834,102
Construction in progress, net 30,756 30,948
Long-term investments 2,243,954 2,257,926
Goodwill 4,724,699 4,724,699
Total non-current assets 28,910,213 30,119,519
Total assets 42,238,506 42,629,996
Current liabilities    
Loans-current 1,443,425
Accounts payable 3,787,019 3,328,344
Advance from customers 2,465,754 2,464,319
Taxes payable 1,254,898 1,243,060
Other payables and accrued liabilities 4,534,229 4,484,453
Deferred income 13,330 36,334
Liabilities directly associated with assets classified as held for sale 517,930
Total current liabilities 21,420,765 19,185,697
Non-current liabilities    
Other long-term liabilities 119,908 191,981
Loans-noncurrent 4,167,369 3,812,106
Total non-current liabilities 4,287,277 4,004,087
Total liabilities 25,708,042 23,189,784
Commitments and contingencies
Stockholders’ equity    
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 and 7,282,714 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.* [1] 7,283 7,283
Additional paid-in capital 155,767,774 155,767,774
Accumulated deficit (143,526,095) (140,724,597)
Accumulated other comprehensive income 4,281,502 4,389,752
Total stockholders’ equity 16,530,464 19,440,212
Total liabilities and stockholders’ equity 42,238,506 42,629,996
Related Party    
Current assets    
Other receivables-related parties 1,968,784 315,724
Current liabilities    
Other payables-related parties $ 7,922,110 $ 7,111,257
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in Dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share) [1] $ 0.001 $ 0.001
Common stock, shares authorized [1] 100,000,000 100,000,000
Common stock, shares issued [1] 7,282,714 7,282,714
Common stock, shares outstanding [1] 7,282,714 7,282,714
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net revenues $ 1,945,211 $ 4,363,474 $ 3,475,978 $ 11,920,978
Cost of revenues 1,877,906 4,239,263 3,045,868 11,582,167
Gross profit 67,305 124,211 430,110 338,811
Operating expenses:        
Selling and marketing expenses 33,998 242,718 74,528 487,437
General and administrative expenses 1,222,598 982,555 2,426,299 2,073,166
Research and development expenses 32,287 65,188 77,985 133,907
Total operating expenses 1,288,883 1,290,461 2,578,812 2,694,510
Operating loss (1,221,578) (1,166,250) (2,148,702) (2,355,699)
Other (expenses) income        
Interest income 72 46 307 150
Interest expenses (191,491) (129,521) (314,538) (245,734)
Other income 50,541 62,483 54,991 101,198
Other expenses (747,193) (2,980) (748,666) (3,419)
Loss on disposal of equity investments (10,848,632) (10,848,632)
Total other expenses (888,071) (10,918,604) (1,007,906) (10,996,437)
Loss before income taxes (2,109,649) (12,084,854) (3,156,608) (13,352,136)
Income tax expenses (31,074) (78,698)
Loss from continuing operations (2,109,649) (12,115,928) (3,156,608) (13,430,834)
Discontinued operations:        
Income (loss) from discontinued operations 389,055 (83,720) 355,110 (54,185)
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Less: Net loss attributable to non-controlling interest
Net loss attributable to common shareholders (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Foreign currency translation adjustment (81,119) (1,116,356) (108,250) (784,746)
Total comprehensive loss $ (1,801,713) $ (13,316,004) $ (2,909,748) $ (14,269,765)
Earnings (loss) per common share of common stock - basic and diluted*        
Continuing operations - basic (in Dollars per share) [1] $ (0.29) $ (1.66) $ (0.43) $ (1.84)
Discontinued operations - basic (in Dollars per share) [1] $ 0.05 $ (0.01) $ 0.05 $ (0.01)
Basic weighted average shares outstanding (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Continuing operations - diluted [1] $ (0.29) $ (1.66) $ (0.43) $ (1.84)
Discontinued operations - diluted [1] $ 0.05 $ (0.01) $ 0.05 $ (0.01)
Diluted weighted average shares outstanding (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Total
Balance at Dec. 31, 2022 $ 7,283 $ 155,767,774 $ (119,880,801) $ 4,692,242 $ 40,586,498
Balance (in Shares) at Dec. 31, 2022 [1] 7,282,714        
Net loss (13,485,019) (13,485,019)
Foreign currency translation adjustment (784,746) (784,746)
Balance at Jun. 30, 2023 $ 7,283 155,767,774 (133,365,820) 3,907,496 26,316,733
Balance (in Shares) at Jun. 30, 2023 [1] 7,282,714        
Balance at Mar. 31, 2023 $ 7,283 155,767,774 (121,166,172) 5,023,852 39,632,737
Balance (in Shares) at Mar. 31, 2023 [1] 7,282,714        
Net loss (12,199,648) (12,199,648)
Foreign currency translation adjustment (1,116,356) (1,116,356)
Balance at Jun. 30, 2023 $ 7,283 155,767,774 (133,365,820) 3,907,496 26,316,733
Balance (in Shares) at Jun. 30, 2023 [1] 7,282,714        
Balance at Dec. 31, 2023 $ 7,283 155,767,774 (140,724,597) 4,389,752 19,440,212
Balance (in Shares) at Dec. 31, 2023 [1] 7,282,714        
Net loss (2,801,498) (2,801,498)
Foreign currency translation adjustment (108,250) (108,250)
Balance at Jun. 30, 2024 $ 7,283 155,767,774 (143,526,095) 4,281,502 16,530,464
Balance (in Shares) at Jun. 30, 2024 [1] 7,282,714        
Balance at Mar. 31, 2024 $ 7,283 155,767,774 (141,805,501) 4,362,621 18,332,177
Balance (in Shares) at Mar. 31, 2024 [1] 7,282,714        
Net loss (1,720,594) (1,720,594)
Foreign currency translation adjustment (81,119) (81,119)
Balance at Jun. 30, 2024 $ 7,283 $ 155,767,774 $ (143,526,095) $ 4,281,502 $ 16,530,464
Balance (in Shares) at Jun. 30, 2024 [1] 7,282,714        
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPFRATING ACTIVITIFS:    
Net loss $ (2,801,498) $ (13,485,019)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:    
Depreciation 958,969 1,038,757
Amortization 90,688 60,314
Loss on disposal of equity investments 10,848,632
Gain on disposal of subsidiary (189,044)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivables, net (690,160) 48,800
Inventories (237,407) 362,305
Prepayments and deposit 1,815,371 (3,248,171)
Other receivables (19,865) (41,407)
Accounts payable 506,753
Advance from customer (117,075) 1,357,209
Other payables and accrued liabilities 53,928 576,796
Taxes payable (8,988) 249,706
Deferred income (22,539) (8,032)
Net cash used in operating activities (660,867) (2,240,110)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of plant and equipment 5,683 (20,857)
Proceeds from disposal of equity method investments 2,770,000
Net decrease in cash from disposal of subsidiaries (166,066)
Net cash (used in) provided by investing activities (160,383) 2,749,143
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term loans 1,757,361 (39,521)
Changes in related party balances, net (816,191) 73,426
Net cash provided by financing activities 941,170 33,905
Net increase in cash and cash equivalents 119,920 542,938
EFFECT OF EXCHANGE RATE ON CASH 2,630 76,771
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 436,383 93,487
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 558,933 713,196
SUPPLEMENTARY OF CASH FLOW INFORMATION    
Interest received 307 365
Interest paid $ 314,538 $ 245,734
v3.24.3
Organization and Principal Activities
 6 Months Ended
Jun. 30, 2024
Organization and Principal Activities [Abstract]  
Organization and Principal Activities

1. Organization and Principal Activities

 

Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. We are engaged in various businesses through our subsidiaries and VIE entities in China.

  

On May 18, 2018, the Company incorporated Promising Prospect BVI Limited (“Planet Green BVI”), a limited company incorporated in the British Virgin Islands.

 

On September 28, 2018, Planet Green BVI acquired Lucky Sky HK through the Company’s restructuring plans.

 

On May 9, 2019, the Company issued an aggregate of 1,080,000 shares of Planet Green Holdings Corporation’s common stock to the BoZhuang Shareholders, in exchange for BoZhuang Shareholders’ agreement to enter into VIE Agreements (the “BoZhuang VIE Agreements”). On August 1, 2021, the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd was terminated and the company acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd.

 

On August 12, 2019, through Lucky Sky HK, the Company established Lucky Sky Petrochemical, a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. (“Jiayi Technologies” or “WFOE”)

 

On May 29, 2020, the Promising Prospect BVI Limited incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong.

 

On June 5, 2020, the Promising Prospect BVI Limited acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America.

 

On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.).

 

On August 10, 2020, Promising Prospect BVI Limited disposed of its 100% equity interest in Lucky Sky Holdings Corporations (H.K.).

 

On January 6, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

 

On March 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd. in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd.

 

On July 15, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd. On December 12, 2022, Anhui Ansheng Petrochemical Equipment Co., Ltd. was disposed.

 

On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd., Bless Chemical Co., Ltd. and Hubei Bryce Technology Co., Ltd. have been wholly-owned subsidiaries of the Planet Green Holding Corp.

 

On September 1, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. has changed its major shareholder from Mr. Feng Chao to Hubei Bryce Technology Co., Ltd. and Hubei Bryce Technology Co., Ltd. has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 

On December 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd. for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd.

 

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd., including its wholly-owned subsidiary Baokuan Technology (Hongkong) Limited. On April 1, 2024, Allinyson Ltd. has completely been disposed.

 

On September 14, 2022, Planet Green Holdings Corp. and Hubei Bulaisi Technology Co., Ltd. a subsidiary of the Company, entered into a Share Purchase Agreement with Xue Wang, a shareholder of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. Before the closing of this Share Purchase transaction, the Company owns 85% equity interest of Jingshan through the Purchaser. On September 14, 2022, the Company closed the Share Purchase transaction. As of September 30, 2022, Hubei Bryce Technology Co., Ltd. has hold 100% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 

Consolidation of Variable Interest Entity

 

On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd., as well as its shareholders, which gave the Company the ability to substantially influence those companies’ daily operations and financial affairs and appointment of its senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

 

The VIE Agreement is described in detail below

 

Consultation and Service Agreement

 

Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice.

 

Business Cooperation Agreement

 

Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice.

 

Equity Pledge Agreements

 

According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements.

 

Equity Option Agreements

 

According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s).

 

Voting Rights Proxy Agreements

 

According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification.

 

Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and Jilin Chuangyuan Chemical Co., Ltd. in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation.

 

Enterprise-Wide Disclosure

 

The Company’s chief operating decision-makers (i.e. chief executive officer and her direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by business lines for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment.

 

Going Concern

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $3,156,608 from continuing operations for the six months ended June 30, 2024. As of June 30, 2024 the Company had an accumulated deficit of $143,526,095, a working capital deficit of $8,092,472, its net cash used in operating activities for the six months ended June 30, 2024 was $660,867.

 

These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.
v3.24.3
Restatement of Previously Issued Financial Statements
 6 Months Ended
Jun. 30, 2024
Condensed Financial Information [Abstract]  
Restatement of Previously Issued Financial Statements

2. Restatement of Previously Issued Financial Statements

 

On September 30, 2024, the Company’s management, in consultation with its advisors, concluded that the Company’s previously issued unaudited condensed consolidated financial statements contained within the Quarterly Report on Form 10-Q for the period ended June 30, 2024 should no longer be relied upon due to an error related to the disposal of the Company’s wholly-owned subsidiary Allinyson Ltd, on April 1, 2024, and that we would restate such financial statements to make the necessary accounting corrections. Details of the restated condensed consolidated financial statements for the three and six months ended June 30, 2024, are provided below (“Restatement Items”).

 

Restatement Items

 

The Company incorrectly recognized income from discontinued operations in additional paid in capital in connection with disposal of Allinyson Ltd. The corrections resulted in a $7,407,267 decrease in income from discontinued operation, a $7,422,000 increase in additional paid-in capital, a $7,407,267 decrease in accumulated deficit and a $14,733 decrease in accumulated other comprehensive income.

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated balance sheet as of June 30, 2024:

 

  

As of June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Assets            
Current assets            
Cash and cash equivalents  $539,744   $
-
   $539,744 
Restricted cash   19,189    
-
    19,189 
Accounts receivable, net   3,798,197    
-
    3,798,197 
Inventories   2,177,664    
-
    2,177,664 
Advances to suppliers   3,211,442    
-
    3,211,442 
Other receivables   350,913    
-
    350,913 
Other receivables-related parties   1,968,784    
-
    1,968,784 
Prepaid expenses   1,262,360    
-
    1,262,360 
Total current assets   13,328,293    
-
    13,328,293 
                
Non-current assets               
Plant and equipment, net   19,184,650    
-
    19,184,650 
Intangible assets, net   2,726,154    
-
    2,726,154 
Construction in progress, net   30,756    
-
    30,756 
Long-term investments   2,243,954    
-
    2,243,954 
Goodwill   4,724,699    
-
    4,724,699 
Total non-current assets   28,910,213    
-
    28,910,213 
                
Total assets  $42,238,506   $
-
   $42,238,506 
                
Liabilities and Stockholders’ Equity               
Current liabilities               
Loans-current  $1,443,425   $
-
   $1,443,425 
Accounts payable   3,787,019    
-
    3,787,019 
Advance from customers   2,465,754    
-
    2,465,754 
Taxes payable   1,254,898    
-
    1,254,898 
Other payables and accrued liabilities   4,534,229    
-
    4,534,229 
Other payables-related parties   7,922,110    
-
    7,922,110 
Deferred income   13,330    
-
    13,330 
Total current liabilities   21,420,765    
-
    21,420,765 
                
Non-current liabilities               
Other long-term liabilities   119,908    
-
    119,908 
Loans-noncurrent   4,167,369    
-
    4,167,369 
Total non-current liabilities   4,287,277    
-
    4,287,277 
         -      
Total liabilities  $25,708,042   $
-
   $25,708,042 
Commitments and contingencies               
Stockholders’ equity               
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024   
-
    
-
    
-
 
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024   7,283    
-
    7,283 
Additional paid-in capital   148,345,774    7,422,000    155,767,774 
Accumulated deficit   (136,118,828)   (7,407,267)   (143,526,095)
Accumulated other comprehensive income   4,296,235    (14,733)   4,281,502 
                
Total stockholders’ equity  $16,530,464   $
-
   $16,530,464 
                
Total liabilities and stockholders’ equity  $42,238,506   $
-
   $42,238,506 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the three months ended June 30, 2024:

 

  

For the Three Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $1,945,211   $
-
   $1,945,211 
Cost of revenues   1,877,906    
-
    1,877,906 
Gross profit   67,305    
-
    67,305 
                
Operating expenses:               
Selling and marketing expenses   33,998    
-
    33,998 
General and administrative expenses   1,222,598    
-
    1,222,598 
Research and development expenses   32,287    
-
    32,287 
Total operating expenses   1,288,883    
-
    1,288,883 
                
Operating loss   (1,221,578)   
-
    (1,221,578)
                
Other (expenses) income               
Interest income   72    
-
    72 
Interest expenses   (191,491)   
-
    (191,491)
Other income   50,541    
-
    50,541 
Other expenses   (747,193)   
-
    (747,193)
Total other expenses   (888,071)   
-
    (888,071)
                
Loss before income taxes   (2,109,649)   
-
    (2,109,649)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (2,109,649)   
-
    (2,109,649)
                
Discontinued operations:               
Income from discontinued operations   7,796,322    (7,407,267)   389,055 
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $5,686,673   $(7,407,267)  $(1,720,594)
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Foreign currency translation adjustment   (66,386)   (14,733)   (81,119)
                
Total comprehensive loss   5,620,287    (7,422,000)   (1,801,713)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.29)  $
-
   $(0.29)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the six months ended June 30, 2024:

 

  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $3,475,978   $
-
   $3,475,978 
Cost of revenues   3,045,868    
-
    3,045,868 
Gross profit   430,110    
-
    430,110 
                
Operating expenses:               
Selling and marketing expenses   74,528    
-
    74,528 
General and administrative expenses   2,426,299    
-
    2,426,299 
Research and development expenses   77,985    
-
    77,985 
Total operating expenses   2,578,812    
-
    2,578,812 
                
Operating loss   (2,148,702)   
-
    (2,148,702)
                
Other (expenses) income               
Interest income   307    
-
    307 
Interest expenses   (314,538)   
-
    (314,538)
Other income   54,991    
-
    54,991 
Other expenses   (748,666)   
-
    (748,666)
Total other expenses   (1,007,906)   
-
    (1,007,906)
                
Loss before income taxes   (3,156,608)   
-
    (3,156,608)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (3,156,608)   
-
    (3,156,608)
                
Discontinued operations:               
Income from discontinued operations   7,762,377    (7,407,267)   355,110 
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $4,605,769   $(7,407,267)  $(2,801,498)
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Foreign currency translation adjustment   (93,517)   (14,733)   (108,250)
                
Total comprehensive loss   4,512,252    (7,422,000)   (2,909,748)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.43)  $
-
   $(0.43)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024:

 

                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Amount   Capital   Deficit   Income   Interests   Total 
Balance, March 31, 2023   7,282,714   $7,283   $155,767,774   $(121,166,172)  $5,023,852   $
                -
   $39,632,737 
Net loss   -    
-
    
-
    (12,199,648)   
-
    
-
    (12,199,648)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (1,116,356)   
-
    (1,116,356)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, March 31, 2024   7,282,714   $7,283   $155,767,774   $(141,805,501)  $4,362,621   $
-
   $18,332,177 
Net loss   -    
-
    
-
    5,686,673    
-
    
-
    5,686,673 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (66,386)   
-
    (66,386)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 

 

* Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the six months ended June 30, 2024:

 

                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Stock   Capital   Deficit   Income   Interests   Total 
Balance, January 1, 2023   7,282,714   $7,283   $155,767,774   $(119,880,801)  $4,692,242   $
                   -
   $40,586,498 
Net loss   -    
-
    
-
    (13,485,019)   -    
-
    (13,485,019)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (784,746)   
-
    (784,746)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, January 1, 2024   7,282,714   $7,283   $155,767,774   $(140,724,597)  $4,389,752   $
-
   $19,440,212 
Net loss   -    
-
    
-
    4,605,769    
-
    
-
    4,605,769 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (93,517)   
-
    (93,517)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 

 

* Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of cash flows for the six months ended June 30, 2024:

 

  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
CASH FLOWS FROM OPFRATING ACTIVITIFS:            
             
Net loss  $4,605,769   $(7,407,267)  $(2,801,498)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        -      
Depreciation   958,969    
-
    958,969 
Amortization   90,688    
-
    90,688 
Gain on disposal of subsidiary   (7,596,311)   7,407,267    (189,044)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:               
Accounts receivables, net   (690,160)   
-
    (690,160)
Inventories   (237,407)   
-
    (237,407)
Prepayments and deposit   1,815,371    
-
    1,815,371 
Other receivables   (19,865)   
-
    (19,865)
Accounts payable   506,753    
-
    506,753 
Advance from customer   (117,075)   
-
    (117,075)
Other payables and accrued liabilities   53,928    
-
    53,928 
Taxes payable   (8,988)   
-
    (8,988)
Deferred income   (22,539)   
-
    (22,539)
Net cash used in operating activities   (660,867)   
-
    (660,867)
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of plant and equipment   5,683    
-
    5,683 
Net decrease in cash from disposal of subsidiaries   (166,066)   
-
    (166,066)
Net cash (used in) provided by investing activities   (160,383)   
-
    (160,383)
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from long-term loans   1,757,361    
-
    1,757,361 
Changes in related party balances, net   (816,191)   
-
    (816,191)
Net cash provided by financing activities   941,170    
-
    941,170 
                
Net increase in cash and cash equivalents   119,920    
-
    119,920 
                
EFFECT OF EXCHANGE RATE ON CASH   2,630    
-
    2,630 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR   436,383    
-
    436,383 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR  $558,933   $
-
   $558,933 
                
SUPPLEMENTARY OF CASH FLOW INFORMATION               
Interest received  $307   $
-
   $307 
Interest paid  $314,538   $
-
   $314,538 
v3.24.3
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

 

Basis of Presentation

 

Management has prepared the accompanying financial statements and these notes according to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting.

 

Principles of Consolidation

 

Details of the Subsidiaries of the Company as of June 30, 2024 are set below:

 

Name of Company 

Place of

incorporation

 

Attributable equity

interest %

  

Registered

capital

 
Promising Prospect BVI Limited  The British Virgin Islands    100   $10,000 
Promising Prospect HK Limited  Hong Kong    100     1 
Jiayi Technologies (Xianning) Co., Ltd.  PRC    100     2,000,000 
Fast Approach Inc.  Canada    100     79 
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.)  PRC    100     - 
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.  PRC    100     4,710,254 
Xianning Bozhuang Tea Products Co., Ltd.  PRC    100     6,277,922 
Jilin Chuangyuan Chemical Co., Ltd.  PRC    VIE     9,280,493 
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)  Hong Kong    100     10,000 
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)  PRC    100     30,000,000 
Shandong Yunchu Supply Chain Co., Ltd.  PRC    100     5,000,000 
Shine Chemical Co., Ltd.  Cayman    100     8,000 

 

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests.

 

Reclassifications

 

Certain amounts on the prior-years’ consolidated balance sheets and statement of operations were reclassified to reflect discontinued operations, with no effect on ending stockholders’ equity.

 

Noncontrolling Interests

 

The noncontrolling interests of the Company represent the ownership stakes held by minority shareholders in the Company’s subsidiaries, and are presented separately from the equity attributable to the Company’s shareholders on the consolidated balance sheets. Noncontrolling interests in the Company’s results are disclosed on the consolidated statement of operations and comprehensive loss as allocations of total income or loss for the year between noncontrolling interest holders and the Company’s shareholders.

 

Use of Estimates

 

The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates estimates, including the allowance for credit losses of accounts receivable, amounts due from related parties and equity investments, the useful lives of our property and equipment, impairment of long-lived assets, long-term investments and goodwill, etc. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of June 30, 2024, the Company had cash and cash equivalents of $558,933 compared to $270,317 as of December 31, 2023.

 

Accounts Receivable, Net

 

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the amount is not expected to be collected. Delinquent amount balances are written off against the allowance for doubtful amounts after the management has determined that the likelihood of collection is not probable.

 

Inventories

 

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. An annual impairment test will be performed on inventory, and any excess of the recoverable amount over the carrying amount will be recognized as impairment losses in the current period.

 

Advances and Prepayments to Suppliers

 

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. At the end of each fiscal year, we undertake a thorough examination of prepaid expenses and contractual terms, analyze the causes of delayed receipt of corresponding valuable goods, calculate recoverable amounts using a probability-weighted average method for unrecoverable amounts, and make provisions for impairment as deemed necessary.

 

Plant and Equipment

 

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

 

Buildings   20-40 years 
Machinery and equipment   1-10 years 
Motor vehicles   5-10 years 
Office equipment   5-20 years 

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

 

Intangible Assets

 

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

 

Land use rights   50 years 
Software licenses   2 years 
Trademarks   10 years 

 

Construction in Progress and Prepayments for Equipment

 

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.

 

Goodwill

 

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

 

Impairment of Long-lived Assets

 

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

 

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.

 

Statutory Reserves

 

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

 

Foreign Currency Translation

 

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

 

   06/30/2024   12/31/2023    06/30/2023 
Period-end US$: CDN exchange rate   1.3634    1.3196    1.3205 
Period-end US$: RMB exchange rate   7.1268    7.0827    7.2258 
Period-end US$: HK exchange rate   7.8087    7.8157    7.8373 
Period average US$: CDN exchange rate   1.3515    1.3452    1.3480 
Period average US$: RMB exchange rate   7.1051    7.0467    6.9291 
Period average US$: HK exchange rate   7.8187    7.8282    7.8387 

 

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

 

Revenue Recognition

 

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

 

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company recognizes product revenue at a point in time when the control of the products has been transferred to customers. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

  ● identify the contract with a customer;

 

  ● identify the performance obligations in the contract;

 

  ● determine the transaction price;

 

  ● allocate the transaction price to performance obligations in the contract; and;

 

  ● Recognize revenue as the performance obligation is satisfied.

 

Advertising

 

All advertising costs are expensed as incurred.

 

Shipping and Handling

 

All outbound shipping and handling costs are expensed as incurred.

 

Research and Development

 

All research and development costs are expensed as incurred.

 

Retirement Benefits

 

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

  

Income Taxes

 

The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

 

Comprehensive Income

 

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

 

Earnings Per Share

 

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

 

Fair Value Measurements of Financial Instruments

 

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

 

  ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

 

  ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.

 

  ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Lease

 

Effective December 31, 2018, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. 

 

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

 

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows.

 

As of June 30, 2024, the lease agreement with JSSH has lapsed and the company does not have any current lease agreements exceeding 12 months.

 

Equity Investments

 

In January 2016, the FASB issued ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities, which, among other things, generally requires companies to measure investments in other entities, except those accounted for under the equity method, at fair value and to recognize any changes in fair value in net income. ASU 2016-01 also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and the guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity investments without readily determinable fair values (including disclosure requirements) is applied prospectively to equity investments that exist as of the date of adoption. ASU 2016-01, which the Company adopted on January 1, 2018, did not have a material impact on the consolidated financial statements.

 

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an entity in which the Company has recorded an equity investment equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the equity investee.

  

Commitments and Contingencies 

 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

 

Recent Accounting Pronouncements

 

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company has implemented the new standard, and as of June 30, 2024, there was no material effect of this current standard on its consolidated financial statements and related disclosures.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
v3.24.3
Variable Interest Entity (“VIE”)
 6 Months Ended
Jun. 30, 2024
Variable Interest Entity (“VIE”) [Abstract]  
Variable Interest Entity (“VIE”)

4. Variable Interest Entity (“VIE”)

 

A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder with a controlling financial interest in a VIE is deemed the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd because it has both of the following characteristics:

 

1) The power to direct activities at Jilin Chuangyuan Chemical Co., Ltd. that most significantly impact such entity’s economic performance, and

 

2) The obligation to absorb losses and the right to receive benefits from Jilin Chuangyuan Chemical Co., Ltd that could potentially be significant to such entity. Under the Contractual Arrangements, Jilin Chuangyuan Chemical Co., Ltd pay service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of the Jilin Chuangyuan Chemical Co., Ltd.’s losses. The Contractual Arrangements are designed to operate Jilin Chuangyuan Chemical Co., Ltd for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Jilin Chuangyuan Chemical Co., Ltd are consolidated in the accompanying consolidated financial statements. In addition, those financial positions and results of operations are included in the Company’s consolidated financial statements.

 

The carrying amount of VIE’s consolidated assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows:

 

   June 30,   December 31, 
   2024   2023 
Assets        
Current assets        
Cash and cash equivalents  $18,378   $33,103 
Trade accounts receivable, net   2,556    132,013 
Inventories   563,190    528,624 
Advances to suppliers   124,688    106,971 
Other receivables   19,983    25,280 
Intercompany receivable   1,543,470    1,553,080 
Prepaid expenses   3,908    
-
 
Total current assets   2,276,173    2,379,071 
           
Non-current assets          
Plant and equipment, net   7,433,054    7,991,576 
Intangible assets, net   1,819,736    1,854,099 
Construction in progress, net   7,296    7,342 
Total non-current assets   9,260,086    9,853,017 
           
Total assets  $11,536,259   $12,232,088 
           
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $531,620   $565,582 
Advance from customers   144,538    7,723 
Taxes payable   49    16,363 
Other payables and accrued liabilities   3,167,600    3,115,764 
Intercompany payable   3,012,656    3,031,415 
Other payables-related parties   1,530,826    1,307,260 
Long term payable-current portion   119,908    161,669 
Deferred income   13,330    21,178 
Total current liabilities   8,520,527    8,226,954 
           
Non-current liabilities          
Long-term payables    3,788,517     3,812,106 
Total non-current liabilities   3,788,517    3,812,106 
           
Total Liabilities  $12,309,044   $12,039,060 
           
Stockholders’ equity          
Paid-in capital   9,280,493    9,280,493 
Statutory Reserve   29,006    29,006 
Accumulated deficit   (9,196,984)   (8,229,416)
Accumulated other comprehensive income   (885,300)   (887,055)
Total stockholders’ equity   (772,785)   193,028 
           
Total liabilities and stockholders’ equity  $11,536,259   $12,232,088 

 

The summarized operating results of the VIE’s for the three and six months ended June 30, 2024 and 2023 are as follows:

 

   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
  2024   2023   2024   2023 
Operating revenues  $36,065   $2,093,307   $62,705   $4,286,828 
Gross profit   (23,464)   (57,239)   (37,895)   (142,868)
Loss from operations   (529,171)    (672,427)    (967,568)    (1,179,913)
Net loss  $(529,171)  $(672,427)  $(967,568)  $(1,179,913)
v3.24.3
Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2024
Accounts Receivable, Net [Abstract]  
Accounts Receivable, Net

5. Accounts Receivable, Net

 

The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers

 

   June 30,   December 31, 
   2024   2023 
Trade accounts receivable  $5,870,607   $5,217,020 
Less: Allowance for credit losses   (2,072,410)   (2,102,127)
   $3,798,197   $3,114,893 
Allowance for credit losses          
Beginning balance:   (2,102,127)   (366,301)
Additions to allowance   
-
    (1,735,826)
Bad debt written-off   29,717    
-
 
Ending balance  $(2,072,410)  $(2,102,127)
v3.24.3
Advances and Prepayments to Suppliers
 6 Months Ended
Jun. 30, 2024
Advances and Prepayments to Suppliers [Abstract]  
Advances and Prepayments to Suppliers

6. Advances and Prepayments to Suppliers

 

Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:

 

   June 30,   December 31, 
   2024   2023 
Payment to suppliers and vendors   3,342,753    5,448,324 
Allowance for credit losses   (131,311)   (132,129)
Total  $3,211,442   $5,316,195 
v3.24.3
Inventories
 6 Months Ended
Jun. 30, 2024
Inventories [Abstract]  
Inventories

7. Inventories

 

Inventories consisted of the following as of June 30, 2024 and December 31, 2023:

 

   June 30,   December 31, 
   2024   2023 
Raw materials  $2,291,883   $1,957,942 
Work in progress   1,365,375    1,394,569 
Finished goods   604,609    697,733 
Allowance for inventory reserve   (2,084,203)   (2,097,181)
Total  $2,177,664   $1,953,063 
v3.24.3
Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Plant and Equipment, Net [Abstract]  
Plant and Equipment, Net

8. Plant and Equipment, Net

 

Plant and equipment consisted of the following as of June 30, 2024 and December 31, 2023:

 

   June 30,   December 31, 
   2024   2023 
At Cost:        
Buildings  $19,483,292   $19,604,604 
Machinery and equipment   11,117,907    11,181,032 
Office equipment   750,432    767,094 
Motor vehicles   1,456,592    1,465,662 
    32,808,223    33,018,392 
Less: Impairment   (745,674)   (750,317)
Less: Accumulated depreciation   (12,877,899)   (11,996,231)
    19,184,650    20,271,844 
Construction in progress   30,756    30,948 
   $19,215,406   $20,302,792 

 

Depreciation expense for the six months ended June 30, 2024 and June 30, 2023 was $881,669 and $630,258, respectively.
v3.24.3
Intangible Assets
 6 Months Ended
Jun. 30, 2024
Intangible Assets [Abstract]  
Intangible Assets

9. Intangible Assets

 

   June 30,   December 31, 
   2024   2023 
At Cost:          
Land use rights   2,982,288    3,000,857 
Software licenses   66,792    68,573 
Trademark   896,094    901,674 
   $3,945,174   $3,971,104 
           
Less: Accumulated amortization   (1,219,020)   (1,137,002)
   $2,726,154   $2,834,102 

 

Amortization expense for the three months ended June 30, 2024 and June30, 2023 was $82,018 and $60,314, respectively.
v3.24.3
Long-term Investment
 6 Months Ended
Jun. 30, 2024
Long-term Investment [Abstract]  
Long-term Investment

10. Long-term Investment

  

In 2020, the Company made an initial investment of $2.87 million in exchange for a 19% limited partner interest in Shandong Ningwei New Energy Technology Co., Ltd. The investment was accounted for using the cost method due to the lack of readily determinable fair value in 2024.

 

As of June 30, 2024 and December 31, 2023, the balance of long-term investments stood at $2,243,954 and $2,257,926 respectively. The variance can be attributed to the impact of foreign exchange fluctuations.
v3.24.3
Other Payable
 6 Months Ended
Jun. 30, 2024
Other Payable [Abstract]  
Other Payable

11. Other Payable

 

As of June 30, 2024 and December 31, 2023, the balance of other payable was $4,534,229 and $4,484,453 Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties.
v3.24.3
Advance From Customer
 6 Months Ended
Jun. 30, 2024
Advance From Customer [Abstract]  
Advance From Customer

12. Advance From Customer

 

For our operation, the proceeds received from sales are initially recorded as advance from customers, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period. As of June 30, 2024 and December 31, 2023, the outstanding balance of the Advance from customers was $2,465,754 and $2,464,319 respectively. Due to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting period.
v3.24.3
Related Parties Transaction
 6 Months Ended
Jun. 30, 2024
Related Parties Transaction [Abstract]  
Related Parties Transaction

13. Related Parties Transaction

 

As of June 30, 2024 and December 31, 2023, the outstanding balance due from related parties was $1,968,784 and $315,724, respectively. Significant related parties comprised much of the total outstanding balance are stated below:

 

      As of
June 30,		   As of
December 31,		 
Amounts due from related parties:     2024   2023 
Mr. Chen Xing  the management of the Shandong Yunchu  $292,390   $294,210 
Mr. Lu Jun  the management of the Jingshan Sanhe  $
-
   $21,514 
Mr. Xiong Hai Yan  the management of the Jingshan Sanhe  $1,640,675   $
-
 
Mr. Yang Yong  the management of the Fast  $35,719   $
-
 

 

These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand.

 

As of June 30, 2024 and December 31, 2023, the outstanding balance due to related parties was $7,922,110 and $7,111,257, respectively. The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed.

 

Significant parties comprised much of the total outstanding balance are stated below:

 

      As of
June 30,		   As of
December 31,		 
Amounts due to related parties:     2024   2023 
Ms. Yan Yan  the spouse of the legal representative of Jilin Chuangyuan  $1,156,199   $899,241 
Mr. Bin Zhou  Chief Executive Officer and Chairman of the Company  $1,494,181   $1,393,529 
Hubei Shuang New Energy Technology Co., Ltd.  significant impact  $974,015   $442,216 
Shandong Ningwei New Energy Technology Co., Ltd.  significant impact  $1,486,782   $1,496,040 
Anhui Ansheng equipment Co., Ltd.  Previous subsidiary  $1,177,804   $1,177,836 
Senior managements  significant impact  $1,633,129   $1,702,395 
v3.24.3
Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Goodwill

14. Goodwill

 

The changes in the carrying amount of goodwill by reportable segment are as follows: 

 

   SDYC 
Balance as of December 31, 2022  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Disposal of subsidiaries   
-
 
Balance as of December 31, 2023  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Balance as of June 30, 2024  $4,724,699 

 

As of June 30, 2024 and December 31, 2023, the carrying amount of the Company’s goodwill was $4,724,699. 
v3.24.3
Bank Loans
 6 Months Ended
Jun. 30, 2024
Bank Loans [Abstract]  
Bank Loans

15. Bank Loans

 

The outstanding balances on short-term and long-term bank loans consisted of the following:

 

Lender  Maturities  Weighted
average
interest
rate		   06/30/2024   12/31/2023 
Rural Credit Cooperatives of Jilin Province, Jilin Branch  Due in November 2026   7.83%  $3,507,886   $3,529,727 
Tonghua Dongchang Yuyin Village Bank Co., Ltd.  Due in June 2025   8%  $280,631   $282,378 
Jingshan City branch of Postal Saving Bank of China  Due in January 2025   3.85%  $1,401,330   $
-
 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in June 2026   4%  $420,946   $- 

 

Buildings and land use rights in the amount of $11,043,343 are used as collateral for Jilin Branch. The long-term bank loan which is denominated in Renminbi was primarily obtained for general working capital.

 

The loan from Tonghua Dongchang Yuyin Village Bank, as a three years long-term debt, was denominated in Renminbi and was primarily obtained for general working capital. On June 15, 2022, Mr. Chen Yongsheng and Mr. Cai Xiaodong pledged 28,465,000 stocks of Jilin Chuangyuan Chemical Co., Ltd. to the pledgee-Tonghua Dongchang Yuyin Village Bank. As the pledgee, Tonghua Dongchang Yuyin Village Bank shall have custody of these stocks, which accounted for approximately 71.43% of the total share during the entire term of pledge set forth in this agreement.

 

The loan from the Jingshan City branch of Postal Savings Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Zhou Bin, the Company’s COO, and Hubei Bryce Technology Co., Ltd., which is under the company’s control.

 

Interest expense for six months ended June 30, 2024 and 2023 was $176,236 and $135,452 respectively.
v3.24.3
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity

16. Equity

 

On January 13, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 7,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $7,000,000, representing a purchase price of $1.00 per Share.

 

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

 

On May 19, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which two investors agreed to purchase an aggregate of 10,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $4,100,000, representing a purchase price of $0.41 per Share. 

 

On July 20, 2022, the Company acquired 30% equity interest of the Xianning Xiangtian Energy Holdings Group Co., Ltd. and the Company issued 12,000,000 shares of common stock to the Sellers.

 

On May 31, 2024, every ten shares of the Common Stock issued and outstanding or held as treasury stock will be automatically converted into one new share of Common Stock. The total number of shares of Common Stock authorized for issuance will then be reduced by a corresponding proportion The par value per share of the Common Stock will remain unchanged at $0.001 per share.

 

As of June 30, 2024 and 2023, the number of common stock issued was 7,282,714 and 7,282,714 respectively.
v3.24.3
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Income Taxes

17. Income Taxes

 

United States

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. As the Company has a December 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of 21% for the Company’s fiscal year ending June 30, 2024. Accordingly, the Company has remeasured the Company’s deferred tax assets on net operating loss carryforwards (“NOLs”) in the U.S at the lower enacted cooperated tax rate of 21%. However, this remeasurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

Additionally, the Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The change in rate has caused the Company to remeasure all U.S. deferred income tax assets and liabilities for temporary differences and NOLs and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to March 31, 2024 which the Company has foreign cumulative losses at June 30, 2024.

 

British Virgin Islands

 

Planet Green Holdings Corporation BVI is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

 

Hong Kong

 

Lucky Sky Planet Green Holdings Co., Limited (H.K.) is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, Lucky Sky Planet Green Holdings Co., Limited (H.K.) is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

 

PRC

 

The Company PRC subsidiaries and VIEs and their controlled entities are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC, Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.

 

Significant components of the income tax expense consisted of the following for the three months ended June 30, 2024 and 2023: 

 

   6/30/2024   6/30/2023 
Loss attributed to PRC operations  $(2,756,026)  $(1,834,178)
Loss attributed to U.S. operations   (628,100)   (11,560,992)
Income attributed to Canada operations   227,518    43,034 
Loss before tax  $(3,156,608)  $(13,352,136)
           
PRC Statutory Tax at 25% Rate   (689,007)   (472,091)
Valuation allowance   689,007    550,789 
Income tax  $
-
   $78,698 
Per Share Effect of Tax Exemption   
 
    
 
 
Weighted-Average Shares Outstanding Basic   7,282,714    7,282,714 
Per share effect  $
-
   $
-
 

 

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

 

Reconciliation of effective income tax rate from continuing operations is as follows for the six months ended June 30, 2024 and 2023:

 

   6/30/2024   6/30/2023 
U.S. federal statutory income tax rate   21%   21%
Higher (lower) rates in PRC, net   4%   4%
Non-recognized deferred tax benefits in the PRC   (25.00)%   (25.59)%
The Company’s effective tax rate   
-
%   0.59%
v3.24.3
Earnings (Loss) Per Share of Common Stock
 6 Months Ended
Jun. 30, 2024
Earnings (Loss) Per Share of Common Stock [Abstract]  
Earnings (Loss) Per Share of Common Stock

18. Earnings (Loss) Per Share of Common Stock

 

   For the Six Months Ended 
   June 30, 
   2024   2023 
Net loss from operations attributable to common stockholders  $(2,801,498)  $(13,485,019)
           
Basic and diluted (loss) earnings per share denominator:          
Original Shares at the beginning:   7,282,714    7,282,714 
Basic Weighted Average Shares Outstanding   7,282,714    7,282,714 
           
Loss per share from continuing operations - Basic and diluted
  $(0.43)  $(1.84)
Income per share from discontinued operations - Basic and diluted
  $0.05   $(0.01)
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714 
v3.24.3
Concentrations
 6 Months Ended
Jun. 30, 2024
Concentrations [Abstract]  
Concentrations

19. Concentrations

 

Customers Concentrations:

 

The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the six months ended June 30, 2024 and 2023.

 

   For the six months ended 
Customers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   1,054,847    31    
-
    
-
 
B   

-

    
-
    2,536,866    19 
C   656,699    20    
-
    
-
 
D   
-
    
-
    1,342,227    10 
E   376,997    11    

-

    

-

 

 

Suppliers Concentrations

 

The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the six months ended June 30, 2024 and 2023.

 

   For the six months ended 
Suppliers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   
-
    
-
    2,738,879    22 
B   
-
    
-
    2,225,440    18 
C   
-
    
-
    1,664,699    14 
D   
-
    
-
    1,200,986    10 
E   912,116    27    
-
    
-
 
F   825,925    24    
-
    
-
 
G   572,169    17    
-
    
-
 
H   366,357    11    
-
    
-
 
v3.24.3
Risks
 6 Months Ended
Jun. 30, 2024
Risks [Abstract]  
Risks

20. Risks

 

A. Credit risk

 

The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent.

 

Since the Company’s inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers.

 

B. Interest risk

 

The Company is subject to interest rate risk when short-term loans become due and require refinancing.

 

C. Economic and political risks

 

The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.
v3.24.3
Contingencies
 6 Months Ended
Jun. 30, 2024
Contingencies [Abstract]  
Contingencies

21. Contingencies

 

The Group records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Group evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Group discloses the amount of the accrual if it is material.

 

When a loss contingency is not both probable and estimable, the Group does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Group discloses an estimate of the loss or range of loss, unless it is immaterial or an estimate cannot be made. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. The Company has analyzed its operations subsequent to June 30, 2024 to the date these consolidated financial statements were issued, and has determined that it does not have any material contingency events to disclose.
v3.24.3
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

22. Subsequent Events

 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to June 30, 2024 to the date these financial statements were issued, and has determined that it does not have any material events to disclose.
v3.24.3
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ (1,720,594) $ (12,199,648) $ (2,801,498) $ (13,485,019)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Accounting Policies, by Policy (Policies)
 6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

Management has prepared the accompanying financial statements and these notes according to generally accepted accounting principles in the United States (“GAAP”). The Company maintains its general ledger and journals with the accrual method accounting.
Principles of Consolidation

Principles of Consolidation

Details of the Subsidiaries of the Company as of June 30, 2024 are set below:

Name of Company 

Place of

incorporation

 

Attributable equity

interest %

  

Registered

capital

 
Promising Prospect BVI Limited  The British Virgin Islands    100   $10,000 
Promising Prospect HK Limited  Hong Kong    100     1 
Jiayi Technologies (Xianning) Co., Ltd.  PRC    100     2,000,000 
Fast Approach Inc.  Canada    100     79 
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.)  PRC    100     - 
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.  PRC    100     4,710,254 
Xianning Bozhuang Tea Products Co., Ltd.  PRC    100     6,277,922 
Jilin Chuangyuan Chemical Co., Ltd.  PRC    VIE     9,280,493 
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)  Hong Kong    100     10,000 
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)  PRC    100     30,000,000 
Shandong Yunchu Supply Chain Co., Ltd.  PRC    100     5,000,000 
Shine Chemical Co., Ltd.  Cayman    100     8,000 

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests.
Noncontrolling Interests

Noncontrolling Interests

The noncontrolling interests of the Company represent the ownership stakes held by minority shareholders in the Company’s subsidiaries, and are presented separately from the equity attributable to the Company’s shareholders on the consolidated balance sheets. Noncontrolling interests in the Company’s results are disclosed on the consolidated statement of operations and comprehensive loss as allocations of total income or loss for the year between noncontrolling interest holders and the Company’s shareholders.
Use of Estimates

Use of Estimates

The financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates estimates, including the allowance for credit losses of accounts receivable, amounts due from related parties and equity investments, the useful lives of our property and equipment, impairment of long-lived assets, long-term investments and goodwill, etc. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

 
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of June 30, 2024, the Company had cash and cash equivalents of $558,933 compared to $270,317 as of December 31, 2023.
Accounts Receivable, Net

Accounts Receivable, Net

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the amount is not expected to be collected. Delinquent amount balances are written off against the allowance for doubtful amounts after the management has determined that the likelihood of collection is not probable.
Inventories

Inventories

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. An annual impairment test will be performed on inventory, and any excess of the recoverable amount over the carrying amount will be recognized as impairment losses in the current period.
Advances and Prepayments to Suppliers

Advances and Prepayments to Suppliers

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. At the end of each fiscal year, we undertake a thorough examination of prepaid expenses and contractual terms, analyze the causes of delayed receipt of corresponding valuable goods, calculate recoverable amounts using a probability-weighted average method for unrecoverable amounts, and make provisions for impairment as deemed necessary.
Plant and Equipment

Plant and Equipment

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

Buildings   20-40 years 
Machinery and equipment   1-10 years 
Motor vehicles   5-10 years 
Office equipment   5-20 years 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

 
Intangible Assets

Intangible Assets

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

Land use rights   50 years 
Software licenses   2 years 
Trademarks   10 years 
Construction in Progress and Prepayments for Equipment

Construction in Progress and Prepayments for Equipment

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.
Goodwill

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.
Impairment of Long-lived Assets

Impairment of Long-lived Assets

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.
Statutory Reserves

Statutory Reserves

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

 
Foreign Currency Translation

Foreign Currency Translation

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

   06/30/2024   12/31/2023    06/30/2023 
Period-end US$: CDN exchange rate   1.3634    1.3196    1.3205 
Period-end US$: RMB exchange rate   7.1268    7.0827    7.2258 
Period-end US$: HK exchange rate   7.8087    7.8157    7.8373 
Period average US$: CDN exchange rate   1.3515    1.3452    1.3480 
Period average US$: RMB exchange rate   7.1051    7.0467    6.9291 
Period average US$: HK exchange rate   7.8187    7.8282    7.8387 

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.
Revenue Recognition

Revenue Recognition

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company recognizes product revenue at a point in time when the control of the products has been transferred to customers. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

  ● identify the contract with a customer;
  ● identify the performance obligations in the contract;
  ● determine the transaction price;
  ● allocate the transaction price to performance obligations in the contract; and;
  ● Recognize revenue as the performance obligation is satisfied.

 
Advertising

Advertising

All advertising costs are expensed as incurred.
Shipping and Handling

Shipping and Handling

All outbound shipping and handling costs are expensed as incurred.
Research and Development

Research and Development

All research and development costs are expensed as incurred.
Retirement Benefits

Retirement Benefits

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.
Income Taxes

Income Taxes

The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.
Comprehensive Income

Comprehensive Income

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.
Earnings Per Share

Earnings Per Share

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

 
Fair Value Measurements of Financial Instruments

Fair Value Measurements of Financial Instruments

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

  ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.
  ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.
  ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Lease

Lease

Effective December 31, 2018, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. 

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows.

As of June 30, 2024, the lease agreement with JSSH has lapsed and the company does not have any current lease agreements exceeding 12 months.

 
Equity Investments

Equity Investments

In January 2016, the FASB issued ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities, which, among other things, generally requires companies to measure investments in other entities, except those accounted for under the equity method, at fair value and to recognize any changes in fair value in net income. ASU 2016-01 also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and the guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity investments without readily determinable fair values (including disclosure requirements) is applied prospectively to equity investments that exist as of the date of adoption. ASU 2016-01, which the Company adopted on January 1, 2018, did not have a material impact on the consolidated financial statements.

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an entity in which the Company has recorded an equity investment equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the equity investee.
Commitments and Contingencies

Commitments and Contingencies 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company has implemented the new standard, and as of June 30, 2024, there was no material effect of this current standard on its consolidated financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
v3.24.3
Restatement of Previously Issued Financial Statements (Tables)
 6 Months Ended
Jun. 30, 2024
Condensed Financial Information [Abstract]  
Schedule of Condensed Consolidated Balance Sheet The following tables present the effect of the Restatement Items on the Company’s condensed consolidated balance sheet as of June 30, 2024:
  

As of June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Assets            
Current assets            
Cash and cash equivalents  $539,744   $
-
   $539,744 
Restricted cash   19,189    
-
    19,189 
Accounts receivable, net   3,798,197    
-
    3,798,197 
Inventories   2,177,664    
-
    2,177,664 
Advances to suppliers   3,211,442    
-
    3,211,442 
Other receivables   350,913    
-
    350,913 
Other receivables-related parties   1,968,784    
-
    1,968,784 
Prepaid expenses   1,262,360    
-
    1,262,360 
Total current assets   13,328,293    
-
    13,328,293 
                
Non-current assets               
Plant and equipment, net   19,184,650    
-
    19,184,650 
Intangible assets, net   2,726,154    
-
    2,726,154 
Construction in progress, net   30,756    
-
    30,756 
Long-term investments   2,243,954    
-
    2,243,954 
Goodwill   4,724,699    
-
    4,724,699 
Total non-current assets   28,910,213    
-
    28,910,213 
                
Total assets  $42,238,506   $
-
   $42,238,506 
                
Liabilities and Stockholders’ Equity               
Current liabilities               
Loans-current  $1,443,425   $
-
   $1,443,425 
Accounts payable   3,787,019    
-
    3,787,019 
Advance from customers   2,465,754    
-
    2,465,754 
Taxes payable   1,254,898    
-
    1,254,898 
Other payables and accrued liabilities   4,534,229    
-
    4,534,229 
Other payables-related parties   7,922,110    
-
    7,922,110 
Deferred income   13,330    
-
    13,330 
Total current liabilities   21,420,765    
-
    21,420,765 
                
Non-current liabilities               
Other long-term liabilities   119,908    
-
    119,908 
Loans-noncurrent   4,167,369    
-
    4,167,369 
Total non-current liabilities   4,287,277    
-
    4,287,277 
         -      
Total liabilities  $25,708,042   $
-
   $25,708,042 
Commitments and contingencies               
Stockholders’ equity               
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024   
-
    
-
    
-
 
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024   7,283    
-
    7,283 
Additional paid-in capital   148,345,774    7,422,000    155,767,774 
Accumulated deficit   (136,118,828)   (7,407,267)   (143,526,095)
Accumulated other comprehensive income   4,296,235    (14,733)   4,281,502 
                
Total stockholders’ equity  $16,530,464   $
-
   $16,530,464 
                
Total liabilities and stockholders’ equity  $42,238,506   $
-
   $42,238,506 

 
Schedule of Condensed Consolidated Statement of Operations The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the three months ended June 30, 2024:
  

For the Three Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $1,945,211   $
-
   $1,945,211 
Cost of revenues   1,877,906    
-
    1,877,906 
Gross profit   67,305    
-
    67,305 
                
Operating expenses:               
Selling and marketing expenses   33,998    
-
    33,998 
General and administrative expenses   1,222,598    
-
    1,222,598 
Research and development expenses   32,287    
-
    32,287 
Total operating expenses   1,288,883    
-
    1,288,883 
                
Operating loss   (1,221,578)   
-
    (1,221,578)
                
Other (expenses) income               
Interest income   72    
-
    72 
Interest expenses   (191,491)   
-
    (191,491)
Other income   50,541    
-
    50,541 
Other expenses   (747,193)   
-
    (747,193)
Total other expenses   (888,071)   
-
    (888,071)
                
Loss before income taxes   (2,109,649)   
-
    (2,109,649)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (2,109,649)   
-
    (2,109,649)
                
Discontinued operations:               
Income from discontinued operations   7,796,322    (7,407,267)   389,055 
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $5,686,673   $(7,407,267)  $(1,720,594)
                
Net loss   5,686,673    (7,407,267)   (1,720,594)
                
Foreign currency translation adjustment   (66,386)   (14,733)   (81,119)
                
Total comprehensive loss   5,620,287    (7,422,000)   (1,801,713)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.29)  $
-
   $(0.29)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 

The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of operations for the six months ended June 30, 2024:
  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
Net revenues  $3,475,978   $
-
   $3,475,978 
Cost of revenues   3,045,868    
-
    3,045,868 
Gross profit   430,110    
-
    430,110 
                
Operating expenses:               
Selling and marketing expenses   74,528    
-
    74,528 
General and administrative expenses   2,426,299    
-
    2,426,299 
Research and development expenses   77,985    
-
    77,985 
Total operating expenses   2,578,812    
-
    2,578,812 
                
Operating loss   (2,148,702)   
-
    (2,148,702)
                
Other (expenses) income               
Interest income   307    
-
    307 
Interest expenses   (314,538)   
-
    (314,538)
Other income   54,991    
-
    54,991 
Other expenses   (748,666)   
-
    (748,666)
Total other expenses   (1,007,906)   
-
    (1,007,906)
                
Loss before income taxes   (3,156,608)   
-
    (3,156,608)
                
Income tax expenses   
-
    
-
    
-
 
                
Loss from continuing operations   (3,156,608)   
-
    (3,156,608)
                
Discontinued operations:               
Income from discontinued operations   7,762,377    (7,407,267)   355,110 
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Less: Net loss attributable to non-controlling interest   
-
    
 
    
-
 
                
Net loss attributable to common shareholders  $4,605,769   $(7,407,267)  $(2,801,498)
                
Net loss   4,605,769    (7,407,267)   (2,801,498)
                
Foreign currency translation adjustment   (93,517)   (14,733)   (108,250)
                
Total comprehensive loss   4,512,252    (7,422,000)   (2,909,748)
                
Earnings (loss) per common share of common stock - basic and diluted               
Continuing operations
  $(0.43)  $
-
   $(0.43)
Discontinued operations
  $1.07   $(1.02)  $0.05 
                
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714    7,282,714 

 
Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024
                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Amount   Capital   Deficit   Income   Interests   Total 
Balance, March 31, 2023   7,282,714   $7,283   $155,767,774   $(121,166,172)  $5,023,852   $
                -
   $39,632,737 
Net loss   -    
-
    
-
    (12,199,648)   
-
    
-
    (12,199,648)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (1,116,356)   
-
    (1,116,356)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, March 31, 2024   7,282,714   $7,283   $155,767,774   $(141,805,501)  $4,362,621   $
-
   $18,332,177 
Net loss   -    
-
    
-
    5,686,673    
-
    
-
    5,686,673 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (66,386)   
-
    (66,386)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 
The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of changes in stockholders’ equity for the six months ended June 30, 2024:
                   Accumulated         
           Additional       Other   Non-     
   Common Stock   Paid-in   Accumulated   Comprehensive   Controlling     
   Shares*   Stock   Capital   Deficit   Income   Interests   Total 
Balance, January 1, 2023   7,282,714   $7,283   $155,767,774   $(119,880,801)  $4,692,242   $
                   -
   $40,586,498 
Net loss   -    
-
    
-
    (13,485,019)   -    
-
    (13,485,019)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (784,746)   
-
    (784,746)
Balance, June 30, 2023   7,282,714   $7,283   $155,767,774   $(133,365,820)  $3,907,496   $
-
   $26,316,733 
                                    
Balance, January 1, 2024   7,282,714   $7,283   $155,767,774   $(140,724,597)  $4,389,752   $
-
   $19,440,212 
Net loss   -    
-
    
-
    4,605,769    
-
    
-
    4,605,769 
Deconsolidation of discontinued operations   -    
-
    (7,422,000)   
-
    
-
    
-
    (7,422,000)
Foreign currency translation adjustment   -    
-
    
-
    
-
    (93,517)   
-
    (93,517)
Restatement Items   -    
-
    7,422,000    (7,407,267)   (14,733)   
-
    
-
 
Balance, June 30, 2024   7,282,714   $7,283   $155,767,774   $(143,526,095)  $4,281,502   $
-
   $16,530,464 
Schedule of Condensed Consolidated Statement of Cash Flows The following tables present the effect of the Restatement Items on the Company’s condensed consolidated statement of cash flows for the six months ended June 30, 2024:
  

For the Six Months Ended June 30, 2024

(Unaudited)

 
   As Previously
Reported		   Restatement
Adjustments		   As Restated 
CASH FLOWS FROM OPFRATING ACTIVITIFS:            
             
Net loss  $4,605,769   $(7,407,267)  $(2,801,498)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        -      
Depreciation   958,969    
-
    958,969 
Amortization   90,688    
-
    90,688 
Gain on disposal of subsidiary   (7,596,311)   7,407,267    (189,044)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:               
Accounts receivables, net   (690,160)   
-
    (690,160)
Inventories   (237,407)   
-
    (237,407)
Prepayments and deposit   1,815,371    
-
    1,815,371 
Other receivables   (19,865)   
-
    (19,865)
Accounts payable   506,753    
-
    506,753 
Advance from customer   (117,075)   
-
    (117,075)
Other payables and accrued liabilities   53,928    
-
    53,928 
Taxes payable   (8,988)   
-
    (8,988)
Deferred income   (22,539)   
-
    (22,539)
Net cash used in operating activities   (660,867)   
-
    (660,867)
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of plant and equipment   5,683    
-
    5,683 
Net decrease in cash from disposal of subsidiaries   (166,066)   
-
    (166,066)
Net cash (used in) provided by investing activities   (160,383)   
-
    (160,383)
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from long-term loans   1,757,361    
-
    1,757,361 
Changes in related party balances, net   (816,191)   
-
    (816,191)
Net cash provided by financing activities   941,170    
-
    941,170 
                
Net increase in cash and cash equivalents   119,920    
-
    119,920 
                
EFFECT OF EXCHANGE RATE ON CASH   2,630    
-
    2,630 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR   436,383    
-
    436,383 
                
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR  $558,933   $
-
   $558,933 
                
SUPPLEMENTARY OF CASH FLOW INFORMATION               
Interest received  $307   $
-
   $307 
Interest paid  $314,538   $
-
   $314,538 
v3.24.3
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]  
Schedule of Consolidated Financial Statements Details of the Subsidiaries of the Company as of June 30, 2024 are set below:
Name of Company 

Place of

incorporation

 

Attributable equity

interest %

  

Registered

capital

 
Promising Prospect BVI Limited  The British Virgin Islands    100   $10,000 
Promising Prospect HK Limited  Hong Kong    100     1 
Jiayi Technologies (Xianning) Co., Ltd.  PRC    100     2,000,000 
Fast Approach Inc.  Canada    100     79 
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.)  PRC    100     - 
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.  PRC    100     4,710,254 
Xianning Bozhuang Tea Products Co., Ltd.  PRC    100     6,277,922 
Jilin Chuangyuan Chemical Co., Ltd.  PRC    VIE     9,280,493 
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)  Hong Kong    100     10,000 
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)  PRC    100     30,000,000 
Shandong Yunchu Supply Chain Co., Ltd.  PRC    100     5,000,000 
Shine Chemical Co., Ltd.  Cayman    100     8,000 
Schedule of Estimated Useful Lives of the Plant and Equipment The estimated useful lives of the plant and equipment are as follows:
Buildings   20-40 years 
Machinery and equipment   1-10 years 
Motor vehicles   5-10 years 
Office equipment   5-20 years 
Schedule of Estimated Useful Lives of the Intangible Assets Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows:
Land use rights   50 years 
Software licenses   2 years 
Trademarks   10 years 
Schedule of Average Exchange Rate Capital accounts are translated at their historical exchange rates when the capital transactions occurred.
   06/30/2024   12/31/2023    06/30/2023 
Period-end US$: CDN exchange rate   1.3634    1.3196    1.3205 
Period-end US$: RMB exchange rate   7.1268    7.0827    7.2258 
Period-end US$: HK exchange rate   7.8087    7.8157    7.8373 
Period average US$: CDN exchange rate   1.3515    1.3452    1.3480 
Period average US$: RMB exchange rate   7.1051    7.0467    6.9291 
Period average US$: HK exchange rate   7.8187    7.8282    7.8387 
v3.24.3
Variable Interest Entity (“VIE”) (Tables)
 6 Months Ended
Jun. 30, 2024
Variable Interest Entity (“VIE”) [Abstract]  
Schedule of Consolidated Assets and Liabilities The carrying amount of VIE’s consolidated assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows:
   June 30,   December 31, 
   2024   2023 
Assets        
Current assets        
Cash and cash equivalents  $18,378   $33,103 
Trade accounts receivable, net   2,556    132,013 
Inventories   563,190    528,624 
Advances to suppliers   124,688    106,971 
Other receivables   19,983    25,280 
Intercompany receivable   1,543,470    1,553,080 
Prepaid expenses   3,908    
-
 
Total current assets   2,276,173    2,379,071 
           
Non-current assets          
Plant and equipment, net   7,433,054    7,991,576 
Intangible assets, net   1,819,736    1,854,099 
Construction in progress, net   7,296    7,342 
Total non-current assets   9,260,086    9,853,017 
           
Total assets  $11,536,259   $12,232,088 
           
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $531,620   $565,582 
Advance from customers   144,538    7,723 
Taxes payable   49    16,363 
Other payables and accrued liabilities   3,167,600    3,115,764 
Intercompany payable   3,012,656    3,031,415 
Other payables-related parties   1,530,826    1,307,260 
Long term payable-current portion   119,908    161,669 
Deferred income   13,330    21,178 
Total current liabilities   8,520,527    8,226,954 
           
Non-current liabilities          
Long-term payables    3,788,517     3,812,106 
Total non-current liabilities   3,788,517    3,812,106 
           
Total Liabilities  $12,309,044   $12,039,060 
           
Stockholders’ equity          
Paid-in capital   9,280,493    9,280,493 
Statutory Reserve   29,006    29,006 
Accumulated deficit   (9,196,984)   (8,229,416)
Accumulated other comprehensive income   (885,300)   (887,055)
Total stockholders’ equity   (772,785)   193,028 
           
Total liabilities and stockholders’ equity  $11,536,259   $12,232,088 

 
Schedule of Summarized Operating Results of the VIE’s The summarized operating results of the VIE’s for the three and six months ended June 30, 2024 and 2023 are as follows:
   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
  2024   2023   2024   2023 
Operating revenues  $36,065   $2,093,307   $62,705   $4,286,828 
Gross profit   (23,464)   (57,239)   (37,895)   (142,868)
Loss from operations   (529,171)    (672,427)    (967,568)    (1,179,913)
Net loss  $(529,171)  $(672,427)  $(967,568)  $(1,179,913)
v3.24.3
Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Accounts Receivable, Net [Abstract]  
Schedule of Trade Accounts Receivable The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers
   June 30,   December 31, 
   2024   2023 
Trade accounts receivable  $5,870,607   $5,217,020 
Less: Allowance for credit losses   (2,072,410)   (2,102,127)
   $3,798,197   $3,114,893 
Allowance for credit losses          
Beginning balance:   (2,102,127)   (366,301)
Additions to allowance   
-
    (1,735,826)
Bad debt written-off   29,717    
-
 
Ending balance  $(2,072,410)  $(2,102,127)
v3.24.3
Advances and Prepayments to Suppliers (Tables)
 6 Months Ended
Jun. 30, 2024
Advances and Prepayments to Suppliers [Abstract]  
Schedule of Advance Payment to Suppliers and Vendors to Procure Raw Materials Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:
   June 30,   December 31, 
   2024   2023 
Payment to suppliers and vendors   3,342,753    5,448,324 
Allowance for credit losses   (131,311)   (132,129)
Total  $3,211,442   $5,316,195 
v3.24.3
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventories [Abstract]  
Schedule of Inventories Inventories consisted of the following as of June 30, 2024 and December 31, 2023:
   June 30,   December 31, 
   2024   2023 
Raw materials  $2,291,883   $1,957,942 
Work in progress   1,365,375    1,394,569 
Finished goods   604,609    697,733 
Allowance for inventory reserve   (2,084,203)   (2,097,181)
Total  $2,177,664   $1,953,063 
v3.24.3
Plant and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Plant and Equipment, Net [Abstract]  
Schedule of Plant and Equipment Plant and equipment consisted of the following as of June 30, 2024 and December 31, 2023:
   June 30,   December 31, 
   2024   2023 
At Cost:        
Buildings  $19,483,292   $19,604,604 
Machinery and equipment   11,117,907    11,181,032 
Office equipment   750,432    767,094 
Motor vehicles   1,456,592    1,465,662 
    32,808,223    33,018,392 
Less: Impairment   (745,674)   (750,317)
Less: Accumulated depreciation   (12,877,899)   (11,996,231)
    19,184,650    20,271,844 
Construction in progress   30,756    30,948 
   $19,215,406   $20,302,792 
v3.24.3
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Intangible Assets [Abstract]  
Schedule of Intangible Assets
   June 30,   December 31, 
   2024   2023 
At Cost:          
Land use rights   2,982,288    3,000,857 
Software licenses   66,792    68,573 
Trademark   896,094    901,674 
   $3,945,174   $3,971,104 
           
Less: Accumulated amortization   (1,219,020)   (1,137,002)
   $2,726,154   $2,834,102 
v3.24.3
Related Parties Transaction (Tables)
 6 Months Ended
Jun. 30, 2024
Related Parties Transaction [Abstract]  
Schedule of Amounts Due from Related Parties Significant related parties comprised much of the total outstanding balance are stated below:
      As of
June 30,		   As of
December 31,		 
Amounts due from related parties:     2024   2023 
Mr. Chen Xing  the management of the Shandong Yunchu  $292,390   $294,210 
Mr. Lu Jun  the management of the Jingshan Sanhe  $
-
   $21,514 
Mr. Xiong Hai Yan  the management of the Jingshan Sanhe  $1,640,675   $
-
 
Mr. Yang Yong  the management of the Fast  $35,719   $
-
 
Schedule of Amounts Due to Related Parties Significant parties comprised much of the total outstanding balance are stated below:
      As of
June 30,		   As of
December 31,		 
Amounts due to related parties:     2024   2023 
Ms. Yan Yan  the spouse of the legal representative of Jilin Chuangyuan  $1,156,199   $899,241 
Mr. Bin Zhou  Chief Executive Officer and Chairman of the Company  $1,494,181   $1,393,529 
Hubei Shuang New Energy Technology Co., Ltd.  significant impact  $974,015   $442,216 
Shandong Ningwei New Energy Technology Co., Ltd.  significant impact  $1,486,782   $1,496,040 
Anhui Ansheng equipment Co., Ltd.  Previous subsidiary  $1,177,804   $1,177,836 
Senior managements  significant impact  $1,633,129   $1,702,395 
v3.24.3
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Schedule of the Changes in the Carrying Amount of Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows:
   SDYC 
Balance as of December 31, 2022  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Disposal of subsidiaries   
-
 
Balance as of December 31, 2023  $4,724,699 
Goodwill acquired   
-
 
Goodwill impairment   
-
 
Balance as of June 30, 2024  $4,724,699 
v3.24.3
Bank Loans (Tables)
 6 Months Ended
Jun. 30, 2024
Bank Loans [Abstract]  
Schedule of Short-Term Bank Loans The outstanding balances on short-term and long-term bank loans consisted of the following:
Lender  Maturities  Weighted
average
interest
rate		   06/30/2024   12/31/2023 
Rural Credit Cooperatives of Jilin Province, Jilin Branch  Due in November 2026   7.83%  $3,507,886   $3,529,727 
Tonghua Dongchang Yuyin Village Bank Co., Ltd.  Due in June 2025   8%  $280,631   $282,378 
Jingshan City branch of Postal Saving Bank of China  Due in January 2025   3.85%  $1,401,330   $
-
 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in June 2026   4%  $420,946   $- 
v3.24.3
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Schedule of Income Tax Expense Significant components of the income tax expense consisted of the following for the three months ended June 30, 2024 and 2023:
   6/30/2024   6/30/2023 
Loss attributed to PRC operations  $(2,756,026)  $(1,834,178)
Loss attributed to U.S. operations   (628,100)   (11,560,992)
Income attributed to Canada operations   227,518    43,034 
Loss before tax  $(3,156,608)  $(13,352,136)
           
PRC Statutory Tax at 25% Rate   (689,007)   (472,091)
Valuation allowance   689,007    550,789 
Income tax  $
-
   $78,698 
Per Share Effect of Tax Exemption   
 
    
 
 
Weighted-Average Shares Outstanding Basic   7,282,714    7,282,714 
Per share effect  $
-
   $
-
 

 
Schedule of Effective Income Tax Rate From Continuing Operations Reconciliation of effective income tax rate from continuing operations is as follows for the six months ended June 30, 2024 and 2023:
   6/30/2024   6/30/2023 
U.S. federal statutory income tax rate   21%   21%
Higher (lower) rates in PRC, net   4%   4%
Non-recognized deferred tax benefits in the PRC   (25.00)%   (25.59)%
The Company’s effective tax rate   
-
%   0.59%
v3.24.3
Earnings (Loss) Per Share of Common Stock (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings (Loss) Per Share of Common Stock [Abstract]  
Schedule of Loss Per Share of Common Stock
   For the Six Months Ended 
   June 30, 
   2024   2023 
Net loss from operations attributable to common stockholders  $(2,801,498)  $(13,485,019)
           
Basic and diluted (loss) earnings per share denominator:          
Original Shares at the beginning:   7,282,714    7,282,714 
Basic Weighted Average Shares Outstanding   7,282,714    7,282,714 
           
Loss per share from continuing operations - Basic and diluted
  $(0.43)  $(1.84)
Income per share from discontinued operations - Basic and diluted
  $0.05   $(0.01)
Basic and diluted weighted average shares outstanding
   7,282,714    7,282,714 
v3.24.3
Concentrations (Tables)
 6 Months Ended
Jun. 30, 2024
Concentrations [Abstract]  
Schedule of Customers Concentrations The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the six months ended June 30, 2024 and 2023.
   For the six months ended 
Customers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   1,054,847    31    
-
    
-
 
B   

-

    
-
    2,536,866    19 
C   656,699    20    
-
    
-
 
D   
-
    
-
    1,342,227    10 
E   376,997    11    

-

    

-

 
Schedule of Suppliers Concentrations The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the six months ended June 30, 2024 and 2023.
   For the six months ended 
Suppliers  June 30, 2024   June 30, 2023 
   Amount $   %   Amount $   % 
A   
-
    
-
    2,738,879    22 
B   
-
    
-
    2,225,440    18 
C   
-
    
-
    1,664,699    14 
D   
-
    
-
    1,200,986    10 
E   912,116    27    
-
    
-
 
F   825,925    24    
-
    
-
 
G   572,169    17    
-
    
-
 
H   366,357    11    
-
    
-
 
v3.24.3
Organization and Principal Activities (Details)
 3 Months Ended 6 Months Ended
Sep. 14, 2022
USD ($)
Apr. 08, 2022
shares
May 09, 2019
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2022
Aug. 08, 2022
Dec. 09, 2021
shares
Sep. 01, 2021
Aug. 03, 2021
shares
Aug. 01, 2021
Jul. 15, 2021
shares
Mar. 09, 2021
shares
Jan. 06, 2021
shares
Aug. 10, 2020
Jun. 16, 2020
Organization and Principal Activities [Line Items]                                      
Aggregate share amount (in Shares) | shares     1,080,000                                
Aggregate shares of common stock (in Shares) | shares                     5,900,000   8,000,000   4,800,000 3,300,000 2,200,000    
Issued and outstanding percentage 15.00%                                    
Share purchase percentage 85.00%                                    
Duration of the consultation and service agreement           20 years                          
Voting rights proxy agreement           20 years                          
Number of reportable segment           1                          
Net loss continuing operations (in Dollars)       $ (2,109,649) $ (12,115,928) $ (3,156,608) $ (13,430,834)                        
Accumulated deficit (in Dollars)       (143,526,095)   (143,526,095)   $ (140,724,597)                      
Working capital deficit (in Dollars)       $ 8,092,472   8,092,472                          
Net cash used in operating activities (in Dollars)           $ (660,867) $ (2,240,110)                        
Xianning Bozhuang Tea Products Co., Ltd. [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                           100.00%          
Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.) [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                                     100.00%
Rui Tang [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                                   100.00%  
Shandong Yunchu Supply Chain Co., Ltd [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                     100.00%                
Allinyson Ltd [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                   100.00%                  
Jingshan [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage 15.00%                                    
Hubei Bryce Technology Co., Ltd [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                 100.00%                    
Hubei Bryce Technology Co., Ltd [Member] | Jingshan [Member]                                      
Organization and Principal Activities [Line Items]                                      
Aggregate amount (in Dollars) $ 3,000,000                                    
Jiayi Technologies (Xianning) Co., Ltd. [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                             66.00% 75.00% 85.00%    
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]                                      
Organization and Principal Activities [Line Items]                                      
Equity interest, ownership percentage                       85.00%              
Common Stock [Member]                                      
Organization and Principal Activities [Line Items]                                      
Issuance of shares for acquisition (in Shares) | shares   7,500,000                                  
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Revision of Prior Period, Adjustment [Member]
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Restatement of Previously Issued Financial Statements (Details) [Line Items]    
Decrease in income from discontinued operation $ (7,407,267) $ (7,407,267)
Increase in additional paid-in capital (7,422,000) (7,422,000)
Increase in accumulated deficit (7,407,267) (7,407,267)
Decrease in accumulated other comprehensive income $ (14,733) $ (14,733)
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Balance Sheet - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Current assets            
Cash and cash equivalents $ 539,744          
Restricted cash 19,189        
Accounts receivable, net 3,798,197   3,114,893      
Inventories 2,177,664   1,953,063      
Advances to suppliers 3,211,442   5,316,195      
Other receivables 350,913   349,984      
Prepaid expenses 1,262,360   978,803      
Total current assets 13,328,293   12,510,477      
Non-current assets            
Plant and equipment, net 19,184,650   20,271,844      
Intangible assets, net 2,726,154   2,834,102      
Construction in progress, net 30,756   30,948      
Long-term investments 2,243,954   2,257,926      
Goodwill 4,724,699   4,724,699      
Total non-current assets 28,910,213   30,119,519      
Total assets 42,238,506   42,629,996      
Current liabilities            
Loans-current 1,443,425        
Accounts payable 3,787,019   3,328,344      
Advance from customers 2,465,754   2,464,319      
Taxes payable 1,254,898   1,243,060      
Other payables and accrued liabilities 4,534,229   4,484,453      
Deferred income 13,330   36,334      
Total current liabilities 21,420,765   19,185,697      
Non-current liabilities            
Other long-term liabilities 119,908          
Loans-noncurrent 4,167,369   3,812,106      
Total non-current liabilities 4,287,277   4,004,087      
Total liabilities 25,708,042   23,189,784      
Stockholders’ equity            
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024        
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024 [1] 7,283   7,283      
Additional paid-in capital 155,767,774          
Accumulated deficit (143,526,095)   (140,724,597)      
Accumulated other comprehensive income 4,281,502   4,389,752      
Total stockholders’ equity 16,530,464 $ 18,332,177 19,440,212 $ 26,316,733 $ 39,632,737 $ 40,586,498
Total liabilities and stockholders’ equity 42,238,506   42,629,996      
Related Party            
Current assets            
Other receivables-related parties 1,968,784   315,724      
Current liabilities            
Other payables-related parties 7,922,110   $ 7,111,257      
As Previously Reported [Member]            
Current assets            
Cash and cash equivalents 539,744          
Restricted cash 19,189          
Accounts receivable, net 3,798,197          
Inventories 2,177,664          
Advances to suppliers 3,211,442          
Other receivables 350,913          
Prepaid expenses 1,262,360          
Total current assets 13,328,293          
Non-current assets            
Plant and equipment, net 19,184,650          
Intangible assets, net 2,726,154          
Construction in progress, net 30,756          
Long-term investments 2,243,954          
Goodwill 4,724,699          
Total non-current assets 28,910,213          
Total assets 42,238,506          
Current liabilities            
Loans-current 1,443,425          
Accounts payable 3,787,019          
Advance from customers 2,465,754          
Taxes payable 1,254,898          
Other payables and accrued liabilities 4,534,229          
Deferred income 13,330          
Total current liabilities 21,420,765          
Non-current liabilities            
Other long-term liabilities 119,908          
Loans-noncurrent 4,167,369          
Total non-current liabilities 4,287,277          
Total liabilities 25,708,042          
Stockholders’ equity            
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024          
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024 7,283          
Additional paid-in capital 148,345,774          
Accumulated deficit (136,118,828)          
Accumulated other comprehensive income 4,296,235          
Total stockholders’ equity 16,530,464          
Total liabilities and stockholders’ equity 42,238,506          
As Previously Reported [Member] | Related Party            
Current assets            
Other receivables-related parties 1,968,784          
Current liabilities            
Other payables-related parties 7,922,110          
Restatement Adjustments [Member]            
Current assets            
Cash and cash equivalents          
Restricted cash          
Accounts receivable, net          
Inventories          
Advances to suppliers          
Other receivables          
Prepaid expenses          
Total current assets          
Non-current assets            
Plant and equipment, net          
Intangible assets, net          
Construction in progress, net          
Long-term investments          
Goodwill          
Total non-current assets          
Total assets          
Current liabilities            
Loans-current          
Accounts payable          
Advance from customers          
Taxes payable          
Other payables and accrued liabilities          
Deferred income          
Total current liabilities          
Non-current liabilities            
Other long-term liabilities          
Loans-noncurrent          
Total non-current liabilities          
Total liabilities          
Stockholders’ equity            
Preferred stock: $0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024          
Common stock: $0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of June 30, 2024          
Additional paid-in capital 7,422,000          
Accumulated deficit (7,407,267)          
Accumulated other comprehensive income (14,733)          
Total stockholders’ equity          
Total liabilities and stockholders’ equity          
Restatement Adjustments [Member] | Related Party            
Current assets            
Other receivables-related parties          
Current liabilities            
Other payables-related parties          
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Balance Sheet (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value (in Dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share) [1] $ 0.001 $ 0.001
Common stock, shares authorized [1] 100,000,000 100,000,000
Common stock, shares issued [1] 7,282,714 7,282,714
Common stock, shares outstanding [1] 7,282,714 7,282,714
As Previously Reported [Member]    
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value (in Dollars per share) $ 0.001  
Preferred stock, shares authorized 10,000,000  
Preferred stock, shares issued  
Preferred stock, shares outstanding  
Common stock, par value (in Dollars per share) $ 0.001  
Common stock, shares authorized 100,000,000  
Common stock, shares issued 7,282,714  
Common stock, shares outstanding 7,282,714  
Restatement Adjustments [Member]    
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value (in Dollars per share) $ 0.001  
Preferred stock, shares authorized 10,000,000  
Preferred stock, shares issued  
Preferred stock, shares outstanding  
Common stock, par value (in Dollars per share) $ 0.001  
Common stock, shares authorized 100,000,000  
Common stock, shares issued 7,282,714  
Common stock, shares outstanding 7,282,714  
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Condensed Income Statements, Captions [Line Items]        
Net revenues $ 1,945,211   $ 3,475,978  
Cost of revenues 1,877,906 $ 4,239,263 3,045,868 $ 11,582,167
Gross profit 67,305 124,211 430,110 338,811
Operating expenses:        
Selling and marketing expenses 33,998 242,718 74,528 487,437
General and administrative expenses 1,222,598 982,555 2,426,299 2,073,166
Research and development expenses 32,287 65,188 77,985 133,907
Total operating expenses 1,288,883 1,290,461 2,578,812 2,694,510
Operating loss (1,221,578) (1,166,250) (2,148,702) (2,355,699)
Other (expenses) income        
Interest income 72 46 307 150
Interest expenses (191,491) (129,521) (314,538) (245,734)
Other income 50,541 62,483 54,991 101,198
Other expenses (747,193) (2,980) (748,666) (3,419)
Total other expenses (888,071) (10,918,604) (1,007,906) (10,996,437)
Loss before income taxes (2,109,649) (12,084,854) (3,156,608) (13,352,136)
Income tax expenses (31,074) (78,698)
Loss from continuing operations (2,109,649) (12,115,928) (3,156,608) (13,430,834)
Discontinued operations:        
Income from discontinued operations 389,055 (83,720) 355,110 (54,185)
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Less: Net loss attributable to non-controlling interest
Net loss attributable to common shareholders (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Foreign currency translation adjustment (81,119) (1,116,356) (108,250) (784,746)
Total comprehensive loss $ (1,801,713) $ (13,316,004) $ (2,909,748) $ (14,269,765)
Earnings (loss) per common share of common stock - basic and diluted        
Earnings (loss) per common share continuing operations basic (in Dollars per share) [1] $ (0.29) $ (1.66) $ (0.43) $ (1.84)
Earnings (loss) per common share discontinued operations basic (in Dollars per share) [1] $ 0.05 $ (0.01) $ 0.05 $ (0.01)
Basic weighted average shares outstanding (in Shares) 7,282,714   7,282,714  
As Previously Reported [Member]        
Condensed Income Statements, Captions [Line Items]        
Net revenues $ 1,945,211   $ 3,475,978  
Cost of revenues 1,877,906   3,045,868  
Gross profit 67,305   430,110  
Operating expenses:        
Selling and marketing expenses 33,998   74,528  
General and administrative expenses 1,222,598   2,426,299  
Research and development expenses 32,287   77,985  
Total operating expenses 1,288,883   2,578,812  
Operating loss (1,221,578)   (2,148,702)  
Other (expenses) income        
Interest income 72   307  
Interest expenses (191,491)   (314,538)  
Other income 50,541   54,991  
Other expenses (747,193)   (748,666)  
Total other expenses (888,071)   (1,007,906)  
Loss before income taxes (2,109,649)   (3,156,608)  
Income tax expenses    
Loss from continuing operations (2,109,649)   (3,156,608)  
Discontinued operations:        
Income from discontinued operations 7,796,322   7,762,377  
Net loss 5,686,673   4,605,769  
Less: Net loss attributable to non-controlling interest    
Net loss attributable to common shareholders 5,686,673   4,605,769  
Net loss 5,686,673   4,605,769  
Foreign currency translation adjustment (66,386)   (93,517)  
Total comprehensive loss $ 5,620,287   $ 4,512,252  
Earnings (loss) per common share of common stock - basic and diluted        
Earnings (loss) per common share continuing operations basic (in Dollars per share) $ (0.29)   $ (0.43)  
Earnings (loss) per common share discontinued operations basic (in Dollars per share) $ 1.07   $ 1.07  
Basic weighted average shares outstanding (in Shares) 7,282,714   7,282,714  
Restatement Adjustments [Member]        
Condensed Income Statements, Captions [Line Items]        
Net revenues    
Cost of revenues    
Gross profit    
Operating expenses:        
Selling and marketing expenses    
General and administrative expenses    
Research and development expenses    
Total operating expenses    
Operating loss    
Other (expenses) income        
Interest income    
Interest expenses    
Other income    
Other expenses    
Total other expenses    
Loss before income taxes    
Income tax expenses    
Loss from continuing operations    
Discontinued operations:        
Income from discontinued operations (7,407,267)   (7,407,267)  
Net loss (7,407,267)   (7,407,267)  
Less: Net loss attributable to non-controlling interest    
Net loss attributable to common shareholders (7,407,267)   (7,407,267)  
Net loss (7,407,267)   (7,407,267)  
Foreign currency translation adjustment (14,733)   (14,733)  
Total comprehensive loss $ (7,422,000)   $ (7,422,000)  
Earnings (loss) per common share of common stock - basic and diluted        
Earnings (loss) per common share continuing operations basic (in Dollars per share)    
Earnings (loss) per common share discontinued operations basic (in Dollars per share) $ (1.02)   $ (1.02)  
Basic weighted average shares outstanding (in Shares) 7,282,714   7,282,714  
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Operations (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Condensed Income Statements, Captions [Line Items]        
Earnings (loss) per common share continuing operations diluted [1] $ (0.29) $ (1.66) $ (0.43) $ (1.84)
Earnings (loss) per common share discontinued operations diluted [1] $ 0.05 $ (0.01) $ 0.05 $ (0.01)
Diluted weighted average shares outstanding (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
As Previously Reported [Member]        
Condensed Income Statements, Captions [Line Items]        
Earnings (loss) per common share continuing operations diluted $ (0.29)   $ (0.43)  
Earnings (loss) per common share discontinued operations diluted $ 1.07   $ 1.07  
Diluted weighted average shares outstanding (in Shares) 7,282,714   7,282,714  
Restatement Adjustments [Member]        
Condensed Income Statements, Captions [Line Items]        
Earnings (loss) per common share continuing operations diluted    
Earnings (loss) per common share discontinued operations diluted $ (1.02)   $ (1.02)  
Diluted weighted average shares outstanding (in Shares) 7,282,714   7,282,714  
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance (in Shares) [1]     7,282,714  
Balance $ 18,332,177 $ 39,632,737 $ 19,440,212 $ 40,586,498
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Deconsolidation of discontinued operations (7,422,000)   (7,422,000)  
Foreign currency translation adjustment (66,386) (1,116,356) (93,517) (784,746)
Restatement Items    
Balance (in Shares) [1] 7,282,714   7,282,714  
Balance $ 16,530,464 $ 26,316,733 $ 16,530,464 $ 26,316,733
Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss $ 5,686,673   $ 4,605,769  
Balance (in Shares) 7,282,714   7,282,714  
Balance $ 16,530,464   $ 16,530,464  
Common Stock        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
Balance $ 7,283 $ 7,283 $ 7,283 $ 7,283
Net loss
Deconsolidation of discontinued operations    
Foreign currency translation adjustment
Restatement Items    
Balance (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
Balance $ 7,283 $ 7,283 $ 7,283 $ 7,283
Common Stock | Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss    
Additional Paid-in Capital        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance 155,767,774 155,767,774 155,767,774 155,767,774
Net loss
Deconsolidation of discontinued operations (7,422,000)   (7,422,000)  
Foreign currency translation adjustment
Restatement Items 7,422,000   7,422,000  
Balance 155,767,774 155,767,774 155,767,774 155,767,774
Additional Paid-in Capital | Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss    
Accumulated Deficit        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance (141,805,501) (121,166,172) (140,724,597) (119,880,801)
Net loss (1,720,594) (12,199,648) (2,801,498) (13,485,019)
Deconsolidation of discontinued operations    
Foreign currency translation adjustment
Restatement Items (7,407,267)   (7,407,267)  
Balance (143,526,095) (133,365,820) (143,526,095) (133,365,820)
Accumulated Deficit | Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss 5,686,673   4,605,769  
Accumulated Other Comprehensive Income        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance 4,362,621 5,023,852 4,389,752 4,692,242
Net loss
Deconsolidation of discontinued operations    
Foreign currency translation adjustment (66,386) (1,116,356) (93,517) (784,746)
Restatement Items (14,733)   (14,733)  
Balance 4,281,502 3,907,496 4,281,502 3,907,496
Accumulated Other Comprehensive Income | Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss    
Non- Controlling Interests        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Balance
Net loss    
Deconsolidation of discontinued operations    
Foreign currency translation adjustment
Restatement Items    
Balance
Non- Controlling Interests | Previously Reported        
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) [Line Items]        
Net loss    
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Restatement of Previously Issued Financial Statements (Details) - Schedule of Condensed Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPFRATING ACTIVITIFS:        
Net loss $ (1,720,594) $ (12,199,648) $ (2,801,498) $ (13,485,019)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        
Depreciation     958,969 1,038,757
Amortization     90,688 60,314
Gain on disposal of subsidiary     (189,044)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivables, net     (690,160) 48,800
Inventories     (237,407) 362,305
Prepayments and deposit     1,815,371 (3,248,171)
Other receivables     (19,865) (41,407)
Accounts payable     506,753
Advance from customer     (117,075) 1,357,209
Other payables and accrued liabilities     53,928 576,796
Taxes payable     (8,988) 249,706
Deferred income     (22,539) (8,032)
Net cash used in operating activities     (660,867) (2,240,110)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of plant and equipment     5,683 (20,857)
Net decrease in cash from disposal of subsidiaries     (166,066)
Net cash (used in) provided by investing activities     (160,383) 2,749,143
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from long-term loans     1,757,361 (39,521)
Changes in related party balances, net     (816,191) 73,426
Net cash provided by financing activities     941,170 33,905
Net increase in cash and cash equivalents     119,920 542,938
EFFECT OF EXCHANGE RATE ON CASH     2,630 76,771
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR     436,383 93,487
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 558,933 $ 713,196 558,933 713,196
SUPPLEMENTARY OF CASH FLOW INFORMATION        
Interest received     307 365
Interest paid     314,538 $ 245,734
As Previously Reported [Member]        
CASH FLOWS FROM OPFRATING ACTIVITIFS:        
Net loss 5,686,673   4,605,769  
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        
Depreciation     958,969  
Amortization     90,688  
Gain on disposal of subsidiary     (7,596,311)  
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivables, net     (690,160)  
Inventories     (237,407)  
Prepayments and deposit     1,815,371  
Other receivables     (19,865)  
Accounts payable     506,753  
Advance from customer     (117,075)  
Other payables and accrued liabilities     53,928  
Taxes payable     (8,988)  
Deferred income     (22,539)  
Net cash used in operating activities     (660,867)  
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of plant and equipment     5,683  
Net decrease in cash from disposal of subsidiaries     (166,066)  
Net cash (used in) provided by investing activities     (160,383)  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from long-term loans     1,757,361  
Changes in related party balances, net     (816,191)  
Net cash provided by financing activities     941,170  
Net increase in cash and cash equivalents     119,920  
EFFECT OF EXCHANGE RATE ON CASH     2,630  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR     436,383  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 558,933   558,933  
SUPPLEMENTARY OF CASH FLOW INFORMATION        
Interest received     307  
Interest paid     314,538  
Restatement Adjustments [Member]        
CASH FLOWS FROM OPFRATING ACTIVITIFS:        
Net loss (7,407,267)   (7,407,267)  
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:        
Depreciation      
Amortization      
Gain on disposal of subsidiary     7,407,267  
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivables, net      
Inventories      
Prepayments and deposit      
Other receivables      
Accounts payable      
Advance from customer      
Other payables and accrued liabilities      
Taxes payable      
Deferred income      
Net cash used in operating activities      
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of plant and equipment      
Net decrease in cash from disposal of subsidiaries      
Net cash (used in) provided by investing activities      
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from long-term loans      
Changes in related party balances, net      
Net cash provided by financing activities      
Net increase in cash and cash equivalents      
EFFECT OF EXCHANGE RATE ON CASH      
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR      
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR    
SUPPLEMENTARY OF CASH FLOW INFORMATION        
Interest received      
Interest paid      
v3.24.3
Summary of Significant Accounting Policies (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]    
Cash and cash equivalents (in Dollars) $ 558,933 $ 270,317
Lease term 12 months  
Minimum [Member]    
Summary of Significant Accounting Policies [Line Items]    
Property plant and equipment salvage rate 0.00%  
Statutory reserve, percentage 10.00%  
Maximum [Member]    
Summary of Significant Accounting Policies [Line Items]    
Property plant and equipment salvage rate 10.00%  
Statutory reserve, percentage 50.00%  
v3.24.3
Summary of Significant Accounting Policies (Details) - Schedule of Consolidated Financial Statements
 6 Months Ended
Jun. 30, 2024
USD ($)
Promising Prospect BVI Limited [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation The British Virgin Islands
Attributable equity interest % 100.00%
Registered capital $ 10,000
Promising Prospect HK Limited [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation Hong Kong
Attributable equity interest % 100.00%
Registered capital $ 1
Jiayi Technologies (Xianning) Co., Ltd. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital $ 2,000,000
Fast Approach Inc. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation Canada
Attributable equity interest % 100.00%
Registered capital $ 79
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.) [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital $ 4,710,254
Xianning Bozhuang Tea Products Co., Ltd. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital $ 6,277,922
Jilin Chuangyuan Chemical Co., Ltd. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest %
Registered capital $ 9,280,493
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical) [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation Hong Kong
Attributable equity interest % 100.00%
Registered capital $ 10,000
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical) [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital $ 30,000,000
Shandong Yunchu Supply Chain Co., Ltd [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation PRC
Attributable equity interest % 100.00%
Registered capital $ 5,000,000
Shine Chemical Co., Ltd. [Member]  
Schedule of Consolidated Financial Statements [Line Items]  
Place of incorporation Cayman
Attributable equity interest % 100.00%
Registered capital $ 8,000
v3.24.3
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives of the Plant and Equipment
Jun. 30, 2024
Minimum [Member] | Buildings [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 20 years
Minimum [Member] | Machinery and equipment [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 1 year
Minimum [Member] | Motor vehicles [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 5 years
Minimum [Member] | Office equipment [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 5 years
Maximum [Member] | Buildings [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 40 years
Maximum [Member] | Machinery and equipment [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 10 years
Maximum [Member] | Motor vehicles [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 10 years
Maximum [Member] | Office equipment [Member]  
Schedule of Estimated Useful Lives of Plant and Equipment [Line Items]  
Estimated useful lives of the plant and equipment 20 years
v3.24.3
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives of the Intangible Assets
Jun. 30, 2024
Land use rights [Member]  
Schedule of Estimated Useful Lives Intangible Assets [Line Items]  
Estimated useful lives of the intangible assets 50 years
Software licenses [Member]  
Schedule of Estimated Useful Lives Intangible Assets [Line Items]  
Estimated useful lives of the intangible assets 2 years
Trademarks [Member]  
Schedule of Estimated Useful Lives Intangible Assets [Line Items]  
Estimated useful lives of the intangible assets 10 years
v3.24.3
Summary of Significant Accounting Policies (Details) - Schedule of Average Exchange Rate
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
CDN$ exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 1.3634 1.3196 1.3205
RMB exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 7.1268 7.0827 7.2258
HK exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 7.8087 7.8157 7.8373
CDN$ exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 1.3515 1.3452 1.348
RMB exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 7.1051 7.0467 6.9291
HK exchange rate [Member]      
Schedule of Average Exchange Rates [Line Items]      
Period end average exchange rate 7.8187 7.8282 7.8387
v3.24.3
Variable Interest Entity (“VIE”) (Details) - Schedule of Consolidated Assets and Liabilities - VIE’s [Member] - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 18,378 $ 33,103
Trade accounts receivable, net 2,556 132,013
Inventories 563,190 528,624
Advances to suppliers 124,688 106,971
Other receivables 19,983 25,280
Intercompany receivable 1,543,470 1,553,080
Prepaid expenses 3,908
Total current assets 2,276,173 2,379,071
Non-current assets    
Plant and equipment, net 7,433,054 7,991,576
Intangible assets, net 1,819,736 1,854,099
Construction in progress, net 7,296 7,342
Total non-current assets 9,260,086 9,853,017
Total assets 11,536,259 12,232,088
Current liabilities    
Accounts payable 531,620 565,582
Advance from customers 144,538 7,723
Taxes payable 49 16,363
Other payables and accrued liabilities 3,167,600 3,115,764
Intercompany payable 3,012,656 3,031,415
Long term payable-current portion 119,908 161,669
Deferred income 13,330 21,178
Total current liabilities 8,520,527 8,226,954
Non-current liabilities    
Long-term payables 3,788,517 3,812,106
Total non-current liabilities 3,788,517 3,812,106
Total Liabilities 12,309,044 12,039,060
Stockholders’ equity    
Paid-in capital 9,280,493 9,280,493
Statutory Reserve 29,006 29,006
Accumulated deficit (9,196,984) (8,229,416)
Accumulated other comprehensive income (885,300) (887,055)
Total stockholders’ equity (772,785) 193,028
Total liabilities and stockholders’ equity 11,536,259 12,232,088
Related Party [Member]    
Current liabilities    
Other payables-related parties $ 1,530,826 $ 1,307,260
v3.24.3
Variable Interest Entity (“VIE”) (Details) - Schedule of Summarized Operating Results of the VIE’s - Variable Interest Entity, Primary Beneficiary [Member] - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule of Summarized Operating Results of the VIE’s [Line Items]        
Operating revenues $ 36,065 $ 2,093,307 $ 62,705 $ 4,286,828
Gross profit (23,464) (57,239) (37,895) (142,868)
Loss from operations (529,171) (672,427) (967,568) (1,179,913)
Net loss $ (529,171) $ (672,427) $ (967,568) $ (1,179,913)
v3.24.3
Accounts Receivable, Net (Details)
 6 Months Ended
Jun. 30, 2024
Accounts Receivable, Net [Abstract]  
Credit terms, description The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers
v3.24.3
Accounts Receivable, Net (Details) - Schedule of Trade Accounts Receivable - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Schedule of Trade Accounts Receivable [Abstract]    
Trade accounts receivable $ 5,870,607 $ 5,217,020
Less: Allowance for credit losses (2,072,410) (2,102,127)
Trade receivables, net 3,798,197 3,114,893
Allowance for credit losses    
Beginning balance: (2,102,127) (366,301)
Additions to allowance (1,735,826)
Bad debt written-off 29,717
Ending balance $ (2,072,410) $ (2,102,127)
v3.24.3
Advances and Prepayments to Suppliers (Details) - Schedule of Advance Payment to Suppliers and Vendors to Procure Raw Materials - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Schedule of Advance Payment to Suppliers and Vendors to Procure Raw Materials [Abstract]    
Payment to suppliers and vendors $ 3,342,753 $ 5,448,324
Allowance for credit losses (131,311) (132,129)
Total $ 3,211,442 $ 5,316,195
v3.24.3
Inventories (Details) - Schedule of Inventories - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Schedule of Inventories [Abstract]    
Raw materials $ 2,291,883 $ 1,957,942
Work in progress 1,365,375 1,394,569
Finished goods 604,609 697,733
Allowance for inventory reserve (2,084,203) (2,097,181)
Total $ 2,177,664 $ 1,953,063
v3.24.3
Plant and Equipment, Net (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Plant and Equipment, Net [Abstract]    
Depreciation expense $ 881,669 $ 630,258
v3.24.3
Plant and Equipment, Net (Details) - Schedule of Plant and Equipment - USD ($)
Jun. 30, 2024
Dec. 31, 2023
At Cost:    
Plant and equipment, At Cost $ 32,808,223 $ 33,018,392
Less: Impairment (745,674) (750,317)
Less: Accumulated depreciation (12,877,899) (11,996,231)
Plant and equipment, othe net 19,184,650 20,271,844
Construction in progress 30,756 30,948
Plant and equipment, net 19,215,406 20,302,792
Buildings [Member]    
At Cost:    
Plant and equipment, At Cost 19,483,292 19,604,604
Machinery and equipment [Member]    
At Cost:    
Plant and equipment, At Cost 11,117,907 11,181,032
Office equipment [Member]    
At Cost:    
Plant and equipment, At Cost 750,432 767,094
Motor vehicles [Member]    
At Cost:    
Plant and equipment, At Cost $ 1,456,592 $ 1,465,662
v3.24.3
Intangible Assets (Details) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]    
Amortization expense $ 82,018 $ 60,314
v3.24.3
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]    
Gross intangible assets $ 3,945,174 $ 3,971,104
Less: Accumulated amortization (1,219,020) (1,137,002)
Net intangible assets 2,726,154 2,834,102
Land use rights [Member]    
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]    
Gross intangible assets 2,982,288 3,000,857
Software licenses [Member]    
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]    
Gross intangible assets 66,792 68,573
Trademark [Member]    
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]    
Gross intangible assets $ 896,094 $ 901,674
v3.24.3
Long-term Investment (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Jun. 30, 2024
Dec. 31, 2023
Long Term Investment [Line Items]      
Partnership interest percentage 19.00%    
Long term investment   $ 2,243,954 $ 2,257,926
Shandong Ningwei New Energy Technology Co., Ltd. [Member]      
Long Term Investment [Line Items]      
Investment return $ 2,870,000    
v3.24.3
Other Payable (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Third Parties [Member]    
Other Payable (Details) [Line Items]    
Balance of other payable $ 4,534,229 $ 4,484,453
v3.24.3
Advance From Customer (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Advance From Customer [Abstract]    
Advance from customers $ 2,465,754 $ 2,464,319
v3.24.3
Related Parties Transaction (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Significant Related Parties [Member]    
Related Parties Transaction [Line Items]    
Outstanding balance due from related parties $ 1,968,784 $ 315,724
Related Party [Member]    
Related Parties Transaction [Line Items]    
Outstanding balance due to related party $ 7,922,110 $ 7,111,257
v3.24.3
Related Parties Transaction (Details) - Schedule of Amounts Due from Related Parties - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Mr.Chen Xing [Member]    
Schedule of Amounts Due from Related Parties [Line Items]    
Description of related parties the management of the Shandong Yunchu  
Amounts due from related parties $ 292,390 $ 294,210
Mr.Lu Jun [Member]    
Schedule of Amounts Due from Related Parties [Line Items]    
Description of related parties the management of the Jingshan Sanhe  
Amounts due from related parties 21,514
Mr.Xiong Hai Yan [Member]    
Schedule of Amounts Due from Related Parties [Line Items]    
Description of related parties the management of the Jingshan Sanhe  
Amounts due from related parties $ 1,640,675
Mr.Yang Yong [Member]    
Schedule of Amounts Due from Related Parties [Line Items]    
Description of related parties the management of the Fast  
Amounts due from related parties $ 35,719
v3.24.3
Related Parties Transaction (Details) - Schedule of Amounts Due to Related Parties - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Ms. Yan Yan [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description the spouse of the legal representative of Jilin Chuangyuan  
Amounts due to related parties $ 1,156,199 $ 899,241
Mr. Bin Zhou [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description Chief Executive Officer and Chairman of the Company  
Amounts due to related parties $ 1,494,181 1,393,529
Hubei Shuang New Energy Technology Co., Ltd. [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description significant impact  
Amounts due to related parties $ 974,015 442,216
Shandong Ningwei New Energy Technology Co., Ltd. [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description significant impact  
Amounts due to related parties $ 1,486,782 1,496,040
Anhui Ansheng equipment Co., Ltd. [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description Previous subsidiary  
Amounts due to related parties $ 1,177,804 1,177,836
Senior managements [Member]    
Schedule of Amounts Due to Related Parties [Line Items]    
Amounts due to related parties, description significant impact  
Amounts due to related parties $ 1,633,129 $ 1,702,395
v3.24.3
Goodwill (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill $ 4,724,699 $ 4,724,699
v3.24.3
Goodwill (Details) - Schedule of the Changes in the Carrying Amount of Goodwill - JLCY [Member] - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Balance at beginning $ 4,724,699 $ 4,724,699
Goodwill acquired
Goodwill impairment
Disposal of subsidiaries  
Balance ending $ 4,724,699 $ 4,724,699
v3.24.3
Bank Loans (Details) - USD ($)
 6 Months Ended
Jun. 15, 2022
Jun. 30, 2024
Jun. 30, 2023
Bank Loans [Line Items]      
Buildings and land used as collateral   $ 11,043,343  
Stock shares (in Shares) 28,465,000    
Approximately total share percentage   71.43%  
Jilin Branch [Member]      
Bank Loans [Line Items]      
Interest expense   $ 176,236 $ 135,452
v3.24.3
Bank Loans (Details) - Schedule of Short-Term Bank Loans - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Rural Credit Cooperatives of Jilin Province, Jilin Branch [Member]    
Schedule of Short-Term Bank Loans [Line Items]    
Maturities Due in November 2026  
Weighted average interest rate 7.83%  
Short-term bank loans $ 3,507,886 $ 3,529,727
Tonghua Dongchang Yuyin Village Bank Co., LTD [Member]    
Schedule of Short-Term Bank Loans [Line Items]    
Maturities Due in June 2025  
Weighted average interest rate 8.00%  
Short-term bank loans $ 280,631 282,378
Jingshan City branch of Postal Saving Bank of China [Member]    
Schedule of Short-Term Bank Loans [Line Items]    
Maturities Due in January 2025  
Weighted average interest rate 3.85%  
Short-term bank loans $ 1,401,330
Hubei Jingshan Rural Commercial Bank Co. Ltd. [Member]    
Schedule of Short-Term Bank Loans [Line Items]    
Maturities Due in June 2026  
Weighted average interest rate 4.00%  
Short-term bank loans $ 420,946  
v3.24.3
Equity (Details) - USD ($)
May 19, 2022
Jan. 13, 2022
Jun. 30, 2024
May 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jul. 20, 2022
Apr. 08, 2022
Equity [Line Items]                      
Common stock shares issued [1]     7,282,714     7,282,714          
Common stock, par value (in Dollars per share) [1]     $ 0.001     $ 0.001          
Common stock shares outstanding [1]     7,282,714     7,282,714          
Common Stock [Member]                      
Equity [Line Items]                      
Common stock shares outstanding     7,282,714   7,282,714 7,282,714 7,282,714 7,282,714 7,282,714    
Allinyson Ltd [Member]                      
Equity [Line Items]                      
Equity interest rate                     100.00%
Xianning Xiangtian Energy Holdings Group Co., Ltd. [Member]                      
Equity [Line Items]                      
Equity interest rate                   30.00%  
Planet Green Holdings Corporation [Member]                      
Equity [Line Items]                      
Common stock shares issued     7,282,714 10     7,282,714        
Common stock shares outstanding       10              
Treasury stock common shares       1              
Planet Green Holdings Corporation [Member] | Nevada [Member]                      
Equity [Line Items]                      
Common stock shares issued                     7,500,000
Xianning Xiangtian Energy Holdings Group Co., Ltd. [Member] | Common Stock [Member]                      
Equity [Line Items]                      
Issuance of common stock                   12,000,000  
Securities Purchase Agreement [Member]                      
Equity [Line Items]                      
Common stock shares issued 10,000,000                    
Common stock, par value (in Dollars per share) $ 0.001                    
Aggregate purchase price (in Dollars) $ 4,100,000                    
Purchase price per share (in Dollars per share) $ 0.41                    
Securities Purchase Agreement [Member] | People’s Republic of China [Member]                      
Equity [Line Items]                      
Common stock shares issued   7,000,000                  
Common stock, par value (in Dollars per share)   $ 0.001                  
Aggregate purchase price (in Dollars)   $ 7,000,000                  
Purchase price per share (in Dollars per share)   $ 1                  
Common Stock [Member]                      
Equity [Line Items]                      
Common stock, par value (in Dollars per share)             $ 0.001        
[1] Prior period results have been adjusted to reflect the reverse stock split effected on May 31, 2024
v3.24.3
Income Taxes (Details)
 1 Months Ended 6 Months Ended
Dec. 22, 2017
Jun. 30, 2024
Jun. 30, 2023
Income Taxes [Line Items]      
Statutory federal rate   21.00% 21.00%
Valuation allowance on deferred tax   100.00%  
U.S [Member]      
Income Taxes [Line Items]      
Statutory federal rate   21.00%  
Cooperated tax rate percentage   21.00%  
Hong Kong [Member]      
Income Taxes [Line Items]      
Statutory federal rate   16.50%  
PRC [Member]      
Income Taxes [Line Items]      
Income tax rate   25.00%  
Maximum [Member] | U.S [Member]      
Income Taxes [Line Items]      
U.S. corporate tax rate percentage 34.00%    
Minimum [Member] | U.S [Member]      
Income Taxes [Line Items]      
U.S. corporate tax rate percentage 21.00%    
v3.24.3
Income Taxes (Details) - Schedule of Income Tax Expense - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule of Income Tax Expense [Line Items]        
Loss before tax $ (2,109,649) $ (12,084,854) $ (3,156,608) $ (13,352,136)
PRC Statutory Tax at 25% Rate     (689,007) (472,091)
Valuation allowance     689,007 550,789
Income tax     78,698
Per Share Effect of Tax Exemption    
Weighted-Average Shares Outstanding Basic (in Shares) 7,282,714 7,282,714 7,282,714 7,282,714
Per share effect    
PRC operations [Member]        
Schedule of Income Tax Expense [Line Items]        
Loss attributed to operations     (2,756,026) (1,834,178)
U.S. operations [Member]        
Schedule of Income Tax Expense [Line Items]        
Loss attributed to operations     (628,100) (11,560,992)
Canada operations [Member]        
Schedule of Income Tax Expense [Line Items]        
Loss attributed to operations     $ 227,518 $ 43,034
v3.24.3
Income Taxes (Details) - Schedule of Effective Income Tax Rate From Continuing Operations
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Schedule of Effective Income Tax Rate From Continuing Operations [Line Items]    
U.S. federal statutory income tax rate 21.00% 21.00%
Higher (lower) rates in PRC, net 4.00% 4.00%
Non-recognized deferred tax benefits in the PRC (25.00%) (25.59%)
The Company's effective tax rate 0.59%
v3.24.3
Earnings (Loss) Per Share of Common Stock (Details) - Schedule of Loss Per Share of Common Stock - Common Stock [Member] - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Earnings (Loss) Per Share of Common Stock (Details) - Schedule of Loss Per Share of Common Stock [Line Items]    
Net loss from operations attributable to common stockholders (in Dollars) $ (2,801,498) $ (13,485,019)
Basic and diluted (loss) earnings per share denominator:    
Original Shares at the beginning: 7,282,714 7,282,714
Basic Weighted Average Shares Outstanding 7,282,714 7,282,714
Loss per share from continuing operations - Basic (in Dollars per share) $ (0.43) $ (1.84)
Income per share from discontinued operations - Basic (in Dollars per share) $ 0.05 $ (0.01)
Basic weighted average shares outstanding 7,282,714 7,282,714
v3.24.3
Earnings (Loss) Per Share of Common Stock (Details) - Schedule of Loss Per Share of Common Stock (Parentheticals) - Common Stock [Member] - $ / shares
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Earnings (Loss) Per Share of Common Stock (Details) - Schedule of Loss Per Share of Common Stock (Parentheticals) [Line Items]    
Loss per share from continuing operations - diluted $ (0.43) $ (1.84)
Income per share from discontinued operations - diluted $ 0.05 $ (0.01)
Diluted weighted average shares outstanding (in Shares) 7,282,094 7,282,094
v3.24.3
Concentrations (Details) - Schedule of Customers Concentrations - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Customers A [Member]    
Concentration Risk [Line Items]    
Customers revenue, amount $ 1,054,847
Percentage of customers revenue 31.00%
Customers B [Member]    
Concentration Risk [Line Items]    
Customers revenue, amount $ 2,536,866
Percentage of customers revenue 19.00%
Customers C [Member]    
Concentration Risk [Line Items]    
Customers revenue, amount $ 656,699
Percentage of customers revenue 20.00%
Customers D [Member]    
Concentration Risk [Line Items]    
Customers revenue, amount $ 1,342,227
Percentage of customers revenue 10.00%
Customers E [Member]    
Concentration Risk [Line Items]    
Customers revenue, amount $ 376,997
Percentage of customers revenue 11.00%
v3.24.3
Concentrations (Details) - Schedule of Suppliers Concentrations - Supplier Concentration Risk [Member] - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Purchase Benchmark [Member] | Suppliers A [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount $ 2,738,879
Purchase Benchmark [Member] | Suppliers B [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 2,225,440
Purchase Benchmark [Member] | Suppliers C [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 1,664,699
Purchase Benchmark [Member] | Suppliers D [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 1,200,986
Purchase Benchmark [Member] | Suppliers E [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 912,116
Purchase Benchmark [Member] | Suppliers F [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 825,925
Purchase Benchmark [Member] | Suppliers G [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount 572,169
Purchase Benchmark [Member] | Suppliers H [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Suppliers revenue, amount $ 366,357
Cost of Goods and Service Benchmark [Member] | Suppliers A [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 22.00%
Cost of Goods and Service Benchmark [Member] | Suppliers B [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 18.00%
Cost of Goods and Service Benchmark [Member] | Suppliers C [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 14.00%
Cost of Goods and Service Benchmark [Member] | Suppliers D [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 10.00%
Cost of Goods and Service Benchmark [Member] | Suppliers E [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 27.00%
Cost of Goods and Service Benchmark [Member] | Suppliers F [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 24.00%
Cost of Goods and Service Benchmark [Member] | Suppliers G [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 17.00%
Cost of Goods and Service Benchmark [Member] | Suppliers H [Member]    
Schedule of Suppliers Concentrations [Line Items]    
Percentage of suppliers revenue 11.00%
Planet Green (AMEX:PLAG)
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Planet Green (AMEX:PLAG)
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De Déc 2023 à Déc 2024 Plus de graphiques de la Bourse Planet Green