0001213900-20-015988.txt : 20200626 0001213900-20-015988.hdr.sgml : 20200626 20200626170344 ACCESSION NUMBER: 0001213900-20-015988 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200626 DATE AS OF CHANGE: 20200626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Planet Green Holdings Corp. CENTRAL INDEX KEY: 0001117057 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 870430320 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34449 FILM NUMBER: 20994909 BUSINESS ADDRESS: STREET 1: SUITE 200, 9841 WASHINGTONIAN BLVD CITY: GAITHERSBURG STATE: MD ZIP: 20878 BUSINESS PHONE: 202 891 8907 MAIL ADDRESS: STREET 1: SUITE 200, 9841 WASHINGTONIAN BLVD CITY: GAITHERSBURG STATE: MD ZIP: 20878 FORMER COMPANY: FORMER CONFORMED NAME: American Lorain CORP DATE OF NAME CHANGE: 20070806 FORMER COMPANY: FORMER CONFORMED NAME: American CORP DATE OF NAME CHANGE: 20070806 FORMER COMPANY: FORMER CONFORMED NAME: American Lorain CORP DATE OF NAME CHANGE: 20070801 10-Q 1 f10q0320_planetgreen.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2020

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

For the transition period from ________ to________

Commission File No. 001-34449

PLANET GREEN HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

Nevada		87-0430320
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Suite 200, 9841 Washingtonian Blvd
Gaithersburg, MD 20878
(Address, including zip code, of principal executive offices)

(202) 891-8907
(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

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 registrant 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 the 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 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 June 25, 2020 was 9,227,765.

EXPLANATORY NOTE

The registrant is relying on the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies (Release No. 34-88465 dated March 25, 2020), which concerns exemptions from certain filing deadlines in light of COVID-19. The registrant could not file this Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 on a timely basis because the outbreak of COVID-19 in China and restrictions on travel and operations, which included, among others, finance team were unable to complete the preparation of the registrant’s consolidated financial statements for the fiscal quarter ended March 31, 2020, caused delays in completing the required work.

TABLE OF CONTENTS

		PAGE

PART I - FINANCIAL INFORMATION

ITEM 1	FINANCIAL STATEMENTS	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

ITEM 1	LEGAL PROCEEDINGS	8

ITEM 1A	RISK FACTORS	8

ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	8

ITEM 3	DEFAULTS UPON SENIOR SECURITIES	8

ITEM 4	MINE SAFETY DISCLOSURES	8

ITEM 5	OTHER INFORMATION	8

ITEM 6	EXHIBITS	9

SIGNATURES		10

Caution Regarding Forward-Looking Statements

This quarterly report on Form 10-Q 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” in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”).

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.

Use of Certain Defined Terms

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

1.	“China” and “PRC” refer to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purposes of this report only).

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

3.	“Lucky Sky HK” refers to Lucky Sky Holdings Corporations (HK) Limited, a company incorporated in Hong Kong and formerly known as JianShi Technology Holding Limited.

4.	“Lucky Sky Petrochemical” or “WFOE” refers to Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a PRC limited liability company.

5.	“PLAG,” “we,” “us” and “our” refer to Planet Green Holdings Corp., a Nevada corporation, and except where the context requires otherwise, our wholly-owned subsidiaries and VIEs.

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

7.	“Shanghai Xunyang” refers to Shanghai Xunyang Internet Technology Co., Ltd., a PRC limited liability company.

8.	“Shenzhen Lorain” refers to Lorain Food Stuff (Shenzhen) Co., Ltd., a PRC limited liability company.

9.	“Taishan Muren” refers to Taishan Muren Agriculture Co. Ltd., a PRC limited liability company.

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

11.	“VIE” refers to variable interest entity.

12.	“Xianning Bozhuang” refers to Xianning Bozhuang Tea Products Co., Ltd., a PRC limited liability company.

ITEM 1. FINANCIAL STATEMENTS

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2020 AND DECEMBER 31, 2019

(Stated in US Dollars)

CONTENTS		PAGES

Unaudited Condensed Consolidated Balance Sheets		F-2

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)		F-3

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity/(Deficiency)		F-4

Unaudited Condensed Consolidated Statements of Cash Flows		F-5

Notes to Financial Statements		F-6 to F-17

F-1

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AT MARCH 31, 2020 AND DECEMBER 31, 2019

(Stated in US Dollars)

	March 31,			December 31,
	2020			2019
Assets
Current assets
Cash and cash equivalents	$	4,117,973		$	7,403,323
Trade receivables, net		1,766,866			1,116,211
Inventories		2,272,599			1,946,548
Advances and prepayments to suppliers		10,450,805			7,414,066
Other receivables and other current assets		287,444			275,288
Related party receivable		76,934			2,162
Total current assets	$	18,972,621		$	18,157,598

Non-current assets
Plant and equipment, net		5,048,966			4,972,700
Intangible assets, net		1,476,586			1,533,927
Construction in progress, net		821,513			834,337
Deposits		1,432			1,454
Right-of-use assets	$	385,945		$	398,082
Total Assets	$	26,707,063		$	25,898,098

Liabilities and Stockholders’ Equity
Current liabilities
Short-term bank loans	$	203,930		$	136,044
Accounts payable		1,039,452			952,520
Taxes payable		127,160			106,423
Accrued liabilities and other payables		1,523,431			1,489,665
Customers deposits		51,912			52,722
Related party payable		26,225			2,027,729
Lease payable-current portion		24,820			24,761
Total current liabilities	$	2,996,930		$	4,789,864

Lease payable- non-current	$	361,449		$	373,728

Total Liabilities	$	3,358,379		$	5,163,592

Stockholders’ Equity
Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	$	-		$	-
Common Stock, $0.001 par value, 200,000,000 shares authorized; 9,227,765 and 7,877,765 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		9,228			7,878
Additional paid-in capital		89,312,071			85,803,421
Accumulated deficit		(73,870,529	)		(73,280,734	)
Accumulated other comprehensive income		7,897,914			8,203,941
Total Stockholders’ Equity	$	23,348,684		$	20,734,506
Total Liabilities and Stockholders’ Equity	$	26,707,063		$	25,898,098

See Accompanying Notes to the Financial Statements

F-2

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(Stated in US Dollars)

	For the three months ended
	March 31,
	2020			2019

Net revenues	$	834,711		$	1,078,245
Cost of revenues		852,069			779,988
Gross profit		(17,358	)		298,257

Operating expenses:
Selling and marketing expenses		7,845			110
General and administrative expenses		422,579			234,569
Total operating expenses		430,424			234,679

Operating (loss) income		(447,782	)		63,578

Other income (expenses):
Interest income		2,321			161
Interest expense		(1,461	)		-
Other income		414			-
Other expenses		(143,287	)		-
Total other (expenses) income		(142,013	)		161

(Loss) income before income taxes		(589,795	)		63,739

Provision for income taxes		-			56,043

Net (loss) income	$	(589,795	)	$	7,696


Other comprehensive income:
Foreign currency translation (loss) gain		(306,027	)		192,662
Comprehensive (loss) income	$	(895,822	)	$	200,358

Loss per share
- Basic and diluted		(0.07	)		0.00

Basic and diluted weighted average shares outstanding		7,996,121			5,497,765

See Accompanying Notes to the Financial Statements

F-3

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

STOCKHOLDERS’ EQUITY/(DEFICIENCY)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(Stated in US Dollars)

												Accumulated
	Number				Additional							Other			Non-
	of		Common		Paid-in		Statutory		Accumulated			Comprehensive			Controlling
	Shares		Stock		Capital		Reserves		Deficit			Income			Interests			Total
Balance, January 1, 2019		5,497,765	$	5,498	$	74,739,031	$	2,810,953	$	(79,038,883	)	$	9,792,283		$	(1,019,552	)	$	7,289,330
Net income		-		-		-		-		7,696			-			-			7,696
Issuance of common stock for cash
Allocation to non-controlling interests																(21,637	)		(21,637	)
Foreign currency translation adjustment		-		-		-		-		-			192,662			-			192,662
Balance, March 31, 2019		5,497,765	$	5,498	$	74,739,031	$	2,810,953	$	(79,031,187	)	$	9,984,943		$	(1,041,189	)	$	7,468,049

Balance, January 1, 2020		7,877,765	$	7,878	$	85,803,421	$	-	$	(73,280,734	)	$	8,203,941		$	-		$	20,734,506
Net loss		-		-		-		-		(589,795	)		-			-			(589,795	)
Issuance of common stock for cash		1,350,000		1,350		3,508,650		-		-			-			-			3,510,000
Allocation to non-controlling interests		-		-		-		-		-			-			-			-
Foreign currency translation adjustment		-		-		-		-		-			(306,027	)		-			(306,027	)
Balance, March 31, 2020		9,227,765	$	9,228	$	89,312,071	$	-	$	(73,870,529	)	$	7,897,914		$	-		$	23,348,684

See Accompanying Notes to the Financial Statements

F-4

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(STATED IN US DOLLARS)

	For the three months ended
	March 31,
	2020			2019
Cash flows from operating activities
Net (loss) income	$	(589,795	)	$	7,696
Amortization		34,276			-
Depreciation		132,554			109,528
Bad debt expenses		2,098			-
(Increase) / decrease in accounts and other receivables		(643,396	)		459,873
(Increase) / decrease in related party receivables		(75,942	)		264
Increase in inventory		(361,379	)		(10,265	)
Increase in prepayments and other current assets		(3,192,485	)		(227,654	)
Decrease in payables and other current liabilities		(1,843,031	)		(54,697	)
Net cash (used in) provided by operating activities	$	(6,537,100	)	$	284,745

Cash flows from investing activities
Purchase of plant and equipment and construction in progress		(287,573	)		-
Net cash used in investing activities	$	(287,573	)	$	-

Cash flows from financing activities
Proceeds from issuance of common stock		3,510,000			-
Receiving bank loans		71,041			-
Proceeds from related party receivables					-
Net cash provided by financing activities	$	3,581,041		$	-

Net (decrease) increase in cash and cash equivalents		(3,243,632	)		284,745

Effect of foreign currency translation on cash and cash equivalents		(41,718	)		20,370

Cash and cash equivalents–beginning of year		7,403,323			1,062,643

Cash and cash equivalents–end of year	$	4,117,973		$	1,367,758

Supplementary cash flow information:
Interest received	$	2,321		$	161
Interest paid	$	1,461		$	-
Income taxes paid	$	-		$	-

See Accompanying Notes to the Financial Statements

F-5

PLANET GREEN HOLDINGS CORP.

(F/K/A AMERICAN LORAIN CORPORATION)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

Organization and Principal Activities

Planet Green Holdings Corp. (the “Company” or “PLAG”), a Nevada corporation, engages in the businesses of (i) growing, developing, manufacturing, and marketing fresh foods, spices, convenience foods and tea products through its subsidiaries and VIEs in China and (ii) operating a demand side platform targeting the Chinese education market in North America.

Summary of Significant Accounting Policies

Method of accounting

Management has prepared the accompanying financial statements and these notes in accordance 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

The accompanying consolidated financial statements include the assets, liabilities, and results of operations of the Company, and its subsidiaries, which are listed below:

	Place of	Attributable equity		Registered
Name of company	incorporation	interest %		capital
Planet Green Holdings Corporation	British Virgin Islands		100	$	10,000
Lucky Sky Holdings Corporations (HK) Limited	Hong Kong		100		1,277
Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.	PRC		100		14,242,782
Fast Approach, Inc.	Canada		100		71
Shanghai Shuning Advertising Co., Ltd.	PRC		100		70,571
Taishan Muren Agriculture Co., Ltd.	PRC		VIE		1,913,049
Lorain Food Stuff (Shenzhen) Co., Ltd.	PRC		VIE		80,000
Xianning Bozhuang Tea Products Co., Ltd.	PRC		VIE		6,277,922

F-6

Planet Green Holdings Corp.

Notes to Financial Statements

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.

On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 27, 2018, the Company acquired Lucky Sky HK and Shanghai Xunyang, a wholly foreign-owned enterprise incorporated in Shanghai, China. The formation and acquisition of these companies was to implement the Company’s restructuring plans.

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 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang.

On June 5, 2020, the Company acquired all of the outstanding equity interests of Fast Approach, a corporation incorporated under the laws of Canada and in the business of operation of a demand side platform targeting the Chinese education market in North America.

Consolidation of Variable Interest Entities

VIEs are entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. Any VIE with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. Management makes ongoing reassessments of whether the Company is the primary beneficiary of its VIEs.

On September 27, 2018, through Shanghai Xunyang Internet Technology Co. Ltd. (“Shanghai Xunyang”), the Company entered into exclusive arrangements with Beijing Lorain Co., Ltd., Luotian Lorain Co., Ltd., Shandong Greenpia Foodstuff Co., Ltd., Taishan Muren Agriculture Co. Ltd. (“Taishan Muren”) and Lorain Foodstuff (Shenzhen) Co., Ltd. (“Shenzhen Lorain”) and its shareholders that give the Company the ability to substantially influence Shenzhen Lorain’s daily operations and financial affairs and appoint its senior executives. The Company is considered the primary beneficiary of these companies and it consolidates its accounts as a VIE.

On May 9, 2019, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with Xianning Bozhuang Tea Products Co., Ltd. (“Xianning Bozhuang”), a company incorporated in China engaging in the sale of tea products, and its shareholders (“Bozhuang Shareholders”). Pursuant to the Purchase Agreement, the Company issued an aggregate of 1,080,000 shares of its common stock to the Bozhuang Shareholders, in exchange for Bozhuang Shareholders’ agreement to enter into, and their agreement to cause Xianning Bozhuang to enter into, certain VIE Agreements with Shanghai Xunyang, through which Shanghai Xunyang shall have the right to control, manage and operate Xianning Bozhuang in return for a service fee approximately equal to 100% of Xianning Bozhuang’s net income (“Bozhuang Acquisition”). On May 14, 2019, Shanghai Xunyang entered into a series of VIE Agreements with Xianning Bozhuang and Bozhuang Shareholders. The VIE Agreements are designed to provide Shanghai Xunyang with the power, rights and obligations equivalent in all material respects to those it would possess as the sole equity holder of Xianning Bozhuang, including absolute rights to control the management, operations, assets, property and revenue of Xianning Bozhuang. The Bozhuang Acquisition closed on May 14, 2019. Starting on May 14, 2019, the Company’s business activities added the production line of green tea and black tea and sales of tea products, of which business activities are carried out in Xianning City, Huibei Province, China. The Company consolidated Xianning Bozhuang’s accounts as its VIE.

F-7

Planet Green Holdings Corp.

Notes to Financial Statements

On December 20, 2019, through Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. (“WFOE”), the Company entered into exclusive VIE agreements with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. The VIE agreements are described in detail below:

Consultation and Service Agreement

Pursuant to the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in the area of 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 amount of service fees and payment term can be amended by the WFOE and operating companies’ consultation and the implementation. The term 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 technical 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 terminate 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

Pursuant to the Equity Pledge Agreements among WFOE, operating entities and each of operating entities’ shareholder, shareholders of the operating entities pledge all of their equity interests in the operating entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. In addition, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.

Equity Option Agreements

Pursuant 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 purchase, 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 entities shareholder has been legally transferred to WFOE or its designee(s).

Voting Rights Proxy Agreements

Pursuant 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 with respect to 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.

Use of estimates

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates.

F-8

Planet Green Holdings Corp.

Notes to Financial Statements

Cash and cash equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Investment securities

The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All securities not included in trading securities are classified as available-for-sale.

Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income and are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis.

A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end, and forecasted performance of the investee.

Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned.

Trade receivables

Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.

Inventories

Inventories consist of raw materials and finished goods which are stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

Advances and prepayments to suppliers

The Company makes 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.

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
Landscaping, plant and tree		30 years
Machinery and equipment		1-10 years
Motor vehicles		5-10 years
Office equipment		5-20 years

F-9

Planet Green Holdings Corp.

Notes to Financial Statements

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses 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 costs of acquisition 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 incurred; accordingly, a charge to the Company’s results of operations will be recognized during the period. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the 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 be the result of becoming obsolete from a change in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate the 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 are reported at the lower of the carrying amount or fair value less costs to sell.

Statutory reserves

Statutory reserves are referring to the amount appropriated from the net income in accordance with 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 that is 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 currencies of the Company are the Renminbi (“RMB”). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and 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.

	*3/31/2020*		*12/31/2019*		*3/31/2019*
Period/year end RMB: US$ exchange rate		7.0851		6.9762		6.7335
Period/annual average RMB: US$ exchange rate		6.9790		6.8967		6.7087

F-10

Planet Green Holdings Corp.

Notes to Financial Statements

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”, and 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 the sale of fresh foods, spices, convenience foods and tea products. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils 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 the either expenses 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 allows for recognition of 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 is able to realize their benefits, or that future realization is uncertain.

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”) in accordance with 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 effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

F-11

Planet Green Holdings Corp.

Notes to Financial Statements

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 disclosure of the fair value of financial instruments held by the Company. 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 each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time 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 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

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

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.

Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

Unaudited interim financial information

These unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the SEC that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2020.

The consolidated balance sheets and certain comparative information as of December 31, 2019 are derived from the audited consolidated financial statements and related notes for the year ended December 31, 2019 (“2019 Annual Financial Statements”), included in the Company’s 2019 Annual Report on Form 10-K for the year ended December 31, 2019. These unaudited interim condensed consolidated financial statements should be read in conjunction with the 2019 Annual Financial Statements.

Recent accounting pronouncements

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would have a material effect on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company’s condensed consolidated financial statements.

The Company is evaluating the timing and the impact of the aforesaid guidance on the financial statements.

F-12

Planet Green Holdings Corp.

Notes to Financial Statements

3.	Restricted Cash

Restricted cash represents interest bearing deposits placed with banks to secure banking facilities in the form of loans and notes payable. The funds are restricted from immediate use and are designated for settlement of loans or notes when they become due.

4.	Trade Receivables

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.

	3/31/2020			12/31/2019
Trade accounts receivable	$	2,260,296		$	1,615,245
Less: Allowance for doubtful accounts		(493,430	)		(499,034	)
	$	1,766,866		$	1,116,211

Allowance for doubtful accounts:
Beginning balance	$	(499,034	)	$	-
Reclassified to discontinued operations					-
Additions to allowance					(499,034	)
Bad debt written-off		5,604			-
Ending balance	$	(493,430	)	$	(499,034	)

5.	Inventories

As of March 31, 2020 and December 31, 2019, inventories consisted of the following:

	3/31/2020		12/31/2019
Raw material	$	662,748	$	640,990
Inventory of Supplies		12,174		12,489
Work in progress		1,000,362		1,071,363
Finished goods		597,315		221,706
	$	2,272,599	$	1,946,548

6.	Plant and Equipment

As of March 31, 2020 and December 31, 2019, property, plant, and equipment consisted of the following:

	3/31/2020			12/31/2019
At Cost:
Buildings	$	4,725,427		$	4,512,606
Machinery and equipment		965,509			980,196
Office Equipment		53,141			53,376
Motor vehicles		148,100			150,412
Lemon trees, mint plants, pepper trees		312,958			317,720
	$	6,205,135		$	6,014,310

Less: Accumulated depreciation		(1,156,169	)		(1,041,610	)

	$	5,048,966		$	4,972,700

Depreciation expense for the three months ended March 31, 2020 and 2019 was $132,554 and $109,528, respectively.

F-13

Planet Green Holdings Corp.

Notes to Financial Statements

7.	Intangible Assets

	3/31/2020			12/31/2019
At Cost:
Land use rights	$	738,694		$	750,224
Software licenses		2,512			2,552
Trademark		881,427			895,187
	$	1,622,633		$	1,647,963

Less: Accumulated depreciation		(146,047	)		(114,036	)

	$	1,476,586		$	1,533,927

Land use rights: The land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224. The land is located at Xianning City, Hubei Province, China with the land use right valid until June 12, 2068.

Trademark: A tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187. The trademark was registered with the China National Intellectual Property Administration under registration number of 16964992A.

Amortization expense for the three months ended March 31, 2020 and 2019 was $34,276 and $0, respectively.

8.	Bank Loans

As of March 31, 2020 and December 31, 2019, short-term bank loans consisted of the following:

Short-term Bank Loans	3/31/2020		12/31/2019

Loan from China Construction Bank, Taishan Branch
● Interest rate at 3.915% per annum; due 12/12/2020		133,953		136,044
● Interest rate at5.0025% per annum; due 1/17/2021		69,977		-
	$	203,930	$	136,044

The short-term loans, which are denominated in RMB, were primarily obtained for general working capital purpose. $133,953 was secured by Yongjun Huang’s bank certificate of deposit. Yonjun Huang is the President of Taishan Muren. $69,977 is from the line of credit of China Construction Bank, Taishan Branch.

9.	Related Parties Transaction

As of March 31, 2020 and December 31, 2019, the outstanding balance due to related parties was $26,225 and $2,027,729, respectively.

As of March 31, 2020 and December 31, 2019, the outstanding balance due to Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company was $Nil and $2,003,390, respectively. Both are advances for working capital of the Company, non-interest bearing, and unsecured, unless further disclosed.

As of March 31, 2020 and December 31, 2019, the outstanding balance due to Mr. Yong Jun Huang, the President of Taishan Muren, was $18,886 and $16,885, respectively. Both are advances for working capital of the Company, non-interest bearing, and unsecured, unless further disclosed.

As of March 31, 2020 and December 31, 2019, the outstanding balance due to Mr. Ming Yue Cai, the President of Shenzhen Lorain, was $7,339 and $7,454, respectively. Both are advances for working capital of the Company, non-interest bearing, and unsecured, unless further disclosed.

10.

Equity

On February 10, 2020, the Company entered into a securities purchase agreement with Mengru Xu and Zhichao Du, pursuant to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of common stock, representing a purchase price of approximately $2.60 per share. On February 28, 2020, the Company closed the transaction.

F-14

Planet Green Holdings Corp.

Notes to Financial Statements

11.

Income Taxes

All of the Company’s continuing operations are located in the PRC. The corporate income tax rate in the PRC is 25%.

The following tables provide the reconciliation of the differences between the statutory and effective tax expenses for the three months ended March 31, 2020 and 2019:

	3/31/2020			3/31/2019
Income/(loss) attributed to PRC continuing operations	$	(589,795	)	$	63,739
Income/(loss) attributed to U.S. operations
Income/(loss) before tax	$	(589,795	)	$	63,739

PRC Statutory Tax at 25% Rate		-			56,043
Effect of tax exemption granted		-			-
Income tax	$	-		$	56,043

Per Share Effect of Tax Exemption

	3/31/2020		3/31/2019
Effect of tax exemption granted	$	-	$	-
Weighted-Average Shares Outstanding Basic		7,996,121		5,497,765
Per share effect	$	-	$	-

The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for the three months ended March 31, 2020 and 2019:

	3/31/2020			3/31/2019
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Expenses not deductible to taxable income		(25	)%		62.9	%
The Company’s effective tax rate		0	%		87.9	%

12.

Earnings/(Loss) Per Share

Components of basic and diluted earnings per share were as follows:

	For the three months ended
	March 31,
	2020			2019
Basic and diluted (loss) earnings per share numerator:
Net (loss) income	$	(589,795	)		7,696

Basic and diluted (loss) earnings per share denominator:
Original Shares:		7,877,765			5,497,765
Additions from Actual Events -Issuance of Common Stock		118,356			-
Basic Weighted Average Shares Outstanding		7,996,121			5,497,765

Income/(loss) per share - Basic and diluted		(0.07	)		0.00

Weighted Average Shares Outstanding - Basic and diluted		7,996,121			5,497,765

F-15

Planet Green Holdings Corp.

Notes to Financial Statements

13.

Lease Commitments

During the year ended December 31, 2016, Taishan Muren entered into one operating lease agreement leasing one plot of land where biological assets are grown, one building, and farming facilities. During the year ended December 31, 2017, Taishan Muren entered into two operating lease agreements leasing three additional plots of land where biological assets are grown and two buildings. During the year ended December 31, 2018, Taishan Muren entered into two operating lease agreements for two buildings.

As of the date of this report, the leases of the Company are as follows:

Lease	Date Commenced	Date of expiration
Lease #1	March 1, 2016	February 28, 2031
Lease #2	January 1, 2017	February 28, 2031
Lease #3	January 1, 2017	February 28, 2031
Lease #4	January 1, 2018	February 28, 2031
Lease #5	June 1, 2018	February 28, 2031

Effective January 1, 2019, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the package of practical expedients that does 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. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The impact of the adoption on January 1, 2019 increased the right-of-uses and lease liabilities by approximately $421,382.

Upon adoption of ASU 2016-02, the Company recognized lease labilities of approximately $421,382, with corresponding right-of-use assets of the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 5.0025%, which is determined using an incremental borrowing rate.

The weighted average remaining lease term of its existing leases is 13.5 years.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

For the three months ended March 31, 2020 and 2019, rent expenses amounted to $ 11,091 and $11,549, respectively.

The thirteen-year maturity of the Company’s lease obligations is presented below:

Twelve months ending December 31,	Operating lease amount
2020	$	13,660
2021		26,536
2022		28,586
2023		30,563
2024		32,814
Thereafter		255,079
Total lease payment		387,239
Less: interest		(970	)
Present value of lease liabilities	$	386,269

14.

Other Expenses

Other expenses consisted of the following:

	3/31/2020			3/31/2019
Other expense:
Donation outlay	$	(143,287	)	$	-
Other		-			-
	$	(143,287	)	$	-

The Company donated RMB 1,000,000 ($143,287) to the local non-profit organization for treatment and prevention of COVID-19 in local community.

F-16

Planet Green Holdings Corp.

Notes to Financial Statements

15.

Risks

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 minimal risk borne from credit extended to customers.

Interest risk

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

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.

The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

Environmental risks

The Company has procured environmental licenses required by the PRC government. The Company has both a water treatment facility for water used in its production process and secure transportation to remove waste off site. In the event of an accident, the Company has purchased insurance to cover potential damage to employees, equipment, and local environment.

Inflation Risk

Management of the Company monitors changes in prices levels. Historically inflation has not materially impacted the Company’s financial statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company’s customers could adversely impact the Company’s results of operations.

16.

Subsequent Events

On May 18, 2020, Hongxiang Yu resigned as a director of the Company and the Board of Directors of the Company appointed Lili Hu, the Chief Financial Officer of the Company, to serve as a member of the Board, effective immediately.

On June 5, 2020, the Company issued an aggregate of 1,800,000 shares of its common stock to acquire all of the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America.

F-17

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

Overview

We are headquartered in Gaithersburg, MD. After a series of acquisitions and dispositions in 2018 and 2019, our primary business, which is carried out by Taishan Muren and Xianning Bozhuang, is:

●

to develop and market products, such as sauces and tea products, from herbs and spices, in China; and

●

to sell brown rice syrup and tea bags developed using our unique recipes in China.

Recent Development

Acquisition of Fast Approach

On June 5, 2020, we issued an aggregate of 1,800,000 shares of our common stock to acquire all of the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America.

Coronavirus (COVID-19) Update

Recently, there is an ongoing outbreak of a novel strain of coronavirus (COVID-19) first identified in China and has since spread rapidly globally. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities globally for the past few months. In March 2020, the World Health Organization declared the COVID-19 as a pandemic. Given the rapidly expanding nature of the COVID-19 pandemic, and because substantially all of our business operations and our workforce are concentrated in China, our business, results of operations and financial condition have been and will continue to be adversely affected. Potential impact to our results of operations will also depend on future developments and new information that may emerge regarding the duration and severity of the COVID-19 and the actions taken by government authorities and other entities to contain the COVID-19 or mitigate its impact, almost all of which are beyond our control.

The impacts of COVID-19 on our business, financial condition, and results of operations include, but are not limited to, the following:

	●	We temporally closed our offices and production facilities to adhere to the policy from February 2020 until April 2020, as required by relevant PRC regulatory authorities. Our offices are slowly reopening pursuant to local guidelines. In the first quarter of 2020, the COVID-19 outbreak has caused disruptions in our manufacturing operations, which have resulted in delays in the shipment of products to certain of our customers.

	●	Some of our employees were in mandatory self-quarantine from January 2020 to April 2020.

●

Our customers have been negatively impacted by the outbreak, which may reduce the demand of our products. As a result, our revenue and income may be negatively impacted in 2020.

●

The situation may worsen if the COVID-19 pandemic continues. We will continue to closely monitor our collections throughout 2020.

A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue.

We cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations.

Results of Operations

Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019

The following table summarizes the results of our operations during the three-month periods ended March 31, 2020 and 2019 and provides information regarding the dollar and percentage increase or (decrease) from the three months ended March 31, 2020 compared to the three months ended March 31, 2019.

(All amounts, other than percentages, stated in thousands of U.S. dollars)

	Three months ended					Increase /			Increase /
	March 31,					Decrease			Decrease
(In Thousands of USD)	2020			2019		($)			(%)
Net revenues		835			1,078		(243	)		(23	)
Cost of revenues		852			780		72			9
Gross profit		(17	)		298		(315	)		(106	)
Operating expenses:
Selling and marketing expenses		8			-		8			N/A
General and administrative expenses		423			235		188			80
Operating loss		(447	)		64		(511	)		(798	)
Interest and other income		3			-		3			N/A
Other expenses		(143	)		-		(143	)		N/A
Interest expense		(1	)		-		(1	)		N/A
(Loss) income before tax		(589	)		64		(653	)		(1,020	)
Income tax expense/(income)		-			56		(56	)		(100	)
Net (loss) income		(589	)		8		(597	)		(7,463	)

Revenue

Net Revenues. Our net revenues for the three months ended March 31, 2020 amounted to $0.84 million, which represents a decrease of approximately $0.24 million, or 23%, from $1.08 million for the three months ended March 31, 2019. This decrease was mainly due to a reduction in demand of our products caused by the COVID-19 pandemic.

Cost of Revenues. During the three months ended March 31, 2020, we experienced an increase in cost of revenue of $0.07 million or 9%, in comparison to the three months ended March 31, 2019, from approximately $0.78 million to $0.85 million. This increase was mainly due to an increase in the cost of the raw materials caused by the COVID-19 pandemic.

Gross Profit. Our gross profit decreased by $0.32 million, or 106%, to negative $0.02 million for the three months ended March 31, 2020 from $0.30 million for the three months ended March 31, 2019. This decrease was mainly due to the reasons mentioned above.

Operating Expenses

Selling and Marketing Expenses. Our selling and marketing expenses increased by $0.008 million, or 100%, to $0.008 million for the three months ended March 31, 2020 from $0 million for the three months ended March 31, 2019. This increase was mainly due to our effort to expand our business.

General and Administrative Expenses. We experienced an increase in general and administrative expense of $0.19 million from $0.24 million to approximately $0.42 million for the three months ended March 31, 2020, compared to the three months ended March 31, 2019. This cost increase was mainly due to the increase in intermediary service fees.

Net Income

Our net income decreased by $0.59 million or 7,463%, to $0.60 million net loss for the three months ended March 31, 2020 from $0.008 million net income for the three months ended March 31, 2019. Such decrease was primarily the result of the impact of COVID-19, resulting in lower revenue and thus lower net income.

Liquidity and Capital Resources

In the reporting period in 2020, our primary sources of financing have been cash generated from operations and private placements. We raised funds in the following private placement in the first quarter of 2020:

On February 10, 2020, we entered into a securities purchase agreement with Mengru Xu and Zhichao Du, pursuant to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of our common stock, representing a purchase price of approximately $2.60 per share.

General

Management anticipates that our existing capital resources and anticipated cash flows from operations are adequate to satisfy our liquidity requirements for the next 12 months. Our primary capital needs have been to fund our working capital requirements. In the past, our primary sources of financing have been cash generated from operations and financing activities.

As of March 31, 2020, we had cash and cash equivalents (including restricted cash) of $4.12 million. The debt to assets ratio was 12.6% and 19.9% as of March 31, 2020 and December 31, 2019, respectively. We expect to continue to finance our operations and working capital needs in 2020 from cash generated from operations and, if needed, private financings. If available liquidity is not sufficient to meet our operating and loan obligations as they come due, 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 be able to 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.

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

Cash Flow (In thousands)

	For the Three Months Ended
	March 31,
	2020			2019
Net cash (used in)/provided by operating activities		(6,537	)		285
Net cash used in investing activities		(288	)		-
Net cash provided by financing activities		3,581			-
Net cash flow		(3,244	)		285

Operating Activities

Net cash used in operating activities was $6.5 million and provided by operating activities was $0.3 million for the three months ended March 31, 2020 and 2019, respectively. Net cash used in operating activities was mainly due to an increase of $0.7 million in accounts and other receivables, a decrease of $1.8 million in payables and other current liabilities and an increase of $3.2 million in prepayments and other current assets.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2020 was $0.3 million, representing an increase of $0.3 million in net cash used in investing activities from $0 million for the same period of 2019. This was mainly due to an increase in the investment of fixed assets.

Financing Activities

Net cash provided by financing activities for the three months period ended March 31, 2020 was $3.6 million, representing an increase of $3.6 million in net cash provided by financing activities from $0 million for the same period of 2019. This is mainly due to increase in private financing.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires our management to make assumptions, estimates and judgments that affect the amounts reported in our financial statements, including the notes thereto, and related disclosures of commitments and contingencies, if any. We consider our critical accounting policies to be those that require significant judgments and estimates in the preparation of financial statements, including those set forth in Note 2 to the financial statements included herein.

Off-Balance Sheet Arrangements

We do not have any off-balance arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including to our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rule 13a-15 under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2020. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2020, and as of the date that the evaluation of the effectiveness of our disclosure controls and procedures was completed, our disclosure controls and procedures were not effective due to the continuing material weakness in our internal control over financial reporting.

The material weakness and significant deficiency identified by our management as of March 31, 2020 relates to the ability of the Company to record transactions and provide disclosures in accordance with GAAP. We did not have sufficient and skilled accounting personnel with an appropriate level of experience in the application of GAAP commensurate with our financial reporting requirements. For example, our staff members do not hold licenses such as Certified Public Accountant or Certified Management Accountant in the United States, have not attended United States institutions for training as accountants, and have not attended extended educational programs that would provide sufficient relevant education relating to GAAP. Our staff will require substantial training to meet the demands of a U.S. public company and our staff’s understanding of the requirements of GAAP-based reporting is inadequate.

We plan to provide GAAP training sessions to our accounting team. The training sessions will be organized to help our corporate accounting team gain experience in GAAP reporting and to enhance their awareness of new and emerging pronouncements with potential impact over our financial reporting. We plan to continue to recruit experienced and professional accounting and financial personnel and participate in educational seminars, tutorials, and conferences and employ more qualified accounting staff in future.

Changes in Internal Controls over Financial Reporting.

During the three months ended March 31, 2020, there were no changes in our internal control over financial reporting identified in connection with the evaluation performed during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations over Internal Controls.

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:

	(i)	pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

	(ii)	provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

	(iii)	provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

We are a smaller reporting company and accordingly we are not required to provide information required by this Item.

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

The issuance of the securities was exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed as part of this report.

Exhibit No.		Description

10.1		Securities Purchase Agreement, dated as of February 10, 2020, by and among Planet Green Holdings Corp. and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on February 11, 2020)

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		XBRL Instance Document *

101.SCH		XBRL Taxonomy Extension Schema *

101.CAL		XBRL Taxonomy Extension Calculation Linkbase *

101.DEF		XBRL Taxonomy Extension Definition Linkbase *

101.LAB		XBRL Taxonomy Extension Label Linkbase *

101.PRE		XBRL Taxonomy Extension Presentation Linkbase *

*	Filed herewith.

**	Furnished herewith.

SIGNATURES

Pursuant to the requirements 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.

Date: June 26, 2020

	PLANET GREEN HOLDINGS CORP.

	/s/ Bin Zhou
	Bin Zhou
	Chief Executive Officer
	(Principal Executive Officer)

	/s/ Lili Hu
	Lili Hu
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-31.1 2 f10q0320ex31-1_planetgreen.htm CERTIFICATION

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 of Planet Green Holdings Corp. (the “Registrant”);

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: June 26, 2020	By:	/s/ Bin Zhou
		Bin Zhou Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 f10q0320ex31-2_planetgreen.htm CERTIFICATION

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 of Planet Green Holdings Corp. (the “Registrant”);

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: June 26, 2020

By:

/s/ Lili Hu

Lili Hu

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1 4 f10q0320ex32-1_planetgreen.htm CERTIFICATION

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 for the period ended March 31, 2020 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: June 26, 2020	By:	/s/ Bin Zhou
		Bin Zhou Chief Executive Officer (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.

EX-32.2 5 f10q0320ex32-2_planetgreen.htm CERTIFICATION

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

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: June 26, 2020	By:	/s/ Lili Hu
		Lili Hu Chief Financial Officer (Principal Financial and Accounting Officer)

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 48px; padding-right: 0; padding-bottom: 0">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Organization and Principal Activities</td></tr> </table>   Planet Green Holdings Corp. (the "Company" or "PLAG"), a Nevada corporation, engages in the businesses of (i) growing, developing, manufacturing, and marketing fresh foods, spices, convenience foods and tea products through its subsidiaries and VIEs in China and (ii) operating a demand side platform targeting the Chinese education market in North America.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 0px; padding-right: 0; padding-bottom: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 48px; padding-right: 0; padding-bottom: 0">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Summary of Significant Accounting Policies</td></tr> </table>   Method of accounting   Management has prepared the accompanying financial statements and these notes in accordance 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   The accompanying consolidated financial statements include the assets, liabilities, and results of operations of the Company, and its subsidiaries, which are listed below:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Place of</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Attributable equity</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Registered</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: top">Name of company</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">incorporation</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">interest %</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt">Planet Green Holdings Corporation</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">British Virgin Islands</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Holdings Corporations (HK) Limited</td><td> </td> <td style="text-align: center">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,242,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Fast Approach, Inc.</td><td> </td> <td style="text-align: center">Canada</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Shanghai Shuning Advertising Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Taishan Muren Agriculture Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,913,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lorain Food Stuff (Shenzhen) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Xianning Bozhuang Tea Products Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,277,922</td><td style="text-align: left"> </td></tr> </table>    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.   On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 27, 2018, the Company acquired Lucky Sky HK and Shanghai Xunyang, a wholly foreign-owned enterprise incorporated in Shanghai, China. The formation and acquisition of these companies was to implement the Company's restructuring plans.   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 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang.   On June 5, 2020, the Company acquired all of the outstanding equity interests of Fast Approach, a corporation incorporated under the laws of Canada and in the business of operation of a demand side platform targeting the Chinese education market in North America.     Consolidation of Variable Interest Entities   VIEs are entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. Any VIE with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. Management makes ongoing reassessments of whether the Company is the primary beneficiary of its VIEs.   On September 27, 2018, through Shanghai Xunyang Internet Technology Co. Ltd. ("Shanghai Xunyang"), the Company entered into exclusive arrangements with Beijing Lorain Co., Ltd., Luotian Lorain Co., Ltd., Shandong Greenpia Foodstuff Co., Ltd., Taishan Muren Agriculture Co. Ltd. ("Taishan Muren") and Lorain Foodstuff (Shenzhen) Co., Ltd. ("Shenzhen Lorain") and its shareholders that give the Company the ability to substantially influence Shenzhen Lorain's daily operations and financial affairs and appoint its senior executives. The Company is considered the primary beneficiary of these companies and it consolidates its accounts as a VIE.   On May 9, 2019, the Company entered into a Share Purchase Agreement (the "Purchase Agreement") with Xianning Bozhuang Tea Products Co., Ltd. ("Xianning Bozhuang"), a company incorporated in China engaging in the sale of tea products, and its shareholders ("Bozhuang Shareholders"). Pursuant to the Purchase Agreement, the Company issued an aggregate of 1,080,000 shares of its common stock to the Bozhuang Shareholders, in exchange for Bozhuang Shareholders' agreement to enter into, and their agreement to cause Xianning Bozhuang to enter into, certain VIE Agreements with Shanghai Xunyang, through which Shanghai Xunyang shall have the right to control, manage and operate Xianning Bozhuang in return for a service fee approximately equal to 100% of Xianning Bozhuang's net income ("Bozhuang Acquisition"). On May 14, 2019, Shanghai Xunyang entered into a series of VIE Agreements with Xianning Bozhuang and Bozhuang Shareholders. The VIE Agreements are designed to provide Shanghai Xunyang with the power, rights and obligations equivalent in all material respects to those it would possess as the sole equity holder of Xianning Bozhuang, including absolute rights to control the management, operations, assets, property and revenue of Xianning Bozhuang. The Bozhuang Acquisition closed on May 14, 2019. Starting on May 14, 2019, the Company's business activities added the production line of green tea and black tea and sales of tea products, of which business activities are carried out in Xianning City, Huibei Province, China. The Company consolidated Xianning Bozhuang's accounts as its VIE.   On December 20, 2019, through Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. ("WFOE"), the Company entered into exclusive VIE agreements with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies' daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. The VIE agreements are described in detail below:   Consultation and Service Agreement   Pursuant to the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in the area of 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 amount of service fees and payment term can be amended by the WFOE and operating companies' consultation and the implementation. The term 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 technical 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 terminate 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   Pursuant to the Equity Pledge Agreements among WFOE, operating entities and each of operating entities' shareholder, shareholders of the operating entities pledge all of their equity interests in the operating entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. In addition, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.   Equity Option Agreements   Pursuant 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 purchase, 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 entities shareholder has been legally transferred to WFOE or its designee(s).    Voting Rights Proxy Agreements   Pursuant 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 with respect to 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.   Use of estimates   The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those 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.   Investment securities   The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All securities not included in trading securities are classified as available-for-sale.   Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income and are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis.   A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end, and forecasted performance of the investee.   Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned.   Trade receivables   Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.   Inventories   Inventories consist of raw materials and finished goods which are stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.   Advances and prepayments to suppliers   The Company makes 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.   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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 89%; padding-right: 0; padding-bottom: 0">Buildings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 10%; text-align: right; padding-right: 0; padding-bottom: 0">20-40 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Landscaping, plant and tree</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">30 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Machinery and equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">1-10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Motor vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">5-10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">5-20 years</td></tr> </table>   The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company's results of operations. The costs of maintenance and repairs are recognized to expenses 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:     <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 89%; text-align: justify; padding-right: 0; padding-bottom: 0">Land use rights</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 10%; text-align: right; padding-right: 0; padding-bottom: 0">50 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Software licenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">2 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Trademarks</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">10 years</td></tr> </table>   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 costs of acquisition 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 incurred; accordingly, a charge to the Company's results of operations will be recognized during the period. Fair value is generally determined using a discounted expected future cash flow analysis.   Accounting for the 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 be the result of becoming obsolete from a change in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate the 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 are reported at the lower of the carrying amount or fair value less costs to sell.   Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with 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 that is 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 currencies of the Company are the Renminbi ("RMB"). The Company's assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and 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.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">12/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 67%; padding-right: 0; padding-bottom: 0">Period/year end RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">7.0851</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.9762</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.7335</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Period/annual average RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.9790</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.8967</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.7087</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td></tr> </table>   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", and 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 the sale of fresh foods, spices, convenience foods and tea products. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils its obligations under each of its agreements:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 48px; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 24px; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">identify the contract with a customer;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">identify the performance obligations in the contract;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">determine the transaction price;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">allocate the transaction price to performance obligations in the contract; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">recognize revenue as the performance obligation is satisfied.</td></tr> </table>    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 the either expenses 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 allows for recognition of 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 is able to realize their benefits, or that future realization is uncertain.   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") in accordance with 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 effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.   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 disclosure of the fair value of financial instruments held by the Company. 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 each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time 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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 0.5in; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 24px; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.   Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.   Unaudited interim financial information   These unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the SEC that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2020.   The consolidated balance sheets and certain comparative information as of December 31, 2019 are derived from the audited consolidated financial statements and related notes for the year ended December 31, 2019 ("2019 Annual Financial Statements"), included in the Company's 2019 Annual Report on Form 10-K for the year ended December 31, 2019. These unaudited interim condensed consolidated financial statements should be read in conjunction with the 2019 Annual Financial Statements.   Recent accounting pronouncements   In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would have a material effect on the Company's condensed consolidated financial statements.   In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820), Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement," which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial ReportingChapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company's condensed consolidated financial statements.   The Company is evaluating the timing and the impact of the aforesaid guidance on the financial statements.

Method of accounting   Management has prepared the accompanying financial statements and these notes in accordance 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   The accompanying consolidated financial statements include the assets, liabilities, and results of operations of the Company, and its subsidiaries, which are listed below:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Place of</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Attributable equity</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Registered</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: top">Name of company</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">incorporation</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">interest %</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt">Planet Green Holdings Corporation</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">British Virgin Islands</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Holdings Corporations (HK) Limited</td><td> </td> <td style="text-align: center">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,242,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Fast Approach, Inc.</td><td> </td> <td style="text-align: center">Canada</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Shanghai Shuning Advertising Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Taishan Muren Agriculture Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,913,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lorain Food Stuff (Shenzhen) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Xianning Bozhuang Tea Products Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,277,922</td><td style="text-align: left"> </td></tr> </table>   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.   On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 27, 2018, the Company acquired Lucky Sky HK and Shanghai Xunyang, a wholly foreign-owned enterprise incorporated in Shanghai, China. The formation and acquisition of these companies was to implement the Company's restructuring plans.   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 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang.   On June 5, 2020, the Company acquired all of the outstanding equity interests of Fast Approach, a corporation incorporated under the laws of Canada and in the business of operation of a demand side platform targeting the Chinese education market in North America.     Consolidation of Variable Interest Entities   VIEs are entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. Any VIE with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. Management makes ongoing reassessments of whether the Company is the primary beneficiary of its VIEs.   On September 27, 2018, through Shanghai Xunyang Internet Technology Co. Ltd. ("Shanghai Xunyang"), the Company entered into exclusive arrangements with Beijing Lorain Co., Ltd., Luotian Lorain Co., Ltd., Shandong Greenpia Foodstuff Co., Ltd., Taishan Muren Agriculture Co. Ltd. ("Taishan Muren") and Lorain Foodstuff (Shenzhen) Co., Ltd. ("Shenzhen Lorain") and its shareholders that give the Company the ability to substantially influence Shenzhen Lorain's daily operations and financial affairs and appoint its senior executives. The Company is considered the primary beneficiary of these companies and it consolidates its accounts as a VIE.   On May 9, 2019, the Company entered into a Share Purchase Agreement (the "Purchase Agreement") with Xianning Bozhuang Tea Products Co., Ltd. ("Xianning Bozhuang"), a company incorporated in China engaging in the sale of tea products, and its shareholders ("Bozhuang Shareholders"). Pursuant to the Purchase Agreement, the Company issued an aggregate of 1,080,000 shares of its common stock to the Bozhuang Shareholders, in exchange for Bozhuang Shareholders' agreement to enter into, and their agreement to cause Xianning Bozhuang to enter into, certain VIE Agreements with Shanghai Xunyang, through which Shanghai Xunyang shall have the right to control, manage and operate Xianning Bozhuang in return for a service fee approximately equal to 100% of Xianning Bozhuang's net income ("Bozhuang Acquisition"). On May 14, 2019, Shanghai Xunyang entered into a series of VIE Agreements with Xianning Bozhuang and Bozhuang Shareholders. The VIE Agreements are designed to provide Shanghai Xunyang with the power, rights and obligations equivalent in all material respects to those it would possess as the sole equity holder of Xianning Bozhuang, including absolute rights to control the management, operations, assets, property and revenue of Xianning Bozhuang. The Bozhuang Acquisition closed on May 14, 2019. Starting on May 14, 2019, the Company's business activities added the production line of green tea and black tea and sales of tea products, of which business activities are carried out in Xianning City, Huibei Province, China. The Company consolidated Xianning Bozhuang's accounts as its VIE.   On December 20, 2019, through Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. ("WFOE"), the Company entered into exclusive VIE agreements with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies' daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. The VIE agreements are described in detail below:

Consultation and Service Agreement   Pursuant to the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in the area of 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 amount of service fees and payment term can be amended by the WFOE and operating companies' consultation and the implementation. The term 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 technical 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 terminate 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   Pursuant to the Equity Pledge Agreements among WFOE, operating entities and each of operating entities' shareholder, shareholders of the operating entities pledge all of their equity interests in the operating entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. In addition, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.

Equity Option Agreements   Pursuant 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 purchase, 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 entities shareholder has been legally transferred to WFOE or its designee(s).

Voting Rights Proxy Agreements   Pursuant 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 with respect to 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.

Use of estimates   The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those 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.

Investment securities   The Company classifies securities it holds for investment purposes into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. All securities not included in trading securities are classified as available-for-sale.   Trading and available-for-sale securities are recorded at fair value. Unrealized holding gains and losses on trading securities are included in the net income. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from net income and are reported as a separate component of other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis.   A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged as an expense to the statement of income and comprehensive income and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year end, and forecasted performance of the investee.   Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective-interest method. Dividend and interest income are recognized when earned.

Trade receivables   Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.

Inventories   Inventories consist of raw materials and finished goods which are stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

Advances and prepayments to suppliers   The Company makes 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.

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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 89%; padding-right: 0; padding-bottom: 0">Buildings</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 10%; text-align: right; padding-right: 0; padding-bottom: 0">20-40 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Landscaping, plant and tree</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">30 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Machinery and equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">1-10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Motor vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">5-10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">5-20 years</td></tr> </table>   The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company's results of operations. The costs of maintenance and repairs are recognized to expenses 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:     <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 89%; text-align: justify; padding-right: 0; padding-bottom: 0">Land use rights</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 10%; text-align: right; padding-right: 0; padding-bottom: 0">50 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Software licenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">2 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">Trademarks</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">10 years</td></tr></table>

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 costs of acquisition 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 incurred; accordingly, a charge to the Company's results of operations will be recognized during the period. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the 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 be the result of becoming obsolete from a change in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate the 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 are reported at the lower of the carrying amount or fair value less costs to sell.

Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with 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 that is 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 currencies of the Company are the Renminbi ("RMB"). The Company's assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and 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.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">12/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 67%; padding-right: 0; padding-bottom: 0">Period/year end RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">7.0851</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.9762</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.7335</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Period/annual average RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.9790</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.8967</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.7087</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td></tr> </table>   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", and 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 the sale of fresh foods, spices, convenience foods and tea products. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils its obligations under each of its agreements:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 48px; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 24px; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">identify the contract with a customer;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">identify the performance obligations in the contract;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">determine the transaction price;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">allocate the transaction price to performance obligations in the contract; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: justify; padding-right: 0; padding-bottom: 0">recognize revenue as the performance obligation is satisfied.</td></tr></table>

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 the either expenses 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 allows for recognition of 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 is able to realize their benefits, or that future realization is uncertain.

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") in accordance with 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 effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

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 disclosure of the fair value of financial instruments held by the Company. 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 each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time 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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 0.5in; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 24px; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; text-align: justify; padding-bottom: 0">Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.

Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

Recent accounting pronouncements   In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would have a material effect on the Company's condensed consolidated financial statements.   In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company's condensed consolidated financial statements.   The Company is evaluating the timing and the impact of the aforesaid guidance on the financial statements.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="vertical-align: bottom"><td style="vertical-align: top; text-align: left"></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Place of</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Attributable equity</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Registered</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: top">Name of company</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">incorporation</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">interest %</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt">Planet Green Holdings Corporation</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">British Virgin Islands</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Holdings Corporations (HK) Limited</td><td> </td> <td style="text-align: center">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,242,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Fast Approach, Inc.</td><td> </td> <td style="text-align: center">Canada</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Shanghai Shuning Advertising Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Taishan Muren Agriculture Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,913,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Lorain Food Stuff (Shenzhen) Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Xianning Bozhuang Tea Products Co., Ltd.</td><td> </td> <td style="text-align: center">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">VIE</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,277,922</td><td style="text-align: left"> </td></tr></table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">12/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: center; padding-right: 0; padding-bottom: 0">3/31/2019</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0; padding-right: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 67%; padding-right: 0; padding-bottom: 0">Period/year end RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">7.0851</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.9762</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 8%; text-align: right; padding-right: 0; padding-bottom: 0">6.7335</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; width: 1%; padding-right: 0; padding-bottom: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0">Period/annual average RMB: US$ exchange rate</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.9790</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.8967</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; text-align: right; padding-right: 0; padding-bottom: 0">6.7087</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"> </td></tr> </table> P20Y

P20Y

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 48px; font-size: 10pt">4.</td> <td style="font-size: 10pt; text-align: justify">Trade Receivables</td></tr> </table>   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.   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,260,296</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,615,245</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(493,430</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(499,034</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,766,866</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,116,211</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for doubtful accounts:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Beginning balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(499,034</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassified to discontinued operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(499,034</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Bad debt written-off</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,604</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(493,430</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(499,034</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Trade accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,260,296</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,615,245</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(493,430</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(499,034</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,766,866</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,116,211</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allowance for doubtful accounts:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Beginning balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(499,034</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassified to discontinued operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(499,034</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Bad debt written-off</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,604</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(493,430</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(499,034</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>

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.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw material</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">662,748</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">640,990</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Inventory of Supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,489</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Work in progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,362</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,071,363</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">597,315</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,706</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,272,599</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,946,548</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

7403323

1062643

4117973

1367758

7414066

10450805

275288

287444

2162

76934

18157598

18972621

4972700

5048966

1533927

1476586

1454 1432 398082 385945

25898098

26707063

952520

1039452

106423

127160

1489665

1523431

52722

51912

24761

24820

4789864

2996930

373728

361449

5163592

3358379

7878

9228

85803421

89312071

-73280734

-73870529

8203941

7897914

20734506

7289330

5498

7878

74739031

85803421

2810953

-79038883

-73280734

9792283

8203941

-1019552

23348684

7468049

5498

74739031

2810953

-79031187

9984943

-1041189

9228

89312071

-73870529

7897914

25898098

26707063

0.001

5000000

200000000

7877765

9227765

834711

1078245

852069

779988

-17358

298257

7845

110

422579

234569

430424

234679

-447782

63578

2321

161

1461

414

143287

1000000

-142013

161

-589795

63739

56043

-589795

7696

-306027

192662

-895822

200358

-0.07

7996121

5497765

7877765

5497765

9227765

-589795

7696

-21637 -21637

-306027

192662

3510000

1350

3508650

1350000

34276

132554

109528

-2098

643396

-459873

75942

-264

361379

10265

3192485

227654

-1843031

-54697

-6537100

284745

287573

-287573

3510000

71041

3581041

-41718

20370

2321 161

1461

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">6.</td> <td style="text-align: justify">Plant and Equipment</td></tr> </table>   As of March 31, 2020 and December 31, 2019, property, plant, and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td>At Cost:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 9pt">Buildings</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,725,427</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,512,606</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">965,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">980,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Office Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,376</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 9pt">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,412</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt"> Lemon trees, mint plants, pepper trees</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">312,958</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">317,720</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,205,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,014,310</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,156,169</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,041,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,048,966</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,972,700</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   Depreciation expense for the three months ended March 31, 2020 and 2019 was $132,554 and $109,528, respectively.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td>At Cost:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 9pt">Buildings</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,725,427</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,512,606</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">965,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">980,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Office Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,376</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 9pt">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,412</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt"> Lemon trees, mint plants, pepper trees</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">312,958</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">317,720</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,205,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,014,310</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,156,169</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,041,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,048,966</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,972,700</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">7.</td> <td style="text-align: justify">Intangible Assets</td></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>At Cost:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">738,694</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">750,224</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,552</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Trademark</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">881,427</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">895,187</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,622,633</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,647,963</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(146,047</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114,036</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,476,586</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,533,927</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   Land use rights: The land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224. The land is located at Xianning City, Hubei Province, China with the land use right valid until June 12, 2068.   Trademark: A tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187. The trademark was registered with the China National Intellectual Property Administration under registration number of 16964992A.   Amortization expense for the three months ended March 31, 2020 and 2019 was $34,276 and $0, respectively.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>At Cost:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">738,694</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">750,224</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software licenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,552</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Trademark</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">881,427</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">895,187</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,622,633</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,647,963</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(146,047</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114,036</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,476,586</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,533,927</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>

The land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224. The land is located at Xianning City, Hubei Province, China with the land use right valid until June 12, 2068.

A tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187. The trademark was registered with the China National Intellectual Property Administration under registration number of 16964992A.

133953

69977

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">14.</td> <td style="text-align: justify">Other Expenses</td></tr> </table>   Other expenses consisted of the following:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td>Other expense:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Donation outlay</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(143,287</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">        -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(143,287</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>   The Company donated RMB 1,000,000 ($143,287) to the local non-profit organization for treatment and prevention of COVID-19 in local community.

-143287

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">15.</td> <td style="text-align: justify">Risks</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">A.</td> <td style="text-align: justify">Credit risk</td></tr> </table>   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 minimal risk borne from credit extended to customers.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 48px; padding-right: 0.8pt; text-align: justify"> </td> <td style="vertical-align: top; width: 24px; padding-right: 0.8pt; text-align: justify">B.</td> <td style="padding-right: 0.8pt; text-align: justify">Interest risk</td></tr> </table>   The Company is subject to interest rate risk when short term loans become due and require refinancing.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 48px; padding-right: 0.8pt; text-align: justify"> </td> <td style="vertical-align: top; width: 24px; padding-right: 0.8pt; text-align: justify">C.</td> <td style="padding-right: 0.8pt; text-align: justify">Economic and political risks</td></tr> </table>   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.   The Company's operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 48px; text-align: justify"> </td> <td style="vertical-align: top; width: 24px; padding-right: 0.8pt; text-align: justify">D.</td> <td style="padding-right: 0.8pt; text-align: justify">Environmental risks</td></tr> </table>   The Company has procured environmental licenses required by the PRC government. The Company has both a water treatment facility for water used in its production process and secure transportation to remove waste off site. In the event of an accident, the Company has purchased insurance to cover potential damage to employees, equipment, and local environment.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 48px; padding-right: 0.8pt; text-align: justify"> </td> <td style="vertical-align: top; width: 24px; padding-right: 0.8pt; text-align: justify">E.</td> <td style="padding-right: 0.8pt; text-align: justify">Inflation Risk</td></tr> </table>   Management of the Company monitors changes in prices levels. Historically inflation has not materially impacted the Company's financial statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company's customers could adversely impact the Company's results of operations.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 48px">11.</td> <td style="text-align: justify">Income Taxes</td></tr> </table>   All of the Company's continuing operations are located in the PRC. The corporate income tax rate in the PRC is 25%.   The following tables provide the reconciliation of the differences between the statutory and effective tax expenses for the three months ended March 31, 2020 and 2019:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Income/(loss) attributed to PRC continuing operations</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(589,795</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">63,739</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income/(loss) attributed to U.S. operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Income/(loss) before tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(589,795</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,739</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">PRC Statutory Tax at 25% Rate</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">56,043</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of tax exemption granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">56,043</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   Per Share Effect of Tax Exemption   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of tax exemption granted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Weighted-Average Shares Outstanding Basic</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">7,996,121</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">5,497,765</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Per share effect</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   The difference between the U.S. federal statutory income tax rate and the Company's effective tax rate was as follows for the three months ended March 31, 2020 and 2019:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">3/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. federal statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Higher (lower) rates in PRC, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Expenses not deductible to taxable income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">62.9</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">The Company's effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">87.9</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr></table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 48px">13.</td> <td style="text-align: justify">Lease Commitments</td></tr> </table>    During the year ended December 31, 2016, Taishan Muren entered into one operating lease agreement leasing one plot of land where biological assets are grown, one building, and farming facilities. During the year ended December 31, 2017, Taishan Muren entered into two operating lease agreements leasing three additional plots of land where biological assets are grown and two buildings. During the year ended December 31, 2018, Taishan Muren entered into two operating lease agreements for two buildings.   As of the date of this report, the leases of the Company are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; width: 64%">Lease</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: center">Date Commenced</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: center">Date of expiration</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #1</td> <td> </td> <td style="text-align: center">March 1, 2016</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Lease #2</td> <td> </td> <td style="text-align: center">January 1, 2017</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #3</td> <td> </td> <td style="text-align: center">January 1, 2017</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Lease #4</td> <td> </td> <td style="text-align: center">January 1, 2018</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #5</td> <td> </td> <td style="text-align: center">June 1, 2018</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> </table>   Effective January 1, 2019, the Company adopted ASU 2016-02, "Leases" (Topic 842), and elected the package of practical expedients that does 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. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The impact of the adoption on January 1, 2019 increased the right-of-uses and lease liabilities by approximately $421,382.   Upon adoption of ASU 2016-02, the Company recognized lease labilities of approximately $421,382, with corresponding right-of-use assets of the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 5.0025%, which is determined using an incremental borrowing rate.   The weighted average remaining lease term of its existing leases is 13.5 years.   The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.   For the three months ended March 31, 2020 and 2019, rent expenses amounted to $ 11,091 and $11,549, respectively.   The thirteen-year maturity of the Company's lease obligations is presented below:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Twelve months ending December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating lease amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,660</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,536</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,814</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">255,079</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,239</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(970</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">386,269</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">3/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. federal statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Higher (lower) rates in PRC, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Expenses not deductible to taxable income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">62.9</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">The Company's effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">87.9</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Basic and diluted (loss) earnings per share numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net (loss) income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(589,795</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">7,696</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted (loss) earnings per share denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Original Shares:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,877,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,497,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Additions from Actual Events -Issuance of Common Stock</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Basic Weighted Average Shares Outstanding</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,996,121</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,497,765</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income/(loss) per share - Basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.07</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted Average Shares Outstanding - Basic and diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,996,121</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,497,765</td><td style="text-align: left"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; width: 64%">Lease</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: center">Date Commenced</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: center">Date of expiration</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #1</td> <td> </td> <td style="text-align: center">March 1, 2016</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Lease #2</td> <td> </td> <td style="text-align: center">January 1, 2017</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #3</td> <td> </td> <td style="text-align: center">January 1, 2017</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Lease #4</td> <td> </td> <td style="text-align: center">January 1, 2018</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Lease #5</td> <td> </td> <td style="text-align: center">June 1, 2018</td> <td> </td> <td style="text-align: center">February 28, 2031</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Twelve months ending December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating lease amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,660</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,536</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,814</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">255,079</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,239</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(970</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">386,269</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

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Unaudited interim financial information   These unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the SEC that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2020.   The consolidated balance sheets and certain comparative information as of December 31, 2019 are derived from the audited consolidated financial statements and related notes for the year ended December 31, 2019 ("2019 Annual Financial Statements"), included in the Company's 2019 Annual Report on Form 10-K for the year ended December 31, 2019. These unaudited interim condensed consolidated financial statements should be read in conjunction with the 2019 Annual Financial Statements.

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in; text-align: left">8.</td><td style="text-align: justify">Bank Loans</td> </tr></table>   As of March 31, 2020 and December 31, 2019, short-term bank loans consisted of the following:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Short-term Bank Loans</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">3/31/2020</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">12/31/2019</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">Loan from China Construction Bank, Taishan Branch</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">● Interest rate at 3.915% per annum; due 12/12/2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">133,953</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">136,044</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">● Interest rate at5.0025% per annum; due 1/17/2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">69,977</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">203,930</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">136,044</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   The short-term loans, which are denominated in RMB, were primarily obtained for general working capital purpose. $133,953 was secured by Yongjun Huang's bank certificate of deposit. Yonjun Huang is the President of Taishan Muren. $69,977 is from the line of credit of China Construction Bank, Taishan Branch.

9227765

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[Member] Types Of Agreement [Axis] Purchase Agreement [Member] Loan from China Construction Bank, Taishan Branch [Member] Agreement [Axis] Securities Purchase Agreement [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Mr. Yong Jun Huang [Member] Mr. Ming Yue Cai [Member] Consolidated Entities [Axis] Company Donated [Member] Segments [Axis] RMB [Member] Document and Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Amendment Flag Current Fiscal Year End Date Document Type Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Entity Current Reporting Status Entity Interactive Data Current Entity Incorporation State Country Code Entity File Number Entity Filer Category Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Public Float Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Assets Current assets Cash and cash equivalents Trade receivables, net Inventories Advances and prepayments to suppliers Other receivables and other current assets Related party receivable Total current assets Non-current assets Plant and equipment, net Intangible assets, net Construction in progress, net Deposits Right-of-use assets Total Assets Liabilities and Stockholders’ Equity Current liabilities Short-term bank loans Accounts payable Taxes payable Accrued liabilities and other payables Customers deposits Related party payable Lease payable-current portion Total current liabilities Lease payable- non-current Total Liabilities Stockholders’ Equity Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively Common Stock, $0.001 par value, 200,000,000 shares authorized; 9,227,765 and 7,877,765 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders’ Equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Net revenues Cost of revenues Gross profit Operating expenses: Selling and marketing expenses General and administrative expenses Total operating expenses Operating (loss) income Other income (expenses): Interest income Interest expense Other income Other expenses Total other (expenses) income (Loss) income before income taxes Provision for income taxes Net (loss) income Other comprehensive income: Foreign currency translation (loss) gain Comprehensive (loss) income Loss per share - Basic and diluted Basic and diluted weighted average shares outstanding Statement [Table] Statement [Line Items] Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Non-Controlling Interests Balance Balance, shares Rounding from reverse split Rounding from reverse split, shares Net (loss) income Issuance of shares for acquisition Issuance of shares for acquisition, shares Issuance of common stock for cash Issuance of common stock for cash, shares Reorganization Allocation to non-controlling interests Disposition Acquiring corporation Foreign currency translation adjustment Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities Amortization Depreciation Bad debt expenses (Increase) / decrease in accounts and other receivables (Increase) / decrease in related party receivables Increase in inventory Increase in prepayments and other current assets Decrease in payables and other current liabilities Net cash (used in) provided by operating activities Cash flows from investing activities Purchase of plant and equipment and construction in progress Net cash used in investing activities Cash flows from financing activities Proceeds from issuance of common stock Receiving bank loans Proceeds from related party receivables Net cash provided by financing activities Net (decrease) increase in cash and cash equivalents Effect of foreign currency translation on cash and cash equivalents Cash and cash equivalents-beginning of year Cash and cash equivalents-end of year Supplementary cash flow information: Interest received Interest paid Income taxes paid EX-101.PRE 11 plag-20200331_pre.xml XBRL PRESENTATION FILE XML 12 R41.htm IDEA: XBRL DOCUMENT

Trade Receivables (Details Textual)	3 Months Ended
Trade Receivables (Details Textual)	Mar. 31, 2020
Trade Receivables (Textual)
Trade receivables, 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.

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Intangible Assets (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Intangible assets, gross	$ 1,622,633	$ 1,647,963
Less: Accumulated depreciation	(146,047)	(114,036)
Intangible assets, net	1,476,586	1,533,927
Land use rights [Member]
Intangible assets, gross	738,694	750,224
Software licenses [Member]
Intangible assets, gross	2,512	2,552
Trademark [Member]
Intangible assets, gross	$ 881,427	$ 895,187

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Related Parties Transaction (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Related Parties Transaction (Textual)
Due to related parties	$ 26,225	$ 2,027,729
Mr. Bin Zhou [Member]
Related Parties Transaction (Textual)
Due to related parties		2,003,390
Mr. Yong Jun Huang [Member]
Related Parties Transaction (Textual)
Due to related parties	18,886	16,885
Mr. Ming Yue Cai [Member]
Related Parties Transaction (Textual)
Due to related parties	$ 7,339	$ 7,454

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Intangible Assets [Abstract]

Schedule of intangible assets

	3/31/2020			12/31/2019
At Cost:
Land use rights	$	738,694		$	750,224
Software licenses		2,512			2,552
Trademark		881,427			895,187
	$	1,622,633		$	1,647,963

Less: Accumulated depreciation		(146,047	)		(114,036	)

	$	1,476,586		$	1,533,927

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of assets, liabilities, and results of operations

	Place of	Attributable equity		Registered
Name of company	incorporation	interest %		capital
Planet Green Holdings Corporation	British Virgin Islands		100	$	10,000
Lucky Sky Holdings Corporations (HK) Limited	Hong Kong		100		1,277
Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.	PRC		100		14,242,782
Fast Approach, Inc.	Canada		100		71
Shanghai Shuning Advertising Co., Ltd.	PRC		100		70,571
Taishan Muren Agriculture Co., Ltd.	PRC		VIE		1,913,049
Lorain Food Stuff (Shenzhen) Co., Ltd.	PRC		VIE		80,000
Xianning Bozhuang Tea Products Co., Ltd.	PRC		VIE		6,277,922

Schedule of estimated useful live

Buildings		20-40 years
Landscaping, plant and tree		30 years
Machinery and equipment		1-10 years
Motor vehicles		5-10 years
Office equipment		5-20 years

Schedule of intangible assets

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

Schedule of average exchange rates

	*3/31/2020*		*12/31/2019*		*3/31/2019*
Period/year end RMB: US$ exchange rate		7.0851		6.9762		6.7335
Period/annual average RMB: US$ exchange rate		6.9790		6.8967		6.7087

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Other Expenses

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Expenses

14.

Other Expenses

Other expenses consisted of the following:

	3/31/2020			3/31/2019
Other expense:
Donation outlay	$	(143,287	)	$	-
Other		-			-
	$	(143,287	)	$	-

The Company donated RMB 1,000,000 ($143,287) to the local non-profit organization for treatment and prevention of COVID-19 in local community.

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Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Equity

10.

Equity

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Plant and Equipment

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Plant and Equipment

6.	Plant and Equipment

As of March 31, 2020 and December 31, 2019, property, plant, and equipment consisted of the following:

	3/31/2020			12/31/2019
At Cost:
Buildings	$	4,725,427		$	4,512,606
Machinery and equipment		965,509			980,196
Office Equipment		53,141			53,376
Motor vehicles		148,100			150,412
Lemon trees, mint plants, pepper trees		312,958			317,720
	$	6,205,135		$	6,014,310

Less: Accumulated depreciation		(1,156,169	)		(1,041,610	)

	$	5,048,966		$	4,972,700

Depreciation expense for the three months ended March 31, 2020 and 2019 was $132,554 and $109,528, respectively.

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Earnings/(Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

	For the three months ended
	March 31,
	2020			2019
Basic and diluted (loss) earnings per share numerator:
Net (loss) income	$	(589,795	)		7,696

Basic and diluted (loss) earnings per share denominator:
Original Shares:		7,877,765			5,497,765
Additions from Actual Events -Issuance of Common Stock		118,356			-
Basic Weighted Average Shares Outstanding		7,996,121			5,497,765

Income/(loss) per share - Basic and diluted		(0.07	)		0.00

Weighted Average Shares Outstanding - Basic and diluted		7,996,121			5,497,765

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Summary of Significant Accounting Policies (Details 1)	3 Months Ended
Summary of Significant Accounting Policies (Details 1)	Mar. 31, 2020
Buildings [Member] \| Minimum [Member]
Plant and equipment, useful life	20 years
Buildings [Member] \| Maximum [Member]
Plant and equipment, useful life	40 years
Landscaping, plant and tree [Member]
Plant and equipment, useful life	30 years
Machinery and equipment [Member] \| Minimum [Member]
Plant and equipment, useful life	1 year
Machinery and equipment [Member] \| Maximum [Member]
Plant and equipment, useful life	10 years
Motor vehicles [Member] \| Minimum [Member]
Plant and equipment, useful life	5 years
Motor vehicles [Member] \| Maximum [Member]
Plant and equipment, useful life	10 years
Office equipment [Member] \| Minimum [Member]
Plant and equipment, useful life	5 years
Office equipment [Member] \| Maximum [Member]
Plant and equipment, useful life	20 years

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Trade Receivables (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Trade Receivables [Abstract]
Trade accounts receivable	$ 2,260,296	$ 1,615,245
Less: Allowance for doubtful accounts	(493,430)	(499,034)
Trade receivables, net	$ 1,766,866	$ 1,116,211

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Lease Commitments (Details Textual) - USD ($)	3 Months Ended
Lease Commitments (Details Textual) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lease Commitments (Textual)
Right-of-uses and lease liabilities			$ 421,382
Weighted average remaining lease term	13 years 6 months
Rent expenses	$ 11,091	$ 11,549
Effective interest rate	5.0025%
Lease liability	$ 421,382
Lease agreement, description	During the year ended December 31, 2016, Taishan Muren entered into one operating lease agreement leasing one plot of land where biological assets are grown, one building, and farming facilities. During the year ended December 31, 2017, Taishan Muren entered into two operating lease agreements leasing three additional plots of land where biological assets are grown and two buildings. During the year ended December 31, 2018, Taishan Muren entered into two operating lease agreements for two buildings.

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Income Taxes (Details Textual)	3 Months Ended
Income Taxes (Details Textual)	Mar. 31, 2020	Mar. 31, 2019
Income Taxes (Textual)
Corporate income tax rate	21.00%	21.00%
PRC [Member]
Income Taxes (Textual)
Corporate income tax rate	25.00%

XML 26 R50.htm IDEA: XBRL DOCUMENT

Equity (Details) - USD ($)	Feb. 10, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity (Textual)
Common stock, par value		$ 0.001	$ 0.001
Common stock outstanding		9,227,765	7,877,765
Securities Purchase Agreement [Member]
Equity (Textual)
Aggregate purchase price	$ 3,510,000
Shares purchased	1,350,000
Purchase price per share	$ 2.60

XML 27 R7.htm IDEA: XBRL DOCUMENT

Organization and Principal Activities

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

1.	Organization and Principal Activities

Planet Green Holdings Corp. (the "Company" or "PLAG"), a Nevada corporation, engages in the businesses of (i) growing, developing, manufacturing, and marketing fresh foods, spices, convenience foods and tea products through its subsidiaries and VIEs in China and (ii) operating a demand side platform targeting the Chinese education market in North America.

XML 28 R3.htm IDEA: XBRL DOCUMENT

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	9,227,765	7,877,765
Common stock, shares outstanding	9,227,765	7,877,765

XML 29 R17.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

All of the Company's continuing operations are located in the PRC. The corporate income tax rate in the PRC is 25%.

The following tables provide the reconciliation of the differences between the statutory and effective tax expenses for the three months ended March 31, 2020 and 2019:

	3/31/2020			3/31/2019
Income/(loss) attributed to PRC continuing operations	$	(589,795	)	$	63,739
Income/(loss) attributed to U.S. operations
Income/(loss) before tax	$	(589,795	)	$	63,739

PRC Statutory Tax at 25% Rate		-			56,043
Effect of tax exemption granted		-			-
Income tax	$	-		$	56,043

Per Share Effect of Tax Exemption

	3/31/2020		3/31/2019
Effect of tax exemption granted	$	-	$	-
Weighted-Average Shares Outstanding Basic		7,996,121		5,497,765
Per share effect	$	-	$	-

The difference between the U.S. federal statutory income tax rate and the Company's effective tax rate was as follows for the three months ended March 31, 2020 and 2019:

	3/31/2020			3/31/2019
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Expenses not deductible to taxable income		(25	)%		62.9	%
The Company's effective tax rate		0	%		87.9	%

XML 30 R13.htm IDEA: XBRL DOCUMENT

Intangible Assets

3 Months Ended

Mar. 31, 2020

Intangible Assets [Abstract]

Intangible Assets

7.	Intangible Assets

	3/31/2020			12/31/2019
At Cost:
Land use rights	$	738,694		$	750,224
Software licenses		2,512			2,552
Trademark		881,427			895,187
	$	1,622,633		$	1,647,963

Less: Accumulated depreciation		(146,047	)		(114,036	)

	$	1,476,586		$	1,533,927

Amortization expense for the three months ended March 31, 2020 and 2019 was $34,276 and $0, respectively.

XML 31 R38.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) - shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 20, 2019	May 09, 2019
Summary of Significant Accounting Policies (Textual)
Common stock share issued	9,227,765	7,877,765
Consultation and Service Agreement term	20 years
Voting Rights Proxy Agreement term	20 years
Purchase Agreement [Member]
Summary of Significant Accounting Policies (Textual)
Common stock share issued				1,080,000
Shanghai Xunyang [Member]
Summary of Significant Accounting Policies (Textual)
Ownership percentage			100.00%
Xianning Bozhuang’s [Member] \| Purchase Agreement [Member]
Summary of Significant Accounting Policies (Textual)
Ownership percentage				100.00%
Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Salvage Value, Percentage	10.00%
Statutory reserve	50.00%
Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Property, Plant and Equipment, Salvage Value, Percentage	0.00%
Statutory reserve	10.00%

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of differences between the statutory and effective tax expenses

	3/31/2020			3/31/2019
Income/(loss) attributed to PRC continuing operations	$	(589,795	)	$	63,739
Income/(loss) attributed to U.S. operations
Income/(loss) before tax	$	(589,795	)	$	63,739

PRC Statutory Tax at 25% Rate		-			56,043
Effect of tax exemption granted		-			-
Income tax	$	-		$	56,043

Schedule of per share effect of tax exemption

	3/31/2020		3/31/2019
Effect of tax exemption granted	$	-	$	-
Weighted-Average Shares Outstanding Basic		7,996,121		5,497,765
Per share effect	$	-	$	-

Schedule of U.S. federal statutory income tax rate and the company's effective tax rate

	3/31/2020			3/31/2019
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Expenses not deductible to taxable income		(25	)%		62.9	%
The Company's effective tax rate		0	%		87.9	%

XML 33 R34.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2020 USD ($)
Planet Green Holdings Corporation [Member]
Attributable equity interest, percentage	100.00%
Registered capital	$ 10,000
Place of incorporation	British Virgin Islands
Lucky Sky Holdings Corporations (HK) Limited [Member]
Attributable equity interest, percentage	100.00%
Registered capital	$ 1,277
Place of incorporation	Hong Kong
Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. [Member]
Attributable equity interest, percentage	100.00%
Registered capital	$ 14,242,782
Place of incorporation	PRC
Taishan Muren Agriculture Co., Ltd. [Member]
Registered capital	$ 1,913,049
Place of incorporation	PRC
Lorain Food Stuff (Shenzhen) Co., Ltd. [Member]
Registered capital	$ 80,000
Place of incorporation	PRC
Xianning Bozhuang Tea Products Co., Ltd. [Member]
Registered capital	$ 6,277,922
Place of incorporation	PRC
Fast Approach, Inc. [Member]
Attributable equity interest, percentage	100.00%
Registered capital	$ 71
Place of incorporation	Canada
Shanghai Shuning Advertising Co., Ltd. [Member]
Attributable equity interest, percentage	100.00%
Registered capital	$ 70,571
Place of incorporation	PRC

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Earnings/(Loss) Per Share (Details) - USD ($)	3 Months Ended
Earnings/(Loss) Per Share (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted (loss) earnings per share numerator:
Net (loss) income	$ (589,795)	$ 7,696
Basic and diluted (loss) earnings per share denominator:
Original Shares:	7,877,765	5,497,765
Additions from Actual Events -Issuance of Common Stock	118,356
Basic Weighted Average Shares Outstanding	7,996,121	5,497,765
Income/(loss) per share - Basic and diluted	$ (0.07)	$ 0.00
Weighted Average Shares Outstanding - Basic and diluted	7,996,121	5,497,765

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Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Notes to Financial Statements [Abstract]
Income/(loss) attributed to PRC continuing operations	$ (589,795)	$ 63,739
Income/(loss) attributed to U.S. operations
Income/(loss) before tax	(589,795)	63,739
PRC Statutory Tax at 25% Rate		56,043
Effect of tax exemption granted
Income tax		$ 56,043

XML 36 R59.htm IDEA: XBRL DOCUMENT

Other Expenses (Details) - USD ($)	3 Months Ended
Other Expenses (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Other expense:
Donation outlay	$ (143,287)
Other
Total	$ (143,287)

XML 37 R6.htm IDEA: XBRL DOCUMENT

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (589,795)	$ 7,696
Amortization	34,276
Depreciation	132,554	109,528
Bad debt expenses	2,098
(Increase) / decrease in accounts and other receivables	(643,396)	459,873
(Increase) / decrease in related party receivables	(75,942)	264
Increase in inventory	(361,379)	(10,265)
Increase in prepayments and other current assets	(3,192,485)	(227,654)
Decrease in payables and other current liabilities	(1,843,031)	(54,697)
Net cash (used in) provided by operating activities	(6,537,100)	284,745
Cash flows from investing activities
Purchase of plant and equipment and construction in progress	(287,573)
Net cash used in investing activities	(287,573)
Cash flows from financing activities
Proceeds from issuance of common stock	3,510,000
Receiving bank loans	71,041
Proceeds from related party receivables
Net cash provided by financing activities	3,581,041
Net (decrease) increase in cash and cash equivalents	(3,243,632)	284,745
Effect of foreign currency translation on cash and cash equivalents	(41,718)	20,370
Cash and cash equivalents-beginning of year	7,403,323	1,062,643
Cash and cash equivalents-end of year	4,117,973	1,367,758
Supplementary cash flow information:
Interest received	2,321	161
Interest paid	1,461
Income taxes paid

XML 38 R2.htm IDEA: XBRL DOCUMENT

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 4,117,973	$ 7,403,323
Trade receivables, net	1,766,866	1,116,211
Inventories	2,272,599	1,946,548
Advances and prepayments to suppliers	10,450,805	7,414,066
Other receivables and other current assets	287,444	275,288
Related party receivable	76,934	2,162
Total current assets	18,972,621	18,157,598
Non-current assets
Plant and equipment, net	5,048,966	4,972,700
Intangible assets, net	1,476,586	1,533,927
Construction in progress, net	821,513	834,337
Deposits	1,432	1,454
Right-of-use assets	385,945	398,082
Total Assets	26,707,063	25,898,098
Current liabilities
Short-term bank loans	203,930	136,044
Accounts payable	1,039,452	952,520
Taxes payable	127,160	106,423
Accrued liabilities and other payables	1,523,431	1,489,665
Customers deposits	51,912	52,722
Related party payable	26,225	2,027,729
Lease payable-current portion	24,820	24,761
Total current liabilities	2,996,930	4,789,864
Lease payable- non-current	361,449	373,728
Total Liabilities	3,358,379	5,163,592
Stockholders’ Equity
Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Common Stock, $0.001 par value, 200,000,000 shares authorized; 9,227,765 and 7,877,765 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	9,228	7,878
Additional paid-in capital	89,312,071	85,803,421
Accumulated deficit	(73,870,529)	(73,280,734)
Accumulated other comprehensive income	7,897,914	8,203,941
Total Stockholders' Equity	23,348,684	20,734,506
Total Liabilities and Stockholders’ Equity	$ 26,707,063	$ 25,898,098

XML 39 R48.htm IDEA: XBRL DOCUMENT

Bank Loans (Details Textual)	Mar. 31, 2020 USD ($)
Bank Loans (Textual)
Bank certified of deposit	$ 133,953
Bank line of credit	$ 69,977

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 40 R40.htm IDEA: XBRL DOCUMENT

Trade Receivables (Details 1) - USD ($)	3 Months Ended	12 Months Ended
Trade Receivables (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts:
Beginning balance	$ (499,034)
Reclassified to discontinued operations
Additions to allowance		(499,034)
Bad debt written-off	5,604
Ending balance	$ (493,430)	$ (499,034)

XML 41 R44.htm IDEA: XBRL DOCUMENT

Plant and Equipment (Details Textual) - USD ($)	3 Months Ended
Plant and Equipment (Details Textual) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Plant and Equipment (Textual)
Depreciation expense	$ 132,554	$ 109,528

XML 42 R25.htm IDEA: XBRL DOCUMENT

Trade Receivables (Tables)

3 Months Ended

Mar. 31, 2020

Trade Receivables [Abstract]

Schedule of trade accounts receivable

	3/31/2020			12/31/2019
Trade accounts receivable	$	2,260,296		$	1,615,245
Less: Allowance for doubtful accounts		(493,430	)		(499,034	)
	$	1,766,866		$	1,116,211

Allowance for doubtful accounts:
Beginning balance	$	(499,034	)	$	-
Reclassified to discontinued operations					-
Additions to allowance					(499,034	)
Bad debt written-off		5,604			-
Ending balance	$	(493,430	)	$	(499,034	)

XML 43 R21.htm IDEA: XBRL DOCUMENT

Risks

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Risks

15.

Risks

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 minimal risk borne from credit extended to customers.

Interest risk

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

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.

The Company's operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

Environmental risks

Inflation Risk

Management of the Company monitors changes in prices levels. Historically inflation has not materially impacted the Company's financial statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company's customers could adversely impact the Company's results of operations.

XML 44 R29.htm IDEA: XBRL DOCUMENT

Bank Loans (Tables)

3 Months Ended

Mar. 31, 2020

Short-term Debt [Abstract]

Schedule of short-term bank loans

Short-term Bank Loans	3/31/2020		12/31/2019

Loan from China Construction Bank, Taishan Branch
● Interest rate at 3.915% per annum; due 12/12/2020		133,953		136,044
● Interest rate at5.0025% per annum; due 1/17/2021		69,977		-
	$	203,930	$	136,044

XML 45 R32.htm IDEA: XBRL DOCUMENT

Lease Commitments (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of leases entered and expires

Lease	Date Commenced	Date of expiration
Lease #1	March 1, 2016	February 28, 2031
Lease #2	January 1, 2017	February 28, 2031
Lease #3	January 1, 2017	February 28, 2031
Lease #4	January 1, 2018	February 28, 2031
Lease #5	June 1, 2018	February 28, 2031

Schedule of minimum future lease payments

Twelve months ending December 31,	Operating lease amount
2020	$	13,660
2021		26,536
2022		28,586
2023		30,563
2024		32,814
Thereafter		255,079
Total lease payment		387,239
Less: interest		(970	)
Present value of lease liabilities	$	386,269

XML 46 R36.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 2)	3 Months Ended
Summary of Significant Accounting Policies (Details 2)	Mar. 31, 2020
Software licenses [Member]
Estimated useful lives of the intangible assets	2 years
Trademarks [Member]
Estimated useful lives of the intangible assets	10 years
Land use rights [Member]
Estimated useful lives of the intangible assets	50 years

XML 47 R19.htm IDEA: XBRL DOCUMENT

Lease Commitments

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease Commitments

13.

Lease Commitments

As of the date of this report, the leases of the Company are as follows:

Lease	Date Commenced	Date of expiration
Lease #1	March 1, 2016	February 28, 2031
Lease #2	January 1, 2017	February 28, 2031
Lease #3	January 1, 2017	February 28, 2031
Lease #4	January 1, 2018	February 28, 2031
Lease #5	June 1, 2018	February 28, 2031

Effective January 1, 2019, the Company adopted ASU 2016-02, "Leases" (Topic 842), and elected the package of practical expedients that does 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. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The impact of the adoption on January 1, 2019 increased the right-of-uses and lease liabilities by approximately $421,382.

The weighted average remaining lease term of its existing leases is 13.5 years.

The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

For the three months ended March 31, 2020 and 2019, rent expenses amounted to $ 11,091 and $11,549, respectively.

The thirteen-year maturity of the Company's lease obligations is presented below:

Twelve months ending December 31,	Operating lease amount
2020	$	13,660
2021		26,536
2022		28,586
2023		30,563
2024		32,814
Thereafter		255,079
Total lease payment		387,239
Less: interest		(970	)
Present value of lease liabilities	$	386,269

XML 48 R15.htm IDEA: XBRL DOCUMENT

Related Parties Transaction

3 Months Ended

Mar. 31, 2020

Related Parties Transaction

9.	Related Parties Transaction

As of March 31, 2020 and December 31, 2019, the outstanding balance due to related parties was $26,225 and $2,027,729, respectively.

XML 49 R11.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

5.	Inventories

As of March 31, 2020 and December 31, 2019, inventories consisted of the following:

	3/31/2020		12/31/2019
Raw material	$	662,748	$	640,990
Inventory of Supplies		12,174		12,489
Work in progress		1,000,362		1,071,363
Finished goods		597,315		221,706
	$	2,272,599	$	1,946,548

XML 50 R4.htm IDEA: XBRL DOCUMENT

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net revenues	$ 834,711	$ 1,078,245
Cost of revenues	852,069	779,988
Gross profit	(17,358)	298,257
Operating expenses:
Selling and marketing expenses	7,845	110
General and administrative expenses	422,579	234,569
Total operating expenses	430,424	234,679
Operating (loss) income	(447,782)	63,578
Other income (expenses):
Interest income	2,321	161
Interest expense	(1,461)
Other income	414
Other expenses	(143,287)
Total other (expenses) income	(142,013)	161
(Loss) income before income taxes	(589,795)	63,739
Provision for income taxes		56,043
Net (loss) income	(589,795)	7,696
Other comprehensive income:
Foreign currency translation (loss) gain	(306,027)	192,662
Comprehensive (loss) income	$ (895,822)	$ 200,358
Loss per share
- Basic and diluted	$ (0.07)	$ 0
Basic and diluted weighted average shares outstanding	7,996,121	5,497,765

XML 51 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Method of accounting

Management has prepared the accompanying financial statements and these notes in accordance 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

The accompanying consolidated financial statements include the assets, liabilities, and results of operations of the Company, and its subsidiaries, which are listed below:

	Place of	Attributable equity		Registered
Name of company	incorporation	interest %		capital
Planet Green Holdings Corporation	British Virgin Islands		100	$	10,000
Lucky Sky Holdings Corporations (HK) Limited	Hong Kong		100		1,277
Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.	PRC		100		14,242,782
Fast Approach, Inc.	Canada		100		71
Shanghai Shuning Advertising Co., Ltd.	PRC		100		70,571
Taishan Muren Agriculture Co., Ltd.	PRC		VIE		1,913,049
Lorain Food Stuff (Shenzhen) Co., Ltd.	PRC		VIE		80,000
Xianning Bozhuang Tea Products Co., Ltd.	PRC		VIE		6,277,922

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 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang.

Consolidation of Variable Interest Entities

On September 27, 2018, through Shanghai Xunyang Internet Technology Co. Ltd. ("Shanghai Xunyang"), the Company entered into exclusive arrangements with Beijing Lorain Co., Ltd., Luotian Lorain Co., Ltd., Shandong Greenpia Foodstuff Co., Ltd., Taishan Muren Agriculture Co. Ltd. ("Taishan Muren") and Lorain Foodstuff (Shenzhen) Co., Ltd. ("Shenzhen Lorain") and its shareholders that give the Company the ability to substantially influence Shenzhen Lorain's daily operations and financial affairs and appoint its senior executives. The Company is considered the primary beneficiary of these companies and it consolidates its accounts as a VIE.

On May 9, 2019, the Company entered into a Share Purchase Agreement (the "Purchase Agreement") with Xianning Bozhuang Tea Products Co., Ltd. ("Xianning Bozhuang"), a company incorporated in China engaging in the sale of tea products, and its shareholders ("Bozhuang Shareholders"). Pursuant to the Purchase Agreement, the Company issued an aggregate of 1,080,000 shares of its common stock to the Bozhuang Shareholders, in exchange for Bozhuang Shareholders' agreement to enter into, and their agreement to cause Xianning Bozhuang to enter into, certain VIE Agreements with Shanghai Xunyang, through which Shanghai Xunyang shall have the right to control, manage and operate Xianning Bozhuang in return for a service fee approximately equal to 100% of Xianning Bozhuang's net income ("Bozhuang Acquisition"). On May 14, 2019, Shanghai Xunyang entered into a series of VIE Agreements with Xianning Bozhuang and Bozhuang Shareholders. The VIE Agreements are designed to provide Shanghai Xunyang with the power, rights and obligations equivalent in all material respects to those it would possess as the sole equity holder of Xianning Bozhuang, including absolute rights to control the management, operations, assets, property and revenue of Xianning Bozhuang. The Bozhuang Acquisition closed on May 14, 2019. Starting on May 14, 2019, the Company's business activities added the production line of green tea and black tea and sales of tea products, of which business activities are carried out in Xianning City, Huibei Province, China. The Company consolidated Xianning Bozhuang's accounts as its VIE.

On December 20, 2019, through Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. ("WFOE"), the Company entered into exclusive VIE agreements with Taishan Muren, Xianning Bozhuang and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies' daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies and it consolidates their accounts as VIEs. The VIE agreements are described in detail below:

Consultation and Service Agreement

Pursuant to the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in the area of 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 amount of service fees and payment term can be amended by the WFOE and operating companies' consultation and the implementation. The term 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

Equity Pledge Agreements

Pursuant to the Equity Pledge Agreements among WFOE, operating entities and each of operating entities' shareholder, shareholders of the operating entities pledge all of their equity interests in the operating entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. In addition, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.

Equity Option Agreements

Pursuant 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 purchase, 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 entities shareholder has been legally transferred to WFOE or its designee(s).

Voting Rights Proxy Agreements

Pursuant 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 with respect to 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.

Use of 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.

Investment securities

Trade receivables

Inventories

Advances and prepayments to suppliers

Plant and equipment

Buildings		20-40 years
Landscaping, plant and tree		30 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 are included in the Company's results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized.

Intangible assets

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

Construction in progress and prepayments for equipment

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 incurred; accordingly, a charge to the Company's results of operations will be recognized during the period. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the impairment of long-lived assets

Statutory reserves

Foreign currency translation

The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are the Renminbi ("RMB"). The Company's assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and 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.

	*3/31/2020*		*12/31/2019*		*3/31/2019*
Period/year end RMB: US$ exchange rate		7.0851		6.9762		6.7335
Period/annual average RMB: US$ exchange rate		6.9790		6.8967		6.7087

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", and 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.

	●	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 the either expenses as incurred or allocated to inventory as part of overhead.

Income taxes

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") in accordance with 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 effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

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 disclosure of the fair value of financial instruments held by the Company. 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 each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time 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 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

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

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities from Equity," and ASC 815.

Commitments and contingencies

Unaudited interim financial information

The consolidated balance sheets and certain comparative information as of December 31, 2019 are derived from the audited consolidated financial statements and related notes for the year ended December 31, 2019 ("2019 Annual Financial Statements"), included in the Company's 2019 Annual Report on Form 10-K for the year ended December 31, 2019. These unaudited interim condensed consolidated financial statements should be read in conjunction with the 2019 Annual Financial Statements.

Recent accounting pronouncements

In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company's condensed consolidated financial statements.

The Company is evaluating the timing and the impact of the aforesaid guidance on the financial statements.

XML 52 R57.htm IDEA: XBRL DOCUMENT

Lease Commitments (Details 1)	Mar. 31, 2020 USD ($)
Leases [Abstract]
2020	$ 13,660
2021	26,536
2022	28,586
2023	30,563
2024	32,814
Thereafter	255,079
Total lease payment	387,239
Less: interest	(970)
Present value of lease liabilities	$ 386,269

XML 53 R53.htm IDEA: XBRL DOCUMENT

Income Taxes (Details 2)	3 Months Ended
Income Taxes (Details 2)	Mar. 31, 2020	Mar. 31, 2019
Notes to Financial Statements [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
Higher (lower) rates in PRC, net	4.00%	4.00%
Expenses not deductible to taxable income	(25.00%)	62.90%
The Company’s effective tax rate	0.00%	87.90%

Subsequent Events (Details) - shares	Jun. 05, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Events (Textual)
Shares of common stock		9,227,765	7,877,765
Subsequent Event [Member] \| Securities Purchase Agreement [Member]
Subsequent Events (Textual)
Shares of common stock	1,800,000

Inventories (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 662,748	$ 640,990
Inventory of Supplies	12,174	12,489
Work in progress	1,000,362	1,071,363
Finished goods	597,315	221,706
Inventories	$ 2,272,599	$ 1,946,548

Intangible Assets (Details Textual) - USD ($)	1 Months Ended		3 Months Ended
Intangible Assets (Details Textual) - USD ($)	Apr. 15, 2019	Mar. 28, 2014	Mar. 31, 2020	Mar. 31, 2019
Intangible Assets (Textual)
Amortization expense			$ 34,276	$ 0
Intangible assets, description	The land use rights of a parcel of industrial land of 31,585 square meters was obtained on April 15, 2019 with a consideration of $750,224. The land is located at Xianning City, Hubei Province, China with the land use right valid until June 12, 2068.	A tea brand trademark was obtained on March 28, 2014 with a consideration of $895,187. The trademark was registered with the China National Intellectual Property Administration under registration number of 16964992A.

Other Expenses (Details Textual)	3 Months Ended
Other Expenses (Details Textual)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 USD ($)
Other Expenses (Textual)
Local non-profit organization \| $	$ 143,287
Company Donated [Member] \| RMB [Member]
Other Expenses (Textual)
Local non-profit organization \| ¥		¥ 1,000,000

Plant and Equipment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Plant and equipment, At Cost	$ 6,205,135	$ 6,014,310
Less: Accumulated depreciation	(1,156,169)	(1,041,610)
Plant and equipment, net	5,048,966	4,972,700
Buildings [Member]
Plant and equipment, At Cost	4,725,427	4,512,606
Machinery and equipment [Member]
Plant and equipment, At Cost	965,509	980,196
Office Equipment [Member]
Plant and equipment, At Cost	53,141	53,376
Motor vehicles [Member]
Plant and equipment, At Cost	148,100	150,412
Lemon trees, mint plants, pepper trees [Member]
Plant and equipment, At Cost	$ 312,958	$ 317,720

Bank Loans (Details) - USD ($)	3 Months Ended
Bank Loans (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Short-term bank loans	$ 203,930	$ 136,044
Loan from China Construction Bank, Taishan Branch [Member]
Short-term debt, percentage bearing fixed interest rate	3.915%
Short-term bank loans	$ 133,953	136,044
Due date	Dec. 12, 2020
Loan from China Construction Bank, Taishan Branch One [Member]
Short-term debt, percentage bearing fixed interest rate	5.0025%
Short-term bank loans	$ 69,977
Due date	Jan. 17, 2021

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity/(Deficiency) - USD ($)	Common Stock	Additional Paid-in Capital	Statutory Reserves	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-Controlling Interests	Total
Balance at Dec. 31, 2018	$ 5,498	$ 74,739,031	$ 2,810,953	$ (79,038,883)	$ 9,792,283	$ (1,019,552)	$ 7,289,330
Balance, shares at Dec. 31, 2018	5,497,765
Net (loss) income				7,696			7,696
Issuance of common stock for cash
Issuance of common stock for cash, shares
Allocation to non-controlling interests						(21,637)	(21,637)
Foreign currency translation adjustment					192,662		192,662
Balance at Mar. 31, 2019	$ 5,498	74,739,031	2,810,953	(79,031,187)	9,984,943	(1,041,189)	7,468,049
Balance, shares at Mar. 31, 2019	5,497,765
Balance at Dec. 31, 2019	$ 7,878	85,803,421		(73,280,734)	8,203,941		20,734,506
Balance, shares at Dec. 31, 2019	7,877,765
Net (loss) income				(589,795)			(589,795)
Issuance of shares for acquisition
Issuance of common stock for cash	$ 1,350	3,508,650					3,510,000
Issuance of common stock for cash, shares	1,350,000
Allocation to non-controlling interests
Foreign currency translation adjustment					(306,027)		(306,027)
Balance at Mar. 31, 2020	$ 9,228	$ 89,312,071		$ (73,870,529)	$ 7,897,914		$ 23,348,684
Balance, shares at Mar. 31, 2020	9,227,765

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Jun. 25, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Planet Green Holdings Corp.
Entity Central Index Key	0001117057
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV
Entity File Number	001-34449
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		9,227,765

Lease Commitments (Details)	3 Months Ended
Lease Commitments (Details)	Mar. 31, 2020
Lease #1 [Member]
Date Commenced	Mar. 01, 2016
Date of expiration	Feb. 28, 2031
Lease #2 [Member]
Date Commenced	Jan. 01, 2017
Date of expiration	Feb. 28, 2031
Lease #3 [Member]
Date Commenced	Jan. 01, 2017
Date of expiration	Feb. 28, 2031
Lease #4 [Member]
Date Commenced	Jan. 01, 2018
Date of expiration	Feb. 28, 2031
Lease #5 [Member]
Date Commenced	Jun. 01, 2018
Date of expiration	Feb. 28, 2031

Income Taxes (Details 1) - USD ($)	3 Months Ended
Income Taxes (Details 1) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Notes to Financial Statements [Abstract]
Effect of tax exemption granted
Weighted-Average Shares Outstanding Basic	7,996,121	5,497,765
Per share effect