0001493152-19-017301.txt : 20191114 0001493152-19-017301.hdr.sgml : 20191114 20191114124804 ACCESSION NUMBER: 0001493152-19-017301 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 95 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIWA BIO-TECH PRODUCTS GROUP CORP CENTRAL INDEX KEY: 0001159275 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 870448400 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-33167 FILM NUMBER: 191218358 BUSINESS ADDRESS: STREET 1: 3200 GUASTI ROAD, STREET 2: SUITE 100 CITY: ONTARIO STATE: CA ZIP: 91761 BUSINESS PHONE: 626-715-5855 MAIL ADDRESS: STREET 1: 3200 GUASTI ROAD, STREET 2: SUITE 100 CITY: ONTARIO STATE: CA ZIP: 91761 FORMER COMPANY: FORMER CONFORMED NAME: TINTIC GOLD MINING CO DATE OF NAME CHANGE: 20010918 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the Quarterly Period Ended September 30, 2019

 

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

 

For the Transition Period from ____________ to ____________

 

Commission File Number: 000-33167

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada   77-0632186

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

     

3200 Guasti Road, Suite #100,

Ontario, California

   91761
(Address of principal executive offices)   (Zip Code)

 

(909) 456-8828

(Registrant’s telephone number, including area code)

 

3200 Guasti Road, Suite #100

Ontario, CA 91761

(Former address)

 

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 [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes [X] No [  ]

 

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

 

Large accelerated filer [  ] Accelerated filer [  ]
   
Non-accelerated filer [  ] Smaller reporting company [X]
   
(Do not check if a smaller reporting company) Emerging growth company [  ]

 

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

 

As of November 14, 2019, the Company had 23,738,781 shares of common stock, $0.001 par value, issued and outstanding.

 

 

 

 
 

 

Table of contents

 

  Page
PART I. FINANCIAL INFORMATION  
   
Item 1. UNAUDITED CONDENSED CONSOLIDATED Financial Statements 3
   
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33
   
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48
   
Item 4. Controls and Procedures 48
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 49
   
ITEM 1A. RISK FACTORS 49
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49
   
Item 3. Defaults Upon Senior Securities 49
   
Item 4. Mine safety disclosures 49
   
Item 5. Other Information 49
   
Item 6. Exhibits 50
   
SIGNATURES 51

 

 2 
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    September 30, 2019     December 31, 2018  
    (Unaudited)        
ASSETS                
Current assets                
Cash and cash equivalents   $ 2,021,337     $ 7,859  
Accounts receivable, net     3,500,098       6,751,113  
Prepaid expenses     1,433,565       2,259,565  
Rent deposits and other receivables     418,023       323,362  
Advance to suppliers     22,364,239       15,763,198  
Due from related parties - non-trade     13,872       12,108  
Inventories     141,402       1,643,033  
Deferred cost of goods sold     2,427,237       4,929,855  
                 
Total current assets     32,319,773       31,690,093  
                 
Property, plant and equipment, net     69,773       93,181  
Operating lease right-of-use assets     53,522       -  
Rent deposits-non current     -       613  
Deposit for long-term investment     702,080       727,155  
                 
Total non-current assets     825,375       820,949  
Total assets   $ 33,145,148     $ 32,511,042  
                 
LIABILITIES AND stockholders’ EQUITY                
Current liabilities                
Accounts payable   $ 2,261,417     $ 1,611,273  
Advances from customers     464,546       580,720  
Due to related parties     274,726       570,921  
Convertible notes payable, net of discount of $215,735 and $99,907 of September 30, 2019 and December 31, 2018, respectively     2,352,977       971,086  
Derivative liabilities     19,695       6,621  
Notes payable     138,000       360,000  
Salary payable     1,390,771       1,024,959  
Income taxes payable     4,277,071       2,946,926  
Interest payable     2,270,205       2,020,821  
Lease liabilities - current     20,651       -  
Other payables and accruals     2,802,884       2,940,088  
Deferred revenue     3,252,173       6,751,113  
Total current liabilities     19,525,116       19,784,528  
                 
Non-Current Liabilities                
Lease liabilities – non current     32,871       -  
Total non-current liabilities     32,871       -  
                 
Total liabilities     19,557,987       19,784,528  
                 
STOCKHOLDERS’ EQUITY                
Preferred stock - $0.001 par value, Authorized 20,000,000 shares. Series A - Issued and outstanding 500,000 and 500,000 shares (liquidation preference in $1,000,000) at September 30, 2019 and December 31, 2018, respectively;
Series B - Issued and outstanding 811,148 and 811,148 shares (liquidation preference in $1,054,492) at September 30, 2019 and December 31, 2018, respectively.		     1,311       1,311  
Common stock - $0.001 per value. Authorized 100,000,000 shares. Issued and outstanding 19,891,517 and 16,885,860 shares at September 30, 2019 and December 31, 2018, respectively.     19,892       16,886  
Additional paid-in capital     30,119,343       27,047,457  
Statutory Reserve     1,022,605       1,022,605  
Accumulated deficit     (16,347,380 )     (14,803,530 )
Accumulated other comprehensive loss     (1,228,610 )     (558,215 )
Total stockholders’ equity     13,587,161       12,726,514  
Total liabilities and stockholders’ equity   $ 33,145,148     $ 32,511,042  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

3
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2019     2018     2019     2018  
Revenue   $ 10,986,295     $ 7,725,583     $ 31,454,271     $ 21,811,804  
                                 
Cost of goods sold     (8,408,963 )     (5,452,125 )     (23,528,278 )     (15,632,191 )
                                 
Gross Profit     2,577,332       2,273,458       7,925,993       6,179,613  
                                 
Operating expenses                                
Provision for deferred cost of goods sold     -       -       2,420,964          
Selling expenses     37,916       64,094       139,223       409,661  
Research and development expenses     -       36,748       -       115,291  
General and administrative expenses     686,660       961,509       3,077,226       4,040,537  
Total operating expenses     724,576       1,062,351       5,637,413       4,565,489  
                                 
Operating income (loss)     1,852,756       1,211,107       2,288,580       1,614,124  
                                 
Other income/(expenses), net                                
Change in fair value of derivative liabilities     48,896       42,125       82,070       244,496  
Interest expense     (1,372,300 )     (151,518 )     (2,511,813 )     (459,445 )
Other income/(expenses)     (1,003 )     21       50,765       (884 )
Exchange gain     34,725       36,026       33,315       54,279  
Total other expenses, net     (1,289,682 )     (73,346 )     (2,345,663 )     (161,554 )
                                 
Income (loss) from operations before income taxes     563,074       1,137,761       (57,083 )     1,452,570  
                                 
(Provision) benefit for income taxes                                
Current     (251,857 )     (514,400 )     (1,486,767 )     (1,411,609 )
Deferred     -       -       -       -  
Total provision for income taxes     (251,857 )     (514,400 )     (1,486,767 )     (1,411,609 )
                                 
Net income (loss)     311,217       623,361       (1,543,850 )     40,961  
                                 
Other comprehensive loss                                
Foreign currency translation adjustment     (663,937 )     (569,528 )     (670,395 )     (851,235 )
Total comprehensive gain (loss)   $ (352,720 )   $ 53,833     $ (2,214,245 )   $ (810,274 )
                                 
Earnings per share:                                
Basic   $ 0.02     $ 0.04     $ (0.08 )   $ (0.00 )
Diluted     0.01       0.04       (0.08 )     (0.00 )
                                 
Weighted average number of common shares outstanding – basic     19,544,849       16,757,163       18,701,575       16,388,438  
Weighted average number of common shares outstanding – diluted     23,138,917       18,314,713       18,701,575       16,388,438  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHODERS’ EQUITY

 

    Nine-Month Period Ended September 30, 2018  
    Preferred Stock     Common Stock    

Additional

Paid-in

     Statutory     Accumulated    

Accumulated

Other

Comprehensive

    

Total

Stockholders’

  
    Shares     Amount     Shares     Amount     Capital     Reserve     Deficit     Gain/(Loss)     Equity  
Balance, January 1, 2018     1,311,148       1,311       15,202,965       15,203       24,455,291       458,334       (14,583,080 )     323,776        10,670,835  
Issuance of common shares for consulting service     -       -       917,500       918       1,759,082       -       -       -       1,760,000  
Net income                                                     52,968               52,968  
Foreign currency translation adjustments     -       -       -       -       -       -       -       499,306       499,306  
Balance, March 31, 2018     1,311,148       1,311       16,120,465       16,121       26,214,373       458,334       (14,530,112 )     823,082       12,983,109  
Issuance of common shares for Cash     -       -       187,700       188       235,412       -       -       -       235,600  
Issuance of common shares for consulting service     -       -       136,300       136       181,914       -       -       -       182,050  
Issuance of common shares to employee     -       -       6,507       7       7,802       -       -       -       7,809  
Conversion of convertible note     -       -       126,045       126       78,273       -       -       -       78,399  
Net loss                                                     (635,368 )             (635,368 )
Foreign currency translation adjustments     -       -       -       -       -       -       -       (781,013 )     (781,013 )
Balance, June 30, 2018     1,311,148       1,311       16,577,017       16,578       26,717,774       458,334       (15,165,480 )     42,069       12,070,586  
Issuance of common shares for Cash     -       -       60,000       60       71,940       -       -       -       72,000  
Issuance of common shares for consulting service     -       -       294,118       294       299,706       -       -       -       300,000  
Issuance of common shares to employee     -       -       8,727       8       8,804       -       -       -       8,812  
Net income                                                     623,361       -       623,361  
Foreign currency translation adjustments     -       -       -       -       -       -       -       (569,528 )     (569,528 )
Balance, September 30, 2018     1,311,148       1,311       16,939,862       16,940       27,098,224       458,334       (14,542,119 )     (527,459 )     12,505,231  

 

    Nine-Month Period Ended September 30, 2019  
                                  Accumulated        
                Additional                 Other     Total  
    Preferred Stock     Common Stock     Paid-in     Statutory     Accumulated     Comprehensive     Stockholders’  
    Shares     Amount     Shares     Amount     Capital     Reserve     Deficit     Gain/(Loss)     Equity  
Balance, January 1, 2019     1,311,148       1,311       16,885,260       16,886       27,047,457       1,022,605       (14,803,530 )     (558,215 )      12,726,514  
Issuance of common shares as convertible note issuance costs     -       -       57,500       58       46,917       -       -       -       46,975  
Issuance of common shares for Liabilities settlement     -       -       300,000       300       221,700       -       -       -       222,000  
Issuance of common shares for convertible notes     -       -       1,040,000       1,040       (1,040 )     -       -       -       -  
Issuance of common shares for consulting service     -       -       180,000       180       161,820       -       -       -       162,000  
Issuance of common shares to employee     -       -       10,078       10       8,859       -       -       -       8,869  
Fair value of beneficial conversion feature of convertible note     -       -       -       -       1,200,281       -       -       -       1,200,281  
Conversion of convertible note     -       -       395,959       396       78,004       -       -       -       78,400  
Net income                                                     390,623               390,623  
Foreign currency translation adjustments     -       -       -       -       -       -       -       412,212       412,212  
Balance, March 31, 2019     1,311,148       1,311       18,868,797       18,870       28,763,998       1,022,605       (14,412,907 )     (146,003 )     15,247,874  
Issuance of common shares for consulting service     -       -       604,999       605       510,244       -       -       -       510,849  
Issuance of common shares to employee                     10,579       10       8,787                               8,797  
Net loss                                                     (2,245,690 )             (2,245,690 )
Foreign currency translation adjustments     -       -       -       -       -       -       -       (418,670 )     (418,670 )
Balance, June 30, 2019     1,311,148       1,311       19,484,375       19,485       29,283,029       1,022,605       (16,658,597 )     (564,673 )     13,103,160  
Issuance of common shares as convertible note issuance costs     -       -       90,833       91       48,884       -       -       -       48,975  
Issuance of common shares for convertible notes     -       -       305,000       305       (305 )                             -  
Issuance of common shares to employee                     11,309       11       8,541                               8,552  
Fair value of beneficial conversion feature of convertible note     -       -       -       -       101,494       -       -       -       101,494  
Financing expense of issuance of convertible note     -       -       -       -       677,700       -       -       -       677,700  
Net income                                                     311,217               311,217  
Foreign currency translation adjustments     -       -       -       -       -       -       -       (663,937 )     (663,937 )
Balance, September 30, 2019     1,311,148       1,311       19,891,517       19,892       30,119,343       1,022,605       (16,347,380 )     (1,228,610 )     13,587,161  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Nine Months Ended September 30,  
    2019     2018  
Cash flows from continuing operating activities:                
Net loss   $ (1,543,850 )   $ 40,961  
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation     33,748       24,381  
Bad debt expense     361,042       -  
Provision for deferred cost of goods sold     2,420,964       -  
Accrued interest     249,384       459,445  
Stock compensation expense     1,551,666       1,832,592  
Financing cost of convertible note     677,700       -  
Gain on derivative liabilities     (82,070 )     (244,496 )
Changes in continuing operating assets and liabilities:                
Accounts receivable     (252,738 )     (7,102,323 )
Prepaid expenses     824,750       44,787  
Rent deposit and other receivables     (245,368 )     (378,085 )
Advance to suppliers     (7,505,177 )     (1,286,661 )
Due from related party – non-trade     (35,813 )     5,590  
Inventory     1,473,019       1,009,897  
Deferred cost of goods sold     -       (5,174,438 )
Accounts payable     719,406       (504,355 )
Salary payable     394,651       473,289  
Taxes payable     1,459,561       1,389,562  
Advances from customers     (98,015 )     6,863  
Other payables and accruals     (97,726 )     775,814  
Deferred revenue     -       7,077,606  
Net cash provided by (used in) operating activities     305,134       (1,549,571 )
                 
Cash flows from investing activities:                
Purchase of property, plant and equipment     (3,904 )     (4,774 )
Net cash used in investing activities     (3,904 )     (4,774 )
                 
Cash flows from financing activities:                
Borrowings from related parties, net     (261,983 )     235,219  
Proceeds from sale of common stock     -       307,600  
Proceeds from convertible notes     1,497,718       -  
Net cash provided by financing activities     1,235,735       542,819  
                 
Effect of exchange rate change     476,513       (60,919 )
                 
Cash and cash equivalents:                
Net increase     2,013,478       (1,072,445 )
Balance at beginning of period     7,859       1,083,539  
Balance at end of period   $ 2,021,337     $ 11,094  
                 
Non-cash financing activities:                
Issuance of common stock for convertible notes issuance cost   $ 95,950     $ -  
Issuance of common stock for debt settlement   $ 222,000       -  
Conversion of convertible note   $ 78,400       -  
Supplemental Disclosures of Cash Flow Information:                
Cash paid for interest   $ -     $ -  
Cash paid for income taxes   $ -     $ -  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

1. Description of Business and Organization

 

Organization

 

Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware. On March 8, 2017, the Company completed its reincorporation in the State of Nevada.

 

The Company operates through a series of subsidiaries in the Peoples Republic of China as detailed in the following Organizational Chart. The Company currently mainly operates its business through Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”), which was incorporated in China in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017, Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”), which incorporated in March 2018, and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”), which incorporated in March 2018. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Institue and Kiwa Hebei.

 

 

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Business

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. The Company’s products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.

 

2. Going concern

 

The Company’s unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

As of September 30, 2019, and December 31, 2018, the Company had an accumulated deficit of $16,347,380 and $14,803,530, respectively, and the Company incurred a net loss of $1,543,850 for the nine months ended September 30, 2019. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The unaudited condensed financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

The Company has assessed its ability to continue as a going concern for a period of one year from the date of the issuance of these unaudited condensed financial statements. In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.

 

The Company engages in the business for organically bio-fertilizer and its customers are mainly agricultural cooperative company and distributors who then resell its products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the Company’s distributors. The Company’s current payment terms on these customers are ranging from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. As a result, the Company’s accounts receivable turnover ratio is normally low due to the nature of the Company’s business. In addition, the Company’s business is capital intensive as the Company needs to make advance payment to its suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance the working capital requirements of the Company.

 

The Company sold Convertible Promissory Notes (“Notes”) in the aggregate principal amount of $1,915,000 for the nine months ended September 30, 2019. As of September 30, 2019, the Company’s working capital was approximately $12.8 million and the Company had cash of approximately $2,021,000, with remaining current assets mainly composed of advance to suppliers, accounts receivable, prepaid expenses, and deferred cost of goods sold.

 

Although the Company believes that it can realize its current assets in the normal course of business, the Company’s ability to repay its current obligations will depend on the future realization of its current assets and the future operating revenues generated from its products. Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, the Company expects its revenues from its innovated and highly effective products, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer, will continue to grow in its business. In addition, the Company’s marketing team is expanding to the Western areas of China and Hainan province and it expects its revenues will continue to grow in 2019. Meanwhile, the Company expects to continue to gain market shares in its existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

 

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Management has considered its historical experience, the economic environment, trends in the Agricultural industry, the realization of the accounts receivables and advance to suppliers as of September 30, 2019. The Company expects to realize the balance of its current assets within the normal operating cycle of a twelve-month period. If the Company is unable to realize its current assets within the normal operating cycle of a twelve-month period, the Company may have to consider supplementing its available sources of funds through the following sources:

 

● the Company will continuously seek additional equity financing to support its working capital;
● other available sources of financing from PRC banks and other financial institutions;
● financial support and credit guarantee commitments from the Company’s major shareholder.

 

Based on the above considerations, management is of the opinion that it does not have sufficient funds to meet its working capital requirements and debt obligations as they become due one year from the date of this report. If the Company can’t raise enough funds, it might be unable to fund its future cash requirement on a timely basis and under acceptable terms and conditions and may not have sufficient liquidity to maintain operations and repay its liabilities for the next twelve months. As a result, the Company may be unable to implement its current plans for expansion, repay its debt obligations or respond to competitive pressures, any of which would have a material adverse effect on its business, prospects, financial condition and results of operations.

 

3. Summaries of Significant Accounting Policies

 

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2018 on Form 10-K filed with the SEC on April 12, 2019.

 

Principle of Consolidation

 

These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, and Kiwa Institute. All significant inter-company balances or transactions are eliminated on consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

Certain of the Company’s estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from its estimates. The Company re-evaluates all of the Company’s accounting estimates annually based on these conditions and record adjustments when necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.

 

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Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.

 

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life
    (In years)
Buildings   30 - 35
Machinery and equipment   5 - 10
Automobiles   8
Office equipment   2 - 5
Computer software   3
Leasehold improvement   The shorter of the
lease term and useful life

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Leases

 

Prior to December 31, 2018, leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as capital leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases and the lease expense is included in the consolidated statements of operations on a straight-line basis over the term of the leases.

 

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On January 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update supersedes the lease accounting guidance found under ASC 840, Leases (“ASC 840”) and requires the recognition of right-of-use (“ROU”) assets and lease obligations (“lease liabilities”) by lessees for those leases currently classified as operating leases under existing lease guidance. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Short term leases with a term of 12 months or less are not required to be recognized. The Company elected the 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. There is no impact from the adoption of ASC 842 on January 1, 2019 as the Company did not have any existing material leases with a lease term in excess of twelve months on January 1, 2019.

 

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating leases liabilities, and operating leases, non-current on our consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under capital leases, and obligations under capital leases, non-current on our consolidated balance sheets.

 

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

 

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.

 

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

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To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

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The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized. The Company’s provision for deferred cost of goods sold is made based on historical collection experience on such related accounts receivable and realizability of deferred revenue. The Company made provision of $2,420,964 and nil for deferred cost of goods sold for the nine months ended September 30, 2019 and 2018, respectively.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.

 

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Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.

 

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2019 and 2018 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.1217       6.8761  

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.9861       6.8031  

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.8618       6.5137  

 

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The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

   As of
September 30, 2019		   As of
December 31, 2018		 
Balance sheet items, except for equity accounts   7.8394    7.8297 

 

   Three months ended September 30, 
   2019   2018 
Items in the statements of comprehensive income   7.8282    7.8446 

 

   Nine months ended September 30, 
   2019   2018 
Items in the statements of comprehensive income   7.8380    7.8398 

 

Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

 

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

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(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

 

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 consolidated financial statements.

 

In August 2018, the FASB Accounting Standards Board issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company does not expect this guidance will have a material impact on its condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s consolidated financial statement presentation or disclosures.

 

4. Accounts Receivable, net

 

As of September 30, 2019 and December 31, 2018, we had $3.5 million and $6.8 million, respectively, of accounts receivable from the Company’s customers. The Company’s current payment terms on these customers are ranging typically from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. These customers are either agricultural cooperative company or distributors who then resell the Company’s products to individual farmers.

 

The Company’s provision on allowance for doubtful accounts is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable and come up with an aging allowance method. The Company’s management has continued to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

 

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Accounts receivable consisted of the following:

 

   September 30,
2019		   December 31,
2018		 
Accounts receivable  $3,500,098   $6,751,113 
Less: Allowance for doubtful accounts   -    - 
Accounts receivable, net  $3,500,098   $6,751,113 

 

5. Prepaid Expense

 

Prepaid expenses consisted of the following:

 

   Notes  September 30,
2019		   December 31,
2018		 
Prepaid office rent     $19,345   $4,921 
Prepaid government filing expense      9,000    7,000 
Prepaid consulting expenses  (1)   1,377,954    2,230,553 
Others      27,266    17,091 
Total     $1,433,565   $2,259,565 

 

(1) Prepaid consulting expenses represent issuance of common stock for prepaid services. As of September 30, 2019, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2019 and 2018, the amortization of consulting expense was $420,402 and $547,509, respectively. For the nine months ended September 30, 2019 and 2018, the amortization of consulting expense was $1,525,448 and $1,815,969, respectively.

 

6. Advance to suppliers

 

Advance to suppliers are mainly funds deposited for future raw material and finished goods purchases. The Company’s major vendors require deposits with them as a guarantee that the Company will complete its purchases on a timely basis as well as securing the current agreed upon purchase price. Since the Company anticipated the price of raw materials continues to be on the rise, the Company agreed to make large amount of advances to suppliers.

 

As of September 30, 2019 and December 31, 2018, advance to suppliers consisted of the following:

 

   September 30,
2019		   December 31,
2018		 
Advance to suppliers  $22,581,884   $15,763,198 
Less: provisions for advance to suppliers   (217,645)   - 
Advance to suppliers, net  $22,364,239   $15,763,198 

 

7. Inventory

 

Inventory consisted of the following:

 

   September 30,
2019		   December 31,
2018		 
Raw materials  $-   $1,358,384 
Finished goods   111,164    253,331 
Packing materials   30,238    31,318 
Total  $141,402   $1,643,033 

 

17
 

 

8. Property, Plant and Equipment

 

Property, plant and equipment, net consisted of the following:

 

   September 30,
2019		   December 31,
2018		 
Property, Plant and Equipment          
Office equipment  $17,027   $17,451 
Furniture   30,209    27,312 
Leasehold improvement   125,863    130,357 
Construction in progress   24,432    25,305 
Others   1,011    1,047 
Property, plant and equipment - total  $198,542   $201,472 
Less: accumulated depreciation   (128,769)   (108,291)
Property, plant and equipment - net  $69,773   $93,181 

 

Depreciation expense was $23,160 and $3,930 for the three months ended September 30, 2019 and 2018, and $33,748 and $24,381 for the nine months ended September 30, 2019 and 2018, respectively.

 

9. Deposit for Long-Term Investment

 

On June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.1 million). As of September 30, 2019, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.7 million). Since the Company had received an approval from relevant authorities to obtain a land purchase discount from the Yangling Free Trade Zone to construct a new manufacturing facility for bio-fertilizers, the Company decided to abandon its plan to build a production base in Penglai and has initiated the process of refund of the deposits. The Company expected to collect all of the deposits within six months.

 

10. Salaries payable

 

   September 30,
2019		   December 31,
2018		 
Ms. Yvonne Wang (“Ms. Wang”)  $322,000   $259,000 
Hon Man Yun (“Mr. Yun”)   145,248    60,702 
Other Employees   923,523    705,257 
Total  $1,390,771   $1,024,959 

 

Ms. Wang served as Chairman of the Board since November 2015 and served as CEO since August 2016. No salary was paid to Ms. Wang since December 2015. Mr. Yun was the Chief Financial Officer of the Company since April 2018. The Company expects to be in negotiations with Mr. Yun and Ms. Wang to settle these obligations.

 

11. Related Party Transactions

 

Due from related parties – non-trade

 

Amounts due from related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item  Nature   Notes  September 30,
2019		   December 31,
2018		 
                
Mr. Xiaoqiang Yu   Non-trade   (1)   13,872    12,108 
Total          $13,872   $12,108 

 

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(1) Mr. Xiaoqiang Yu

 

During the year ended December 31, 2018, Mr. Xiaoqiang Yu, the COO of the Company, obtained a cash advance from the Company for operational purpose. As of September 30, 2019, and December 31, 2018, the amount due from Mr. Xiaoqiang Yu was $13,872 and $12,108, respectively.

 

Due to related parties– non-trade

 

Amounts due to related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item  Nature   Notes  September 30,
2019		   December 31,
2018		 
                
Ms. Wang   Non-trade   (1)   272,572    534,563 
Ms. Feng Li (“Ms. Li”)   Non-trade   (2)   2,154    36,358 
Total amount due to related parties          $274,726   $570,921 

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2019 and 2018, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Wang was $272,572 and $534,563, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 11% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Feng Li was $2,154 and $36,358, respectively.

 

12. Convertible Notes Payable

 

Convertible notes payable consisted of the following:

 

   September 30,
2019		   December 31,
2018		 
6% secured convertible notes – FirsTrust Group Inc. (1)  $132,762   $125,692 
15% convertible notes- Mr. Geng Liu (2)   140,416    145,431 
15% convertible notes- Mr. Junwei Zheng (3)   772,284    799,870 
12% convertible notes- Labrys (4)   1,123,250    - 
12% convertible notes- TFK (5)   150,000    - 
12% convertible notes- EMA (6)   150,000      
12% convertible notes- Firstfire (7)   100,000      
Less: notes discount   (215,735)   (99,907)
Convertible notes payable - total  $2,352,977   $971,086 

 

(1) 6% secured convertible notes – FirsTrust Group Inc.

 

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Convertible Notes”), convertible into shares of the Company’s common stock.

 

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On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

 

On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the “Release”) with the holders (the “Holders”) of the “6% Convertible Notes” in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. On March 18, 2008, FirsTrust Group, Inc. (“FirsTrust”) purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250.

 

The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $18,060 and $16,760 for liquidated damages for the three months ended September 30, 2019 and 2018, respectively, and the Company has accrued the amounts of $60,180 and $52,006 for liquidated damages for the nine months ended September 30, 2019 and 2018, respectively. The Company also accrued $5,020 and $4,067 for interest at the rate of 15% per annum for the three months ended September 30, 2019 and 2018, respectively, and the Company accrued $14,920 and $12,654 for interest at the rate of 15% per annum for the nine months ended September 30, 2019 and 2018, respectively. The total 15% accrued interests were $169,891 and $177,372 at September 30, 2019 and December 31, 2018, respectively. The total accrued liquidated damages were $573,718 and $555,538 at September 30, 2019 and December 31, 2018, respectively.

 

The Company’s obligations under the Notes are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company’s former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Convertible Notes.

 

On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion.

 

On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion.

 

On April 27, 2018, the Company issued total 126,045 common shares to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release (“Settlement Agreement”) with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company’s shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. The Settlement Agreement has not been carried out by the Company as agreed as of December 31, 2018. The interest and penalties on this Note are continuously accrued in accordance with the original terms.

 

20
 

 

On October 18, 2018, FirsTrust requested a conversion in accordance with the terms of the 6% Notes into the Company’s shares. The Company had failed to convert and thus incurred a financial liquidated damage at $245 per day for a total of $18,130 as of December 31, 2018, which had been added to the principle amount of the Note. On March 26, 2019, the Company issued 395,959 shares to FirsTrust for the conversion. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement.

 

On March 26, 2019, the Company has entered into a First Amendment to Settlement Agreement and Release (“First Amendment Agreement”) with FirsTrust to settle the 6% secured convertible notes together with the promissory notes as disclosed under Note 12 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of approximately $29,789 (RMB200,000), which has been paid on April 1, 2019, to enter into this Amendment and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement.

 

As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties.

 

On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust’s lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company’s ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations.

 

(2) 15% convertible notes- Mr. Geng Liu

 

On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu and received principal of RMB 1 million, approximately $140,000. The note bears interest at 15% per annum and matured on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company’s common shares with a conversion price of $0.90 per share. The maturity date of the note has been extended to June 30, 2020.

 

The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable.

 

For the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $16,377 and $19,477 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $140,416.

 

21
 

 

(3) 15% convertible notes- Mr. Junwei Zheng

 

On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company’s common shares with a conversion price of $3.5 per share. On August 17, 2018, the Company does not expect that the remaining funds will ever be so advanced. As of September 30, 2019, the Company has received principal totaled RMB 5.5 million ($772,284 equivalent USD at September 30, 2019) out of the RMB 30 million Convertible Note Agreement. On May 7, 2019, the Company reached an agreement with Mr. Junwei Zheng that the maturity date will be extended to May 8, 2020.

 

The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company’s common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company’s own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

On May 7, 2019, due to the extension of the convertible notes and embedded conversion feature continued to be considered as a derivative instrument, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the renewal date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 260.8% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.37%, for the conversion options
     
  ● Expected lives of 2.0 years
     
  ● Market price at issuance date of $2.7

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on December 31, 2018:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 204.73% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.49%, for the conversion options
     
  ● Expected lives of 0.33 years
     
  ● Market price at re-measurement date of $0.50

 

22
 

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on May 7, 2019:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 192.48% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.37%, for the conversion options
     
  ● Expected lives of 1.00 years
     
  ● Market price at re-measurement date of $0.95

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on September 30, 2019:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 204.07% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.82%, for the conversion options
     
  ● Expected lives of 0.58 years
     
  ● Market price at re-measurement date of $0.51

 

For the three months ended September 30, 2019 and 2018, the Company recorded interest expense of $53,616 and $102,374, respectively, and for the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $228,090 and $307,915, respectively, on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note was $715,249 and $699,963 as of September 30, 2019 and December 31, 2018, respectively.

 

(4) 12% convertible notes- Labrys

 

On February 27, 2019, the Company entered into a Convertible Note Agreement with Labrys Fund, LP (“Labrys”), for the principal amount of $1,365,000 (the “Note”). The Note carries an Original Issue Discount of $102,375, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Labrys at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $1,213,250 out of the $1,365,000 Convertible Note Agreement.

 

In addition, the Company issued 50,000 shares of the Company’s common stock with a fair value of $40,000, determined using the closing price of the issuance date of $0.80 per shares in connection with these issuances along with the original issue discount of $90,994 were recognized as discounts from the principal amount to be amortized over 180 days.

 

23
 

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $1,071,506 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

On August 28, 2019, the Company released 420,000 shares of the Company’s common stock with a fair value of $336,000 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. On September 15, 2019, the Company released 390,000 shares of the Company’s common stock with a fair value of $210,600 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $546,600 as financing expense during the three and nine months ended September 30, 2019.

 

On September 25, 2019, the Company repaid $90,000 to Labrys. On October 12, 2019, the Company repaid $202,631 to Labrys.

 

On October 17, 2019, the Company issued total 855,000 common shares to Labrys for the conversion of $62,044 interest of the convertible note. On October 31, 2019, the Company issued total 544,000 common shares to Labrys for the conversion of $19,256 interest of the convertible note. On November 7, 2019, the Company issued total 1,128,264 common shares to Labrys for the conversion of $5,873 and 12,828 interest of the convertible note.

 

For the three and nine months ended September 30, 2019, the Company recorded interest expense of $520,946 and $1,285,149 on the note, including the amortization of the debt discount of $480,997 and $1,202,500 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $1,123,250.

 

(5) 12% convertible notes- TFK

 

On March 21, 2019, the Company entered into a Convertible Note Agreement with TFK Investments Inc. (“TFK”), for the principal amount of $300,000 (the “Note”). The Note carries an Original Issue Discount of $28,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by TFK at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $150,000 out of the $300,000 Convertible Note Agreement.

 

In addition, the Company issued 7,500 shares of the Company’s common stock with a fair value of $6,975, determined using the closing price of the issuance date of $0.93 per shares in connection with these issuances along with the original issue discount of $14,250 were recognized as discounts from the principal amount to be amortized over 180 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $128,775 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

On September 22, 2019, the Company released 230,000 shares of the Company’s common stock with a fair value of $131,100 to TFK as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $131,100 as financing expense during the three and nine months ended September 30, 2019.

 

On October 17, 2019, the Company issued total 300,000 common shares to TFK for the conversion of $19,775 interest of the convertible note. On October 25, 2019, the Company issued total 600,000 common shares to TFK for the conversion of $19,940 interest of the convertible note.

 

24
 

 

For the three and nine months ended September 30, 2019, the Company recorded interest expense of $73,901 and $159,469 on the note, including the amortization of the debt discount of $69,167 and $150,000 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $150,000.

 

(6) 12% convertible notes- EMA

 

On September 12, 2019, the Company entered into a Convertible Note Agreement with EMA Financial LLC. (“EMA”), for the principal amount of $150,000 (the “Note”). The Note carries an Original Issue Discount of $9,000, bears interest at the rate of 12% per annum and must be repaid on or before June 5, 2020. The amounts advanced under the Note may be converted by EMA at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement.

 

In addition, the Company issued 7,500 shares of the Company’s common stock with a fair value of $3,975, determined using the closing price of the agreement date of $0.53 per shares in connection with these issuances along with the original issue discount of $9,000 were recognized as discounts from the principal amount to be amortized over 264 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $56,494 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

For the three months ended September 30, 2019, the Company recorded interest expense of $4,638 on the note, including the amortization of the debt discount of $3,947 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $84,478.

 

(7) 12% convertible notes- Firstfire

 

On September 19, 2019, the Company entered into a Convertible Note Agreement with Firstfire Global Opportunities Fund LLC. (“Firstfire”), for the principal amount of $100,000 (the “Note”). The Note carries an Original Issue Discount of 5,000, bears interest at the rate of 12% per annum and must be repaid on or before 12 months after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Firstfire at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement.

 

In addition, the Company issued 83,333 shares of the Company’s common stock with a fair value of $45,000, determined using the closing price of the agreement date of $0.54 per shares in connection with these issuances along with the original issue discount of $5,000 were recognized as discounts from the principal amount to be amortized over 365 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,000 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

For the three months ended September 30, 2019, the Company recorded interest expense of $2,019 on the note, including the amortization of the debt discount of $1,822 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $6,822.

 

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13. Note Payable

 

On May 29, 2007, the Company issued a $360,000 promissory note (the “Promissory Note”) to an unrelated individual (the “Original Note holder”). This note bears interest at 18% per annum and was due on July 27, 2007. This note is currently in default and bears interest of 25% per annum (the “Default rate”) until paid in full. This note is secured by a pledge of shares of the Company’s common stock owned by Investlink (China) Limited (the “Pledged Shares”). In 2016, the Original Note holder informed the Company that all right, title and interests in the Promissory Note has been assigned and transferred to FirsTrust.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with Firs Trust to settle the Notes and interest. The Company has agreed to make a cash payment of $200,000 and to issue 300,000 Shares to FirsTrust by October 18, 2018 and to make a final cash payment of $260,000 by February 28, 2019. However, the Company has not performed its obligations in the Settlement Agreement as of December 31, 2018, and considered the payment terms as default and continued to accrue its interest after September 19, 2018.

 

On March 21, 2019, the Company issued 300,000 shares of common stock with fair value of $222,000, determined using the closing prices of $0.74 on March 21, 2018, to repay $222,000 of the note payable. As a result, no gain or loss were recognized upon this conversion.

 

On March 26, 2019, the Company has entered into the First Amendment Agreement with FirsTrust to settle the promissory notes together with the 6% secured convertible notes as disclosed under Note 11 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of $29,789 (RMB200,000) , which has been paid on April 1, 2019, to enter into this Amendment, and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement.

 

As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties.

 

On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust’s lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company’s ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations.

 

As of September 30, 2019 and December 31, 2018, $138,000 and $360,000 of Promissory Note to FirsTrust is still outstanding. The Company accrued $8,625 and $22,500 interest expense on note payable for the three months ended September 30, 2019 and 2018, respectively. The Company accrued $39,750 and $67,500 interest expense on note payable for the nine months ended September 30, 2019 and 2018, respectively.

 

14. Other Payables and accruals

 

Other payable consisted of the following:

 

   Notes  September 30,
2019		   December 31,
2018		 
Stock subscription proceeds received in advance  (1)  $1,676,406   $1,692,454 
Accrued expenses      213,605    219,033 
R&D expense payable      431,009    431,009 
Others      481,864    597,592 
      $2,802,884   $2,940,088 

 

(1). The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.

 

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15. Stockholders’ Equity

 

Preferred stock

 

On December 14, 2015, the Company issued 500,000 shares of preferred stock series A for the aggregate amount of $1,000,000 as debt cancellation owed to two related party individuals.

 

These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series A Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $2.0 per share.

 

On December 28, 2017, the Company issued 811,148 shares of preferred stock series B for the aggregate amount of $1,054,492 as debt cancellation owed to one related party individual.

 

These shares of Series B Preferred Stock have a liquidation preference which is same with the Company’s Series A Preferred Stock, and is entitled to vote on an as-converted basis as the holder of common stock, and is convertible into the Company’s common stock on a one-for-one basis at any time at the option of the holder. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series B Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $1.3 per share.

 

Common stock

 

During the nine months ended September 30, 2019, the Company entered into three consulting agreements and issued 784,999 shares of common stocks to consultants for IR and business development services based on market price of the shares at the transaction dates. The valuation of the shares is amounted to an average issuance price of $0.86 per share.

 

During the nine months ended September 30, 2019, the Company issued 31,966 common shares to one officer for salary payment based on the average stock price of his service period which valued at $26,218.

 

During the nine months ended September 30, 2019, the Company issued 1,345,000 common shares as a contingent shares to be released to the holders of the Convertible Notes if the Company is not able to repay the Convertible Notes at maturity date. As of September 30, 2019, 1,040,000 common shares are released to the holders of the Convertible Notes as discussed in Note 12(4) & 12(5).

 

Conversion of convertible note

 

As disclosed in Note 12(1), on April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 12(1), on March 26, 2019, the Company issued total 395,959 common shares at $0.20 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 12(4), on October 17, 2019, the Company issued total 855,000 common shares at $0.07 per share price to Labrys Fund LP for the conversion of convertible note.

 

As disclosed in Note 12(5), on October 17, 2019, the Company issued total 300,000 common shares at $0.07 per share price to TFK for the conversion of convertible note.

 

As disclosed in Note 12(5), on October 25, 2019, the Company issued total 600,000 common shares at $0.03 per share price to TFK for the conversion of convertible note.

 

As disclosed in Note 12(4), on October 31, 2019, the Company issued total 544,000 common shares at $0.04 per share price to Labrys Fund LP for the conversion of convertible note.

 

As disclosed in Note 12(4), on November 7, 2019, the Company issued total 1,128,264 common shares at $0.02 per share price to Labrys Fund LP for the conversion of convertible note.

 

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Additional paid-in-capital

 

As disclosed in Note 12, in February, March, and September 2019, the Company issued in the principal amount of $1,613,250 convertible notes with BCF embedded. The Company evaluated the intrinsic value of the BCF as $1,301,775, at the issue date and recorded the amount into additional paid in capital. All other amounts recorded in additional paid in capital are derived from issuance of preferred shares or common shares as disclosed in the above.

 

16. Stock-based Compensation

 

On March 15, 2017, the Board of Directors approved a new stock option plan with ten years’ term. As of September 30, 2019, the Company has not granted any incentive compensation under this plan.

 

17. Fair Value Measurements

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2019

 

Recurring Fair Value Measures  Level 1   Level 2   Level 3   Total 
Derivative liabilities   —    —   $19,695   $19,695 
Total   —    —   $19,695   $19,695 

 

December 31, 2018

 

Recurring Fair Value Measures  Level 1   Level 2   Level 3   Total 
Derivative liabilities   —    —   $6,621   $6,621 
Total   —    —   $6,621   $6,621 

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2019 and for the year ended December 31, 2018:

 

   Nine months ended
September 30, 2019		   Year ended
December 31, 2018		 
         
Beginning balance  $6,621   $247,933 
Fair value of derivative liabilities at inception   95,144    - 
Change in fair value of derivative liabilities   (82,070)   (241,312)
Ending balance  $19,695   $6,621 

 

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18. Earnings per share

 

The following table set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018.

 

    Three months ended
September 30,		    

Nine months ended

September 30,

  
    2019     2018     2019     2018  
                         
Numerator:                                
Net Gain or loss   $ 311,217     $ 623,361     $ (1,543,850 )   $ 40,961  
Change in Net Income     4,908       21,048       -       -  
Net Gain or Loss (Diluted)     316,125       644,409       (1,543,850 )     40,961  
                                 
Denominator:                                
Denominator for basic earnings per share (weighted-average shares)     19,544,849       16,757,163       18,701,575       16,388,438  
Diluted effect of stocks     3,594,068       1,557,550       -       -  
Denominator for diluted earnings per share (adjusted weighted-average shares)     23,138,917       18,314,713       18,701,575       16,388,438  
Basic earnings per share     0.02       0.04       (0.08 )     0.00  
Diluted earnings per share     0.01       0.04       (0.08 )     0.00  

 

19. Income Tax

 

In accordance with the current tax laws in the U.S., the Company is subject to a corporate tax rate of 21% on its taxable income. No provision for taxes is made for U.S. income tax for the three and nine months ended September 30, 2019 and 2018 as it has no taxable income in the U.S.

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (“The 2017 Tax Act”) was enacted in the United States. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. Accordingly, the Company has re-measured its deferred tax assets on net operating loss carry forwards in the U.S at the lower enacted cooperated tax rate of 21%. However, this re-measurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

Additionally, the 2017 Tax Act implemented a modified territorial tax system and imposing a tax on previously untaxed accumulated earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The Toll Charge is based in part on the amount of E&P held in cash and other specific assets as of December 31, 2017. The Toll Charge can be paid over an eight year period, starting in 2018, and will not accrue interest. The 2017 Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits.

 

The Company has determined that this one-time Toll Charge has no effect on the Company’s income tax expenses for the three months ended September 30, 2018 as the Company has no undistributed foreign earnings at either of the two testing dates of November 2, 2017 and December 31, 2017.

 

For purposes of the inclusion of GILTI, the Company has determined the taxable off-shore earnings in the amount of $3.5 million in the year ended December 31, 2018, which has been fully offset by the current year loss of $3.2 million and NOL carryforwards of $0.3 million of Kiwa US. Therefore, this is no accrual of US income tax for GILTI as of December 31, 2018. The Company will evaluate the GILTI tax effect at the year end for the year ended 31, 2019.

 

In accordance with the current tax laws in China, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Hebei, Kiwa Yangling, and Kiwa Institute are subject to a corporate income tax rate of 25% on its taxable income. Kiwa Shenzhen, Kiwa Baiao, Kiwa Hebei, and Kiwa Institute have not provided for any corporate income taxes since each had no taxable income for the year ended September 30, 2019. For the three and nine months ended September 30, 2019, Kiwa Yangling recorded income tax provision for approximately $247,615 and $1,472,638 respectively, and Kiwa Xian recorded income tax provision for approximately $4,242 and $14,129, respectively.

 

In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes in the BVI.

 

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A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2019   2018   2019   2018 
                 
Pre-tax income (loss) from continuing operation  $563,074   $1,137,761   $(57,083)  $1,452,570 
                     
U.S. federal corporate income tax rate   21%   21%   21%   21%
Income tax expense (benefit) computed at U.S. federal corporation income tax rate   118,246    238,930    (11,987)   305,040 
Reconciling items:                    
Rate differential for PRC earnings   39,459    75,311    122,724    155,581 
Change of valuation allowance   82,558    193,880    1,339,537    934,250 
Effect of tax exempted income in BVI   11,594    6,279    36,493    16,738 
Deferred tax used to offset tax liability   -    -    -    - 
Effective tax expenses  $251,857   $514,400   $1,486,767   $1,411,609 

 

The Company had deferred tax assets from continuing operation as follows:

 

   September 30,
2019		   December 31,
2018		 
         
Net operating losses carried forward by parent Company in the US  $2,296,033   $1,676,335 
Net operating losses carried forward by China Subsidiaries   1,540,928    821,089 
Provision for Deferred COGS   583,153      
Allowance for Bad Debt   86,966      
Less: Valuation allowance   (4,507,080)   (2,497,424)
           
Net deferred tax assets  $-   $- 

 

As of September 30, 2019 and December 31, 2018, the Company had approximately $17.1 million and $11.3 million net operating loss carryforwards available to reduce future taxable income. Net operating loss of the parent Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of Kiwa Baiao, Kiwa Shenzhen, Kiwa Xian, Kiwa Hebei, and Kiwa Institute could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

As of September 30, 2019 and December 31, 2018, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three months ended September 30, 2019 and 2018, and no provision for interest and penalties is deemed necessary as of September 30, 2019 and December 31, 2018.

 

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Note 20 – Leases

 

In January 2019, the Company entered a new office lease agreement with a 3-year lease term starting in April 2019 and terminating in April 2022. Upon adoption of ASU 2016-02, the Company recognized lease labilities of approximately $61,842, with corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 4.75%, which is determined using the company’s incremental borrowing rate in the RPC. The remaining lease term of the lease is 2.50 years.

 

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

 

For the three months ended September 30, 2019 and 2018, lease expenses amounted to $6,302 and $101,596, respectively. For the nine months ended September 30, 2019 and 2018, lease expenses amounted to $22,707 and $309,724, respectively.

 

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

 

Twelve months ended September 30,  Operating lease amount 
2020  $22,747 
2021   22,747 
2022   11,374 
Total lease payments   56,868 
Less: interest   (3,346)
Present value of lease liabilities  $53,522 

 

21. Commitments and Contingencies

 

As disclosed in Note 9, on June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.1 million). As of September 30, 2019, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.7 million) and is committed to pay the remaining RMB10,000,000 based on the payment milestone in the equity purchase agreement. However, since the Company had decided to abandon the acquisition plan and initiated the process of refund of the deposits, the Company expected no more payment will be made for the agreement.

 

22. Concentration of Risk

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. As of September 30, 2019, and December 31, 2018, $ 2,021,337, and $7,859 were deposited with various major financial institutions located in the PRC, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.

 

Customer and vendor concentration risk

 

For the three months ended September 30, 2019, three customers accounted for 44%, 33%, and 24% for the Company’s total sales. For the nine months ended September 30, 2019, three customers accounted for 47%, 29%, and 23% for the Company’s total sales.

 

For the three months ended September 30, 2018, one customer accounted for 99% for the Company’s total sales. For the nine months ended September 30, 2018, four customers accounted for 36%, 32%, 20% and 10% for the Company’s total sales.

 

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As of September 30, 2019, three customers accounted for 39%, 28% and 25% of the Company’s accounts receivable. As of December 31, 2018, three customers accounted for 42%, 30%, and 27% of the Company’s accounts receivable.

 

For the three months ended September 30, 2019, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2019, one supplier accounted for 94% of the Company’s total purchases.

 

For the three months ended September 30, 2018, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2018, three suppliers accounted for 53%, 24% and 17% of the Company’s total purchases.

 

As of September 30, 2019, one accounted for 88% of the Company’s accounts payable. As of December 31, 2018, one supplier accounted for 84% of the Company’s accounts payable.

 

23. Subsequent Events

 

On October 7, 2019, the Company executed a Securities Purchase Agreement (the “SPA”) between Geneva Roth Remark Holdings, Inc. (“GRR”) and the Company, Pursuant to which GRR purchased from the Company a Convertible Promissory Note in the principal amount of $153,000 (the “Note”) dated October 7, 2019. The Note bears interest at the rate of 12% per annum and must be repaid on or before April 7, 2021 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties. The Note bears interest at the rate of 12% per annum and must be repaid on or before April 7, 2021 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties.

 

On October 7, 2019, the Company executed a Securities Purchase Agreement (the “SPA”) between Geneva Morningview Financial, LLC. (“Morningview”) and the Company, Pursuant to which Morningview purchased from the Company a Senior Convertible Promissory Note in the principal amount of $135,000 (the “Note”) dated October 7, 2019. The Note bears interest at the rate of 12% per annum and must be repaid on or before October 6, 2020 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties.

 

On October 9, the Company issued a total of 220,000 common shares to two unrelated individuals for stock purchase for an aggregate sum of $176,000.

 

On October 12, 2019, the Company repaid $202,631 to Labrys Fund LP.

 

During October and November, 2019, the Company issued total 2,527,264 common shares to Labrys for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the lowest bid price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible note’s agreement.

 

During October 2019, the Company issued total 900,000 common shares to TFK for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the lowest bid price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. 

 

On October 22, 2019, the Board of Directors of the Company amend the Company’s Articles of Incorporation to increase the number of authorized Company Common Shares from 100,000,000 to 300,000,000.

 

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

 

This Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2019 contains “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates,” or similar expressions. These forward-looking statements include, among others, statements concerning our expectations regarding our working capital requirements, financing requirements, business, growth prospects, competition and results of operations, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. The forward-looking statements in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2019 involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by the forward-looking statements contained herein.

 

Overview

 

The Company took its present corporate form in March 2004 when shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah, entered into a share exchange transaction. The share exchange transaction left the shareholders of Kiwa BVI owning a majority of Tintic and Kiwa BVI a wholly-owned subsidiary of Tintic. For accounting purposes this transaction was treated as an acquisition of Tintic by Kiwa BVI in the form of a reverse triangular merger and a recapitalization of Kiwa BVI and its wholly owned subsidiary, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”). On July 21, 2004, we completed our reincorporation in the State of Delaware. On March 8, 2017, we completed our reincorporation in the State of Nevada.

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. Our products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.

 

The Company currently mainly operates its business through Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”), which was incorporated in China in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017, Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”), which incorporated in March 2018, and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”), which incorporated in March 2018. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Institue and Kiwa Hebei.

 

Principal Factors Affecting Our Financial Performance

 

We believe that the following factors could affect our financial performance:

 

  ● Change in the Chinese Government Policy on agricultural industry. The Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry. Below is a list of government policies issued by the Chinese Government to promote green environment and these policies are either directly or indirectly to encourage the end users of the bio-fertilizer to use more organic related products. Unfavorable changes to these policies could affect demand of our products that we produce and could materially and adversely affect the results of operations. Although we have generally benefited from these policies by using our bio-fertilizer to enhances the capacity of plants to transform inorganic materials to organic products, to boost overall plant health and productivity and not to deteriorate landfall soil.

 

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  ○ In April 2008, the Ministry of Finance of PRC issued Circular No. 2008-56 to tax-exempt value-added taxes on all organically fertilizer related products effectively from June 1, 2008.
     
  ○ In June 2016, the PRC State Council issued Circular No. 2016-31 to prevent further deterioration of landfall soil action plan.
     
  ○ In February 2017, the Ministry of Agriculture of PRC issued Circular No. 2017-02 to carry out replacement of chemical bio-fertilizers by organically bio-fertilizers action plan on vegetables, fruits and teas planting.
     
  ○ In April 2018, at the second meeting of the 13th National People’s Congress meeting, the Minister of the Agriculture and Rural Affairs has pronoun that the Chinese government will continue to promote green environment, to ensure food safety and food qualify for the people in the PRC, and to provide more education and training cause to the farmer in the Agriculture industry. Follow up with the second meeting, in July 2018, the Chinese government is in the process of setting up some government grants to these companies or individuals, including but not limited, organic fertilizer production companies, organic fertilizer raw materials (livestock and poultry excrement) storage and transportation companies, users of organic fertilizer, and users of organic fertilizer production machinery.
     
  ○ In February 2019, the Ministry of Agriculture and Rural Affairs of the People’s Republic of China, National Development and Reform Commission, Ministry of Science and Technology of the People’s Republic of China, Ministry of Science and Technology of the People’s Republic of China, Ministry of Commerce of the People’s Republic of China, State Administration for Market Regulation and National Food and Strategic Reserves Administration jointly issued the National Strategic Plan For Promoting Agriculture By Quality (2018-2022) to clarify the overall thinking, aims and main tasks for implementing the strategy for promoting agriculture by quality in the coming period. The Plan points out that it is necessary to take the supply-side structural reform of agriculture as the main task, and work hard for better quality, higher efficiency, and more robust drivers of agriculture growth through reform and vigorously promote the greening, high-quality, specialization and branding of agriculture. This will steadily strengthen the quality efficiency and competitiveness of agriculture.

 

  ● Innovation Efforts. We strive to produce the most technically and scientifically advanced products for our customers and maintained close relationships with institutes in the PRC.

 

  ○ In March 2018, Kiwa Bio-Tech has established a Research Institute of Ecological Agriculture and Environmental Research. Based on cooperation with various Universities including the China Agriculture University, Northwest University, Northwest A&F University, Harbin Institute of Technology and Tsinghua University, we believe that it can secure a leading position in the KETS technology in the next thirty years. In comparison to our existing technology, Ecology Technological Sustainability (“KETS”) technology is comprised of microorganisms with a larger scale of micro-flora. The micro-flora could significantly increase the beneficial microorganism in the soil that enhances the yield of the plant crops and prevents soil ecological problems. The newly upgraded technology will be applied to the main crop planting areas and presently-polluted arable areas for soil restoration.

 

    On October 12, 2018, Kiwa Bio-Tech got the approval from the Administrative Committee of Yangling Agricultural High-tech Industry Demonstration Zone to obtain land use rights to construct a new manufacturing facility to help meet the growing demand in China for bio-fertilizers. Yangling Free Trade Zone has agreed to offer Kiwa Bio-Tech approximately US$432,975 (3,000,000 RMB) in incentives and provide tax preferences for the first three years of production.

 

34
 

 

 

    The manufacturing facility will specialize in developing and producing Kiwa Bio-Tech’s core microbes, the fundamental components for making high-quality bio-fertilizers. The total facility construction area is approximately 8.77 acres, and will include fermentation and production terminals, agricultural produce sorting facilities and storage, a research and development institute and corresponding ancillary facilities. The construction of the manufacturing facility is expected to be completed in 2020 and have a production capacity of 60,000 tons of Kiwa Bio-Tech’s core microbes. The annual production value is expected to be over US$65 million (approximately RMB 462 million).

 

  ● Experienced Management. Management’s technical knowledge and business relationships give us the ability to secure more sales orders with our customers. If there were to be any significant turnover in our senior management, it could deplete the institutional knowledge held by our existing senior management team.
     
  ● Large Scale Customer Relationship. We have contracts with major customers that are distributors of our products. Our sales efforts focus on these distributors which place large recurring orders. For the three months ended September 30, 2019, three customers accounted for 44%, 33%, and 24% for the Company’s total sales. Should we lose any large-scale customer in the future and are unable to obtain additional customers, our revenues will suffer.

 

  ● Competition. Our competition includes a number of publicly traded companies in the PRC and privately-held PRC-based companies that produce and sell products similar to ours. We compete primarily on the basis of quality, technological innovation and price. Some of our competitors have achieved greater market penetration but with less sophisticated technological innovation than our products as there were in the transition period from being the chemical bio-fertilizer producers to the organically bio-fertilizer producers. We believe that we have a better competitive advantage over them as we are the pioneer within our markets. Some of our competitors competed within our markets have lesser financial and other resources than us as they have established their companies a few years behind us. If we are unable to compete successfully in our markets, our relative market share and profits could be reduced.

 

Results of Operations

 

Results of Operations for three months ended September 30, 2019 and September 30, 2018

 

The following table summarizes the results of our operations during the three months periods ended September 30, 2019 and 2018, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

 

   Three months Ended
September 30,		   Change   Change 
Statement of Operations Data:  2019   2018   (Amount)   (Percentage) 
                 
Revenues  $10,986,295   $7,725,583   $3,260,712    42%
Cost of goods sold   (8,408,963)   (5,452,125)   (2,956,838)   54%
Gross profit   2,577,332    2,273,458    303,874    13%
Operating expenses                    
Research and development expenses   -    36,748    (36,748)   (100)%
Selling expenses   37,916    64,094    (26,178)   (41)%
General and administrative expenses   686,660    961,509    (274,849)   (29)%
Total operating expenses   724,576    1,062,351    (337,775)   (32)%
Operating income   1,852,756    1,211,107    641,649    53%
Other income/(expenses), net                    
Change in fair value of derivative liabilities   48,896    42,125    6,771    16%
Interest expense   (1,372,300)   (151,518)   (1,220,782)   (806)%
Other income/ (expense)   (1,003)   21    (1,024)   (4,876)%
Exchange gain   34,725    36,026    (1,301)   (4)%
Total other expense, net   (1,289,682)   (73,346)   (1,216,336)   1,658%
Income (loss) before income taxes   563,074    1,137,761    (574,687)   (51)%
                     
(Provision) benefit for income taxes                    
Current   (251,857)   (514,400)   262,543    (51)%
Deferred   -    -    -    -%
Total (provision) benefit for income taxes   (251,857)   (514,400)   262,543    (51)%
                     
Net income (loss)  $311,217   $623,361   $(312,144)   (50)%

 

35
 

 

Revenue

 

Revenue increased by approximately $3.3 million or 42%, to approximately $11.0 million in the three months ended September 30, 2019 from $7.7 million in the three months ended September 30, 2018. More sales are achieved for all of our four product lines in quantities are due to the good quality of our products and more reputation gained in different regions of the PRC, such as Hainan Province, Guangdong Province and Shaanxi Province upon establishment of our sales office in different regions.

 

We currently realized revenue in three major product categories of Biological Organic Fertilizer, Compound Microbial Fertilizer, and Bio-Water Soluble Fertilizer. Our revenues from our major product category are summarized as follows:

 

   For the three
months ended
September 30, 2019		   For the three
months ended
September 30, 2018		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $3,754,709   $3,812,127   $(57,418)   (2)%
Quantity sold in tons   22,020    21,529    491    2%
Average selling price  $170.51   $177.07   $(6.56)   (4)%
                     
Compound Microbial Fertilizer                    
Revenue in USD  $5,330,570   $2,048,318   $3,282,252    160%
Quantity sold in tons   17,000    6,530    10,470    160%
Average selling price  $313.56   $313.68   $(0.12)   (0)%
                     
Bio-Water Soluble Fertilizer                    
Revenue in USD  $1,901,016   $1,851,723   $49,293    3%
Quantity sold in tons   3,000    2,659    341    13%
Average selling price  $633.67   $696.40   $(62.73)   (9)%
                     
Microbial Agents                    
Revenue in USD  $-   $13,415   $(13,415)   (100)%
Quantity sold in tons   -    18    (18)   (100)%
Average selling price  $-   $745.28   $(745.26)   (100)%
                     
Total                    
Revenue in USD  $10,986,295   $7,725,583   $3,260,712    42%
Quantity sold in tons   42,020    30,736    11,284    37%
Average selling price  $261.45   $251.35   $10.10    4%

 

36
 

 

Average selling prices of Biological Organic Fertilizers, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer decreased by $6.56 or 4%, $0.12 or 0% and $62.73 or 9%, respectively in the three months ended September 30, 2019 as compared with the same period of 2018. The decrease of the average selling price is mainly due to more sales achieved thus the Company gave customers price discount at its discretion. The decrease also caused by the fluctuation of the exchange rate as Chinese Yuan depreciated against U.S. dollars by approximately 2.7% during the three months ended September 30, 2019.

 

Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, we expect our revenues from our innovated and highly effective products, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer will continue to grow in a higher rate than that from Biological Organic Fertilizer. Our Compound Microbial Fertilizer, and Bio-Water Soluble Fertilizer generally have a higher effectiveness on the productivity of crops that are suitable for promoting green environment. In addition, our marketing team is expanding to the Western areas of China and Hainan province and we expect our revenues will continue to grow in 2019. Meanwhile, we expect to continue to gain more market shares in our existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

 

Cost of Revenue

 

Our cost of revenues from our major product category are summarized as follows:

 

   For the three
months ended
September 30, 2019		   For the three
months ended
September 30, 2018		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of revenue in USD  $2,572,208   $2,578,292   $(6,084)   (0)%
Quantity sold and shipped in tons   22,020    21,529    491    2%
Average unit cost  $116.81   $119.76   $(2.95)   (2)%
                     
Compound Microbial Fertilizer                    
Cost of revenue in USD  $4,506,780   $1,607,258   $2,899,522    180%
Quantity sold and shipped in tons   17,000    6,530    10,470    160%
Average unit cost  $265.10   $246.13   $18.97    8%
                     
Bio-Water Soluble Fertilizer                    
Cost of revenue in USD  $1,329,975   $1,254,140   $75,835    6%
Quantity sold in tons   3000    2,659    341    13%
Average unit cost  $443.33   $471.66   $(28.33)   (6)%
                     
Microbial Agents                    
Cost of revenue in USD  $-   $12,435   $(12,435)   (100)%
Quantity sold in tons   -    18    (18)   (100)%
Average unit cost  $-   $690.83   $(690.83)   (100)%
                     
Total                    
Cost of revenue in USD  $8,408,963   $5,452,125   $2,956,838    54%
Quantity sold in tons   42,020    30,736    11,284    37%
Average unit cost  $200.12   $177.39   $22.73    13%

 

Cost of revenue from Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer increased by approximately $2.9 million and approximately $76,000 or 180% and 6% to approximately $4.5 million and $1.3 million in the three months ended September 30, 2019 from approximately $1.6 million and $1.2 million in the three months ended September 30, 2018. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers.

 

37
 

 

Average unit cost of Biological Organic Fertilizers decreased by $2.95 or 2% which is caused by the fluctuation of the exchange rate as Chinese Yuan depreciated against U.S. dollars by approximately 2.7% during the three months ended September 30, 2019. Average unit cost of Compound Microbial Fertilizer increased by $18.97 or 8% which is mainly due to the ingredient mix of raw material price increase of approximately 10.7% which offset by RMB depreciated against USD of approximately 2.7% in the three months ended September 30, 2019 as compared with the same period of 2018. The Chinese government has implemented strict environmental protection policies, resulting in a variety of raw material prices increased, therefore, the average unit cost goes higher. Average unit cost of Bio-Water Soluble Fertilizer decreased by $28.33 or 6% which is mainly due to the RMB appreciation against USD of approximately 2.7% along with a 3.3% decrease in the manufacturing overhead cost due to more sales quantities during the three months ended September 30, 2019 as compared with the same period in 2018.

 

Gross Profit

 

Our gross profit from our major product category are summarized as follows:

 

   For the three
months ended
September 30, 2019		   For the three
months ended
September 30, 2018		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Gross Profit  $1,182,501   $1,233,835   $(51,334)   (4)%
Gross Profit Percentage   31.5%   32.4%   (0.9)%   (3)%
                     
Compound Microbial Fertilizer                    
Gross Profit  $823,790   $441,060   $382,730    87%
Gross Profit Percentage   15.5%   21.5%   (6.0)%   (28)%
                     
Bio-Water Soluble Fertilizer                    
Gross Profit  $571,041   $597,583   $(26,542)   (4)%
Gross Profit Percentage   30.0%   32.3%   (2.3)%   (7)%
                     
Microbial Inoculum Fertilizer                    
Gross Profit  $-   $980   $(980)   (100)%
Gross Profit Percentage   -%   7.3%   (7.3)%   (100)%
                     
Total                    
Gross Profit  $2,577,332   $2,273,458   $303,874    13%
Gross Profit Percentage   23.5%   29.4%   (5.9)%   (20)%

 

Gross profit percentage for Biological Organic Fertilizer decreased from 32.4% for the three months ended September 30, 2018 to 31.5% for the three months ended September 30, 2019 mainly due to the decrease in average selling price is more than the decrease in average unit cost as discussed above.

 

Gross profit percentage for Compound Microbial decreased from 21.5% for the three months ended September 30, 2018 to 15.5% for the three months ended September 30, 2019 mainly due to the increase in average unit cost while the average selling price remain almost the same as discussed above.

 

Gross profit percentage for Bio-Water Soluble Fertilizer decrease from 32.3% for the three months ended September 30, 2018 to 30.0% for the three months ended September 30, 2019 mainly due to the decrease in average selling price is more than the decrease in average unit cost as discussed above.

 

We did not produce and sold Microbial Inoculum Fertilizer for the three months ended September 30, 2019.

 

38
 

 

Research and Development Expenses

 

Research and development expenses was $0 for the three months ended September 30, 2019, decreased by approximately $37,000 or 100% from approximately $37,000 (RMB 250,000) for the three months ended September 30, 2018. On November 20, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $148,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and has expired on November 19, 2018. We did not have such expenses during the three months ended September 30, 2019.

 

Selling Expenses

 

Selling expenses include salaries of sales personnel, sales commission, travel and entertainment as well as freight out expenses. Selling expenses for the three months ended September 30, 2019 and 2018 were approximately $38,000 and $64,000, respectively. The decrease in selling expenses is mainly due to a decrease of approximately $27,000 of sales personnel salary, a decrease of office, insurance, travel, entertainment expenses and other selling expenses of approximately $10,000, offset by an increase of approximately $11,000 freighting expenses as our sales increased and we paid more on shipping our products.

 

General and Administration Expenses

 

G&A expenses include professional fees, officers’ compensation, depreciation and amortization, insurance, salaries, employee benefits, travel, auto expense, meal and entertainment, rent, office expense and telephone expense and other miscellaneous G&A expenses. G&A expenses decreased by approximately $275,000 or 29% from approximately $1.0 million in the three months ended September 30, 2018 to approximately $0.7 million in the same period in 2019. The decrease in G&A expenses is mainly due to a decrease in rent and utilities expense for approximately $142,000, a decrease of approximately $62,000 in consulting and professional expenses, a decrease of approximately $28,000 in employee salaries and benefits, and a decrease of approximately $15,000 for office and other miscellaneous expenses.

 

Interest Expense

 

Net interest expense was $1,372,300 and $151,518 for the three months ended September 30, 2019 and 2018, respectively, representing an increase of $1,220,782 or 806%. Interest expense included accrued interest on convertible note and other notes payable, and the amortization of the convertible note discount for the three months ended September 30, 2019 and 2018. The increase in interest expenses is mainly attributed to the 12% convertible note issued in the February 2019, March 2019 and September 2019 where we did not have it in the three months ended September 30, 2018.

 

Net Income

 

Net income for the three months ended September 30, 2019 decreased by approximately 50% from $623,361 to $311,217. Such change was the result of the combination of the changes as discussed above.

 

39
 

 

Results of Operations for Nine months ended September 30, 2019 and September 30, 2018

 

The following table summarizes the results of our operations during the nine months periods ended September 30, 2019 and 2018, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

 

   Nine months Ended
September 30,		   Change   Change 
Statement of Operations Data:  2019   2018   (Amount)   (Percentage) 
                 
Revenues  $31,454,271   $21,811,804   $9,642,467    44%
Cost of goods sold   (23,528,278)   (15,632,191)   (7,896,087)   51%
Gross profit   7,925,993    6,179,613    1,746,380    28%
Operating expenses                    
Provision for deferred cost of goods sold   2,420,964    -    2,420,964    100%
Research and development expenses   -    115,291    (115,291)   (100)%
Selling expenses   139,223    409,661    (270,438)   (66)%
General and administrative expenses   3,077,226    4,040,537    (963,311)   (24)%
Total operating expenses   5,637,413    4,565,489    1,071,924    23%
Operating Income   2,288,580    1,614,124    674,456    (42)%
Other income/(expenses), net                    
Change in fair value of derivative liabilities   82,070    244,496    (162,426)   (66)%
Interest expense   (2,511,813)   (459,445)   (2,052,368)   447%
Other income/ (expenses)   50,765    (884)   51,649    5,843%
Exchange gain   33,315    54,279    (20,964)   (39)%
Total other expenses, net   (2,345,663)   (161,554)   (2,184,109)   1,352%
Income (loss) before income taxes   (57,083)   1,452,570    (1,509,653)   (104)%
                     
(Provision) benefit for income taxes                    
Current   (1,486,767)   (1,411,609)   (75,158)   5%
Deferred   -    -    -    -%
Total provision for income taxes   (1,486,767)   (1,411,609)   (75,158)   5%
                     
Net Income/ (Loss)  $(1,543,850)  $40,961   $(1,584,811)   (3,869)%

 

Revenue

 

Revenue increased by approximately $9.6 million or 44%, to approximately $31.5 million in nine months ended September 30, 2019 from $21.8 million in the nine months ended September 30, 2018. The increase is mainly due to a $8.1 million increase in sales of compound microbial fertilizer and bio-water soluble fertilizer revenues due to more sales are achieved due to the good quality of our products and more reputation gained in different regions of the PRC, such as Hainan Province, Guangdong Province and Shanxi Province upon establishment of our sales office in different regions and a $1.5 million increase in revenues of bio-water soluble fertilizer due to an increase in sale volume as this type of new product became more popular in the market.

 

40
 

 

We currently realized revenue in three major product categories of Biological Organic Fertilizer, Compound Microbial Fertilizer, and Bio-Water Soluble Fertilizer. Our revenues from our major product category are summarized as follows:

 

   For the nine
months ended
September 30, 2019		   For the nine
months ended
September 30, 2018		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $12,172,807   $10,938,259   $1,234,548    11%
Quantity sold in tons   69,540    59,231    10,309    17%
Average selling price  $175.05   $184.67   $(9.62)   (5)%
                     
Compound Microbial Fertilizer                    
Revenue in USD  $15,891,431   $8,978,185   $6,913,246    77%
Quantity sold in tons   49,437    26,579    22,858    86%
Average selling price  $321.45   $337.79   $(16.34)   (5)%
                     
Bio-Water Soluble Fertilizer                    
Revenue in USD  $3,390,033   $1,881,945   $1,508,088    80%
Quantity sold in tons   5,159    2,731    2,428    89%
Average selling price  $657.11   $689.10   $(31.99)   (5)%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $-   $13,415   $(13,415)   (100)%
Quantity sold in tons   -    18    (18)   (100)%
Average selling price  $-   $745.28   $(745.28)   (100)%
                     
Total                    
Revenue in USD  $31,454,271   $21,811,804   $9,642,467    44%
Quantity sold in tons   124,136    88,559    35,577    40%
Average selling price  $253.39   $246.30   $7.09    3%

 

Average selling prices of Biological Organic Fertilizers, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer decreased by $9.62 or 5%, $16.34 or 5% and $31.99 or 5%, respectively in the nine months ended September 30, 2019 as compared with same period of 2018. This decrease is mainly due to more sales achieved with customers who contracted at a lower average selling price than those who contracted at a higher average selling price for the nine months ended September 30, 2019 compares to the same period for the nine months ended September 30, 2018, along with the fluctuation of exchange rate as Chinese Yuan depreciated against U.S. dollars by approximately 5.3% during the nine months ended September 30, 2019 as compared to the same period in 2018.

 

Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, we expect our revenues from our innovated and highly effective products, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer will continue to grow in a higher rate than that from Biological Organic Fertilizer. Our Compound Microbial Fertilizer, and Bio-Water Soluble Fertilizer generally have a higher effectiveness on the productivity of crops that are suitable for promoting green environment. In addition, our marketing team is expanding to the Western areas of China and Hainan province and we expect our revenues will continue to grow in 2019. Meanwhile, we expect to continue to gain more market shares in our existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

 

41
 

 

Cost of Revenue

 

Our cost of revenues from our major product category are summarized as follows:

 

   For the nine
months ended
September 30, 2019		   For the nine
months ended
September 30, 2018		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of revenue in USD  $8,566,231   $7,412,374   $1,153,857    16%
Quantity sold and shipped in tons   69,540    59,231    10,309    17%
Average unit cost  $123.18   $125.14   $(1.96)   (2)%
                     
Compound Microbial Fertilizer                    
Cost of revenue in USD  $12,662,909   $6,933,138   $5,729,771    83%
Quantity sold and shipped in tons   49,437    26,579    22,858    86%
Average unit cost  $256.14   $260.85   $(4.71)   (2)%
                     
Bio-Water Soluble Fertilizer                    
Cost of revenue in USD  $2,299,138   $1,274,244   $1,024,894    80%
Quantity sold in tons   5,159    2,731    2,428    89%
Average unit cost  $445.66   $466.59   $(20.93)   (4)%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $-   $12,435   $(12,435)   (100)%
Quantity sold in tons   -    18    (18)   (100)%
Average unit cost  $-   $690.83   $(690.83)   (100)%
                     
Total                    
Cost of revenue in USD  $23,528,278   $15,632,191   $7,896,087    51%
Quantity sold in tons   124,136    88,559    35,577    40%
Average unit cost   189.54    176.52    13.02    7%

 

Cost of revenue from Biological Organic Fertilizer, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer increased by approximately $1.2 million, $5.7 million and $1.0 million or 16%, 83% and 80% to approximately $8.6 million, $12.7 million and $2.3 million in the nine months ended September 30, 2019 from approximately $7.4 million, $6.9 million and $1.3 million in the nine months ended September 30, 2018. The increase is mainly due to the total quantity of products sold increased due to the good quality of our products and more reputation gained in the agricultural industry, which offset by the fluctuation of exchange rate as Chinese Yuan depreciated against U.S. dollars by approximately 5.3% during the nine months ended September 30, 2019 as compared to the same period in 2018. We did not sell any Microbial Inoculum Fertilizer during the nine months ended September 30, 2019.

 

Average unit cost of Biological Organic Fertilizers decreased by $1.96 or 2% which is mainly due to the RMB appreciation against USD of approximately 5.3% along with a 1.3% decrease in the manufacturing overhead cost due to more sales quantities manufactured during the nine months ended September 30, 2019 as compared with the same period in 2018.

 

Average unit cost of Compound Microbial Fertilizer decreased by $4.71 or 2% which is mainly due to the RMB appreciation against USD of approximately 5.3% along with a 3.3% decrease in the manufacturing overhead cost due to more sales quantities manufactured during the nine months ended September 30, 2019 as compared with the same period in 2018.

 

Average unit cost of Bio-Water Soluble Fertilizer decreased by $20.93 or 4% which is mainly due to the RMB appreciation against USD of approximately 5.3% along with a 1.3% decrease in the manufacturing overhead cost due to more sales quantities manufactured during the nine months ended September 30, 2019 as compared with the same period in 2018.

 

42
 

 

Gross Profit

 

Our gross profit from our major product category are summarized as follows:

 

    For the nine
months ended
September 30, 2019		     For the nine
months ended
September 30, 2018		     Change     Change (%)  
                         
Biological Organic Fertilizer                                
Gross Profit   $ 3,606,576     $ 3,525,885     $ 80,691       2 %
Gross Profit Percentage     29.6 %     32.2 %     (2.6 )%     (8 )%
                                 
Compound Microbial Fertilizer                                
Gross Profit   $ 3,228,522     $ 2,045,047     $ 1,183,475       58 %
Gross Profit Percentage     20.3 %     22.8 %     (2.5 )%     (11 )%
                                 
Bio-Water Soluble Fertilizer                                
Gross Profit   $ 1,090,895     $ 607,701     $ 483,194       80 %
Gross Profit Percentage     32.2 %     32.3 %     (0.1 )%     (0 )%
                                 
Microbial Inoculum Fertilizer                                
Gross Profit   $ -     $ 980     $ (980 )      (100 )%
Gross Profit Percentage     - %     7.3 %     (7.3 )%     (100 )%
                                 
Total                                
Gross Profit   $ 7,925,993     $ 6,179,613     $ 1,746,380       28 %
Gross Profit Percentage     25.2 %     28.3 %     (3.1 )%     (11 )%

 

Gross profit percentage for Biological Organic Fertilizer decreased from 32.2% for the nine months ended September 30, 2018 to 29.6% for the nine months ended September 30, 2019 mainly due to the decrease in average selling price more than decrease in average cost per unit as discussed above.

 

Gross profit percentage for Compound Microbial decreased from 22.8% for the nine months ended September 30, 2018 to 20.3% for the nine months ended September 30, 2019 mainly due to the decrease in average selling price more than the decrease in average cost per unit as discussed above.

 

Gross profit percentage for Bio-Water Soluble Fertilizer decreased from 32.3% for the nine months ended September 30, 2018 to 32.2% for the nine months ended September 30, 2019 mainly due to the decrease in average selling price more than the decrease in average cost per unit as discussed above.

 

We did not produce and sold Microbial Inoculum Fertilizer for the nine months ended September 30, 2019.

 

Provision on Deferred Cost of Goods Sold

 

Provision on deferred cost of goods sold was $2.4 million for the nine months ended September 30, 2019, increased by approximately $2.4 million or 100% from $0 for the nine months ended September 30, 2018. The increase in provision on deferred cost of goods sold is made based on historical collection experience on related accounts receivable and realizability of deferred revenue. Because part of the shipments to several clients, for which revenue have already been deferred, have been assessed to be uncollectible, $2.4 million of provision for deferred cost of goods sold were made during the nine months ended September 30, 2019.

 

Research and Development Expenses

 

Research and development expenses was $0 for the nine months ended September 30, 2019, decreased by approximately $115,000 or 100% from approximately $115,000 (RMB 750,000) for the nine months ended September 30, 2018. On November 20, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $148,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and has expired on November 19, 2018. We did not have such expenses during the nine months ended September 30, 2019.

 

Selling Expenses

 

Selling expenses include salaries of sales personnel, sales commission, travel and entertainment as well as freight out expenses. Selling expenses for the nine months ended September 30, 2019 and 2018 were approximately $139,000 and $410,000, respectively. The decrease in selling expenses is mainly due to a decrease of approximately $224,000 of sales personnel salary, and a decrease of approximately $52,000 freight out expense. This decrease was offset by an increase of approximately $6,000 in other miscellanies selling expenses.

 

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General and Administration Expenses

 

G&A expenses include professional fees, officers’ compensation, depreciation and amortization, insurance, salaries, employee benefits, travel, auto expense, meal and entertainment, rent, office expense and telephone expense and other miscellaneous G&A expenses. G&A expenses decreased by approximately $963,000 or 24% from approximately $4.0 million in the nine months period ended September 30, 2018 to approximately $3.1 million in the same period in 2019. The decrease of approximately $484,000 in rent, utilities, insurance and other related expenses as we closed our office in Beijing and Shenzhen; a decrease of approximately $447,000 of salaries and employee benefits; a decrease of approximately $266,000 in travel and meal and entertainment expenses; and a decrease of approximately $127,000 in advertising, depreciation and amortization expenses, vehicle and transportations, consulting and professional fees and office expenses. This increase was offset by an increase of approximately $361,000 provision for advance to suppliers and other receivables for which the management assessed the Company cannot receive the goods to be delivered.

 

Interest Expense

 

Net interest expense was $2,511,813 and $459,445 for the nine months ended September 30, 2019 and 2018, respectively, representing an increase of $2,052,368 or 447%. Interest expense included accrued interest on convertible note and other notes payable, and the amortization of the convertible note discount for the nine months ended September 30, 2019 and 2018. The increase in interest expenses is mainly attributed to newly issuance four 12% convertible note issued in February 2019, March 2019, and September 2019 where we did not have it in the nine months ended September 30, 2018.

 

Net Income (loss)

 

Net income (loss) for the nine months ended September 30, 2019 decreased by approximately 3,869% from an income of $40,961 to a loss of $1,543,850. Such change was the result of the combination of the changes as discussed above.

 

Critical Accounting Policies and Estimates

 

We prepared our unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management periodically evaluates the estimates and judgments made. Management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates as a result of different assumptions or conditions.

 

The following critical accounting policies affect the more significant judgments and estimates used in the preparation of our consolidated financial statements. In addition, you should refer to our accompanying unaudited condensed consolidated balance sheets as of September 30, 2019, and the unaudited condensed consolidated statements of operations and comprehensive income, and cash flows for the three and nine months ended September 30, 2019, and the related notes thereto, for further discussion of our accounting policies.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. We did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

44
 

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry for some of these Co-ops and distributors, will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the resellers. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, the sales contracts with these customers are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold related to deferred product revenues includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized. The Company’s provision for deferred cost of goods sold is made based on historical collection experience on such related accounts receivable and realizability of deferred revenue.

 

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivables are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

45
 

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property and equipment. The Company evaluates its investment in long-lived assets for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

 

ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

 

Liquidity and Capital Resources

 

In assessing our liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. Our liquidity needs is to meet our working capital requirements, operating expenses and capital expenditure obligations.

 

Our business is capital intensive as we need to make advance payment to our suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance our working capital requirements. As of September 30, 2019, our working capital was approximately $12.8 million and we had cash of $2,021,337, with remaining current assets mainly composed of advance to suppliers, account receivable, prepaid expense, inventory and deferred cost of goods sold. In addition, we sold Convertible Promissory Notes (“Notes”) in the aggregate principal amount of $1,915,000 in February, March and September 2019.

 

We may have to consider supplementing our available sources of funds for operations through the following sources:

 

  ● We will continuously seek additional equity financing to support our working capital;
  ● other available sources of financing from PRC banks and other financial institutions; and
  ● financial support and credit guarantee commitments from our major shareholder.

 

46
 

 

Based on the above considerations, our management is of the opinion that it does not have sufficient funds to meet our working capital requirements and debt obligations as they become due one year from the date of this report. If the Company can’t raise enough funds, it might be unable to fund our future cash requirement on a timely basis and under acceptable terms and conditions and may not have sufficient liquidity to maintain operations and repay our liabilities for the next twelve months. As a result, we may be unable to implement our current plans for expansion, repay our debt obligations or respond to competitive pressures, any of which would have a material adverse effect on our business, prospects, financial condition and results of operations.

 

The following table set forth summary of our cash flows for the periods indicated:

 

   For the nine months ended
September 30,		 
   2019   2018 
Net cash provided by operating activities  $305,134   $(1,549,571)
Net cash provided by (used in) investing activities   (3,904)   (4,774)
Net cash provided by financing activities   1,235,735    542,819 
Effect of exchange rate changes on cash   476,513    (60,919)
Net increase in cash   2,013,478    (1,072,445)
Cash, beginning of period   7,859    1,083,539 
Cash, end of period  $2,021,337   $11,094 

 

Operating Activities

 

Net cash provided by operating activities was approximately $305,000 for the nine months ended September 30, 2019, compare to cash used by operating activities of approximately $1.5 million for the same period in 2018. Net cash provided by the operating activities for the nine months ended September 30, 2019 was primarily attributable to 1) approximately $2.4 million provision for deferred cost of goods sold as the collectability of our previously deferred revenues are exhausted, 2) an approximately $1.6 million of non-cash stock compensation issued for consulting service fees and officer salaries, 3) a decrease of approximately $1.5 million in inventory as we utilized our existing inventories for production instead of purchasing new raw materials, 4) an increase of approximately $1.5 million in tax payables as we increased our sales revenues, 5) an increase of approximately $0.7 million in financing cost and accrued interest expenses due to our four new issued convertible notes, 6) a decrease of approximately $0.8 million of prepaid expenses, 7) an increase of approximately $0.7 million in account payables, 8) an approximately 0.4 million bad debt expense as allowance on advance to suppliers and other receivables, and 9) an increase of approximately $0.4 million in salary payables. This cash inflow is offset by 10) a net loss of approximately $1.5 million, 11) an increase of approximately $7.5 million in advance to suppliers, 12) an increase of approximately $0.3 in account receivables, 13) an increase of approximately $0.3 million in other receivables, and 14) an decrease of approximately $0.1 million in advances from customers and other payables.

 

Investing Activities

 

Net cash used in investing activities was $3,904 in the nine months ended September 30, 2019, which was mainly attributable to purchase of office equipment. Net cash used in investing activities was $4,774 for the nine months ended September 30, 2018.

 

Financing Activities

 

Net cash provided by financing activities was approximately $1.2 million for the nine months ended September 30, 2019 and net cash provided by financing activities was approximately $0.5 million for the nine months ended September 30, 2018. The cash inflow for the nine months ended September 30, 2019 was mainly due to an approximately $1.5 million proceed from four new issued convertible notes, which offset by an approximately $0.3 million net payment to related parties.

 

47
 

 

Trends and Uncertainties in Regulation and Government Policy in China

 

Foreign Exchange Policy Changes

 

China is considering allowing its currency to be freely exchangeable for other major currencies. This change will result in greater liquidity for revenues generated in Renminbi (“RMB”). We would benefit by having easier access to and greater flexibility with capital generated in and held in the form of RMB. The majority of our assets are located in China and most of our earnings are currently generated in China and are therefore denominated in RMB. Changes in the RMB-U.S. Dollar exchange rate will impact our reported results of operations and financial condition. In the event that RMB appreciates over the next year as compared to the U.S. Dollar, our earnings will benefit from the appreciation of the RMB. However, if we have to use U.S. Dollars to invest in our Chinese operations, we will suffer from the depreciation of U.S. Dollars against the RMB. On the other hand, if the value of the RMB were to depreciate compared to the U.S. Dollar, then our reported earnings and financial condition would be adversely affected when converted to U.S. Dollars.

 

From the end of 2018 through September 30, 2019, the value of the RMB depreciated by approximately 3.6% against the U.S. Dollar. With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government may in the future announce further changes to the exchange rate system and there is no guarantee that the RMB will not appreciate or depreciate significantly in value against the U.S. Dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. Dollar in the future. The exchange rate of U.S. Dollar against RMB on September 30, 2019 was US$1.00 = RMB 7.1217.

 

Commitments and Contingencies

 

See Note 21 to the Unaudited Condensed Consolidated Financial Statements under Item 1 in Part I.

 

Off-Balance Sheet Arrangements

 

At September 30, 2019, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, we are not exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this report, have concluded that our disclosure controls and procedures are not effective as of September 30, 2019 to reasonably ensure that material information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s Rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The principal basis for this conclusion is due to (i) failure to engage sufficient resources in regard to our accounting and reporting obligations and (ii) failure to fully document our internal control policies and procedures.

 

48
 

 

(b) Changes in Internal Control over Financial Reporting

 

On January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02 Leases (FASB ASC Topic 842). There have not been any other changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the current quarter ended September 30, 2019 to have materially affected the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

ITEM 1A. RISK FACTORS

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following is a list of shares of Company Common Stock issued for cash, the conversion of convertible debentures or as stock compensation to consultants during the period from January 1, 2019 through November 14, 2019, which were not registered under the Securities Act:

 

Stock Purchase for Cash 220,000 shares
   
Commitment shares 1,693,333 shares
   
Consultant Fees 784,999 shares
   
Conversion of Convertible Note 3,823,223 shares
   
Salary Compensation 31,966 shares
   
Debt Settlement 300,000 shares
   
Total 6,853,521 shares

 

There were no other sales of unregistered securities not already reported on the Company’s quarterly filings on Form 10-Q or on a Current Report on Form 8-K.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine safety disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

49
 

 

Item 6. Exhibits

 

Exhibit No.   Description
     
31.1/31.2   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and Rule15d-14(a) of the Securities Exchange Act of 1934, as amended
     
32.1/32.2   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. 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 Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

50
 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 14, 2019

 

  KIWA BIO-TECH PRODUCTS GROUP CORPORATION.
     
  By: /s/ Yvonne Wang
    Yvonne Wang
    Chief Executive Officer
    (Principal Executive Officer)
     
  By: /s/ Hon Man Yun
    Hon Man Yun
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

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EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Yvonne Wang, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2019 of Kiwa Bio-Tech Products Group Corporation;
     
  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. I have disclosed, based on my 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: November 14, 2019  
   
/s/ Yvonne Wang  
Yvonne Wang  
Principal Executive Officer  

 

 
 

 

 

 EX-31.2 4 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Hon Man Yun, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2019 of Kiwa Bio-Tech Products Group Corporation;
     
  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. I have disclosed, based on my 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: November 14, 2019  
   
/s/ Hon Man Yun  
Hon Man Yun  
Principal Financial Officer  

 

 
 

 

 

 EX-32.1 5 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Kiwa Bio-Tech Products Group Corporation, a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2019 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 14, 2019  
   
  /s/ Yvonne Wang
  Yvonne Wang
  Principal Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to KIWA BIO-TECH PRODUCTS GROUP CORPORATION and will be retained by KIWA BIO-TECH PRODUCTS GROUP CORPORATION and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 

 

 

 EX-32.2 6 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Kiwa Bio-Tech Products Group Corporation, a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2019 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 14, 2019  
   
  /s/ Hon Man Yun
  Hon Man Yun
  Principal Financial and Accounting Officer

 

A signed original of this written statement required by Section 906 has been provided to KIWA BIO-TECH PRODUCTS GROUP CORPORATION and will be retained by KIWA BIO-TECH PRODUCTS GROUP CORPORATION and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 

 

 

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As of September 30, 2019, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2019 and 2018, the amortization of consulting expense was $420,402 and $547,509, respectively. For the nine months ended September 30, 2019 and 2018, the amortization of consulting expense was $1,525,448 and $1,815,969, respectively. During the year ended December 31, 2018, Mr. Xiaoqiang Yu, the COO of the Company, obtained a cash advance from the Company for operational purpose. As of September 30, 2019, and December 31, 2018, the amount due from Mr. Xiaoqiang Yu was $13,871 and $12,108, respectively. Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company's Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor. During the nine months ended September 30, 2019 and 2018, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Wang was $272,572 and $534,563, respectively. Ms. Feng Li is a member of the Company's board of directors and shareholder of the Company. Ms. Li held approximately 11% of the Company's Common Stock and 50% of the Company's Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Feng Li was $2,154 and $36,358, respectively. On June 29, 2006, the Company entered into a securities purchase agreement (the "Purchase Agreement") with six institutional investors (collectively, the "Purchasers") for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the "6% Convertible Notes"), convertible into shares of the Company's common stock. On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes. On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the "Release") with the holders (the "Holders") of the 6% Convertible Notes in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. On March 18, 2008, FirsTrust Group, Inc. ("FirsTrust") purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250. The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $18,060 and $16,760 for liquidated damages for the three months ended September 30, 2019 and 2018, respectively, and the Company has accrued the amounts of $60,180 and $52,006 for liquidated damages for the nine months ended September 30, 2019 and 2018, respectively. The Company also accrued $5,020 and $4,067 for interest at the rate of 15% per annum for the three months ended September 30, 2019 and 2018, respectively, and the Company accrued $14,920 and $12,654 for interest at the rate of 15% per annum for the nine months ended September 30, 2019 and 2018, respectively. The total 15% accrued interests were $169,891 and $173,372 at September 30, 2019 and December 31, 2018, respectively. The total accrued liquidated damages were $573,718 and $555,538 at September 30, 2019 and December 31, 2018, respectively. The Company's obligations under the Notes are secured by a first priority security interest in the Company's intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company's former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company's obligations under the 6% Convertible Notes. On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion. On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion. On April 27, 2018, the Company issued total 126,045 common shares to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. On September 19, 2018, the Company has entered a Settlement Agreement and Release ("Settlement Agreement") with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company's shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. The Settlement Agreement has not been carried out by the Company as agreed as of December 31, 2018. The interest and penalties on this Note are continuously accrued in accordance with the original terms. On October 18, 2018, FirsTrust requested a conversion in accordance with the terms of the 6% Notes into the Company's shares. The Company had failed to convert and thus incurred a financial liquidated damage at $245 per day for a total of $18,130 as of December 31, 2018, which had been added to the principle amount of the Note. On March 26, 2019, the Company issued 395,959 shares to FirsTrust for the conversion. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. On March 26, 2019, the Company has entered into a First Amendment to Settlement Agreement and Release ("First Amendment Agreement") with FirsTrust to settle the 6% secured convertible notes together with the promissory notes as disclosed under Note 12 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of approximately $29,789 (RMB200,000), which has been paid on April 1, 2019, to enter into this Amendment and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement. As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties. On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust's lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company's ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations. On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu and received principal of RMB 1 million, approximately $140,000. The note bears interest at 15% per annum and matured on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company's common shares with a conversion price of $0.90 per share. The maturity date of the note has been extended to June 30, 2020. The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable. For the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $16,377 and $19,477 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $140,416. On September 19, 2019, the Company entered into a Convertible Note Agreement with Firstfire Global Opportunities Fund LLC. ("Firstfire"), for the principal amount of $100,000 ("the Note"). The Note carries an Original Issue Discount of 5,000, bears interest at the rate of 12% per annum and must be repaid on or before 12 months after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Firstfire at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement. In addition, the Company issued 83,333 shares of the Company's common stock with a fair value of $45,000, determined using the closing price of the agreement date of $0.54 per shares in connection with these issuances along with the original issue discount of $5,000 were recognized as discounts from the principal amount to be amortized over 365 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $45,000 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. For the three months ended September 30, 2019, the Company recorded interest expense of $2,019 on the note, including the amortization of the debt discount of $1,822 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $6,822. On September 12, 2019, the Company entered into a Convertible Note Agreement with EMA Financial LLC. ("EMA"), for the principal amount of $150,000 ("the Note"). The Note carries an Original Issue Discount of 9,000, bears interest at the rate of 12% per annum and must be repaid on or before June 5, 2020. The amounts advanced under the Note may be converted by EMA at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement. In addition, the Company issued 7,500 shares of the Company's common stock with a fair value of $3,975, determined using the closing price of the agreement date of $0.53 per shares in connection with these issuances along with the original issue discount of $9,000 were recognized as discounts from the principal amount to be amortized over 264 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $56,494 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. For the three months ended September 30, 2019, the Company recorded interest expense of $8,915 on the note, including the amortization of the debt discount of $8,224 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $136,526. On March 21, 2019, the Company entered into a Convertible Note Agreement with TFK Investments Inc. ("TFK"), for the principal amount of $300,000 ("the Note"). The Note carries an Original Issue Discount of 28,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by TFK at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $150,000 out of the $300,000 Convertible Note Agreement. In addition, the Company issued 7,500 shares of the Company's common stock with a fair value of $6,975, determined using the closing price of the issuance date of $0.93 per shares in connection with these issuances along with the original issue discount of $14,250 were recognized as discounts from the principal amount to be amortized over 180 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $128,775 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. On September 22, 2019, the Company released 230,000 shares of the Company's common stock with a fair value of $131,100 to TFK as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $131,100 as financing expense during the three and nine months ended September 30, 2019. On October 17, 2019, the Company issued total 300,000 common shares to TFK for the conversion of $19,775 interest of the convertible note. On October 25, 2019, the Company issued total 600,000 common shares to TFK for the conversion of $19,940 interest of the convertible note. For the three and nine months ended September 30, 2019, the Company recorded interest expense of $73,901 and $159,469 on the note, including the amortization of the debt discount of $69,167 and $150,000 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $150,000. On February 27, 2019, the Company entered into a Convertible Note Agreement with Labrys Fund, LP ("Labrys"), for the principal amount of $1,365,000 (the "Note"). The Note carries an Original Issue Discount of $102,375, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Labrys at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $1,213,250 out of the $1,365,000 Convertible Note Agreement. In addition, the Company issued 50,000 shares of the Companys common stock with a fair value of $40,000, determined using the closing price of the issuance date of $0.80 per shares in connection with these issuances along with the original issue discount of $90,994 were recognized as discounts from the principal amount to be amortized over 180 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Companys common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $1,071,506 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. On August 28, 2019, the Company released 420,000 shares of the Companys common stock with a fair value of $336,000 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. On September 15, 2019, the Company released 390,000 shares of the Companys common stock with a fair value of $210,600 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $546,600 as financing expense during the three and nine months ended September 30, 2019. On September 25, 2019, the Company repaid $90,000 to Labrys. On October 12, 2019, the Company repaid $202,631 to Labrys. On October 17, 2019, the Company issued total 855,000 common shares to Labrys for the conversion of $62,044 interest of the convertible note. On October 31, 2019, the Company issued total 544,000 common shares to Labrys for the conversion of $19,256 interest of the convertible note. For the three and nine months ended September 30, 2019, the Company recorded interest expense of $520,946 and $1,285,149 on the note, including the amortization of the debt discount of $480,997 and $1,202,500 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $1,123,250. On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company's common shares with a conversion price of $3.5 per share. On August 17, 2018, the Company does not expect that the remaining funds will ever be so advanced. As of September 30, 2019, the Company has received principal totaled RMB 5.5 million ($772,284 equivalent USD at September 30, 2019) out of the RMB 30 million Convertible Note Agreement. On May 7, 2019, the Company reached an agreement with Mr. Junwei Zheng that the maturity date will be extended to June 30, 2020. The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company's common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company's own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. On May 7, 2019, due to the extension of the convertible notes and embedded conversion feature continued to be considered as a derivative instrument, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the renewal date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017: Strike price of $3.5, for the conversion options Expected volatility of 260.8% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 1.37%, for the conversion options Expected lives of 2.0 years Market price at issuance date of $2.7 The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on December 31, 2018: Strike price of $3.5, for the conversion options Expected volatility of 204.73% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 2.49%, for the conversion options Expected lives of 0.33 years Market price at re-measurement date of $0.50 The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on May 7, 2019: Strike price of $3.5, for the conversion options Expected volatility of 214.79% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 2.37%, for the conversion options Expected lives of 1.00 years Market price at re-measurement date of $0.95 The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on September 30, 2019: Strike price of $3.5, Expected volatility of 204.07% calculated using the Company's historical price of its common stock, Expected dividend yield of 0%, Risk-free interest rate of 1.82%, for the conversion options, Expected lives of 0.58 years, Market price at re-measurement date of $0.51. For the three months ended September 30, 2019 and 2018, the Company recorded interest expense of $53,616 and $102,374, respectively, and for the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $218,090 and $307,915, respectively, on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note was $715,249 and $699,963 as of September 30, 2019 and December 31, 2018, respectively. The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors. 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TFK [Member] Two Unrelated Individuals [Member] China, Yuan Renminbi MsWangMember MrXiaoqiangYuMember TwelvePercentageConvertibleNotesMember Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Goods and Services Sold Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Outstanding Derivative, Gain on Derivative Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Prepaid Rent IncreaseDecreaseInAdvanceToSupplier Increase (Decrease) in Due from Related Parties Increase (Decrease) in Inventories Increase (Decrease) in Deferred Charges Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Salaries IncreaseDecreaseInAdvancesFromCustomers Increase (Decrease) in Other Accrued Liabilities Increase (Decrease) in Contract with Customer, Liability Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations PrepaidExpenseTextBlock Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Lessee, Leases [Policy Text Block] Commitments and Contingencies, Policy [Policy Text Block] Accounts Receivable, after Allowance for Credit Loss Accounts Receivable, Allowance for Credit Loss AdvanceToSuppliersGross ProvisionsForAdvanceToSuppliers Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Due to Related Parties Interest Payable Debt Instrument, Unamortized Discount ResearchAndDevelopmentExpensePayable OtherExpense Derivative Liability Increase (Decrease) in Derivative Liabilities Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Lessee, Operating Lease, Liability, Payments, Due Lessee, Operating Lease, Liability, Undiscounted Excess Amount EX-101.PRE 12 kwbt-20190930_pre.xml XBRL PRESENTATION FILE XML 13 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Inventory
 9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Inventory

7. Inventory

 

Inventory consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Raw materials   $ -     $ 1,358,384  
Finished goods     111,164       253,331  
Packing materials     30,238       31,318  
Total   $ 141,402     $ 1,643,033  
XML 14 R17.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

 

Due from related parties – non-trade

 

Amounts due from related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item   Nature     Notes   September 30,
2019		     December 31,
2018		  
                       
Mr. Xiaoqiang Yu     Non-trade     (1)     13,872       12,108  
Total               $ 13,872     $ 12,108  

  

(1) Mr. Xiaoqiang Yu

 

During the year ended December 31, 2018, Mr. Xiaoqiang Yu, the COO of the Company, obtained a cash advance from the Company for operational purpose. As of September 30, 2019, and December 31, 2018, the amount due from Mr. Xiaoqiang Yu was $13,872 and $12,108, respectively.

 

Due to related parties– non-trade

 

Amounts due to related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item   Nature     Notes   September 30,
2019		     December 31,
2018		  
                       
Ms. Wang     Non-trade     (1)     272,572       534,563  
Ms. Feng Li (“Ms. Li”)     Non-trade     (2)     2,154       36,358  
Total amount due to related parties               $ 274,726     $ 570,921  

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2019 and 2018, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Wang was $272,572 and $534,563, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 11% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Feng Li was $2,154 and $36,358, respectively.
XML 15 R34.htm IDEA: XBRL DOCUMENT v3.19.3
Advance to Suppliers (Tables)
 9 Months Ended
Sep. 30, 2019
Advance To Suppliers  
Schedule of Advance to Suppliers

As of September 30, 2019 and December 31, 2018, advance to suppliers consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Advance to suppliers   $ 22,581,884     $ 15,763,198  
Less: provisions for advance to suppliers     (217,645 )     -  
Advance to suppliers, net   $ 22,364,239     $ 15,763,198  
XML 16 R30.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2018 on Form 10-K filed with the SEC on April 12, 2019.
Principle of Consolidation

Principle of Consolidation

 

These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, and Kiwa Institute. All significant inter-company balances or transactions are eliminated on consolidation.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

Certain of the Company’s estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from its estimates. The Company re-evaluates all of the Company’s accounting estimates annually based on these conditions and record adjustments when necessary.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.
Inventory

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.
Property, Plant and Equipment

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life
    (In years)
Buildings   30 - 35
Machinery and equipment   5 - 10
Automobiles   8
Office equipment   2 - 5
Computer software   3
Leasehold improvement   The shorter of the
lease term and useful life
Impairment of Long-lived Assets

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Leases

Leases

 

Prior to December 31, 2018, leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as capital leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases and the lease expense is included in the consolidated statements of operations on a straight-line basis over the term of the leases.

  

On January 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update supersedes the lease accounting guidance found under ASC 840, Leases (“ASC 840”) and requires the recognition of right-of-use (“ROU”) assets and lease obligations (“lease liabilities”) by lessees for those leases currently classified as operating leases under existing lease guidance. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Short term leases with a term of 12 months or less are not required to be recognized. The Company elected the 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. There is no impact from the adoption of ASC 842 on January 1, 2019 as the Company did not have any existing material leases with a lease term in excess of twelve months on January 1, 2019.

 

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating leases liabilities, and operating leases, non-current on our consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under capital leases, and obligations under capital leases, non-current on our consolidated balance sheets.

 

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Financial Instruments

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.
Revenue Recognition

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.
Deferred Revenue and Deferred Cost of Goods Sold

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized. The Company’s provision for deferred cost of goods sold is made based on historical collection experience on such related accounts receivable and realizability of deferred revenue. The Company made provision of $2,420,964 and nil for deferred cost of goods sold for the nine months ended September 30, 2019 and 2018, respectively.
Income Taxes

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.
Stock Based Compensation

Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.
Foreign Currency Translation and Other Comprehensive Income

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2019 and 2018 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.1217       6.8761  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.9861       6.8031  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.8618       6.5137  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.8394       7.8297  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8282       7.8446  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8380       7.8398  
Earnings Per Common Share

Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.
Commitments and Contingencies

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
Cash Flow Reporting

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Recent Accounting Pronouncements

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 consolidated financial statements.

 

In August 2018, the FASB Accounting Standards Board issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company does not expect this guidance will have a material impact on its condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s consolidated financial statement presentation or disclosures.
XML 17 R38.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2019
Mr. Xiaoqiang Yu [Member]  
Schedule of Related Party Transactions

Amounts due from related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item   Nature     Notes   September 30,
2019		     December 31,
2018		  
                       
Mr. Xiaoqiang Yu     Non-trade     (1)     13,872       12,108  
Total               $ 13,872     $ 12,108  

  

(1) Mr. Xiaoqiang Yu

 

During the year ended December 31, 2018, Mr. Xiaoqiang Yu, the COO of the Company, obtained a cash advance from the Company for operational purpose. As of September 30, 2019, and December 31, 2018, the amount due from Mr. Xiaoqiang Yu was $13,872 and $12,108, respectively.
Ms. Wang, Ms. Feng Li [Member]  
Schedule of Related Party Transactions

Amounts due to related parties consisted of the following as of September 30, 2019 and December 31, 2018:

 

Item   Nature     Notes   September 30,
2019		     December 31,
2018		  
                       
Ms. Wang     Non-trade     (1)     272,572       534,563  
Ms. Feng Li (“Ms. Li”)     Non-trade     (2)     2,154       36,358  
Total amount due to related parties               $ 274,726     $ 570,921  

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2019 and 2018, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Wang was $272,572 and $534,563, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 11% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Feng Li was $2,154 and $36,358, respectively.
XML 18 R3.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Convertible notes payable, discount current $ 215,735 $ 99,907
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized 20,000,000 20,000,000
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 100,000,000 100,000,000
Common Stock, shares issued 19,891,517 16,885,860
Common Stock, shares outstanding 19,891,517 16,885,860
Series A Preferred Stock [Member]    
Preferred Stock, shares issued 500,000 500,000
Preferred Stock, shares outstanding 500,000 500,000
Preferred stock, liquidation preference $ 1,000,000 $ 1,000,000
Series B Preferred Stock [Member]    
Preferred Stock, shares issued 811,148 811,148
Preferred Stock, shares outstanding 811,148 811,148
Preferred stock, liquidation preference $ 1,054,492 $ 1,054,492
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Description of Business and Organization
 9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization

1. Description of Business and Organization

 

Organization

 

Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware. On March 8, 2017, the Company completed its reincorporation in the State of Nevada.

 

The Company operates through a series of subsidiaries in the Peoples Republic of China as detailed in the following Organizational Chart. The Company currently mainly operates its business through Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”), which was incorporated in China in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017, Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”), which incorporated in March 2018, and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”), which incorporated in March 2018. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Institue and Kiwa Hebei.

 

 

 

Business

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. The Company’s products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.
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Salaries Payable - Schedule of Salaries Payable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Salary payable $ 1,390,771 $ 1,024,959
Ms. Yvonne Wang [Member]    
Salary payable 322,000 259,000
Hon Man Yun [Member]    
Salary payable 145,248 60,702
Other Employees [Member]    
Salary payable $ 923,523 $ 705,257
XML 21 R51.htm IDEA: XBRL DOCUMENT v3.19.3
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Accounts receivable $ 3,500,098 $ 6,751,113
Less: Allowance for doubtful accounts
Accounts receivable, net $ 3,500,098 $ 6,751,113
XML 22 R55.htm IDEA: XBRL DOCUMENT v3.19.3
Inventory - Schedule of Inventory (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 1,358,384
Finished goods 111,164 253,331
Packing materials 30,238 31,318
Total $ 141,402 $ 1,643,033
XML 23 R76.htm IDEA: XBRL DOCUMENT v3.19.3
Commitments and Contingencies (Details Narrative) - Equity Purchase Agreement [Member]
 9 Months Ended
Jun. 08, 2017
USD ($)
Jun. 08, 2017
CNY (¥)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
CNY (¥)
First Payment [Member]        
Payment of purchase agreement | $     $ 700,000  
RMB [Member] | First Payment [Member]        
Payment of purchase agreement       ¥ 5,000,000
RMB [Member] | Second Payment [Member]        
Payment of purchase agreement       ¥ 10,000,000
Peng Hao [Member]        
Acquisition percentage 100.00% 100.00%    
Acquisition of purchase price | $ $ 2,100,000      
Peng Hao [Member] | RMB [Member]        
Acquisition of purchase price   ¥ 15,000,000    
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Income Tax - Schedule of Reconciliation of U.S. Tax Rate (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Tax Disclosure [Abstract]          
Pre-tax income (loss) from continuing operation $ 563,074 $ 1,137,761   $ (57,083) $ 1,452,570
U.S. federal corporate income tax rate 21.00% 21.00%   21.00% 21.00%
Income tax expense (benefit) computed at U.S. federal corporation income tax rate $ 118,246 $ 238,930   $ (11,987) $ 305,040
Rate differential for PRC earnings 39,459 75,311   122,724 155,581
Change of valuation allowance 82,558 193,880   1,339,537 934,250
Effect of tax exempted income in BVI 11,594 6,279   36,493 16,738
Deferred tax used to offset tax liability  
Effective tax expenses $ 251,857 $ 514,400 $ (897,209) $ 1,486,767 $ 1,411,609

XML 26 R44.htm IDEA: XBRL DOCUMENT v3.19.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule of Future Lease Payment

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

 

Twelve months ended September 30,   Operating lease amount  
2020   $ 22,747  
2021     22,747  
2022     11,374  
Total lease payments     56,868  
Less: interest     (3,346 )
Present value of lease liabilities   $ 53,522  
XML 27 R40.htm IDEA: XBRL DOCUMENT v3.19.3
Other Payables and Accruals (Tables)
 9 Months Ended
Sep. 30, 2019
Other Liabilities Disclosure [Abstract]  
Schedule of Other Payables

Other payable consisted of the following:

 

    Notes   September 30,
2019		     December 31,
2018		  
Stock subscription proceeds received in advance   (1)   $ 1,676,406     $ 1,692,454  
Accrued expenses         213,605       219,033  
R&D expense payable         431,009       431,009  
Others         481,864       597,592  
        $ 2,802,884     $ 2,940,088  

 

(1). The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 28 R48.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)
 9 Months Ended
Sep. 30, 2019
Buildings [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 30 years
Buildings [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 35 years
Machinery and Equipment [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 5 years
Machinery and Equipment [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 10 years
Automobiles [Member]  
Property, plant and equipment useful life (In years) 8 years
Office Equipment [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 2 years
Office Equipment [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 5 years
Computer Software [Member]  
Property, plant and equipment useful life (In years) 3 years
Leasehold Improvements [Member]  
Property, plant and equipment useful life, description The shorter of the lease term and useful life
XML 29 R63.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Less: notes discount $ (215,735) $ (99,907)
Convertible notes payable - total 2,352,977 971,086
6% Secured Convertible Notes [Member] | FirsTrust Group [Member]    
Convertible notes payable, gross [1] 132,762 125,692
15% Convertible Notes [Member] | Geng Liu [Member]    
Convertible notes payable, gross [2] 140,416 145,431
15% Convertible Notes [Member] | Junwei Zheng [Member]    
Convertible notes payable, gross [3] 772,284 799,870
12% Convertible Notes [Member] | Labrys [Member]    
Convertible notes payable, gross [4] 1,123,250
12% Convertible Notes [Member] | TFK Investments Inc [Member]    
Convertible notes payable, gross [5] 150,000
12% Convertible Notes [Member] | EMA Financial LLC. [Member]    
Convertible notes payable, gross [6] 150,000  
12% Convertible Notes [Member] | Firstfire Global Opportunities Fund LLC. [Member]    
Convertible notes payable, gross [7] $ 100,000  
[1] On June 29, 2006, the Company entered into a securities purchase agreement (the "Purchase Agreement") with six institutional investors (collectively, the "Purchasers") for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the "6% Convertible Notes"), convertible into shares of the Company's common stock. On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes. On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the "Release") with the holders (the "Holders") of the 6% Convertible Notes in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. On March 18, 2008, FirsTrust Group, Inc. ("FirsTrust") purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250. The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $18,060 and $16,760 for liquidated damages for the three months ended September 30, 2019 and 2018, respectively, and the Company has accrued the amounts of $60,180 and $52,006 for liquidated damages for the nine months ended September 30, 2019 and 2018, respectively. The Company also accrued $5,020 and $4,067 for interest at the rate of 15% per annum for the three months ended September 30, 2019 and 2018, respectively, and the Company accrued $14,920 and $12,654 for interest at the rate of 15% per annum for the nine months ended September 30, 2019 and 2018, respectively. The total 15% accrued interests were $169,891 and $173,372 at September 30, 2019 and December 31, 2018, respectively. The total accrued liquidated damages were $573,718 and $555,538 at September 30, 2019 and December 31, 2018, respectively. The Company's obligations under the Notes are secured by a first priority security interest in the Company's intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company's former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company's obligations under the 6% Convertible Notes. On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion. On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion. On April 27, 2018, the Company issued total 126,045 common shares to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. On September 19, 2018, the Company has entered a Settlement Agreement and Release ("Settlement Agreement") with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company's shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. The Settlement Agreement has not been carried out by the Company as agreed as of December 31, 2018. The interest and penalties on this Note are continuously accrued in accordance with the original terms. On October 18, 2018, FirsTrust requested a conversion in accordance with the terms of the 6% Notes into the Company's shares. The Company had failed to convert and thus incurred a financial liquidated damage at $245 per day for a total of $18,130 as of December 31, 2018, which had been added to the principle amount of the Note. On March 26, 2019, the Company issued 395,959 shares to FirsTrust for the conversion. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company's common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. On March 26, 2019, the Company has entered into a First Amendment to Settlement Agreement and Release ("First Amendment Agreement") with FirsTrust to settle the 6% secured convertible notes together with the promissory notes as disclosed under Note 12 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of approximately $29,789 (RMB200,000), which has been paid on April 1, 2019, to enter into this Amendment and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement. As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties. On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust's lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company's ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations.
[2] On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu and received principal of RMB 1 million, approximately $140,000. The note bears interest at 15% per annum and matured on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company's common shares with a conversion price of $0.90 per share. The maturity date of the note has been extended to June 30, 2020. The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable. For the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $16,377 and $19,477 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $140,416.
[3] On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company's common shares with a conversion price of $3.5 per share. On August 17, 2018, the Company does not expect that the remaining funds will ever be so advanced. As of September 30, 2019, the Company has received principal totaled RMB 5.5 million ($772,284 equivalent USD at September 30, 2019) out of the RMB 30 million Convertible Note Agreement. On May 7, 2019, the Company reached an agreement with Mr. Junwei Zheng that the maturity date will be extended to June 30, 2020. The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company's common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company's own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. On May 7, 2019, due to the extension of the convertible notes and embedded conversion feature continued to be considered as a derivative instrument, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the renewal date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017: Strike price of $3.5, for the conversion options Expected volatility of 260.8% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 1.37%, for the conversion options Expected lives of 2.0 years Market price at issuance date of $2.7 The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on December 31, 2018: Strike price of $3.5, for the conversion options Expected volatility of 204.73% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 2.49%, for the conversion options Expected lives of 0.33 years Market price at re-measurement date of $0.50 The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on May 7, 2019: Strike price of $3.5, for the conversion options Expected volatility of 214.79% calculated using the Company's historical price of its common stock Expected dividend yield of 0% Risk-free interest rate of 2.37%, for the conversion options Expected lives of 1.00 years Market price at re-measurement date of $0.95 The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on September 30, 2019: Strike price of $3.5, Expected volatility of 204.07% calculated using the Company's historical price of its common stock, Expected dividend yield of 0%, Risk-free interest rate of 1.82%, for the conversion options, Expected lives of 0.58 years, Market price at re-measurement date of $0.51. For the three months ended September 30, 2019 and 2018, the Company recorded interest expense of $53,616 and $102,374, respectively, and for the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $218,090 and $307,915, respectively, on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note was $715,249 and $699,963 as of September 30, 2019 and December 31, 2018, respectively.
[4] On February 27, 2019, the Company entered into a Convertible Note Agreement with Labrys Fund, LP ("Labrys"), for the principal amount of $1,365,000 (the "Note"). The Note carries an Original Issue Discount of $102,375, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Labrys at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $1,213,250 out of the $1,365,000 Convertible Note Agreement. In addition, the Company issued 50,000 shares of the Companys common stock with a fair value of $40,000, determined using the closing price of the issuance date of $0.80 per shares in connection with these issuances along with the original issue discount of $90,994 were recognized as discounts from the principal amount to be amortized over 180 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Companys common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $1,071,506 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. On August 28, 2019, the Company released 420,000 shares of the Companys common stock with a fair value of $336,000 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. On September 15, 2019, the Company released 390,000 shares of the Companys common stock with a fair value of $210,600 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $546,600 as financing expense during the three and nine months ended September 30, 2019. On September 25, 2019, the Company repaid $90,000 to Labrys. On October 12, 2019, the Company repaid $202,631 to Labrys. On October 17, 2019, the Company issued total 855,000 common shares to Labrys for the conversion of $62,044 interest of the convertible note. On October 31, 2019, the Company issued total 544,000 common shares to Labrys for the conversion of $19,256 interest of the convertible note. For the three and nine months ended September 30, 2019, the Company recorded interest expense of $520,946 and $1,285,149 on the note, including the amortization of the debt discount of $480,997 and $1,202,500 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $1,123,250.
[5] On March 21, 2019, the Company entered into a Convertible Note Agreement with TFK Investments Inc. ("TFK"), for the principal amount of $300,000 ("the Note"). The Note carries an Original Issue Discount of 28,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by TFK at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $150,000 out of the $300,000 Convertible Note Agreement. In addition, the Company issued 7,500 shares of the Company's common stock with a fair value of $6,975, determined using the closing price of the issuance date of $0.93 per shares in connection with these issuances along with the original issue discount of $14,250 were recognized as discounts from the principal amount to be amortized over 180 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $128,775 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. On September 22, 2019, the Company released 230,000 shares of the Company's common stock with a fair value of $131,100 to TFK as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $131,100 as financing expense during the three and nine months ended September 30, 2019. On October 17, 2019, the Company issued total 300,000 common shares to TFK for the conversion of $19,775 interest of the convertible note. On October 25, 2019, the Company issued total 600,000 common shares to TFK for the conversion of $19,940 interest of the convertible note. For the three and nine months ended September 30, 2019, the Company recorded interest expense of $73,901 and $159,469 on the note, including the amortization of the debt discount of $69,167 and $150,000 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $150,000.
[6] On September 12, 2019, the Company entered into a Convertible Note Agreement with EMA Financial LLC. ("EMA"), for the principal amount of $150,000 ("the Note"). The Note carries an Original Issue Discount of 9,000, bears interest at the rate of 12% per annum and must be repaid on or before June 5, 2020. The amounts advanced under the Note may be converted by EMA at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement. In addition, the Company issued 7,500 shares of the Company's common stock with a fair value of $3,975, determined using the closing price of the agreement date of $0.53 per shares in connection with these issuances along with the original issue discount of $9,000 were recognized as discounts from the principal amount to be amortized over 264 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $56,494 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. For the three months ended September 30, 2019, the Company recorded interest expense of $8,915 on the note, including the amortization of the debt discount of $8,224 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $136,526.
[7] On September 19, 2019, the Company entered into a Convertible Note Agreement with Firstfire Global Opportunities Fund LLC. ("Firstfire"), for the principal amount of $100,000 ("the Note"). The Note carries an Original Issue Discount of 5,000, bears interest at the rate of 12% per annum and must be repaid on or before 12 months after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Firstfire at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement. In addition, the Company issued 83,333 shares of the Company's common stock with a fair value of $45,000, determined using the closing price of the agreement date of $0.54 per shares in connection with these issuances along with the original issue discount of $5,000 were recognized as discounts from the principal amount to be amortized over 365 days. Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company's common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature ("BCF"). The Company evaluated the intrinsic value of the BCF as $45,000 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital. For the three months ended September 30, 2019, the Company recorded interest expense of $2,019 on the note, including the amortization of the debt discount of $1,822 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $6,822.
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Stockholders' Equity (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Nov. 07, 2019
Oct. 31, 2019
Oct. 25, 2019
Oct. 17, 2019
Mar. 26, 2019
Apr. 27, 2018
Dec. 28, 2017
Dec. 14, 2015
Sep. 30, 2019
Mar. 31, 2019
Feb. 28, 2019
Sep. 30, 2019
Sep. 30, 2018
Proceeds from issuance of common stock                       $ 307,600
Proceeds from convertible notes                 $ 1,613,250 $ 1,613,250 $ 1,613,250 $ 1,497,718
Intrinsic value of beneficial conversion feature                 $ 1,377,956 $ 1,377,956 $ 1,301,775    
One Officer [Member]                          
Number of common stock shares issued, shares                       31,966  
Proceeds from issuance of common stock                       $ 26,218  
Holders [Member] | Convertible Notes [Member]                          
Number of common stock shares issued, shares                       1,040,000  
Number of contingent shares to be released                       1,345,000  
Three Consulting Agreements [Member] | Consultants [Member]                          
Shares issued price per share                 $ 0.86     $ 0.86  
Number of common stock shares issued, shares                       784,999  
Series A Preferred Stock [Member]                          
Preferred stock, voting rights               These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company.          
Shares issued price per share               $ 2.0          
Series B Preferred Stock [Member]                          
Preferred stock, voting rights             These shares of Series B Preferred Stock have a liquidation preference which is same with the Company's Series A Preferred Stock, and is entitled to vote on an as-converted basis as the holder of common stock, and is convertible into the Company's common stock on a one-for-one basis at any time at the option of the holder.            
Shares issued price per share             $ 1.3            
Two Related Party Individuals [Member] | Series A Preferred Stock [Member]                          
Stock issued during period cancelled               500,000          
Stock issued during period cancelled, value               $ 1,000,000          
One Related Party Individuals [Member] | Series B Preferred Stock [Member]                          
Issuance of shares of preferred stock as debt cancellation, shares             811,148            
Issuance of shares of preferred stock as debt cancellation             $ 1,054,492            
FirsTrust Group [Member]                          
Shares issued price per share         $ 0.20 $ 0.62              
Common stock issued for conversion         395,959 126,045              
Labrys Fund LP [Member]                          
Shares issued price per share   $ 0.04   $ 0.07                  
Common stock issued for conversion   544,000   855,000                  
Labrys Fund LP [Member] | Subsequent Event [Member]                          
Shares issued price per share $ 0.02                        
Common stock issued for conversion 1,128,264                        
TFK [Member] | Subsequent Event [Member]                          
Shares issued price per share     $ 0.03 $ 0.07                  
Common stock issued for conversion     600,000 300,000                  

XML 32 R29.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events
 9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

23. Subsequent Events

 

On October 7, 2019, the Company executed a Securities Purchase Agreement (the “SPA”) between Geneva Roth Remark Holdings, Inc. (“GRR”) and the Company, Pursuant to which GRR purchased from the Company a Convertible Promissory Note in the principal amount of $153,000 (the “Note”) dated October 7, 2019. The Note bears interest at the rate of 12% per annum and must be repaid on or before April 7, 2021 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties. The Note bears interest at the rate of 12% per annum and must be repaid on or before April 7, 2021 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties.

 

On October 7, 2019, the Company executed a Securities Purchase Agreement (the “SPA”) between Geneva Morningview Financial, LLC. (“Morningview”) and the Company, Pursuant to which Morningview purchased from the Company a Senior Convertible Promissory Note in the principal amount of $135,000 (the “Note”) dated October 7, 2019. The Note bears interest at the rate of 12% per annum and must be repaid on or before October 6, 2020 after the funding date of the respective tranche (each a “Maturity Date”) the Note may be prepaid at any time before Maturity Date without any prepayment penalties.

 

On October 9, the Company issued a total of 220,000 common shares to two unrelated individuals for stock purchase for an aggregate sum of $176,000.

 

On October 12, 2019, the Company repaid $202,631 to Labrys Fund LP.

 

During October and November, 2019, the Company issued total 2,527,264 common shares to Labrys for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the lowest bid price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible note’s agreement.

 

During October 2019, the Company issued total 900,000 common shares to TFK for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the lowest bid price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. 

 

On October 22, 2019, the Board of Directors of the Company amend the Company’s Articles of Incorporation to increase the number of authorized Company Common Shares from 100,000,000 to 300,000,000.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Equity

15. Stockholders’ Equity

 

Preferred stock

 

On December 14, 2015, the Company issued 500,000 shares of preferred stock series A for the aggregate amount of $1,000,000 as debt cancellation owed to two related party individuals.

 

These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series A Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $2.0 per share.

 

On December 28, 2017, the Company issued 811,148 shares of preferred stock series B for the aggregate amount of $1,054,492 as debt cancellation owed to one related party individual.

 

These shares of Series B Preferred Stock have a liquidation preference which is same with the Company’s Series A Preferred Stock, and is entitled to vote on an as-converted basis as the holder of common stock, and is convertible into the Company’s common stock on a one-for-one basis at any time at the option of the holder. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series B Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $1.3 per share.

 

Common stock

 

During the nine months ended September 30, 2019, the Company entered into three consulting agreements and issued 784,999 shares of common stocks to consultants for IR and business development services based on market price of the shares at the transaction dates. The valuation of the shares is amounted to an average issuance price of $0.86 per share.

 

During the nine months ended September 30, 2019, the Company issued 31,966 common shares to one officer for salary payment based on the average stock price of his service period which valued at $26,218.

 

During the nine months ended September 30, 2019, the Company issued 1,345,000 common shares as a contingent shares to be released to the holders of the Convertible Notes if the Company is not able to repay the Convertible Notes at maturity date. As of September 30, 2019, 1,040,000 common shares are released to the holders of the Convertible Notes as discussed in Note 12(4) & 12(5).

 

Conversion of convertible note

 

As disclosed in Note 12(1), on April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 12(1), on March 26, 2019, the Company issued total 395,959 common shares at $0.20 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 12(4), on October 17, 2019, the Company issued total 855,000 common shares at $0.07 per share price to Labrys Fund LP for the conversion of convertible note.

 

As disclosed in Note 12(5), on October 17, 2019, the Company issued total 300,000 common shares at $0.07 per share price to TFK for the conversion of convertible note.

 

As disclosed in Note 12(5), on October 25, 2019, the Company issued total 600,000 common shares at $0.03 per share price to TFK for the conversion of convertible note.

 

As disclosed in Note 12(4), on October 31, 2019, the Company issued total 544,000 common shares at $0.04 per share price to Labrys Fund LP for the conversion of convertible note.

 

As disclosed in Note 12(4), on November 7, 2019, the Company issued total 1,128,264 common shares at $0.02 per share price to Labrys Fund LP for the conversion of convertible note.

 

Additional paid-in-capital

 

As disclosed in Note 12, in February, March, and September 2019, the Company issued in the principal amount of $1,613,250 convertible notes with BCF embedded. The Company evaluated the intrinsic value of the BCF as $1,301,775, at the issue date and recorded the amount into additional paid in capital. All other amounts recorded in additional paid in capital are derived from issuance of preferred shares or common shares as disclosed in the above.
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.19.3
Income Tax
 9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Tax

19. Income Tax

 

In accordance with the current tax laws in the U.S., the Company is subject to a corporate tax rate of 21% on its taxable income. No provision for taxes is made for U.S. income tax for the three and nine months ended September 30, 2019 and 2018 as it has no taxable income in the U.S.

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (“The 2017 Tax Act”) was enacted in the United States. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. Accordingly, the Company has re-measured its deferred tax assets on net operating loss carry forwards in the U.S at the lower enacted cooperated tax rate of 21%. However, this re-measurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

Additionally, the 2017 Tax Act implemented a modified territorial tax system and imposing a tax on previously untaxed accumulated earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The Toll Charge is based in part on the amount of E&P held in cash and other specific assets as of December 31, 2017. The Toll Charge can be paid over an eight year period, starting in 2018, and will not accrue interest. The 2017 Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits.

 

The Company has determined that this one-time Toll Charge has no effect on the Company’s income tax expenses for the three months ended September 30, 2018 as the Company has no undistributed foreign earnings at either of the two testing dates of November 2, 2017 and December 31, 2017.

 

For purposes of the inclusion of GILTI, the Company has determined the taxable off-shore earnings in the amount of $3.5 million in the year ended December 31, 2018, which has been fully offset by the current year loss of $3.2 million and NOL carryforwards of $0.3 million of Kiwa US. Therefore, this is no accrual of US income tax for GILTI as of December 31, 2018. The Company will evaluate the GILTI tax effect at the year end for the year ended 31, 2019.

 

In accordance with the current tax laws in China, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Hebei, Kiwa Yangling, and Kiwa Institute are subject to a corporate income tax rate of 25% on its taxable income. Kiwa Shenzhen, Kiwa Baiao, Kiwa Hebei, and Kiwa Institute have not provided for any corporate income taxes since each had no taxable income for the year ended September 30, 2019. For the three and nine months ended September 30, 2019, Kiwa Yangling recorded income tax provision for approximately $247,615 and $1,472,638 respectively, and Kiwa Xian recorded income tax provision for approximately $4,242 and $14,129, respectively.

 

In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes in the BVI.

  

A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

    Three months ended
September 30,		     Nine months ended
September 30,		  
    2019     2018     2019     2018  
                         
Pre-tax income (loss) from continuing operation   $ 563,074     $ 1,137,761     $ (57,083 )   $ 1,452,570  
                                 
U.S. federal corporate income tax rate     21 %     21 %     21 %     21 %
Income tax expense (benefit) computed at U.S. federal corporation income tax rate     118,246       238,930       (11,987 )     305,040  
Reconciling items:                                
Rate differential for PRC earnings     39,459       75,311       122,724       155,581  
Change of valuation allowance     82,558       193,880       1,339,537       934,250  
Effect of tax exempted income in BVI     11,594       6,279       36,493       16,738  
Deferred tax used to offset tax liability     -       -       -       -  
Effective tax expenses   $ 251,857     $ 514,400     $ 1,486,767     $ 1,411,609  

 

The Company had deferred tax assets from continuing operation as follows:

 

    September 30,
2019		     December 31,
2018		  
             
Net operating losses carried forward by parent Company in the US   $ 2,296,033     $ 1,676,335  
Net operating losses carried forward by China Subsidiaries     1,540,928       821,089  
Provision for Deferred COGS     583,153          
Allowance for Bad Debt     86,966          
Less: Valuation allowance     (4,507,080 )     (2,497,424 )
                 
Net deferred tax assets   $ -     $ -  

 

As of September 30, 2019 and December 31, 2018, the Company had approximately $17.1 million and $11.3 million net operating loss carryforwards available to reduce future taxable income. Net operating loss of the parent Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of Kiwa Baiao, Kiwa Shenzhen, Kiwa Xian, Kiwa Hebei, and Kiwa Institute could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

As of September 30, 2019 and December 31, 2018, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three months ended September 30, 2019 and 2018, and no provision for interest and penalties is deemed necessary as of September 30, 2019 and December 31, 2018.
XML 35 R49.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies - Schedule of Foreign Currency Exchange Rate (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Balance Sheet Items, Except for Equity Accounts [Member] | RMB [Member]          
Foreign currency exchange rate, translation     7.1217   6.8761
Balance Sheet Items, Except for Equity Accounts [Member] | HKD [Member]          
Foreign currency exchange rate, translation     7.8394   7.8297
Items in the Statements of Comprehensive Income [Member] | RMB [Member]          
Foreign currency exchange rate, translation 6.9861 6.8031 6.8618 6.5137  
Items in the Statements of Comprehensive Income [Member] | HKD [Member]          
Foreign currency exchange rate, translation 7.8282 7.8446 7.8380 7.8398  
XML 37 R45.htm IDEA: XBRL DOCUMENT v3.19.3
Description of Business and Organization (Details Narrative)
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Percentage of ownership 89.00%
XML 38 R41.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2019

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 19,695     $ 19,695  
Total     —       —     $ 19,695     $ 19,695  

 

December 31, 2018

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 6,621     $ 6,621  
Total     —       —     $ 6,621     $ 6,621  
Schedule of Liabilities Measured at Fair Value on Recurring Basis

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2019 and for the year ended December 31, 2018:

 

    Nine months ended
September 30, 2019		     Year ended
December 31, 2018		  
             
Beginning balance   $ 6,621     $ 247,933  
Fair value of derivative liabilities at inception     95,144       -  
Change in fair value of derivative liabilities     (82,070 )     (241,312 )
Ending balance   $ 19,695     $ 6,621  
XML 39 R62.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Notes Payable (Details Narrative)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 07, 2019
USD ($)
shares
Oct. 31, 2019
USD ($)
shares
Oct. 25, 2019
USD ($)
shares
Oct. 17, 2019
USD ($)
shares
Oct. 12, 2019
USD ($)
Sep. 25, 2019
USD ($)
Sep. 22, 2019
USD ($)
shares
Sep. 15, 2019
USD ($)
shares
Sep. 12, 2019
USD ($)
$ / shares
shares
Aug. 28, 2019
USD ($)
shares
May 07, 2019
$ / shares
Apr. 02, 2019
USD ($)
Apr. 02, 2019
CNY (¥)
Mar. 26, 2019
USD ($)
shares
Mar. 21, 2019
USD ($)
shares
Feb. 28, 2019
USD ($)
Feb. 28, 2019
USD ($)
Feb. 27, 2019
USD ($)
Dec. 17, 2018
USD ($)
Oct. 18, 2018
USD ($)
Sep. 19, 2018
USD ($)
shares
Apr. 27, 2018
shares
Dec. 13, 2017
USD ($)
$ / shares
shares
Oct. 19, 2017
USD ($)
$ / shares
shares
May 09, 2017
$ / shares
May 07, 2017
Jan. 17, 2017
USD ($)
$ / shares
Aug. 12, 2013
USD ($)
Mar. 18, 2008
USD ($)
Jun. 29, 2006
USD ($)
Sep. 30, 2019
USD ($)
$ / shares
Mar. 31, 2019
USD ($)
Feb. 28, 2019
USD ($)
Sep. 30, 2019
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
$ / shares
shares
Sep. 30, 2019
CNY (¥)
shares
Sep. 19, 2019
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
$ / shares
Mar. 21, 2018
$ / shares
May 09, 2017
CNY (¥)
Jan. 17, 2017
CNY (¥)
Convertible notes payable                                                             $ 2,352,977     $ 2,352,977     $ 2,352,977       $ 971,086      
Fair value of beneficial conversion feature                                                             1,377,956 $ 1,377,956 $ 1,301,775                      
Proceeds from convertible notes payable                                                             $ 1,613,250 $ 1,613,250 $ 1,613,250       1,497,718            
Number of common stock shares issued, value                                                                     $ 72,000 $ 235,600                
Debt instrument conversion shares, value                                                                         $ 78,400            
Former Chief Executive Officer [Member]                                                                                        
Percentage of secured convertible notes issued                                                                         6.00% 6.00%            
FirsTrust Group, Inc [Member]                                                                                        
Conversion of debt upon stock issued percentage                           40.00%               40.00% 40.00% 40.00%                                        
Interest expense                                                                   8,625 22,500   $ 39,750     67,500        
Stock issued for conversion, shares | shares                                           126,045 105,095 14,151                                        
Shares issued price per share | $ / shares                                             $ 0.75 $ 1.04                                        
Fair value of beneficial conversion feature                                             $ 105,095 $ 14,151                                        
Stock issued for conversion, per shares | $ / shares                                             $ 2.3 $ 2.25                                        
Debt instrument conversion shares | shares                           395,959                                                            
6% Secured Convertible Note [Member]                                                                                        
Default interest rate                                                           15.00%                            
Percentage financial liquidated damages equal to outstanding amount of note                                                                         2.00% 2.00%            
Conversion of debt upon stock issued percentage                                                                         110.00% 110.00%            
Incurred financial liquidated damages                                                                                 18,130      
6% Secured Convertible Note [Member] | FirsTrust Group, Inc [Member]                                                                                        
Percentage of secured convertible notes issued                                       6.00%                                                
Convertible notes payable                                                         $ 150,250                              
Penalty damage expense                                                                   18,060 16,760   $ 60,180     52,006        
Interest expense                                                                   $ 5,020 $ 4,067   $ 14,920     $ 12,654        
Debt interest rate                                                             15.00%     15.00% 15.00%   15.00%     15.00%        
Accrued interest                                                             $ 169,891     $ 169,891     $ 169,891       177,372      
Accrued liquidated damages                                                             573,718     573,718     573,718       555,538      
Incurred financial liquidated damages                                       $ 245                                                
6% Convertible Note [Member] | FirsTrust Group, Inc [Member]                                                                                        
Percentage of secured convertible notes issued                                                         6.00%                              
Payment acquire debt                                                         $ 168,000                              
Cash payment                                                         100,000                              
6% Convertible Note [Member] | FirsTrust Group, Inc [Member] | Share-based Compensation Award, Tranche One [Member]                                                                                        
Payment acquire debt                                                         59,100                              
6% Convertible Note [Member] | FirsTrust Group, Inc [Member] | Share-based Compensation Award, Tranche Two [Member]                                                                                        
Payment acquire debt                                                         50,400                              
6% Convertible Note [Member] | FirsTrust Group, Inc [Member] | Share-based Compensation Award, Tranche Three [Member]                                                                                        
Payment acquire debt                                                         59,100                              
Six Institutional Investors [Member] | 6% Secured Convertible Note [Member] | Nite Capital LP [Member]                                                                                        
Payment acquire debt                                                         300,000                              
Six Institutional Investors [Member] | 6% Secured Convertible Note [Member] | Nite Capital LP [Member] | Share-based Compensation Award, Tranche One [Member]                                                                                        
Payment acquire debt                                                         105,000                              
Six Institutional Investors [Member] | 6% Secured Convertible Note [Member] | Nite Capital LP [Member] | Share-based Compensation Award, Tranche Two [Member]                                                                                        
Payment acquire debt                                                         90,000                              
Six Institutional Investors [Member] | 6% Secured Convertible Note [Member] | Nite Capital LP [Member] | Share-based Compensation Award, Tranche Three [Member]                                                                                        
Payment acquire debt                                                         $ 105,000                              
Securities Purchase Agreement [Member] | Purchasers [Member] | 6% Secured Convertible Note [Member]                                                                                        
Percentage of secured convertible notes issued                                                           6.00%                            
Convertible notes payable                                                           $ 2,450,000                            
Debt instrument term                                                           3 years                            
Debt instruments maturity date                                                           Jun. 29, 2009                            
Securities Purchase Agreement [Member] | Holders [Member] | 6% Secured Convertible Note [Member]                                                                                        
Percentage of secured convertible notes issued                                                       6.00%                                
Convertible notes payable                                                       $ 2,000,000                                
Payment of debt                                                       $ 75,000                                
Settlement Agreement [Member]                                                                                        
Payment of debt                             $ 222,000                                                          
Cash payment                               $ 260,000                                                        
Shares issued price per share | $ / shares                                                                                   $ 0.74    
Number of common stock shares issued, shares | shares                             300,000           300,000                                              
Number of common stock shares issued, value                             $ 222,000           $ 200,000                                              
Settlement Agreement [Member] | 6% Secured Convertible Note [Member] | FirsTrust Group, Inc [Member]                                                                                        
Percentage of secured convertible notes issued                                 6.00%   6.00%                                                  
Cash payment                                 $ 340,000   $ 500,000                                                  
First Amendment Agreement [Member] | FirsTrust Group, Inc [Member]                                                                                        
Percentage of secured convertible notes issued                           6.00%                                                            
Debt instruments maturity date                           Jun. 30, 2019                                                            
Total payable                           $ 2,300,000                                                            
Debt instruments face amount                           $ 1,300,000                                                            
First Amendment Agreement [Member] | 6% Secured Convertible Note [Member] | FirsTrust Group, Inc [Member]                                                                                        
Percentage of secured convertible notes issued                           6.00%                                                            
Debt instruments maturity date                           Jun. 30, 2019                                                            
Total payable                           $ 2,300,000                                                            
Payment for secured convertible debt                       $ 29,789                                                                
Debt instruments face amount                           $ 1,300,000                                                            
First Amendment Agreement [Member] | 6% Secured Convertible Note [Member] | FirsTrust Group, Inc [Member] | RMB [Member]                                                                                        
Payment for secured convertible debt | ¥                         ¥ 200,000                                                              
Convertible Note Agreement [Member]                                                                                        
Convertible notes payable                                                             715,249     715,249     715,249       $ 699,963      
Interest expense                                                                   53,616 $ 102,374   228,090     $ 307,915        
Convertible Note Agreement [Member] | Geng Liu [Member] | 15% Convertible Notes [Member]                                                                                        
Convertible notes payable                                                             $ 140,416     $ 140,416     140,416              
Debt instruments maturity date                                                     Jan. 16, 2018                                  
Interest expense                                                                         $ 16,377     $ 19,477        
Debt interest rate                                                     15.00%                                 15.00%
Fair value of beneficial conversion feature                                                     $ 45,094                                  
Stock issued for conversion, per shares | $ / shares                                                     $ 0.90                                  
Debt instruments face amount                                                     $ 140,000                                  
Proceeds from convertible notes payable                                                     $ 99,850                                  
Convertible Note Agreement [Member] | Geng Liu [Member] | 15% Convertible Notes [Member] | RMB [Member]                                                                                        
Debt instruments face amount | ¥                                                                                       ¥ 1,000,000
Convertible Note Agreement [Member] | Geng Liu [Member] | 15% Convertible Notes [Member] | Extended Maturity [Member]                                                                                        
Debt instruments maturity date                                                     Jun. 30, 2020                                  
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | RMB [Member]                                                                                        
Partial principal | ¥                                                                           ¥ 30,000,000            
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member]                                                                                        
Debt instruments maturity date                                                 May 08, 2019                                      
Debt interest rate                                                                                     15.00%  
Stock issued for conversion, per shares | $ / shares                                                 $ 3.5                                      
Strike price of conversion options | $ / shares                     $ 3.5                           3.5                       $ 3.5       $ 3.5      
Partial principal                                                                         $ 772,284              
Market price | $ / shares                     $ 0.95                           $ 2.7           $ 0.51     $ 0.51     $ 0.51       $ 0.50      
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | Expected Term Volatility [Member]                                                                                        
Fair value assumptions, measurement input, percentages                     192.48                                       204.07     204.07     204.07       204.73   260.8  
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | Expected Dividend Rate [Member]                                                                                        
Fair value assumptions, measurement input, percentages                     0.00                                       0.00     0.00     0.00       0.00   0.00  
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | Risk Free Interest Rate [Member]                                                                                        
Fair value assumptions, measurement input, percentages                     2.37                                       1.82     1.82     1.82       2.49   1.37  
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | Expected Term [Member]                                                                                        
Fair value assumptions, measurement input, term                     1 year                           2 years                       6 months 29 days 6 months 29 days     3 months 29 days      
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | RMB [Member]                                                                                        
Debt instruments face amount | ¥                                                                                     ¥ 30,000,000  
Partial principal | ¥                                                                           ¥ 5,500,000            
Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member] | Extended Maturity [Member]                                                                                        
Debt instruments maturity date                                                   May 08, 2020                                    
Convertible Note Agreement [Member] | Labrys [Member] | 12% Convertible Notes [Member]                                                                                        
Convertible notes payable                                                             $ 1,123,250     $ 1,123,250     $ 1,123,250              
Cash payment           $ 90,000                                                                            
Conversion of debt upon stock issued percentage                                   70.00%                                                    
Interest expense                                                                   $ 520,946     $ 1,285,149              
Debt interest rate                                   12.00%                                                    
Shares issued price per share | $ / shares                                                             $ 0.80     $ 0.80     $ 0.80              
Fair value of beneficial conversion feature                                   $ 1,071,506                                                    
Debt instruments face amount                                   1,365,000                                                    
Partial principal                                                                         $ 1,213,250              
Original issue discount                                   $ 102,375                         $ 90,994     $ 90,994     $ 90,994              
Number of common stock shares issued, shares | shares               390,000   420,000                                                     50,000 50,000            
Number of common stock shares issued, value               $ 210,600   $ 336,000                                                     $ 40,000              
Financing expense                                                                   546,600     546,600              
Amortization of debt discount                                                                   480,997     1,202,500              
Convertible Note Agreement [Member] | Labrys [Member] | 12% Convertible Notes [Member] | Subsequent Event [Member]                                                                                        
Cash payment         $ 202,631                                                                              
Accrued interest $ 12,828                                                                                      
Debt instrument conversion shares | shares 1,128,264 544,000   855,000                                                                                
Debt instrument conversion shares, value $ 5,873 $ 19,256   $ 62,044                                                                                
Convertible Note Agreement [Member] | TFK Investments Inc [Member] | 12% Convertible Notes [Member]                                                                                        
Convertible notes payable                                                             $ 150,000     150,000     150,000              
Conversion of debt upon stock issued percentage                             70.00%                                                          
Interest expense                                                                   $ 73,901     $ 159,469              
Debt interest rate                             12.00%                                                          
Shares issued price per share | $ / shares                                                             $ 0.93     $ 0.93     $ 0.93              
Fair value of beneficial conversion feature                             $ 128,775                                                          
Debt instruments face amount                             300,000                                                          
Partial principal                                                                         $ 150,000              
Original issue discount                             $ 28,500                               $ 14,250     $ 14,250     $ 14,250              
Number of common stock shares issued, shares | shares             230,000                                                           7,500 7,500            
Number of common stock shares issued, value             $ 131,100                                                           $ 6,975              
Financing expense                                                                   131,100     131,100              
Amortization of debt discount                                                                   69,167     150,000              
Convertible Note Agreement [Member] | TFK Investments Inc [Member] | 12% Convertible Notes [Member] | Subsequent Event [Member]                                                                                        
Debt instrument conversion shares | shares     600,000 300,000                                                                                
Debt instrument conversion shares, value     $ 19,940 $ 19,775                                                                                
Convertible Note Agreement [Member] | EMA Financial LLC. [Member] | 12% Convertible Notes [Member]                                                                                        
Convertible notes payable                                                             84,478     84,478     84,478              
Interest expense                                                                   4,638                    
Debt interest rate                 12.00%                                                                      
Shares issued price per share | $ / shares                 $ 0.53                                                                      
Debt instruments face amount                 $ 150,000                                                                      
Original issue discount                 $ 9,000                                                                      
Number of common stock shares issued, shares | shares                 7,500                                                                      
Number of common stock shares issued, value                 $ 3,975                                                                      
Amortization of debt discount                                                                   3,947                    
Convertible Note Agreement [Member] | EMA Financial LLC. [Member] | 12% Convertible Notes [Member] | Extended Maturity [Member]                                                                                        
Debt instruments maturity date                 Jun. 05, 2020                                                                      
Conversion of debt upon stock issued percentage                 70.00%                                                                      
Convertible Note Agreement [Member] | Firstfire Global Opportunities Fund LLC. [Member] | 12% Convertible Notes [Member]                                                                                        
Convertible notes payable                                                             $ 6,822     6,822     $ 6,822              
Conversion of debt upon stock issued percentage                                                                             12.00%          
Interest expense                                                                   2,019                    
Debt interest rate                                                                             12.00%          
Shares issued price per share | $ / shares                                                                             $ 0.54          
Fair value of beneficial conversion feature                                                                             $ 45,000          
Debt instruments face amount                                                                             100,000          
Original issue discount                                                                             5,000          
Additional original issue discount                                                                             $ 5,000          
Number of common stock shares issued, shares | shares                                                                             83,333          
Number of common stock shares issued, value                                                                             $ 45,000          
Amortization of debt discount                                                                   $ 1,822                    
XML 40 R66.htm IDEA: XBRL DOCUMENT v3.19.3
Other Payables and Accruals - Schedule of Other Payables (Details) (Parenthetical)
Sep. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
CNY (¥)
Dec. 31, 2016
CNY (¥)
Stock subscription received [1] $ 1,676,406 $ 1,692,454    
Two Unrelated Potential Investors [Member]        
Stock subscription received 449,331      
Two Unrelated Potential Investors [Member] | RMB [Member]        
Stock subscription received | ¥       ¥ 3,200,000
One Unrelated Potential Investors [Member]        
Stock subscription received $ 1,227,075      
One Unrelated Potential Investors [Member] | RMB [Member]        
Stock subscription received | ¥     ¥ 8,000,000  
[1] The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 41 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Other Payables and Accruals
 9 Months Ended
Sep. 30, 2019
Other Liabilities Disclosure [Abstract]  
Other Payables and Accruals

14. Other Payables and accruals

 

Other payable consisted of the following:

 

    Notes   September 30,
2019		     December 31,
2018		  
Stock subscription proceeds received in advance   (1)   $ 1,676,406     $ 1,692,454  
Accrued expenses         213,605       219,033  
R&D expense payable         431,009       431,009  
Others         481,864       597,592  
        $ 2,802,884     $ 2,940,088  

 

(1). The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 42 R24.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

18. Earnings per share

 

The following table set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018.

 

    Three months ended
September 30,		    

Nine months ended

September 30,

  
    2019     2018     2019     2018  
                         
Numerator:                                
Net Gain or loss   $ 311,217     $ 623,361     $ (1,543,850 )   $ 40,961  
Change in Net Income     4,908       21,048       -       -  
Net Gain or Loss (Diluted)     316,125       644,409       (1,543,850 )     40,961  
                                 
Denominator:                                
Denominator for basic earnings per share (weighted-average shares)     19,544,849       16,757,163       18,701,575       16,388,438  
Diluted effect of stocks     3,594,068       1,557,550       -       -  
Denominator for diluted earnings per share (adjusted weighted-average shares)     23,138,917       18,314,713       18,701,575       16,388,438  
Basic earnings per share     0.02       0.04       (0.08 )     0.00  
Diluted earnings per share     0.01       0.04       (0.08 )     0.00  
XML 43 R28.htm IDEA: XBRL DOCUMENT v3.19.3
Concentration of Risk
 9 Months Ended
Sep. 30, 2019
Risks and Uncertainties [Abstract]  
Concentration of Risk

22. Concentration of Risk

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. As of September 30, 2019, and December 31, 2018, $ 2,021,337, and $7,859 were deposited with various major financial institutions located in the PRC, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.

 

Customer and vendor concentration risk

 

For the three months ended September 30, 2019, three customers accounted for 44%, 33%, and 24% for the Company’s total sales. For the nine months ended September 30, 2019, three customers accounted for 47%, 29%, and 23% for the Company’s total sales.

 

For the three months ended September 30, 2018, one customer accounted for 99% for the Company’s total sales. For the nine months ended September 30, 2018, four customers accounted for 36%, 32%, 20% and 10% for the Company’s total sales.

 

As of September 30, 2019, three customers accounted for 39%, 28% and 25% of the Company’s accounts receivable. As of December 31, 2018, three customers accounted for 42%, 30%, and 27% of the Company’s accounts receivable.

 

For the three months ended September 30, 2019, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2019, one supplier accounted for 94% of the Company’s total purchases.

 

For the three months ended September 30, 2018, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2018, three suppliers accounted for 53%, 24% and 17% of the Company’s total purchases.

 

As of September 30, 2019, one accounted for 88% of the Company’s accounts payable. As of December 31, 2018, one supplier accounted for 84% of the Company’s accounts payable.
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Advance to Suppliers
 9 Months Ended
Sep. 30, 2019
Advance To Suppliers  
Advance to Suppliers

6. Advance to suppliers

 

Advance to suppliers are mainly funds deposited for future raw material and finished goods purchases. The Company’s major vendors require deposits with them as a guarantee that the Company will complete its purchases on a timely basis as well as securing the current agreed upon purchase price. Since the Company anticipated the price of raw materials continues to be on the rise, the Company agreed to make large amount of advances to suppliers.

 

As of September 30, 2019 and December 31, 2018, advance to suppliers consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Advance to suppliers   $ 22,581,884     $ 15,763,198  
Less: provisions for advance to suppliers     (217,645 )     -  
Advance to suppliers, net   $ 22,364,239     $ 15,763,198  
XML 46 R16.htm IDEA: XBRL DOCUMENT v3.19.3
Salaries Payable
 9 Months Ended
Sep. 30, 2019
Compensation Related Costs [Abstract]  
Salaries Payable

10. Salaries payable

 

    September 30,
2019		     December 31,
2018		  
Ms. Yvonne Wang (“Ms. Wang”)   $ 322,000     $ 259,000  
Hon Man Yun (“Mr. Yun”)     145,248       60,702  
Other Employees     923,523       705,257  
Total   $ 1,390,771     $ 1,024,959  

 

Ms. Wang served as Chairman of the Board since November 2015 and served as CEO since August 2016. No salary was paid to Ms. Wang since December 2015. Mr. Yun was the Chief Financial Officer of the Company since April 2018. The Company expects to be in negotiations with Mr. Yun and Ms. Wang to settle these obligations.
XML 47 R39.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

Convertible notes payable consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
6% secured convertible notes – FirsTrust Group Inc. (1)   $ 132,762     $ 125,692  
15% convertible notes- Mr. Geng Liu (2)     140,416       145,431  
15% convertible notes- Mr. Junwei Zheng (3)     772,284       799,870  
12% convertible notes- Labrys (4)     1,123,250       -  
12% convertible notes- TFK (5)     150,000       -  
12% convertible notes- EMA (6)     150,000          
12% convertible notes- Firstfire (7)     100,000          
Less: notes discount     (215,735 )     (99,907 )
Convertible notes payable - total   $ 2,352,977     $ 971,086  
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.19.3
Inventory (Tables)
 9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Raw materials   $ -     $ 1,358,384  
Finished goods     111,164       253,331  
Packing materials     30,238       31,318  
Total   $ 141,402     $ 1,643,033  
XML 49 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets

Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life
    (In years)
Buildings   30 - 35
Machinery and equipment   5 - 10
Automobiles   8
Office equipment   2 - 5
Computer software   3
Leasehold improvement   The shorter of the
lease term and useful life
Schedule of Foreign Currency Exchange Rate

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.1217       6.8761  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.9861       6.8031  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.8618       6.5137  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.8394       7.8297  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8282       7.8446  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8380       7.8398  
XML 50 R50.htm IDEA: XBRL DOCUMENT v3.19.3
Accounts Receivable, Net (Details Narrative) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Accounts receivable, net $ 3,500,000 $ 6,800,000
XML 51 R54.htm IDEA: XBRL DOCUMENT v3.19.3
Advance to Suppliers - Schedule of Advance to Suppliers (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Advance To Suppliers    
Advance to suppliers $ 22,581,884 $ 15,763,198
Less: provisions for advance to suppliers (217,645)
Advance to suppliers, net $ 22,364,239 $ 15,763,198
XML 52 R2.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 2,021,337 $ 7,859
Accounts receivable, net 3,500,098 6,751,113
Prepaid expenses 1,433,565 2,259,565
Rent deposits and other receivables 418,023 323,362
Advance to suppliers 22,364,239 15,763,198
Due from related parties - non-trade 13,872 12,108
Inventories 141,402 1,643,033
Deferred cost of goods sold 2,427,237 4,929,855
Total current assets 32,319,773 31,690,093
Property, plant and equipment, net 69,773 93,181
Operating lease right-of-use assets 53,522
Rent deposits-non current 613
Deposit for long-term investment 702,080 727,155
Total non-current assets 825,375 820,949
Total assets 33,145,148 32,511,042
Current liabilities    
Accounts payable 2,261,417 1,611,273
Advances from customers 464,546 580,720
Due to related parties 274,726 570,921
Convertible notes payable, net of discount of $215,735 and $99,907 of September 30, 2019 and December 31, 2018, respectively 2,352,977 971,086
Derivative liabilities 19,695 6,621
Notes payable 138,000 360,000
Salary payable 1,390,771 1,024,959
Income taxes payable 4,277,071 2,946,926
Interest payable 2,270,205 2,020,821
Lease liabilities - current 20,651
Other payables and accruals 2,802,884 2,940,088
Deferred revenue 3,252,173 6,751,113
Total current liabilities 19,525,116 19,784,528
Non-Current Liabilities    
Lease liabilities - non current 32,871
Total non-current liabilities 32,871
Total liabilities 19,557,987 19,784,528
STOCKHOLDERS' EQUITY    
Preferred stock - $0.001 par value, Authorized 20,000,000 shares. Series A - Issued and outstanding 500,000 and 500,000 shares (liquidation preference in $1,000,000) at September 30, 2019 and December 31, 2018, respectively; Series B - Issued and outstanding 811,148 and 811,148 shares (liquidation preference in $1,054,492) at September 30, 2019 and December 31, 2018, respectively. 1,311 1,311
Common stock - $0.001 per value. Authorized 100,000,000 shares. Issued and outstanding 19,891,517 and 16,885,860 shares at September 30, 2019 and December 31, 2018, respectively. 19,892 16,886
Additional paid-in capital 30,119,343 27,047,457
Statutory Reserve 1,022,605 1,022,605
Accumulated deficit (16,347,380) (14,803,530)
Accumulated other comprehensive loss (1,228,610) (558,215)
Total stockholders' equity 13,587,161 12,726,514
Total liabilities and stockholders' equity $ 33,145,148 $ 32,511,042
XML 53 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from continuing operating activities:    
Net loss $ (1,543,850) $ 40,961
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 33,748 24,381
Bad debt expense 361,042
Provision for deferred cost of goods sold 2,420,964
Accrued interest 249,384 459,445
Stock compensation expense 1,551,666 1,832,592
Financing cost of convertible note 677,700
Gain on derivative liabilities (82,070) (244,496)
Changes in continuing operating assets and liabilities:    
Accounts receivable (252,738) (7,102,323)
Prepaid expenses 824,750 44,787
Rent deposit and other receivables (245,368) (378,085)
Advance to suppliers (7,505,177) (1,286,661)
Due from related party - non-trade (35,813) 5,590
Inventory 1,473,019 1,009,897
Deferred cost of goods sold (5,174,438)
Accounts payable 719,406 (504,355)
Salary payable 394,651 473,289
Taxes payable 1,459,561 1,389,562
Advances from customers (98,015) 6,863
Other payables and accruals (97,726) 775,814
Deferred revenue 7,077,606
Net cash provided by (used in) operating activities 305,134 (1,549,571)
Cash flows from investing activities:    
Purchase of property, plant and equipment (3,904) (4,774)
Net cash used in investing activities (3,904) (4,774)
Cash flows from financing activities:    
Borrowings from related parties, net (261,983) 235,219
Proceeds from sale of common stock 307,600
Proceeds from convertible notes 1,497,718
Net cash provided by financing activities 1,235,735 542,819
Effect of exchange rate change 476,513 (60,919)
Cash and cash equivalents:    
Net increase 2,013,478 (1,072,445)
Balance at beginning of period 7,859 1,083,539
Balance at end of period 2,021,337 11,094
Non-cash financing activities:    
Issuance of common stock for convertible notes issuance cost 95,950
Issuance of common stock for debt settlement 222,000
Conversion of convertible note 78,400
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
XML 54 R58.htm IDEA: XBRL DOCUMENT v3.19.3
Deposit for Long-Term Investment (Details Narrative) - Equity Purchase Agreement [Member]
 9 Months Ended
Jun. 08, 2017
USD ($)
Jun. 08, 2017
CNY (¥)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
CNY (¥)
Payments to acquire new factory | $     $ 700,000  
RMB [Member]        
Payments to acquire new factory | ¥       ¥ 5,000,000
Yantai Peng Hao New Materials Technology Co. Ltd [Member]        
Ownership interest 100.00% 100.00%    
Payments to acquire new factory | $ $ 2,100,000      
Yantai Peng Hao New Materials Technology Co. Ltd [Member] | RMB [Member]        
Payments to acquire new factory | ¥   ¥ 15,000,000    
XML 55 R77.htm IDEA: XBRL DOCUMENT v3.19.3
Concentration of Risk (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash and cash equivalents $ 2,021,337   $ 2,021,337   $ 7,859
Customer One [Member] | Accounts Receivable [Member]          
Concentration risk percentage     39.00%   42.00%
Customer One [Member] | Sales [Member]          
Concentration risk percentage 44.00% 99.00% 47.00% 36.00%  
Customer Two [Member] | Accounts Receivable [Member]          
Concentration risk percentage     28.00%   30.00%
Customer Two [Member] | Sales [Member]          
Concentration risk percentage 33.00%   29.00% 32.00%  
Customer Three [Member] | Accounts Receivable [Member]          
Concentration risk percentage     25.00%   27.00%
Customer Three [Member] | Sales [Member]          
Concentration risk percentage 24.00%   23.00% 20.00%  
Customer Four [Member] | Sales [Member]          
Concentration risk percentage       10.00%  
Supplier One [Member] | Cost of Goods, Total [Member]          
Concentration risk percentage 94.00% 94.00% 94.00% 53.00%  
Supplier One [Member] | Accounts Payable [Member]          
Concentration risk percentage     88.00%    
Supplier Two [Member] | Cost of Goods, Total [Member]          
Concentration risk percentage       24.00%  
Supplier Three [Member] | Cost of Goods, Total [Member]          
Concentration risk percentage       17.00%  
One Supplier [Member] | Accounts Payable [Member]          
Concentration risk percentage         84.00%
XML 56 R73.htm IDEA: XBRL DOCUMENT v3.19.3
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Provision for Deferred COGS $ 583,153  
Allowance for Bad Debt 86,966  
Less: Valuation allowance (4,507,080) $ (2,497,424)
Net deferred tax assets
US [Member]    
Net operating losses carried forward 2,296,033 1,676,335
China Subsidiaries [Member]    
Net operating losses carried forward $ 1,540,928 $ 821,089
XML 57 R68.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Dec. 31, 2017
Derivative liabilities $ 19,695 $ 6,621 $ 247,933
Total 19,695 6,621  
Fair Value, Inputs, Level 1 [Member]      
Derivative liabilities  
Total  
Fair Value, Inputs, Level 2 [Member]      
Derivative liabilities  
Total  
Fair Value, Inputs, Level 3 [Member]      
Derivative liabilities 19,695 6,621  
Total $ 19,695 $ 6,621  
XML 58 R60.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]    
Due from related parties $ 13,872 $ 12,108
Due to related parties 274,726 570,921
Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due from related parties 13,872 12,108
Due to related parties 274,726 570,921
Mr. Xiaoqiang Yu [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due from related parties [1] 13,872 12,108
Ms. Wang [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due to related parties [2] 272,572 534,563
Ms. Feng Li [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due to related parties [3] $ 2,154 $ 36,358
[1] During the year ended December 31, 2018, Mr. Xiaoqiang Yu, the COO of the Company, obtained a cash advance from the Company for operational purpose. As of September 30, 2019, and December 31, 2018, the amount due from Mr. Xiaoqiang Yu was $13,871 and $12,108, respectively.
[2] Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company's Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor. During the nine months ended September 30, 2019 and 2018, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Wang was $272,572 and $534,563, respectively.
[3] Ms. Feng Li is a member of the Company's board of directors and shareholder of the Company. Ms. Li held approximately 11% of the Company's Common Stock and 50% of the Company's Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2019 and December 31, 2018, the amount due to Ms. Feng Li was $2,154 and $36,358, respectively.
XML 59 R64.htm IDEA: XBRL DOCUMENT v3.19.3
Note Payable (Details Narrative)
 3 Months Ended 9 Months Ended
Mar. 26, 2019
USD ($)
Mar. 21, 2019
USD ($)
shares
Feb. 28, 2019
USD ($)
Sep. 19, 2018
USD ($)
shares
May 29, 2007
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
CNY (¥)
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Mar. 21, 2018
$ / shares
Dec. 13, 2017
$ / shares
Oct. 19, 2017
$ / shares
Promissory note           $ 138,000     $ 138,000     $ 360,000      
Number of shares cash payment             $ 72,000 $ 235,600              
FirsTrust Group, Inc [Member]                              
Promissory note           138,000     138,000     $ 360,000      
Shares issued price per share | $ / shares                           $ 0.75 $ 1.04
Interest expense           $ 8,625 $ 22,500   39,750   $ 67,500        
Settlement Agreement [Member]                              
Number of shares cash payment   $ 222,000   $ 200,000                      
Number of common stock shares issued, shares | shares   300,000   300,000                      
Cash payment     $ 260,000                        
Shares issued price per share | $ / shares                         $ 0.74    
Repayment of note payable   $ 222,000                          
First Amendment Agreement [Member] | FirsTrust Group, Inc [Member]                              
Note maturity date Jun. 30, 2019                            
Percentage of secured convertible notes issued 6.00%                            
Total payable $ 2,300,000                            
Debt instruments face amount $ 1,300,000                            
First Amendment Agreement [Member] | April 1, 2019 [Member] | FirsTrust Group, Inc [Member]                              
Payment for secured convertible debt                 $ 29,789            
First Amendment Agreement [Member] | April 1, 2019 [Member] | FirsTrust Group, Inc [Member] | RMB [Member]                              
Payment for secured convertible debt | ¥                   ¥ 200,000          
Unrelated Individual [Member]                              
Promissory note         $ 360,000                    
Note interest rate         18.00%                    
Note maturity date         Jul. 27, 2007                    
Note default rate         25.00%                    
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Accounting Policies [Abstract]    
Income tax largest amount of benefit, description greater than 50 percent  
Provision of deferred cost of goods sold $ 2,420,964
XML 61 R43.htm IDEA: XBRL DOCUMENT v3.19.3
Income Tax (Tables)
 9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of U.S. Tax Rate

A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

    Three months ended
September 30,		     Nine months ended
September 30,		  
    2019     2018     2019     2018  
                         
Pre-tax income (loss) from continuing operation   $ 563,074     $ 1,137,761     $ (57,083 )   $ 1,452,570  
                                 
U.S. federal corporate income tax rate     21 %     21 %     21 %     21 %
Income tax expense (benefit) computed at U.S. federal corporation income tax rate     118,246       238,930       (11,987 )     305,040  
Reconciling items:                                
Rate differential for PRC earnings     39,459       75,311       122,724       155,581  
Change of valuation allowance     82,558       193,880       1,339,537       934,250  
Effect of tax exempted income in BVI     11,594       6,279       36,493       16,738  
Deferred tax used to offset tax liability     -       -       -       -  
Effective tax expenses   $ 251,857     $ 514,400     $ 1,486,767     $ 1,411,609  
Schedule of Deferred Tax Assets

The Company had deferred tax assets from continuing operation as follows:

 

    September 30,
2019		     December 31,
2018		  
             
Net operating losses carried forward by parent Company in the US   $ 2,296,033     $ 1,676,335  
Net operating losses carried forward by China Subsidiaries     1,540,928       821,089  
Provision for Deferred COGS     583,153          
Allowance for Bad Debt     86,966          
Less: Valuation allowance     (4,507,080 )     (2,497,424 )
                 
Net deferred tax assets   $ -     $ -  
XML 62 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Stock-based Compensation
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation

16. Stock-based Compensation

 

On March 15, 2017, the Board of Directors approved a new stock option plan with ten years’ term. As of September 30, 2019, the Company has not granted any incentive compensation under this plan.
XML 63 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Leases
 9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases

Note 20 – Leases

 

In January 2019, the Company entered a new office lease agreement with a 3-year lease term starting in April 2019 and terminating in April 2022. Upon adoption of ASU 2016-02, the Company recognized lease labilities of approximately $61,842, with corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the new lease, using an effective interest rate of 4.75%, which is determined using the company’s incremental borrowing rate in the RPC. The remaining lease term of the lease is 2.50 years.

 

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

 

For the three months ended September 30, 2019 and 2018, lease expenses amounted to $6,302 and $101,596, respectively. For the nine months ended September 30, 2019 and 2018, lease expenses amounted to $22,707 and $309,724, respectively.

 

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

 

Twelve months ended September 30,   Operating lease amount  
2020   $ 22,747  
2021     22,747  
2022     11,374  
Total lease payments     56,868  
Less: interest     (3,346 )
Present value of lease liabilities   $ 53,522  
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Salaries Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Compensation Related Costs [Abstract]  
Schedule of Salaries Payable

    September 30,
2019		     December 31,
2018		  
Ms. Yvonne Wang (“Ms. Wang”)   $ 322,000     $ 259,000  
Hon Man Yun (“Mr. Yun”)     145,248       60,702  
Other Employees     923,523       705,257  
Total   $ 1,390,771     $ 1,024,959  
XML 66 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Expenses (Tables)
 9 Months Ended
Sep. 30, 2019
Prepaid Expense - Schedule Of Prepaid Expenses Details  
Schedule of Prepaid Expenses

Prepaid expenses consisted of the following:

 

    Notes   September 30,
2019		     December 31,
2018		  
Prepaid office rent       $ 19,345     $ 4,921  
Prepaid government filing expense         9,000       7,000  
Prepaid consulting expenses   (1)     1,377,954       2,230,553  
Others         27,266       17,091  
Total       $ 1,433,565     $ 2,259,565  
XML 67 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Notes Payable
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Convertible Notes Payable

12. Convertible Notes Payable

 

Convertible notes payable consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
6% secured convertible notes – FirsTrust Group Inc. (1)   $ 132,762     $ 125,692  
15% convertible notes- Mr. Geng Liu (2)     140,416       145,431  
15% convertible notes- Mr. Junwei Zheng (3)     772,284       799,870  
12% convertible notes- Labrys (4)     1,123,250       -  
12% convertible notes- TFK (5)     150,000       -  
12% convertible notes- EMA (6)     150,000          
12% convertible notes- Firstfire (7)     100,000          
Less: notes discount     (215,735 )     (99,907 )
Convertible notes payable - total   $ 2,352,977     $ 971,086  

 

(1) 6% secured convertible notes – FirsTrust Group Inc.

 

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Convertible Notes”), convertible into shares of the Company’s common stock.

  

On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

 

On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the “Release”) with the holders (the “Holders”) of the “6% Convertible Notes” in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. On March 18, 2008, FirsTrust Group, Inc. (“FirsTrust”) purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250.

 

The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $18,060 and $16,760 for liquidated damages for the three months ended September 30, 2019 and 2018, respectively, and the Company has accrued the amounts of $60,180 and $52,006 for liquidated damages for the nine months ended September 30, 2019 and 2018, respectively. The Company also accrued $5,020 and $4,067 for interest at the rate of 15% per annum for the three months ended September 30, 2019 and 2018, respectively, and the Company accrued $14,920 and $12,654 for interest at the rate of 15% per annum for the nine months ended September 30, 2019 and 2018, respectively. The total 15% accrued interests were $169,891 and $177,372 at September 30, 2019 and December 31, 2018, respectively. The total accrued liquidated damages were $573,718 and $555,538 at September 30, 2019 and December 31, 2018, respectively.

 

The Company’s obligations under the Notes are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company’s former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Convertible Notes.

 

On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion.

 

On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion.

 

On April 27, 2018, the Company issued total 126,045 common shares to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release (“Settlement Agreement”) with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company’s shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. The Settlement Agreement has not been carried out by the Company as agreed as of December 31, 2018. The interest and penalties on this Note are continuously accrued in accordance with the original terms.

  

On October 18, 2018, FirsTrust requested a conversion in accordance with the terms of the 6% Notes into the Company’s shares. The Company had failed to convert and thus incurred a financial liquidated damage at $245 per day for a total of $18,130 as of December 31, 2018, which had been added to the principle amount of the Note. On March 26, 2019, the Company issued 395,959 shares to FirsTrust for the conversion. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement.

 

On March 26, 2019, the Company has entered into a First Amendment to Settlement Agreement and Release (“First Amendment Agreement”) with FirsTrust to settle the 6% secured convertible notes together with the promissory notes as disclosed under Note 12 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of approximately $29,789 (RMB200,000), which has been paid on April 1, 2019, to enter into this Amendment and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement.

 

As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties.

 

On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust’s lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company’s ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations.

 

(2) 15% convertible notes- Mr. Geng Liu

 

On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu and received principal of RMB 1 million, approximately $140,000. The note bears interest at 15% per annum and matured on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company’s common shares with a conversion price of $0.90 per share. The maturity date of the note has been extended to June 30, 2020.

 

The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable.

 

For the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $16,377 and $19,477 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $140,416.

  

(3) 15% convertible notes- Mr. Junwei Zheng

 

On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company’s common shares with a conversion price of $3.5 per share. On August 17, 2018, the Company does not expect that the remaining funds will ever be so advanced. As of September 30, 2019, the Company has received principal totaled RMB 5.5 million ($772,284 equivalent USD at September 30, 2019) out of the RMB 30 million Convertible Note Agreement. On May 7, 2019, the Company reached an agreement with Mr. Junwei Zheng that the maturity date will be extended to May 8, 2020.

 

The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company’s common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company’s own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

On May 7, 2019, due to the extension of the convertible notes and embedded conversion feature continued to be considered as a derivative instrument, the Company determined that the embedded conversion feature to be carried as a liability and re-measured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the renewal date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 260.8% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.37%, for the conversion options
     
  ● Expected lives of 2.0 years
     
  ● Market price at issuance date of $2.7

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on December 31, 2018:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 204.73% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.49%, for the conversion options
     
  ● Expected lives of 0.33 years
     
  ● Market price at re-measurement date of $0.50

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on May 7, 2019:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 192.48% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.37%, for the conversion options
     
  ● Expected lives of 1.00 years
     
  ● Market price at re-measurement date of $0.95

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on September 30, 2019:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 204.07% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.82%, for the conversion options
     
  ● Expected lives of 0.58 years
     
  ● Market price at re-measurement date of $0.51

 

For the three months ended September 30, 2019 and 2018, the Company recorded interest expense of $53,616 and $102,374, respectively, and for the nine months ended September 30, 2019 and 2018, the Company recorded interest expense of $228,090 and $307,915, respectively, on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note was $715,249 and $699,963 as of September 30, 2019 and December 31, 2018, respectively.

 

(4) 12% convertible notes- Labrys

 

On February 27, 2019, the Company entered into a Convertible Note Agreement with Labrys Fund, LP (“Labrys”), for the principal amount of $1,365,000 (the “Note”). The Note carries an Original Issue Discount of $102,375, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Labrys at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $1,213,250 out of the $1,365,000 Convertible Note Agreement.

 

In addition, the Company issued 50,000 shares of the Company’s common stock with a fair value of $40,000, determined using the closing price of the issuance date of $0.80 per shares in connection with these issuances along with the original issue discount of $90,994 were recognized as discounts from the principal amount to be amortized over 180 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $1,071,506 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

On August 28, 2019, the Company released 420,000 shares of the Company’s common stock with a fair value of $336,000 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. On September 15, 2019, the Company released 390,000 shares of the Company’s common stock with a fair value of $210,600 to Labrys as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $546,600 as financing expense during the three and nine months ended September 30, 2019.

 

On September 25, 2019, the Company repaid $90,000 to Labrys. On October 12, 2019, the Company repaid $202,631 to Labrys.

 

On October 17, 2019, the Company issued total 855,000 common shares to Labrys for the conversion of $62,044 interest of the convertible note. On October 31, 2019, the Company issued total 544,000 common shares to Labrys for the conversion of $19,256 interest of the convertible note. On November 7, 2019, the Company issued total 1,128,264 common shares to Labrys for the conversion of $5,873 and 12,828 interest of the convertible note.

 

For the three and nine months ended September 30, 2019, the Company recorded interest expense of $520,946 and $1,285,149 on the note, including the amortization of the debt discount of $480,997 and $1,202,500 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $1,123,250.

 

(5) 12% convertible notes- TFK

 

On March 21, 2019, the Company entered into a Convertible Note Agreement with TFK Investments Inc. (“TFK”), for the principal amount of $300,000 (the “Note”). The Note carries an Original Issue Discount of $28,500, bears interest at the rate of 12% per annum and must be repaid on or before 180 calendar days after the funding date of the respective tranche. The amounts advanced under the Note may be converted by TFK at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received principal totaled $150,000 out of the $300,000 Convertible Note Agreement.

 

In addition, the Company issued 7,500 shares of the Company’s common stock with a fair value of $6,975, determined using the closing price of the issuance date of $0.93 per shares in connection with these issuances along with the original issue discount of $14,250 were recognized as discounts from the principal amount to be amortized over 180 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $128,775 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

On September 22, 2019, the Company released 230,000 shares of the Company’s common stock with a fair value of $131,100 to TFK as a penalty due to the Company was not able to repay the Note upon the maturity date. The fair value of the released shares are determined using the closing price of the date of Note default. The Company recorded $131,100 as financing expense during the three and nine months ended September 30, 2019.

 

On October 17, 2019, the Company issued total 300,000 common shares to TFK for the conversion of $19,775 interest of the convertible note. On October 25, 2019, the Company issued total 600,000 common shares to TFK for the conversion of $19,940 interest of the convertible note.

 

For the three and nine months ended September 30, 2019, the Company recorded interest expense of $73,901 and $159,469 on the note, including the amortization of the debt discount of $69,167 and $150,000 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $150,000.

 

(6) 12% convertible notes- EMA

 

On September 12, 2019, the Company entered into a Convertible Note Agreement with EMA Financial LLC. (“EMA”), for the principal amount of $150,000 (the “Note”). The Note carries an Original Issue Discount of $9,000, bears interest at the rate of 12% per annum and must be repaid on or before June 5, 2020. The amounts advanced under the Note may be converted by EMA at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement.

 

In addition, the Company issued 7,500 shares of the Company’s common stock with a fair value of $3,975, determined using the closing price of the agreement date of $0.53 per shares in connection with these issuances along with the original issue discount of $9,000 were recognized as discounts from the principal amount to be amortized over 264 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 70% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $56,494 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

For the three months ended September 30, 2019, the Company recorded interest expense of $4,638 on the note, including the amortization of the debt discount of $3,947 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $84,478.

 

(7) 12% convertible notes- Firstfire

 

On September 19, 2019, the Company entered into a Convertible Note Agreement with Firstfire Global Opportunities Fund LLC. (“Firstfire”), for the principal amount of $100,000 (the “Note”). The Note carries an Original Issue Discount of 5,000, bears interest at the rate of 12% per annum and must be repaid on or before 12 months after the funding date of the respective tranche. The amounts advanced under the Note may be converted by Firstfire at any time after 180 days from the date of the Note into shares of Company common stock at a conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion. As of September 30, 2019, the Company has received in full the principal amount of the Convertible Note Agreement.

 

In addition, the Company issued 83,333 shares of the Company’s common stock with a fair value of $45,000, determined using the closing price of the agreement date of $0.54 per shares in connection with these issuances along with the original issue discount of $5,000 were recognized as discounts from the principal amount to be amortized over 365 days.

 

Furthermore, the notes are convertible into shares of the common stock, at conversion price equal to 60% of the lowest trading price during the 20 trading day period prior to the date of any notice of conversion, which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,000 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital.

 

For the three months ended September 30, 2019, the Company recorded interest expense of $2,019 on the note, including the amortization of the debt discount of $1,822 resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2019 was $6,822.
XML 68 R10.htm IDEA: XBRL DOCUMENT v3.19.3
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, Net

4. Accounts Receivable, net

 

As of September 30, 2019 and December 31, 2018, we had $3.5 million and $6.8 million, respectively, of accounts receivable from the Company’s customers. The Company’s current payment terms on these customers are ranging typically from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. These customers are either agricultural cooperative company or distributors who then resell the Company’s products to individual farmers.

 

The Company’s provision on allowance for doubtful accounts is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable and come up with an aging allowance method. The Company’s management has continued to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

 

Accounts receivable consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Accounts receivable   $ 3,500,098     $ 6,751,113  
Less: Allowance for doubtful accounts     -       -  
Accounts receivable, net   $ 3,500,098     $ 6,751,113  
XML 69 R14.htm IDEA: XBRL DOCUMENT v3.19.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

8. Property, Plant and Equipment

 

Property, plant and equipment, net consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Property, Plant and Equipment                
Office equipment   $ 17,027     $ 17,451  
Furniture     30,209       27,312  
Leasehold improvement     125,863       130,357  
Construction in progress     24,432       25,305  
Others     1,011       1,047  
Property, plant and equipment - total   $ 198,542     $ 201,472  
Less: accumulated depreciation     (128,769 )     (108,291 )
Property, plant and equipment - net   $ 69,773     $ 93,181  

 

Depreciation expense was $23,160 and $3,930 for the three months ended September 30, 2019 and 2018, and $33,748 and $24,381 for the nine months ended September 30, 2019 and 2018, respectively.
XML 70 R75.htm IDEA: XBRL DOCUMENT v3.19.3
Leases - Schedule of Future Lease Payment (Details)
Sep. 30, 2019
USD ($)
Leases [Abstract]  
2020 $ 22,747
2021 22,747
2022 11,374
Total lease payments 56,868
Less: interest (3,346)
Present value of lease liabilities $ 53,522
XML 71 R71.htm IDEA: XBRL DOCUMENT v3.19.3
Income Tax (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 22, 2017
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Dec. 31, 2017
Effective income tax rate 34.00%              
Corporate tax rate decreased percentage 21.00%              
Effective income tax change in enacted tax rate 21.00%              
Effective income tax of valuation allowance percentage 100.00%              
Operating loss carry forwards   $ 17,100,000     $ 17,100,000   $ 11,300,000  
Income tax provision   (251,857) $ (514,400) $ 897,209 (1,486,767) $ (1,411,609)    
Unrecognized tax benefits          
Provision for interest and penalties            
Interest and penalties            
China, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, Kiwa Hebei, Kiwa Yangling, Kiwa Shanxi, and Kiwa Institute [Member]                
Effective income tax rate         25.00%      
Kiwa Yangling [Member]                
Income tax provision   247,615     $ 1,472,638      
Kiwa Xian [Member]                
Income tax provision   $ 4,242     $ 14,129      
United States [Member]                
Effective income tax rate         21.00%      
Operating loss carry forwards             300,000  
Global Intangible Low-Taxed Income Tax [Member]                
Effective income tax rate               10.50%
Global Intangible Low-Taxed Income Tax [Member] | Maximum [Member] | December 31, 2025 [Member]                
Effective income tax rate               13.125%
Foreign [Member]                
Taxable off-shore earnings             3,500,000  
Operating loss carry forwards             $ 3,200,000  
XML 72 R52.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Expense - Schedule of Prepaid Expenses (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Prepaid Expense - Schedule Of Prepaid Expenses Details    
Prepaid office rent $ 19,345 $ 4,921
Prepaid government filing expense 9,000 7,000
Prepaid consulting expenses [1] 1,377,954 2,230,553
Others 27,266 17,091
Total $ 1,433,565 $ 2,259,565
[1] Prepaid consulting expenses represent issuance of common stock for prepaid services. As of September 30, 2019, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2019 and 2018, the amortization of consulting expense was $420,402 and $547,509, respectively. For the nine months ended September 30, 2019 and 2018, the amortization of consulting expense was $1,525,448 and $1,815,969, respectively.
XML 73 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern
 9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. Going concern

 

The Company’s unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

As of September 30, 2019, and December 31, 2018, the Company had an accumulated deficit of $16,347,380 and $14,803,530, respectively, and the Company incurred a net loss of $1,543,850 for the nine months ended September 30, 2019. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The unaudited condensed financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

The Company has assessed its ability to continue as a going concern for a period of one year from the date of the issuance of these unaudited condensed financial statements. In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.

 

The Company engages in the business for organically bio-fertilizer and its customers are mainly agricultural cooperative company and distributors who then resell its products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the Company’s distributors. The Company’s current payment terms on these customers are ranging from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. As a result, the Company’s accounts receivable turnover ratio is normally low due to the nature of the Company’s business. In addition, the Company’s business is capital intensive as the Company needs to make advance payment to its suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance the working capital requirements of the Company.

 

The Company sold Convertible Promissory Notes (“Notes”) in the aggregate principal amount of $1,915,000 for the nine months ended September 30, 2019. As of September 30, 2019, the Company’s working capital was approximately $12.8 million and the Company had cash of approximately $2,021,000, with remaining current assets mainly composed of advance to suppliers, accounts receivable, prepaid expenses, and deferred cost of goods sold.

 

Although the Company believes that it can realize its current assets in the normal course of business, the Company’s ability to repay its current obligations will depend on the future realization of its current assets and the future operating revenues generated from its products. Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, the Company expects its revenues from its innovated and highly effective products, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer, will continue to grow in its business. In addition, the Company’s marketing team is expanding to the Western areas of China and Hainan province and it expects its revenues will continue to grow in 2019. Meanwhile, the Company expects to continue to gain market shares in its existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

  

Management has considered its historical experience, the economic environment, trends in the Agricultural industry, the realization of the accounts receivables and advance to suppliers as of September 30, 2019. The Company expects to realize the balance of its current assets within the normal operating cycle of a twelve-month period. If the Company is unable to realize its current assets within the normal operating cycle of a twelve-month period, the Company may have to consider supplementing its available sources of funds through the following sources:

 

● the Company will continuously seek additional equity financing to support its working capital;
● other available sources of financing from PRC banks and other financial institutions;
● financial support and credit guarantee commitments from the Company’s major shareholder.

 

Based on the above considerations, management is of the opinion that it does not have sufficient funds to meet its working capital requirements and debt obligations as they become due one year from the date of this report. If the Company can’t raise enough funds, it might be unable to fund its future cash requirement on a timely basis and under acceptable terms and conditions and may not have sufficient liquidity to maintain operations and repay its liabilities for the next twelve months. As a result, the Company may be unable to implement its current plans for expansion, repay its debt obligations or respond to competitive pressures, any of which would have a material adverse effect on its business, prospects, financial condition and results of operations.
XML 74 R56.htm IDEA: XBRL DOCUMENT v3.19.3
Property, Plant and Equipment (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 23,160 $ 3,930 $ 33,748 $ 24,381
XML 75 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenue $ 10,986,295 $ 7,725,583 $ 31,454,271 $ 21,811,804
Cost of goods sold (8,408,963) (5,452,125) (23,528,278) (15,632,191)
Gross Profit 2,577,332 2,273,458 7,925,993 6,179,613
Operating expenses        
Provision for deferred cost of goods sold 2,420,964
Selling expenses 37,916 64,094 139,223 409,661
Research and development expenses 36,748 115,291
General and administrative expenses 686,660 961,509 3,077,226 4,040,537
Total operating expenses 724,576 1,062,351 5,637,413 4,565,489
Operating income (loss) 1,852,756 1,211,107 2,288,580 1,614,124
Other income/(expenses), net        
Change in fair value of derivative liabilities 48,896 42,125 82,070 244,496
Interest expense (1,372,300) (151,518) (2,511,813) (459,445)
Other income/(expenses) (1,003) 21 50,765 (884)
Exchange gain 34,725 36,026 33,315 54,279
Total other expenses, net (1,289,682) (73,346) (2,345,663) (161,554)
Income (loss) from operations before income taxes 563,074 1,137,761 (57,083) 1,452,570
(Provision) benefit for income taxes        
Current (251,857) (514,400) (1,486,767) (1,411,609)
Deferred
Total provision for income taxes (251,857) (514,400) (1,486,767) (1,411,609)
Net income (loss) 311,217 623,361 (1,543,850) 40,961
Other comprehensive loss        
Foreign currency translation adjustment (663,937) (569,528) (670,395) (851,235)
Total comprehensive gain (loss) $ (352,720) $ 53,833 $ (2,214,245) $ (810,274)
Earnings per share:        
Basic $ 0.02 $ 0.04 $ (0.08) $ 0.00
Diluted $ 0.01 $ 0.04 $ (0.08) $ 0.00
Weighted average number of common shares outstanding - basic 19,544,849 16,757,163 18,701,575 16,388,438
Weighted average number of common shares outstanding - diluted 23,138,917 18,314,713 18,701,575 16,388,438
XML 76 R36.htm IDEA: XBRL DOCUMENT v3.19.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment

Property, plant and equipment, net consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Property, Plant and Equipment                
Office equipment   $ 17,027     $ 17,451  
Furniture     30,209       27,312  
Leasehold improvement     125,863       130,357  
Construction in progress     24,432       25,305  
Others     1,011       1,047  
Property, plant and equipment - total   $ 198,542     $ 201,472  
Less: accumulated depreciation     (128,769 )     (108,291 )
Property, plant and equipment - net   $ 69,773     $ 93,181  
XML 77 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Accounts Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

    September 30,
2019		     December 31,
2018		  
Accounts receivable   $ 3,500,098     $ 6,751,113  
Less: Allowance for doubtful accounts     -       -  
Accounts receivable, net   $ 3,500,098     $ 6,751,113  
XML 78 R11.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Expense
 9 Months Ended
Sep. 30, 2019
Prepaid Expense - Schedule Of Prepaid Expenses Details  
Prepaid Expense

5. Prepaid Expense

 

Prepaid expenses consisted of the following:

 

    Notes   September 30,
2019		     December 31,
2018		  
Prepaid office rent       $ 19,345     $ 4,921  
Prepaid government filing expense         9,000       7,000  
Prepaid consulting expenses   (1)     1,377,954       2,230,553  
Others         27,266       17,091  
Total       $ 1,433,565     $ 2,259,565  

 

(1) Prepaid consulting expenses represent issuance of common stock for prepaid services. As of September 30, 2019, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2019 and 2018, the amortization of consulting expense was $420,402 and $547,509, respectively. For the nine months ended September 30, 2019 and 2018, the amortization of consulting expense was $1,525,448 and $1,815,969, respectively.
XML 79 R15.htm IDEA: XBRL DOCUMENT v3.19.3
Deposit for Long-Term Investment
 9 Months Ended
Sep. 30, 2019
Deposit For Long-term Investment  
Deposit for Long-Term Investment

9. Deposit for Long-Term Investment

 

On June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.1 million). As of September 30, 2019, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.7 million). Since the Company had received an approval from relevant authorities to obtain a land purchase discount from the Yangling Free Trade Zone to construct a new manufacturing facility for bio-fertilizers, the Company decided to abandon its plan to build a production base in Penglai and has initiated the process of refund of the deposits. The Company expected to collect all of the deposits within six months.
XML 80 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Note Payable
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Note Payable

13. Note Payable

 

On May 29, 2007, the Company issued a $360,000 promissory note (the “Promissory Note”) to an unrelated individual (the “Original Note holder”). This note bears interest at 18% per annum and was due on July 27, 2007. This note is currently in default and bears interest of 25% per annum (the “Default rate”) until paid in full. This note is secured by a pledge of shares of the Company’s common stock owned by Investlink (China) Limited (the “Pledged Shares”). In 2016, the Original Note holder informed the Company that all right, title and interests in the Promissory Note has been assigned and transferred to FirsTrust.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with Firs Trust to settle the Notes and interest. The Company has agreed to make a cash payment of $200,000 and to issue 300,000 Shares to FirsTrust by October 18, 2018 and to make a final cash payment of $260,000 by February 28, 2019. However, the Company has not performed its obligations in the Settlement Agreement as of December 31, 2018, and considered the payment terms as default and continued to accrue its interest after September 19, 2018.

 

On March 21, 2019, the Company issued 300,000 shares of common stock with fair value of $222,000, determined using the closing prices of $0.74 on March 21, 2018, to repay $222,000 of the note payable. As a result, no gain or loss were recognized upon this conversion.

 

On March 26, 2019, the Company has entered into the First Amendment Agreement with FirsTrust to settle the promissory notes together with the 6% secured convertible notes as disclosed under Note 11 plus interest and penalties with a total payable of approximately $2.3 million as of the date of the First Amendment Agreement was entered. The Company has agreed to make a payment of $29,789 (RMB200,000) , which has been paid on April 1, 2019, to enter into this Amendment, and settled with the total outstanding balance of $1.3 million to be due under the terms of the First Amendment Agreement by June 30, 2019. If such settled outstanding balance was not made by June 30, 2019, it will deem the First Amendment Agreement to be ineffective and the Company will need to continue to pay FirsTrust the amount set forth in the Settlement Agreement.

 

As of this date, the Company remains in default of the Settlement Agreement and Release and is in the process of raising funds to retire these obligations. Notwithstanding, there is no guarantee that the Company will be successful in these efforts and that FirsTrust will not exercise all rights available to it under the applicable agreements between the parties.

 

On July 30, 2019, the Company received a notice of default and formal demand for payment and performance, which was followed by correspondence from FirsTrust’s lawyers that the commencement of legal action was imminent. As of this date, the Company has not received the service of any formal legal papers related to the matter. Since this matter is in its early stages, the final outcome cannot be predicted at this time and is largely dependent on the Company’s ability to raise funding to retire these obligations. If FirsTrust is successful in pursuing its legal action, the result could have a material adverse impact on the Company and its operations.

 

As of September 30, 2019 and December 31, 2018, $138,000 and $360,000 of Promissory Note to FirsTrust is still outstanding. The Company accrued $8,625 and $22,500 interest expense on note payable for the three months ended September 30, 2019 and 2018, respectively. The Company accrued $39,750 and $67,500 interest expense on note payable for the nine months ended September 30, 2019 and 2018, respectively.
XML 81 R78.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events (Details Narrative)
 1 Months Ended 3 Months Ended
Oct. 12, 2019
USD ($)
Oct. 09, 2019
USD ($)
shares
Oct. 07, 2019
USD ($)
Nov. 14, 2019
Integer
shares
Oct. 31, 2019
Integer
shares
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Oct. 22, 2019
shares
Oct. 21, 2019
shares
Sep. 30, 2019
USD ($)
shares
Dec. 31, 2018
shares
Number of common stock shares issued, value           $ 72,000 $ 235,600        
Common Stock, shares authorized | shares                   100,000,000 100,000,000
Subsequent Event [Member]                      
Common Stock, shares authorized | shares               300,000,000 100,000,000    
Subsequent Event [Member] | Two Unrelated Individuals [Member]                      
Number of common stock shares issued, | shares   220,000                  
Number of common stock shares issued, value   $ 176,000                  
Convertible Promissory Note [Member]                      
Debt principal amount                   $ 1,915,000  
Labryz Fund LP [Member] | Subsequent Event [Member]                      
Repayment of debt $ 202,631                    
Common stock issued upon conversion | shares       2,527,264              
Conversion price, percentage       40.00%              
Trading period | Integer       20              
TFK Investments Inc [Member] | Subsequent Event [Member]                      
Common stock issued upon conversion | shares         900,000            
Conversion price, percentage         40.00%            
Trading period | Integer         20            
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings, Inc [Member] | Convertible Promissory Note [Member] | Subsequent Event [Member]                      
Debt principal amount     $ 153,000                
Debt instrument, interest rate     12.00%                
Debt instrument, maturity date     Apr. 07, 2021                
Securities Purchase Agreement [Member] | Geneva Morningview Financial, LLC [Member] | Senior Convertible Promissory Note [Member] | Subsequent Event [Member]                      
Debt principal amount     $ 135,000                
Debt instrument, interest rate     12.00%                
Debt instrument, maturity date     Oct. 06, 2020                
XML 82 R74.htm IDEA: XBRL DOCUMENT v3.19.3
Leases (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 02, 2019
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Lease liability   $ 53,522   $ 53,522  
Lease expenses   $ 6,302 $ 101,596 $ 22,707 $ 309,724
Office Lease Agreement [Member]          
Lease term 3 years        
Lease, description In January 2019, the Company entered a new office lease agreement with a 3-year lease term starting in April 2019 and terminating in April 2022.        
Lease liability $ 61,842        
Interest rate using incremental borrowing rate in RPC 4.75%        
Remaining lease term 2 years 6 months        
XML 83 R70.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Earnings Per Share [Abstract]                
Net Gain or loss $ 311,217 $ (2,245,690) $ 390,623 $ 623,361 $ (635,368) $ 52,968 $ (1,543,850) $ 40,961
Change in Net Income 4,908     21,048    
Net Gain or Loss (Diluted) $ 316,125     $ 644,409     $ (1,543,850) $ 40,961
Denominator for basic earnings per share (weighted-average shares) 19,544,849     16,757,163     18,701,575 16,388,438
Diluted effect of stocks 3,594,068     1,557,550    
Denominator for diluted earnings per share (adjusted weighted-average shares) 23,138,917     18,314,713     18,701,575 16,388,438
Basic earnings per share $ 0.02     $ 0.04     $ (0.08) $ 0.00
Diluted earnings per share $ 0.01     $ 0.04     $ (0.08) $ 0.00
XML 84 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2019
Nov. 14, 2019
Document And Entity Information    
Entity Registrant Name KIWA BIO-TECH PRODUCTS GROUP CORP  
Entity Central Index Key 0001159275  
Document Type 10-Q  
Document Period End Date Sep. 30, 2019  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   23,738,781
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
XML 85 R5.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Changes in Stockhoders' Equity - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Statutory Reserve [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Gain/(Loss) [Member]
Total
Balance at Dec. 31, 2017 $ 1,311 $ 15,203 $ 24,455,291 $ 458,334 $ (14,583,080) $ 323,776 $ 10,670,835
Balance, shares at Dec. 31, 2017 1,311,148 15,202,965          
Issuance of common shares for consulting service $ 918 1,759,082 1,760,000
Issuance of common shares for consulting service, shares 917,500          
Net income (loss) 52,968 52,968
Foreign currency translation adjustments 499,306 499,306
Balance at Mar. 31, 2018 $ 1,311 $ 16,121 26,214,373 458,334 (14,530,112) 823,082 12,983,109
Balance, shares at Mar. 31, 2018 1,311,148 16,120,465          
Balance at Dec. 31, 2017 $ 1,311 $ 15,203 24,455,291 458,334 (14,583,080) 323,776 10,670,835
Balance, shares at Dec. 31, 2017 1,311,148 15,202,965          
Net income (loss)             40,961
Balance at Sep. 30, 2018 $ 1,311 $ 16,940 27,098,224 458,334 (14,542,119) (527,459) 12,505,231
Balance, shares at Sep. 30, 2018 1,311,148 16,939,862          
Balance at Mar. 31, 2018 $ 1,311 $ 16,121 26,214,373 458,334 (14,530,112) 823,082 12,983,109
Balance, shares at Mar. 31, 2018 1,311,148 16,120,465          
Issuance of common shares for Cash $ 188 235,412 235,600
Issuance of common shares for Cash, shares 187,700          
Issuance of common shares for consulting service $ 136 181,914 182,050
Issuance of common shares for consulting service, shares 136,300          
Issuance of common shares to employee $ 7 7,802 7,809
Issuance of common shares to employee, shares 6,507          
Conversion of convertible note $ 126 78,273 78,399
Conversion of convertible note, shares 126,045          
Net income (loss) (635,368) (635,368)
Foreign currency translation adjustments (781,013) (781,013)
Balance at Jun. 30, 2018 $ 1,311 $ 16,578 26,717,774 458,334 (15,165,480) 42,069 12,070,586
Balance, shares at Jun. 30, 2018 1,311,148 16,577,017          
Issuance of common shares for Cash $ 60 71,940 72,000
Issuance of common shares for Cash, shares 60,000          
Issuance of common shares for consulting service $ 294 299,706 300,000
Issuance of common shares for consulting service, shares 294,118          
Issuance of common shares to employee $ 8 8,804 8,812
Issuance of common shares to employee, shares 8,727          
Net income (loss) 623,361 623,361
Foreign currency translation adjustments (569,528) (569,528)
Balance at Sep. 30, 2018 $ 1,311 $ 16,940 27,098,224 458,334 (14,542,119) (527,459) 12,505,231
Balance, shares at Sep. 30, 2018 1,311,148 16,939,862          
Balance at Dec. 31, 2018 $ 1,311 $ 16,886 27,047,457 1,022,605 (14,803,530) (558,215) 12,726,514
Balance, shares at Dec. 31, 2018 1,311,148 16,885,260          
Issuance of common shares for consulting service $ 180 161,820 162,000
Issuance of common shares for consulting service, shares 180,000          
Issuance of common shares as convertible note issuance costs $ 58 46,917 46,975
Issuance of common shares as convertible note issuance costs, shares 57,500          
Issuance of common shares for Liabilities settlement $ 300 221,700 222,000
Issuance of common shares for Liabilities settlement, shares 300,000          
Issuance of common shares for convertible notes $ 1,040 (1,040)
Issuance of common shares for convertible notes, shares 1,040,000          
Issuance of common shares to employee $ 10 8,859 8,869
Issuance of common shares to employee, shares 10,078          
Fair value of beneficial conversion feature of convertible note 1,200,281 1,200,281
Conversion of convertible note $ 396 78,004 78,400
Conversion of convertible note, shares 395,959          
Net income (loss) 390,623 390,623
Foreign currency translation adjustments 412,212 412,212
Balance at Mar. 31, 2019 $ 1,311 $ 18,870 28,763,998 1,022,605 (14,412,907) (146,003) 15,247,874
Balance, shares at Mar. 31, 2019 1,311,148 18,868,797          
Balance at Dec. 31, 2018 $ 1,311 $ 16,886 27,047,457 1,022,605 (14,803,530) (558,215) 12,726,514
Balance, shares at Dec. 31, 2018 1,311,148 16,885,260          
Net income (loss)             (1,543,850)
Balance at Sep. 30, 2019 $ 1,311 $ 19,892 30,119,343 1,022,605 (16,347,380) (1,228,610) 13,587,161
Balance, shares at Sep. 30, 2019 1,311,148 19,891,517          
Balance at Mar. 31, 2019 $ 1,311 $ 18,870 28,763,998 1,022,605 (14,412,907) (146,003) 15,247,874
Balance, shares at Mar. 31, 2019 1,311,148 18,868,797          
Issuance of common shares for consulting service $ 605 510,244 510,849
Issuance of common shares for consulting service, shares 604,999          
Issuance of common shares to employee $ 10 8,787 8,797
Issuance of common shares to employee, shares 10,579          
Net income (loss) (2,245,690) (2,245,690)
Foreign currency translation adjustments (418,670) (418,670)
Balance at Jun. 30, 2019 $ 1,311 $ 19,485 29,283,029 1,022,605 (16,658,597) (564,673) 13,103,160
Balance, shares at Jun. 30, 2019 1,311,148 19,484,375          
Issuance of common shares as convertible note issuance costs $ 91 48,884 48,975
Issuance of common shares as convertible note issuance costs, shares 90,833          
Issuance of common shares for convertible notes $ 305 (305)
Issuance of common shares for convertible notes, shares 305,000          
Issuance of common shares to employee $ 11 8,541 8,552
Issuance of common shares to employee, shares 11,309          
Fair value of beneficial conversion feature of convertible note 101,494 101,494
Financing expense of issuance of convertible note 677,700 677,700
Net income (loss)         311,217 311,217
Foreign currency translation adjustments (663,937) (663,937)
Balance at Sep. 30, 2019 $ 1,311 $ 19,892 $ 30,119,343 $ 1,022,605 $ (16,347,380) $ (1,228,610) $ 13,587,161
Balance, shares at Sep. 30, 2019 1,311,148 19,891,517          
XML 86 R53.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Expense - Schedule of Prepaid Expenses (Details) (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Prepaid Expense - Schedule Of Prepaid Expenses Details        
Amortization of consulting expenses $ 420,402 $ 547,509 $ 1,525,448 $ 1,815,969
XML 87 R9.htm IDEA: XBRL DOCUMENT v3.19.3
Summaries of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Summaries of Significant Accounting Policies

3. Summaries of Significant Accounting Policies

 

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2018 on Form 10-K filed with the SEC on April 12, 2019.

 

Principle of Consolidation

 

These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, and Kiwa Institute. All significant inter-company balances or transactions are eliminated on consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

Certain of the Company’s estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from its estimates. The Company re-evaluates all of the Company’s accounting estimates annually based on these conditions and record adjustments when necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.

 

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.

 

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life
    (In years)
Buildings   30 - 35
Machinery and equipment   5 - 10
Automobiles   8
Office equipment   2 - 5
Computer software   3
Leasehold improvement   The shorter of the
lease term and useful life

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Leases

 

Prior to December 31, 2018, leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as capital leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases and the lease expense is included in the consolidated statements of operations on a straight-line basis over the term of the leases.

  

On January 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update supersedes the lease accounting guidance found under ASC 840, Leases (“ASC 840”) and requires the recognition of right-of-use (“ROU”) assets and lease obligations (“lease liabilities”) by lessees for those leases currently classified as operating leases under existing lease guidance. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Short term leases with a term of 12 months or less are not required to be recognized. The Company elected the 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. There is no impact from the adoption of ASC 842 on January 1, 2019 as the Company did not have any existing material leases with a lease term in excess of twelve months on January 1, 2019.

 

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating leases liabilities, and operating leases, non-current on our consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of obligations under capital leases, and obligations under capital leases, non-current on our consolidated balance sheets.

 

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

 

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.

 

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized. The Company’s provision for deferred cost of goods sold is made based on historical collection experience on such related accounts receivable and realizability of deferred revenue. The Company made provision of $2,420,964 and nil for deferred cost of goods sold for the nine months ended September 30, 2019 and 2018, respectively.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.

 

Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.

 

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2019 and 2018 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.1217       6.8761  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.9861       6.8031  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     6.8618       6.5137  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2019		     As of
December 31, 2018		  
Balance sheet items, except for equity accounts     7.8394       7.8297  
                 

 

    Three months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8282       7.8446  
                 

 

    Nine months ended September 30,  
    2019     2018  
Items in the statements of comprehensive income     7.8380       7.8398  
                 

 

Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

 

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

 

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 consolidated financial statements.

 

In August 2018, the FASB Accounting Standards Board issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company does not expect this guidance will have a material impact on its condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s consolidated financial statement presentation or disclosures.
XML 88 R57.htm IDEA: XBRL DOCUMENT v3.19.3
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Property, plant and equipment - total $ 198,542 $ 201,472
Less: accumulated depreciation (128,769) (108,291)
Property, plant and equipment - net 69,773 93,181
Office Equipment [Member]    
Property, plant and equipment - total 17,027 17,451
Furniture [Member]    
Property, plant and equipment - total 30,209 27,312
Leasehold Improvement [Member]    
Property, plant and equipment - total 125,863 130,357
Construction in Progress [Member]    
Property, plant and equipment - total 24,432 25,305
Others [Member]    
Property, plant and equipment - total $ 1,011 $ 1,047
XML 89 R61.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions - Schedule of Related Party Transactions (Details) (Parenthetical) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Ownership interest 89.00%  
Mr. Xiaoqiang [Member]    
Due from related parties $ 13,871 $ 12,108
Ms. Wang [Member]    
Due to related parties 272,572 534,563
Ms. Feng Li [Member]    
Due to related parties $ 2,154 $ 36,358
Ms. Feng Li [Member] | Common Stock [Member]    
Ownership interest 11.00%  
Ms. Feng Li [Member] | Series A Preferred Stock [Member]    
Ownership interest 50.00%  
XML 90 R65.htm IDEA: XBRL DOCUMENT v3.19.3
Other Payables and Accruals - Schedule of Other Payables (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Other Liabilities Disclosure [Abstract]    
Stock subscription proceeds received in advance [1] $ 1,676,406 $ 1,692,454
Accrued expenses 213,605 219,033
R&D expense payable 431,009 431,009
Others 481,864 597,592
Other payable $ 2,802,884 $ 2,940,088
[1] The Company received RMB 3.2 million ($449,331 equivalent as at September 30, 2019) in 2016 from two unrelated potential investors, and additionally received RMB 8 million ($1,227,075 equivalent as at September 30, 2019) in 2017 from one unrelated potential investor pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 91 R69.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Fair Value Disclosures [Abstract]    
Beginning balance $ 6,621 $ 247,933
Fair value of derivative liabilities at inception 95,144
Change in fair value of derivative liabilities (82,070) (241,312)
Ending balance $ 19,695 $ 6,621
XML 92 R46.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Accumulated deficit $ (16,347,380)           $ (16,347,380)   $ (14,803,530)
Net loss 311,217 $ (2,245,690) $ 390,623 $ 623,361 $ (635,368) $ 52,968 (1,543,850) $ 40,961  
Working capital 12,800,000           12,800,000    
Cash and cash equivalents 2,021,337           2,021,337   $ 7,859
Convertible Promissory Note [Member]                  
Debt instrument principal amount $ 1,915,000           $ 1,915,000    
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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share

The following table set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018.

 

    Three months ended
September 30,		    

Nine months ended

September 30,

  
    2019     2018     2019     2018  
                         
Numerator:                                
Net Gain or loss   $ 311,217     $ 623,361     $ (1,543,850 )   $ 40,961  
Change in Net Income     4,908       21,048       -       -  
Net Gain or Loss (Diluted)     316,125       644,409       (1,543,850 )     40,961  
                                 
Denominator:                                
Denominator for basic earnings per share (weighted-average shares)     19,544,849       16,757,163       18,701,575       16,388,438  
Diluted effect of stocks     3,594,068       1,557,550       -       -  
Denominator for diluted earnings per share (adjusted weighted-average shares)     23,138,917       18,314,713       18,701,575       16,388,438  
Basic earnings per share     0.02       0.04       (0.08 )     0.00  
Diluted earnings per share     0.01       0.04       (0.08 )     0.00  
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Fair Value Measurements
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements

17. Fair Value Measurements

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2019

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 19,695     $ 19,695  
Total     —       —     $ 19,695     $ 19,695  

 

December 31, 2018

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 6,621     $ 6,621  
Total     —       —     $ 6,621     $ 6,621  

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2019 and for the year ended December 31, 2018:

 

    Nine months ended
September 30, 2019		     Year ended
December 31, 2018		  
             
Beginning balance   $ 6,621     $ 247,933  
Fair value of derivative liabilities at inception     95,144       -  
Change in fair value of derivative liabilities     (82,070 )     (241,312 )
Ending balance   $ 19,695     $ 6,621  
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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

21. Commitments and Contingencies

 

As disclosed in Note 9, on June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.1 million). As of September 30, 2019, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.7 million) and is committed to pay the remaining RMB10,000,000 based on the payment milestone in the equity purchase agreement. However, since the Company had decided to abandon the acquisition plan and initiated the process of refund of the deposits, the Company expected no more payment will be made for the agreement.

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