10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended June 30, 2022

☐   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

For the transition period from                   to                    

Commission File No. No. 000-55210

GREEN VISION BIOTECHNOLOGY CORP.

(Exact name of registrant as specified in its charter)

Nevada	7380	98-1060941
(State or Other Jurisdiction of Incorporation or Organization)	(Primary Standard Industrial Classification Number)	(IRS Employer Identification Number)

Rooms 1804-06, 18/F., Wing On House, 71 Des Voeux Road Central,

Hong Kong SAR, China

852-94929967

(Address and telephone of principal executive offices)

Securities registered pursuant to Section 12(b) of the Exchange Act: None.

Securities registered pursuant to Section 15(d) of the Exchange Act:

Common stock, par value $0.001 per share.

(Title of class)

Former address: 1255 W, Rio Salado Parkway, Suite 215, Tempe, Arizona, 85281

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

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 ☒     No ☐

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

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

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

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

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes ☒     No ☐

No market value has been computed as of June 30, 2022 based upon the fact that no active trading market has been established.

Applicable Only to Corporate Issuers:

Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the most practicable date: As of August 22, 2022, there were 160,790,000 shares of Common Stock of the issuer outstanding.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021	4
	Consolidated Statements of Stockholders’ Deficit and Comprehensive Loss as of June 30, 2022	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	39
	Signatures	40

2

PART I. FINANCIAL INFORMATION

ITEM: 1 FINANCIAL STATEMENTS

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	Note		June 30,  2022			December 31, 2021
ASSETS			(Unaudited)			(Audited)
Cash and cash equivalents			$	17,405		$	6,507
Accounts receivable, net of allowance for doubtful accounts				-			-
Inventories, net		7		-			-
Advance to suppliers				21,790			22,955
Other receivables		4		192			320
Total current assets				39,387			29,782
Property, plant and equipment, net		5		873,412			2,073,211
Intangible assets		6		764,844			818,403
Restricted cash				738			772
Total non-current assets				1,638,994			2,892,386
TOTAL ASSETS			$	1,678,381		$	2,922,168
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable			$	18,914		$	19,926
Advances from customer				15			16
Accrued expenses				321,380			294,511
Accrued payroll				23,312			18,260
Other payables		9		252,958			264,217
Other tax payables				-			16,819
Amount due to related parties		11		5,784,550			5,797,204
Amount due to shareholder				4,259,745			4,427,704
Total current liabilities				10,660,874			10,838,657
TOTAL LIABILITIES			$	10,660,874		$	10,838,657
Stockholders’ equity
Common stock, $0.001 par value per share, authorized 750,000,000 and 750,000,000 shares, issued and outstanding 160,790,000 shares at June 30, 2022, and December 31, 2021 respectively				160,790			160,790
Additional paid-in capital				(282,209	)		(282,209	)
Accumulated other comprehensive loss				18,615	)		(157,334	)
Accumulated deficit				(8,879,689	)		(7,637,736	)
TOTAL STOCKHOLDERS’ DEFICIT				(8,982,493	)		(7,916,489	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT			$	1,678,381		$	2,922,168

See accompanying notes to unaudited consolidated financial statements

3

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Note		Three Months Ended  Jun 30, 2022			Three Months Ended Jun 30, 2021			Six Months Ended  Jun 30,2022			Six Months Ended  Jun 30,2021
			$			$			$			$
Continuing operations			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue, net				-			80,216			-			144,689
Cost of goods sold				-			41,211			-			73,964
Gross profit				-			39,005			-			70,725
Operating expenses
Selling expenses				-			33,504			-			58,784
General and Administrative expenses				90,336			136,171			220,691			249,501
Total operating expenses				90,336			169,675			220,691			308,285
(Loss)/Income from operations				(90,336	)		(130,670	)		(220,691	)		(237,560	)
Non-operating income(expense)
Interest income				7			3			11			7
Interest expenses				(802	)		(1,095	)		(2,343	)		(1,605	)
Other income				8,972			5,973			8,972			7,457
Other expense				(5,232	)		-			(1,027,902	)		(21	)
(Loss)/Income before income taxes				(87,391	)		(125,789	)		(1,241,953	)		(231,722	)
Income taxes		12		-			-			-			-
Net (loss)/income				(87,391	)		(125,789	)		(1,241,953	)		(231,722	)
Net (loss)/income attributable to the Company				(87,391	)		(125,789	)		(1,241,953	)		(231,722	)
Foreign currency translation adjustment				153,074			(6,480	)		175,949			(4,727	)
Comprehensive (Loss)/Income				65,683			(132,269	)		(1,066,004	)		(236,449	)
Loss per share of common stock		10
Basic and diluted				(0.054)cents			(0.078)cents			(0.772)cents			(0.144)cents
Weighted average number of common shares outstanding – basic and diluted				160,790,000			160,790,000			160,790,000			160,790,000

See accompanying notes to unaudited consolidated financial statements

4

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’DEFICIT AND COMPREHENSIVE INCOME

(UNAUDITED)

	Number of common shares outstanding		Amount		Additional paid-in capital			Accumulated other comprehensive income			Accumulated deficits			Total stockholders’ equity/ (deficit)
Balance, January 1, 2021		160,790,000	$	160,790		(282,209	)		(155,163	)		(7,137,959	)	$	(7,414,541	)
Net loss		-		-		-			-			(105,933	)		(105,933	)
Foreign currency translation adjustment		-		-		-			1,753			-			1,753
Balance, March 31, 2021		160,790,000	$	160,790		(282,209	)		(153,410	)		(7,243,892	)	$	(7,518,721	)
Net loss		-		-		-			-			(125,789	)		(125,789	)
Foreign currency translation adjustment		-		-		-			(6,480	)		-			(6,480	)
Balance, June 30, 2021		160,790,000	$	160,790		(282,209	)		(159,890	)		(7,369,681	)	$	(7,650,990	)
Balance, January 1, 2022		160,790,000	$	160,790		(282,209	)		(157,334	)		(7,637,736	)	$	(7,916,489	)
Net loss		-		-		-			-			(1,154,562	)		(1,154,562	)
Foreign currency translation adjustment		-		-		-			22,875			-			22,875
Balance, March 31, 2022		160,790,000	$	160,790		(282,209	)		(134,459	)		(8,792,298	)	$	(9,048,176	)
Net loss		-		-		-			-			(87,391	)		(87,391	)
Foreign currency translation adjustment		-		-		-			153,074			-			153,074
Balance, June 30, 2022		160,790,000	$	160,790		(282,209	)		18,615			(8,879,689	)	$	(8,982,493	)

5

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	(Unaudited)
	Six Months Ended June 30,
	2022			2021
Cash flows provided by (used in) continuing operating: activities:
Net loss	$	(1,241,953	)	$	(231,722	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		51,452			72,021
Amortization of intangible assets		12,425			12,438
Inventory provision reversal		(11,709	)		(95,028	)
Disposal loss of property, plant and equipment		1,080,630			-
Changes in assets and liabilities:
Accounts receivable		-			-
Inventories		11,709			93,357
Advances to suppliers		-			-
Other receivables		116			695
Restricted cash		(4	)		(16	)
Accounts payable		-			-
Advances from customer		-			-
Other payables		2,228			3,365
Other tax payables		(16,513	)		5,950
Accrued payroll		6,183			(38	)
Accrued expenses		28,645			24,728
Amount due to related parties		51,570			28,386
Net cash flows provided by (used in) operating activities		(25,221	)		(85,864	)
Cash flows provided by (used in) investing activities:
Proceeds from sale of property, plant and equipment		-			-
Net cash flows used for investing activities		-			-
Cash flows provided by (used in) financing activities:
Amounts due to shareholder		14,922			198,002
Net cash flows provided by (used in) financing activities		14,922			198,002
Cash flows provided by (used in) discontinued operating activities:
Net cash provided by (used in) investing activities of discontinued operations		-			-
Net cash flows provided by discontinued operations		-			-
Net increase (decrease) in cash and cash equivalents		(10,299	)		112,138
Effect of foreign currency translation		21,197			(23	)
Cash – beginning of period		6,507			26,734
Cash – end of period	$	17,405		$	138,849
Supplemental disclosures of cash flow information:
Interest paid	$	2,343		$	1,095
Income taxes	$	-		$	-

See accompanying notes to unaudited consolidated financial statements

6

GREEN VISION BIOTECHNOLOGY CORP.AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS

Green Vision Biotechnology Corp. (formerly known as Vibe Wireless Corp., originally known as Any Translation Corp.), (the “Company”, “GVBT”), was incorporated under the laws of the State of Nevada on July 5, 2012. The Company was founded to be in the business of translation and interpretation. On November 12, 2015, the Company changed its name from Any Translation Corp. to Vibe Wireless Corp. On September 30, 2016, we changed our name from Vibe Wireless Corp. to Green Vision Biotechnology Corp.

On September 30, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation to increase the Company’s authorized number of shares of common stock from 75 million to 750 million and forward stock split all of its issued and outstanding shares of common stock at a ratio of ten (10) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on September 30, 2016. This stock split has been retroactively applied to the financial statements.

On the same date, September 30, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, Green Vision Biotechnology Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company is the sole surviving entity and changed its name to “Green Vision Biotechnology Corp.”

The investment transaction under the share exchange agreements and contractual agreements as described below (collectively the “Transaction Agreements”) was entered into, between each of the Shareholders of Lutu International Biotechnology Limited (“Lutu”), a company incorporated under the laws of Cayman Islands and GVBT (the “Investment Transaction”) on May 12, 2017. As a result of closing the Investment Transaction, GVBT acquired part of the shares of Lutu International and assumed management of Lutu and all its direct and indirect subsidiaries (“the Lutu Group”).

On May 12, 2017, GVBT entered into a share exchange agreement with Harcourt Capital Limited (“Harcourt”), a limited company incorporated in the British Virgin Islands, which holds 6% of the issued and outstanding shares of Lutu; and Woodhead Investments Limited (“Woodhead”), a limited company incorporated in the British Virgin Islands, which holds 5% of the issued and outstanding shares of Lutu (the “Minority Interest Exchange Agreement”). Under the Minority Interest Exchange Agreement, Woodhead agreed to transfer GVBT a total of 5% of the issued and outstanding shares of Lutu. In consideration, GVBT agreed to grant Woodhead, or persons designated by Woodhead, a right to receive a total of 5 million shares of GVBT’s common stock. Under the Minority Interest Exchange Agreement, Harcourt agreed to transfer to GVBT a total of 6% of the issued and outstanding shares of Lutu. In consideration, GVBT agreed to grant Harcourt, or persons designated by Harcourt, a right to receive a total of 6 million shares of GVBT’s common stock. The transactions under the Minority Interest Exchange Agreement were completed on May 12, 2017.

Able Lead, an 89% shareholder of Lutu, has an outstanding loan of $4.43 million denominated in Renminbi (“RMB”) owed to an unrelated third party with its maturity date on January 22, 2018 (the “Outstanding Loan”). Able Lead is negotiating an extension of the Outstanding Loan to 2019 with the third party creditor. Shares of Lutu held by Able Lead were offered by Able Lead as collateral to secure repayment of the Outstanding Loan (the “Security”).On May 12, 2017, GVBT entered into a share exchange agreement (the “Majority Interest Exchange Agreement”) with Able Lead, the 89% shareholder of Lutu. Under the Majority Interest Exchange Agreement, Able Lead agreed to enter into a series of contractual arrangements with GVBT (collectively, the “Contractual Arrangements”) (as described below), in which GVBT assumed management control of the Lutu Group. Able Lead further agreed to deliver the shares of Lutu to GVBT once the Outstanding Loan is fully repaid. In consideration, GVBT agreed to issue and deliver a total of 89 million shares of GVBT’s common stock to an escrow agent (issued in the name of the escrow agent or its nominee) (the “Escrow Shares “). The Escrow Shares are held in escrow for a period of one year or such period of time to be agreed by GVBT and Able Lead upon the execution of the Majority Interest Exchange Agreement. Conditional upon the full repayment of the Outstanding Loan and the release of the Security, the Escrow Shares shall be released to Able Lead in exchange for the delivery of a total of 89% of the issued and outstanding shares of Lutu by Able Lead to GVBT. In the event that Able Lead fully repays the Outstanding Loan and causes the release of the Security, then the Escrow Shares shall be delivered to Able Lead. In the event that Able Lead cannot fully repay the Outstanding Loan (within a period of one year, or such period of time to be agreed by GVBT and Able Lead) and cause the release of the Security, then the Escrow Shares shall be delivered to transfer agent for cancellation. Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Majority Interest Exchange Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements described as below. The transactions under the Majority Interest Exchange Agreement were completed on May 12, 2017.

7

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS (CONTINUED)

Pursuant to an escrow agreement (the “Escrow Agreement”) entered into between Booth Udall Fuller, PLC (the “Escrow Agent”) and GVBT on May 12, 2017, the Escrow Shares shall be held by Booth Udall Fuller, PLC for a year following the execution of the Majority Interest Exchange Agreement. The Escrow Shares shall not be subject to any lien, attachment, or any other judicial process of any creditor of GVBT, and shall be held and disbursed solely for the purposes and in accordance with the terms of the Majority Interest Exchange Agreement.

On May 12, 2017, GVBT entered into the Contractual Agreements with Lutu and/or Able Lead. Upon execution of the Contractual Arrangements, GVBT assumed management of Lutu and its subsidiaries (the “Lutu Group”) and received economic benefits which includes the right to receive the expected residual returns and and/or obligation to absorb expected loss from the Lutu Group. Each agreement in the Contractual Arrangements constitutes valid and binding obligations of the parties of such agreements and is enforceable and valid in accordance with the laws of Cayman Islands. All agreements executed by Lutu were duly approved by its board of directors and the Shareholders of Lutu.

Consulting Services Agreement

Pursuant to the exclusive consulting services agreement entered into between GVBT and Lutu on May 12, 2017, GVBT has the exclusive right to provide to the Lutu Group general business operation services, including advice and strategic planning, as well as consulting services related to the technological research and development of bio-fertilizers. Further, GVBT owns the intellectual property rights developed or discovered through research and development, in the course of providing the consulting services, or derived from the provision of the consulting services. In consideration, Lutu pays an annual consulting service fees to GVBT in the amount equivalent to all of Lutu’s net profits for the relevant financial year. The term of this consulting service agreement is five (5) years from its effective date and may be terminated upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Consulting Services Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

We hereby confirmed that we have not received any consulting fees from Lutu and Lutu Group during the periods presented.

Operating Agreement

Pursuant to the operating agreement entered into between GVBT, Lutu and Able Lead on May 12, 2017, GVBT agreed to provide guidance and instructions on the Lutu Group’s daily operations, financial management and employment issues. Able Lead agreed to designate candidates recommended by GVBT as their representatives on the boards of directors of each member of the Lutu Group. GVBT has the right to appoint senior executives of each member of the Lutu Group. In addition, GVBT agreed to guarantee the Lutu Group’s performance under any agreements or arrangements relating to the Lutu Group’s business arrangements with any third party. In consideration, Lutu agrees that it will not, and will cause the Lutu Group not to, without the prior consent of GVBT, engage in any transactions that could materially affect their respective assets, liabilities, rights or operations, including but not limited to, incurrence or assumption of any indebtedness, sale or purchase of any assets or rights, incurrence of any encumbrance on any of their assets or intellectual property rights in favor of a third party or transfer of any agreements relating to their business operation to any third party. The term of this operating agreement is five (5) years from its effective date and may be extended and terminated only upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Operating Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

8

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS (CONTINUED)

Proxy Agreement

Pursuant to the proxy agreement entered into between Able Lead, Lutu, and GVBT on May 12, 2017, Able Lead agreed to irrevocably grant a person to be designated by GVBT the right to exercise its voting rights and other rights, including the attendance of, and the voting at the shareholders’ meetings of Lutu for and on behalf of Able Lead (or the signing of written resolutions in lieu of such meetings) in accordance with applicable laws and its articles of association, including but not limited to the appointment and voting for the directors and chairman of the board as the authorized representative of Able Lead to exercise controlling power in the Lutu Group. The proxy agreement may be terminated by joint consent of the parties or upon 7-day written notice from GVBT. The proxy right granted by the proxy agreement has never been exercised.

The Expiration of the Consulting Services Agreement, Operating Agreement and Proxy Agreement

On July 30, 2019, the Company cancelled the 89,000,000 shares of common stock, par value $0.001 per share, and re-issued them to Able Lead Holdings Limited. The issuance was done pursuant to Section 4(a)(2) of the Securities Act of 1933. as it was a non-public offering. On May 12, 2017, the Company had placed the 89,000,000 shares into escrow with Booth Udall Fuller PLC, pending repayment of a loan and discharge of shares of Lutu by Able Lead Holdings Limited. Full repayment of such was made on February 27, 2019. Therefore, the 89,000,000 shares were returned from escrow and cancelled. Then they were re-issued to Able Lead Holdings Limited. Thereafter, Able Lead transferred the shares to six (6) shareholders who are not affiliated with GVBT.

The above-mentioned Consulting Services Agreement, Operating Agreement and Proxy Agreement entered between the Company, Lutu and Able Lead on May 12, 2017 were for 5 years terms. Accordingly, all these agreements have expired on May 11, 2022.

Furthermore, since the issuance of common stock to Able Lead Holdings Limited on July 30, 2019, the Company became the 100% shareholder of Lutu, the Company is of the view that there is no longer any need for the Company to renew and extend these agreements to achieve the previous objectives of these agreements.

Changes Resulting from the Investment Transaction

The closing of the Investment Transaction occurred on May 12, 2017, resulting in a change of control of GVBT. Prior to closing of the Investment Transaction, GVBT had a total of 60,790,000 shares of common stock issued and outstanding. As a result of the closing of the Investment Transaction, GVBT now has a total of 160,790,000 shares of its common stock issued and outstanding, of which 60,790,000 shares, or approximately 37.8%, are owned by the previous existing shareholders of GVBT, with the balance of 100,000,000 shares, or approximately 62.2%, owned by the previous shareholders of Lutu, with certain shares held in escrow pursuant to the Escrow Agreement.

Following the closing of the Investment Transaction, GVBT began carrying on the business of the Lutu Group. The Lutu Group, with its operation primarily located in the Shanxi Province of China, is engaged in the biotechnology industry, in particular, the production and distribution of bio-fertilizers. Revenues of the Lutu Group are currently generated from China.

Changes to the Board of Directors and Officers

Simultaneous with the closing of the Investment Transaction, there was a change in the officers and directors of GVBT. As authorized by the bylaws, the existing director of GVBT, Mr. Ma Wai Kin, appointed two (2) additional members to the Board of GVBT. Such members are Mr. Lam Ching Wan (also known as William Lam) and Mr. Leung Kwong Tak (also known as Dr. Michael Leung). Mr. Ma also appointed Mr. William Lam as GVBT’s Chief Executive Officer and Mr. Lo Kwok Leung as GVBT’s Chief Financial Officer. Mr. Lo Kwok Leung is not related to Dr. Michael Leung.

All members of the Board shall hold their respective offices for a term of one year from their respective dates of appointment, or until the election and qualification of their successors, and thereafter to resign as a director of GVBT. In accordance with the bylaws, officers are elected by the board of directors and serve at the discretion of the board of directors.

9

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS (CONTINUED)

Accounting Treatment

The Investment Transaction was accounted for as a reverse-merger and recapitalization. For financial reporting purposes, Lutu is the acquirer and GVBT is the acquired company. After completion of the transaction, the assets, liabilities, operations results and cash flow of GVBT that will be reflected in the historical consolidated financial statements prior to the Investment Transaction will be those of Lutu and its subsidiaries and will be recorded at the historical cost basis of Lutu and its subsidiaries. Number of shares deemed to be outstanding for the period from January 1, 2018 to the acquisition date will be reflected in the balance of the common stock and paid in capital. The Company changed its fiscal year ended from January 31 to December 31.

Tax Treatment and SEC Filer Status: Small Business Issuer

The Investment Transaction is intended to constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), or such other tax-free reorganization exemptions that may be available under the Code. Immediately following the Investment Transaction, the filer status of GVBT will be a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K, as promulgated by SEC.

As we are a Smaller Reporting Company under 12b-2 under the Exchange Act, we will be describing the development of our business pursuant to Item 101(h).

(1)	Form and year of organization Our Holding Company (defined hereunder) was formed in Nevada USA as a corporation on May 7, 2012.
(2)	There is no bankruptcy, receivership or similar proceeding against the Holding Company.
(3)	During this period, the Holding Company has not undergone any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business.
(4)	Business of the smaller reporting company.

(i).	Principal products or services and their markets Shanxi Green Biotechnology Industry Company Limited has been producing biofertilizers in China, with the China local market as its main distribution area. The Company has signed a Memorandum of Understanding (non-legally binding) with ISCA on April 27, 2022, whereby details of the collaboration is under further discussion (please refer to the Company announcement on May 03, 2022).
(ii).	Distribution methods of the products or services The Company was utilizing sales channels to distribute products, mixed with some direct sales through sales team (who are employees of the Company or independent contractors).
(iii).	Status of any publicly announced new product or service Since the more stringent environment rules were put in place, the Company has not developed any new product.
(iv).	Competitive business conditions and the smaller reporting company’s competitive position in the industry and methods of competition The Company’s biofertilizer products are quite unique because they have made use of the local mineral products in the Shanxi Province of China. The Company has obtained patents of production both in the US and China.
(v).	Sources and availability of raw materials and the names of principal suppliers Sources of raw materials are mainly from the local areas in Shanxi, supplied by Mr. He Qun (in respect of Potassium Shale), and Mr. Li Jianli (in respect of Humic Acid).
(vi).	Dependence on one or a few major customers When the Company was active in pursuing sales and marketing of the products, there are several major customers, including Heilongjiang Longhui Agricultural Cooperative, Yunnan Kunming Dong Chuan Jin Rui Commerce and Trade Company Limited and Shanxi Fuda Industrial Company Limited.

10

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS (CONTINUED)

(vii). Patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including duration The Company owns patents both in the US (pending PCT Application) and China, details of which are as follows :-

1.	Patent Certificate No. ZL201410324943.X;
2.	Patent Certificate No. ZL201410324985.3;
3.	Patent Certificate No. ZL200910073705.5;
4.	Shanxi Green Biotechnology Industry Co., Ltd., for BACILLUS MUCILAGINOSUS AND HIGH-DENSITY FERMENTATION METHOD AND USE THEREOF, U.S. Serial No. 17/535,580, filed November 25, 2021, Continuation application of U.S. Serial No. 16/375,011, filed April 4, 2019, Continuation application of U.S. Serial No. 15/324,772, filed January 9, 2017, which is National Stage of International Application No. PCT/CN2015/083366, filed July 6, 2015, which claims the priority of Chinese Application No. 201410324943.X, filed July 9, 2014.
The Company also owns several trademarks in China, details of which are as follows :-
1.	Trademark Certificate No. 4162106;
2.	Trademark Certificate No. 9924290;
3.	Trademark Certificate No. 55181933.

(viii).	Need for any government approval of principal products or services. If government approval is necessary and the smaller reporting company has not yet received that approval, discuss the status of the approval within the government approval process The China Subsidiary has obtained all necessary permits from the Chinese government on the production of biofertilizers. Please refer to above for a list of these permits.
(ix).	Effect of existing or probable governmental regulations on the business The Chinese government encourages and promotes productions which are of agricultural nature, including fertilizers. Further, the Chinese government has placed more focus on promoting environmental-friendly products, including biofertilizers which are green and environmental-friendly. The Company’s biofertilizer products fall under this category.
(x).	[Reserved]
(xi).	Costs and effects of compliance with environmental laws (federal, state and local) Due to the enforcement on new environmental regulations over industrial production by coal-fired boilers by local authorities in Shanxi, the Company’s production was restricted to a certain extent in 2017. To fully comply with the new environmental regulations in place, management of the Company had planned to carry our rectification work and expected that the rectification work could be completed by mid of 2018 and full-scale production might resume in the second half of 2018. However, due to the shortage of funding to carry out the rectification work on our coal-powered generators, our production activities were restricted since second quarter in 2018.Our production and our production capacity were reduced as a result, significantly affected our ability to generate income and to meet the demand of our customers, which in turn had a material adverse effect on our financial condition and results of operations.
	On January 20, 2020, with the approval of the Company, the China Subsidiary has resolved to dispose the non-current assets which were lying idle for the production. The China Subsidiary also resolved to carry out its future production by sub-contracting the production and goods assessment procedure to other production companies, with its other operations remain unchanged. The China Subsidiary is also planning to move its production process to other parts of China.
	The Company has been considering other business opportunity in recent months and to utilize the current resources, including the property and equipment. Accordingly, the Company has signed a Memorandum of Understanding with ISCA (non-legally binding) on April 27, 2022, whereby details of the collaboration is under further discussion (please refer to the Company announcement on May 03, 2022).
(xii).	Number of total employees and number of full-time employees: 9

11

GREEN VISION BIOTECHNOLOGY CORP.AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 1.ORGANIZATION AND NATURE OF BUSINESS (CONTINUED)

(5) Reports to security holders. The following in any registration statement will be disclosed when filing under the Securities Act of 1933:

(i).	As the Company has filed current reports with updated audited financial statements, we are of the view that there may not be necessary to send annual report to the security holders at this moment. Secondly, we only have a small base of security holders (12 holders as at December 31, 2021) in the shareholders list, and that we have no public trading at this moment, we would choose to save expenses by not sending the reports to the shareholders.
(ii).	We are a current reporting company with regular filings including Forms 10-Q, 10-K and 8-K. All these reports have been filed with the Commission.
(iii).	The Commission maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding GVBT that file electronically with the Commission. The current internet address of GVBT is http://www.gvbt.com.

(6)	Foreign issuers.
	Since we are a Nevada corporation, provide the information required by Item 101(g) of Regulation S-K (§ 229.101(g)) is not applicable to us.

Memorandum of Understanding

On April 29, 2022, the Company announced that the Company entered into a Memorandum of Understanding (“MOU”) with International Supply Chain Alliance Company Limited (“ISCA”), a provider of logistics knowhow and software to warehouse operators and shippers in China and Southeast Asia countries on the even date. The MOU states, inter alia, that the Company intends to collaborate with ISCA by acquiring all of its subsidiaries and existing contractual benefits.

The Company and ISCA shall utilize their best endeavors in entering into Definitive Agreements to realize the intended collaboration prior to October 31, 2022. The intended collaboration with ISCA, as described in the MOU, allows the Company to expand its existing business scope beyond the green product sector and further into the agricultural sector. The Company intends to fully utilize ISCA’s trading platform and data in delivering to existing and future alliance members the resulting product suite which could include a new and wide array of agricultural products.

12

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for consolidated financial reporting.

Summary of significant accounting policies

Principles of Consolidation and Presentation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The historical presentation of the consolidated financial statements includes the financial statements of LUTU INTERNATIONAL BIOTECHNOLOGY LIMITED, and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). All intercompany accounts, transactions, and profits have been eliminated upon consolidation.

The following table depicts the identity of the subsidiaries:

Name of Subsidiary	Place of Incorporation	Attributable Equity Interest %		Registered Capital
Lutu International Biotechnology Limited (RTO accounting acquirer) (1)	Cayman Islands		100	USD100
Light Raise Limited (2)	BVI		100	USD 1
Hong Kong Prolific Mineral Resources Holdings Limited (3)	HKD		100	HKD 2
Shanxi Green Biotechnology Industry Company Limited (4)	PRC		100	RMB 100,000,000

Note:	(1)	Wholly owned subsidiary of Green Vision Biotechnology Corp.
	(2)	Wholly owned subsidiary of Lutu International Biotechnology Limited
	(3)	Wholly owned subsidiary of Light Raise Limited
	(4)	Wholly owned subsidiary of Hong Kong Prolific Mineral Resources Holdings Limited

Use of estimates

America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Significant estimates and judgments inherent in the preparation of these consolidated financial statements include, among other things, accounting for asset impairments, allowances for doubtful accounts, depreciation and amortization, the collection of revenues from the Agricultural Cooperative.

Economic and political risks

The Company’s operations are mainly conducted in the Hong Kong Special Administrative Region (“Hong Kong”) and the People’s Republic of China (“China”) (for the purpose of this Current Report on Form 10-Q, China does not include Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan (The Republic of China) and a large number of customers are located in northern China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in Hong Kong and China, and by the general state of the economy in Hong Kong and China.

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

13

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING (CONTINUED)

Foreign Currency Translation

The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency, while its functional currency are Chinese Renminbi (RMB) and Hong Kong Dollar (HKD). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income.

In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US $ using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income.

Below is a table with foreign exchange rates used for translation:

For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.48080	RMB		6.47134	RMB		6.47144
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.69810	RMB		6.44795	RMB		6.45771
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.82580	HKD		7.77260	HKD		7.76120
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.84620	HKD		7.79580	HKD		7.76410
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.20800	HKD		1.20480	HKD		1.19930
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.17100	HKD		1.22570	HKD		1.20230
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000

Revenue Recognition

The Company earns revenue by selling merchandise to end using customers primarily through distribution agent and directly to customers.

Revenue is recognized in accordance with the following five steps: when merchandise is purchased by the customer which identifies the contract (step 1) and performance obligations in the contract (step 2) with Customers. When the Company confirmed the price and collectability is reasonably assured which indicates that the transaction price is determined (step 3) and allocated to the performance obligations in the contract (step 4). When the merchandise is delivered to the customer, the performance obligation is satisfied (step 5). Revenue from wholesale distribution agent is recognized after goods delivered, amount fixed or determined and collectability is reasonably assured when the above mentioned five steps are completed.

All revenues are shown net of estimated returns during the relevant period represented by measuring the returns obligations with estimated allowance for sales returns based upon historical experience.

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GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue Recognition (continued)

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue as defined in ASC 606, Revenue from Contracts with Customers.

During the six months ended June 30, 2022 and 2021, the provision of sales return were $Nil respectively.

Cost of Goods Sold

Cost of goods sold includes the cost of materials, labor, and relevant manufacturing expenses.

Selling Expenses

Selling expenses include packaging and shipping costs, as well as advertising and certain expenses associated with operating the Company’s corporate headquarters.

Advertising Costs

The Company expensed all advertising costs as incurred. Advertising expense, net of reimbursement from suppliers, amounted to $Nil and $Nil for the six months ended June 30, 2022 and 2021 respectively. Advertising expense is included in selling expense and general and administrative expenses in the accompanying consolidated statements of income.

Leases

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

Upon adoption, the Company recognized ROU assets with corresponding liabilities on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows.

Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current and non-current operating lease liabilities, on the consolidated balance sheets.

The Company did not have a lease that met the criteria of a capital lease. Leases that do not qualify as a capital lease are classified as an operating lease. Operating lease rental expenses included in selling, general and administrative expenses for the six months ended June 30, 2022 and 2021 were $Nil and $Nil respectively.

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GREEN VISION BIOTECHNOLOGY CORP.AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Accounts Receivable

Accounts receivable is recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is maintained for all customers based on a variety of factors, including the industry practice, the length of time the receivables are past due, significant one-time events and historical experience. The Company is selling products delivered to certain customers which are closed to Agriculture Cooperatives as defined by ASC 905 “Agriculture”. The collection cycle may be varied and depended on the growing crops cycle.

Management reviews and adjusts this allowance periodically based on historical experience and its evaluation of the collectability of outstanding accounts receivable. The Company evaluates the credit risk of its customers utilizing historical data and estimates of future performance. Bad debts are written off as incurred.

Outstanding accounts balances are reviewed individually for collectability. The Company does not charge any interest income on trade receivables. Accounts balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company has not charged off any balances as it has yet to exhaust all means of collection.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of doubtful debts were $Nil and $Nil respectively.

Inventories

Inventories primarily consists raw materials, work in progress, finished goods and goods on consignment of manufactured products and merchandise. Inventories are stated at lower of cost or market and net realizable value.

Cost of inventories is calculated on the weighted average basis which approximates cost.

Management regularly reviews inventories and records valuation reserves for damaged and defective returns, inventories with slow-moving or obsolescence exposure and inventories with carrying value that exceeds market value.

Inventory shrinkage is accrued as a percentage of revenues based on historical inventory shrinkage trends. The Company performs physical inventory count of its warehouse once per quarter throughout the year. The reserve for inventory shrinkage represents an estimate for inventory shrinkage since the last physical inventory date through the reporting date.

These reserves are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions, consumer demand and competitive environments differ from expectations.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of inventory reversal were $11,709 and $21,111 respectively.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives, using the straight-line method with 5% scrape value as follows:

Buildings	20 years
Machinery & equipment	10 years
Office equipment	3 years
Motor vehicles	4 years

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GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Land Use Rights

According to the laws of the PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through the land use rights granted by the government. The land use rights represent cost of the rights to use the land in respect of properties located in the PRC. Land use rights are carried at cost and amortized on a straight-line basis over the period of rights of 50 years.

Goodwill

Goodwill represents the excess of purchase price over fair value of net assets acquired. Under ASC 350, Intangibles — Goodwill and Other, goodwill is not amortized but evaluated for impairment annually or whenever events or changes in circumstances indicate that the value may not be recoverable.

The Company performed an annual impairment test as of the fiscal year ended December 31, 2021, and a quarter review as of the period ended June 30, 2022, and determined that the impairment loss in the amount of $Nil and $Nil were recorded respectively.

Long-lived Assets

The Company reviews long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows, usually at the store level. The carrying amount of a long-lived asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. If the asset is determined not to be recoverable, then it is considered to be impaired and the impairment to be recognized is the amount by which the carrying amount of the asset exceeds the fair value of the asset, determined using discounted cash flow valuation techniques, as defined in ASC 360, Property, Plant, and Equipment. 

The Company determined the sum of the undiscounted cash flows expected to result from the use of the asset by projecting future revenue and operating expense for each store under consideration for impairment. The estimates of future cash flows involve management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions.

During the reporting periods, the Company performed the evaluation and there was no impairment loss.

Cash and Concentration of Credit Risk

The Company maintains cash in bank deposit accounts in Hong Kong and PRC, and considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company performs ongoing evaluations of the institution to limit its concentration risk exposure. 

The Company’s customers are mainly located in the northeastern China. Because of this, the Company is subject to regional risks, such as the economy, regional financial conditions and unemployment, weather conditions, power outages, and other natural disasters specific to the region in which the Company operates.

Retirement Benefit Plans

Full time employees of the Company in China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company accounts the mandated defined contribution plan under the vested benefit obligations approach based on the guidance of ASC 715, Compensation—Retirement Benefits.

The total amounts for such employee benefits which were expensed were $1,487 and $2,072 for the six months ended June 30, 2022 and 2021 respectively.

17

SIXSIXGREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income Taxes

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

Segment Reporting

The Company operates in one industry segment, operating manufacturing and selling of organic bio-fertilizer. ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Given the economic characteristics of the similar nature of the products sold, the type of customer and the method of distribution, the Company operates as one reportable segment as defined by ASC 280, Segment Reporting.

Basic and diluted earnings (loss) per share

In accordance with ASC No. 260 “Earnings Per Share”, the basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share is computed similarly to basic earnings (loss) per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (ASU 2016-13). The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. In issuing this standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. The standard is applicable to loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, loan commitments and certain other off-balance sheet credit exposures, debt securities (including those held-to-maturity) and other financial assets measured at fair value through other comprehensive income, and beneficial interests in securitized financial assets. The CECL model does not apply to available-for-sale debt securities. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Accordingly, the new methodology will be utilized when assessing the Company’s financial instruments for impairment. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. ASU 2016-13 is effective for years beginning after December 15, 2019, including interim periods within those fiscal years under a modified retrospective approach. Early adoption is permitted for the periods beginning after December 15, 2018. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

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GREEN VISION BIOTECHNOLOGY CORP.AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which modifies the disclosure requirements on fair value measurements, including removing the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 also added new disclosures including the requirement to disclose (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019 and early adoption is permitted. This standard will only impact the disclosures pertaining to fair value measurements. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

NOTE 3. GOING CONCERN

As of June 30, 2022 and December 31, 2021, the Company has an accumulated deficit of $8,879,689 and $7,637,736 respectively, and its current liabilities exceed its current assets resulting in negative working capital of $10,621,487 and $10,808,875 respectively. In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company’s ability to raise additional financing and to succeed in its future operations. The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors and/or stockholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing (i) additional funding which would enhance capital employed; and (ii) strategic partners which would increase revenue bases or reduce operation expenses. Management believes that the above actions will allow the Company to continue its operations throughout this fiscal year.

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GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 4. OTHER RECEIVABLES

Other receivables consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Deposits	$	104,070		$	109,636
Prepaid expenses		832			994
Advance to employee		12,306			12,964
		117,208			123,594
Less: Allowance for doubtful debts		(117,016	)		(123,274	)
Total	$	192		$	320

NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Buildings	$	1,357,921		$	3,108,160
Machinery & equipment		-			-
Office equipment		63,384			66,723
Motor vehicles		51,588			71,804
Total property, plant and equipment		1,472,893			3,246,687
Less: accumulated depreciation and impairment charges		(599,481	)		(1,173,476	)
Total property, plant and equipment, net	$	873,412		$	2,073,211

The depreciation expenses for the six months ended June 30, 2022 and 2021 were $51,452 and $72,021 respectively.

The depreciation expenses for the three months ended June 30, 2022 and 2021 were $15,097 and $36,060 respectively.

NOTE 6.  INTANGIBLE ASSETS

Intangible assets consisted of the following:

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GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Land use rights	$	1,201,326		$	1,265,572
Software system		1,310			1,380
Less – accumulated amortization		(437,792	)		(448,549	)
Total intangible assets, net	$	764,844		$	818,403

The amortization expenses of land use rights and software systems for the six months ended June 30, 2022 and 2021 were $12,425 and $12,438 respectively.

The amortization expenses of land use rights and software systems for the three months ended June 30, 2022 and 2021 were $6,086 and $6,230 respectively.

Future amortization of land use rights and software systems is as follows:

Years ending December 31,	Amount
2022	$	12,426
2023		24,850
2024		24,850
2025		24,850
2026		24,850
Thereafter		653,018
Total	$	764,844

NOTE 7. INVENTORIES

Inventories consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Raw material	$	36,725		$	48,916
Finished goods		-			1,700
Goods on consignment		984			1,036
Less: Provision of inventory		(37,709	)		(51,652	)
Inventories, net	$	-		$	-

During the six months ended June 30, 2022 and 2021, the additional provision of inventory were $Nil and $Nil respectively.

During the six months ended June 30, 2022 and 2021, the reversal of provision for inventory were $11,709 and $95,028 respectively.

NOTE 8. CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

Sales:

Customer	As at June 30, 2022				As at December 31, 2021
A	$	-	-	%	$	112,362		77	%
B		-	-	%		25,917		18	%
C		-	-	%		6,820		5	%
D		-	-	%		-	-		%
E		-	-	%		-	-		%
Total	$	-	-	%	$	145,099		100	%

21

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Purchases:

Supplier	As at June 30, 2022				As at December 31, 2021
AA	$	-	-	%	$	72,113		99	%
BB		-	-	%		1,022		1	%
CC		-	-	%		-	-		%
DD		-	-	%		-	-		%
EE		-	-	%		-	-		%
Total	$	-	-	%	$	73,135		100	%

NOTE 9. OTHER PAYABLES

Other payables consisted of the following:

	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Amount due to third parties		238,791		251,561
Payables to employees		1,907		2,011
Miscellaneous	$	12,260	$	10,645
Total other payables	$	252,958	$	264,217

22

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 10. LOSS PER SHARE

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share are computed using the weighted average number of shares outstanding during the fiscal year. Potentially dilutive common shares consist of convertible preferred stock (using the if-converted method) and exercisable warrants and stock options outstanding (using the treasury method). The following table sets forth the computation of basic and diluted net income per common share:

The following table sets forth the computation of basic and diluted net income per common share:

Period ended June 30,	June 30, 2022 (unaudited)		June 30, 2021 (unaudited)
Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share	$	(1,241,953)	$	(231,722	)
Weighted-average shares of common stock outstanding in computing net loss per common stock
Basic		160,790,000		160,790,000
Diluted		160,790,000		160,790,000
Basic and Diluted loss per share of common stock-		(0.772 )cents		(0.144)cents

NOTE 11. AMOUNT DUE FROM / TO RELATED PARTIES

Key management compensation

The Company incurred the following compensation with key management personnel, which are defined by ASC 850, Related Party Disclosures, as those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and management.

	June 30, 2022 (unaudited)		Dec 31, 2021 (audited)
Salaries and wages - Lo Kwok Leung	$	9,988	$	11,708
Director fees - Lam Ching Wan, William		23,049		46,317
Director fees - Ma Wai Kin		15,366		30,878
Director fees - Leung Kwong Tak		13,706		32,422
Total salaries and director fees	$	62,109	$	121,325

Related party transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Balances and transactions between the Company and its subsidiary have been eliminated on consolidation and are not disclosed in this note.

Related party balances included in the statement of financial position are all non-interest bearing, unsecured and due on demand.

The details for amount due to related parties were as follows:

Amount as at	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Holmsun Capital Limited (a) (b)		5,784,550		5,797,204
	$	5,784,550	$	5,797,204

(a)	Common director, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited
(b)	Common shareholder, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited

23

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 12. INCOME TAXES

The Company and its subsidiaries have no operation in United States, Cayman Islands and British Virgin Islands, and are not subject to any domestic income tax. Therefore, no domestic income tax of United States, Cayman Islands and British Virgin Islands are paid in the quarter ended June 30, 2022 and year ended December 31, 2021.

Hong Kong Prolific Mineral Resources Holdings Limited was incorporated in Hong Kong and is subjected to Hong Kong profits tax rate of 16.5% for the six months ended June 30, 2022 and 2021. Income tax (reversal) expense amounted to $Nil for the quarter ended June 30, 2022 and year ended December 31, 2021.

A reconciliation of the provision for income taxes with amounts determined by applying the Hong Kong profit rate of 16.5% to income before income taxes is as follows:

	June 30,2022			December 31,2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	(104,225	)	$	(265,506	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable loss	$	(104,225	)	$	(265,506	)
Hong Kong Profits Tax rate		16.5	%	16.5%%
Current tax credit	$	17,197		$	43,808
Less: Valuation allowance		(17,197	)		(43,808	)

No deferred tax has been provided as there are no material temporary differences arising during the quarter ended June 30, 2022 and year ended December 31, 2021.

Shanxi Green Biotechnology Industry Company Limited was incorporated in the PRC and are subjected to income taxes under the current laws of the PRC. The EIT rate of PRC was 25% for the quarter ended June 30, 2022 and year ended December 31, 2021.

Profit (loss) before income tax of $ (1,116,388) and $ (234,271) for the quarter ended June 30, 2022 and year ended December 31, 2021 respectively, were attributed to operations in China. The income tax expenses consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	1,116,388	)	$	(234,271	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable profit (loss)	$	(1,116,388	)	$	(234,271	)
China Enterprise Income Tax rate		25	%		25.0	%
Current tax credit(debit)	$	279,097		$	58,568
Less: Valuation allowance		(279,097	)		(58,568	)

No deferred tax has been provided as there are no material temporary differences arising during the quarter ended June 30, 2022 and year ended December 31, 2021.

24

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 13. SEGMENT INFORMATION

FASB Accounting Standard Codification Topic 280 (ASC 280) “Segment Reporting” establishes standards for reporting information about operating segments in financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.

In the quarter ended June 30, 2022 and year ended December 31, 2021, the Company is regarded as a single operating segment, being engaged in the manufacturing of bio-fertilizer. This principal activity and geographical market are substantially based in China, accordingly, no operating or geographical segment information are presented.

NOTE 14. COMPREHENSIVE INCOME

Total comprehensive income includes, in addition to net income, changes in equity that are excluded from the consolidated statements of income and are recorded directly into a separate section of shareholders’ equity on the consolidated balance sheets. Comprehensive income and its components consist of the following:

Period and Year Ended	June 30, 2022			December 31,2021
	(unaudited)			(audited)
Net loss	$	(1,241,953	)	$	(499,777	)
Other comprehensive income, net of tax
Foreign currency translation adjustment		175,949			(2,171	)
Comprehensive loss	$	(1,066,004	)	$	(501,948	)

25

 GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 15. LEGAL PROCEEDINGS

Civil case with Mr. Yao Gui Mu

Yao Gui Mu (“the Plaintiff”), former operation manager of the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“China Subsidiary”), brought a lawsuit against China Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of $141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, China Subsidiary provided supplemental evidence to the Court on 16 January 2018. The second hearing was held on September 19, 2018.

The District People’s Court of Jin Zhong City, Yu Ci District released the civil judgement decision (2017) 晋0702 民初3879号, that there were not sufficient evidence provided by the Plaintiff for the dispute, and the Court did not support for the claim of loan and related interest against China Subsidiary. The judgement decision dated on August 31, 2018.

Yao Gui Mu (“the Appealer”) appeal for the decision to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On May 10, 2019, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2019) 晋07民終355号, that due to the fact that there was a second hearing held on September 19, 2018 after the judgement decision made on August 31, 2018, which was a severe disorder of procedures. Therefore, the civil judgement decision (2017) 晋0702 民初3879号 was revoked and the case was put to re-trial, which was subsequently carried out on October 16, 2019.

On December 16, 2019, the Court released the civil judgement decision (2019) 晋0702 民初3543号之一, that the related dispute loan was being a criminal case under police investigation. Before the police formed a decision, the Court could not confirm that the civil case was under the district court’s judgement jurisdiction. Therefore, the lawsuit against China Subsidiary was rejected.

Yao Gui Mu (“the Appealer”) appeal for the decision (2019) 晋0702 民初3543号之一to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On June 29, 2020, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2020) 晋07民終1734号, agreed with the original civil judgement and reject the appeal.

On May 20, 2021, Yao Gui Mu (“the Plaintiff”) once again re-brought the lawsuit against China Subsidiary to the District People’s Court of Jin Zhong City, Yu Ci District, after the police formed the decision on April 16, 2021, that no prosecution against the Plaintiff. On July 26, 2021, a court hearing was held and the trail completed. The judgement decision will be released not later than end of this year.

On November 15 2021, Yao Gui Mu withdrew the claim against China Subsidiary. Although Yao Gui Mu did not disclose the reason which led to his decision of such withdraw, according to the company’s lawyer it is likely due to Yao Gui Mu’s lack of sufficient evidence as it was found by the District People’s Court of Jin Zhong City, Yu Ci District. It is therefore less likely that Yao Gui Mu could bring the claim against China Subsidiary again unless he can prove the existence of the loan.

26

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TOUNAUDITEDCONSOLIDATEDFINANCIAL STATEMENTS

NOTE 15. LEGAL PROCEEDINGS (CONTINUED)

Criminal investigation regarding a potential fraud with one of its former customers

Management of the Company suspects that there was a potential fraud committed in the sales made to one of its previous customers. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud. The Bureau of Public Security of Yuci District officially undertook the case and initiated investigation procedures on 11 September 2017. Management has been informed that the case is currently under criminal investigation by relevant authorities.

On May 6, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000030号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on May 21, 2021. On August 11, 2021, the People's Procuratorate of Jun Zhong City, Yu Ci District made the decision 榆检二部移字[2021]Z4号to send back the case to the Bureau of Public Security of Jun Zhong City, Yu Ci District to reconsider the procedure for prosecution according to the regulation applied.

Criminal investigation against one of GVBT’s former employee

Management of the Company suspects that one of its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook its case and initiated investigation procedures on 28 January 2018. Management has been informed that the case is currently under criminal investigation by relevant authorities in China.

On April 16, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000018号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on July 5, 2021.

Besides the disclosure stated above, management is not aware of any other legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Annual Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

NOTE 16. COMMON STOCK

On January 17, 2022, as a result of a private sale transactions, all of the issued and outstanding shares of common stock of Able Lead Holdings Limited were transferred from Leung Kwong Tak, Michael to Well Supreme International Limited (the “Purchaser”).

Able Lead Holdings Limited was the holder of 75,674,200 shares (the “Shares”), comprising about 47.064% of the issued shares of the Company. Through the purchase of all of the issued and outstanding shares of common stock of Able Lead Holdings Limited, the Purchaser became the owner of the Shares.

The Purchaser is a company incorporated in the BVI and is beneficially owned by Lam Ching Wan, William and Ho Mee Kuen, Karen (“Karen Ho”), with respective shareholding of 0.1% and 99.9% of all the issued shares of the Purchaser.

Karen Ho is the wife of Lam Ching Wan, William and is regarded as a related party to him. As a result, Lam Ching Wan, William is holding, in addition to the 3.732% of the issued shares of the Company (through Harcourt Capital Limited), totally approximately 50.796% of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholder.

27

GREEN VISION BIOTECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 17. SUBSEQUENT EVENT

COVID-19

COVID-19 continues to spread rapidly to many parts of China and other parts of the world. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. In accordance with recommended and mandated restrictions by relevant government and public health officials in light of the COVID-19 outbreak, the Company’s operations had been slightly affected by the COVID-19. As of the issuance date of this report, the extent to which the COVID-19 impacts the Company’s results will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 and the actions to contain the COVID-19 or treat its impact, among others.

Lockdown in various cities in mainland China significantly reduced the commercial activities in the industry which has very significant negative impact to the Company.

Management has evaluated all activities and concluded that there were no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements except for the disclosures in Note 15 and the mentioned above matters.

All subsequent events are being disclosed in the Company’s periodic reports that are currently in preparation for filing. Such events shall be described in detail therein.

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements". These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

28

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

CORPORATE STRUCTURE

The Company is not a Chinese operating company but a Nevada holding company with operations conducted by our subsidiaries in Cayman Islands, BVI, Hong Kong SAR and Mainland China. The diagram of the Company’s corporate structure is shown below:

Green Vision Biotechnology Corporation (Nevada USA) has a group structure with several layers of subsidiaries incorporated in various jurisdictions:  Cayman Islands, BVI, Hong Kong SAR and Mainland China. We will refer to Green Vision Biotechnology Corporation as the Holding Company, and refer to the Cayman subsidiary as “Lutu” and other subsidiaries by its place of incorporation:

(1)	Lutu International Biotechnology Ltd. (“Lutu”);
(2)	Light Raise Ltd. (“BVI Subsidiary”);
(3)	Hong Kong Prolific Mineral Resources Holdings Ltd. (“HKSAR Subsidiary”); and
(4)	Shanxi Green Biotechnology Industry Company Limited (“China Subsidiary”).

Of these subsidiaries, Lutu (the Cayman subsidiary) and BVI Subsidiary have no operation. The HKSAR Subsidiary provide services to the group while the China Subsidiary conducts operations in China.

29

GENERAL

Green Vision Biotechnology Corp. (formerly known as Vibe Wireless Corp., originally known as Any Translation Corp.), (the “Company”, “GVBT”), was incorporated under the laws of the State of Nevada on July 5, 2012. The Company was founded to be in the business of translation and interpretation. On November 12, 2015, the Company changed its name from Any Translation Corp. to Vibe Wireless Corp. On September 30, 2016, we changed our name from Vibe Wireless Corp. to Green Vision Biotechnology Corp.

On September 30, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation to increase the Company’s authorized number of shares of common stock from 75 million to 750 million and forward split all of its issued and outstanding shares of common stock at a ratio of ten (10) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on September 30, 2016. This stock split has been retroactively applied to the financial statements.

On September 30, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, Green Vision Biotechnology Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company is the surviving entity and changed its name to “Green Vision Biotechnology Corp.”

On September 30, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting that the aforementioned forward split and name change be effected in the market. The Company also requested that its ticker symbol be changed to “GVBT”. This name change and our ticker symbol change was acknowledged by FINRA and effected in the market on November 27, 2016.

As disclosed in our Current Report on Form 8-K dated May 12, 2017 there was a change in our management. Effective May 3, 2017, the Company accepted the resignation of Edward P. Mooney as the sole officer of the Company and as the sole member of the Company’s board of directors. Simultaneously, Mr. Ma Wai Kin, was elected as the Company’s President, Secretary, Treasurer and a member of the Board of Directors.

30

Results of Operations

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue our operation.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Result of Operations for the Three months ended June 30, 2022 and 2021

Revenue was $Nil for the three months ended June 30, 2022 (“Q2”), decreased by $80,216, or 100.0% from $80,216 for the three months ended June 30, 2021 (“Comparable Quarter”). The decrease in revenue during the Q2 as compared to the Comparable Quarter was due to the significant decrease in activities resulted of the downtrend of economy in mainland China, and the preparation for a progressive change on the business model for a new opportunity.  

Cost of sales was decreased by $41,211, or 100.0% from $41,211 in the Comparable Quarter to $Nil in Q2. The decrease was corresponding with the decrease in the sales revenue.

Gross profit was decreased by $39,005, or 100.0% from $39,005 in the Comparable Quarter to $Nil in Q2. In terms of percentage of revenue, the gross profit percentage was decreased to 0% for Q2 as compared to 48.6% for the Comparable Quarter. The decrease of gross profit was corresponding with the decrease in the sales revenue.

Selling expenses were decreased by $33,504 or 100.0% from $33,504 for the Comparable Quarter to $Nil in Q2. In terms of percentage of revenue, the rates were 0% in Q2 compared to 41.8% in the Comparable Quarter. There were no selling expenses because no sales occurred.

General and administrative expenses were decreased by $45,835, or 33.7% from $136,171 for the Comparable Quarter to $90,336 for Q2. The decrease is primarily due to the decrement in professional fee, depreciation and amortization in Q2.

The following is a summary of general and administrative expenses for the three months ended June 30, 2022, and 2021.

	June 30, 2022		June 30, 2021		Difference
	Unaudited		Unaudited
Consulting fees	$	7,328	$	4,624	$	2,704
Salary and payroll expenses		40,988		40,434		554
Professional fees		8,575		22,023		(13,448	)
Travel and entertainment		737		3,631		(2,894	)
Depreciation and amortization		21,588		42,296		(20,708	)
Other		11,120		23,163		(12,043	)
	$	90,336	$	136,171	$	(45,835	)

Consulting fees were increased by $2,704, or 58.5%, from $4,624 in Comparable Quarter to $7,328 in Q2, and confirmed that no consulting fees received from Lutu during the periods presented.

Our salary and payroll expenses were increased by $554 or 1.4%, to $40,988 in Q2, as compared to $40,434 in the Comparable Quarter. We anticipate that salary and wages on payroll expenses will rise in future periods as it becomes necessary to increase our staff in order to enhance our management quality for the listing requirement, and activities for the preparation of change on the business model for a new opportunity.

Professional fees were decreased by $13,448, from $22,023 in Comparable Quarter to $8,575 in Q2.

Travel and entertainment expenses were decreased by $2,894, or 79.7%, from $3,631 in Comparable Quarter to $737 in Q2. The decrease of travel and entertainment expenses was due to the reduction of activities.

31

Depreciation and amortization expenses were decreased by $20,708, or 49.0%, from $42,296 in Comparable Quarter to $21,588 in Q2, which was mainly due to the disposal of property, plant and equipment.

Other expenses include items such as office expenses, software related costs, telephone and a variety of other miscellaneous expenses. None of these expenses alone changed significantly except property tax and land use tax, as the difference was $12,043, or 52.0% decrease from $23,163 in Comparable Quarter to $11,120 in Q2.

We anticipate that we will incur higher general and administrative expenses as a public company. We expect that our professional fees, cost of transfer agent, investor relations costs and other stock related costs will accordingly increase.

We also anticipate that general and administrative expenses will concurrently increase with our activities for the preparation of change on the business model for a new opportunity in the future.

Our loss from operations was decreased by $40,334 or 30.9%, to negative $90,336 in Q2, from negative $130,670 in Comparable Quarter.

Non-operating income (expenses) was decreased by $1,936, or 39.7%, to income of $2,945 in Q2, from income of $4,881 in Comparable Quarter, of which mainly due to the increase of other expenses by $5,232 from $Nil in Comparable Quarter to $5,232 in Q2.

The net loss attributed to the Company was decreased by $38,398, or 30.5% to negative $87,391 in Q2, as compared to negative $125,789 in Comparable Quarter.

Result of Operations for the Six months ended June 30, 2022 and 2021

Revenue was decreased by $144,689, or 100.0% from $144,689, in the six months ended June 30, 2021 (the “Six-Month Comparable Period”) to $Nil in the six months ended June 30, 2022 (the “First Half Year of FY2022”). The decrease in revenue during the First Half Year of FY2022 as compared to the Six Month-Comparable Period was due to the significant decrease in activities resulted of the downtrend of economy in mainland China, and the preparation for a progressive change on the business model for a new opportunity.

Cost of sales was decreased by $73,964, or 100.0% from $73,964 in the Six Month-Comparable Period to $Nil in the First Half Year of FY2022. The decrease was corresponding with the decrease in the sales revenue.

Gross profit was decreased by $70,725, or 100.0% from $70,725 in the Six Month-Comparable Period to $Nil in the First Half Year of FY2022. In terms of percentage of revenue, the gross profit percentage was decreased to 0% for the First Half Year of FY2022 as compared to negative 48.9% for the Six Month-Comparable Period. The decrease of gross profit was corresponding with the decrease in the sales revenue.

Selling expenses were decreased by $58,784, or 100.0%, to $Nil in the First Half Year of FY2022 from $58,784 in the Six Month-Comparable Period. In terms of percentage of revenue, the rates were 0% in the First Half Year of FY2022 compared to 40.6% in the Six Month-Comparable Period. There were no selling expenses because no sales occurred.

General and administrative expenses were decreased by $28,810, or 11.5% to $220,691 in the First Half Year of FY2022 from $249,501 in the Six Month-Comparable Period. The decrease is primarily due to the decrease of professional fees and depreciation and amortization from $127,567 in the Six Month-Comparable Period to $84,384 in the First Half Year of FY2022 and the offset of the increase of consulting fee from $9,254 in the Six Month-Comparable Period to $35,900 in the First Half Year of FY2022.

The following is a summary of general and administrative expenses for the six months ended June 30, 2022, and 2021.

	June 30, 2022		June 30, 2021		Difference
	Unaudited		Unaudited
Consulting fees	$	35,900	$	9,254	$	26,646
Salary and payroll expenses		83,737		79,296		4,441
Professional fees		20,102		43,102		(23,000	)
Travel and entertainment		3,553		5,686		(2,133	)
Depreciation and amortization		64,282		84,465		(20,183	)
Other		13,117		27,698		(14,581	)
	$	220,691	$	249,501	$	(28,810	)

32

Consulting fees were increased by $26,646, or 287.9%, from $9,254 in the Six Month-Comparable Period to $35,900 in the First Half Year of FY2022, and confirmed that no consulting fees received from Lutu during the periods presented.

Our salary and payroll expenses were increased by $4,441 or 5.6%, to $83,737 in the First Half Year of FY2022, as compared to $79,296 in the Six Month-Comparable Period. We anticipate that salary and wages on payroll expenses will rise in future periods as it becomes necessary to increase our staff in order to enhance our management quality for the listing requirement, and activities for the preparation of change on the business model for a new opportunity.

Professional fees were decreased by $23,000, from $43,102 in the Six Month-Comparable Period to $20,102 in the First Half Year of FY2022.

Travel and entertainment expenses were decreased by $2,133, or 37.5%, from $5,686 in the Six Month-Comparable Period to $3,553 in the First Half Year of FY2022. The decrease of travel and entertainment expenses was due to the reduction of activities.

Depreciation and amortization expenses were decreased by $20,183, or 23.9%, from $84,465 in the Six Month-Comparable Period to $64,282 in the First Half Year of FY2022.

Other expenses include items such as office expenses, software related costs, telephone and a variety of other miscellaneous expenses. None of these expenses alone changed significantly except property tax and land use tax, as the difference was $14,581, or 52.6% decrease from $27,698 in the Six Month-Comparable Period to $13,117 in the First Half Year of FY2022.

We anticipate that we will incur higher general and administrative expenses as a public company. We expect that our professional fees, cost of transfer agent, investor relations costs and other stock related costs will accordingly increase.

We also anticipate that general and administrative expenses will concurrently increase with our activities for the preparation of change on the business model for a new opportunity in the future.

Our loss from operations was decreased by $16,869 or 7.1%, to negative $220,691 in the First Half Year of FY2022, from negative $237,560 in the Six Month-Comparable Period.

Non-operating expenses (income) was increased by $1,027,100, or 17593.4%, to expenses of $1,021,262 in the First Half Year of FY2022, from income of $5,838 in the Six Month-Comparable Period, of which mainly due to the increase of other expenses by $1,027,881 from $21 in the Six Month-Comparable Period to $1,027,902 in the First Half Year of FY2022 which was mainly due to the disposal of property, plant and equipment.

The net loss attributed to the Company was increased by $1,010,231, or 436.0% to negative $1,241,953 in the First Half Year of FY2022, as compared to negative $231,722 in the Six Month-Comparable Period.

Liquidity and Capital Resources

The Company’s liquidity and capital is dependent on whether the Company is capable of generating its revenues and increasing its capital for the development and expansion of its business.

Management plans to support the Company’s operation and its business strategy by raising funds through public and private offerings and relying on officers and directors to perform essential management functions with minimal compensation. If we do not raise all of the money we need from a public offering, we will have to find alternative sources, such as a private placement of securities, or loans from our officers, directors or others. The loans are likely to be unsecured, non-interest bearing and repayable at demand.

Moreover, management has actively taken steps to revise its operating and financial needs. Management believes that the Company’s current and available capital resources will allow it to continue its operations throughout this fiscal year.

Working capital

At June 30, 2022, we had a working capital deficit of $10,621,487, as compared to a working capital deficit of $10,808,875 at December 31, 2021. Of the working capital deficit at June 30, 2022, $10,044,295 was amount due to related parties and shareholder. Excluding the amounts due to related parties and shareholder, we would have had a negative working capital of $577,192 at June 30, 2022. As comparison, for the working capital deficit at December 31, 2021, $10,224,908 was amount due to related parties and shareholder. Excluding the amounts due to related parties and shareholder, we would have had a negative working capital of $583,967 at December 31, 2021. The amounts due to related parties and shareholder are unsecured, interest free and repayable on demand.

33

Operating activities

During the six months ended June 30, 2022, operating activities used cash in operations of $25,221, and for the comparable year ended June 30, 2021, operating activities used cash in operations of $85,864. The use of cash in operating activities for the six months ended June 30, 2022 was mainly derived from a net loss of $1,241,953 with non-cash items of $63,877 ($51,452 plus $12,425) in depreciation and amortization, $1,080,630 in disposal of property, plant and equipment, negative $11,709 in inventory provision reversal; moreover, there was an increased in cash of $11,709 in inventory; an increased in cash of $28,645 in accrued expenses and an increase in cash of $51,570 in amount due to related parties, which were offset by a decrease in cash of $16,513 in tax payables. As comparison, the use of cash in operating activities for the six months ended June 30, 2021 was mainly derived from a net loss of $231,722 with non-cash items of $84,459 ($72,021 plus $12,438) in depreciation and amortization, negative $95,028 in inventory provision reversal; moreover, there was an increased in cash of $93,357 in inventory; an increased in cash of $24,728 in accrued expenses and an increase in cash of $28,386 in amount due to related parties, which were offset by a decrease in cash of $38 in accrued payroll. 

The reversal of provision for inventory were $11,709 and $95,028 for the six months period ended June 30, 2022 and 2021 respectively, which represented to be the cost of the inventory which was previously been provided as the reserve for inventory shrinkage, but had been physically reused back in the production of products in the reporting year through self-production, sub-contacting or being sold for disposal of obsolete. The reversals amount were reflected back into cost of sales for the production of products through self-production and sub-contracting production, or in corresponding entries which reflected into the other income or negative expense while being sale for disposal of obsolete.

The provision of inventory balance was $37,709 as at June 30, 2022, as compared to $51,652 as at December 31, 2021.

Investing Activities

During the six months ended June 30, 2022, investing activities provided $Nil of cash; and for comparable six months ended June 30, 2021, investing activities provided $Nil of cash.

Financing Activities:

During the six months ended June 30, 2022, financing activities provided cash of $14,922; and for comparable six months ended June 30, 2021 financing activities provided cash of $198,002. The change of cash provided by financing activities was derived from the changes in the amounts due to our shareholder.

As at June 30, 2022, net cash and cash equivalents balance was $17,405 as compared to balance $6,507 as at December 31, 2021.

As at June 30, 2022, stockholder’s equity was negative $8,982,493, compared to a negative equity of $ 7,916,489 at December 31, 2021.

The provision of inventory balance was $37,709 as at June 30, 2022 as compared to $51,652 as at December 31, 2021, and the reversal of provision for inventory were $11,709 during the six months ended June 30, 2022 and in the Comparable Quarter. The source of fund for supporting the Company’s business operation was loans from directors and shareholders. In the event the directors and shareholders do not continue to support the Company’s business operation, the Company could be short of funds and may not be able to operate any longer. The amounts due to related parties and director are interest-free loans. These loans are unsecured and have no fixed repayment terms.

Plan of Operation and Funding

We expect that working capital requirements will continue to be funded through a combination of our existing funds, loans from third parties, other debt facilities, or further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a growing business; and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to the shareholdings of our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

Since 2017, local government of Jinzhong City, Shanxi Province, China (where China Subsidiary and our production plant is located) has promulgated a new set of environmental regulations restricting the use of coal-fired boilers in factories. Since coal-powered generators were used in our production plant, our production activities in 2018 were restricted to a certain extent.

34

We cannot ensure that we can comply with the new environmental regulations in time. If that is the case, our production and our production capacity may be reduced as a result. This will affect our ability to generate income and to meet the demand of our customers, which in turn could have a material adverse effect on our financial condition and results of operations.

Due to the enforcement on new environmental regulations over industrial production by coal-fired boilers by local authorities in Shanxi, the Company’s production was restricted to a certain extent in 2017. In order to fully comply with the new environmental regulations in place, management of the Company had planned to carry our rectification work and expected that the rectification work could be completed by mid of 2018 and full-scale production might resume in the second half of 2018. However, due to the shortage of funding to carry out the rectification work on our coal-powered generators, our production activities were restricted since second quarter in 2018. Our production and our production capacity was reduced as a result, significantly affected our ability to generate income and to meet the demand of our customers, which in turn had a material adverse effect on our financial condition and results of operations. The management had decided to maintain our business by way of sub-contracting or assignment of the production. Furthermore, the management had further researched for other business opportunity to utilize the reduced capacity of the property and equipment, in order to make better the worsened revenue.

Since 2018, the Company provided full amount of provision on inventory to reflect the financial condition and results of operations. While the estimated inventory provision was physically been used for production, a reversal in the provision will revert back into the cost of sales for the production of products through self-production and sub-contracting production, or reflect back to the other income/expense while being sale for disposal of obsolete.

The reduction in production was further worsened in 2021 and as a result the Company changed the products mix to become 100% purchase merchandise from outside supplier instead of self-production or sub-contracting. The change provided the Company to have a flexibility to sell products with higher margin to customers via our marketing network, but in consequence with a higher commission expenses. The Company will continue to operate in this flexible marketing strategy in the short run until we can find a new business opportunity.

On April 29, 2022, the Company has entered into a Memorandum of Understanding (“MOU”) with International Supply Chain Alliance Company Limited (“ISCA”), a provider of logistics knowhow and software to warehouse operators and shippers in China and Southeast Asia countries on the even date. The MOU states, inter alia, that the Company intends to collaborate with ISCA by acquiring all of its subsidiaries and existing contractual benefits. The Company and ISCA shall utilize their best endeavors in entering into Definitive Agreements to realize the intended collaboration prior to October 31, 2022. The intended collaboration with ISCA, as described in the MOU, allows the Company to expand its existing business scope beyond the green product sector and further into the agricultural sector. The Company intends to fully utilize ISCA’s trading platform and data in delivering to existing and future alliance members the resulting product suite which could include a new and wide array of agricultural products.

Subsequent to MOU agreement, the Board of directors after consideration of the business development and opportunity in the best interest of the Company, the Board passed a resolution to demolish part of the property in Shanxi subsidiary which was used in the production but was in idol in last quarter. The demolish parts will be disposed and the fund received will be used as the working capital of the Company.

Off-Balance Sheet Arrangements

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Going Concern

The independent auditors' report accompanying our December 31, 2021 audited financial statements filed in Form 10-K on March 31, 2022 contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

COVID-19

COVID-19 continues to spread rapidly to many parts of China and other parts of the world. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. In accordance with recommended and mandated restrictions by relevant government and public health officials in light of the COVID-19 outbreak, the Company’s operations had been slightly affected by the COVID-19. As of the issuance date of this report, the extent to which the COVID-19 impacts the Company’s results will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 and the actions to contain the COVID-19 or treat its impact, among others.

35

ITEM 3: QUANTITATIVE AND QUALITAIVE DISCLOSURE ABOUT MARKET RISK

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that 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 in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

An evaluation was conducted by an officer under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2022. Based on that evaluation, our management concluded that, due to the material weakness in the Company’s internal controls over financial reporting as discussed in the Company’s annual report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021, our disclosure controls and procedures were not effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the six months period ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting have come to Management’s attention during the six months period ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect the Company’s internal control over financial reporting.

Limitations on Controls

Management does not expect that the Company’s disclosure controls and procedures or the Company’s internal control over financial reporting will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

36

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Civil case with Mr. Yao Gui Mu

Yao Gui Mu (“the Plaintiff”), former operation manager of the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“China Subsidiary”), brought a lawsuit against the China Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of $141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, China Subsidiary provided supplemental evidence to the Court on 16 January 2018. The second hearing was held on September 19, 2018.

The District People’s Court of Jin Zhong City, Yu Ci District released the civil judgement decision (2017) 晋0702 民初3879号, that there were not sufficient evidence provided by the Plaintiff for the dispute, and the Court did not support for the claim of loan and related interest against the China Subsidiary. The judgement decision dated on August 31, 2018.

Yao Gui Mu (“the Appealer”) appeal for the decision to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On May 10, 2019, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2019) 晋07民終355号, that due to the fact that there was a second hearing held on September 19, 2018 after the judgement decision made on August 31, 2018, which was a severe disorder of procedures. Therefore, the civil judgement decision (2017) 晋0702 民初3879号 was revoked and the case was put to re-trial, which was subsequently carried out on October 16, 2019.

On December 16, 2019, the Court released the civil judgement decision (2019) 晋0702 民初3543号之一, that the related dispute loan was being a criminal case under police investigation. Before the police formed a decision, the Court could not confirm that the civil case was under the district court’s judgement jurisdiction. Therefore, the lawsuit against the China Subsidiary was rejected.

Yao Gui Mu (“the Appealer”) appeal for the decision (2019) 晋0702 民初3543号之一to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On June 29, 2020, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2020) 晋07民終1734号, agreed with the original civil judgement and reject the appeal.

On May 20, 2021, Yao Gui Mu (“the Plaintiff”) once again re-brought the lawsuit against the Shanxi Subsidiary to the District People’s Court of Jin Zhong City, Yu Ci District, after the police formed the decision on April 16, 2021, that no prosecution against the Plaintiff. On July 26, 2021, a court hearing was held and the trail completed.

On November 15 2021, Yao Gui Mu withdrew the claim against the China Subsidiary. Although Yao Gui Mu did not disclose the reason which led to his decision of such withdraw, according to the company’s lawyer it is likely due to Yao Gui Mu’s lack of sufficient evidence as it was found by the District People’s Court of Jin Zhong City, Yu Ci District. It is therefore less likely that Yao Gui Mu could bring the claim against the Shanxi Subsidiary again unless he can prove the existence of the loan.

37

Criminal investigation regarding a potential fraud with one of its former customers

Management of the Company suspects that there was a potential fraud committed in the sales made to one of its previous customers. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud. The Bureau of Public Security of Yuci District officially undertook the case and initiated investigation procedures on 11 September 2017. Management has been informed that the case is currently under criminal investigation by relevant authorities.

On May 6, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000030号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on May 21, 2021. On August 11, 2021, the People's Procuratorate of Jun Zhong City, Yu Ci District made the decision 榆检二部移字[2021]Z4号to send back the case to the Bureau of Public Security of Jun Zhong City, Yu Ci District to reconsider the procedure for prosecution according to the regulation applied.

Criminal investigation against one of GVBT’s former employee

Management of the Company suspects that one of its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook its case and initiated investigation procedures on 28 January 2018. Management has been informed that the case is currently under criminal investigation by relevant authorities in China.

On April 16, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000018号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on July 5, 2021. 

Besides the disclosure stated above, management is not aware of any other legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Annual Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

38

ITEM 1A. RISK FACTORS

Not applicable to a smaller reporting company.

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

No report required.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No report required.

ITEM 4. MINESAFETY DISCLOUSURES

Not applicable.

ITEM 5. OTHER INFORMATION

No report required.

ITEM 6. EXHIBITS

Exhibits

Exhibit No.	Description
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

39

SIGNATURE

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

	GREEN VISION BIOTECHNOLOGY CORP.
Date: August 22, 2022	By:	/s/ William Ching Wan Lam
		William Ching Wan Lam
		Chief Executive Officer
Date: August 22, 2022	By :	/s/Kwok Leung Lo
		Kwok Leung Lo
		Chief Financial Officer

40

EX-31.1

 EXHIBIT 31.1

CERTIFICATION

I, William Ching Wan Lam, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Green Vision Biotechnology Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 : August 22, 2022	By:	/s/William Ching Wan Lam
		William Ching Wan Lam
		Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Kwok Leung Lo, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Green Vision Biotechnology Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 : August 22, 2022	By:	/s/Kwok Leung Lo
		Kwok Leung Lo
		Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Green Vision Biotechnology Corp. (the “Company”) for the period ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of knowledge and belief:

(1)	the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 22, 2022	By:	William Ching Wan Lam
		William Ching Wan Lam
		Chief Executive Officer
Date: August 22, 2022		Kwok Leung Lo
		Kwok Leung Lo
		Chief Financial Officer

XML

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 22, 2022
Cover [Abstract]
Entity Registrant Name	GREEN VISION BIOTECHNOLOGY CORP.
Entity Central Index Key	0001571804
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		160,790,000
Document Quarterly Report	true
Entity File Number	000-55210
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-1060941
Entity Interactive Data Current	Yes
Entity Address Address Line 1	Rooms 1804-06, 18/F.
Entity Address Address Line 2	Wing On House
Entity Address Address Line 3	71 Des Voeux Road Central
Entity Address City Or Town	Hong Kong
City Area Code	852
Local Phone Number	94929967
Security 12b Title	Common stock, par value $0.001 per share
Document Transition Report	false
Entity Address Country	CN
Trading Symbol	GVBT

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 17,405	$ 6,507
Accounts receivable, net of allowance for doubtful accounts	0	0
Inventories, net	0	0
Advance to suppliers	21,790	22,955
Other receivables	192	320
Total current assets	39,387	29,782
Property, plant and equipment, net	873,412	2,073,211
Intangible assets	764,844	818,403
Restricted cash	738	772
Total non-current assets	1,638,994	2,892,386
TOTAL ASSETS	1,678,381	2,922,168
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	18,914	19,926
Advances from customer	15	16
Accrued expenses	321,380	294,511
Accrued payroll	23,312	18,260
Other payables	252,958	264,217
Other tax payables	0	16,819
Amount due to related parties	5,784,550	5,797,204
Amount due to shareholder	4,259,745	4,427,704
Total current liabilities	10,660,874	10,838,657
TOTAL LIABILITIES	10,660,874	10,838,657
Stockholders' equity
Common stock, $0.001 par value per share, authorized 750,000,000 and 750,000,000 shares, issued and outstanding 160,790,000 shares at June 30, 2022, and December 31, 2021 respectively	160,790	160,790
Additional paid-in capital	(282,209)	(282,209)
Accumulated other comprehensive loss	18,615	(157,334)
Accumulated deficit	(8,879,689)	(7,637,736)
TOTAL STOCKHOLDERS' DEFICIT	(8,982,493)	(7,916,489)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,678,381	$ 2,922,168

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	160,790,000	160,790,000
Common stock, shares outstanding	160,790,000	160,790,000

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Continuing operations
Revenue, net	$ 0	$ 80,216	$ 0	$ 144,689
Cost of goods sold	0	41,211	0	73,964
Gross profit	0	39,005	0	70,725
Operating expenses
Selling expenses	0	33,504	0	58,784
General and Administrative expenses	90,336	136,171	220,691	249,501
Total operating expenses	90,336	169,675	220,691	308,285
(Loss)/Income from operations	(90,336)	(130,670)	(220,691)	(237,560)
Non-operating income(expense)
Interest income	7	3	11	7
Interest expenses	(802)	(1,095)	(2,343)	(1,605)
Other income	8,972	5,973	8,972	7,457
Other expense	(5,232)	0	(1,027,902)	(21)
(Loss)/Income before income taxes	(87,391)	(125,789)	(1,241,953)	(231,722)
Income taxes	0	0	0	0
Net (loss)/income	(87,391)	(125,789)	(1,241,953)	(231,722)
Net (loss)/income attributable to the Company	(87,391)	(125,789)	(1,241,953)	(231,722)
Foreign currency translation adjustment	153,074	(6,480)	175,949	(4,727)
Comprehensive (Loss)/Income	$ 65,683	$ (132,269)	$ (1,066,004)	$ (236,449)
Loss per share of common stock Basic and diluted	$ 0.054	$ 0.078	$ 0.772	$ (0.144)
Weighted average number of common shares outstanding - basic and diluted	160,790,000	160,790,000	160,790,000	160,790,000

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	Total	Number of common shares outstanding [Member]	Additional Paid-in Capital [Member]	Accumulated other comprehensive income [Member]	Accumulated Deficit [Member]
Balance, shares at Dec. 31, 2020		160,790,000
Balance, amount at Dec. 31, 2020	$ (7,414,541)	$ 160,790	$ (282,209)	$ (155,163)	$ (7,137,959)
Net loss	(105,933)	0	0	0	(105,933)
Foreign currency translation adjustment	1,753	$ 0	0	1,753	0
Balance, shares at Mar. 31, 2021		160,790,000
Balance, amount at Mar. 31, 2021	(7,518,721)	$ 160,790	(282,209)	(153,410)	(7,243,892)
Balance, shares at Dec. 31, 2020		160,790,000
Balance, amount at Dec. 31, 2020	(7,414,541)	$ 160,790	(282,209)	(155,163)	(7,137,959)
Foreign currency translation adjustment	(4,727)
Balance, shares at Jun. 30, 2021		160,790,000
Balance, amount at Jun. 30, 2021	(7,650,990)	$ 160,790	(282,209)	(159,890)	(7,369,681)
Balance, shares at Mar. 31, 2021		160,790,000
Balance, amount at Mar. 31, 2021	(7,518,721)	$ 160,790	(282,209)	(153,410)	(7,243,892)
Net loss	(125,789)	0	0	0	(125,789)
Foreign currency translation adjustment	(6,480)	$ 0	0	(6,480)	0
Balance, shares at Jun. 30, 2021		160,790,000
Balance, amount at Jun. 30, 2021	(7,650,990)	$ 160,790	(282,209)	(159,890)	(7,369,681)
Balance, shares at Dec. 31, 2021		160,790,000
Balance, amount at Dec. 31, 2021	(7,916,489)	$ 160,790	(282,209)	(157,334)	(7,637,736)
Net loss	(1,154,562)	0	0	0	(1,154,562)
Foreign currency translation adjustment	22,875	$ 0	0	22,875	0
Balance, shares at Mar. 31, 2022		160,790,000
Balance, amount at Mar. 31, 2022	(9,048,176)	$ 160,790	(282,209)	(134,459)	(8,792,298)
Balance, shares at Dec. 31, 2021		160,790,000
Balance, amount at Dec. 31, 2021	(7,916,489)	$ 160,790	(282,209)	(157,334)	(7,637,736)
Net loss	(1,241,953)
Foreign currency translation adjustment	175,949
Balance, shares at Jun. 30, 2022		160,790,000
Balance, amount at Jun. 30, 2022	(8,982,493)	$ 160,790	(282,209)	18,615	(8,879,689)
Balance, shares at Mar. 31, 2022		160,790,000
Balance, amount at Mar. 31, 2022	(9,048,176)	$ 160,790	(282,209)	(134,459)	(8,792,298)
Net loss	(87,391)	0	0	0	(87,391)
Foreign currency translation adjustment	153,074	$ 0	0	153,074	0
Balance, shares at Jun. 30, 2022		160,790,000
Balance, amount at Jun. 30, 2022	$ (8,982,493)	$ 160,790	$ (282,209)	$ 18,615	$ (8,879,689)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows provided by (used in) continuing operating: activities:
Net loss	$ (1,241,953)	$ (231,722)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	51,452	72,021
Amortization of intangible assets	12,425	12,438
Inventory provision reversal	(11,709)	(95,028)
Disposal loss of property, plant and equipment	(1,080,630)	0
Changes in assets and liabilities:
Accounts receivable	0	0
Inventories	11,709	93,357
Advances to suppliers	0	0
Other receivables	116	695
Restricted cash	(4)	(16)
Accounts payable	0	0
Advances from customer	0	0
Other payables	2,228	3,365
Other tax payables	(16,513)	5,950
Accrued payroll	6,183	(38)
Accrued expenses	28,645	24,728
Amount due to related parties	51,570	28,386
Net cash flows provided by (used in) operating activities	(25,221)	(85,864)
Cash flows provided by (used in) investing activities:
Proceeds from sale of property, plant and equipment	0	0
Net cash flows used for investing activities	0	0
Cash flows provided by (used in) financing activities:
Amounts due to shareholder	14,922	198,002
Net cash flows provided by (used in) financing activities	14,922	198,002
Cash flows provided by (used in) discontinued operating activities:
Net cash provided by (used in) investing activities of discontinued operations	0	0
Net cash flows provided by discontinued operations	0	0
Net increase (decrease) in cash and cash equivalents	(10,299)	112,138
Effect of foreign currency translation	21,197	(23)
Cash - beginning of period	6,507	26,734
Cash - end of period	17,405	138,849
Supplemental disclosures of cash flow information:
Interest paid	2,343	1,095
Income taxes	$ 0	$ 0

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ORGANIZATION AND NATURE OF BUSINESS

6 Months Ended

Jun. 30, 2022

ORGANIZATION AND NATURE OF BUSINESS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS

Green Vision Biotechnology Corp. (formerly known as Vibe Wireless Corp., originally known as Any Translation Corp.), (the “Company”, “GVBT”), was incorporated under the laws of the State of Nevada on July 5, 2012. The Company was founded to be in the business of translation and interpretation. On November 12, 2015, the Company changed its name from Any Translation Corp. to Vibe Wireless Corp. On September 30, 2016, we changed our name from Vibe Wireless Corp. to Green Vision Biotechnology Corp.

On September 30, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation to increase the Company’s authorized number of shares of common stock from 75 million to 750 million and forward stock split all of its issued and outstanding shares of common stock at a ratio of ten (10) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on September 30, 2016. This stock split has been retroactively applied to the financial statements.

On the same date, September 30, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, Green Vision Biotechnology Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company is the sole surviving entity and changed its name to “Green Vision Biotechnology Corp.”

The investment transaction under the share exchange agreements and contractual agreements as described below (collectively the “Transaction Agreements”) was entered into, between each of the Shareholders of Lutu International Biotechnology Limited (“Lutu”), a company incorporated under the laws of Cayman Islands and GVBT (the “Investment Transaction”) on May 12, 2017. As a result of closing the Investment Transaction, GVBT acquired part of the shares of Lutu International and assumed management of Lutu and all its direct and indirect subsidiaries (“the Lutu Group”).

On May 12, 2017, GVBT entered into a share exchange agreement with Harcourt Capital Limited (“Harcourt”), a limited company incorporated in the British Virgin Islands, which holds 6% of the issued and outstanding shares of Lutu; and Woodhead Investments Limited (“Woodhead”), a limited company incorporated in the British Virgin Islands, which holds 5% of the issued and outstanding shares of Lutu (the “Minority Interest Exchange Agreement”). Under the Minority Interest Exchange Agreement, Woodhead agreed to transfer GVBT a total of 5% of the issued and outstanding shares of Lutu. In consideration, GVBT agreed to grant Woodhead, or persons designated by Woodhead, a right to receive a total of 5 million shares of GVBT’s common stock. Under the Minority Interest Exchange Agreement, Harcourt agreed to transfer to GVBT a total of 6% of the issued and outstanding shares of Lutu. In consideration, GVBT agreed to grant Harcourt, or persons designated by Harcourt, a right to receive a total of 6 million shares of GVBT’s common stock. The transactions under the Minority Interest Exchange Agreement were completed on May 12, 2017.

Able Lead, an 89% shareholder of Lutu, has an outstanding loan of $4.43 million denominated in Renminbi (“RMB”) owed to an unrelated third party with its maturity date on January 22, 2018 (the “Outstanding Loan”). Able Lead is negotiating an extension of the Outstanding Loan to 2019 with the third party creditor. Shares of Lutu held by Able Lead were offered by Able Lead as collateral to secure repayment of the Outstanding Loan (the “Security”).On May 12, 2017, GVBT entered into a share exchange agreement (the “Majority Interest Exchange Agreement”) with Able Lead, the 89% shareholder of Lutu. Under the Majority Interest Exchange Agreement, Able Lead agreed to enter into a series of contractual arrangements with GVBT (collectively, the “Contractual Arrangements”) (as described below), in which GVBT assumed management control of the Lutu Group. Able Lead further agreed to deliver the shares of Lutu to GVBT once the Outstanding Loan is fully repaid. In consideration, GVBT agreed to issue and deliver a total of 89 million shares of GVBT’s common stock to an escrow agent (issued in the name of the escrow agent or its nominee) (the “Escrow Shares “). The Escrow Shares are held in escrow for a period of one year or such period of time to be agreed by GVBT and Able Lead upon the execution of the Majority Interest Exchange Agreement. Conditional upon the full repayment of the Outstanding Loan and the release of the Security, the Escrow Shares shall be released to Able Lead in exchange for the delivery of a total of 89% of the issued and outstanding shares of Lutu by Able Lead to GVBT. In the event that Able Lead fully repays the Outstanding Loan and causes the release of the Security, then the Escrow Shares shall be delivered to Able Lead. In the event that Able Lead cannot fully repay the Outstanding Loan (within a period of one year, or such period of time to be agreed by GVBT and Able Lead) and cause the release of the Security, then the Escrow Shares shall be delivered to transfer agent for cancellation. Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Majority Interest Exchange Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements described as below. The transactions under the Majority Interest Exchange Agreement were completed on May 12, 2017.

Pursuant to an escrow agreement (the “Escrow Agreement”) entered into between Booth Udall Fuller, PLC (the “Escrow Agent”) and GVBT on May 12, 2017, the Escrow Shares shall be held by Booth Udall Fuller, PLC for a year following the execution of the Majority Interest Exchange Agreement. The Escrow Shares shall not be subject to any lien, attachment, or any other judicial process of any creditor of GVBT, and shall be held and disbursed solely for the purposes and in accordance with the terms of the Majority Interest Exchange Agreement.

On May 12, 2017, GVBT entered into the Contractual Agreements with Lutu and/or Able Lead. Upon execution of the Contractual Arrangements, GVBT assumed management of Lutu and its subsidiaries (the “Lutu Group”) and received economic benefits which includes the right to receive the expected residual returns and and/or obligation to absorb expected loss from the Lutu Group. Each agreement in the Contractual Arrangements constitutes valid and binding obligations of the parties of such agreements and is enforceable and valid in accordance with the laws of Cayman Islands. All agreements executed by Lutu were duly approved by its board of directors and the Shareholders of Lutu.

Consulting Services Agreement

Pursuant to the exclusive consulting services agreement entered into between GVBT and Lutu on May 12, 2017, GVBT has the exclusive right to provide to the Lutu Group general business operation services, including advice and strategic planning, as well as consulting services related to the technological research and development of bio-fertilizers. Further, GVBT owns the intellectual property rights developed or discovered through research and development, in the course of providing the consulting services, or derived from the provision of the consulting services. In consideration, Lutu pays an annual consulting service fees to GVBT in the amount equivalent to all of Lutu’s net profits for the relevant financial year. The term of this consulting service agreement is five (5) years from its effective date and may be terminated upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Consulting Services Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

We hereby confirmed that we have not received any consulting fees from Lutu and Lutu Group during the periods presented.

Operating Agreement

Pursuant to the operating agreement entered into between GVBT, Lutu and Able Lead on May 12, 2017, GVBT agreed to provide guidance and instructions on the Lutu Group’s daily operations, financial management and employment issues. Able Lead agreed to designate candidates recommended by GVBT as their representatives on the boards of directors of each member of the Lutu Group. GVBT has the right to appoint senior executives of each member of the Lutu Group. In addition, GVBT agreed to guarantee the Lutu Group’s performance under any agreements or arrangements relating to the Lutu Group’s business arrangements with any third party. In consideration, Lutu agrees that it will not, and will cause the Lutu Group not to, without the prior consent of GVBT, engage in any transactions that could materially affect their respective assets, liabilities, rights or operations, including but not limited to, incurrence or assumption of any indebtedness, sale or purchase of any assets or rights, incurrence of any encumbrance on any of their assets or intellectual property rights in favor of a third party or transfer of any agreements relating to their business operation to any third party. The term of this operating agreement is five (5) years from its effective date and may be extended and terminated only upon GVBT’s written confirmation prior to the expiration of this agreement.

Unless otherwise expressly agreed in writing by GVBT and Able Lead, the Operating Agreement shall be automatically terminated upon the termination of any of the agreements in the Contractual Arrangements or the Majority Interest Exchange Agreement.

Proxy Agreement

Pursuant to the proxy agreement entered into between Able Lead, Lutu, and GVBT on May 12, 2017, Able Lead agreed to irrevocably grant a person to be designated by GVBT the right to exercise its voting rights and other rights, including the attendance of, and the voting at the shareholders’ meetings of Lutu for and on behalf of Able Lead (or the signing of written resolutions in lieu of such meetings) in accordance with applicable laws and its articles of association, including but not limited to the appointment and voting for the directors and chairman of the board as the authorized representative of Able Lead to exercise controlling power in the Lutu Group. The proxy agreement may be terminated by joint consent of the parties or upon 7-day written notice from GVBT. The proxy right granted by the proxy agreement has never been exercised.

The Expiration of the Consulting Services Agreement, Operating Agreement and Proxy Agreement

On July 30, 2019, the Company cancelled the 89,000,000 shares of common stock, par value $0.001 per share, and re-issued them to Able Lead Holdings Limited. The issuance was done pursuant to Section 4(a)(2) of the Securities Act of 1933. as it was a non-public offering. On May 12, 2017, the Company had placed the 89,000,000 shares into escrow with Booth Udall Fuller PLC, pending repayment of a loan and discharge of shares of Lutu by Able Lead Holdings Limited. Full repayment of such was made on February 27, 2019. Therefore, the 89,000,000 shares were returned from escrow and cancelled. Then they were re-issued to Able Lead Holdings Limited. Thereafter, Able Lead transferred the shares to six (6) shareholders who are not affiliated with GVBT.

The above-mentioned Consulting Services Agreement, Operating Agreement and Proxy Agreement entered between the Company, Lutu and Able Lead on May 12, 2017 were for 5 years terms. Accordingly, all these agreements have expired on May 11, 2022.

Furthermore, since the issuance of common stock to Able Lead Holdings Limited on July 30, 2019, the Company became the 100% shareholder of Lutu, the Company is of the view that there is no longer any need for the Company to renew and extend these agreements to achieve the previous objectives of these agreements.

Changes Resulting from the Investment Transaction

The closing of the Investment Transaction occurred on May 12, 2017, resulting in a change of control of GVBT. Prior to closing of the Investment Transaction, GVBT had a total of 60,790,000 shares of common stock issued and outstanding. As a result of the closing of the Investment Transaction, GVBT now has a total of 160,790,000 shares of its common stock issued and outstanding, of which 60,790,000 shares, or approximately 37.8%, are owned by the previous existing shareholders of GVBT, with the balance of 100,000,000 shares, or approximately 62.2%, owned by the previous shareholders of Lutu, with certain shares held in escrow pursuant to the Escrow Agreement.

Following the closing of the Investment Transaction, GVBT began carrying on the business of the Lutu Group. The Lutu Group, with its operation primarily located in the Shanxi Province of China, is engaged in the biotechnology industry, in particular, the production and distribution of bio-fertilizers. Revenues of the Lutu Group are currently generated from China.

Changes to the Board of Directors and Officers

Simultaneous with the closing of the Investment Transaction, there was a change in the officers and directors of GVBT. As authorized by the bylaws, the existing director of GVBT, Mr. Ma Wai Kin, appointed two (2) additional members to the Board of GVBT. Such members are Mr. Lam Ching Wan (also known as William Lam) and Mr. Leung Kwong Tak (also known as Dr. Michael Leung). Mr. Ma also appointed Mr. William Lam as GVBT’s Chief Executive Officer and Mr. Lo Kwok Leung as GVBT’s Chief Financial Officer. Mr. Lo Kwok Leung is not related to Dr. Michael Leung.

All members of the Board shall hold their respective offices for a term of one year from their respective dates of appointment, or until the election and qualification of their successors, and thereafter to resign as a director of GVBT. In accordance with the bylaws, officers are elected by the board of directors and serve at the discretion of the board of directors.

Accounting Treatment

The Investment Transaction was accounted for as a reverse-merger and recapitalization. For financial reporting purposes, Lutu is the acquirer and GVBT is the acquired company. After completion of the transaction, the assets, liabilities, operations results and cash flow of GVBT that will be reflected in the historical consolidated financial statements prior to the Investment Transaction will be those of Lutu and its subsidiaries and will be recorded at the historical cost basis of Lutu and its subsidiaries. Number of shares deemed to be outstanding for the period from January 1, 2018 to the acquisition date will be reflected in the balance of the common stock and paid in capital. The Company changed its fiscal year ended from January 31 to December 31.

Tax Treatment and SEC Filer Status: Small Business Issuer

The Investment Transaction is intended to constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), or such other tax-free reorganization exemptions that may be available under the Code. Immediately following the Investment Transaction, the filer status of GVBT will be a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K, as promulgated by SEC.

As we are a Smaller Reporting Company under 12b-2 under the Exchange Act, we will be describing the development of our business pursuant to Item 101(h).

(1)	Form and year of organization Our Holding Company (defined hereunder) was formed in Nevada USA as a corporation on May 7, 2012.
(2)	There is no bankruptcy, receivership or similar proceeding against the Holding Company.
(3)	During this period, the Holding Company has not undergone any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business.
(4)	Business of the smaller reporting company.

(i).	Principal products or services and their markets Shanxi Green Biotechnology Industry Company Limited has been producing biofertilizers in China, with the China local market as its main distribution area. The Company has signed a Memorandum of Understanding (non-legally binding) with ISCA on April 27, 2022, whereby details of the collaboration is under further discussion (please refer to the Company announcement on May 03, 2022).
(ii).	Distribution methods of the products or services The Company was utilizing sales channels to distribute products, mixed with some direct sales through sales team (who are employees of the Company or independent contractors).
(iii).	Status of any publicly announced new product or service Since the more stringent environment rules were put in place, the Company has not developed any new product.
(iv).	Competitive business conditions and the smaller reporting company’s competitive position in the industry and methods of competition The Company’s biofertilizer products are quite unique because they have made use of the local mineral products in the Shanxi Province of China. The Company has obtained patents of production both in the US and China.
(v).	Sources and availability of raw materials and the names of principal suppliers Sources of raw materials are mainly from the local areas in Shanxi, supplied by Mr. He Qun (in respect of Potassium Shale), and Mr. Li Jianli (in respect of Humic Acid).
(vi).	Dependence on one or a few major customers When the Company was active in pursuing sales and marketing of the products, there are several major customers, including Heilongjiang Longhui Agricultural Cooperative, Yunnan Kunming Dong Chuan Jin Rui Commerce and Trade Company Limited and Shanxi Fuda Industrial Company Limited.

(vii). Patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including duration The Company owns patents both in the US (pending PCT Application) and China, details of which are as follows :-

1.	Patent Certificate No. ZL201410324943.X;
2.	Patent Certificate No. ZL201410324985.3;
3.	Patent Certificate No. ZL200910073705.5;
4.	Shanxi Green Biotechnology Industry Co., Ltd., for BACILLUS MUCILAGINOSUS AND HIGH-DENSITY FERMENTATION METHOD AND USE THEREOF, U.S. Serial No. 17/535,580, filed November 25, 2021, Continuation application of U.S. Serial No. 16/375,011, filed April 4, 2019, Continuation application of U.S. Serial No. 15/324,772, filed January 9, 2017, which is National Stage of International Application No. PCT/CN2015/083366, filed July 6, 2015, which claims the priority of Chinese Application No. 201410324943.X, filed July 9, 2014.
The Company also owns several trademarks in China, details of which are as follows :-
1.	Trademark Certificate No. 4162106;
2.	Trademark Certificate No. 9924290;
3.	Trademark Certificate No. 55181933.

(viii).	Need for any government approval of principal products or services. If government approval is necessary and the smaller reporting company has not yet received that approval, discuss the status of the approval within the government approval process The China Subsidiary has obtained all necessary permits from the Chinese government on the production of biofertilizers. Please refer to above for a list of these permits.
(ix).	Effect of existing or probable governmental regulations on the business The Chinese government encourages and promotes productions which are of agricultural nature, including fertilizers. Further, the Chinese government has placed more focus on promoting environmental-friendly products, including biofertilizers which are green and environmental-friendly. The Company’s biofertilizer products fall under this category.
(x).	[Reserved]
(xi).	Costs and effects of compliance with environmental laws (federal, state and local) Due to the enforcement on new environmental regulations over industrial production by coal-fired boilers by local authorities in Shanxi, the Company’s production was restricted to a certain extent in 2017. To fully comply with the new environmental regulations in place, management of the Company had planned to carry our rectification work and expected that the rectification work could be completed by mid of 2018 and full-scale production might resume in the second half of 2018. However, due to the shortage of funding to carry out the rectification work on our coal-powered generators, our production activities were restricted since second quarter in 2018.Our production and our production capacity were reduced as a result, significantly affected our ability to generate income and to meet the demand of our customers, which in turn had a material adverse effect on our financial condition and results of operations.
	On January 20, 2020, with the approval of the Company, the China Subsidiary has resolved to dispose the non-current assets which were lying idle for the production. The China Subsidiary also resolved to carry out its future production by sub-contracting the production and goods assessment procedure to other production companies, with its other operations remain unchanged. The China Subsidiary is also planning to move its production process to other parts of China.
	The Company has been considering other business opportunity in recent months and to utilize the current resources, including the property and equipment. Accordingly, the Company has signed a Memorandum of Understanding with ISCA (non-legally binding) on April 27, 2022, whereby details of the collaboration is under further discussion (please refer to the Company announcement on May 03, 2022).
(xii).	Number of total employees and number of full-time employees: 9

(5) Reports to security holders. The following in any registration statement will be disclosed when filing under the Securities Act of 1933:

(i).	As the Company has filed current reports with updated audited financial statements, we are of the view that there may not be necessary to send annual report to the security holders at this moment. Secondly, we only have a small base of security holders (12 holders as at December 31, 2021) in the shareholders list, and that we have no public trading at this moment, we would choose to save expenses by not sending the reports to the shareholders.
(ii).	We are a current reporting company with regular filings including Forms 10-Q, 10-K and 8-K. All these reports have been filed with the Commission.
(iii).	The Commission maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding GVBT that file electronically with the Commission. The current internet address of GVBT is http://www.gvbt.com.

(6)	Foreign issuers.
	Since we are a Nevada corporation, provide the information required by Item 101(g) of Regulation S-K (§ 229.101(g)) is not applicable to us.

Memorandum of Understanding

On April 29, 2022, the Company announced that the Company entered into a Memorandum of Understanding (“MOU”) with International Supply Chain Alliance Company Limited (“ISCA”), a provider of logistics knowhow and software to warehouse operators and shippers in China and Southeast Asia countries on the even date. The MOU states, inter alia, that the Company intends to collaborate with ISCA by acquiring all of its subsidiaries and existing contractual benefits.

The Company and ISCA shall utilize their best endeavors in entering into Definitive Agreements to realize the intended collaboration prior to October 31, 2022. The intended collaboration with ISCA, as described in the MOU, allows the Company to expand its existing business scope beyond the green product sector and further into the agricultural sector. The Company intends to fully utilize ISCA’s trading platform and data in delivering to existing and future alliance members the resulting product suite which could include a new and wide array of agricultural products.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for consolidated financial reporting.

Summary of significant accounting policies

Principles of Consolidation and Presentation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The historical presentation of the consolidated financial statements includes the financial statements of LUTU INTERNATIONAL BIOTECHNOLOGY LIMITED, and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). All intercompany accounts, transactions, and profits have been eliminated upon consolidation.

The following table depicts the identity of the subsidiaries:

Name of Subsidiary	Place of Incorporation	Attributable Equity Interest %		Registered Capital
Lutu International Biotechnology Limited (RTO accounting acquirer) (1)	Cayman Islands		100	USD100
Light Raise Limited (2)	BVI		100	USD 1
Hong Kong Prolific Mineral Resources Holdings Limited (3)	HKD		100	HKD 2
Shanxi Green Biotechnology Industry Company Limited (4)	PRC		100	RMB 100,000,000

Note:	(1)	Wholly owned subsidiary of Green Vision Biotechnology Corp.
	(2)	Wholly owned subsidiary of Lutu International Biotechnology Limited
	(3)	Wholly owned subsidiary of Light Raise Limited
	(4)	Wholly owned subsidiary of Hong Kong Prolific Mineral Resources Holdings Limited

Use of estimates

America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Significant estimates and judgments inherent in the preparation of these consolidated financial statements include, among other things, accounting for asset impairments, allowances for doubtful accounts, depreciation and amortization, the collection of revenues from the Agricultural Cooperative.

Economic and political risks

The Company’s operations are mainly conducted in the Hong Kong Special Administrative Region (“Hong Kong”) and the People’s Republic of China (“China”) (for the purpose of this Current Report on Form 10-Q, China does not include Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan (The Republic of China) and a large number of customers are located in northern China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in Hong Kong and China, and by the general state of the economy in Hong Kong and China.

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

Foreign Currency Translation

The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency, while its functional currency are Chinese Renminbi (RMB) and Hong Kong Dollar (HKD). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income.

In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US $ using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income.

Below is a table with foreign exchange rates used for translation:

For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.48080	RMB		6.47134	RMB		6.47144
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.69810	RMB		6.44795	RMB		6.45771
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.82580	HKD		7.77260	HKD		7.76120
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.84620	HKD		7.79580	HKD		7.76410
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.20800	HKD		1.20480	HKD		1.19930
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.17100	HKD		1.22570	HKD		1.20230
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000

Revenue Recognition

The Company earns revenue by selling merchandise to end using customers primarily through distribution agent and directly to customers.

Revenue is recognized in accordance with the following five steps: when merchandise is purchased by the customer which identifies the contract (step 1) and performance obligations in the contract (step 2) with Customers. When the Company confirmed the price and collectability is reasonably assured which indicates that the transaction price is determined (step 3) and allocated to the performance obligations in the contract (step 4). When the merchandise is delivered to the customer, the performance obligation is satisfied (step 5). Revenue from wholesale distribution agent is recognized after goods delivered, amount fixed or determined and collectability is reasonably assured when the above mentioned five steps are completed.

All revenues are shown net of estimated returns during the relevant period represented by measuring the returns obligations with estimated allowance for sales returns based upon historical experience.

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue as defined in ASC 606, Revenue from Contracts with Customers.

During the six months ended June 30, 2022 and 2021, the provision of sales return were $Nil respectively.

Cost of Goods Sold

Cost of goods sold includes the cost of materials, labor, and relevant manufacturing expenses.

Selling Expenses

Selling expenses include packaging and shipping costs, as well as advertising and certain expenses associated with operating the Company’s corporate headquarters.

Advertising Costs

The Company expensed all advertising costs as incurred. Advertising expense, net of reimbursement from suppliers, amounted to $Nil and $Nil for the six months ended June 30, 2022 and 2021 respectively. Advertising expense is included in selling expense and general and administrative expenses in the accompanying consolidated statements of income.

Leases

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

Upon adoption, the Company recognized ROU assets with corresponding liabilities on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows.

Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current and non-current operating lease liabilities, on the consolidated balance sheets.

The Company did not have a lease that met the criteria of a capital lease. Leases that do not qualify as a capital lease are classified as an operating lease. Operating lease rental expenses included in selling, general and administrative expenses for the six months ended June 30, 2022 and 2021 were $Nil and $Nil respectively.

Accounts Receivable

Accounts receivable is recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is maintained for all customers based on a variety of factors, including the industry practice, the length of time the receivables are past due, significant one-time events and historical experience. The Company is selling products delivered to certain customers which are closed to Agriculture Cooperatives as defined by ASC 905 “Agriculture”. The collection cycle may be varied and depended on the growing crops cycle.

Management reviews and adjusts this allowance periodically based on historical experience and its evaluation of the collectability of outstanding accounts receivable. The Company evaluates the credit risk of its customers utilizing historical data and estimates of future performance. Bad debts are written off as incurred.

Outstanding accounts balances are reviewed individually for collectability. The Company does not charge any interest income on trade receivables. Accounts balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company has not charged off any balances as it has yet to exhaust all means of collection.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of doubtful debts were $Nil and $Nil respectively.

Inventories

Inventories primarily consists raw materials, work in progress, finished goods and goods on consignment of manufactured products and merchandise. Inventories are stated at lower of cost or market and net realizable value.

Cost of inventories is calculated on the weighted average basis which approximates cost.

Management regularly reviews inventories and records valuation reserves for damaged and defective returns, inventories with slow-moving or obsolescence exposure and inventories with carrying value that exceeds market value.

Inventory shrinkage is accrued as a percentage of revenues based on historical inventory shrinkage trends. The Company performs physical inventory count of its warehouse once per quarter throughout the year. The reserve for inventory shrinkage represents an estimate for inventory shrinkage since the last physical inventory date through the reporting date.

These reserves are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions, consumer demand and competitive environments differ from expectations.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of inventory reversal were $11,709 and $21,111 respectively.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives, using the straight-line method with 5% scrape value as follows:

Buildings	20 years
Machinery & equipment	10 years
Office equipment	3 years
Motor vehicles	4 years

Land Use Rights

According to the laws of the PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through the land use rights granted by the government. The land use rights represent cost of the rights to use the land in respect of properties located in the PRC. Land use rights are carried at cost and amortized on a straight-line basis over the period of rights of 50 years.

Goodwill

Goodwill represents the excess of purchase price over fair value of net assets acquired. Under ASC 350, Intangibles — Goodwill and Other, goodwill is not amortized but evaluated for impairment annually or whenever events or changes in circumstances indicate that the value may not be recoverable.

The Company performed an annual impairment test as of the fiscal year ended December 31, 2021, and a quarter review as of the period ended June 30, 2022, and determined that the impairment loss in the amount of $Nil and $Nil were recorded respectively.

Long-lived Assets

The Company reviews long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows, usually at the store level. The carrying amount of a long-lived asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. If the asset is determined not to be recoverable, then it is considered to be impaired and the impairment to be recognized is the amount by which the carrying amount of the asset exceeds the fair value of the asset, determined using discounted cash flow valuation techniques, as defined in ASC 360, Property, Plant, and Equipment. 

The Company determined the sum of the undiscounted cash flows expected to result from the use of the asset by projecting future revenue and operating expense for each store under consideration for impairment. The estimates of future cash flows involve management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions.

During the reporting periods, the Company performed the evaluation and there was no impairment loss.

Cash and Concentration of Credit Risk

The Company maintains cash in bank deposit accounts in Hong Kong and PRC, and considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company performs ongoing evaluations of the institution to limit its concentration risk exposure. 

The Company’s customers are mainly located in the northeastern China. Because of this, the Company is subject to regional risks, such as the economy, regional financial conditions and unemployment, weather conditions, power outages, and other natural disasters specific to the region in which the Company operates.

Retirement Benefit Plans

Full time employees of the Company in China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company accounts the mandated defined contribution plan under the vested benefit obligations approach based on the guidance of ASC 715, Compensation—Retirement Benefits.

The total amounts for such employee benefits which were expensed were $1,487 and $2,072 for the six months ended June 30, 2022 and 2021 respectively.

Income Taxes

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

Segment Reporting

The Company operates in one industry segment, operating manufacturing and selling of organic bio-fertilizer. ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Given the economic characteristics of the similar nature of the products sold, the type of customer and the method of distribution, the Company operates as one reportable segment as defined by ASC 280, Segment Reporting.

Basic and diluted earnings (loss) per share

In accordance with ASC No. 260 “Earnings Per Share”, the basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share is computed similarly to basic earnings (loss) per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (ASU 2016-13). The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. In issuing this standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. The standard is applicable to loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, loan commitments and certain other off-balance sheet credit exposures, debt securities (including those held-to-maturity) and other financial assets measured at fair value through other comprehensive income, and beneficial interests in securitized financial assets. The CECL model does not apply to available-for-sale debt securities. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Accordingly, the new methodology will be utilized when assessing the Company’s financial instruments for impairment. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. ASU 2016-13 is effective for years beginning after December 15, 2019, including interim periods within those fiscal years under a modified retrospective approach. Early adoption is permitted for the periods beginning after December 15, 2018. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which modifies the disclosure requirements on fair value measurements, including removing the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 also added new disclosures including the requirement to disclose (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019 and early adoption is permitted. This standard will only impact the disclosures pertaining to fair value measurements. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

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GOING CONCERN

6 Months Ended

Jun. 30, 2022

GOING CONCERN

NOTE 3. GOING CONCERN

NOTE 3. GOING CONCERN

As of June 30, 2022 and December 31, 2021, the Company has an accumulated deficit of $8,879,689 and $7,637,736 respectively, and its current liabilities exceed its current assets resulting in negative working capital of $10,621,487 and $10,808,875 respectively. In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company’s ability to raise additional financing and to succeed in its future operations. The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors and/or stockholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing (i) additional funding which would enhance capital employed; and (ii) strategic partners which would increase revenue bases or reduce operation expenses. Management believes that the above actions will allow the Company to continue its operations throughout this fiscal year.

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OTHER RECEIVABLES

6 Months Ended

Jun. 30, 2022

OTHER RECEIVABLES

NOTE 4. OTHER RECEIVABLES

NOTE 4. OTHER RECEIVABLES

Other receivables consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Deposits	$	104,070		$	109,636
Prepaid expenses		832			994
Advance to employee		12,306			12,964
		117,208			123,594
Less: Allowance for doubtful debts		(117,016	)		(123,274	)
Total	$	192		$	320

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PROPERTY PLANT AND EQUIPMENT NET

6 Months Ended

Jun. 30, 2022

PROPERTY PLANT AND EQUIPMENT NET

NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Buildings	$	1,357,921		$	3,108,160
Machinery & equipment		-			-
Office equipment		63,384			66,723
Motor vehicles		51,588			71,804
Total property, plant and equipment		1,472,893			3,246,687
Less: accumulated depreciation and impairment charges		(599,481	)		(1,173,476	)
Total property, plant and equipment, net	$	873,412		$	2,073,211

The depreciation expenses for the six months ended June 30, 2022 and 2021 were $51,452 and $72,021 respectively.

The depreciation expenses for the three months ended June 30, 2022 and 2021 were $15,097 and $36,060 respectively.

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INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

INTANGIBLE ASSETS

NOTE 6. INTANGIBLE ASSETS

NOTE 6.  INTANGIBLE ASSETS

Intangible assets consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Land use rights	$	1,201,326		$	1,265,572
Software system		1,310			1,380
Less – accumulated amortization		(437,792	)		(448,549	)
Total intangible assets, net	$	764,844		$	818,403

The amortization expenses of land use rights and software systems for the six months ended June 30, 2022 and 2021 were $12,425 and $12,438 respectively.

The amortization expenses of land use rights and software systems for the three months ended June 30, 2022 and 2021 were $6,086 and $6,230 respectively.

Future amortization of land use rights and software systems is as follows:

Years ending December 31,	Amount
2022	$	12,426
2023		24,850
2024		24,850
2025		24,850
2026		24,850
Thereafter		653,018
Total	$	764,844

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INVENTORIES

6 Months Ended

Jun. 30, 2022

INVENTORIES

NOTE 7. INVENTORIES

NOTE 7. INVENTORIES

Inventories consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Raw material	$	36,725		$	48,916
Finished goods		-			1,700
Goods on consignment		984			1,036
Less: Provision of inventory		(37,709	)		(51,652	)
Inventories, net	$	-		$	-

During the six months ended June 30, 2022 and 2021, the additional provision of inventory were $Nil and $Nil respectively.

During the six months ended June 30, 2022 and 2021, the reversal of provision for inventory were $11,709 and $95,028 respectively.

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CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

6 Months Ended

Jun. 30, 2022

CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

NOTE 8. CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

NOTE 8. CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

Sales:

Customer	As at June 30, 2022				As at December 31, 2021
A	$	-	-	%	$	112,362		77	%
B		-	-	%		25,917		18	%
C		-	-	%		6,820		5	%
D		-	-	%		-	-		%
E		-	-	%		-	-		%
Total	$	-	-	%	$	145,099		100	%

Purchases:

Supplier	As at June 30, 2022				As at December 31, 2021
AA	$	-	-	%	$	72,113		99	%
BB		-	-	%		1,022		1	%
CC		-	-	%		-	-		%
DD		-	-	%		-	-		%
EE		-	-	%		-	-		%
Total	$	-	-	%	$	73,135		100	%

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OTHER PAYABLES

6 Months Ended

Jun. 30, 2022

OTHER PAYABLES

NOTE 9. OTHER PAYABLES

NOTE 9. OTHER PAYABLES

Other payables consisted of the following:

	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Amount due to third parties		238,791		251,561
Payables to employees		1,907		2,011
Miscellaneous	$	12,260	$	10,645
Total other payables	$	252,958	$	264,217

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LOSS PER SHARE

6 Months Ended

Jun. 30, 2022

LOSS PER SHARE

NOTE 10. LOSS PER SHARE

NOTE 10. LOSS PER SHARE

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share are computed using the weighted average number of shares outstanding during the fiscal year. Potentially dilutive common shares consist of convertible preferred stock (using the if-converted method) and exercisable warrants and stock options outstanding (using the treasury method). The following table sets forth the computation of basic and diluted net income per common share:

The following table sets forth the computation of basic and diluted net income per common share:

Period ended June 30,	June 30, 2022 (unaudited)		June 30, 2021 (unaudited)
Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share	$	(1,241,953)	$	(231,722	)
Weighted-average shares of common stock outstanding in computing net loss per common stock
Basic		160,790,000		160,790,000
Diluted		160,790,000		160,790,000
Basic and Diluted loss per share of common stock-		(0.772 )cents		(0.144)cents

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AMOUNT DUE FROM TO RELATED PARTIES

6 Months Ended

Jun. 30, 2022

AMOUNT DUE FROM TO RELATED PARTIES

NOTE 11. AMOUNT DUE FROM / TO RELATED PARTIES

NOTE 11. AMOUNT DUE FROM / TO RELATED PARTIES

Key management compensation

The Company incurred the following compensation with key management personnel, which are defined by ASC 850, Related Party Disclosures, as those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and management.

	June 30, 2022 (unaudited)		Dec 31, 2021 (audited)
Salaries and wages - Lo Kwok Leung	$	9,988	$	11,708
Director fees - Lam Ching Wan, William		23,049		46,317
Director fees - Ma Wai Kin		15,366		30,878
Director fees - Leung Kwong Tak		13,706		32,422
Total salaries and director fees	$	62,109	$	121,325

Related party transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Balances and transactions between the Company and its subsidiary have been eliminated on consolidation and are not disclosed in this note.

Related party balances included in the statement of financial position are all non-interest bearing, unsecured and due on demand.

The details for amount due to related parties were as follows:

Amount as at	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Holmsun Capital Limited (a) (b)		5,784,550		5,797,204
	$	5,784,550	$	5,797,204

(a)	Common director, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited
(b)	Common shareholder, LEUNG Kwong Tak of operating subsidiary Lutu International Biotechnology Limited

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INCOME TAXES

6 Months Ended

Jun. 30, 2022

INCOME TAXES

NOTE 12. INCOME TAXES

NOTE 12. INCOME TAXES

The Company and its subsidiaries have no operation in United States, Cayman Islands and British Virgin Islands, and are not subject to any domestic income tax. Therefore, no domestic income tax of United States, Cayman Islands and British Virgin Islands are paid in the quarter ended June 30, 2022 and year ended December 31, 2021.

Hong Kong Prolific Mineral Resources Holdings Limited was incorporated in Hong Kong and is subjected to Hong Kong profits tax rate of 16.5% for the six months ended June 30, 2022 and 2021. Income tax (reversal) expense amounted to $Nil for the quarter ended June 30, 2022 and year ended December 31, 2021.

A reconciliation of the provision for income taxes with amounts determined by applying the Hong Kong profit rate of 16.5% to income before income taxes is as follows:

	June 30,2022			December 31,2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	(104,225	)	$	(265,506	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable loss	$	(104,225	)	$	(265,506	)
Hong Kong Profits Tax rate		16.5	%	16.5%%
Current tax credit	$	17,197		$	43,808
Less: Valuation allowance		(17,197	)		(43,808	)

No deferred tax has been provided as there are no material temporary differences arising during the quarter ended June 30, 2022 and year ended December 31, 2021.

Shanxi Green Biotechnology Industry Company Limited was incorporated in the PRC and are subjected to income taxes under the current laws of the PRC. The EIT rate of PRC was 25% for the quarter ended June 30, 2022 and year ended December 31, 2021.

Profit (loss) before income tax of $ (1,116,388) and $ (234,271) for the quarter ended June 30, 2022 and year ended December 31, 2021 respectively, were attributed to operations in China. The income tax expenses consisted of the following:

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	1,116,388	)	$	(234,271	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable profit (loss)	$	(1,116,388	)	$	(234,271	)
China Enterprise Income Tax rate		25	%		25.0	%
Current tax credit(debit)	$	279,097		$	58,568
Less: Valuation allowance		(279,097	)		(58,568	)

No deferred tax has been provided as there are no material temporary differences arising during the quarter ended June 30, 2022 and year ended December 31, 2021.

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SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

NOTE 13. SEGMENT INFORMATION

NOTE 13. SEGMENT INFORMATION

FASB Accounting Standard Codification Topic 280 (ASC 280) “Segment Reporting” establishes standards for reporting information about operating segments in financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.

In the quarter ended June 30, 2022 and year ended December 31, 2021, the Company is regarded as a single operating segment, being engaged in the manufacturing of bio-fertilizer. This principal activity and geographical market are substantially based in China, accordingly, no operating or geographical segment information are presented.

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COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2022

COMPREHENSIVE INCOME

NOTE 14. COMPREHENSIVE INCOME

NOTE 14. COMPREHENSIVE INCOME

Total comprehensive income includes, in addition to net income, changes in equity that are excluded from the consolidated statements of income and are recorded directly into a separate section of shareholders’ equity on the consolidated balance sheets. Comprehensive income and its components consist of the following:

Period and Year Ended	June 30, 2022			December 31,2021
	(unaudited)			(audited)
Net loss	$	(1,241,953	)	$	(499,777	)
Other comprehensive income, net of tax
Foreign currency translation adjustment		175,949			(2,171	)
Comprehensive loss	$	(1,066,004	)	$	(501,948	)

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LEGAL PROCEEDINGS

6 Months Ended

Jun. 30, 2022

LEGAL PROCEEDINGS

NOTE 15. LEGAL PROCEEDINGS

NOTE 15. LEGAL PROCEEDINGS

Civil case with Mr. Yao Gui Mu

Yao Gui Mu (“the Plaintiff”), former operation manager of the subsidiary in Shanxi, Shanxi Green Biotechnology Industry Company Limited (“China Subsidiary”), brought a lawsuit against China Subsidiary, in the District People’s Court of Jin Zhong City, Yu Ci District. The subject dispute of the lawsuit concerns an unsettled current account balance of $141,550 (RMB900,000) which was claimed to be a loan advanced to the Company by the Plaintiff. Together with the subject dispute, the Plaintiff also claimed the relevant interest was RMB513,100 calculated from November 6, 2012 to August 15, 2017 with 1% monthly interest rate. The Company’s PRC lawyer had submitted a Statement of Defense on November 23, 2017 to The District People’s Court of Yuci District, Jin Zhong City (“the Court”). A court hearing was held on December 5, 2017. Upon the request by the Court, China Subsidiary provided supplemental evidence to the Court on 16 January 2018. The second hearing was held on September 19, 2018.

The District People’s Court of Jin Zhong City, Yu Ci District released the civil judgement decision (2017) 晋0702 民初3879号, that there were not sufficient evidence provided by the Plaintiff for the dispute, and the Court did not support for the claim of loan and related interest against China Subsidiary. The judgement decision dated on August 31, 2018.

Yao Gui Mu (“the Appealer”) appeal for the decision to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On May 10, 2019, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2019) 晋07民終355号, that due to the fact that there was a second hearing held on September 19, 2018 after the judgement decision made on August 31, 2018, which was a severe disorder of procedures. Therefore, the civil judgement decision (2017) 晋0702 民初3879号 was revoked and the case was put to re-trial, which was subsequently carried out on October 16, 2019.

On December 16, 2019, the Court released the civil judgement decision (2019) 晋0702 民初3543号之一, that the related dispute loan was being a criminal case under police investigation. Before the police formed a decision, the Court could not confirm that the civil case was under the district court’s judgement jurisdiction. Therefore, the lawsuit against China Subsidiary was rejected.

Yao Gui Mu (“the Appealer”) appeal for the decision (2019) 晋0702 民初3543号之一to the Intermediate People’s Court of Shanxi Province, Jin Zhong City. On June 29, 2020, the Intermediate People’s Court of Shanxi Province, Jin Zhong City released civil judgement decision (2020) 晋07民終1734号, agreed with the original civil judgement and reject the appeal.

On May 20, 2021, Yao Gui Mu (“the Plaintiff”) once again re-brought the lawsuit against China Subsidiary to the District People’s Court of Jin Zhong City, Yu Ci District, after the police formed the decision on April 16, 2021, that no prosecution against the Plaintiff. On July 26, 2021, a court hearing was held and the trail completed. The judgement decision will be released not later than end of this year.

On November 15 2021, Yao Gui Mu withdrew the claim against China Subsidiary. Although Yao Gui Mu did not disclose the reason which led to his decision of such withdraw, according to the company’s lawyer it is likely due to Yao Gui Mu’s lack of sufficient evidence as it was found by the District People’s Court of Jin Zhong City, Yu Ci District. It is therefore less likely that Yao Gui Mu could bring the claim against China Subsidiary again unless he can prove the existence of the loan.

Criminal investigation regarding a potential fraud with one of its former customers

Management of the Company suspects that there was a potential fraud committed in the sales made to one of its previous customers. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud. The Bureau of Public Security of Yuci District officially undertook the case and initiated investigation procedures on 11 September 2017. Management has been informed that the case is currently under criminal investigation by relevant authorities.

On May 6, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000030号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on May 21, 2021. On August 11, 2021, the People's Procuratorate of Jun Zhong City, Yu Ci District made the decision 榆检二部移字[2021]Z4号to send back the case to the Bureau of Public Security of Jun Zhong City, Yu Ci District to reconsider the procedure for prosecution according to the regulation applied.

Criminal investigation against one of GVBT’s former employee

Management of the Company suspects that one of its former senior staff may have committed the offence of “unlawfully taking possession of company property through taking advantage of his position” under his employment with the Company. Management reported to the local police of Yuci District, Jinzhong City, Shanxi Province, China about the said potential fraud on 10 October, 2017. The Bureau of Public Security of Yuci District officially undertook its case and initiated investigation procedures on 28 January 2018. Management has been informed that the case is currently under criminal investigation by relevant authorities in China.

On April 16, 2021, the Management has been informed by the police authorities about no case for investigation decision晋中榆公不立字(2021) 000018号, because there was no sufficient evidence for the trial and no criminal prosecution will carry out.

The Company disagreed with the decision and appeal to the People’s Procuratorate of Jin Zhong City, Yu Ci District on May 7, 2021, and the appeal was accepted on July 5, 2021.

Besides the disclosure stated above, management is not aware of any other legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Annual Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

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COMMON STOCK

6 Months Ended

Jun. 30, 2022

COMMON STOCK

NOTE 16. COMMON STOCK

NOTE 16. COMMON STOCK

On January 17, 2022, as a result of a private sale transactions, all of the issued and outstanding shares of common stock of Able Lead Holdings Limited were transferred from Leung Kwong Tak, Michael to Well Supreme International Limited (the “Purchaser”).

Able Lead Holdings Limited was the holder of 75,674,200 shares (the “Shares”), comprising about 47.064% of the issued shares of the Company. Through the purchase of all of the issued and outstanding shares of common stock of Able Lead Holdings Limited, the Purchaser became the owner of the Shares.

The Purchaser is a company incorporated in the BVI and is beneficially owned by Lam Ching Wan, William and Ho Mee Kuen, Karen (“Karen Ho”), with respective shareholding of 0.1% and 99.9% of all the issued shares of the Purchaser.

Karen Ho is the wife of Lam Ching Wan, William and is regarded as a related party to him. As a result, Lam Ching Wan, William is holding, in addition to the 3.732% of the issued shares of the Company (through Harcourt Capital Limited), totally approximately 50.796% of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholder.

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SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2022

SUBSEQUENT EVENT

NOTE 17. SUBSEQUENT EVENT

NOTE 17. SUBSEQUENT EVENT

COVID-19

COVID-19 continues to spread rapidly to many parts of China and other parts of the world. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. In accordance with recommended and mandated restrictions by relevant government and public health officials in light of the COVID-19 outbreak, the Company’s operations had been slightly affected by the COVID-19. As of the issuance date of this report, the extent to which the COVID-19 impacts the Company’s results will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 and the actions to contain the COVID-19 or treat its impact, among others.

Lockdown in various cities in mainland China significantly reduced the commercial activities in the industry which has very significant negative impact to the Company.

Management has evaluated all activities and concluded that there were no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements except for the disclosures in Note 15 and the mentioned above matters.

All subsequent events are being disclosed in the Company’s periodic reports that are currently in preparation for filing. Such events shall be described in detail therein.

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements". These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Presentation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The historical presentation of the consolidated financial statements includes the financial statements of LUTU INTERNATIONAL BIOTECHNOLOGY LIMITED, and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). All intercompany accounts, transactions, and profits have been eliminated upon consolidation.

The following table depicts the identity of the subsidiaries:

Name of Subsidiary	Place of Incorporation	Attributable Equity Interest %		Registered Capital
Lutu International Biotechnology Limited (RTO accounting acquirer) (1)	Cayman Islands		100	USD100
Light Raise Limited (2)	BVI		100	USD 1
Hong Kong Prolific Mineral Resources Holdings Limited (3)	HKD		100	HKD 2
Shanxi Green Biotechnology Industry Company Limited (4)	PRC		100	RMB 100,000,000

Note:	(1)	Wholly owned subsidiary of Green Vision Biotechnology Corp.
	(2)	Wholly owned subsidiary of Lutu International Biotechnology Limited
	(3)	Wholly owned subsidiary of Light Raise Limited
	(4)	Wholly owned subsidiary of Hong Kong Prolific Mineral Resources Holdings Limited

Use of estimates

America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Significant estimates and judgments inherent in the preparation of these consolidated financial statements include, among other things, accounting for asset impairments, allowances for doubtful accounts, depreciation and amortization, the collection of revenues from the Agricultural Cooperative.

Economic and political risks

The Company’s operations are mainly conducted in the Hong Kong Special Administrative Region (“Hong Kong”) and the People’s Republic of China (“China”) (for the purpose of this Current Report on Form 10-Q, China does not include Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan (The Republic of China) and a large number of customers are located in northern China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in Hong Kong and China, and by the general state of the economy in Hong Kong and China.

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

Foreign Currency Translation

The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency, while its functional currency are Chinese Renminbi (RMB) and Hong Kong Dollar (HKD). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income.

In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into US $ using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income.

Below is a table with foreign exchange rates used for translation:

For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.48080	RMB		6.47134	RMB		6.47144
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.69810	RMB		6.44795	RMB		6.45771
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.82580	HKD		7.77260	HKD		7.76120
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.84620	HKD		7.79580	HKD		7.76410
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.20800	HKD		1.20480	HKD		1.19930
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.17100	HKD		1.22570	HKD		1.20230
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000

Revenue Recognition

The Company earns revenue by selling merchandise to end using customers primarily through distribution agent and directly to customers.

Revenue is recognized in accordance with the following five steps: when merchandise is purchased by the customer which identifies the contract (step 1) and performance obligations in the contract (step 2) with Customers. When the Company confirmed the price and collectability is reasonably assured which indicates that the transaction price is determined (step 3) and allocated to the performance obligations in the contract (step 4). When the merchandise is delivered to the customer, the performance obligation is satisfied (step 5). Revenue from wholesale distribution agent is recognized after goods delivered, amount fixed or determined and collectability is reasonably assured when the above mentioned five steps are completed.

All revenues are shown net of estimated returns during the relevant period represented by measuring the returns obligations with estimated allowance for sales returns based upon historical experience.

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue as defined in ASC 606, Revenue from Contracts with Customers.

During the six months ended June 30, 2022 and 2021, the provision of sales return were $Nil respectively.

Cost of Goods Sold

Cost of goods sold includes the cost of materials, labor, and relevant manufacturing expenses.

Selling Expenses

Selling expenses include packaging and shipping costs, as well as advertising and certain expenses associated with operating the Company’s corporate headquarters.

Advertising Costs

The Company expensed all advertising costs as incurred. Advertising expense, net of reimbursement from suppliers, amounted to $Nil and $Nil for the six months ended June 30, 2022 and 2021 respectively. Advertising expense is included in selling expense and general and administrative expenses in the accompanying consolidated statements of income.

Leases

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

Upon adoption, the Company recognized ROU assets with corresponding liabilities on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows.

Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current and non-current operating lease liabilities, on the consolidated balance sheets.

The Company did not have a lease that met the criteria of a capital lease. Leases that do not qualify as a capital lease are classified as an operating lease. Operating lease rental expenses included in selling, general and administrative expenses for the six months ended June 30, 2022 and 2021 were $Nil and $Nil respectively.

Accounts Receivable

Accounts receivable is recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An allowance for doubtful accounts is maintained for all customers based on a variety of factors, including the industry practice, the length of time the receivables are past due, significant one-time events and historical experience. The Company is selling products delivered to certain customers which are closed to Agriculture Cooperatives as defined by ASC 905 “Agriculture”. The collection cycle may be varied and depended on the growing crops cycle.

Management reviews and adjusts this allowance periodically based on historical experience and its evaluation of the collectability of outstanding accounts receivable. The Company evaluates the credit risk of its customers utilizing historical data and estimates of future performance. Bad debts are written off as incurred.

Outstanding accounts balances are reviewed individually for collectability. The Company does not charge any interest income on trade receivables. Accounts balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company has not charged off any balances as it has yet to exhaust all means of collection.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of doubtful debts were $Nil and $Nil respectively.

Inventories

Inventories primarily consists raw materials, work in progress, finished goods and goods on consignment of manufactured products and merchandise. Inventories are stated at lower of cost or market and net realizable value.

Cost of inventories is calculated on the weighted average basis which approximates cost.

Management regularly reviews inventories and records valuation reserves for damaged and defective returns, inventories with slow-moving or obsolescence exposure and inventories with carrying value that exceeds market value.

Inventory shrinkage is accrued as a percentage of revenues based on historical inventory shrinkage trends. The Company performs physical inventory count of its warehouse once per quarter throughout the year. The reserve for inventory shrinkage represents an estimate for inventory shrinkage since the last physical inventory date through the reporting date.

These reserves are estimates, which could vary significantly, either favorably or unfavorably, from actual results if future economic conditions, consumer demand and competitive environments differ from expectations.

During the six months ended June 30, 2022 and year ended December 31, 2021, the provision of inventory reversal were $11,709 and $21,111 respectively.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives, using the straight-line method with 5% scrape value as follows:

Buildings	20 years
Machinery & equipment	10 years
Office equipment	3 years
Motor vehicles	4 years

Land Use Rights

According to the laws of the PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through the land use rights granted by the government. The land use rights represent cost of the rights to use the land in respect of properties located in the PRC. Land use rights are carried at cost and amortized on a straight-line basis over the period of rights of 50 years.

Goodwill

Goodwill represents the excess of purchase price over fair value of net assets acquired. Under ASC 350, Intangibles — Goodwill and Other, goodwill is not amortized but evaluated for impairment annually or whenever events or changes in circumstances indicate that the value may not be recoverable.

The Company performed an annual impairment test as of the fiscal year ended December 31, 2021, and a quarter review as of the period ended June 30, 2022, and determined that the impairment loss in the amount of $Nil and $Nil were recorded respectively.

Long-lived Assets

The Company reviews long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Long-lived assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows, usually at the store level. The carrying amount of a long-lived asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. If the asset is determined not to be recoverable, then it is considered to be impaired and the impairment to be recognized is the amount by which the carrying amount of the asset exceeds the fair value of the asset, determined using discounted cash flow valuation techniques, as defined in ASC 360, Property, Plant, and Equipment. 

The Company determined the sum of the undiscounted cash flows expected to result from the use of the asset by projecting future revenue and operating expense for each store under consideration for impairment. The estimates of future cash flows involve management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions.

During the reporting periods, the Company performed the evaluation and there was no impairment loss.

Cash and Concentration of Credit Risk

The Company maintains cash in bank deposit accounts in Hong Kong and PRC, and considers all highly liquid investments purchased with original maturities of six months or less to be cash equivalents. The Company performs ongoing evaluations of the institution to limit its concentration risk exposure. 

The Company’s customers are mainly located in the northeastern China. Because of this, the Company is subject to regional risks, such as the economy, regional financial conditions and unemployment, weather conditions, power outages, and other natural disasters specific to the region in which the Company operates.

Retirement Benefit Plans

Full time employees of the Company in China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require the Company to make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company accounts the mandated defined contribution plan under the vested benefit obligations approach based on the guidance of ASC 715, Compensation—Retirement Benefits.

The total amounts for such employee benefits which were expensed were $1,487 and $2,072 for the six months ended June 30, 2022 and 2021 respectively.

Income Taxes

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

Segment Reporting

The Company operates in one industry segment, operating manufacturing and selling of organic bio-fertilizer. ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Given the economic characteristics of the similar nature of the products sold, the type of customer and the method of distribution, the Company operates as one reportable segment as defined by ASC 280, Segment Reporting.

Basic and diluted earnings (loss) per share

In accordance with ASC No. 260 “Earnings Per Share”, the basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share is computed similarly to basic earnings (loss) per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (ASU 2016-13). The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. In issuing this standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. The standard is applicable to loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, loan commitments and certain other off-balance sheet credit exposures, debt securities (including those held-to-maturity) and other financial assets measured at fair value through other comprehensive income, and beneficial interests in securitized financial assets. The CECL model does not apply to available-for-sale debt securities. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Accordingly, the new methodology will be utilized when assessing the Company’s financial instruments for impairment. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. ASU 2016-13 is effective for years beginning after December 15, 2019, including interim periods within those fiscal years under a modified retrospective approach. Early adoption is permitted for the periods beginning after December 15, 2018. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which modifies the disclosure requirements on fair value measurements, including removing the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 also added new disclosures including the requirement to disclose (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2019 and early adoption is permitted. This standard will only impact the disclosures pertaining to fair value measurements. The Company adopted the guidance from July 1, 2020. The Company finalized its analysis and the adoption of this guidance has no material impact on the Company’s consolidated financial statements and its internal controls over financial reporting.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of identity of the subsidiaries

Name of Subsidiary	Place of Incorporation	Attributable Equity Interest %		Registered Capital
Lutu International Biotechnology Limited (RTO accounting acquirer) (1)	Cayman Islands		100	USD100
Light Raise Limited (2)	BVI		100	USD 1
Hong Kong Prolific Mineral Resources Holdings Limited (3)	HKD		100	HKD 2
Shanxi Green Biotechnology Industry Company Limited (4)	PRC		100	RMB 100,000,000

Schedule of foreign exchange rates used for translation

For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.48080	RMB		6.47134	RMB		6.47144
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Chinese Renminbi (RMB)	RMB		6.69810	RMB		6.44795	RMB		6.45771
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.82580	HKD		7.77260	HKD		7.76120
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		7.84620	HKD		7.79580	HKD		7.76410
United States dollar ($)		$	1.00000		$	1.00000		$	1.00000
For the six months and year ended, (Average Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.20800	HKD		1.20480	HKD		1.19930
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000
As of (Closing Rate)	Jun 30, 2022			Dec 31, 2021			Jun 30, 2021
Hong Kong (HKD)	HKD		1.17100	HKD		1.22570	HKD		1.20230
Chinese Renminbi (RMB)		$	1.00000		$	1.00000		$	1.00000

Schedule of useful life of property, plant and equipment

Buildings	20 years
Machinery & equipment	10 years
Office equipment	3 years
Motor vehicles	4 years

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OTHER RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2022

OTHER RECEIVABLES

Schedule of other receivables

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Deposits	$	104,070		$	109,636
Prepaid expenses		832			994
Advance to employee		12,306			12,964
		117,208			123,594
Less: Allowance for doubtful debts		(117,016	)		(123,274	)
Total	$	192		$	320

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PROPERTY PLANT AND EQUIPMENT NET (Tables)

6 Months Ended

Jun. 30, 2022

PROPERTY PLANT AND EQUIPMENT NET (Tables)

Schedule of property, plant and equipment

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Buildings	$	1,357,921		$	3,108,160
Machinery & equipment		-			-
Office equipment		63,384			66,723
Motor vehicles		51,588			71,804
Total property, plant and equipment		1,472,893			3,246,687
Less: accumulated depreciation and impairment charges		(599,481	)		(1,173,476	)
Total property, plant and equipment, net	$	873,412		$	2,073,211

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INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

INTANGIBLE ASSETS

Schedule of intangible assets

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Land use rights	$	1,201,326		$	1,265,572
Software system		1,310			1,380
Less – accumulated amortization		(437,792	)		(448,549	)
Total intangible assets, net	$	764,844		$	818,403

Schedule of future amortization of land use rights and software systems

Years ending December 31,	Amount
2022	$	12,426
2023		24,850
2024		24,850
2025		24,850
2026		24,850
Thereafter		653,018
Total	$	764,844

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INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

INVENTORIES

Schedule of Inventories

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Raw material	$	36,725		$	48,916
Finished goods		-			1,700
Goods on consignment		984			1,036
Less: Provision of inventory		(37,709	)		(51,652	)
Inventories, net	$	-		$	-

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CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2022

CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS

Schedule of concentration of risk about sales

Customer	As at June 30, 2022				As at December 31, 2021
A	$	-	-	%	$	112,362		77	%
B		-	-	%		25,917		18	%
C		-	-	%		6,820		5	%
D		-	-	%		-	-		%
E		-	-	%		-	-		%
Total	$	-	-	%	$	145,099		100	%

Schedule of concentration of risk about purchase

Supplier	As at June 30, 2022				As at December 31, 2021
AA	$	-	-	%	$	72,113		99	%
BB		-	-	%		1,022		1	%
CC		-	-	%		-	-		%
DD		-	-	%		-	-		%
EE		-	-	%		-	-		%
Total	$	-	-	%	$	73,135		100	%

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OTHER PAYABLES (Tables)

6 Months Ended

Jun. 30, 2022

OTHER PAYABLES

Schedule of other payables

	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Amount due to third parties		238,791		251,561
Payables to employees		1,907		2,011
Miscellaneous	$	12,260	$	10,645
Total other payables	$	252,958	$	264,217

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LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

LOSS PER SHARE

Schedule of computation of basic and diluted net income per common share

Period ended June 30,	June 30, 2022 (unaudited)		June 30, 2021 (unaudited)
Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share	$	(1,241,953)	$	(231,722	)
Weighted-average shares of common stock outstanding in computing net loss per common stock
Basic		160,790,000		160,790,000
Diluted		160,790,000		160,790,000
Basic and Diluted loss per share of common stock-		(0.772 )cents		(0.144)cents

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AMOUNT DUE FROM TO RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2022

AMOUNT DUE FROM TO RELATED PARTIES (Tables)

Schedule of key management compensation

	June 30, 2022 (unaudited)		Dec 31, 2021 (audited)
Salaries and wages - Lo Kwok Leung	$	9,988	$	11,708
Director fees - Lam Ching Wan, William		23,049		46,317
Director fees - Ma Wai Kin		15,366		30,878
Director fees - Leung Kwong Tak		13,706		32,422
Total salaries and director fees	$	62,109	$	121,325

Amount due from to related parties

Amount as at	June 30, 2022		December 31,2021
	(unaudited)		(audited)
Holmsun Capital Limited (a) (b)		5,784,550		5,797,204
	$	5,784,550	$	5,797,204

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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2022

INCOME TAXES

Schedule of reconciliation of the provision for income taxes

	June 30,2022			December 31,2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	(104,225	)	$	(265,506	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable loss	$	(104,225	)	$	(265,506	)
Hong Kong Profits Tax rate		16.5	%	16.5%%
Current tax credit	$	17,197		$	43,808
Less: Valuation allowance		(17,197	)		(43,808	)

Schedule of income taxes

	June 30, 2022			December 31, 2021
	(unaudited)			(audited)
Profit (Loss) before income tax	$	1,116,388	)	$	(234,271	)
Temporary Difference		-			-
Permanent Difference		-			-
Taxable profit (loss)	$	(1,116,388	)	$	(234,271	)
China Enterprise Income Tax rate		25	%		25.0	%
Current tax credit(debit)	$	279,097		$	58,568
Less: Valuation allowance		(279,097	)		(58,568	)

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COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2022

COMPREHENSIVE INCOME (Tables)

Schedule of comprehensive income

Period and Year Ended	June 30, 2022			December 31,2021
	(unaudited)			(audited)
Net loss	$	(1,241,953	)	$	(499,777	)
Other comprehensive income, net of tax
Foreign currency translation adjustment		175,949			(2,171	)
Comprehensive loss	$	(1,066,004	)	$	(501,948	)

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ORGANIZATION AND NATURE OF BUSINESS (Detail Narrative) - USD ($) $ / shares in Units, $ in Thousands	May 12, 2017	Jun. 30, 2022	Dec. 31, 2021	Jul. 30, 2019	Sep. 30, 2016
Term of consulting service agreement	5 years
Term of operating agreement	5 years
Number of shares issued and outstanding at closing of Investment Transaction	160,790,000
Common stock, shares outstanding		160,790,000	160,790,000
Common stock, shares issued		160,790,000	160,790,000
Common stock, shares authorized		750,000,000	750,000,000
Able Lead Holdings Limited [Member]
Share deposit in Escrow				89,000,000
Booth Udall Fuller PLC [Member]
Share deposit in Escrow	89,000,000
Lutu International [Member]
Number of shares owned by previous existing shareholders	100,000,000
Lutu International [Member] | Majority Interest Exchange Agreement [Member] | Able Lead Holdings Limited [Member]
Percentage of shares issued and outstanding	62.20%
Common stock cancelled				89,000,000
Common stock, par value				$ 0.001
Lutu International [Member] | Minority Interest Exchange Agreement [Member] | Woodhead Investments Limited [Member]
Outstanding loan	$ 4,430
Number of GVBT common stock under exchange agreement	5,000,000
Parent [Member]
Number of shares owned by previous existing shareholders	60,790,000
Common stock, shares outstanding	60,790,000
Common stock, shares issued	60,790,000
Percentage of shares owned by previous existing shareholders	37.80%
Minimum [Member]
Common stock, shares authorized					75,000,000
Maximum [Member]
Common stock, shares authorized					750,000,000

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 6 months ended Jun. 30, 2022	USD ($)	HKD ($)	CNY (¥)
Lutu International Biotechnology Limited [Member]
Place of Incorporation	Cayman Islands	Cayman Islands	Cayman Islands
Attributable Equity Interest %	100.00%	100.00%	100.00%
Registered Capital	$ 100
Light Raise Limited [Member]
Place of Incorporation	BVI	BVI	BVI
Attributable Equity Interest %	100.00%	100.00%	100.00%
Registered Capital	$ 1
Hong Kong Prolific Mineral Resources Holdings Limited [Member]
Place of Incorporation	HKD	HKD	HKD
Attributable Equity Interest %	100.00%	100.00%	100.00%
Registered Capital		$ 2
Shanxi Green Biotechnology Industry Company Limited [Member]
Place of Incorporation	PRC	PRC	PRC
Attributable Equity Interest %	100.00%	100.00%	100.00%
Registered Capital | ¥			¥ 100,000,000

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Chinese Renminbi [Member]
Foreign currency exchange rate translation average rate	$ 6.48080	$ 6.47144	$ 6.47134
Foreign currency exchange rate translations closing rate	6.69810	6.45771	6.44795
United States dollar [Member]
Foreign currency exchange rate translation average rate	1.00000	1.00000	1.00000
Foreign currency exchange rate translations closing rate	1.00000	1.00000	1.00000
Hong Kong to United States Dollar [Member]
Foreign currency exchange rate translation average rate	7.82580	7.76120	7.77260
Foreign currency exchange rate translations closing rate	7.84620	7.76410	7.79580
United States dollarOne [Member]
Foreign currency exchange rate translation average rate	1.00000	1.00000	1.00000
Foreign currency exchange rate translations closing rate	1.00000	1.00000	1.00000
Hong Kong to Chinese Renminbi [Member]
Foreign currency exchange rate translation average rate	1.20800	1.19930	1.20480
Foreign currency exchange rate translations closing rate	1.17100	1.20230	1.22570
Chinese Renminbi 1 [Member]
Foreign currency exchange rate translation average rate	1.00000	1.00000	1.00000
Foreign currency exchange rate translations closing rate	$ 1.00000	$ 1.00000	$ 1.00000

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	6 Months Ended
	Jun. 30, 2022
Buildings [Member]
Property, plant and equipment useful lives	20 years
Machinery and Equipment [Member]
Property, plant and equipment useful lives	10 years
Office Equipment [Member]
Property, plant and equipment useful lives	3 years
Motor Vehicles [Member]
Property, plant and equipment useful lives	4 years

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, plant and equipment scrape value	5.00%
Reversal of inventory	$ 11,709		$ 21,111
Property, plant and equipment , amortization method	straight-line method
Intangible asset, amortization method	straight-line basis
Intangible asset, useful life	50 years
Employee benefit expense	$ 1,487	$ 2,072

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GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
GOING CONCERN
Accumulated deficit	$ (8,879,689)	$ (7,637,736)
Working capital deficit	$ (10,621,487)	$ (10,808,875)

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OTHER RECEIVABLES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
OTHER RECEIVABLES
Deposits	$ 104,070	$ 109,636
Prepaid expenses	832	994
Advance to employee	12,306	12,964
Other receivable gross	117,208	123,594
Less: Allowance for doubtful debts	(117,016)	(123,274)
Total	$ 192	$ 320

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PROPERTY PLANT AND EQUIPMENT NET (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total property, plant and equipment	$ 1,472,893	$ 3,246,687
Less: accumulated depreciation and impairment charges	(599,481)	(1,173,476)
Total property, plant and equipment, net	873,412	2,073,211
Buildings [Member]
Total property, plant and equipment	1,357,921	3,108,160
Machinery and Equipment [Member]
Total property, plant and equipment	0	0
Office Equipment [Member]
Total property, plant and equipment	63,384	66,723
Motor Vehicles [Member]
Total property, plant and equipment	$ 51,588	$ 71,804

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PROPERTY PLANT AND EQUIPMENT NET (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PROPERTY PLANT AND EQUIPMENT NET (Tables)
Depreciation expenses	$ 15,097	$ 36,060	$ 51,452	$ 72,021

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INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total intangible assets, net	$ 764,844	$ 818,403
Less - accumulated amortization	(437,792)	(448,549)
Land Use Rights [Member]
Intangible assets, gross	1,201,326	1,265,572
Software System [Member]
Intangible assets, gross	$ 1,310	$ 1,380

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INTANGIBLE ASSETS (Details 1)	Dec. 31, 2021 USD ($)
Years ending December 31,
2022	$ 12,426
2023	24,850
2024	24,850
2025	24,850
2026	24,850
Thereafter	653,018
Total intangible assets, net	$ 764,844

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INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INTANGIBLE ASSETS
Amortization expenses	$ 6,086	$ 6,230	$ 12,425	$ 12,438

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INVENTORIES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES
Raw material	$ 36,725	$ 48,916
Finished goods	0	1,700
Goods on consignment	984	1,036
Less: Provision of inventory	(37,709)	(51,652)
Inventories, net	$ 0	$ 0

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INVENTORIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
INVENTORIES
Inventory reversal	$ 11,709	$ 95,028
Inventory additional	$ 0	$ 0

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CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Purchase AA [Member]
Concentration risk, percentage	0.00%	99.00%
Total purchases	$ 0	$ 72,113
Purchase BB [Member]
Concentration risk, percentage	0.00%	1.00%
Total purchases	$ 0	$ 1,022
Supplier [Member]
Concentration risk, percentage	0.00%	100.00%
Total purchases	$ 0	$ 73,135
Customer Concentration Risk [Member]
Total purchases		$ 145,099
Concentration risk, percentage	0.00%	100.00%
Customer Concentration Risk [Member] | Customer A [Member]
Concentration risk, percentage	0.00%	77.00%
Total purchases	$ 0	$ 112,362
Purchase CC [Member]
Concentration risk, percentage	0.00%	0.00%
Total purchases	$ 0	$ 0
Purchase DD [Member]
Concentration risk, percentage	0.00%	0.00%
Total purchases	$ 0	$ 0
Purchase EE [Member]
Concentration risk, percentage	0.00%	0.00%
Total purchases	$ 0	$ 0
Customer Concentration Risk [Member] | Customer D [Member]
Concentration risk, percentage	0.00%	0.00%
Total purchases	$ 0	$ 0
Customer Concentration Risk [Member] | Customer E [Member]
Concentration risk, percentage	0.00%	0.00%
Total purchases	$ 0	$ 0
Customer Concentration Risk [Member] | Customer B [Member]
Concentration risk, percentage	0.00%	18.00%
Total purchases	$ 0	$ 25,917
Customer Concentration Risk [Member] | Customer C [Member]
Concentration risk, percentage	0.00%	5.00%
Total purchases	$ 0	$ 6,820

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OTHER PAYABLES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
OTHER PAYABLES
Amount due to third parties	$ 238,791	$ 251,561
Payables to employees	1,097	2,011
Miscellaneous	12,260	10,645
Total other payables	$ 252,958	$ 264,217

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LOSS PER SHARE (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
LOSS PER SHARE
Net loss attributable to ordinary shareholders for computing basic net loss per ordinary share - continuing	$ (1,241,953)	$ (231,722)
Weighted-average shares of common stock outstanding in computing net loss per common stock
Basic	160,790,000	160,790,000
Diluted	160,790,000	160,790,000
Basic and Diluted loss per share of common stock-	$ (0.772)	$ (0.144)

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AMOUNT DUE FROM TO RELATED PARTIES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Total salaries and director fees	$ 62,109	$ 121,325
Lo Kwok Leung [Member]
Salaries and wages	9,988	11,708
Lam Ching Wan, William [Member]
Director fees	23,049	46,317
Ma Wai Kin [Member]
Director fees	15,366	30,878
Leung Kwong Tak [Member]
Director fees	$ 13,706	$ 32,422

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AMOUNT DUE FROM TO RELATED PARTIES (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Amount due to related parties	$ 5,784,550	$ 5,797,204
Holmsun Capital Limited [Member]
Amount due to related parties	$ 5,784,550	$ 5,797,204

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INCOME TAXES (Details) - Foreign Tax Authority [Member] - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Hong Kong [Member]
Profit (Loss) before income tax	$ (104,225)		$ (265,506)
Temporary Difference	0		0
Permanent Difference	0		0
Taxable loss	$ (104,225)		$ (265,506)
Hong Kong Profits Tax rate	16.50%	16.50%	16.50%
Current tax credit	$ 17,197		$ 43,808
Less: Valuation allowance	(17,197)		(43,808)
China [Member]
Profit (Loss) before income tax	(1,116,388)		(234,271)
Temporary Difference	0		0
Permanent Difference	0		0
Taxable loss	$ (1,116,388)		$ (234,271)
Hong Kong Profits Tax rate	25.00%		25.00%
Current tax credit	$ 279,097		$ 58,568
Less: Valuation allowance	$ (279,097)		$ (58,568)

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INCOME TAXES (Detail Narrative) - Foreign Tax Authority [Member] - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Hong Kong [Member]
Profit (Loss) before income tax	$ (104,225)		$ (265,506)
China Enterprise Income Tax rate	16.50%	16.50%	16.50%
Reconciliation of the provision for income taxes	16.50%	16.50%
China [Member]
Profit (Loss) before income tax	$ (1,116,388)		$ (234,271)
China Enterprise Income Tax rate	25.00%		25.00%

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COMPREHENSIVE INCOME (Details) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
COMPREHENSIVE INCOME (Details)
Net loss	$ (87,391)	$ (1,154,562)	$ (125,789)	$ (105,933)	$ (1,241,953)		$ (499,777)
Other comprehensive income, net of tax
Foreign currency translation adjustment					175,949		(2,171)
Comprehensive loss	$ 65,683		$ (132,269)		$ (1,066,004)	$ (236,449)	$ (501,948)

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LEGAL PROCEEDINGS (Details Narrative)	6 Months Ended	57 Months Ended
	Jun. 30, 2022 USD ($)	Aug. 15, 2017 CNY (¥)
OTHER PAYABLES
Name of plaintiff	Yao Gui Mu
Lawsuit unsettled current account balance | $	$ 141,550
Amount of damages paid to the plaintiff | ¥		¥ 513,100
Monthly damages interest rate		1.00%

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COMMON STOCK (Details Narrative)	1 Months Ended
	Jan. 17, 2022 shares
Shares hold	75,674,200
Lam Ching Wan, William [Member]
Percentage of shares issued	0.10%
Voting rights share issued and outstanding, Percentage	50.796%
Additional share issued holding percentage	3.732%
Ho Mee Kuen, Karen [Member]
Percentage of shares issued	99.90%