SHAREHOLDERS’ (DEFICIT) EQUITY

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

SHAREHOLDERS’ (DEFICIT) EQUITY

NOTE － 11 SHAREHOLDERS’ (DEFICIT) EQUITY

Authorized Shares

The Company’s authorized shares are 5,000,000 preferred stock and 70,000,000 common stock with a par value of $0.001 per share.

Preferred Stock

As of June 30, 2021 and December 31, 2020, the Company had a total of 832,000 shares of preferred stock issued and outstanding.

Common Stock

On March 05, 2021, the Company issued 468,888 shares of common stock to settle a debt in the amount of $464,199 (equivalent to RMB3,006,111), at an agreed conversion price of $0.99 per share.

On April 23, 2021, the Company issued 462,888 shares of common stock to settle a debt in the amount of $462,888 (equivalent to RMB3,006,111), at an agreed conversion price of $1.0 per share.

The market price is a fair price to record the value of stocks in the transaction. Due to the significant difference between the market prices and conversion prices, a loss of $1,170,309 on the loan settlement has been recognized.

As of June 30, 2021 and December 31, 2020, the Company had a total of 25,401,942 and 24,470,166 shares of its common stock issued and outstanding, respectively.