Lithium & Boron Technology, Inc.

2022 Q3 Form 10-Q Financial Statement

#000118518522000986 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $634.9K $1.110M
YoY Change -72.22% 20.38%
Cash & Equivalents $634.9K $1.110M
Short-Term Investments
Other Short-Term Assets $61.80K $59.71K
YoY Change -49.54% -83.84%
Inventory $283.9K $4.750K
Prepaid Expenses $27.99K
Receivables $27.17K
Other Receivables $305.2K
Total Short-Term Assets $1.366M $1.423M
YoY Change -72.95% -69.06%
LONG-TERM ASSETS
Property, Plant & Equipment $3.159M $3.156M
YoY Change 13.18% 43.12%
Goodwill
YoY Change
Intangibles $47.43K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.207M $3.207M
YoY Change -24.93% -11.1%
TOTAL ASSETS
Total Short-Term Assets $1.366M $1.423M
Total Long-Term Assets $3.207M $3.207M
Total Assets $4.573M $4.630M
YoY Change -50.94% -43.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.0K $153.3K
YoY Change -19.7% -63.72%
Accrued Expenses $900.7K $861.2K
YoY Change -4.51% -5.26%
Deferred Revenue $3.129M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.559M $5.240M
YoY Change 11.08% 24.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $924.1K $1.029M
YoY Change -20.59% -13.85%
Total Long-Term Liabilities $924.1K $1.029M
YoY Change -20.59% -13.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.559M $5.240M
Total Long-Term Liabilities $924.1K $1.029M
Total Liabilities $6.483M $6.877M
YoY Change -5.86% 12.18%
SHAREHOLDERS EQUITY
Retained Earnings $3.508M
YoY Change
Common Stock -$6.480M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.442M -$2.247M
YoY Change
Total Liabilities & Shareholders Equity $4.573M $4.630M
YoY Change -50.94% -43.58%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LITHIUM & BORON TECHNOLOGY, INC.
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NV
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60 East Ren-Min Road Dachaidan
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
1869 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-59925 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
51159 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-496212 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1741547 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
502107 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
146967 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
54413 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
0 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1145675 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-502107 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1347055 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
0 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
268739 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
422723 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1175728 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
422723 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
906989 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-43164 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12110 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-618760 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1313591 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1253661 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
972066 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
634901 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>1. ORGANIZATION AND DESCRIPTION OF BUSINESS</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lithium &amp; Boron Technology, Inc., (the “Company” or “Lithium Tech”), formerly known as SmartHeat, Inc. (“SmartHeat”), was incorporated August 4, 2006, in the State of Nevada. The Company currently produces boric acid in the People’s Republic of China (“PRC”) and plans to expand its manufacturing facilities through a joint venture (“JV”) to produce up to 30,000 tonnes of lithium carbonate annually for the electric vehicle battery market in China, subject to funding.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On December 31, 2018 (the “Closing Date”), the Company entered into and closed a Share Exchange Agreement and Plan of Reorganization, as amended on January 24, 2019 (the “Share Exchange Agreement”) with Mid-Heaven Sincerity International Resources Investment Co., Ltd (Mid-heaven BVI) and its shareholders Mao Zhang, Jian Zhang, and Ying Zhao, constituting all the shareholders of Mid-heaven BVI (the “Mid-heaven Shareholders”). Pursuant to the terms of the Share Exchange Agreement, the shareholders of Mid-Heaven BVI delivered all issued and outstanding shares of capital stock of Mid-Heaven BVI to the Company, for 106,001,971 shares of the Company’s Common Stock. Mid-heaven BVI, through two subsidiaries, Qinghai Mid-Heaven Sincerity Technology Co., Ltd (“Sincerity”) and Qinghai Mid-Heaven Sincerity Salt-Lake R&amp;D Co., Ltd (“Salt-Lake”) owns 100% of Qing Hai Mid-Heaven Boron &amp; Lithium Technology Company, Ltd. (“Technology”). On November 4, 2021, Mr. Jimin Zhang purchased 106,001,971 shares of common stock of the Company at $.001 per share (80,625,099 shares from Mao Zhang, 22,165,012 shares from Jian Zhang, and 3,211,860 shares from Ying Zhao). After giving effect to the purchases, Mr. Jimin Zhang now holds, directly or indirectly, 152,769,779 shares of Common Stock which represents approximately 82% of the Company’s issued and outstanding Common Stock.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The main operating entity, Technology was incorporated December 18, 2018. The business of Technology was carved out of the business of Qinghai Zhongtian Boron &amp; Lithium Mining Co., Ltd (“Qinghai Mining”) on December 20, 2018. Qinghai Mining was founded March 6, 2001, and formerly manufactured and sold boric acid and related compounds for industrial and consumer use. Qinghai Mining has stopped the mining of boron rock and will only provide brine to Technology. In order to maintain the normal operation of the Company, in July 2021, Technology Company entered a processing contract to provide boric acid commissioned processing service for a processing fee of RMB 2,000 ($308) per ton with borax provided by the customer. On August 31, 2021, two parties signed the supplement agreement, the final settlement price increased to RMB 2450 ($375) per ton due to increased costs. In September 2021, Technology Company entered a new agreement with the same customer, where Technology Company would no longer provide the processing service but only provided boric acid manufacturing facility, equipment, auxiliary equipment, necessary utilities, and workers to the customer for them to produce the boric acid by themselves. The customer was required to pay RMB 400,000 ($63,000) per month for facility usage fee to Technology Company, or RMB 500,000 ($78,700) per month if the customer wants to use the Company’s low-grade abandoned slag. In April 2022, Technology, together with Qinghai Mining entered a new Cooperation Agreement with a contractor (or lessee) for leasing out manufacturing facility, equipment, auxiliary equipment and necessary utilities for a term of five years from April 1, 2022 to March 31, 2027, monthly leasing fee of RMB 500,000 ($78,700); of which, RMB 200,000 ($31,500) pays to Technology, and RMB 300,000 ($47,200) pays to Qinghai Mining. Technology owns the equipment and machinery, Qinghai Mining owns the land and plant and will provide the silicic acid and slag to the contractor at no additional charge.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Management of the Company expects it will source all material that will be used for both boric acid and lithium carbonate production from Qinghai Mining once the brine processing process receives approval and permits from the relevant governmental authorities. In January 2022, Qinghai Zhongli and Qinghai Mining submitted a series of applications to the authorities which are necessary for obtaining the official production license, these applications are currently under the review and process. In May 2022, Qinghai Zhongli began trial production of lithium phosphate and lithium carbonate products.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In December 2019, a novel strain of coronavirus (COVID-19) was reported, and the World Health Organization declared the outbreak to constitute a “Public Health Emergency of International Concern.” This contagious disease outbreak, which continues to spread to additional countries, and disrupts supply chains and affecting production and sales across a range of industries as a result of quarantines, facility closures, and travel and logistics restrictions in connection with the outbreak. The COVID-19 outbreak impacted the Company’s operations for the first quarter of 2020. However, as a result of the PRC government’s effort on disease control, most cities in China were reopened in April 2020, the outbreak in China is under the control; and the Company’s production and sales started back to normal since April 2020. From April 2020 to January 2022, there were some new COVID-19 cases discovered in a few provinces of China, however, the number of new cases are not significant due to PRC government’s strict control. From February 2022 to date, COVID-19 case increased and fluctuated in many cities of China including a few new cases in Qinghai Province which we do not expect the material impact to the Company’s operations.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On March 27, 2020, Technology entered into an Investment Cooperation Agreement, Memorandum of Cooperation and Licensing Agreement with Xi'an Jinzang Membrane Environmental Protection Technology Co., Ltd. (“Xi’an Jinzang”) to produce up to 30,000 tonnes of battery grade lithium carbonate annually, subject to funding. On April 15, 2020, the parties formed a joint Venture (“JV”) Zhonglixinmo Technology Co., Ltd (“Qinghai Zhongli” or JV) to process brine supplied by Technology. Technology owns 51% of the JV and Xi’ Jinzang owns the remaining 49%. The JV cooperation agreement calls for a capital contribution of RMB 140 million ($19,746,000), to be paid in three phases according to the project construction progress: RMB 36 million ($5,077,000) to be paid within 10 days from the date of registration and establishment of the JV, RMB 72 million ($10,155,000) to be paid before July 31, 2020, and RMB 32 million ($4,513,000) to be paid before October 31, 2020. The JV’s shareholders are required to contribute capital in accordance with their respective shareholding ratio. Each party made an initial capital contribution of RMB 5 million ($710,000) in April 2020. As of the date of this report, the parties have not made all capital contributions on the dates due, pending financing by the Company and obtaining required licenses and approvals. The capital contributions and timing can be adjusted anytime upon the parties’ mutual consent. During the construction and operation of the project, all parties agree to raise construction funds by means of bank loans and self-funding in the event additional equity financing is not available. On May 9, 2022, JV changed its name to Qinghai Zhongli Technology Co., Ltd.</p>
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1
CY2021Q3 us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
2000 cny
CY2021Q3 us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
308 usd
CY2021Q3 us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
2450 cny
CY2021Q3 us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
375 usd
CY2021Q3 lbti Agreement With Customer Facility Usage Fee
AgreementWithCustomerFacilityUsageFee
400000 cny
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-91964 usd
CY2021Q3 lbti Agreement With Customer Facility Usage Fee
AgreementWithCustomerFacilityUsageFee
63000 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
50410 usd
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-8277 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 cny
us-gaap Operating Lease Expense
OperatingLeaseExpense
78700 usd
CY2020Q2 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
140000000 cny
CY2020Q2 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
19746000 usd
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
18642 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
906307 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
lbti Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
lbti Going Concern Policy Policy Textblock
GoingConcernPolicyPolicyTextblock
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Going Concern</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying consolidated financial statements (“CFS”) were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As reflected in the accompanying CFS, the Company had loss before noncontrolling interest of $0.42 million and income before noncontrolling interest of $0.15 million for the six months ended June 30, 2022 and 2021, respectively; the Company had loss before noncontrolling interest of $0.16 million and net income before noncontrolling interest of $0.27 million for the three months ended June 30, 2022 and 2021, respectively.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">After Technology ceased sourcing ore for the production of boric acid from Qinghai Mining , Technology leased out the boric acid manufacturing facility, equipment and auxiliary equipment for a monthly fee in order to provide interim cash flow and maintain revenues from boric acid operations (see Note 1 above).</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company plans to produce lithium carbonate that can be sold for the electric vehicle battery use and is currently at test production stage. The Company expects to generate additional revenues and cash flow once it receives government approval of the official production process. Currently, the Company is in the trial production of lithium carbonate. Management also intends to raise additional funds by way of a private or public offerings, by obtaining loans from banks or form other sources of debt or equity capital. While the Company believes in the viability of its strategy to generate sufficient revenue and in its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The CFS do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-420000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
150000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-160000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
270000 usd
us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In preparing financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates, required by management, include the recoverability of long-lived assets, allowance for doubtful accounts and the reserve for obsolete and slow-moving inventories. Actual results could differ from those estimates.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19221 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
20233000000 usd
lbti Income Tax Reconciliation Tax Holidays1
IncomeTaxReconciliationTaxHolidays1
-20692 usd
CY2022Q2 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
89926 usd
CY2021Q4 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
18668 usd
CY2022Q2 lbti Allowance For Advances To Suppliers
AllowanceForAdvancesToSuppliers
2670 usd
CY2021Q4 lbti Allowance For Advances To Suppliers
AllowanceForAdvancesToSuppliers
2810 usd
lbti Income Tax Reconciliation Tax Holidays1
IncomeTaxReconciliationTaxHolidays1
46605 usd
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
2989 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28127 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25276 usd
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23496 usd
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25276 usd
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
8701 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Credit Risk</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 ($77,000) per bank. Any balance over RMB 500,000 ($77,000) per PRC bank will not be covered. The Company has not experienced any losses in such accounts.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers’ financial condition and customer payment practices to minimize collection risk on accounts receivable.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The operations of the Company are primarily in China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in China, as well as by the general state of the PRC economy.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
500000 usd
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
77000 cny
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
280861 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
732 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
283850 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
4732 usd
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
200000 cny
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30960 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
900000 cny
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
139310 usd
CY2022Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
0 usd
CY2021Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
78423 usd
CY2022Q2 us-gaap Bank Acceptances Executed And Outstanding
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0 usd
CY2022Q2 us-gaap Value Added Tax Receivable
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251241 usd
CY2021Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
204883 usd
CY2022Q2 us-gaap Security Deposit
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3129 usd
CY2021Q4 us-gaap Security Deposit
SecurityDeposit
3294 usd
CY2022Q2 us-gaap Other Assets Current
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61802 usd
CY2021Q4 us-gaap Other Assets Current
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18064 usd
CY2022Q2 us-gaap Other Receivables Gross Current
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316172 usd
CY2021Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
226241 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10959 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
11537 usd
CY2022Q2 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
305213 usd
CY2021Q4 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
214704 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5843294 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4017053 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2683795 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2627759 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3159499 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1389294 usd
us-gaap Depreciation
Depreciation
194064 usd
us-gaap Depreciation
Depreciation
181059 usd
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2022Q2 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
48944 usd
CY2021Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
51521 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1516 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
881 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
47428 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
50640 usd
CY2021Q2 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
51521 usd
CY2021Q2 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P37Y
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
703 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
233 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
371 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
233 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1345 usd
CY2022Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
0 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1623309 usd
CY2022Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
29665 usd
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
55658 usd
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12439 usd
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
18604 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
93273 usd
CY2021Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
129181 usd
CY2022Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
135377 usd
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>19. CONTINGENCIES</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company’s operations in the PRC are subject to specific 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 in China and foreign currency exchange. The Company’s results may be adversely affected by changes in PRC government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad and rates and methods of taxation, among other things.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company’s sales, purchases and expense transactions in China are denominated in RMB and all of the Company’s assets and liabilities in China are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current PRC law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation in order to affect the remittance.</p>
dei Entity Address Country
EntityAddressCountry
CN
CY2022Q2 us-gaap Commitments And Contingencies
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dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Entity Central Index Key
EntityCentralIndexKey
0001384135

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