$AIXN
AiXin Life International, Inc.

2024 Q3 Form 10-Q Financial Statement

#000149315224034864 Filed on September 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $936.4K $1.333M
YoY Change -12.23% -9.72%
Cost Of Revenue $355.7K $480.1K
YoY Change -62.94% -47.24%
Gross Profit $580.7K $852.6K
YoY Change 427.88% 52.24%
Gross Profit Margin 62.01% 63.97%
Selling, General & Admin $729.7K $664.2K
YoY Change 2.69% 14.12%
% of Gross Profit 125.66% 77.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.21K $94.11K
YoY Change -14.96% 6.33%
% of Gross Profit 16.74% 11.04%
Operating Expenses $729.7K $664.2K
YoY Change -59.51% -57.99%
Operating Profit -$602.6K -$268.8K
YoY Change -18.04% 156.59%
Interest Expense $200.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $56.40K $92.57K
YoY Change -81.05% 663.2%
Pretax Income -$546.2K -$176.3K
YoY Change 24.8% 90.26%
Income Tax $1.00 $526.00
% Of Pretax Income
Net Earnings -$546.2K -$176.8K
YoY Change 24.66% 81.23%
Net Earnings / Revenue -58.33% -13.27%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 25.00M shares 25.00M shares
Diluted Shares Outstanding 25.00M shares 25.00M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $614.7K
YoY Change 92.09%
Cash & Equivalents $568.3K $614.7K
Short-Term Investments
Other Short-Term Assets $350.2K
YoY Change 34.69%
Inventory $523.1K $483.5K
Prepaid Expenses
Receivables $455.1K $309.4K
Other Receivables $101.9K
Total Short-Term Assets $1.972M $1.788M
YoY Change -4.52% 2.57%
LONG-TERM ASSETS
Property, Plant & Equipment $1.645M $1.677M
YoY Change -0.86% -1.44%
Goodwill
YoY Change
Intangibles $5.144K $5.714K
YoY Change 81.13% 76.3%
Long-Term Investments $210.00
YoY Change -99.74%
Other Assets $4.710K
YoY Change -52.9%
Total Long-Term Assets $3.677M $3.720M
YoY Change 66.0% 49.76%
TOTAL ASSETS
Total Short-Term Assets $1.972M $1.788M
Total Long-Term Assets $3.677M $3.720M
Total Assets $5.649M $5.508M
YoY Change 31.97% 30.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $590.7K
YoY Change 25.48%
Accrued Expenses $2.252M
YoY Change -16.59%
Deferred Revenue
YoY Change
Short-Term Debt $82.56K
YoY Change 3.2%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.857M $6.217M
YoY Change 35.32% 34.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.744M
YoY Change 730.35%
Total Long-Term Liabilities $1.744M
YoY Change 730.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.857M $6.217M
Total Long-Term Liabilities $1.744M
Total Liabilities $8.651M $7.961M
YoY Change 65.57% 64.39%
SHAREHOLDERS EQUITY
Retained Earnings -$18.55M -$18.00M
YoY Change 14.52% 14.24%
Common Stock $250.00 $250.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.003M -$2.453M
YoY Change
Total Liabilities & Shareholders Equity $5.649M $5.508M
YoY Change 31.97% 30.3%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$546.2K -$176.8K
YoY Change 24.66% 81.23%
Depreciation, Depletion And Amortization $97.21K $94.11K
YoY Change -14.96% 6.33%
Cash From Operating Activities $113.1K
YoY Change -5.73%
INVESTING ACTIVITIES
Capital Expenditures $199.0K
YoY Change 1890.1%
Acquisitions
YoY Change
Other Investing Activities $90.00
YoY Change
Cash From Investing Activities -$198.9K
YoY Change 1889.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 412.8K
YoY Change -258.75%
NET CHANGE
Cash From Operating Activities 113.1K
Cash From Investing Activities -198.9K
Cash From Financing Activities 412.8K
Net Change In Cash 327.0K
YoY Change -317.97%
FREE CASH FLOW
Cash From Operating Activities $113.1K
Capital Expenditures $199.0K
Free Cash Flow -$85.89K
YoY Change -178.08%

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<p id="xdx_843_eus-gaap--UseOfEstimates_zqj9Jg9nPoig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86F_zRCOfKJ7S1pe">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In preparing consolidated 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 consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zWYQQrLbgbYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86B_zLBHyCD52tRh">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks is covered by insurance up to RMB <span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_uRMB_c20240630_z98iCDnXYQW8">500,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">($<span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_uUSD_c20240630_zsaAB30uLws5">72,500</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">) per bank. As of June 30, 2024 and December 31, 2023, the Company has uninsured deposits in banks of $<span id="xdx_906_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20240630_zGR8hLtbUhRa">441,798 </span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">and $<span id="xdx_909_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20231231_zgQUOEhqV2Ig">289,059 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">held in the PRC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company has not experienced any losses in such accounts and believes they are not exposed to any risks on its cash in these bank accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three and six months ended June 30, 2024, the Company had one customer that accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z6ad7Ln3zJnl" title="Concentration risk percentage">30</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z9utaVc9xi5k" title="Concentration risk percentage">21</span>% of its total revenue, respectively. Net sales for the customer amounted to $<span id="xdx_90F_eus-gaap--Revenues_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zpDx75GwCsGf" title="Net sales">406,200</span> and $<span id="xdx_906_eus-gaap--Revenues_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zvCDdQoU26Gi" title="Net sales">460,291 </span>during the three and six months ended June 30, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three and six months ended June 30, 2023, the Company had no customer that accounted for over <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zwlzC5atBOBi" title="Concentration risk percentage1"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zmXiqOFO3SCd" title="Concentration risk percentage1">10</span></span>% of its total revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zSgSuWTZ5TQi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three months ended June 30, 2024, the Company had two major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zijY6EIe8vGd" style="display: none">SCHEDULE OF CONCENTRATION OF RISK BY RISK FACTORS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Net purchases for the</p> <p style="margin-top: 0; margin-bottom: 0">three months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">% of total</p> <p style="margin-top: 0; margin-bottom: 0">purchase</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--PurchaseCost_pp0p0_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zfvlk2wsCzp" style="width: 16%; text-align: right" title="Net purchases">139,702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zRTzRBFxnAc1" style="width: 16%; text-align: right" title="Percentage of total purchase">28</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>B*</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--PurchaseCost_pp0p0_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zUVX1IAjwdMi" style="text-align: right" title="Net purchases">66,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240401__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zGAi997HpH59" style="text-align: right" title="Percentage of total purchase">13</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the six months ended June 30, 2024, the Company had two major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Net purchases for the</p> <p style="margin-top: 0; margin-bottom: 0">six months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">% of total</p> <p style="margin-top: 0; margin-bottom: 0">purchase</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_ecustom--PurchaseCost_pp0p0_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zhP0eRBZAxOc" style="width: 16%; text-align: right" title="Net purchases">184,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zwKQvEm4q2R3" style="width: 16%; text-align: right" title="Percentage of total purchase">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>B*</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--PurchaseCost_pp0p0_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zm8mWJYqpPaa" style="text-align: right" title="Net purchases">137,078</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zUHS1hQKTl9a" style="text-align: right" title="Percentage of total purchase">15</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three months ended June 30, 2023, the Company had one major supplier that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Net purchases for the</p> <p style="margin-top: 0; margin-bottom: 0">three months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">% of total</p> <p style="margin-top: 0; margin-bottom: 0">purchase</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">C</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--PurchaseCost_pp0p0_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zsy80irfEnP8" style="width: 16%; text-align: right" title="Net purchases">65,728</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_z1TbiMZunYi" style="width: 16%; text-align: right" title="Percentage of total purchase">15</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the six months ended June 30, 2023, the Company had two major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Net purchases for the</p> <p style="margin-top: 0; margin-bottom: 0">six months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">% of total</p> <p style="margin-top: 0; margin-bottom: 0">purchase</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">C</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--PurchaseCost_pp0p0_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zgB92uMzUBK" style="width: 16%; text-align: right" title="Net purchases">127,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zjZmNYcYc876" style="width: 16%; text-align: right" title="Percentage of total purchase">15</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--PurchaseCost_pp0p0_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierDMember_z2YUIyAoBYF" style="text-align: right" title="Net purchases">107,907</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierDMember_zzwf6mg3N4Tc" style="text-align: right" title="Percentage of total purchase">13</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0E_zVhiA2ZBwg1f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F11_z1lgtVt6fUok" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CEO owns this entity with <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__us-gaap--OtherInvesteesMember_zwfPnqLbdgtl" title="Ownership percentage">100</span>% ownership</span></td> </tr></table> <p id="xdx_8A5_zhylhWp8WERe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
500000
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
72500 usd
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
441798 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
289059 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1332650 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1476057 usd
CY2024Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1601475 usd
CY2023Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1580825 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-268825 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-104768 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2184209 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2230770 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3074280 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2887508 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-890071 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-656738 usd
CY2024Q2 us-gaap Assets
Assets
5507970 usd
CY2023Q4 us-gaap Assets
Assets
4842358 usd
CY2024Q2 us-gaap Deposit Assets
DepositAssets
46104 usd
CY2023Q4 us-gaap Deposit Assets
DepositAssets
8978 usd
CY2024Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
153932 usd
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
128378 usd
CY2024Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
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CY2023Q4 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
8667 usd
CY2024Q2 us-gaap Other Assets
OtherAssets
14264 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
24808 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
223541 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
170831 usd
CY2024Q2 us-gaap Supplies
Supplies
6652 usd
CY2023Q4 us-gaap Supplies
Supplies
152563 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
149191 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
114005 usd
CY2024Q2 AIXN Drugs Pharmaceutical And Nutritional Products
DrugsPharmaceuticalAndNutritionalProducts
349311 usd
CY2023Q4 AIXN Drugs Pharmaceutical And Nutritional Products
DrugsPharmaceuticalAndNutritionalProducts
324588 usd
CY2024Q2 AIXN Inventory Food And Beverage Hotel Supplies And Consumables Gross
InventoryFoodAndBeverageHotelSuppliesAndConsumablesGross
63213 usd
CY2023Q4 AIXN Inventory Food And Beverage Hotel Supplies And Consumables Gross
InventoryFoodAndBeverageHotelSuppliesAndConsumablesGross
81969 usd
CY2024Q2 us-gaap Inventory Gross
InventoryGross
561715 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
520562 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
78212 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
79464 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
483503 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
441098 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3152550 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3010372 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3152550 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3010372 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1475705 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1330697 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1676845 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1679675 usd
CY2024Q2 us-gaap Depreciation
Depreciation
94114 usd
CY2023Q2 us-gaap Depreciation
Depreciation
88509 usd
us-gaap Depreciation
Depreciation
199956 usd
us-gaap Depreciation
Depreciation
192909 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14982 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12516 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9268 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8599 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5714 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3917 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
415 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
357 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
872 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
518 usd
CY2024Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
55993 usd
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
6439 usd
CY2024Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
29345 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
29998 usd
CY2024Q2 AIXN City Construction Tax Payable Current
CityConstructionTaxPayableCurrent
4289 usd
CY2023Q4 AIXN City Construction Tax Payable Current
CityConstructionTaxPayableCurrent
1423 usd
CY2024Q2 AIXN Education Tax Payable Current
EducationTaxPayableCurrent
3025 usd
CY2023Q4 AIXN Education Tax Payable Current
EducationTaxPayableCurrent
1024 usd
CY2024Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12069 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
10365 usd
CY2024Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
104721 usd
CY2023Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
49249 usd
CY2024Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
181390 usd
CY2023Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
231983 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
488961 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
308768 usd
CY2024Q2 us-gaap Construction Payable Current
ConstructionPayableCurrent
1192838 usd
CY2023Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
1229775 usd
CY2024Q2 AIXN Payable For Equipment Purchase Current
PayableForEquipmentPurchaseCurrent
8798 usd
CY2023Q4 AIXN Payable For Equipment Purchase Current
PayableForEquipmentPurchaseCurrent
30307 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
216664 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
250505 usd
CY2024Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
10612 usd
CY2023Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
10986 usd
CY2024Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
35100 usd
CY2023Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
100742 usd
CY2024Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2134363 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2163066 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
24999834 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24999834 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24999834 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24999834 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24999834 shares
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
92885 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
92885 usd
us-gaap Share Based Compensation
ShareBasedCompensation
185770 usd
us-gaap Share Based Compensation
ShareBasedCompensation
185770 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
115357 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y3M25D
AIXN Net Income Transfer Percentage
NetIncomeTransferPercentage
0.10 pure
AIXN Capital Reserve Percentage
CapitalReservePercentage
0.50 pure
CY2024Q2 AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
CY2023Q2 AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_805_eus-gaap--LossContingencyDisclosures_zuQK0lwprYw5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>17. <span id="xdx_82B_znvPDFNfQ7Wi">OPERATING CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 and foreign currency exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s sales, purchases and expenses are denominated in RMB and all of the Company’s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current 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 to affect the remittance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Litigation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company is, from time to time, involved in litigation incidental to the conduct of its business regarding merchandise sold, employment matters, and litigation regarding intellectual property rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In October 2020, Jian Yiao (the “Plaintiff”) filed a complaint against Chengdu Aixintang Pharmacy Co., Ltd. (“Aixintang Pharmacy”, or the “Defendant”) in Zhangjiagang People’s Court in Jiangsu Province. The complaint alleges that Jian Yiao is entitled to $<span id="xdx_90C_eus-gaap--LongTermPurchaseCommitmentAmount_c20201001__20201031_zszTKWTxbV7b" title="Purchase commitment amount">392,305</span> (RMB <span id="xdx_904_eus-gaap--LongTermPurchaseCommitmentAmount_uRMB_c20201001__20201031_zIU11QTehDt9" title="Purchase commitment amount">2,500,000</span>) from Aixintang Pharmacy for not fulfilling the contractual obligation of a purchase agreement entered in March 2020 (the “Purchase Agreement”). Aixintang Pharmacy claimed that the Purchase Agreement was falsely entered by an employee through forged documents, and that Aixintang Pharmacy did not enter the Purchase Agreement. The Court determined that Aixintang Pharmacy breached the Purchase Agreement by not delivering the products ordered and ordered Aixintang Pharmacy to pay $<span id="xdx_90F_eus-gaap--LitigationSettlementExpense_c20201001__20201031_zRAEQawhqAxb" title="Litigation settlement expense">392,305</span> (RMB <span id="xdx_905_eus-gaap--LitigationSettlementExpense_uRMB_c20201001__20201031_zIw38Bd2idz4" title="Litigation settlement expense">2,500,000</span>) to the Plaintiff. In December 2020, Aixintang Pharmacy filed a motion of appeal in the Jiangsu Suzhou Intermediate People’s Court against the determination reached from the first trial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In February 2021, the judge in the Jiangsu Suzhou Intermediate People’s Court denied the Defendant’s motion and upheld the judgment from the first trial. In March 2021, Aixintang Pharmacy filed another motion of re-trial to the Jiangsu High People’s Court on the basis that the Purchase Agreement was forged, the motion was accepted by Jiangsu High People’s Court in July 2021. In September 2022, the Court rejected the Defendant’s motion and upheld the judgment rendered in the second trial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 30, 2024,  Zhangjiagang People’s Court in Jiangsu Province issued a Notice of Case Closure, stating the Judgement for this case was fully executed and the plaintiff has received the full execution amount as of August 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2021, the Company and Mr. Quanzhong Lin agreed that Mr. Lin shall assume any losses arising from this legal proceeding. As such, the Company did not accrue contingent losses from this legal proceeding as of June 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that the litigation will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2020Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
392305 usd
CY2020Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
2500000
CY2020Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
392305 usd
CY2020Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
2500000

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