$HCIL
Hongchang International Co., Ltd

2024 Q4 Form 10-Q Financial Statement

#000121390024097441 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $820.6K
YoY Change 1496.61%
Cost Of Revenue $770.5K
YoY Change 1123.85%
Gross Profit $50.14K
YoY Change -533.78%
Gross Profit Margin 6.11%
Selling, General & Admin $102.8K
YoY Change
% of Gross Profit 205.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $102.8K
YoY Change -25.05%
Operating Profit -$52.69K
YoY Change -64.58%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$9.00
YoY Change -1000.0%
Pretax Income -$50.19K
YoY Change -64.32%
Income Tax -$5.421K
% Of Pretax Income
Net Earnings -$61.06K
YoY Change -57.74%
Net Earnings / Revenue -7.44%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 518.8M shares 518.8M shares 518.8M shares
Diluted Shares Outstanding 518.8M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $307.0K $895.7K
Short-Term Investments
Other Short-Term Assets $1.062M $1.142M
YoY Change 24.99% 36398.69%
Inventory $1.855M $13.71K
Prepaid Expenses $23.32K
Receivables $291.3K $742.9K
Other Receivables $57.85K $1.107M
Total Short-Term Assets $4.372M $3.961M
YoY Change 56.63% 12123.0%
LONG-TERM ASSETS
Property, Plant & Equipment $19.31K $3.193K
YoY Change
Goodwill
YoY Change
Intangibles $2.993K $3.213K
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.493M $706.9K
YoY Change 430.65%
Total Long-Term Assets $57.74M $46.25M
YoY Change 29.78%
TOTAL ASSETS
Total Short-Term Assets $4.372M $3.961M
Total Long-Term Assets $57.74M $46.25M
Total Assets $62.11M $50.22M
YoY Change 31.37% 154867.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $119.8K $385.8K
YoY Change 58.58% 35.33%
Deferred Revenue $29.54K
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $38.50K
YoY Change
Total Short-Term Liabilities $542.4K $1.055M
YoY Change -93.24% -47.37%
LONG-TERM LIABILITIES
Long-Term Debt $6.449M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.86M $8.672M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $542.4K $1.055M
Total Long-Term Liabilities $20.86M $8.672M
Total Liabilities $21.40M $9.728M
YoY Change 166.72% 385.17%
SHAREHOLDERS EQUITY
Retained Earnings -$1.035M -$812.5K
YoY Change 25.27% -95.91%
Common Stock $40.42M $518.8K
YoY Change 7691.37% -49.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.65M $40.49M
YoY Change
Total Liabilities & Shareholders Equity $62.11M $50.22M
YoY Change 31.37% 154867.19%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$61.06K
YoY Change -57.74%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-26731
dei Entity Registrant Name
EntityRegistrantName
Hongchang International Co., Ltd
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-0627910
dei Entity Address Address Line1
EntityAddressAddressLine1
Block 20
dei Entity Address Address Line2
EntityAddressAddressLine2
Hongchang Food Co., Ltd., Yuanhong Investment Zone
dei Entity Address Address Line3
EntityAddressAddressLine3
Donggao Village
dei Entity Address City Or Town
EntityAddressCityOrTown
Fuzhou City
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
350300
dei Entity Address Country
EntityAddressCountry
CN
dei City Area Code
CityAreaCode
(86)
dei Local Phone Number
LocalPhoneNumber
180 5901 6050
dei Security12b Title
Security12bTitle
None
dei No Trading Symbol Flag
NoTradingSymbolFlag
true
dei Entity Current Reporting Status
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dei Entity Interactive Data Current
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dei Entity Filer Category
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IncreaseDecreaseInContractWithCustomerLiability
10913 usd
us-gaap Government Assistance Asset Increase
GovernmentAssistanceAssetIncrease
2003319 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2675911 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
777143 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10856228 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40391648 usd
us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
139 usd
hcil Repayments From A Third Party Investing
RepaymentsFromAThirdPartyInvesting
-1086307 usd
us-gaap Payments For Investment In Restricted Cash From Pollution Control Bond
PaymentsForInvestmentInRestrictedCashFromPollutionControlBond
131 usd
hcil Payments Of Loan To Third Party
PaymentsOfLoanToThirdParty
1015527 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9769913 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-41407175 usd
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
41241108 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
6333153 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2413571 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2660425 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
7943309 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1792987 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11862891 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40373670 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5748 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1116340 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-588681 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
859978 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
895730 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3141 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
307049 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
863119 usd
us-gaap Interest Paid
InterestPaid
208243 usd
us-gaap Interest Paid Net
InterestPaidNet
222248 usd
hcil Other Receivable From Disposal Of Subsidiary
OtherReceivableFromDisposalOfSubsidiary
27924 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. ORGANIZATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><b><i>(a) Nature of operations</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hongchang International Co., Ltd (the “Company”) was incorporated in the state of Nevada on May 18, 1987. The Company is a holding company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 4, 2023, Heyu Biological Technology Corporation (“HYBT”), the Company’s predecessor, completed the merger and other related transactions (the “Merger Transactions”) with Hongchang Global Investment Holdings Limited (“Hongchang BVI”), as a result of which Hongchang BVI became a wholly-owned subsidiary of HYBT and HYBT assumed and began conducting the principal business of Hongchang BVI. The name of the Company was changed from “Heyu Biological Technology Corporation” to “Hongchang International Co., Ltd.” (HCIL).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The “Group” means (i) prior to the completion of the Reorganization, Hongchang BVI and its subsidiaries that engage in businesses of food trade and biotechnology in China (ii) upon and after completion of the Merger Transactions, the Company and its subsidiaries that engage in businesses of food trade and meat processing in China.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><b><i>(b) History and reorganization of the Group</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparation of the Merger Transactions, the following transactions were undertaken to reorganize the legal structure of Operating Entity (“Reorganization”). On January 13, 2023, Mr. Zengqiang Lin and Ms. Zhenzhu Lin, the existing stockholders of Fuqing Hongchang Food Co., Ltd (“Hongchang Food”) established two wholly-owned subsidiaries (“BVI-1” and “BVI-2”) in British Virgin Island, respectively. On January 18, 2023, Hong Chang Global Investment Holdings Limited (“Hongchang BVI”) was then incorporated by BVI-1 and BVI-2 which held 70% and 30% equity interest of Hongchang BVI, respectively. On February 6, 2023, Hongchang BVI incorporated a wholly-owned subsidiary, Hong Chang Biotechnologies (HK) Limited (“Hongchang HK”). On February 28, 2023, Hongchang HK incorporated a wholly-owned subsidiary, Fujian Hongjin Biotechnology Co., Ltd. (“WFOE”) in the People’s Republic of China (“PRC”). WFOE then purchased the total equity interest of Hongchang Food. After the Reorganization, Mr. Zengqiang Lin and Ms. Zhenzhu Lin hold 70% and 30% equity interest of Hongchang Food through WFOE, respectively. As all the entities involved in the process of the Reorganization are under common ownership of Hongchang Food’s stockholders before and after the Reorganization, the Reorganization is accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, the accompanying unaudited condensed consolidated financial statements were prepared as if the corporate structure of the Group had been in existence since the beginning of the periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>(c) Reverse merger</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 21, 2023, HYBT entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Hongchang BVI and Hongchang BVI’s stockholders, Zengqiang Investment Limited, a business company incorporated in the BVI, and Hong Jin Investment Limited, a business company incorporated in the BVI (the “Selling Stockholders” and each a “Selling Stockholder”), in relation to the acquisition of Hongchang BVI by HYBT (the “Hongchang Acquisition”). Zengqiang Investment Limited is wholly-owned by Mr. Zengqiang Lin and Hong Jin Investment Limited is wholly-owned by Ms. Zhenzhu Lin. Mr. Zengqiang Lin has been a director of HYBT since February 17, 2023, and Ms. Zhenzhu Lin is the sister of Mr. Zengqiang Lin. In accordance with the terms of the Share Exchange Agreement, the Selling Stockholders sold and transferred 100 shares of Hongchang BVI, constituting all of the issued and outstanding share capital of Hongchang BVI, to HYBT in exchange for an aggregate of 415,582,375 new shares of HYBT’s common stock (the “Consideration Shares”), of which 353,322,843 shares were issued to Zengqiang Investment Limited and 62,259,532 shares were issued to Hong Jin Investment Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately following the closing of the Hongchang Acquisition, HYBT had a total of 518,831,367 issued and outstanding shares of common stock. The 415,582,375 Consideration Shares constitute 80.1% of its enlarged share capital following the closing of the Hongchang Acquisition. The exchange consideration for the Hongchang Acquisition was determined on an arms’ length basis based on our valuation of Hongchang BVI and its subsidiaries and its assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As HYBT, the legal acquirer and accounting acquiree, does not meet the definition of a business, management concluded that the Merger should be accounted for as a continuation of the financial statements of Hongchang BVI (the legal subsidiary), together with a deemed issue of shares and a re-capitalization of the equity of Hongchang BVI. Hongchang BVI is the continuing entity and is deemed to have issued shares in exchange for the identifiable net assets held by HYBT together with the listing status of HYBT. Management concluded that September 4, 2023 is the acquisition date of the Merger.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the completion of the reverse merger, the Company has set up a few new subsidiaries: Fujian Hongchang Global Food Co., Ltd (“Hongchang Global Food”), Fuqing Hongchang Global Import &amp; Export Co., Ltd (“Hongchang Import &amp; Export”), Fuqing Hongchang Global Supply Chain Co., Ltd (“Hongchang Supply Chain”), and Hongchang Global (Fuqing City) Agricultural Technology Development Co., Ltd (“Hongchang Agricultural”) in order for the company to develop different businesses. As of the date of this report, these subsidiaries have not generated significant revenue.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2024, the Company set up a new subsidiary Hongfu Food (Fujian) Co., Ltd (“Hongfu Food”), which is mainly engaged in the initial processing of agricultural products, specializing in pork segmentation and trade. Hongfu Food purchasing pork as raw materials and processing or dividing them into various finished products according to customer needs, or through secondary segmentation into various specifications of packed finished products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on above transactions, the accompanying unaudited condensed consolidated financial statements reflect the activities of each of the following entities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entity</b></span></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place of <br/> incorporation</b></span></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of <br/> direct or indirect <br/> ownership <br/> by the Company</b></span></td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Subsidiaries:</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 47%; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Chang Global Investment Holdings Limited (Hongchang BVI)</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British Virgin Island</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Chang Biotechnologies (HK) Limited (Hongchang HK)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fujian Hongjin Biotechnology Co., Ltd. (WFOE)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of technical and consultation services</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuqing Hongchang Food Co., Ltd (Hongchang Food)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of Food Industry Park operation, food trade and meat processing</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fujian Hongchang Global Food Co., Ltd (“Hongchang Global Food”)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of food trade </span></td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuqing Hongchang Global Import &amp; Export Co., Ltd (“Hongchang Import&amp;Export”)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of food trade </span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuqing Hongchang Global Supply Chain Co., Ltd (“Hongchang Supply Chain”)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of food trade</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongchang Global (Fuqing City) Agricultural Technology Development Co., Ltd (“Hongchang Agricultural”)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%, disposed on September 3, 2024</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of food trade and biotechnology</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongfu Food (Fujian) Co., Ltd (“Hongfu Food”)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision of food trade and meat processing</span></td></tr> </table>
CY2024Q3 hcil Percentage Of Share Capital
PercentageOfShareCapital
0.801 pure
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s unaudited condensed consolidated financial statements mainly include, but are not limited to, assessment for impairment of long-lived assets, valuation of deferred tax assets, current expected credit loss of receivables, and valuation of inventory and advance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the unaudited condensed consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. On an ongoing basis, management evaluates its estimates based on information that is currently available. Changes in circumstances, facts and experience may cause the Group to revise its estimates. Changes in estimates are recorded in the period in which they become known. Actual results could materially differ from these estimates.</p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
70000 usd
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
500000 cny
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
155359 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
222248 usd
CY2024Q3 us-gaap Government Assistance Liability Noncurrent
GovernmentAssistanceLiabilityNoncurrent
2008175 usd
CY2023Q4 us-gaap Government Assistance Liability Noncurrent
GovernmentAssistanceLiabilityNoncurrent
1989463 usd
CY2023Q2 hcil Capital Contribution
CapitalContribution
41241108 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1034975 usd
us-gaap Profit Loss
ProfitLoss
-163020 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
41241108 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial Statement Reclassification </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain balances in the prior year unaudited condensed consolidated financial statements have been reclassified for comparison purposes to conform to the presentation in the current year unaudited condensed consolidated financial statements. These reclassifications had no effect on the reported results of operations or financial position.</p>
us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
10 usd
CY2024Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
291266 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
742851 usd
CY2024Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
291266 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
742851 usd
CY2023Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
1079127 usd
CY2024Q3 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
57846 usd
CY2023Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
27447 usd
CY2024Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
57846 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1106574 usd
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CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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Land
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Land
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hcil Land Use Right Term
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CY2023Q2 hcil Capital Contribution
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CY2023Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
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CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
7943309 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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hcil Refunds From A Related Party
RefundsFromARelatedParty
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CY2023Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
60000000 cny
CY2023Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
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CY2024Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
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CY2024Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
4300000 usd
CY2024Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
20000000 cny
CY2024Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
2900000 usd
CY2024Q3 us-gaap Other Commitment
OtherCommitment
13087649 usd
CY2023Q4 us-gaap Other Commitment
OtherCommitment
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CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2023Q4 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Contract With Customer Liability Current
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2024Q3 us-gaap Commitments And Contingencies
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CY2023Q4 us-gaap Commitments And Contingencies
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CY2023Q4 us-gaap Minority Interest
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CY2023Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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hcil Accrued Interest Income Derived From Loan To Third Party
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us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Increase Decrease In Prepaid Supplies
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hcil Increase Decrease Advance To Supplierrelated Party
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Notes Payable Related Parties
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us-gaap Government Assistance Asset Increase
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us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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hcil Repayments From A Third Party Investing
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hcil Payments Of Loan To Third Party
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Interest Paid
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us-gaap Interest Paid Net
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hcil Other Receivable From Disposal Of Subsidiary
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us-gaap Interest Paid Capitalized
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us-gaap Asset Impairment Charges
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us-gaap Advertising Expense
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us-gaap Advertising Expense
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CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q3 us-gaap Loans And Leases Receivable Related Parties
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CY2024Q3 us-gaap Allowance For Doubtful Other Receivables Current
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q3 us-gaap Inventory Adjustments
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CY2023Q4 us-gaap Inventory Adjustments
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us-gaap Depreciation
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us-gaap Impairment Of Intangible Assets Finitelived
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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us-gaap Interest Costs Incurred Capitalized
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001086303

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