2023 Q1 Form 20-F Financial Statement

#000121390023012263 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q3 2022 Q2
Revenue $34.30M $105.4M
YoY Change -42.93% -37.16%
Cost Of Revenue $33.60M $92.80M
YoY Change -34.7% -38.29%
Gross Profit $692.0K $12.61M
YoY Change -91.99% -27.34%
Gross Profit Margin 2.02% 11.96%
Selling, General & Admin $4.502M $10.44M
YoY Change -9.43% 16.59%
% of Gross Profit 650.55% 82.8%
Research & Development $1.430M $2.515M
YoY Change -29.47% -55.97%
% of Gross Profit 206.71% 19.94%
Depreciation & Amortization $1.436M $1.432M
YoY Change 22.66% 31.18%
% of Gross Profit 207.52% 11.35%
Operating Expenses $5.932M $12.96M
YoY Change -15.24% -11.67%
Operating Profit -$5.240M -$345.4K
YoY Change -420.4% -112.84%
Interest Expense -$544.9K -$1.291M
YoY Change -26.53% 16.07%
% of Operating Profit
Other Income/Expense, Net $500.0K $1.280M
YoY Change -18.78% 12.93%
Pretax Income -$5.125M $439.2K
YoY Change -439.79% -86.44%
Income Tax -$108.2K $326.9K
% Of Pretax Income 74.44%
Net Earnings -$4.989M $199.0K
YoY Change -515.8% -93.58%
Net Earnings / Revenue -14.55% 0.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.36 $0.02
COMMON SHARES
Basic Shares Outstanding 14.01M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.620M $3.656M
YoY Change -25.81% 434.23%
Cash & Equivalents $2.620M $3.656M
Short-Term Investments
Other Short-Term Assets $933.8K $358.6K
YoY Change -53.73% -74.87%
Inventory $16.19M $15.43M
Prepaid Expenses
Receivables $4.652M $6.271M
Other Receivables $3.903M $6.191M
Total Short-Term Assets $28.30M $31.91M
YoY Change -37.52% -41.12%
LONG-TERM ASSETS
Property, Plant & Equipment $23.44M $19.42M
YoY Change 16.59% -0.3%
Goodwill
YoY Change
Intangibles $2.969M
YoY Change 2235.22%
Long-Term Investments $218.4K $210.9K
YoY Change
Other Assets $558.9K $823.1K
YoY Change 4.29% 22.27%
Total Long-Term Assets $29.38M $25.28M
YoY Change 32.24% 16.09%
TOTAL ASSETS
Total Short-Term Assets $28.30M $31.91M
Total Long-Term Assets $29.38M $25.28M
Total Assets $57.68M $57.18M
YoY Change -14.56% -24.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.964M $6.279M
YoY Change -39.55% -64.36%
Accrued Expenses $1.619M $2.040M
YoY Change -42.54% -27.8%
Deferred Revenue
YoY Change
Short-Term Debt $24.77M $21.29M
YoY Change -21.55% -34.32%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.15M $31.51M
YoY Change -26.84% -47.98%
LONG-TERM LIABILITIES
Long-Term Debt $291.2K $0.00
YoY Change
Other Long-Term Liabilities $47.28K
YoY Change 4.23%
Total Long-Term Liabilities $338.5K $0.00
YoY Change 646.25% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.15M $31.51M
Total Long-Term Liabilities $338.5K $0.00
Total Liabilities $37.73M $31.56M
YoY Change -27.06% -48.81%
SHAREHOLDERS EQUITY
Retained Earnings $2.484M
YoY Change -9.6%
Common Stock $1.401K $12.41M
YoY Change 38.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.95M $25.34M
YoY Change
Total Liabilities & Shareholders Equity $57.68M $57.18M
YoY Change -14.56% -24.73%

Cashflow Statement

Concept 2023 Q1 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.989M $199.0K
YoY Change -515.8% -93.58%
Depreciation, Depletion And Amortization $1.436M $1.432M
YoY Change 22.66% 31.18%
Cash From Operating Activities $574.7K $1.684M
YoY Change -92.83% -110.38%
INVESTING ACTIVITIES
Capital Expenditures $5.261M $6.738M
YoY Change -464.23% -461.31%
Acquisitions
YoY Change
Other Investing Activities $366.2K $1.304M
YoY Change -909.15%
Cash From Investing Activities -$4.894M -$5.434M
YoY Change 238.88% 168.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.547M 3.793M
YoY Change -220.26% -77.96%
NET CHANGE
Cash From Operating Activities 574.7K 1.684M
Cash From Investing Activities -4.894M -5.434M
Cash From Financing Activities 4.547M 3.793M
Net Change In Cash 227.2K 42.85K
YoY Change -91.85% -104.1%
FREE CASH FLOW
Cash From Operating Activities $574.7K $1.684M
Capital Expenditures $5.261M $6.738M
Free Cash Flow -$4.686M -$5.054M
YoY Change -149.54% -64.81%

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WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
10125000 shares
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ForeignCurrencyTransactionGainLossBeforeTax
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CY2022 us-gaap Profit Loss
ProfitLoss
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021 us-gaap Profit Loss
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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StockIssuedDuringPeriodValueOther
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2020 us-gaap Profit Loss
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CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Profit Loss
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CY2021 us-gaap Profit Loss
ProfitLoss
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CY2020 us-gaap Profit Loss
ProfitLoss
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CY2021 us-gaap Depreciation
Depreciation
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CY2020 us-gaap Depreciation
Depreciation
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CY2022 ost Amortization Expense Of Land Use Rights
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CY2021 ost Amortization Expense Of Land Use Rights
AmortizationExpenseOfLandUseRights
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CY2020 ost Amortization Expense Of Land Use Rights
AmortizationExpenseOfLandUseRights
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CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2020 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
233824 usd
CY2022 ost Bad Debt Expense For Advances To Suppliers
BadDebtExpenseForAdvancesToSuppliers
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CY2021 ost Bad Debt Expense For Advances To Suppliers
BadDebtExpenseForAdvancesToSuppliers
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CY2022 ost Inventory Provision
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CY2021 ost Inventory Provision
InventoryProvision
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CY2020 ost Inventory Provision
InventoryProvision
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 ost Imputed Interest For Shortterm Borrowings From Third Parties
ImputedInterestForShorttermBorrowingsFromThirdParties
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ImputedInterestForShorttermBorrowingsFromThirdParties
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseInNotesReceivableCurrent
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CY2021 us-gaap Increase Decrease In Notes Receivable Current
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CY2020 us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
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CY2021 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2022 us-gaap Increase Decrease In Prepaid Supplies
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CY2021 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
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CY2020 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2022 us-gaap Increase Decrease In Other Receivables
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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CY2022 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
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CY2021 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
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CY2020 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Property Plant And Equipment Disposals
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CY2021 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
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CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2020 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2022 us-gaap Payments To Acquire Longterm Investments
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2020 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
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CY2022 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
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CY2021 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
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CY2022 us-gaap Proceeds From Bank Debt
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CY2021 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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CY2020 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2021 us-gaap Repayments Of Short Term Debt
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CY2020 us-gaap Repayments Of Short Term Debt
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CY2022 us-gaap Proceeds From Other Short Term Debt
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CY2021 us-gaap Proceeds From Other Short Term Debt
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CY2020 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
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CY2022 us-gaap Repayments Of Related Party Debt
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CY2021 us-gaap Repayments Of Related Party Debt
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CY2020 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2020 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
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CY2021 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11788 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18564120 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
210464 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
291032 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3122585 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2891392 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5361522 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2470130 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3806920 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Restricted Cash Equivalents
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CY2021Q3 us-gaap Restricted Cash Equivalents
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CY2020Q3 us-gaap Restricted Cash Equivalents
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CY2022Q3 us-gaap Restricted Cash
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CY2020Q3 us-gaap Restricted Cash
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CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2021Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2020Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
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InterestPaidNet
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CY2020 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q3 us-gaap Area Of Land
AreaOfLand
54759 sqm
CY2022 ost Outstanding Shares Percentage
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0.9785 pure
CY2021Q3 ost Aggregate Of Shares Percentage
AggregateOfSharesPercentage
0.9785 pure
CY2022Q2 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
338652 usd
CY2022Q2 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
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CY2022 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
338652 usd
CY2022 ost Business Combination Noncontrolling Interests
BusinessCombinationNoncontrollingInterests
330068 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Other
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8584 usd
CY2022 ost Noncontrolling Interests Total
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338652 usd
CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of estimates</b></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">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation, useful lives of property, plant and equipment, intangible assets, and income taxes related to realization of deferred tax assets and uncertain tax position. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
7.1135 pure
CY2021Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
6.4434 pure
CY2020Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
6.7896 pure
CY2022Q3 us-gaap Derivative Average Exchange Rate Cap1
DerivativeAverageExchangeRateCap1
6.5532 pure
CY2021Q3 us-gaap Derivative Average Exchange Rate Cap1
DerivativeAverageExchangeRateCap1
6.5238 pure
CY2020Q3 us-gaap Derivative Average Exchange Rate Cap1
DerivativeAverageExchangeRateCap1
7.0056 pure
CY2022 us-gaap Payments To Suppliers
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CY2021 us-gaap Payments To Suppliers
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CY2022 ost Residual Value Percentage
ResidualValuePercentage
0.05 pure
CY2022Q3 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
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CY2021Q3 us-gaap Long Term Loans From Bank
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CY2022Q3 us-gaap Loans Payable To Bank Current
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165144 usd
CY2021Q3 us-gaap Loans Payable To Bank Current
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CY2021Q3 us-gaap Long Term Debt
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CY2022 us-gaap Interest Expense
InterestExpense
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CY2021 us-gaap Interest Expense
InterestExpense
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CY2021Q2 ost Valueadded Tax Rate
ValueaddedTaxRate
0.13 pure
CY2022 us-gaap Charity Care Reimbursements Received
CharityCareReimbursementsReceived
1505943 usd
CY2021 us-gaap Charity Care Reimbursements Received
CharityCareReimbursementsReceived
517054 usd
CY2020 us-gaap Charity Care Reimbursements Received
CharityCareReimbursementsReceived
16718 usd
CY2022 ost Shipping And Handling Costs
ShippingAndHandlingCosts
396899 usd
CY2021 ost Shipping And Handling Costs
ShippingAndHandlingCosts
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CY2020 ost Shipping And Handling Costs
ShippingAndHandlingCosts
573669 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
CY2022 us-gaap Concentration Risk Credit Risk
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<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"><b>Significant risks and uncertainties</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"><i>Exchange Rate Risks</i></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"><i> </i></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 operates in PRC, which may give rise to significant foreign currency risks mainly from fluctuations and the degree of volatility of foreign exchange rates between the USD and the RMB. </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"><i>Currency Convertibility Risks</i></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">Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts.</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"><i>Concentration of Credit Risks</i></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"><i> </i></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">Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, accounts receivables, and notes receivable. The Company places its cash and cash equivalents, restricted cash, and note receivable in good credit quality financial institutions in Hong Kong and PRC. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition.</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"><i>Interest Rate Risks</i></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">The Company is subject to interest rate risk. Although the Company’s interest-bearing loans carry fixed interest rates within the reporting period, the Company is still subject to the risk of adverse changes in the interest rates charged by the banks if and when these loans are refinanced.</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"><i>Risks and Uncertainties</i></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">The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.</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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CY2022 dei Amendment Flag
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false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2022 dei Entity Central Index Key
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