2023 Q1 Form 20-F Financial Statement

#000121390023060263 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023 2022
Revenue $45.16M $98.15M $89.49M
YoY Change 6.0% 9.68% 25.19%
Cost Of Revenue $42.64M $93.10M $85.78M
YoY Change -4.32% 8.54% 60.91%
Gross Profit $2.520M $5.054M $3.711M
YoY Change -228.37% 36.18% -79.58%
Gross Profit Margin 5.58% 5.15% 4.15%
Selling, General & Admin $42.53M $64.18M $49.60M
YoY Change 24.41% 29.39% 230.91%
% of Gross Profit 1687.7% 1269.78% 1336.49%
Research & Development $990.0K $1.397M $1.684M
YoY Change 10.66% -17.04% 1.45%
% of Gross Profit 39.29% 27.64% 45.38%
Depreciation & Amortization $1.870M $1.615M $1.553M
YoY Change 11.99% 3.98% 82.87%
% of Gross Profit 74.21% 31.96% 41.85%
Operating Expenses $43.52M $73.45M $61.60M
YoY Change 24.06% 19.24% 269.96%
Operating Profit -$41.00M -$68.39M -$57.89M
YoY Change 10.68% 18.15% -3894.01%
Interest Expense -$20.00K $72.30K $85.99K
YoY Change 998.9% -15.92% -23.08%
% of Operating Profit
Other Income/Expense, Net $0.00 -$335.2K $139.5K
YoY Change -100.0% -340.28% 11.04%
Pretax Income -$48.89M -$68.73M -$57.75M
YoY Change 3.25% 19.02% -3596.94%
Income Tax $560.0K $3.457M -$3.726M
% Of Pretax Income
Net Earnings -$52.37M -$71.74M -$49.19M
YoY Change 33.82% 45.84% -6355.51%
Net Earnings / Revenue -115.97% -73.09% -54.97%
Basic Earnings Per Share -$12.63 -$1.22
Diluted Earnings Per Share -$9.22 -$12.63 -$1.22
COMMON SHARES
Basic Shares Outstanding 5.678M shares 40.49M shares
Diluted Shares Outstanding 5.678M shares 40.49M shares

Balance Sheet

Concept 2023 Q1 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $3.400M $19.73M
YoY Change -82.77% -82.77% -46.02%
Cash & Equivalents $3.355M $3.400M $19.73M
Short-Term Investments
Other Short-Term Assets $263.9K $4.400M $7.909M
YoY Change 16.7% -44.37% -64.36%
Inventory $335.0K $300.0K $1.390M
Prepaid Expenses
Receivables $1.706M $1.700M $27.45M
Other Receivables $0.00 $0.00 $89.33K
Total Short-Term Assets $9.786M $9.800M $56.57M
YoY Change -82.7% -82.68% -40.51%
LONG-TERM ASSETS
Property, Plant & Equipment $8.470M $8.500M $11.25M
YoY Change -24.69% -24.42% 6.97%
Goodwill $6.456M
YoY Change -35.98%
Intangibles $9.446M
YoY Change -6.49%
Long-Term Investments
YoY Change
Other Assets $2.182M $2.200M $9.424M
YoY Change -61.22% -76.65% 83.41%
Total Long-Term Assets $26.55M $26.50M $40.86M
YoY Change -35.01% -35.14% 131.52%
TOTAL ASSETS
Total Short-Term Assets $9.786M $9.800M $56.57M
Total Long-Term Assets $26.55M $26.50M $40.86M
Total Assets $36.34M $36.30M $97.43M
YoY Change -62.7% -62.74% -13.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.46M $18.60M $12.16M
YoY Change 10.75% 53.01% 37.49%
Accrued Expenses $2.190K
YoY Change -104.13%
Deferred Revenue
YoY Change
Short-Term Debt $2.241M $2.200M $2.268M
YoY Change -1.2% -3.01% 1.4%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.95M $21.00M $17.93M
YoY Change 16.85% 17.12% 18.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $20.95M $21.00M $17.93M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $22.47M $21.60M $19.30M
YoY Change 12.27% 11.92% 7.23%
SHAREHOLDERS EQUITY
Retained Earnings -$59.45M
YoY Change -583.94%
Common Stock $77.18K
YoY Change 130.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.76M $14.80M $78.13M
YoY Change
Total Liabilities & Shareholders Equity $36.34M $36.30M $97.43M
YoY Change -62.7% -62.74% -13.59%

Cashflow Statement

Concept 2023 Q1 2023 2022
OPERATING ACTIVITIES
Net Income -$52.37M -$71.74M -$49.19M
YoY Change 33.82% 45.84% -6355.51%
Depreciation, Depletion And Amortization $1.870M $1.615M $1.553M
YoY Change 11.99% 3.98% 82.87%
Cash From Operating Activities -$12.89M -$21.09M -$28.13M
YoY Change -63.05% -25.04% -1068.67%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $45.82K $2.390M
YoY Change -98.64% -98.08% -14.12%
Acquisitions $691.1K
YoY Change -92.43%
Other Investing Activities $120.0K $140.0K -$6.069M
YoY Change -101.98% -102.31% -35.35%
Cash From Investing Activities $160.0K $89.32K -$8.477M
YoY Change -101.94% -101.05% -35.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000M $18.88M
YoY Change -84.11% 72.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.550M $3.146M $18.83M
YoY Change -90.81% -83.3% 76.45%
NET CHANGE
Cash From Operating Activities -12.89M -$21.09M -$28.13M
Cash From Investing Activities 160.0K $89.32K -$8.477M
Cash From Financing Activities 1.550M $3.146M $18.83M
Net Change In Cash -11.18M -$16.38M -$16.83M
YoY Change -57.48% -2.66% -679.38%
FREE CASH FLOW
Cash From Operating Activities -$12.89M -$21.09M -$28.13M
Capital Expenditures -$30.00K $45.82K $2.390M
Free Cash Flow -$12.86M -$21.14M -$30.53M
YoY Change -60.65% -30.76% -25321.95%

Facts In Submission

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2523258 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
77414604 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6000000 usd
CY2023 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
7081250 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-72187116 usd
CY2023 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-4435667 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13873071 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-72187116 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-54020081 usd
CY2021 us-gaap Profit Loss
ProfitLoss
691956 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3378952 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2187206 usd
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
880879 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
854615 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
463514 usd
CY2023 pavs Goodwill Impairment Loss1
GoodwillImpairmentLoss1
7872696 usd
CY2022 pavs Goodwill Impairment Loss1
GoodwillImpairmentLoss1
10407349 usd
CY2023 pavs Gain Loss On Sale Of Property Plants Equipment
GainLossOnSaleOFPropertyPlantsEquipment
97552 usd
CY2022 pavs Gain Loss On Sale Of Property Plants Equipment
GainLossOnSaleOFPropertyPlantsEquipment
434183 usd
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
383376 usd
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-95932 usd
CY2023 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
3230566 usd
CY2022 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-3921856 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1086231 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
778423 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-24887013 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-23222982 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2106752 usd
CY2023 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-89332 usd
CY2022 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
88495 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1054542 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-454262 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-389388 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3520047 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-12250088 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
8057239 usd
CY2023 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3445169 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
329926 usd
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1718110 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1306275 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4845854 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6723151 usd
CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
1636866 usd
CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-15213292 usd
CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
3134093 usd
CY2021 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-844718 usd
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
106135 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-317026 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-402825 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21090732 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-28134783 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2904466 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45819 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2390339 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2783440 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
17165 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1051138 usd
CY2022 pavs Business Acquisitions Of Hekangyuan
BusinessAcquisitionsOfHekangyuan
7998836 usd
CY2022 pavs Acquisition Of Intangible Assets
AcquisitionOfIntangibleAssets
79584 usd
CY2022 pavs Deposits Return From Shennong
DepositsReturnFromShennong
-1931646 usd
CY2021 pavs Purchase Of Daji
PurchaseOfDAJI
75044 usd
CY2021 pavs Deposits Paid For Business Acquisitions
DepositsPaidForBusinessAcquisitions
-9313225 usd
CY2023 us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
23777 usd
CY2022 us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
34330 usd
CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
111364 usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
43069 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
89322 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8476879 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13222847 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18877600 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10965553 usd
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
37522 usd
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
375000 usd
CY2023 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2488467 usd
CY2022 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2247086 usd
CY2021 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2163037 usd
CY2023 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2342943 usd
CY2022 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2293900 usd
CY2021 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2118893 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3145524 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18830786 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10672219 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1477742 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
955755 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2550149 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16378144 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16825121 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2903987 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19733631 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36558752 usd
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33654765 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3355487 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19733631 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36558752 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
306090 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
570113 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1209381 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
72303 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
85993 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
111790 usd
CY2022 us-gaap Stock Issued1
StockIssued1
7386320 usd
CY2023Q1 pavs Equity Method Investment Ownership Percent
EquityMethodInvestmentOwnershipPercent
1 pure
CY2018Q3 pavs Equity Method Investment Interest Description
EquityMethodInvestmentInterestDescription
Mr. Wang Xuezhu and other shareholders of Fujian Happiness transferred their 100% ownership interests in Fujian Happiness to Happiness Fuzhou, which is 100% owned by Happiness Hong Kong. After the reorganization, Paranovus Cayman owns 100% equity interests of Fujian Happiness. Mr. Wang Xuezhu, who owns 52.37% ownership of Paranovus Cayman, became the ultimate controlling shareholder (“the Controlling Shareholder”) of the Company.
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
77223100 shares
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23000000 shares
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
23000000 shares
CY2023Q1 pavs Purchase Percentage
PurchasePercentage
0.15 pure
CY2022Q4 us-gaap Public Utilities Approved Return On Equity Percentage
PublicUtilitiesApprovedReturnOnEquityPercentage
1 pure
CY2023Q4 us-gaap Public Utilities Approved Return On Equity Percentage
PublicUtilitiesApprovedReturnOnEquityPercentage
1 pure
CY2023 us-gaap Profit Loss
ProfitLoss
-72187116 usd
CY2023 us-gaap Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
11167107 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include,   but are not limited to, the valuation of accounts receivable and related allowance for doubtful accounts, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, inventory reserve, allowance for credit losses, goodwill impairment, income taxes related to realization of deferred tax assets and uncertain tax position, provisions necessary for contingent liabilities and purchase price allocation in connection with the business combination. The current economic environment has increased the degrees of uncertainty inherent in those estimates and assumptions, actual results could differ from those estimates.</p>
CY2023 pavs Business Combination Extend Duration
BusinessCombinationExtendDuration
P1Y
CY2023 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
1 usd
CY2023 pavs Sales From Our Product Lines
SalesFromOurProductLines
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Healthcare products</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,770,835</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,323,831</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">45,389,702</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Online store</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,201,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,014,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,473,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Internet information and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,197,348</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,538,943</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,245,019</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Automobile</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,982,777</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,611,775</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,376,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt">Revenue</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">98,152,825</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">89,488,658</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">71,484,703</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table>
CY2023 us-gaap Revenues
Revenues
98152825 usd
CY2022 us-gaap Revenues
Revenues
89488658 usd
CY2021 us-gaap Revenues
Revenues
71484703 usd
CY2023Q1 us-gaap Grants Receivable
GrantsReceivable
10134 usd
CY2022Q1 us-gaap Grants Receivable
GrantsReceivable
11893 usd
CY2021Q1 us-gaap Grants Receivable
GrantsReceivable
63520 usd
CY2023 pavs Shipping And Handling Costs
ShippingAndHandlingCosts
46950 usd
CY2022 pavs Shipping And Handling Costs
ShippingAndHandlingCosts
291170 usd
CY2021 pavs Shipping And Handling Costs
ShippingAndHandlingCosts
1104120 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
51805596 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
26210291 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
5720458 usd
CY2023 pavs After Tax Profit
AfterTaxProfit
0.10 pure
CY2023 pavs Accumulative Amount Of Reserve
AccumulativeAmountOfReserve
0.50 pure
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
463514 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
854615 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
463514 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
854615 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Risks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exchange Rate Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the US$ and the RMB. As of March 31, 2023 and 2022, cash and cash equivalents of $1,825,187 (RMB 12,542,139) and $19,571,668 (RMB 124,244,865), respectively, is denominated in RMB and is held in PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Currency Convertibility Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Concentration of Credit Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents in good credit quality financial institutions in China. 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest Rate Risks</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to interest rate risk. Bank interest bearing loans are charged at variable interest rates within the reporting period. The Company is subject to the risk of adverse changes in the interest rates charged by the banks when these loans are refinanced.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2560894 usd
CY2022Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
27911421 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
854615 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
463514 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1706279 usd
CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
27447907 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
463514 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
854615 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
463514 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
282618 usd
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
786082 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
52401 usd
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
603479 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
335019 usd
CY2022Q1 us-gaap Inventory Net
InventoryNet
1389561 usd
CY2023Q1 us-gaap Supplies
Supplies
1252094 usd
CY2022Q1 us-gaap Supplies
Supplies
4177537 usd
CY2023Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
254668 usd
CY2022Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
727765 usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
691070 usd
CY2023Q1 pavs Prepayments To Technical Provider
PrepaymentsToTechnicalProvider
618479 usd
CY2022Q1 pavs Prepayments To Technical Provider
PrepaymentsToTechnicalProvider
669481 usd
CY2022Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
560155 usd
CY2022Q1 pavs Prepayment To Weilanb
PrepaymentToWeilanb
448946 usd
CY2022Q1 us-gaap Trade Receivables Held For Sale Net Not Part Of Disposal Group
TradeReceivablesHeldForSaleNetNotPartOfDisposalGroup
408106 usd
CY2023Q1 pavs Investment Receivables From The Investors
InvestmentReceivablesFromTheInvestors
2000000 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
263945 usd
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
226173 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4389186 usd
CY2022Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7909233 usd
CY2022Q1 us-gaap Collateralized Agreements
CollateralizedAgreements
448946 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15792196 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17621188 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7321924 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6374373 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8470272 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11246815 usd
CY2023 pavs Depreciation Expense
DepreciationExpense
1200000 usd
CY2022 pavs Depreciation Expense
DepreciationExpense
2100000 usd
CY2023 us-gaap Depreciation
Depreciation
1615173 usd
CY2022 us-gaap Depreciation
Depreciation
1553399 usd
CY2021 us-gaap Depreciation
Depreciation
849454 usd
CY2023 pavs Capitalized Depreciation In Inventories
CapitalizedDepreciationInInventories
278111 usd
CY2022 pavs Capitalized Depreciation In Inventories
CapitalizedDepreciationInInventories
621654 usd
CY2021 pavs Capitalized Depreciation In Inventories
CapitalizedDepreciationInInventories
589610 usd
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
267719 usd
CY2022 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
505969 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
841421 usd
CY2022Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
910808 usd
CY2023Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
8149366 usd
CY2022Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
8822973 usd
CY2023Q1 pavs Finite Lived Proprietary Technology Gross
FiniteLivedProprietaryTechnologyGross
1900000 usd
CY2023Q1 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
10187 usd
CY2022Q1 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
11027 usd
CY2023Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
1041799 usd
CY2022Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
1127710 usd
CY2023Q1 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
11942773 usd
CY2022Q1 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
10872518 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
2496518 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
771113 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9446255 usd
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10101405 usd
CY2023Q1 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Carrying Value Of Asset
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset
83520 usd
CY2023 pavs Right Use Of Land Square Meters
RightUseOfLandSquareMeters
12120 pure
CY2022Q1 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Carrying Value Of Asset
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset
93140 usd
CY2022 pavs Right Use Of Land Square Meters
RightUseOfLandSquareMeters
12120 pure
CY2023Q1 us-gaap Sale Leaseback Transaction Transaction Costs Financing Activities
SaleLeasebackTransactionTransactionCostsFinancingActivities
1900000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1763779 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
633807 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
31425 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2132482 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2132482 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2132482 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2132482 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
916327 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9446255 usd
CY2023Q1 us-gaap Goodwill
Goodwill
6455781 usd
CY2022Q1 us-gaap Goodwill
Goodwill
10084201 usd
CY2022Q1 us-gaap Goodwill Gross
GoodwillGross
10084201 usd
CY2021Q1 us-gaap Goodwill Gross
GoodwillGross
162832 usd
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5184036 usd
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
20237015 usd
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Goodwill1
DisposalGroupIncludingDiscontinuedOperationGoodwill1
168555 usd
CY2023 us-gaap Goodwill Impairment Loss Net Of Tax
GoodwillImpairmentLossNetOfTax
7872696 usd
CY2022 us-gaap Goodwill Impairment Loss Net Of Tax
GoodwillImpairmentLossNetOfTax
10309745 usd
CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-771205 usd
CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-5901 usd
CY2023Q1 us-gaap Goodwill
Goodwill
6455781 usd
CY2022Q1 us-gaap Goodwill
Goodwill
10084201 usd
CY2022 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
10309745 usd
CY2023Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
2138273 usd
CY2022Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
5485325 usd
CY2023Q1 pavs Prepayment Of Celebrity Endorsement Fee
PrepaymentOfCelebrityEndorsementFee
43657 usd
CY2022Q1 pavs Prepayment Of Celebrity Endorsement Fee
PrepaymentOfCelebrityEndorsementFee
141774 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2181930 usd
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5627099 usd
CY2023Q1 us-gaap Customer Advances Current
CustomerAdvancesCurrent
5060149 usd
CY2022Q1 us-gaap Customer Advances Current
CustomerAdvancesCurrent
3310906 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
46485 usd
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
130439 usd
CY2022Q1 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
28423 usd
CY2023Q1 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
5106634 usd
CY2022Q1 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
3469768 usd
CY2023Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
2241076 usd
CY2022Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
2268360 usd
CY2022 pavs Description Of Loan Agreement
DescriptionOfLoanAgreement
In addition, the Company entered into a loan agreement of $1,065,238 (RMB 7.0 million) bearing interest rate at LPR plus 0.75% on June 9, 2021 and repaid it on June 5, 2022.
CY2023Q1 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
1259620 usd
CY2022Q1 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
2169355 usd
CY2023 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
72303 usd
CY2022 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
85993 usd
CY2021 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
111790 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1086231 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
778423 usd
CY2023 pavs Equity Method Investsment Ownership Percentage
EquityMethodInvestsmentOwnershipPercentage
1 pure
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0005
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
77223100 shares
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
223100 shares
pavs Ordinary Share Issued
OrdinaryShareIssued
5100000 shares
pavs Total Purchase Consideration Amounted
TotalPurchaseConsiderationAmounted
10965703 usd
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
10725700 usd
CY2021Q1 us-gaap Shares Issued
SharesIssued
381580 shares
CY2021Q1 us-gaap Deferred Compensation Arrangement With Individual Recorded Liability
DeferredCompensationArrangementWithIndividualRecordedLiability
778423 usd
CY2021Q2 pavs Total Consideration Amount
TotalConsiderationAmount
351796 usd
CY2021Q2 pavs Total Consideration Amount
TotalConsiderationAmount
2157600 usd
CY2021Q2 pavs Net Proceeds
NetProceeds
2157600 usd
CY2021Q4 pavs Total Consideration Amount
TotalConsiderationAmount
99843 usd
CY2021Q4 pavs Equity Method Investsment Ownership Percentage
EquityMethodInvestsmentOwnershipPercentage
0.70 pure
CY2021Q4 pavs Consideration Amount
ConsiderationAmount
103000000 cny
CY2021Q4 pavs Consideration Amount
ConsiderationAmount
16100000 usd
CY2021Q4 pavs Total Consideration Amount
TotalConsiderationAmount
48000000 cny
CY2021Q4 pavs Total Consideration Amount
TotalConsiderationAmount
7500000 usd
CY2021Q4 pavs Aggregate Share
AggregateShare
4200000 shares
CY2021Q4 us-gaap Compensation And Benefits Trust
CompensationAndBenefitsTrust
3736320 usd
CY2021Q4 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
0.0005 usd
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
50000 shares
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
90000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
CY2021Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0.0005 usd
CY2022Q1 us-gaap Compensation And Benefits Trust
CompensationAndBenefitsTrust
634592 usd
CY2022Q1 pavs Net Proceeds
NetProceeds
10000000 usd
CY2022Q1 pavs Total Purchase Consideration Amounted
TotalPurchaseConsiderationAmounted
12000000 usd
CY2022Q1 pavs Total Consideration Amount
TotalConsiderationAmount
8000000 usd
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10000000 shares
CY2022Q1 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
10000000 usd
CY2022Q1 us-gaap Compensation And Benefits Trust
CompensationAndBenefitsTrust
3560000 usd
CY2022Q1 pavs Total Consideration Amount
TotalConsiderationAmount
6720000 usd
CY2022Q1 us-gaap Accrued Liabilities For Commissions Expense And Taxes
AccruedLiabilitiesForCommissionsExpenseAndTaxes
6720000 usd
CY2022Q4 pavs Companys Ordinary Shares Description
CompanysOrdinarySharesDescription
a Share Consolidation of the Company’s ordinary shares at a ratio of one-for-twenty (the “Share Consolidation”) was effected as determined by the Board of Directors. At the time the Share Consolidation is effective, our authorized ordinary shares will be consolidated at the same ratio. The authorized share capital of the Company shall be decreased from an authorized share capital of US$50,000 divided into 70,000,000 Class A ordinary shares, par value US$0.0005 each, 20,000,000 Class B ordinary shares, par value US$0.0005 each, and 10,000,000 preferred shares with a par value of US$0.0005 each to an authorized share capital of US$50,000 divided into 3,500,000 Class A ordinary shares, par value US$0.01 each, 1,000,000 Class B ordinary shares, par value US$0.01 each, and 500,000 preferred shares, par value US$0.01 each.
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
2
CY2022Q4 pavs Gross Proceeds
GrossProceeds
6000000 usd
CY2022Q1 us-gaap Discontinued Operation Equity Method Investment Retained After Disposal Ownership Interest Prior To Disposal
DiscontinuedOperationEquityMethodInvestmentRetainedAfterDisposalOwnershipInterestPriorToDisposal
1 pure
CY2022Q1 pavs Consideration Amount
ConsiderationAmount
6000000 usd
CY2022Q1 us-gaap Compensation And Benefits Trust
CompensationAndBenefitsTrust
7081250 usd
CY2023 pavs Statutory Surplus Reserve Percentage Description
StatutorySurplusReservePercentageDescription
Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. In 2019, $56,077 was appropriated by Fujian Happiness to the statutory surplus reserve and the statutory reserve reached 50% of its registered capital. In 2020, no statutory surplus was appropriated.
CY2021Q1 us-gaap Statutory Accounting Practices Statutory Capital And Surplus Balance
StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance
5558669 usd
CY2023 us-gaap Statutory Accounting Practices Prescribed Practice Amount
StatutoryAccountingPracticesPrescribedPracticeAmount
7622765 usd
CY2022 us-gaap Statutory Accounting Practices Prescribed Practice Amount
StatutoryAccountingPracticesPrescribedPracticeAmount
7622765 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
300000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.12
pavs Contractual Life In Days Granted
ContractualLifeInDaysGranted
P45Y
pavs Share Based Compensation Arrangement By Share Based Payment Award Options Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercised
-300000 shares
pavs Share Based Compensation Arrangements By Share Based Payment Award Options Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageExercisePrice
5.12
pavs Contractual Life In Days Expired
ContractualLifeInDaysExpired
P45Y
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
160000 shares
CY2020Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
6.6
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y7M6D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
160000 shares
CY2021Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
6.6
CY2021 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms One
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsOne
P3Y7M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
160000 shares
CY2022Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
6.6
CY2022Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms One
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsOne
P2Y7M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
160000 shares
CY2023Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
6.6
CY2023Q1 pavs Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms One
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsOne
P1Y7M6D
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
effective from January 1, 2008, both domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25% while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. EIT grants preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Fujian Happiness, the Company’s main operating entity in PRC, was approved as HNTEs and is entitled to a reduced income tax rate of 15% from December 2019 to December 2022.
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.10 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.10 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.10 pure
CY2023 pavs Effective Income Tax Rate Reconciliation Deduction
EffectiveIncomeTaxRateReconciliationDeduction
0.022 pure
CY2022 pavs Effective Income Tax Rate Reconciliation Deduction
EffectiveIncomeTaxRateReconciliationDeduction
0.027 pure
CY2021 pavs Effective Income Tax Rate Reconciliation Deduction
EffectiveIncomeTaxRateReconciliationDeduction
0.074 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.177 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.224 pure
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
363493 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
195678 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
959384 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3093587 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3921905 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3457080 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3726227 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
959384 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
20634308 usd
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4402633 usd
CY2023Q1 us-gaap Deferred Tax Assets Other Loss Carryforwards
DeferredTaxAssetsOtherLossCarryforwards
20634308 usd
CY2022Q1 us-gaap Deferred Tax Assets Other Loss Carryforwards
DeferredTaxAssetsOtherLossCarryforwards
606141 usd
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3796492 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
4402633 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
16231675 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4402633 usd
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
20634308 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
4402633 usd
CY2023 pavs Intangible Assets Arising From Acquisition
IntangibleAssetsArisingFromAcquisition
-1514060 usd
CY2022 pavs Intangible Assets Arising From Acquisition
IntangibleAssetsArisingFromAcquisition
-2079986 usd
CY2023Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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