2023 Q2 Form 20-F Financial Statement
#000121390023040523 Filed on May 16, 2023
Income Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $56.09M | $53.74M | $114.1M |
YoY Change | -7.03% | 592.85% | 557.15% |
Cost Of Revenue | $54.44M | $49.11M | $104.8M |
YoY Change | -2.19% | 582.18% | 579.06% |
Gross Profit | $1.653M | $4.634M | $9.307M |
YoY Change | -64.63% | 730.5% | 382.06% |
Gross Profit Margin | 2.95% | 8.62% | 8.16% |
Selling, General & Admin | $2.555M | $4.556M | $6.431M |
YoY Change | -7.61% | 217.99% | 165.9% |
% of Gross Profit | 154.56% | 98.31% | 69.1% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $851.3K | $402.6K | $3.844M |
YoY Change | -75.26% | -72.01% | 167.27% |
% of Gross Profit | 51.5% | 8.69% | 41.3% |
Operating Expenses | $2.555M | $4.556M | $6.431M |
YoY Change | -7.61% | 217.99% | 165.9% |
Operating Profit | -$901.9K | $78.09K | $2.876M |
YoY Change | -147.27% | -108.93% | -689.65% |
Interest Expense | -$413.6K | -$778.6K | $1.431M |
YoY Change | -36.6% | 383.85% | -461.18% |
% of Operating Profit | -997.07% | 49.75% | |
Other Income/Expense, Net | $469.7K | $992.5K | $927.6K |
YoY Change | -46.55% | 81.22% | 1045.29% |
Pretax Income | -$845.8K | $292.0K | $2.426M |
YoY Change | -139.63% | -159.84% | -402.15% |
Income Tax | -$40.17K | $40.90K | $530.0K |
% Of Pretax Income | 14.01% | 21.85% | |
Net Earnings | -$805.6K | $251.1K | $1.896M |
YoY Change | -148.97% | -143.1% | -302.06% |
Net Earnings / Revenue | -1.44% | 0.47% | 1.66% |
Basic Earnings Per Share | $0.09 | ||
Diluted Earnings Per Share | -$0.04 | $0.01 | $0.09 |
COMMON SHARES | |||
Basic Shares Outstanding | 22.96M shares | 21.43M shares | |
Diluted Shares Outstanding | 20.89M shares |
Balance Sheet
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $4.307M | $5.700M | $5.700M |
YoY Change | 16.09% | -0.91% | -0.91% |
Cash & Equivalents | $62.62K | $5.700M | |
Short-Term Investments | |||
Other Short-Term Assets | $10.67M | $28.62M | $7.300M |
YoY Change | 142.79% | 422.89% | 33.36% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $15.50M | $19.13M | $19.10M |
Other Receivables | $39.96M | $2.796M | $34.10M |
Total Short-Term Assets | $70.43M | $66.25M | $66.30M |
YoY Change | 2.91% | 67.26% | 67.39% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $7.339M | $9.074M | $9.100M |
YoY Change | -27.53% | -25.77% | -25.56% |
Goodwill | $22.03M | $14.16M | |
YoY Change | 0.0% | ||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $3.301M | $2.900M | $2.900M |
YoY Change | -66.13% | -72.02% | -72.02% |
Total Long-Term Assets | $43.88M | $45.21M | $45.20M |
YoY Change | -19.2% | 5.77% | 5.75% |
TOTAL ASSETS | |||
Total Short-Term Assets | $70.43M | $66.25M | $66.30M |
Total Long-Term Assets | $43.88M | $45.21M | $45.20M |
Total Assets | $114.3M | $111.5M | $111.5M |
YoY Change | -6.87% | 35.35% | 35.4% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $40.52M | $10.13M | $35.30M |
YoY Change | 283.35% | 653.76% | 2525.45% |
Accrued Expenses | $600.0K | ||
YoY Change | 58.57% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $13.84M | $10.02M | $10.00M |
YoY Change | 46.55% | 32.23% | 31.94% |
Long-Term Debt Due | $920.8K | $586.9K | $1.300M |
YoY Change | 128.31% | -78.1% | -51.5% |
Total Short-Term Liabilities | $66.98M | $61.94M | $61.90M |
YoY Change | 16.48% | 80.59% | 80.46% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $962.4K | $253.4K | $1.400M |
YoY Change | 83.13% | -33.34% | 268.37% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $962.4K | $1.412M | $1.400M |
YoY Change | 83.13% | 271.53% | 268.37% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $66.98M | $61.94M | $61.90M |
Total Long-Term Liabilities | $962.4K | $1.412M | $1.400M |
Total Liabilities | $67.94M | $63.35M | $63.40M |
YoY Change | 17.09% | 82.68% | 82.81% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $7.705M | ||
YoY Change | 29.95% | ||
Common Stock | $22.96K | ||
YoY Change | 20.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $46.36M | $48.10M | $48.10M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $114.3M | $111.5M | $111.5M |
YoY Change | -6.87% | 35.35% | 35.4% |
Cashflow Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$805.6K | $251.1K | $1.896M |
YoY Change | -148.97% | -143.1% | -302.06% |
Depreciation, Depletion And Amortization | $851.3K | $402.6K | $3.844M |
YoY Change | -75.26% | -72.01% | 167.27% |
Cash From Operating Activities | -$3.966M | $78.25K | -$3.954M |
YoY Change | -1.65% | -100.33% | -83.38% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$1.331M | $12.24K |
YoY Change | -100.0% | 567.44% | -106.14% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $31.10K | $2.328M | $2.739M |
YoY Change | -92.43% | 57.63% | 85.44% |
Cash From Investing Activities | $31.10K | $3.660M | $2.727M |
YoY Change | -103.33% | 186.45% | 113.44% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 2.703M | -2.043M | $793.3K |
YoY Change | -4.69% | -112.26% | -95.24% |
NET CHANGE | |||
Cash From Operating Activities | -3.966M | 78.25K | -$3.954M |
Cash From Investing Activities | 31.10K | 3.660M | $2.727M |
Cash From Financing Activities | 2.703M | -2.043M | $793.3K |
Net Change In Cash | -1.231M | 1.695M | -$64.81K |
YoY Change | -42.15% | -129.01% | -98.89% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$3.966M | $78.25K | -$3.954M |
Capital Expenditures | $0.00 | -$1.331M | $12.24K |
Free Cash Flow | -$3.966M | $1.410M | -$3.966M |
YoY Change | 47.51% | -105.98% | -83.18% |
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-315195 | usd |
CY2020 | us-gaap |
Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
|
-263074 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
2426230 | usd |
CY2021 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-802999 | usd |
CY2020 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1148738 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
530042 | usd |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
135414 | usd |
CY2020 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
366442 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1896188 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-938413 | usd |
CY2020 | us-gaap |
Net Income Loss
NetIncomeLoss
|
782296 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-1409431 | usd |
CY2021 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-640974 | usd |
CY2020 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
752828 | usd |
CY2022 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
486757 | usd |
CY2021 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1579387 | usd |
CY2020 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
1535124 | usd |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
21429877 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
19035038 | shares |
CY2020 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
9629783 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
20885442 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
15237432 | shares |
CY2020 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
9633993 | shares |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.09 | |
CY2021 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
CY2020 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.08 | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.09 | |
CY2021 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.06 | |
CY2020 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.08 | |
CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
10026630 | usd |
CY2020 | ygmz |
Issuance Of Shares Through Initial Public Offering
IssuanceOfSharesThroughInitialPublicOffering
|
10958803 | usd |
CY2020 | ygmz |
Capitalization Of Listing Expenses
CapitalizationOfListingExpenses
|
-1246267 | usd |
CY2020 | us-gaap |
Net Income Loss
NetIncomeLoss
|
782296 | usd |
CY2020 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
752828 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21274290 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
21978711 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-938413 | usd |
CY2021 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-640974 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
41673614 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1896188 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-1409431 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
|
5941621 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
48101992 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1896188 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-938413 | usd |
CY2020 | us-gaap |
Net Income Loss
NetIncomeLoss
|
782296 | usd |
CY2022 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-679635 | usd |
CY2021 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
25070 | usd |
CY2020 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
17761 | usd |
CY2022 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
804613 | usd |
CY2021 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
140204 | usd |
CY2020 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
82647 | usd |
CY2021 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
136602 | usd |
CY2022 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
223904 | usd |
CY2021 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
55640 | usd |
CY2020 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
124401 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
3844159 | usd |
CY2021 | us-gaap |
Depreciation
Depreciation
|
1438310 | usd |
CY2020 | us-gaap |
Depreciation
Depreciation
|
1519415 | usd |
CY2022 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-202746 | usd |
CY2021 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-2832 | usd |
CY2020 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-10381 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3257814 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1633476 | usd |
CY2020 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-5842238 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-4678337 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
3838690 | usd |
CY2020 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-644525 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
-7531718 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
-3444875 | usd |
CY2020 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
-466187 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
16621319 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
11070827 | usd |
CY2020 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
10653588 | usd |
CY2022 | ygmz |
Deposit
Deposit
|
1313871 | usd |
CY2021 | ygmz |
Deposit
Deposit
|
9470731 | usd |
CY2020 | ygmz |
Deposit
Deposit
|
189430 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
4207620 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-874843 | usd |
CY2020 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-240887 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-7766999 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-2989501 | usd |
CY2020 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
412064 | usd |
CY2022 | us-gaap |
Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
|
1342620 | usd |
CY2021 | us-gaap |
Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
|
-1422362 | usd |
CY2020 | us-gaap |
Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
|
348065 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3953955 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-23784162 | usd |
CY2020 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-890209 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
12243 | usd |
CY2021 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
199481 | usd |
CY2020 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
156029 | usd |
CY2022 | us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
24906 | usd |
CY2022 | ygmz |
Transfer Of Ownership Of A Subsidiary
TransferOfOwnershipOfASubsidiary
|
2714240 | usd |
CY2021 | ygmz |
Transfer Of Ownership Of A Subsidiary
TransferOfOwnershipOfASubsidiary
|
1477065 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2726903 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
1277584 | usd |
CY2020 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-156029 | usd |
CY2022 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
21212202 | usd |
CY2021 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
6665840 | usd |
CY2020 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
6604675 | usd |
CY2022 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
18631203 | usd |
CY2021 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
7433187 | usd |
CY2020 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
3041105 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
444345 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
465059 | usd |
CY2022 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
92594 | usd |
CY2021 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
22146 | usd |
CY2020 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
1129747 | usd |
CY2022 | us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
136492 | usd |
CY2021 | us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
300279 | usd |
CY2020 | us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
274929 | usd |
CY2022 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
597533 | usd |
CY2021 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
98972 | usd |
CY2020 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
980244 | usd |
CY2022 | us-gaap |
Proceeds From Other Debt
ProceedsFromOtherDebt
|
1258130 | usd |
CY2021 | us-gaap |
Proceeds From Other Debt
ProceedsFromOtherDebt
|
6787477 | usd |
CY2020 | us-gaap |
Proceeds From Other Debt
ProceedsFromOtherDebt
|
10238023 | usd |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
2663598 | usd |
CY2021 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
7864254 | usd |
CY2020 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
10062100 | usd |
CY2020 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
10958803 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
18465009 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
793257 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
16664547 | usd |
CY2020 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
12313376 | usd |
CY2022 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
368989 | usd |
CY2021 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-11477 | usd |
CY2020 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
114980 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-64806 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-5853508 | usd |
CY2020 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
11382118 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5752117 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
11605625 | usd |
CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
223507 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5687311 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5752117 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
11605625 | usd |
CY2022 | us-gaap |
Interest Paid Net
InterestPaidNet
|
456127 | usd |
CY2021 | us-gaap |
Interest Paid Net
InterestPaidNet
|
396187 | usd |
CY2020 | us-gaap |
Interest Paid Net
InterestPaidNet
|
310675 | usd |
CY2022 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
249732 | usd |
CY2021 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1435366 | usd |
CY2020 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
108207 | usd |
CY2021 | ygmz |
Noncash Capital Leases Offset By Related Parties
NoncashCapitalLeasesOffsetByRelatedParties
|
102054 | usd |
CY2020 | ygmz |
Noncash Capital Leases Offset By Related Parties
NoncashCapitalLeasesOffsetByRelatedParties
|
44628 | usd |
CY2021 | ygmz |
Professional Fees Paid By Related Parties
ProfessionalFeesPaidByRelatedParties
|
175215 | usd |
CY2020 | ygmz |
Professional Fees Paid By Related Parties
ProfessionalFeesPaidByRelatedParties
|
73817 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
|
5624695 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
|
5673656 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
|
2105625 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
62616 | usd |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
78461 | usd |
CY2020Q4 | us-gaap |
Restricted Cash Equivalents
RestrictedCashEquivalents
|
9500000 | usd |
CY2022Q4 | us-gaap |
Cash
Cash
|
5687311 | usd |
CY2021Q4 | us-gaap |
Cash
Cash
|
5752117 | usd |
CY2020Q4 | us-gaap |
Cash
Cash
|
11605625 | usd |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 – Nature of business and organization</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">MingZhu Logistics Holdings Limited (“MingZhu Cayman”) is a holding company incorporated in the Cayman Islands on January 2, 2018 under the laws of the Cayman Islands. The Company are engaged in various businesses through our subsidiaries and controlled entities 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; text-align: justify"><span style="text-decoration:underline">Reorganization</span></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">A reorganization of the Company’s legal structure was completed on April 13, 2018. The reorganization involved the incorporation of MingZhu Cayman, and its wholly-owned subsidiaries, MingZhu BVI, and MingZhu HK; and the transfer of all equity ownership of Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu”) to MingZhu HK from the former shareholders of MingZhu. In consideration of the transfer, the Company issued 1,000 shares of the Company with par value $0.001 (HKD 0.01) per share to the former shareholders of MingZhu.</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">On April 13, 2018, the former shareholders transferred their 100% ownership interest in MingZhu to MingZhu HK, which is 100% owned by MingZhu Cayman through MingZhu BVI. After the reorganization, MingZhu Cayman owns 100% equity interests of MingZhu BVI, MingZhu HK and MingZhu. The controlling shareholder of MingZhu Cayman is same as of MingZhu prior to the reorganization.</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">MingZhu was incorporated on July 10, 2002 in Shenzhen, Guangdong under the laws of the PRC. Shenzhen Pengcheng Shengshi Logistics Co., Ltd. (“MingZhu Pengcheng”), a company providing trucking services, was incorporated on April 7, 2010 in Shenzhen, Guangdong under the laws of the PRC. Prior to the reorganization, MingZhu and MingZhu Pengcheng were under common control. On November 10, 2017, for the purpose of reorganization so that the business of the Company could be rearranged to be under a common holding company, the entire equity interest of MingZhu Pengcheng was transferred to MingZhu.</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">These two transactions were between entities under common control, and therefore accounted for in a manner similar to the pooling of interest method. Under the pooling-of-interests method, combination between two businesses under common control is accounted for at carrying amounts with retrospective adjustment of prior period financial statements, and the equity accounts of the combining entities are combined and the difference between the consideration paid and the net assets acquired is reflected as an equity transaction (i.e., distribution to parent company). As opposed to the purchase method of accounting, no intangible assets are recognized in the transaction, and no goodwill is recognized as a result of the combination.</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">On September 5, 2018, MingZhu HK established its wholly-owned subsidiary, Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”), a PRC company. MingZhu Management engages in providing transportation and supply chain management services.</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">With the effect of resolutions passed by board of directors on February 12, 2020, the authorized number of ordinary shares increased from 38,000,000 to 50,000,000 with a par value of $0.001 instead of HKD 0.01 and the issued number of ordinary shares increased from 1,000 to 9,250,000 with a par value of $0.001 instead of HKD 0.01. With the effect of resolution passed by board of directors on May 21, 2020, the issued number of ordinary shares decreased from 9,250,000 to 9,000,000. As of the date hereof, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 9,000,000.</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">On October 21, 2020, the Company completed the initial public offering (“IPO”) of 3,000,000 ordinary shares at a public offering price of US$4.00 per share.</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">On October 30, 2020, the underwriter and sole book-runner of our underwritten IPO, exercised the partial over-allotment option and purchased an additional 350,000 ordinary shares of the Company at the IPO price of US$4.00 per share.</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">On December 4, 2020, the underwriter and sole book-runner of our underwritten IPO, further exercised the partial over-allotment option and purchased an additional 4,040 ordinary shares of the Company at the IPO price of US$4.00 per share.</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">On March 12, 2021, the Company closed its direct public offering of 3,333,335 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.75 ordinary share. The Company sold the Units at a price of $6.00 per Unit. The Company received gross proceeds from the Offering, before deducting estimated offering expenses payable by the Company, of approximately $18,000,000.</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">On April 21, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 214,286 ordinary shares of the Company with no cash in consideration.</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">On June 14, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 43,616 ordinary shares of the Company with no cash in consideration.</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">On December 29, 2021 (“Acquisition Date”), the Company entered into a Share Purchase Agreement (the “SPA”) to acquire 100% of the equity interest of Cheyi (BVI) Limited (the “Cheyi BVI”) which operates its business through its subsidiary Zhejiang Cheyi Network Technology Co., Ltd. (the “Cheyi Network”), an integrated online car-hailing and driver management services company. Pursuant to the agreement, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of U.S. $23,470,712, consisting of the issuance by the Company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid Company’s ordinary shares (being U.S. $6,760,680 of $2.12 per share) and payment of $2,000,000 at closing, and Year-2021 earnout payment of U.S. $8,826,019 and Year-2022 earnout payment of U.S. $5,884,013 if the Cheyi BVI’s audited net income for its fiscal year 2021 and 2022 is no less than U.S. $3,000,000 respectively. The two earnout payments are due 13 months upon the delivery of Cheyi BVI’s audited financial statements.</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 transaction was accounted for in accordance with the provisions of ASC 805-10, Business Combinations. The values assigned in these financial statements represent management’s best estimate of fair values as of the Acquisition Date.</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">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Cheyi BVI was $2.12 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Recognized amounts of identifiable assets acquired and liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,761,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,647,679</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(803,784</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,631,610</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,859,485</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Capital lease and financing obligations</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">(2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total identifiable net assets</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">7,836,077</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="text-align: justify; padding-left: 9pt">Add: Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,157,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,477,065 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,993,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><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">On March 14, 2022, the Company entered into a Share Purchase Agreement with Yinhua which develops and operates a comprehensive auto related service platform to serve auto insurance companies, and each of the shareholders of the Yinhua.</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">Under terms of the share purchase agreement, we shall pay $10,076,600 in exchange for 100% equity of Yinhua. Of the total consideration to be paid, $7,078,100 shall be paid in form of 3,826,000 newly issued ordinary shares of the Company, representing $1.85 per ordinary share of the Company, and $1,000,000 upon closing. In addition, a cash earnout of $1,998,500 shall be paid if Yinhua achieves a net income target threshold of $1.3 million during the calendar year of 2022.</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">Founded in 2018, Yinhua provides diversified, differentiated and customized value-added auto related services to auto insurance companies, where the services include road security services, car maintenance services, car inspection services and other services. Yinhua develops and operates a comprehensive auto related service platform for auto insurance companies combining intelligent human-vehicle interaction functions with car owner programs.</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">On March 18, 2022, the parties completed the transaction. Upon the closing of the transaction, the Company acquired 100% shares outstanding of the Yinhua, and the Company issued 3,826,000 ordinary shares and paid $1,000,000 to the sellers.</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">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Yinhua was $1.85 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,519,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,050,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(193,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,685,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</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">(1,126,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,585,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</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">5,364,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,126,777 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,949,823</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><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">On December 21, 2022, the Company entered into a Share Purchase Agreement with Feipeng BVI which provides regional trucking services, and each of the shareholders of the Feipeng BVI, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company acquired 100% of Feipeng BVI for approximately $14,540,436, of which US $9,550,000 will be paid in cash upon closing in form of cash. Feipeng BVI shall receive a certain number of shares valued at $4,990,436 if it achieves a targeted net income of US$2.4 million during the calendar year 2023.</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">On December 21, 2022, the Company entered into a Share Purchase Agreement with Feipeng BVI which provides regional trucking services, and each of the shareholders of the Feipeng BVI, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company acquired 100% of Feipeng BVI for approximately $14,540,436, of which US $9,550,000 will be paid in cash upon closing in form of cash. Feipeng BVI shall receive a certain number of shares valued at $4,990,436 if it achieves a targeted net income of US$2.4 million during the calendar year 2023.</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">On December 21, 2022, the parties completed the transaction. Upon the closing of the transaction, we acquired 100% of the outstanding shares of the Feipeng BVI, and we paid $9,550,000 in cash to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,746,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,944</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,446</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,393</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,546,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,884,823</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,383,077</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,719</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</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">(21,589</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="text-align: justify">Total identifiable net liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,110,416</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</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">13,715,130</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; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,935,722 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,604,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><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"><span>The Company has included the operating results of Feipeng BVI in its consolidated financial statements since the Acquisition Date. $<span style="-sec-ix-hidden: hidden-fact-75">nil</span> in net sales and $<span style="-sec-ix-hidden: hidden-fact-76">nil</span> in net income of Feipeng BVI were included in the consolidated financial statements for the years ended December 31, 2022.</span></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">As of December 31, 2022, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 22,960,277. </p> | |
CY2018Q2 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
1000 | shares |
CY2018Q2 | ygmz |
Price Per Share
PricePerShare
|
0.001 | |
CY2018Q2 | ygmz |
Price Per Share
PricePerShare
|
0.01 | |
CY2020Q1 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.001 | |
CY2020Q1 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.01 | |
CY2020Q2 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
9000000 | shares |
CY2021Q1 | us-gaap |
Partners Capital Account Public Sale Of Units Net Of Offering Costs
PartnersCapitalAccountPublicSaleOfUnitsNetOfOfferingCosts
|
3333335 | usd |
CY2021Q1 | us-gaap |
Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
|
0.75 | usd |
CY2021Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
6 | |
CY2021Q1 | ygmz |
Offering Expenses Payable
OfferingExpensesPayable
|
18000000 | usd |
CY2021Q2 | ygmz |
Warrant Purchased Total
WarrantPurchasedTotal
|
214286 | usd |
CY2021Q2 | ygmz |
Warrant Purchased Total
WarrantPurchasedTotal
|
43616 | usd |
CY2021Q4 | ygmz |
Aggregate Value
AggregateValue
|
23470712 | usd |
CY2021Q4 | ygmz |
Aggregate Shares
AggregateShares
|
3189000 | shares |
CY2021 | ygmz |
Earnout Payment
EarnoutPayment
|
8826019 | usd |
CY2022 | ygmz |
Earnout Payment
EarnoutPayment
|
5884013 | usd |
CY2021 | ygmz |
Net Incomes
NetIncomes
|
3000000 | usd |
CY2022 | ygmz |
Net Incomes
NetIncomes
|
3000000 | usd |
CY2021Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
216572 | usd |
CY2021Q4 | ygmz |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepayments
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepayments
|
575913 | usd |
CY2021Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
|
4761164 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
|
9980931 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
10 | usd |
CY2021Q4 | us-gaap |
Deposits
Deposits
|
595149 | usd |
CY2021Q4 | us-gaap |
Other Short Term Borrowings
OtherShortTermBorrowings
|
1647679 | usd |
CY2021Q4 | us-gaap |
Notes Payable
NotesPayable
|
803784 | usd |
CY2021Q4 | us-gaap |
Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
|
1631610 | usd |
CY2021Q4 | us-gaap |
Disposal Group Including Discontinued Operation Accrued Income Taxes Payable
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesPayable
|
1859485 | usd |
CY2021Q4 | ygmz |
Capital Lease And Financing Obligations
CapitalLeaseAndFinancingObligations
|
2351104 | usd |
CY2021Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
|
7836077 | usd |
CY2021Q4 | us-gaap |
Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
|
14157570 | usd |
CY2021Q4 | us-gaap |
Cash Acquired From Acquisition
CashAcquiredFromAcquisition
|
1477065 | usd |
CY2021Q4 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
21993647 | usd |
CY2022 | us-gaap |
Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
|
7078100 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
3826000 | shares |
CY2022Q4 | us-gaap |
Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
|
1.85 | |
CY2022Q4 | ygmz |
Closing Price
ClosingPrice
|
1000000 | usd |
CY2022 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
1300000 | usd |
CY2022Q4 | ygmz |
Quoted Closing Price Per Share
QuotedClosingPricePerShare
|
1.85 | |
CY2022Q1 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
4519839 | usd |
CY2022Q1 | ygmz |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepayments
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepayments
|
8050558 | usd |
CY2022Q1 | us-gaap |
Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
|
3504 | usd |
CY2022Q1 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
16415 | usd |
CY2022Q1 | us-gaap |
Other Short Term Borrowings
OtherShortTermBorrowings
|
193339 | usd |
CY2022Q1 | us-gaap |
Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
|
7685086 | usd |
CY2022Q1 | us-gaap |
Disposal Group Including Discontinued Operation Accrued Income Taxes Payable
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesPayable
|
1126777 | usd |
CY2022Q1 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
|
3585114 | usd |
CY2022Q1 | us-gaap |
Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
|
5364709 | usd |
CY2022Q1 | us-gaap |
Cash Acquired From Acquisition
CashAcquiredFromAcquisition
|
1126777 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
8949823 | usd |
CY2022Q4 | ygmz |
Equity Ownership Percentage
EquityOwnershipPercentage
|
1 | pure |
CY2022 | us-gaap |
Dividends Cash
DividendsCash
|
9550000 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
3746298 | usd |
CY2022Q4 | ygmz |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepayments
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepayments
|
550944 | usd |
CY2022Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
|
246748 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
|
123446 | usd |
CY2022Q4 | us-gaap |
Deposits
Deposits
|
610393 | usd |
CY2022Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
|
1546037 | usd |
CY2022Q4 | us-gaap |
Other Short Term Borrowings
OtherShortTermBorrowings
|
1884823 | usd |
CY2022Q4 | us-gaap |
Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
|
1383077 | usd |
CY2022Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther
|
1552719 | usd |
CY2022Q4 | us-gaap |
Disposal Group Including Discontinued Operation Accrued Income Taxes Payable
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesPayable
|
21589 | usd |
CY2022Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
|
-1110416 | usd |
CY2022Q4 | us-gaap |
Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
|
13715130 | usd |
CY2022Q4 | us-gaap |
Cash Acquired From Acquisition
CashAcquiredFromAcquisition
|
1935722 | usd |
CY2022Q4 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
12604714 | usd |
CY2022Q4 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
50000000 | shares |
CY2022Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.001 | |
CY2022Q4 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
22960277 | |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></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 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 and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, the fair value of the reporting unit for the goodwill impairment test, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition, deferred taxes and uncertain tax position. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2022Q4 | ygmz |
Exchange Rate
ExchangeRate
|
6.8972 | |
CY2021Q4 | ygmz |
Exchange Rate
ExchangeRate
|
6.3726 | |
CY2020Q4 | ygmz |
Exchange Rate
ExchangeRate
|
6.525 | |
CY2022Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
6.729 | |
CY2021Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
6.4508 | |
CY2020Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
6.9042 | |
CY2022Q4 | ygmz |
Exchange Rate
ExchangeRate
|
7.8015 | |
CY2021Q4 | ygmz |
Exchange Rate
ExchangeRate
|
7.7996 | |
CY2020Q4 | ygmz |
Exchange Rate
ExchangeRate
|
7.7894 | |
CY2022Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
7.8306 | |
CY2021Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
7.7727 | |
CY2020Q4 | ygmz |
Average Exchange Rate
AverageExchangeRate
|
7.8351 | |
CY2022 | ygmz |
Property And Equipment Net Percentage
PropertyAndEquipmentNetPercentage
|
0.05 | pure |
CY2022 | ygmz |
Current Portion Of Capital Lease And Financing Obligation
CurrentPortionOfCapitalLeaseAndFinancingObligation
|
757088 | usd |
CY2021 | ygmz |
Current Portion Of Capital Lease And Financing Obligation
CurrentPortionOfCapitalLeaseAndFinancingObligation
|
2267248 | usd |
CY2022 | ygmz |
Long Term Portion Of Capital Lease And Financing Obligations
LongTermPortionOfCapitalLeaseAndFinancingObligations
|
1158642 | usd |
CY2021 | ygmz |
Long Term Portion Of Capital Lease And Financing Obligations
LongTermPortionOfCapitalLeaseAndFinancingObligations
|
200712 | usd |
CY2022 | ygmz |
Lease Property Economic Life Percentage
LeasePropertyEconomicLifePercentage
|
0.75 | pure |
CY2022 | ygmz |
Present Value Percentage
PresentValuePercentage
|
0.90 | pure |
CY2022 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
784653 | usd |
CY2020 | ygmz |
Earnings Per Share
EarningsPerShare
|
0.08 | |
CY2022 | us-gaap |
Revenues
Revenues
|
114073803 | usd |
CY2021 | us-gaap |
Revenues
Revenues
|
17358914 | usd |
CY2020 | us-gaap |
Revenues
Revenues
|
18793951 | usd |
CY2021 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
367633 | usd |
CY2020 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
50083 | usd |
CY2022 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
847666 | usd |
CY2021 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
31145 | usd |
CY2020 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
29100 | usd |
CY2022 | ygmz |
Vat Description
VatDescription
|
Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
|
0.50 | pure |
CY2022 | ygmz |
Earnings Per Share
EarningsPerShare
|
0.09 | |
CY2021 | ygmz |
Earnings Per Share
EarningsPerShare
|
0.06 | |
CY2020 | ygmz |
Number Of Customers
NumberOfCustomers
|
2 | pure |
CY2021 | ygmz |
Concentration Risks Percentage1
ConcentrationRisksPercentage1
|
0.10 | pure |
CY2011Q2 | us-gaap |
Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
|
78461 | usd |
CY2011Q2 | us-gaap |
Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
|
500000 | cny |
CY2011Q2 | ygmz |
Annual Interest Rate
AnnualInterestRate
|
0.0195 | pure |
CY2011Q2 | ygmz |
Annual Maturity Date
AnnualMaturityDate
|
2022-06-11 | |
CY2022Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
20073082 | usd |
CY2021Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
3802773 | usd |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
945761 | usd |
CY2021Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
152768 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
19127321 | usd |
CY2021Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
3650005 | usd |
CY2021Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
152768 | usd |
CY2020Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
217676 | usd |
CY2019Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
122056 | usd |
CY2022 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
804613 | usd |
CY2021 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
140204 | usd |
CY2020 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
82647 | usd |
CY2021 | us-gaap |
Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
|
136602 | usd |
CY2022 | ygmz |
Exchange Rate Effect
ExchangeRateEffect
|
-11620 | usd |
CY2021 | ygmz |
Exchange Rate Effect
ExchangeRateEffect
|
-68510 | usd |
CY2020 | ygmz |
Exchange Rate Effect
ExchangeRateEffect
|
-12973 | usd |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
945761 | usd |
CY2021Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
152768 | usd |
CY2020Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
217676 | usd |
CY2022Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
1569781 | usd |
CY2021Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
4420242 | usd |
CY2022Q4 | ygmz |
Prepayment Fuel
PrepaymentFuel
|
212047 | usd |
CY2021Q4 | ygmz |
Prepayment Fuel
PrepaymentFuel
|
277666 | usd |
CY2022Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
92630 | usd |
CY2021Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
102188 | usd |
CY2022Q4 | us-gaap |
Supplies
Supplies
|
54544 | usd |
CY2021Q4 | us-gaap |
Supplies
Supplies
|
183999 | usd |
CY2022Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
306192 | usd |
CY2021Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
436847 | usd |
CY2022Q4 | ygmz |
Prepayment Legal
PrepaymentLegal
|
222556 | usd |
CY2021Q4 | ygmz |
Prepayment Legal
PrepaymentLegal
|
52996 | usd |
CY2022Q4 | ygmz |
Prepayment Telecommunication Services Expenses
PrepaymentTelecommunicationServicesExpenses
|
544306 | usd |
CY2022Q4 | ygmz |
Prepayment Car Services
PrepaymentCarServices
|
4279810 | usd |
CY2022Q4 | ygmz |
Prepayment Vehicles
PrepaymentVehicles
|
57995 | usd |
CY2022Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
7339861 | usd |
CY2021Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
5473938 | usd |
CY2021Q4 | us-gaap |
Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
|
169095 | usd |
CY2022Q4 | us-gaap |
Other Receivables
OtherReceivables
|
88069 | usd |
CY2021Q4 | us-gaap |
Other Receivables
OtherReceivables
|
67614 | usd |
CY2022Q4 | ygmz |
Vehicle Rental In Advance
VehicleRentalInAdvance
|
1111290 | usd |
CY2021Q4 | ygmz |
Vehicle Rental In Advance
VehicleRentalInAdvance
|
427716 | usd |
CY2022Q4 | ygmz |
Pay On Behalf Of Third Parties
PayOnBehalfOfThirdParties
|
1388820 | usd |
CY2021Q4 | ygmz |
Pay On Behalf Of Third Parties
PayOnBehalfOfThirdParties
|
875619 | usd |
CY2022Q4 | ygmz |
Government Grant
GovernmentGrant
|
207664 | usd |
CY2022Q4 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
2795843 | usd |
CY2021Q4 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
1540044 | usd |
CY2022 | ygmz |
Interestfree Advances
InterestfreeAdvances
|
28622704 | usd |
CY2021 | ygmz |
Interestfree Advances
InterestfreeAdvances
|
22487767 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
27781140 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
27722796 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
|
18707442 | usd |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
|
15498214 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
9073698 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
12224582 | usd |
CY2022 | us-gaap |
Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
|
3844159 | usd |
CY2021 | us-gaap |
Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
|
1438310 | usd |
CY2020 | us-gaap |
Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
|
1521234 | usd |
CY2022 | us-gaap |
Equipment Expense
EquipmentExpense
|
2640705 | usd |
CY2022 | us-gaap |
Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1
|
1420491 | usd |
CY2022 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
540579 | usd |
CY2022Q4 | us-gaap |
Disposal Group Deferred Gain On Disposal
DisposalGroupDeferredGainOnDisposal
|
679635 | usd |
CY2021 | ygmz |
Revenue Cost
RevenueCost
|
1047024 | usd |
CY2021 | us-gaap |
Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1
|
896879 | usd |
CY2021 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
175215 | usd |
CY2021Q4 | us-gaap |
Disposal Group Deferred Gain On Disposal
DisposalGroupDeferredGainOnDisposal
|
25070 | usd |
CY2022Q4 | us-gaap |
Capital Leased Assets Gross
CapitalLeasedAssetsGross
|
2141219 | usd |
CY2022Q4 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
|
81035 | usd |
CY2021Q4 | us-gaap |
Capital Leased Assets Gross
CapitalLeasedAssetsGross
|
10232895 | usd |
CY2021Q4 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
|
10232895 | usd |
CY2022Q4 | us-gaap |
Deposits Assets
DepositsAssets
|
2657126 | usd |
CY2021Q4 | us-gaap |
Deposits Assets
DepositsAssets
|
10327872 | usd |
CY2022Q4 | us-gaap |
Goodwill
Goodwill
|
14157570 | usd |
CY2021Q4 | ygmz |
Percentage Of Equity Interest
PercentageOfEquityInterest
|
1 | pure |
CY2021Q4 | ygmz |
Equity Ownership Percentage
EquityOwnershipPercentage
|
1 | pure |
CY2021Q4 | ygmz |
Aggregate Value
AggregateValue
|
23470712 | usd |
CY2021Q4 | ygmz |
Aggregate Shares
AggregateShares
|
3189000 | shares |
CY2021 | ygmz |
Earnout Payment
EarnoutPayment
|
8826019 | usd |
CY2022 | ygmz |
Earnout Payment
EarnoutPayment
|
5884013 | usd |
CY2021 | us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
3000000 | usd |
CY2022 | us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
3000000 | usd |
CY2022 | ygmz |
Purchase Amount
PurchaseAmount
|
10076600 | usd |
CY2022 | us-gaap |
Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
|
7078100 | usd |
CY2022 | ygmz |
Issued Ordinary Shares
IssuedOrdinaryShares
|
3826000 | shares |
CY2022Q4 | us-gaap |
Share Price
SharePrice
|
1.85 | |
CY2022Q4 | us-gaap |
Mine Reclamation And Closing Liability Noncurrent
MineReclamationAndClosingLiabilityNoncurrent
|
1000000 | usd |
CY2022Q4 | us-gaap |
Cash And Due From Banks
CashAndDueFromBanks
|
1998500 | usd |
CY2022 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
1300000 | usd |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
|
1 | pure |
CY2022Q1 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
3826000 | shares |
CY2022Q1 | us-gaap |
Dividends Common Stock Paidinkind
DividendsCommonStockPaidinkind
|
1000000 | usd |
CY2022Q4 | ygmz |
Quoted Closing Price Per Share
QuotedClosingPricePerShare
|
1.85 | |
CY2022Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
|
14540436 | usd |
CY2022Q4 | us-gaap |
Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
|
9550000 | usd |
CY2022 | us-gaap |
Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
|
2400000 | usd |
CY2022 | ygmz |
Outstanding Shares In Percentage
OutstandingSharesInPercentage
|
1 | pure |
CY2022 | us-gaap |
Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
|
9550000 | usd |
CY2022Q4 | ygmz |
Rental Deposits
RentalDeposits
|
369026 | usd |
CY2021Q4 | ygmz |
Rental Deposits
RentalDeposits
|
220416 | usd |
CY2022Q4 | ygmz |
Salary Payable
SalaryPayable
|
230283 | usd |
CY2021Q4 | ygmz |
Salary Payable
SalaryPayable
|
157970 | usd |
CY2022Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
143273 | usd |
CY2021Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
44053 | usd |
CY2022Q4 | ygmz |
Receipt In Advance
ReceiptInAdvance
|
3146220 | usd |
CY2021Q4 | ygmz |
Receipt In Advance
ReceiptInAdvance
|
153399 | usd |
CY2022Q4 | ygmz |
Payable Under Acquisition
PayableUnderAcquisition
|
22835923 | usd |
CY2021Q4 | ygmz |
Payable Under Acquisition
PayableUnderAcquisition
|
16710032 | usd |
CY2022Q4 | ygmz |
Advance For Operational Purpose
AdvanceForOperationalPurpose
|
916332 | usd |
CY2021Q4 | ygmz |
Advance For Operational Purpose
AdvanceForOperationalPurpose
|
286820 | usd |
CY2022Q4 | ygmz |
Lending With No Interests
LendingWithNoInterests
|
1413617 | usd |
CY2021Q4 | ygmz |
Lending With No Interests
LendingWithNoInterests
|
1220176 | usd |
CY2021Q4 | ygmz |
Deposits For Purchase Of Vehicles
DepositsForPurchaseOfVehicles
|
476258 | usd |
CY2022Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
29054674 | usd |
CY2021Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
19269124 | usd |
CY2022Q4 | ygmz |
Long Term Debt Principal In Next Twelve Months
LongTermDebtPrincipalInNextTwelveMonths
|
586935 | usd |
CY2021Q4 | ygmz |
Long Term Debt Principal In Next Twelve Months
LongTermDebtPrincipalInNextTwelveMonths
|
269009 | usd |
CY2022Q4 | ygmz |
Long Term Debt Of Principal In Year Two
LongTermDebtOfPrincipalInYearTwo
|
253352 | usd |
CY2021Q4 | ygmz |
Long Term Debt Of Principal In Year Two
LongTermDebtOfPrincipalInYearTwo
|
179339 | usd |
CY2022Q4 | ygmz |
Long Term Debt Total
LongTermDebtTotal
|
840287 | usd |
CY2021Q4 | ygmz |
Long Term Debt Total
LongTermDebtTotal
|
448348 | usd |
CY2022 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
45130 | usd |
CY2021 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
14184 | usd |
CY2020 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
52521 | usd |
CY2021 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
1125173 | usd |
CY2021Q4 | ygmz |
Carrying Value
carryingValue
|
79903 | usd |
CY2021Q4 | ygmz |
Accumulated Depreciation Depletion And Amortization Property Plant
AccumulatedDepreciationDepletionAndAmortizationPropertyPlant
|
1045270 | usd |
CY2022 | us-gaap |
Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
|
74185 | usd |
CY2021 | us-gaap |
Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
|
101741 | usd |
CY2020 | us-gaap |
Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
|
126595 | usd |
CY2020Q4 | ygmz |
Interest Rate
InterestRate
|
0.17 | pure |
CY2020 | us-gaap |
Debt Instrument Term
DebtInstrumentTerm
|
P36M | |
CY2021Q4 | ygmz |
Shortterm Loans From Financial Institutions
ShorttermLoansFromFinancialInstitutions
|
144126 | usd |
CY2021 | us-gaap |
Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
|
47229 | usd |
CY2020 | us-gaap |
Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
|
85930 | usd |
CY2021Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
99899 | usd |
CY2021Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
212286 | usd |
CY2022 | ygmz |
Rental Expenses
RentalExpenses
|
306396 | usd |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
298924 | usd |
CY2021Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
144126 | usd |
CY2021Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
144126 | usd |
us-gaap |
Temporary Equity Accretion Of Interest
TemporaryEquityAccretionOfInterest
|
1 | cny | |
CY2022Q1 | us-gaap |
Temporary Equity Accretion Of Interest
TemporaryEquityAccretionOfInterest
|
1 | cny |
us-gaap |
Temporary Equity Accretion Of Interest
TemporaryEquityAccretionOfInterest
|
1 | cny | |
CY2022 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Twelve Month
CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth
|
865348 | usd |
CY2022 | ygmz |
Capital Leases Future Minimum Payment Next Rolling Twelve Month
CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth
|
757088 | usd |
CY2022 | ygmz |
Capital Leases Future Minimum Payments Due In Four Year
CapitalLeasesFutureMinimumPaymentsDueInFourYear
|
774057 | usd |
CY2022 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Four Year
CapitalLeasesFutureMinimumPaymentsNextRollingFourYear
|
670952 | usd |
CY2022Q4 | ygmz |
Lessee Operating Lease Liability Payment Due Year Three
LesseeOperatingLeaseLiabilityPaymentDueYearThree
|
473265 | usd |
CY2022Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
410226 | usd |
CY2022 | ygmz |
Minimum Lease Payments Thereafter
MinimumLeasePaymentsThereafter
|
89368 | usd |
CY2022 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Minimum Lease Payments Thereafter
CapitalLeasesFutureMinimumPaymentsNextRollingMinimumLeasePaymentsThereafter
|
77464 | usd |
CY2022 | ygmz |
Minimum Lease Payments Total
MinimumLeasePaymentsTotal
|
2202038 | usd |
CY2022 | ygmz |
Present Value Of Minimum Lease Payments Total
PresentValueOfMinimumLeasePaymentsTotal
|
1915730 | usd |
CY2022 | ygmz |
Less Amount Representing Interest Minimum Lease Payments
LessAmountRepresentingInterestMinimumLeasePayments
|
-286308 | usd |
CY2022 | ygmz |
Minimum Lease Payments
MinimumLeasePayments
|
1915730 | usd |
CY2022Q4 | ygmz |
Present Value Of Minimum Lease Payments
PresentValueOfMinimumLeasePayments
|
1915730 | usd |
CY2022Q4 | ygmz |
Less Current Maturitie
LessCurrentMaturitie
|
-757088 | usd |
CY2022Q4 | ygmz |
Capital Leases Obligation Longterm
CapitalLeasesObligationLongterm
|
1158642 | usd |
CY2021Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
2641587 | usd |
CY2021 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Two Year
CapitalLeasesFutureMinimumPaymentsNextRollingTwoYear
|
2267248 | usd |
CY2021 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Twelve Month
CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth
|
136063 | usd |
CY2021 | ygmz |
Capital Leases Future Minimum Payment Next Rolling Twelve Month
CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth
|
121407 | usd |
CY2021 | ygmz |
Capital Leases Future Minimum Payments Due In Four Year
CapitalLeasesFutureMinimumPaymentsDueInFourYear
|
91323 | usd |
CY2021 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Four Year
CapitalLeasesFutureMinimumPaymentsNextRollingFourYear
|
79305 | usd |
CY2021 | ygmz |
Minimum Lease Payments Total
MinimumLeasePaymentsTotal
|
2868973 | usd |
CY2021 | ygmz |
Present Value Of Minimum Lease Payments Total
PresentValueOfMinimumLeasePaymentsTotal
|
2467960 | usd |
CY2021 | ygmz |
Less Amount Representing Interest Minimum Lease Payments
LessAmountRepresentingInterestMinimumLeasePayments
|
-401013 | usd |
CY2021 | ygmz |
Minimum Lease Payments
MinimumLeasePayments
|
2467960 | usd |
CY2021Q4 | ygmz |
Present Value Of Minimum Lease Payments
PresentValueOfMinimumLeasePayments
|
2467960 | usd |
CY2021Q4 | ygmz |
Less Current Maturitie
LessCurrentMaturitie
|
-2267248 | usd |
CY2021Q4 | ygmz |
Capital Leases Obligation Longterm
CapitalLeasesObligationLongterm
|
200712 | usd |
CY2022 | us-gaap |
Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
|
223904 | usd |
CY2021 | us-gaap |
Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
|
8411 | usd |
CY2020 | us-gaap |
Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
|
41110 | usd |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
298924 | usd |
CY2021Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
112387 | usd |
CY2021 | ygmz |
Rental Expenses
RentalExpenses
|
111024 | usd |
CY2020 | ygmz |
Rental Expenses
RentalExpenses
|
103733 | usd |
CY2022Q4 | us-gaap |
Due From Related Parties
DueFromRelatedParties
|
2677345 | usd |
CY2021Q4 | us-gaap |
Due From Related Parties
DueFromRelatedParties
|
705280 | usd |
CY2022Q4 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
6108866 | usd |
CY2021Q4 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
294344 | usd |
CY2022 | us-gaap |
Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
|
10285333 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
8313519 | usd |
CY2021 | us-gaap |
Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
|
8866082 | usd |
CY2021Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
8027672 | usd |
CY2022Q4 | ygmz |
Deferred Tax Asset
DeferredTaxAsset
|
238237 | usd |
CY2021Q4 | ygmz |
Deferred Tax Asset
DeferredTaxAsset
|
35491 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
|
238237 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
|
35491 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
375034 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
198820 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
136797 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
163329 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
|
238237 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
|
35491 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
836000 | usd |
CY2022 | ygmz |
Vat Description
VatDescription
|
Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. | |
CY2022Q4 | us-gaap |
Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
|
861336 | usd |
CY2021Q4 | us-gaap |
Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
|
345133 | usd |
CY2022Q4 | us-gaap |
Accrued Income Taxes
AccruedIncomeTaxes
|
4304739 | usd |
CY2021Q4 | us-gaap |
Accrued Income Taxes
AccruedIncomeTaxes
|
2761201 | usd |
CY2022Q4 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
|
112361 | usd |
CY2021Q4 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
|
26960 | usd |
CY2022Q4 | us-gaap |
Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
|
5278436 | usd |
CY2021Q4 | us-gaap |
Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
|
3133294 | usd |
CY2020Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2020Q4 | ygmz |
Common Stock Par Value Per Share
CommonStockParValuePerShare
|
0.001 | |
CY2020Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
12354040 | shares |
CY2022 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
2457357 | usd |
CY2022 | ygmz |
Net Proceeds
NetProceeds
|
10958803 | usd |
CY2021Q1 | us-gaap |
Partners Capital Account Units
PartnersCapitalAccountUnits
|
3333335 | shares |
CY2021Q1 | ygmz |
Common Stock Par Value Per Share
CommonStockParValuePerShare
|
0.001 | |
CY2021Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
usd | |
CY2021Q1 | us-gaap |
Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
|
0.75 | usd |
CY2021Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
6 | |
CY2021Q1 | ygmz |
Offering Expenses Payable
OfferingExpensesPayable
|
18000000 | usd |
CY2021Q2 | ygmz |
Warrant And Purchased Total Of Ordinary Shares
WarrantAndPurchasedTotalOfOrdinaryShares
|
214286 | shares |
CY2021Q2 | ygmz |
Warrant And Purchased Total Of Ordinary Shares
WarrantAndPurchasedTotalOfOrdinaryShares
|
43616 | shares |
CY2021Q4 | ygmz |
Equity Interest Percentage
EquityInterestPercentage
|
1 | pure |
CY2021Q4 | ygmz |
Equity Ownership Percentage
EquityOwnershipPercentage
|
1 | pure |
CY2021Q4 | ygmz |
Aggregate Value
AggregateValue
|
23470712 | usd |
CY2021Q4 | ygmz |
Aggregate Shares
AggregateShares
|
3189000 | shares |
CY2021 | ygmz |
Earnout Payment
EarnoutPayment
|
8826019 | usd |
CY2022 | ygmz |
Earnout Payment
EarnoutPayment
|
5884013 | usd |
CY2021 | ygmz |
Net Incomes
NetIncomes
|
3000000 | usd |
CY2022 | ygmz |
Net Incomes
NetIncomes
|
3000000 | usd |
CY2022Q1 | ygmz |
Purchase Agreement
PurchaseAgreement
|
10076600 | usd |
CY2022Q1 | ygmz |
Equity Interest Percentage
EquityInterestPercentage
|
1 | pure |
CY2022Q1 | ygmz |
Consideration Paid
ConsiderationPaid
|
7078100 | usd |
CY2022Q1 | ygmz |
Closing File
ClosingFile
|
1000000 | usd |
CY2022 | ygmz |
Cash Earnout
CashEarnout
|
1998500 | usd |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
|
1 | pure |
CY2022Q1 | ygmz |
Sellers
Sellers
|
1000000 | usd |
CY2022Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2022Q4 | ygmz |
Common Stock Par Value Per Share
CommonStockParValuePerShare
|
0.001 | |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
22960277 | shares |
CY2022Q4 | ygmz |
Unpaid Capital Contribution
UnpaidCapitalContribution
|
847086 | usd |
CY2021Q4 | ygmz |
Unpaid Capital Contribution
UnpaidCapitalContribution
|
847086 | usd |
CY2022 | ygmz |
After Tax Percentage
AfterTaxPercentage
|
0.10 | pure |
CY2022 | ygmz |
Register Capital Percentage
RegisterCapitalPercentage
|
0.50 | pure |
CY2022 | us-gaap |
Statutory Accounting Practices Statutory Net Income Amount
StatutoryAccountingPracticesStatutoryNetIncomeAmount
|
1036841 | usd |
CY2021 | us-gaap |
Statutory Accounting Practices Statutory Net Income Amount
StatutoryAccountingPracticesStatutoryNetIncomeAmount
|
916148 | usd |
CY2017Q4 | us-gaap |
Capital Lease Obligations
CapitalLeaseObligations
|
2531453 | usd |
CY2022 | us-gaap |
Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
|
usd | |
CY2020 | us-gaap |
Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
|
usd | |
CY2021Q4 | ygmz |
Prepayment Telecommunication Services Expenses
PrepaymentTelecommunicationServicesExpenses
|
usd | |
CY2021Q4 | ygmz |
Prepayment Car Services
PrepaymentCarServices
|
usd | |
CY2022Q1 | ygmz |
Contingencies Description
ContingenciesDescription
|
the Civil Complaint to The People’s Court of Yantian District, requesting the defendant Jian Yang to compensate for the economic loss of RMB 233,055, judgment of the defendant Yangang Pearl for Jian Yang’s compensation liability to assume joint liability. According to the civil order issued by The People’s Court of Yantian District on January 27, 2022, the applicant Shenzhen Xincang Freight Co., Ltd. applies for property preservation in the case of the liability dispute between the applicant Shenzhen Xincang Freight Co., Ltd. of seizing and freezing the property worth RMB 234,990.12 under the name of the respondent Mingzhu. According to the notice of response issued by The People’s Court of Yantian District, on February 10, 2022, the case of the liability dispute between the plaintiff and the defendant Mingzhu and Jian Yang was filed by the Court on January 21, 2022. | |
CY2022Q4 | us-gaap |
Assets Net
AssetsNet
|
111456855 | usd |
CY2021Q4 | us-gaap |
Assets Net
AssetsNet
|
82349986 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
9073698 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
12224582 | usd |
CY2022 | dei |
Entity Registrant Name
EntityRegistrantName
|
MingZhu Logistics Holdings Ltd | |
CY2022 | dei |
Document Accounting Standard
DocumentAccountingStandard
|
U.S. GAAP | |
CY2022Q4 | ygmz |
Longterm Loans From Other Financial Institutions
LongtermLoansFromOtherFinancialInstitutions
|
usd | |
CY2020 | ygmz |
Appropriation To Statutory Reserves
AppropriationToStatutoryReserves
|
usd | |
CY2021 | ygmz |
Appropriation To Statutory Reserves
AppropriationToStatutoryReserves
|
usd | |
CY2022 | ygmz |
Appropriation To Statutory Reserves
AppropriationToStatutoryReserves
|
usd | |
CY2022 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
usd | |
CY2020 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
usd | |
CY2020 | ygmz |
Transfer Of Ownership Of A Subsidiary
TransferOfOwnershipOfASubsidiary
|
usd | |
CY2020 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
usd | |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
usd | |
CY2021 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
usd | |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
usd | |
CY2020 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
usd | |
CY2022 | ygmz |
Noncash Capital Leases Offset By Related Parties
NoncashCapitalLeasesOffsetByRelatedParties
|
usd | |
CY2022 | ygmz |
Professional Fees Paid By Related Parties
ProfessionalFeesPaidByRelatedParties
|
usd | |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
usd | |
CY2021Q4 | us-gaap |
Restricted Cash Equivalents
RestrictedCashEquivalents
|
usd | |
CY2022 | us-gaap |
Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
|
usd | |
CY2022 | ygmz |
Net Income
NetIncome
|
usd | |
CY2022Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
usd | |
CY2021Q4 | ygmz |
Prepayment Vehicles
PrepaymentVehicles
|
usd | |
CY2022Q4 | us-gaap |
Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
|
usd | |
CY2021Q4 | ygmz |
Government Grant
GovernmentGrant
|
usd | |
CY2022Q4 | ygmz |
Deposits For Purchase Of Vehicles
DepositsForPurchaseOfVehicles
|
usd | |
CY2022Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
usd | |
CY2022Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
usd | |
CY2021Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
usd | |
CY2022Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
usd | |
CY2022 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
usd | |
CY2022Q4 | ygmz |
Carrying Value
carryingValue
|
usd | |
CY2022Q4 | ygmz |
Accumulated Depreciation Depletion And Amortization Property Plant
AccumulatedDepreciationDepletionAndAmortizationPropertyPlant
|
usd | |
CY2022Q4 | ygmz |
Longterm Loans From Financial Institutions
LongtermLoansFromFinancialInstitutions
|
usd | |
CY2021Q4 | ygmz |
Longterm Loans From Financial Institutions
LongtermLoansFromFinancialInstitutions
|
usd | |
CY2022Q4 | ygmz |
Shortterm Loans From Financial Institutions
ShorttermLoansFromFinancialInstitutions
|
usd | |
CY2022 | us-gaap |
Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
|
usd | |
CY2022Q4 | ygmz |
Less Amount Representing Interest
LessAmountRepresentingInterest
|
usd | |
CY2021 | ygmz |
Minimum Lease Payments Thereafter
MinimumLeasePaymentsThereafter
|
usd | |
CY2021 | ygmz |
Capital Leases Future Minimum Payments Next Rolling Minimum Lease Payments Thereafter
CapitalLeasesFutureMinimumPaymentsNextRollingMinimumLeasePaymentsThereafter
|
usd | |
CY2021Q4 | ygmz |
Less Amount Representing Interest
LessAmountRepresentingInterest
|
usd | |
CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
usd | |
CY2022Q4 | ygmz |
Contingent Liabilities
ContingentLiabilities
|
usd | |
CY2021Q4 | ygmz |
Contingent Liabilities
ContingentLiabilities
|
usd | |
CY2022Q4 | us-gaap |
Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
|
usd | |
CY2021Q4 | us-gaap |
Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
|
usd | |
CY2022 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2022 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001782037 |