2023 Q2 Form 20-F Financial Statement

#000121390023040523 Filed on May 16, 2023

View on sec.gov

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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<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
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0.001
CY2022Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
22960277
CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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
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2 pure
CY2021 ygmz Concentration Risks Percentage1
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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
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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
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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
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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
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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
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022 ygmz Vat Description
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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%.
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CY2021Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2022Q4 us-gaap Accrued Income Taxes
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CY2021Q4 us-gaap Accrued Income Taxes
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CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2020Q4 us-gaap Common Stock Shares Authorized
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CY2020Q4 ygmz Common Stock Par Value Per Share
CommonStockParValuePerShare
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CY2020Q4 us-gaap Common Stock Shares Issued
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CY2021Q1 ygmz Common Stock Par Value Per Share
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CY2021Q1 us-gaap Shares Issued Price Per Share
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6
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1 pure
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1 pure
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3000000 usd
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3000000 usd
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1 pure
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CY2022Q1 ygmz Closing File
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
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1 pure
CY2022Q1 ygmz Sellers
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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
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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
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1036841 usd
CY2021 us-gaap Statutory Accounting Practices Statutory Net Income Amount
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916148 usd
CY2017Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2531453 usd
CY2022 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2020 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
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CY2021Q4 ygmz Prepayment Telecommunication Services Expenses
PrepaymentTelecommunicationServicesExpenses
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CY2021Q4 ygmz Prepayment Car Services
PrepaymentCarServices
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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
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CY2020 ygmz Appropriation To Statutory Reserves
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CY2021 ygmz Appropriation To Statutory Reserves
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CY2022 ygmz Appropriation To Statutory Reserves
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2020 ygmz Transfer Of Ownership Of A Subsidiary
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CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2022 us-gaap Proceeds From Issuance Initial Public Offering
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CY2022 us-gaap Proceeds From Issuance Of Private Placement
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CY2020 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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CY2022 ygmz Noncash Capital Leases Offset By Related Parties
NoncashCapitalLeasesOffsetByRelatedParties
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CY2022 ygmz Professional Fees Paid By Related Parties
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash Equivalents
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CY2022 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
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CY2022 ygmz Net Income
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2021Q4 ygmz Prepayment Vehicles
PrepaymentVehicles
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CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
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CY2021Q4 ygmz Government Grant
GovernmentGrant
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CY2022Q4 ygmz Deposits For Purchase Of Vehicles
DepositsForPurchaseOfVehicles
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
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CY2022Q4 ygmz Carrying Value
carryingValue
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CY2022Q4 ygmz Accumulated Depreciation Depletion And Amortization Property Plant
AccumulatedDepreciationDepletionAndAmortizationPropertyPlant
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CY2022Q4 ygmz Longterm Loans From Financial Institutions
LongtermLoansFromFinancialInstitutions
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CY2021Q4 ygmz Longterm Loans From Financial Institutions
LongtermLoansFromFinancialInstitutions
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CY2022Q4 ygmz Shortterm Loans From Financial Institutions
ShorttermLoansFromFinancialInstitutions
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CY2022 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
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CY2022Q4 ygmz Less Amount Representing Interest
LessAmountRepresentingInterest
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CY2021 ygmz Minimum Lease Payments Thereafter
MinimumLeasePaymentsThereafter
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CY2021 ygmz Capital Leases Future Minimum Payments Next Rolling Minimum Lease Payments Thereafter
CapitalLeasesFutureMinimumPaymentsNextRollingMinimumLeasePaymentsThereafter
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CY2021Q4 ygmz Less Amount Representing Interest
LessAmountRepresentingInterest
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2022Q4 ygmz Contingent Liabilities
ContingentLiabilities
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CY2021Q4 ygmz Contingent Liabilities
ContingentLiabilities
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CY2022Q4 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
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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

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