0001493152-18-016416.txt : 20181119 0001493152-18-016416.hdr.sgml : 20181119 20181119120221 ACCESSION NUMBER: 0001493152-18-016416 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 88 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181119 DATE AS OF CHANGE: 20181119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIWA BIO-TECH PRODUCTS GROUP CORP CENTRAL INDEX KEY: 0001159275 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 870448400 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-33167 FILM NUMBER: 181191790 BUSINESS ADDRESS: STREET 1: 3200 GUASTI ROAD, STREET 2: SUITE 100 CITY: ONTARIO STATE: CA ZIP: 91761 BUSINESS PHONE: 626-715-5855 MAIL ADDRESS: STREET 1: 3200 GUASTI ROAD, STREET 2: SUITE 100 CITY: ONTARIO STATE: CA ZIP: 91761 FORMER COMPANY: FORMER CONFORMED NAME: TINTIC GOLD MINING CO DATE OF NAME CHANGE: 20010918 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2018

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from ____________ to ____________

 

Commission File Number: 000-33167

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada   77-0632186

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

     

3200 Guasti Road, Suite #100,

Ontario, California

   91761
(Address of principal executive offices)   (Zip Code)

 

(909) 456-8828

(Registrant’s telephone number, including area code)

 

3200 Guasti Road, Suite #100

Ontario, CA 91761

(Former address)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
   
Non-accelerated filer [  ] Smaller reporting company [X]
   
(Do not check if a smaller reporting company) Emerging growth company [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of November 19, 2018, the Company had 16,939,862 shares of common stock, $0.001 par value, issued and outstanding.

 

 

 

   
 

 

Table of contents

 

  Page
PART I. FINANCIAL INFORMATION  
   
Item 1. UNAUDITED CONDENSED CONSOLIDATED Financial Statements 3
   
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29
   
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 50
   
Item 4. Controls and Procedures 50
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 50
   
ITEM 1A. RISK FACTORS 51
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51
   
Item 3. Defaults Upon Senior Securities 51
   
Item 4. Mine safety disclosures 51
   
Item 5. Other Information 51
   
Item 6. Exhibits 51
   
SIGNATURES 52

 

 2 
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30, 2018   December 31, 2017 
   (Unaudited)     
ASSETS          
Current assets          
Cash and cash equivalents  $11,094   $1,083,539 
Accounts receivable   6,764,523    28,620 
Prepaid expenses   2,858,367    2,474,272 
Rent deposits and other receivables   469,201    44,423 
Advance to suppliers   13,223,623    12,660,793 
Due from related parties - non-trade   12,726    19,017 
Inventory   1,645,333    2,745,991 
Deferred cost of goods sold   4,924,421    16,726 
Total current assets   29,909,288    19,073,381 
OTHER ASSETS          
Property, plant and equipment - net   54,912    90,500 
Rent deposits-non-current   613    72,631 
Deposit for Long-Term Investment   728,173    768,074 
Total non-current assets   783,698    931,205 
Total assets  $30,692,986   $20,004,586 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $1,228,634   $1,800,614 
Advances from customers   521,852    543,581 
Due to related parties-non-trade   553,434    320,199 
Convertible notes payable, net of discount of $171,716 and $1,977 at September 30, 2018 and December 31, 2017, respectively.   882,471    273,200 
Derivative liabilities   3,437    247,933 
Notes payable   360,000    360,000 
Salaries payable   737,757    291,401 
Taxes payable   2,401,760    1,142,973 
Interest payable   1,935,240    1,756,275 
Other payables and accruals   2,822,095    2,108,873 
Deferred revenue   6,741,075    28,620 
Total current liabilities   18,187,755    8,873,669 
Convertible note payable – non-current, net of discount of $0 and $384,799 at September 30, 2018 and December 31, 2017, respectively.   -    460,082 
Total Liabilities   18,187,755    9,333,751 
           
Stockholders’ equity          
Preferred stock - $0.001 par value, Authorized 20,000,000 shares. Series A - Issued and outstanding 500,000 and 500,000 shares at September 30, 2018, 2018 and December 31, 2017, respectively;
Series B - Issued and outstanding 811,148 and 811,148 shares at September 30, 2018 and December 31, 2017, respectively.		   1,311    1,311 
Common stock - $0.001 per value. Authorized 100,000,000 shares. Issued and outstanding 16,939,862 and 15,202,965 shares at September 30, 2018, and December 31, 2017, respectively.   16,940    15,203 
Additional paid-in capital   27,098,224    24,455,291 
Statutory Reserve   458,334    458,334 
Accumulated deficit   (14,542,119)   (14,583,080)
Accumulated other comprehensive income   (527,459)   323,776 
Total stockholders’ equity   12,505,231    10,670,835 
Total liabilities and stockholders’ equity  $30,692,986   $20,004,586 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 3 
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2018   2017   2018   2017 
Revenue  $7,725,583   $31,025   $21,811,804   $30,411 
                     
Cost of goods sold   (5,452,125)   (19,697)   (15,632,191)   (19,308)
                     
Gross Profit   2,273,458    11,328    6,179,613    11,103 
                     
Operating expenses                    
Selling expense   36,748    37,469    115,291    110,194 
Research and development   64,094    147,782    409,661    236,252 
General and administrative   961,509    1,068,446    4,040,537    2,073,035 
Total operating expenses   1,062,351    1,253,697    4,565,489    2,419,481 
                     
Operating income (loss)   1,211,107    (1,242,369)   1,614,124    (2,408,378)
                     
Other income/(expense), net                    
Change in fair value of derivative liabilities   42,125    205,612    244,496    199,051 
Interest expense   (151,518)   (168,573)   (459,445)   (356,256)
Other income/(expense)   21    372,711    (884)   373,512 
Exchange gain (loss)   36,026    (18,257)   54,279    (35,342)
Total other income/(expense), net   (73,346)   391,493    (161,554)   180,965 
                     
Income (loss) from continuing operations before income taxes   1,137,761    (850,876)   1,452,570    (2,227,413)
                     
(Provision) benefit for income taxes                    
Current   (514,400)   -    (1,411,609)   - 
Deferred   -    123,068    -    220,860 
Total (provision) benefit for income taxes   (514,400)   123,068    (1,411,609)   220,860 
                     
Income (loss) from continuing operations   623,361    (727,808)   40,961    (2,006,553)
                     
Income from discontinued operations, net of taxes   -    -    -    4,495,392 
                     
Net income (loss)   623,361    (727,808)   40,961    2,488,839 
                     
Other comprehensive income (loss)                    
Foreign currency translation adjustment   (569,528)   39,845    (851,235)   108,164 
Total comprehensive income (loss)  $53,833   $(687,963)  $(810,274)  $2,597,003 
                     
Earnings per share – Basic:                    
Loss from continuing operations   0.04    (0.07)   (0.00)   (0.20)
Discontinued operations   -    -    -    0.46 
Net Income (loss)  $0.04   $(0.07)  $(0.00)  $0.26 
                     
Earnings per share – Diluted:                    
Loss from continuing operations   0.04    (0.07)   (0.00)   (0.15)
Discontinued operations   -    -    -    0.38 
Net Income (loss)   0.04    (0.07)   (0.00)   0.21 
                     
Weighted average number of common shares outstanding - basic   16,757,163    10,640,453    16,388,438    9,846,791 
Weighted average number of common shares outstanding - diluted   18,314,713    10,640,453    16,388,438    11,891,678 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 4 
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended September 30, 
   2018   2017 
         
Cash flows from continuing operating activities:          
Net income (loss)  $40,961   $2,488,839 
Income from discontinued operations, net of taxes   -    (4,495,392)
Net income (loss) from continuing operations   40,961    (2,006,553)
Adjustments to reconcile net income to net cash used in continuing operating activities:          
Bed Debt        237,998 
Depreciation   24,381    29,527 
Accrued interest   459,445    356,256 
Stock compensation expense   1,832,592    - 
Consulting fee   -    474,301 
(Gain) loss on derivative liabilities   (244,496)   (199,051)
Deferred income tax   -    (241,452)
Changes in continuing operating assets and liabilities:          
Accounts receivable   (7,102,323)   (14,002,636)
Prepaid expenses   44,787    47,169 
Rent deposit and other receivables   (378,085)   (86,938)
Advance to suppliers   (1,286,661)   (1,071,968)
Due from related party – non-trade   5,590    611,155 
Inventory   1,009,897    (10,588)
Deferred cost of goods sold   (5,174,438)   (10,049,349)
Accounts payable   (504,355)   7,579,497 
Salary payable   473,289    157,968 
Taxes payable   1,389,562    (409,408)
Advances from customers   6,863    31,968 
Due to related parties        110,690 
Other payables and accruals   775,814    407,319 
Deferred revenue   7,077,606    14,666,825 
Net cash used in operating activities   (1,549,571)   (3,367,270)
           
Cash flows from investing activities:          
Purchase of property, plant and equipment   (4,774)   (58,427)
Payment of deposit for long-term investment   -    (734,561)
Net cash used in investing activities   (4,774)   (792,988)
           
Cash flows from financing activities:          
Borrowings from related parties, net   235,219    30,346 
Proceeds from sale of common stock   307,600    3,221,127 
Proceeds from convertible notes   -    976,356 
Net cash provided by financing activities   542,819    4,227,829 
           
Effect of exchange rate change   (60,919)   (57,765)
           
Cash and cash equivalents:          
Net increase   (1,072,445)   9,806 
Balance at beginning of period   1,083,539    13,469 
Balance at end of period  $11,094   $23,275 
           
Non-cash financing activities:          
Issuance of common stock for consulting services  $2,242,050   $234,396 
Issuance of common stock for financing related services  $-   $1,022,156 
Supplemental Disclosures of Cash Flow Information:          
Cash paid for interest  $-   $- 
Cash paid for income taxes  $-   $457,564 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 5 
 

 

KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

1. Description of Business and Organization

 

Organization

 

Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware. On March 8, 2017, we completed our reincorporation in the State of Nevada.

 

The Company operates through a series of subsidiaries in the Peoples Republic of China as detailed in the following Organizational Chart. The Company had previously operated its business through its subsidiaries Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) and Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Kiwa Tianjin was dissolved on July, 11, 2012. Kiwa Shandong was disposed on April 12, 2017. Currently, the Company mainly operates its business through its subsidiaries Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”) which was acquired in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, and Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian and Kiwa Hebei. The Company established Inner Mongolia Jing Nong Investment & Management, Ltd. (“Kiwa Jing Nong”) in August 2017. The Company established Kiwa Bio-Tech (Shanxi) Engineering Co., Ltd. (“Kiwa Shanxi”) in February 2018. The Company established Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”) and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”) in March 2018.

 

 6 
 

 

 

Business

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. Our products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.

 

2. Going Concern

 

In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company engages in the business for organically bio-fertilizer and its customers are mainly agricultural cooperative company and distributors who then resell its products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the Company’s distributors. The Company’s current payment terms on these customers are ranging from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. As a result, the Company’s accounts receivable turnover ratio is normally low due to the nature of the Company’s business. In addition, the Company’s business is capital intensive as the Company needs to make advance payment to its suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance the working capital requirements of the Company. As of September 30, 2018, the Company’s working capital was approximately $11.7 million and the Company had cash of approximately $11,000, with remaining current assets mainly composed of accounts receivable and advance to suppliers.

 

 7 
 

 

Although the Company believes that it can realize its current assets in the normal course of business, the Company’s ability to repay its current obligations will depend on the future realization of its current assets and the future operating revenues generated from its products. Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, the Company expects its revenues from its innovated and highly effective products, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer, will continue to grow in its business. In addition, the Company’s marketing team is expanding to the Western areas of China and Hainan province and it expects its revenues will continue to grow in 2019. Meanwhile, the Company expects to continue to gain market shares in its existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry. The Company believes these factors will enable it sufficiently to support its working capital needs for the next twelve months.

 

Management has considered its historical experience, the economic environment, trends in the Agricultural industry, the realization of the accounts receivables and advance to suppliers as of September 30, 2018. The Company expects to realize the balance of its current assets within the normal operating cycle of a twelve-month period. If the Company is unable to realize its current assets within the normal operating cycle of a twelve-month period, the Company may have to consider supplementing its available sources of funds through the following sources:

 

  ● the Company will continuously seek additional equity financing to support its working capital;
  ● other available sources of financing from PRC banks and other financial institutions;
  ● financial support and credit guarantee commitments from the Company’s major shareholder.

 

The Company has incurred recurring losses and does not have enough cash to support the operation without raising additional capital, within the one year from the date of the issuance of these financial statements. To the extent that the Company is unable to successfully raise the capital necessary to fund its future cash requirements on a timely basis and under acceptable terms and conditions, the Company may not have sufficient liquidity to maintain operations and repay its liabilities for the next twelve months. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. The accompanying unaudited condensed consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As a result, the Company may be unable to implement its current plans for expansion, repay its debt obligations or respond to competitive pressures, any of which would have a material adverse effect on its business, prospects, financial condition and results of operations.

 

3. Summaries of Significant Accounting Policies

 

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2017 on Form 10-K filed with the SEC on March 30, 2018.

 

Principle of Consolidation

 

These consolidated unaudited condensed financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, Kiwa Shanxi, Kiwa Institute and Kiwa Jing Nong. All significant inter-company balances or transactions are eliminated on consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

 8 
 

 

Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.

 

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.

 

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

   Useful Life 
   (In years) 
Buildings   30 - 35 
Machinery and equipment   5 - 10 
Automobiles   8 
Office equipment   2 - 5 
Computer software   3 
Leasehold improvement   The shorter of the
lease term and useful life		 

 

 9 
 

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.

 

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

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Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

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The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.

 

Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

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The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.

 

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2018 and 2017 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

   As of
September 30, 2018		   As of
December 31, 2017		 
Balance sheet items, except for equity accounts   6.8665    6.5098 

 

   Three months ended September 30, 
   2018   2017 
Items in the statements of comprehensive income   6.8031    6.6721 

 

   Nine months ended September 30, 
   2018   2017 
Items in the statements of comprehensive income   6.5137    6.8068 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

   As of
September 30, 2018		   As of
December 31, 2017		 
Balance sheet items, except for equity accounts   7.8278    7.8149 

 

   Three months ended September 30, 
   2018   2017 
Items in the statements of comprehensive income   7.8446    7.8143 

 

   Nine months ended September 30, 
   2018   2017 
Items in the statements of comprehensive income   7.8398    7.7868 

 

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Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

 

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

 

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Recent Accounting Pronouncements

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this guidance are clarifying the definition of a business to assist entities when determining whether an integrated set of assets and activities meets the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new guidance is not expected to have a material impact on our unaudited condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance to eliminate the requirement to calculate the implied fair value of goodwill to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In May 2017, the FASB issued Accounting Standards Update No. 2017-09 (ASU 2017-09), Compensation — Stock Compensation (Topic 718) Scope of Modification Accounting. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 which will become effective for annual periods beginning after December 15, 2017 and for interim periods within those annual periods, is not expected to have any impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In July 2017, the FASB issued Accounting Standards Update No. 2017-11 (ASU 2017-11), Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. The amendments in ASU 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The adoption of ASU 2017-11 which will become effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods. The Company elected to early adopt ASU 2017-11 when preparing these unaudited condensed consolidated financial statements and no effect on the Company’s unaudited condensed consolidated financial statements.

 

In February 2018, the FASB issued Accounting Standards Update No. 2018-02 (ASU 2018-02), Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

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In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, or ASU 2018-07. ASU 2018-07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to Accounting Standards Codification (“ASC”) 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

4. Accounts Receivable, net

 

As of September 30, 2018, and December 31, 2017, we had $6,764,523 and $28,620, respectively, of accounts receivable from the Company’s customers. The Company’s current payment terms on these customers are ranging typically from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. These customers are either agricultural cooperative company or distributors who then resell the Company’s products to individual farmers.

 

The Company’s provision on allowance for doubtful accounts is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable and come up with an aging allowance method. Currently, the Company provides a provision of 1%-6% of the allowance for doubtful accounts for accounts receivable balance that are more than 180 days old but less than one year old, 50% of the allowance for doubtful accounts for accounts receivable from one to one and half years old, 100% of the allowance for doubtful accounts for accounts receivable beyond one and half years old, plus additional amount as necessary, which the Company’s collection department had determined the collection of the full amount is remote with the approval from its management to provide a 100% provision allowance for doubtful accounts. The Company’s management has continued to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

 

Accounts receivable consisted of the following:

 

   September 30, 2018   December 31, 2017 
Accounts receivable  $6,764,523   $83,860 
Less: Allowance for doubtful accounts   -    (55,240)
Accounts receivable, net  $6,764,523   $28,620 

 

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5. Prepaid Expense

 

Prepaid expenses consisted of the following:

 

   Notes   September 30, 2018   December 31, 2017 
Prepaid office rent       $11,168   $41,487 
Prepaid license Fee (for fertilizer)        -    26,115 
Prepaid government filing expense        9,500    5,000 
Prepaid consulting expenses   (1)   2,818,354    2,392,273 
Others        19,345    9,397 
Total       $2,858,367   $2,474,272 

 

(1) Prepaid consulting expense for issuance of common stock for prepaid services. Pursuant to the indemnification terms of the services agreements, the Company has the rights to demand the full services being accomplished as scheduled during the service period and to enforce the consultants to pay pro-rata penalties if the consultants do not fulfill the contract services within the services periods. As of September 30, 2018, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2018 and 2017, the amortization of consulting expense was $547,509 and $164,599, respectively. For the nine months ended September 30, 2018 and 2017, the amortization of consulting expense was $1,815,969 and $474,301, respectively.

 

6. Advance to suppliers

 

Advance to suppliers are mainly funds deposited for future raw material purchases. As a common practice in China’s agriculture industry, many of these vendors require a certain amount to be deposited with them as a guarantee that the Company will complete its purchases on a timely basis as well as securing the current agreed upon purchase price. Since the Company anticipates the price of raw materials is on the rise in 2018, it entered large amount of purchase agreements with its major raw materials supplier and made prepayments in advance to secure a lower purchase price and timely delivery. As of September 30, 2018 and December 31, 2017, such advance to suppliers was $13,223,623 and $12,660,793, respectively.

 

7. Inventory

 

Inventory consisted of the following:

 

   September 30, 2018   December 31, 2017 
Raw materials  $1,360,285   $2,745,991 
Finished goods   253,686    - 
Packing materials   31,362    - 
Total  $1,645,333   $2,745,991 

 

8. Property, Plant and Equipment

 

Property, plant and equipment, net consisted of the following:

 

   September 30, 2018   December 31, 2017 
Property, Plant and Equipment          
Office equipment  $17,468   $15,899 
Furniture   24,522    23,331 
Leasehold improvement   86,850    91,609 
Construction in progress   25,340    26,729 
Others   554    1,106 
Property, plant and equipment - total  $154,734   $158,674 
Less: accumulated depreciation   (99,822)   (68,174)
Property, plant and equipment - net  $54,912   $90,500 

 

Depreciation expense was $3,930 and $11,878 for the three months ended September 30, 2018 and 2017, and $24,381 and $29,527 for the nine months ended September 30, 2018 and 2017, respectively.

 

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9. Deposit for Long-Term Investment

 

On June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.3 million). As of September 30, 2018, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.8 million). Due to certain administrative approval process from the Chinese government, the closing of the equity purchase agreement has been delayed. RMB 6,500,000 (approximately $1.0 million) will be paid upon completion of the land use rights ownership transfer and RMB 3,500,000 (approximately $0.5 million) will be paid upon completion of the business licenses transfer. The Company estimated the completion of the transfer will be sometime in March 2019.

 

10. Salaries payable

 

   September 30, 2018   December 31, 2017 
Ms. Yvonne Wang (“Ms. Wang”)  $238,000   $175,000 
Other Employees   499,757    116,401 
Total  $737,757   $291,401 

 

No salary was paid to Ms. Wang since December 2015. The Company expects to be in negotiations with Ms. Wang to settle these obligations.

 

11. Related Party Transactions

 

Due from related parties – non-trade

 

Amounts due from related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item  Nature   Notes   September 30, 2018   December 31, 2017 
                 
Mr. Wei Li   Non-trade    (1)   -    19,017 
Mr. Xiaoqiang Yu   Non-trade    (2)   12,726    - 
Total            $12,726   $19,017 

 

(1) Mr. Wei Li

 

During the year ended December 31, 2017, Mr. Wei Li, the former chairman and CEO, founder and major shareholder of the Company, obtained a cash advance from the Company for operational purpose. The balance was repaid in March 2018.

 

(1) Mr. Xiaoqiang Yu

 

During the three months ended September 30, 2018, Mr. Xiaoqiang Yu, the general manager of the operations division of the Company, obtained a cash advance from the Company for operational purpose.

 

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Due to related parties– non-trade

 

Amounts due to related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item  Nature   Notes   September 30, 2018   December 31, 2017 
                 
Ms. Wang   Non-trade    (1)   517,025    320,199 
Ms. Feng Li (“Ms. Li”)   Non-trade    (2)   36,409    - 
Total amount due to related parties            $553,434   $320,199 

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2018 and 2017, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Wang was $517,025 and $320,199, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 20% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Feng Li was $36,409 and $0, respectively.

 

12. Convertible Notes Payable

 

Convertible notes payable consisted of the following:

 

   September 30, 2018   December 31, 2017 
6% secured convertible notes – FirsTrust Group Inc. (1)  $107,562   $121,562 
15% convertible notes- Mr. Geng Liu (1)   145,635    153,615 
15% convertible notes- Mr. Junwei Zheng (1)   800,990    844,881 
Less: notes discount   (171,716)   (386,776)
Convertible notes payable - total   882,471    733,282 
Non-current   -    (460,082)
Current  $882,471   $273,200 

 

(1) Convertible Notes Payable

 

Convertible notes payable consists of $107,562 of 6% secured convertible notes issued to FirsTrust Group Inc. on June 29, 2006, $145,635 (face amount $145,635 net of discount of $0) of 15% convertible note issued to Mr. Geng Liu on January 17, 2017, and $629,274 (face amount $800,990 net of discount of $171,716) of 15% convertible note issued to Mr. Junwei Zheng on May 9, 2017.

 

6% secured convertible notes – FirsTrust Group Inc.

 

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Convertible Notes”), convertible into shares of the Company’s common stock.

 

On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the “Release”) with the holders (the “Holders”) of the “6% Convertible Notes” in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. During the course of the time, certain notes had been converted as well. On March 18, 2008, FirsTrust Group, Inc. (“FirsTrust”) purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250.

 

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On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

 

On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion.

 

On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion.

 

On April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 126,045 common shares at $1.3 per share, no gain or loss were recognized upon this conversion.

 

The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $52,006 and $61,730 for liquidated damages for the nine months ended September 30, 2018 and 2017, respectively. The Company also accrued $12,654 and $16,857 for interest at the rate of 15% per annum for the nine months ended September 30, 2018 and 2017, respectively. The total 15% interest accrued was $173,113 and $182,858 at September 30, 2018 and at December 31, 2017, respectively. The total accrued liquidated damages were $532,263 and $522,257 at September 30, 2018 and at December 31, 2017, respectively.

 

The Company’s obligations under the Notes are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company’s former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Convertible Notes.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company’s shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. As of the date of this filing, the Settlement Agreement has not been carried out by the Company as agreed. The interest and penalties on this Note are continuously accrued in accordance with the original terms.

 

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15% convertible notes- Mr. Geng Liu

 

On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu with principal of RMB 3 million. The note bears interest at 15% per annum and will mature on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company’s common shares with a conversion price of $0.90 per share. Subsequently, the Company reached an agreement with Mr. Geng Liu that the maturity date will be extended to December 31, 2018.

 

The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable.

 

For the nine months ended September 30, 2018 and 2017, the Company recorded interest expense of $19,477 and $45,535 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2018 was $145,635.

 

15% convertible notes- Mr. Junwei Zheng

 

On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company’s common shares with a conversion price of $3.5 per share. In May 2017, the Company received partial principal totaled RMB 5.5 million ($800,990 equivalent USD at September 30, 2018) out of the RMB 30 million Convertible Note Agreement. In August 2017, Mr. Junwei Zheng informed the Company that he will not purchase the remaining convertible notes of RMB 24.5 million.

 

The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company’s common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company’s own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and remeasured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 260.8% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.37%, for the conversion options
     
  ● Expected lives of 2.0 years
     
  ● Market price at issuance date of $2.7

 

 21 
 

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on December 31, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 151.9% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.80%, for the conversion options
     
  ● Expected lives of 1.33 years
     
  ● Market price at issuance date of $2.0

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on September 30, 2018:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 107.27% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.40%, for the conversion options
     
  ● Expected lives of 0.58 years
     
  ● Market price at remeasurement date of $0.75

 

On May 9, 2017, the Company recorded $569,784 as derivative liability for fair value of the conversion option. The initial carrying value of the Notes was $227,051. On December 31, 2017, the fair value of derivative liabilities was recalculated at $247,933. On September 30, 2018, the fair value of derivative liabilities was recalculated at $3,437. For the three and nine months ended September 30, 2018, the Company recognized a gain of $42,125 and $244,496, respectively, in change in fair value of derivative liabilities.

 

For the three and nine months ended September 30, 2018, the Company recorded interest expense of $102,374 and $307,915 on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note as of September 30, 2018 was $629,274.

 

13. Note Payable

 

On May 29, 2007, the Company issued a $360,000 promissory note (the “Promissory Note”) to an unrelated individual (the “Original Note holder”). This note bears interest at 18% per annum and was due on July 27, 2007. This note is currently in default and bears interest of 25% per annum (the “Default rate”) until paid in full. This note is secured by a pledge of shares of the Company’s common stock owned by Investlink (China) Limited (the “Pledged Shares”). The Company accrued $67,500 and $67,500 interest expense on note payable for the nine months ended September 30, 2018 and 2017, respectively.

 

As of December 31, 2016, the Original Note holder informed the Company that all right, title and interests in the Promissory Note has been assigned and transferred to FirsTrust. As of September 30, 2018, all of $360,000 of Promissory Note to FirsTrust is still outstanding, and total accrued interest of the Promissory Note is $1,016,800.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with Firs Trust to settle the Notes and interest. The Company has agreed to make a cash payment of $200,000 and issue 300,000 Shares to FirsTrust by October 18, 2018 and to make a final cash payment of $260,000 by February 28, 2019. However, the Company has not performed its obligations in the Settlement Agreement and considered the payment terms as default and continued to accrue its interest after September 19, 2018.

 

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14. Other Payables and accruals

 

Other payable consisted of the following:

 

   Notes   September 30, 2018   December 31, 2017 
Stock subscription proceeds received in advance   (1)  $1,693,106   $1,718,642 
Accrued expenses        209,347    36,240 
R&D expense payable        423,565    309,555 
Others        496,077    44,436 
        $2,822,095   $2,108,873 

 

(1). The Company received RMB 3.2 million (approximately $466,030 as at September 30, 2018) in 2016 from two unrelated potential investors, and additionally received RMB 8 million (approximately $1,227,075 as at September 30, 2018) in 2017 from one unrelated potential investors pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.

 

15. Stockholders’ Equity

 

Preferred stock

 

On December 14, 2015, the Company issued 500,000 shares of preferred stock series A for the aggregate amount of $1,000,000 as debt cancellation owed to two related party individuals.

 

These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series A Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $2.0 per share.

 

On December 28, 2017, the Company issued 811,148 shares of preferred stock series B for the aggregate amount of $1,054,492 as debt cancellation owed to one related party individual.

 

These shares of Series B Preferred Stock have a liquidation preference which is same with the Company’s Series A Preferred Stock and is entitled to vote on an as-converted basis as the holder of common stock and is convertible into the Company’s common stock on a one-for-one basis at any time at the option of the holder. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series B Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $1.3 per share.

 

In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, distributions to the stockholders of the Company should firstly go to the holders of Series A and B preferred stock. After the payment of the full Series A and B liquidation preference, the remaining assets of the Company legally available for distribution shall be distributed ratably to the holders of the common stock in an amount equal to the full payment of the full Series A and B liquidation preference, after such distributions to the holders of the Common stock , the remaining assets of the Company legally available for distribution shall be distributed ratably among the holders of Series A and B preferred stock and the holders of the common stock.

 

Common stock

 

During the nine months ended September 30, 2018, the Company issued 247,700 common shares to five individuals residing in China for net proceeds of $307,600. The sales were completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended.

 

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During the nine months ended September 30, 2018, the Company entered into ten consulting agreements and issued 1,347,918 shares of common stock to consultants for IR, Training system, and business development services based on market price of the shares at the transaction dates. The valuation of the shares utilized an average issuance price of $1.66 per share.

 

During the nine months ended September 30, 2018, the Company issued 15,234 common shares to one officer for salary payment based on the average stock price of his service period which valued at $16,622.

 

Conversion of convertible note

 

As disclosed in Note 13(1), on October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 13(1), on December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 13(1), on April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

Additional paid-in-capital

 

As disclosed in Note 13(1), on January 17, 2017, the Company issued RMB 1 million ($144,944 equivalent). Convertible Note to Mr. Geng Liu with BCF embedded. The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date and recorded the amount into additional paid in capital. All other amounts recorded in additional paid in capital are derived from issuance of preferred shares or common shares as disclosed in the above.

 

16. Stock-based Compensation

 

On March 15, 2017, the Board of Directors approved a new stock option plan with ten years’ term. As of September 30, 2018, the Company has not granted any incentive compensation under this plan.

 

17. Fair Value Measurements

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2018

 

Recurring Fair Value Measures  Level 1   Level 2   Level 3   Total 
Derivative liabilities   —    —   $3,437   $3,437 
Total   —    —   $3,437   $3,437 

 

December 31, 2017

 

Recurring Fair Value Measures  Level 1   Level 2   Level 3   Total 
Derivative liabilities   —    —   $247,933   $247,933 
Total   —    —   $247,933   $247,933 

 

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The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2018 and for the year ended December 31, 2017:

 

   Nine months ended September 30, 2018   Year ended
December 31, 2017		 
         
Beginning balance  $247,933   $- 
Fair value of derivative liabilities at inception   -    569,784 
Change in fair value of derivative liabilities   (244,496)   (321,851)
Ending balance  $3,437   $247,933 

 

18. Income Tax

 

In accordance with the current tax laws in the U.S., the Company is subject to a corporate tax rate of 21% on its taxable income. No provision for taxes is made for U.S. income tax for the three and nine months ended September 30, 2018 and 2017 as it has no taxable income in the U.S.

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (“The 2017 Tax Act”) was enacted in the United States. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. Accordingly, we have remeasured our deferred tax assets on net operating loss carryforwards in the U.S at the lower enacted cooperated tax rate of 21%. However, this re-measurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

Additionally, the 2017 Tax Act implemented a modified territorial tax system and imposing a tax on previously untaxed accumulated earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The Toll Charge is based in part on the amount of E&P held in cash and other specific assets as of December 31, 2017. The Toll Charge can be paid over an eight-year period, starting in 2018, and will not accrue interest. The 2017 Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. As a fiscal-year taxpayer, certain provisions of the 2017 Tax Act may impact the Company in fiscal 2018, including the Toll Charge, while other provisions, including the GILTI, will be effective starting at the beginning of fiscal 2018.

 

On December 22, 2017, the Securities and Exchange Commission Staff issued Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which provides guidance on accounting for the tax effects of the 2017 Tax Act. SAB 118 provides a measurement period that extends beyond one year from the 2017 Tax Act’s enactment date for registrants to complete the accounting under ASC 740. In accordance with SAB 118, a registrant must reflect the income tax effects of those aspects of the 2017 Tax Act for which the accounting under ASC 740 is complete. To the extent that a registrant’s accounting for certain income tax effects of the 2017 Tax Act is incomplete, but the registrant is able to determine a reasonable estimate, the registrant must record a provisional estimate to be included in its financial statements. If a registrant is unable to determine a reasonable estimate and record a provisional estimate, the registrant should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the 2017 Tax Act.

 

The Company has determined that this one-time Toll Charge has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to December 31, 2017 since the Company has cumulative foreign losses as of December 31, 2017.

 

The Company determined that there is no impact of GILTI for the year ending December 31, 2018, which the Company believes that it will be imposed a minimum tax rate of 10.5% and to the extent foreign tax credits are available to reduce its US corporate tax, which may result in no additional US federal income tax being due.

 

In accordance with the current tax laws in China, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, and Kiwa Hebei, Kiwa Shanxi, and Kiwa Yangling is subject to a corporate income tax rate of 25% on its taxable income. Kiwa Xian, Kiwa Hebei, Kiwa Shenzhen, and Kiwa Shanxi has not provided for any corporate income taxes since it had no taxable income for the three and nine months ended September 30, 2018. For the three months ended September 30, 2018, Kiwa Beijing recorded no income tax provision; Kiwa Yangling recorded RMB 3,483,206 or approximately $514,000 income tax provision. For the nine months ended September 30, 2018, Kiwa Beijing recorded RMB 3,074,370 or approximately $472,000 income tax provision; Kiwa Yangling recorded RMB 6,120,407 or approximately $940,000 income tax provision.

 

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In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes.

 

A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2018   2017   2018   2017 
                 
Pre-tax income (loss) from continuing operation  $1,137,761   $(850,876)  $1,452,570   $(2,227,413)
                     
U.S. federal corporate income tax rate   21%   34%   21%   34%
Income tax expense (benefit) computed at U.S. federal corporation income tax rate   238,930    (289,298)   305,040    (757,320)
Reconciling items:                    
Rate differential for PRC earnings   75,311    85,840    155,581    133,249 
Change of valuation allowance   193,880    73,251    934,250    381,789 
Effect of tax exempted income in BVI   6,279    7,139    16,738    21,422 
Deferred tax used to offset tax liability   -    -    -    - 
Effective tax expenses (benefits)  $514,400   $(123,068)  $1,411,609   $(220,860)

 

The Company had deferred tax assets from continuing operation as follows:

 

   September 30, 2018   December 31, 2017 
         
Net operating losses carried forward by parent Company in the US  $2,098,681   $1,746,802 
Net operating losses carried forward by China Subsidiaries except for Kiwa Beijing   630,161    311,925 
Less: Valuation allowance   (2,728,842)   (2,058,727)
           
Net deferred tax assets  $-   $- 

 

As of September 30, 2018 and December 31, 2017, the Company had approximately $13.0 million and $9.5 million net operating loss carryforwards available to reduce future taxable income. Net operating loss of the parent Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of the Company’s PRC subsidiaries could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

As of September 30, 2018, and December 31, 2017, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three and six months ended September 30, 2018 and 2017, and no provision for interest and penalties is deemed necessary as of September 30, 2018 and December 31, 2017.

 

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19. Commitments and Contingencies

 

The Company has the following material contractual obligations:

 

(1) Investment in manufacturing facilities in Penglai City, Shandong Province in China

 

As disclosed in Note 9, on June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.3 million). As of December 31, 2017, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.8 million) and is committed to pay the remaining RMB10,000,000 based on the payment milestone in the equity purchase agreement. RMB 6,500,000 (approximately $1.0 million) will be paid upon completion of the land use rights ownership transfer and RMB 3,500,000 (approximately $0.5 million) will be paid upon completion of the business licenses transfer.

 

(2) Strategic cooperation with the institutes in China

 

On November 5, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $160,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018. However, the Company is only liable for the annual funds to be provided to the extent of the contract obligations performed by CAAS IARRP and IAED, and the agreement is terminable before the three years’ commitment date based on negotiations of both parties. (3) Guarantee

 

(3) Guarantee for Huinong Wanjia Hebei Agricultural Technology Service Co., Ltd.

 

On June 21, 2018, Shandong Ronghua Bio-Tech Co., Ltd. (“the supplier”) entered into a Purchase Agreement with Huinong Wanjia Hebei Agricultural Technology Service Co., Ltd (“the purchaser”), wherein the purchaser agreed to purchase 5,000 tons of Bio-Organic fertilizer for an aggregate purchase amount of US$571,667 dollars (RMB 3,700,000). This arrangement was supported by the Company’s guarantee that the supplier would fulfill all terms specified in the purchase agreement.

 

(4) Lease payments

 

The Company entered various lease agreements for business purpose. The future lease payments at September 30, 2018 are summarized below:

 

Twelve months ending September 30, 2019  $53,356 
Twelve months ending September 30, 2020   12,632 
Twelve months ending September 30, 2021   4,709 
Thereafter   - 
Total minimum lease payment  $70,697 

 

20. Concentration of Risk

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. As of September 30, 2018, and December 31, 2017, $11,094, and $1,083,539 were deposited with various major financial institutions located in the PRC, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.

 

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Customer and vendor concentration risk

 

For the three months ended September 30, 2018, one customer accounted for 99% for the Company’s total sales. For the nine months ended September 30, 2018, four customers accounted for 36%, 32%, 20% and 10% for the Company’s total sales. For the three and nine months ended September 30, 2017, five customers accounted for 23%, 14%, 14%, 14% and 14% for the Company’s total sales.

 

As of September 30, 2018, three customers accounted for 42%, 30% and 27% of the Company’s accounts receivable. As of December 31, 2017, three customers accounted for 52%, 22% and 14% of the Company’s accounts receivable.

 

For the three months ended September 30, 2018, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2018, three suppliers accounted for 53%, 24% and 17% of the Company’s total purchases.

 

For the three months ended September 30, 2017, one supplier accounted for 93% of the Company’s total purchase. For the nine months ended September 30, 2017, one supplier accounted for 93% of the Company’s total purchase.

 

As of September 30, 2018, three suppliers accounted for 76%, 13% and 11% of the Company’s accounts payable, respectively. As of December 31, 2017, two suppliers accounted for 67% and 27% of the Company’s accounts payable, respectively.

 

As of September 30, 2018, two suppliers accounted for 55% and 44% and of the Company’s advance to suppliers. As of December 31, 2017, one supplier accounted for 97% of the Company’s advance to suppliers.

 

21. Subsequent Events

 

On October 12, 2018, Kiwa Bio-Tech Products Group Corp. got the approval for the use of a parcel of land from the Administrative Committee of Yangling Agricultural High-tech Industry Demonstration Zone to construct a new manufacturing facility to help meet the growing demand in China for bio-fertilizers. Yangling Free Trade Zone has agreed to offer Kiwa Bio-Tech approximately US$432,975 (3,000,000 RMB) in incentives and provide tax preferences for the first three years of production.

 

The manufacturing facility will specialize in developing and producing Kiwa Bio-Tech’s core microbes, the fundamental components for making high-quality bio-fertilizers. The total facility construction area is approximately 8.77 acres, and will include fermentation and production terminals, agricultural produce sorting facilities and storage, a research and development institute and corresponding ancillary facilities. The construction of the manufacturing facility is expected to be completed in 2020 and have a production capacity of 60,000 tons of Kiwa Bio-Tech’s core microbes. The annual production value is expected to be over US$65 million (approximately 462 million RMB).

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

This Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018 contains “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates,” or similar expressions. These forward-looking statements include, among others, statements concerning our expectations regarding our working capital requirements, financing requirements, business, growth prospects, competition and results of operations, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. The forward-looking statements in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018 involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by the forward-looking statements contained herein.

 

Overview

 

The Company took its present corporate form in March 2004 when shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah, entered into a share exchange transaction. The share exchange transaction left the shareholders of Kiwa BVI owning a majority of Tintic and Kiwa BVI a wholly-owned subsidiary of Tintic. For accounting purposes this transaction was treated as an acquisition of Tintic by Kiwa BVI in the form of a reverse triangular merger and a recapitalization of Kiwa BVI and its wholly owned subsidiary, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”). On July 21, 2004, we completed our reincorporation in the State of Delaware. On March 8, 2017, we completed our reincorporation in the State of Nevada.

 

The Company currently mainly operates its business through its subsidiaries Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”) which was acquired in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, and Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian and Kiwa Hebei. The Company established Inner Mongolia Jing Nong Investment & Management, Ltd. (“Kiwa Jing Nong”) in August 2017. The Company established Kiwa Bio-Tech (Shanxi) Engineering Co., Ltd. (“Kiwa Shanxi”) in February 2018. The Company established Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”) and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”) in March 2018.

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. Our products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.

 

On October 12, 2018, the Company got the approval from the Administrative Committee of Yangling Agricultural High-tech Industry Demonstration Zone to obtain land to construct a new manufacturing facility to help meet the growing demand in China for bio-fertilizers. Yangling Free Trade Zone has agreed to offer the Company approximately US$432,975 (3,000,000 RMB) in incentives and provide tax preferences for the first three years of production. The manufacturing facility will specialize in developing and producing Kiwa Bio-Tech’s core microbes, the fundamental components for making high-quality bio-fertilizers. The total facility construction area is approximately 8.77 acres, and will include fermentation and production terminals, agricultural produce sorting facilities and storage, a research and development institute and corresponding ancillary facilities. The construction of the manufacturing facility is expected to be completed in 2020 and have a production capacity of 60,000 tons of Kiwa Bio-Tech’s core microbes. The annual production value is expected to be over US$65 million (approximately 462 million RMB).

 

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Principal Factors Affecting Our Financial Performance

 

We believe that the following factors that would affect our financial performance:

 

We believe that the following factors could affect our financial performance:

 

  ● Change in the Chinese Government Policy on agricultural industry. The Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry. Below is a list of government policies issued by the Chinese Government to promote green environment and these policies are either directly or indirectly to encourage the end users of the bio-fertilizer to use more organic related products. Unfavorable changes to these policies could affect demand of our products that we produce and could materially and adversely affect the results of operations. Although we have generally benefited from these policies by using our bio-fertilizer to enhances the capacity of plants to transform inorganic materials to organic products, to boost overall plant health and productivity and not to deteriorate landfall soil.

 

  ○ In April 2008, the Ministry of Finance of PRC issued Circular No. 2008-56 to tax-exempt value-added taxes on all organically fertilizer related products effectively from June 1, 2008.
     
  ○ In January 2016, the PRC State Council official website issued statements to fasten the agricultural modernization process.
     
  ○ In June 2016, the PRC State Council issued Circular No. 2016-31 to prevent further deterioration of landfall soil action plan.
     
  ○ In February 2017, the PRC State Council official website issued statements to promote agricultural structural reform on accelerating the cultivation in the agricultural development.
     
  ○ In February 2017, the Ministry of Agriculture of PRC issued Circular No. 2017-02 to carry out replacement of chemical bio-fertilizers by organically bio-fertilizers action plan on vegetables, fruits and teas planting.
     
  ○ In April 2017, the Ministry of Agriculture of PRC issued Circular No. 2017-06 to implementing five major action plans on agriculture green development with an action plan for replacing chemical bio-fertilizers with organically bio-fertilizers on vegetables, fruits and teas planting under action plan No. 2-2.
     
  ○ In April 2018, at the second meeting of the 13th National People’s Congress meeting, the Minister of the Agriculture and Rural Affairs has pronoun that the Chinese government will continue to promote green environment, to ensure food safety and food qualify for the people in the PRC, and to provide more education and training cause to the farmer in the Agriculture industry. Follow up with the second meeting, in July 2018, the Chinese government is in the process of setting up some government grants to these companies or individuals, including but not limited, organic fertilizer production companies, organic fertilizer raw materials (livestock and poultry excrement) storage and transportation companies, users of organic fertilizer, and users of organic fertilizer production machinery.

 

  ● Innovation Efforts. We strive to produce the most technically and scientifically advanced products for our customers and maintained close relationships with institutes in the PRC.

 

  ○ We signed a strategic cooperation agreement with China Academy of Agricultural Science’s Institute of Agricultural Resources & Regional Planning and Institute of Agricultural Economy & Development. Pursuant to the Agreement, we will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, we will provide RMB 1 million (approximately $160,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018.
     
  ○ In March 2018, Kiwa Bio-Tech has established a Research Institute of Ecological Agriculture and Environmental Research. Based on cooperation with various Universities including the China Agriculture University, Northwest University, Northwest A&F University, Harbin Institute of Technology and Tsinghua University, we believe that it can secure a leading position in the KETS technology in the next thirty years. In comparison to our existing technology, Ecology Technological Sustainability (“KETS”) technology is comprised of microorganisms with a larger scale of micro-flora. The micro-flora could significantly increase the beneficial microorganism in the soil that enhances the yield of the plant crops and prevents soil ecological problems. The newly upgraded technology will be applied to the main crop planting areas and presently-polluted arable areas for soil restoration.

 

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  ● Experienced Management. Management’s technical knowledge and business relationships give us the ability to secure more sales orders with our customers. If there were to be any significant turnover in our senior management, it could deplete the institutional knowledge held by our existing senior management team.
     
  ● Large Scale Customer Relationship. We have contracts with major customers that are distributors of our products. Our sales efforts focus on these distributors which place large recurring orders and present less credit risk to us. For the three months ended September 30, 2018, one customers accounted for 98% for the Company’s total sales. Should we lose any large-scale customer in the future and are unable to obtain additional customers, our revenues will suffer.
     
  ● Competition. Our competition includes a number of publicly traded companies in the PRC and privately-held PRC-based companies that produce and sell products similar to ours. We compete primarily on the basis of quality, technological innovation and price. Some of our competitors have achieved greater market penetration but with less sophisticated technological innovation than our products as there were in the transition period from being the chemical bio-fertilizer producers to the organically bio-fertilizer producers. We believe that we have a better competitive advantage over them as we are the pioneer within our markets. Some of our competitors competed within our markets have lesser financial and other resources than us as they have established their companies a few years behind us. If we are unable to compete successfully in our markets, our relative market share and profits could be reduced.

 

Results of Operations

 

Three months ended September 30, 2018 and September 30, 2017

 

The following table summarizes the results of our operations during the three months periods ended September 30, 2018 and 2017, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

 

   Three months Ended
September 30,		   Change   Change 
Statement of Operations Data:  2018   2017   (Amount)   (Percentage) 
                 
Revenues  $7,725,583   $31,025   $7,694,558    24,801%
Cost of goods sold   (5,452,125)   (19,697)   (5,432,428)   27,580%
Gross profit   2,273,458    11,328    2,262,130    19,969%
Operating expenses                    
Research and development   36,748    37,469    (721)   (2)%
Selling expenses   64,094    147,782    (83,688)   (57)%
General and administrative   961,509    1,068,446    (106,937)   (10)%
Total operating expenses   1,062,351    1,253,697    (191,346)   (15)%
Operating Income (Loss)   1,211,107    (1,242,369)   2,453,476    (197)%
Other income/(expense), net                    
Change in fair value of derivative liabilities   42,125    205,612    (163,487)   (80)%
Interest expense   (151,518)   (168,573)   17,055    (10)%
Other income/ (expense)   21    372,711    (372,690)   (100)%
Exchange gain (loss)   36,026    (18,257)   54,283    (297)%
Total other income/(expense), net   (73,346)   391,493    (464,839)   (119)%
Income (loss) from continuing operations before income taxes   1,137,761    (850,876)   1,988,637    (234)%
                     
(Provision) benefit for income taxes                    
Current   (514,400)   -    (514,400)   (100)%
Deferred   -    123,068    (123,068)   (100)%
Total (provision) benefit for income taxes   (514,400)   123,068    (637,468)   (518)%
                     
Income (loss) from continuing operations   623,361    (727,808)   1,351,169    (186)%
Income from discontinued operations, net of taxes   -    -    -    - 
Net Income (loss)  $623,361   $(727,808)  $1,351,169    (186)%

 

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Revenue

 

Revenue increased by approximately $7.7 million or 24,801%, to approximately $7.7 million in the three months ended September 30, 2018 from $31,025 in the three months ended September 30, 2017. The increase is mainly due to: 1) more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry; 2) more sales are achieved in different regions of the PRC, such as Hainan Province, Guangdong Province and Shanxi Province upon establishment of our sales office in different regions, and 3) introduction of our new product, Bio-water soluble fertilizer and Microbial Agent, during the three months ended September 30, 2018. As a result, our revenue increased significantly for the three months ended September 30, 2018 as compared to the same period in 2017. In addition, there are no revenue being deferred for the three months ended September 30, 2018, as compared to $5.9 million of our revenues being deferred for the three months ended September 30, 2017, as discusses in the non-GAAP analysis section below.

 

We currently realized revenue in four major product categories of Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer. We sold and shipped Compound Microbial Fertilizer in the third quarter of 2017 and recorded the shipment amount in deferred revenue as our revenue recognition criteria has not been met. Our revenues from our major product category are summarized as follows:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $3,812,127   $31,025   $3,781,102    12,187%
Quantity sold in tons   21,529    162    21,367    13,189%
Average selling price  $177.07   $191.51   $(14.44)   (8)%
                     
Compound Microbial Fertilizer                    
Sold and shipped in USD  $2,048,318   $-   $2,048,318    100%
Quantity sold in tons   6,530    -    6,530    100%
Average selling price  $313.68   $-   $313.68    100%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,851,723   $-   $1,851,723    100%
Quantity sold in tons   2,656    -    2,656    100%
Average selling price  $697.18   $-   $697.18    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $13,415   $-   $13,415    100%
Quantity sold in tons   18    -    18    100%
Average selling price  $745.28   $-   $745.28    100%

 

 32 
 

 

Revenue from Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer and Microbial Inoculum Fertilizer increased by approximately $3.8 million, $2.0 million, $1.9 million and $13,415 or 12,187%, 100%, 100% and 100% to $3.8 million, $2.0 million, $1.9 million and $13,415, respectively, in the three months ended September 30, 2018 from $31,025, $0, $0, and $0 in the three months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred most of our revenue to be recognized for products shipped during the three months ended September 30, 2017.

 

Compound Microbial Fertilizer is adding appropriate amount of nitrogen, phosphorus, potassium and other nutrients into Biological Organic Fertilizer. Through the action of organic matter and beneficial microorganisms, the utilization rate of nitrogen, phosphorus, potassium can be significantly improved. The Bio-Water Soluble Fertilizer is mainly another form of the biological fertilizer that we firstly introduced in the first quarter of 2018. It is in the form of powder which has high water solubility, and it is convenient for the farmers to use during the drop irrigation. Microbial Inoculum Fertilizer is an environment-friendly biological soil conditioner that made of compound high-silicon, calcium, and mineral raw materials, on the basis of dissolving-phosphorus, dissolving-potassium, and disease-resistant microbial agents. It is rich in highly active microorganisms, which can improve the micro-ecological environment in the soil, transform and reduce heavy metal toxicity, release the plant growth stimulants, promote crop growth, and enhance the stress resistance. Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally contain more microorganism and have a higher effectiveness on the productivity of crops and increasing the value and quality of the crops harvested than Biological Organic Fertilizer. As a result, our Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally have a higher average selling price as compared to Biological Organic Fertilizer.

 

Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, we expect our revenues from our innovated and highly effective products, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer will continue to grow in a higher rate than that from Biological Organic Fertilizer. Our Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally have a higher effectiveness on the productivity of crops that are suitable for promoting green environment. In addition, our marketing team is expanding to the Western areas of China and Hainan province and we expect our revenues will continue to grow in the fourth quarters of 2018. Meanwhile, we expect to continue to gain more market shares in our existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

 

Non-GAAP analysis

 

Our strategy on the expansion of our business was to gain market shares in the bio-fertilizer market, thereby, we have extended credit to our customers. Our current payment terms on these customers are ranging from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. These customers are mainly agricultural cooperative company and distributors who then resell our products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay our distributors. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Starting in March 2018, the Company began to use a supply chain financing model, which the Company’s customers engage with third party financing companies to advance the Company’s accounts receivable on its behalf without recourse to the Company. The Company’s customers are required to purchase an insurance product to cover the risk of bad weather or any other reason which they are not able to harvest crops and to realize profits of repaying the third-party financing companies. This model allows the Company to collect its accounts receivables sooner than the 3 to 9 months crop growing period. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid from these financing companies. For those sales contracts that the Company has shipped its products but the payment is contingent on collections of payments from the downstream customers or is contingent on the approval of the financing companies to advance payment on behalf of the Company’s customers, the Company considers the revenue recognition criteria using the five-step model under the new guidance are not met and therefore defers the revenue and cost of goods sold until payments are collected.

 

 33 
 

 

We have sold and shipped approximately $7.7 million of our products and collected cash during the three months ended September 30, 2018, thus all of the revenue recognition criteria were met. We have sold and shipped approximately $5.9 million of our products during the three months ended September 30, 2017, however the collectability criteria of revenue recognition have not yet been met, thus we have deferred majority of these revenues to be recognized in the future periods when our collectability of payments will be assured.

 

Our sales and shipment from our two major products categories are summarized as follows including revenue recognized and deferred under U.S. GAAP:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $3,812,127   $2,369,119   $1,443,008    61%
Quantity sold in tons   21,529    13,162    8,367    64%
Average selling price  $177.07   $180.00   $(2.92)   (2)%
                     
Compound Microbial Fertilizer                    
Sold and shipped in USD  $2,048,318   $3,528,125   $(1,479,807)   (42)%
Quantity sold in tons   6,530    10,700    (4,170)   (39)%
Average selling price  $313.68   $329.73   $(16.05)   (5)%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,851,723   $-   $1,851,723    100%
Quantity sold in tons   2,656    -    2,656    100%
Average selling price  $697.18   $-   $697.18    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $13,415   $-   $13,415    100%
Quantity sold in tons   18    -    18    100%
Average selling price  $745.28   $-   $745.28    100%

 

The sales and shipment of all our products increased in the three months ended September 30, 2018 as compared to the three months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry, and we added more diversity of our products, and therefore we can be able to attract more customers as discussed above. In addition, the increase is also attributable to more sales are achieved in different region of the PRC, such as Hainan Province, Guangdong Province and Shanxi Province upon establishment of our sales office in different regions. The increase is also slightly attributable to the introduction of our new product, Bio-water soluble fertilizer and Microbial Inoculum Fertilizer, in 2018.

 

Average selling prices of Biological Organic Fertilizers decreased by $2.92 or 2% in the three months ended September 30, 2018 as compared with the same period of 2017. In the third quarter of 2018, our headquarters moved to Yangling, China, and our marketing team is expanding to the western region. We lowered our average selling prices in order to quickly occupy the market and gain more market shares through the four newly established four sales channels in Shanxi Province. In additional, our customers are willing to cooperate with our supply chain financing model as discussed above, which they cooperated with the third-party financing companies to obtain approval of advancing and paying off our accounts receivable without waiting for the downstream customers of harvesting crops and realizing their profits to repay us in approximately 3 to 9 months as compared to the same period in 2017. By cooperating with our supply chain financing model, our customers will have to bear additional cost on interest and insurance expenses. As a result, we intend to slightly decrease the selling price as we were able to receive our accounts receivable sooner than the 3 to 9 months period.

 

 34 
 

 

Average selling prices of Compound Microbial Fertilizer decreased by $16.05 or 5% in the three months ended September 30, 2018 as compared with the same period of 2017 mainly due to the reason as discussed above.

 

Cost of Revenue

 

Our cost of revenues from our major product category are summarized as follows:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of sold and shipped in USD  $2,578,292   $19,697   $2,558,595    12,990%
Quantity sold and shipped in tons   21,529    162    21,367    13,190%
Average unit cost  $119.76   $121.59   $(1.82)   (1)%
                     
Compound Microbial Fertilizer                    
Cost of sold and shipped in USD  $1,607,258   $-   $1,607,258    100%
Quantity sold and shipped in tons   6,530    -    6,530    100%
Average unit cost  $246.13   $-   $246.13    100%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,254,140   $-   $1,254,140    100%
Quantity sold in tons   2,656    -    2,656    100%
Average unit cost  $472.19   $-   $472.19    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $12,435   $-   $12,435    100%
Quantity sold in tons   18    -    18    100%
Average unit cost  $690.83   $-   $690.83    100%

 

Cost of revenue from Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer increased by approximately $2.6 million, $1.6 million, 1.3 million, and $12,435 or 12,990%, 100%, 100% and 100% to approximately $2.6 million, $1.6 million, $1.3 million, and $12,435 in the three months ended September 30, 2018 from $19,697, $0, $0, and $0 in the three months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred all of our revenue to be recognized for products shipped during the three months ended September 30, 2017. As a result, our cost of revenue increased accordingly along with our sales.

 

 35 
 

 

Non-GAAP analysis

 

Our cost of goods sold for our two major products categories are summarized as follows including cost of goods sold recognized and deferred under U.S. GAAP:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of sold and shipped in USD  $2,578,292   $1,639,315   $938,977    57%
Quantity sold and shipped in tons   21,529    13,162    8,367    64%
Average unit cost  $119.76   $124.55   $(4.79)   (4)%
                     
Compound Microbial Fertilizer                    
Cost of sold and shipped in USD  $1,607258   $2,413,924   $(806,666)   (33)%
Quantity sold and shipped in tons   6,530    10,700    (4,170)   (39)%
Average unit cost  $246.13   $225.60   $20.53    9%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,254,140   $-   $1,254,140    100%
Quantity sold in tons   2,659    -    2,659    100%
Average unit cost  $471.66   $-   $471.66    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $12,435   $-   $12,435    100%
Quantity sold in tons   18    -    18    100%
Average unit cost  $690.83   $-   $690.83    100%

 

The costs of goods sold of all of our products increased in the three months ended September 30, 2018 as compared to the three months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers as discussed above. As a result, our cost of revenue increased accordingly along with our sales.

 

Average unit cost of Biological Organic Fertilizers decreased by $4.79 or 4% in the three months ended September 30, 2018 as compared with the same period of 2017 mainly due to increase in unit production causing the overhead cost allocation to each unit become lower. Average unit of Compound Microbial Fertilizer increased by $20.53 or 9% in the three months ended September 30, 2018 as compared with the same period of 2017 mainly due to the ingredient mix of raw material price increase of approximately 16%. The Chinese government has implemented strict environmental protection policies, resulting in a variety of raw material prices increased, therefore, the average unit cost goes higher.

 

Gross Profit

 

Our gross profit from our major product category are summarized as follows:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Gross Profit  $1,233,835   $11,327   $1,222,508    10,793%
Gross Profit Percentage   32.4%   36.5%   (4.1)%   (11)%
                     
Compound Microbial Fertilizer                    
Gross Profit  $441,060   $-   $441,060    100%
Gross Profit Percentage   21.5%   -    21.5%   100%
                     
Bio-Water Soluble Fertilizer                    
Gross Profit  $597,583   $-   $597,583    100%
Gross Profit Percentage   32.3%   -    32.3%   100%
                     
Microbial Inoculum Fertilizer                    
Gross Profit  $980   $-   $980    100%
Gross Profit Percentage   7.3%   -    7.3%   100%

 

 36 
 

 

Gross profit for four of our products increased by 10,793%, 100%, 100% and 100% for the three months ended September 30, 2018 as compared to the three months ended September 30, 2017 mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred most of our revenue to be recognized for products shipped during the three months ended September 30, 2017.

 

Non-GAAP analysis

 

Our total gross profit from our two major products categories are summarized as follows including the gross profit recognized and deferred under U.S. GAAP:

 

   For the three months ended
September 30, 2018		   For the three
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Gross Profit  $1,233,835   $729,804   $504,031    69%
Gross Profit Percentage   32.4%   30.8%   1.6%   5%
                     
Compound Microbial Fertilizer                    
Gross Profit  $441,060   $1,114,200   $(673,140)   (60)%
Gross Profit Percentage   21.5%   31.6%   (10.1)%   (32)%
                     
Bio-Water Soluble Fertilizer                    
Gross Profit  $597,583   $-   $597,583    100%
Gross Profit Percentage   32.3%   -    32.3%   100%
                     
Microbial Inoculum Fertilizer                    
Gross Profit  $980   $-   $980    100%
Gross Profit Percentage   7.3%   -    7.3%   100%

 

Gross profit percentage for Biological Organic Fertilizer increased from 30.8% for the three months ended September 30, 2017 to 32.4% for the three months ended September 30, 2018 mainly due to the average unit cost is slightly lower than decrease in selling price as discussed above.

 

Gross profit percentage for Compound Microbial decreased from 31.6% for the three months ended September 30, 2017 to 21.5% for the three months ended September 30, 2018 mainly due to the decrease in selling price of our products is higher than the decrease in unit cost as discussed above. In the third quarter of 2018, the company headquarters base moved to Yangling, China, and our marketing team is expanding to the western region. We lowered our average selling prices in order to quickly occupy the market and gain more market shares through the four newly established four sales channels in Shanxi Province.

 

Although the raw material prices remained the same during the three months ended September 30, 2018 as compared to the same period of 2017, the average selling prices decreases in order to quickly occupy the market and gain more market shares through the four newly established four sales channels in Shanxi Province. In additional, our customers are willing to cooperate with our supply chain financing model as discussed above, which they cooperated with the third-party financing companies to obtain approval of advancing and paying off our accounts receivable without waiting for the downstream customers of harvesting crops and realizing their profits to repay us in approximately 3 to 9 months as compared to the same period in 2017. By cooperating with our supply chain financing model, our customers will have to bear additional cost on interest and insurance expenses. As a result, we intend to slightly decrease the selling price as we were able to receive our accounts receivable sooner than the 3 to 9 months period.

 

 37 
 

 

Research and Development Expenses

 

Research and development expenses was approximately $37,000 (RMB 250,000) for the three months ended September 30, 2018, keeping the same as the prior comparable period of RMB 250,000 in RMB and approximately $37,000 in USD. On November 20, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $160,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018. However, the Company is only liable for the annual funds to be provided to the extent of the contract obligations performed by CAAS IARRP and IAED, and the agreement is terminable before the three years’ commitment date based on negotiations of both parties. The Company contributed approximately $37,000 (RMB 250,000) for the three months ended September 30, 2018. The Company plans to contribute the remaining balance quarterly until the date of the Agreement expired on November 19, 2018.

 

Selling Expenses

 

Selling expenses for the three months ended September 30, 2018 and 2017 were $64,094 and $147,782, respectively. Selling expenses include salaries of sales personnel, sales commission, travel and entertainment as well as freight out expenses. The decrease in selling expenses is mainly due to the decrease of salary expenses because the labor cost is lower in Yangling than Shenzhen and Beijing.

 

General and Administration Expenses

 

General and administrative expenses decreased by approximately 10% from approximately $1.1 million in the three months period ended September 30, 2017 to approximately $0.9 million in the same period in 2018. General and administrative expenses include professional fees, officers’ compensation, depreciation and amortization, salaries, travel and entertainment, rent, office expense and telephone expense. In the third quarter 2018, our headquarter base moved to Yangling. Beijing and Shenzhen office were downsizing. The average cost of running a business in Yangling is significantly lower, which reduced the general and administration expenses in general. The decrease in general and administration expenses was approximately $0.5 million, which offset by an increase of consulting expense for approximately $0.3 million in 2018. Therefore, the general and administrative expenses decreased.

 

Interest Expense

 

Net interest expense was $151,518 and $168,573 for the three months ended September 30, 2018 and 2017, respectively, representing an decrease of approximately $17,055 or 10%. Interest expense included accrued interest on convertible note and other note payable, and the amortization of the convertible note discount for the three months ended September 30, 2018 and 2017. The decrease in interest expenses is mainly attributed to the fluctuation of the exchange rate.

 

Net Income (loss)

 

Net income (loss) for the three months ended September 30, 2018 increased by approximately 186% from a loss of $727,808 to a profit of $623,361. Such change was the result of the combination of the changes as discussed above.

 

 38 
 

 

Results of Operations for Nine months ended September 30, 2018 and September 30, 2017

 

The following table summarizes the results of our operations during the nine months periods ended September 30, 2018 and 2017, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

 

   Nine months Ended
September 30,		   Change   Change 
Statement of Operations Data:  2018   2017   (Amount)   (Percentage) 
                 
Revenues  $21,811,804   $30,411   $21,781,393    71,623%
Cost of goods sold   (15,632,191)   (19,308)   (15,612,883)   80,862%
Gross profit   6,179,613    11,103    6,168,510    55,557%
Operating expenses                    
Research and development   115,291    110,194    5,097    5%
Selling expenses   409,661    236,252    173,409    73%
General and administrative   4,040,537    2,073,035    1,967,502    95%
Total operating expenses   4,565,489    2,419,481    2,146,008    89%
Operating Income (Loss)   1,614,124    (2,408,378)   4,022,502    (167)%
Other income/(expense), net                    
Change in fair value of derivative liabilities   244,496    199,051    45,445    23%
Interest expense   (459,445)   (356,256)   (103,189)   29%
Other income/ (expense)   (884)   373,512    (374,396)   (100)%
Exchange gain (loss)   54,279    (35,342)   89,621    (254)%
Total other income/(expense), net   (161,554)   180,965    (342,519)   (189)%
Income (loss) from continuing operations before income taxes   1,452,570    (2,227,413)   3,679,983    (165)%
                     
(Provision) benefit for income taxes                    
Current   (1,411,609)   -    (1,411,609)   (100)%
Deferred   -    220,860    (220,860)   (100)%
Total (provision) benefit for income taxes   (1,411,609)   220,860    (1,632,469)   (739)%
                     
Income (loss) from continuing operations   40,961    (2,006,553)   2,047,514    (102)%
Income from discontinued operations, net of taxes   -    4,495,392    (4,495,392)   (100)%
Net Income (loss)  $40,961   $2,488,839   $(2,447,878)   (98)%

 

Revenue

 

Revenue increased by approximately $21.8 million or 71,623%, to approximately $21.8 million in the nine months ended September 30, 2018 from $30,411 in the nine months ended September 30, 2017. The increase is mainly due to: 1) more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry; 2) more sales are achieved in different regions of the PRC, such as Hainan Province, Guangdong Province and Shanxi Province upon establishment of our sales office in different regions, and 3) introduction of our new product, Bio-water soluble fertilizer and Microbial Inoculum Fertilizer, during the nine months ended September 30, 2018. As a result, our revenue increased significantly for the nine months ended September 30, 2018 as compared to the same period in 2017. In addition, approximately $7.1 million and $14.7 million of our revenues was being deferred for the nine months ended September 30, 2018 and September 30, 2017 respectively, as discusses in the non-GAAP analysis section below.

 

 39 
 

 

We currently realized revenue in three major product categories of Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer. We sold and shipped Biological Organic Fertilizer and Compound Microbial Fertilizer in the first three quarters of 2017 and recorded the selling amount in deferred revenue as our revenue recognition criteria has not been met. Our revenues from our major product category are summarized as follows:

 

   For the nine months ended
September 30, 2018		   For the nine
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $10,938,259   $30,411   $10,907,848    35,868%
Quantity sold in tons   59,231    162    59,069    36,462%
Average selling price  $184.67   $187.72   $(3.05)   (2)%
                     
Compound Microbial Fertilizer                    
Sold and shipped in USD  $8,978,185   $-   $8,978,185    100%
Quantity sold in tons   26,579    -    26,579    100%
Average selling price  $337.79   $-   $337.79    100%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,881,945   $-   $1,881,945    100%
Quantity sold in tons   2,731    -    2,731    100%
Average selling price  $689.10   $-   $689.10    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $13,415   $-   $13,415    100%
Quantity sold in tons   18    -    18    100%
Average selling price  $745.28   $-   $745.28    100%

 

Revenue from Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer increased by approximately $10.9 million, $9.0 million, $1.9 million, and $13,415 or 35,868%, 100%, 100% and 100% to $10.9 million, $9.0 million, $1.9 million, and $13,415, respectively, in the nine months ended September 30, 2018 from $30,411, $0, $0, and $0 in the nine months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred most of our revenue to be recognized for products shipped during the nine months ended September 30, 2017.

 

Compound Microbial Fertilizer is adding appropriate amount of nitrogen, phosphorus, potassium and other nutrients into Biological Organic Fertilizer. Through the action of organic matter and beneficial microorganisms, the utilization rate of nitrogen, phosphorus, potassium can be significantly improved. The Bio-Water Soluble Fertilizer is mainly another form of the biological fertilizer that we firstly introduced in the first quarter of 2018. It is in the form of powder which has high water solubility, and it is convenient for the farmers to use during the drop irrigation. Microbial Inoculum Fertilizer is an environment-friendly biological soil conditioner that made of compound high-silicon, calcium, and mineral raw materials, on the basis of dissolving-phosphorus, dissolving-potassium, and disease-resistant microbial agents. It is rich in highly active microorganisms, which can improve the micro-ecological environment in the soil, transform and reduce heavy metal toxicity, release the plant growth stimulants, promote crop growth, and enhance the stress resistance. Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally contain more microorganism and have a higher effectiveness on the productivity of crops and increasing the value and quality of the crops harvested than Biological Organic Fertilizer. As a result, our Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally have a higher average selling price as compared to Biological Organic Fertilizer.

 

Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, we expect our revenues from our innovated and highly effective products, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer will continue to grow in a higher rate than that from Biological Organic Fertilizer. Our Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer, and Microbial Inoculum Fertilizer generally have a higher effectiveness on the productivity of crops that are suitable for promoting green environment. In addition, our marketing team is expanding to the Western areas of China and Hainan province and we expect our revenues will continue to grow in the fourth quarters of 2018. Meanwhile, we expect to continue to gain more market shares in our existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry.

 

 40 
 

 

Non-GAAP analysis

 

We have sold and shipped approximately $29.0 million of our products during the nine months ended September 30, 2018, approximately $7.1 million of which the collectability criteria of revenue recognition have not yet been met, thus we deferred these revenues until when our collectability of payments will be assured. We have sold and shipped $14.7 million of our products during the nine months ended September 30, 2017, for almost all of which the collectability criteria of revenue recognition has not yet been met, thus we have deferred those revenues until when our collectability of payments will be assured.

 

Our sales and shipment from our two major products categories are summarized as follows including revenue recognized and deferred under U.S. GAAP:

 

   For the nine months ended
September 30, 2018		   For the nine
months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Revenue in USD  $14,300,609   $8,016,544   $6,284,065    78%
Quantity sold in tons   92,403    45,462    46,941    103%
Average selling price  $154.76   $176.34   $(21.58)   (12)%
                     
Compound Microbial Fertilizer                    
Sold and shipped in USD  $12,693,441   $6,680,682   $6,012,759    90%
Quantity sold in tons   44,579    20,720    23,859    115%
Average selling price  $284.74   $322.43   $(37.69)   (12)%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,881,945   $-   $1,881,945    100%
Quantity sold in tons   2,731    -    2,731    100%
Average selling price  $689.10   $-   $689.10    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $13,415   $-   $13,415    100%
Quantity sold in tons   18    -    18    100%
Average selling price  $745.28   $-   $745.28    100%

 

The sales and shipment of all our products increased in the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and we added more diversity of our products, and therefore we can be able to attract more customers as discussed above. In addition, the increase is also attributable to more sales are achieved in different region of the PRC, such as Hainan Province, Guangdong Province and Shanxi Province upon establishment of our sales office in different regions. The increase is also slightly attributable to the introduction of our new products, Bio-water soluble fertilizer and Microbial Inoculum fertilizer, in 2018.

 

Average selling prices of Biological Organic Fertilizers decreased by $21.58 or 12% in the nine months ended September 30, 2018 as compared with the same period of 2017. In the third quarter of 2018, our headquarters moved to Yangling, China, and our marketing team is expanding to the western region. We lowered our average selling prices in order to quickly occupy the market and gain more market shares through the four newly established sales channels in Shanxi Province. In additional, our customers are willing to cooperate with our supply chain financing model as discussed above, which they cooperated with the third-party financing companies to obtain approval of advancing and paying off our accounts receivable without waiting for the downstream customers of harvesting crops and realizing their profits to repay us in approximately 3 to 9 months as compared to the same period in 2017. By cooperating with our supply chain financing model, our customers will have to bear additional cost on interest and insurance expenses. As a result, we slightly decreased the selling price as we were able to receive our accounts receivable sooner than the 3 to 9 months period.

 

 41 
 

 

Average selling prices of Compound Microbial Fertilizer increased by $37.69 or 12% in the nine months ended September 30, 2018 as compared with the same period of 2017 mainly due to the same reason as discussed above. Therefore, the average selling prices goes lower.

 

Cost of Revenue

 

Our cost of revenues from our major product category are summarized as follows:

 

   For the nine months ended
September 30, 2018		   For the nine months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of sold and shipped in USD  $7,412,374   $19,308   $7,393,066    38,290%
Quantity sold and shipped in tons   59,231    162    59,069    36,462%
Average unit cost  $125.14   $119.19   $5.95    5%
                     
Compound Microbial Fertilizer                    
Cost of sold and shipped in USD  $6,933,138   $-   $6,933,138    100%
Quantity sold and shipped in tons   26,579    -    26,579    100%
Average unit cost  $260.85   $-   $260.85    100%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,274,244   $-   $1,274,244    100%
Quantity sold in tons   2,731    -    2,731    100%
Average unit cost  $466.59   $-   $466.59    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $12,435   $-   $12,435    100%
Quantity sold in tons   18    -    18    100%
Average unit cost  $690.83   $-   $690.83    100%

 

Cost of revenue from Biological Organic Fertilizer, Compound Microbial Fertilizer, Bio-Water Soluble Fertilizer and Microbial Inoculum Fertilizer increased by approximately $7.4 million, $6.9 million, $1.3 million, and $12,435 or 38,290%, 100%, 100% and 100% to approximately $7.4 million, $6.9 million, $1.3 million, and $12,435 in the nine months ended September 30, 2018 from $19,308, $0, $0, and $0 in nine months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred most of our revenue to be recognized for products shipped during the nine months ended September 30, 2017. As a result, our cost of revenue increased accordingly along with our sales.

 

 42 
 

 

Non-GAAP analysis

 

Our cost of goods sold for our two major products categories are summarized as follows including cost of goods sold recognized and deferred under U.S. GAAP:

 

   For the nine months ended
September 30, 2018		   For the nine months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Cost of sold and shipped in USD  $9,679,008   $5,419,723   $4,259,285    79%
Quantity sold and shipped in tons   92,403    45,462    46,941    103%
Average unit cost  $104.75   $119.21   $(14.46)   (12)%
                     
Compound Microbial Fertilizer                    
Cost of sold and shipped in USD  $9,843,482   $4,648,934   $5,194,548    112%
Quantity sold and shipped in tons   44,579    20,720    23,859    115%
Average unit cost  $220.81   $224.37   $(3.56)   (2)%
                     
Bio-Water Soluble Fertilizer                    
Sold and shipped in USD  $1,274,704   $-   $1,274,704    100%
Quantity sold in tons   2,731    -    2,731    100%
Average unit cost  $466.75   $-   $466.75    100%
                     
Microbial Inoculum Fertilizer                    
Sold and shipped in USD  $12,435   $-   $12,435    100%
Quantity sold in tons   18    -    18    100%
Average unit cost  $690.83   $-   $690.83    100%

 

The costs of goods sold of all of our products increased in the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017. The increase is mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers as discussed above. As a result, our cost of revenue increased accordingly along with our sales.

 

Average unit cost of Biological Organic Fertilizers decreased by $14.46 or 12% in the nine months ended September 30, 2018 as compared with the same period of 2017 mainly due to increase in unit production causing the overhead cost allocation to each unit become lower.

 

Average unit of Compound Microbial Fertilizer decreased by $3.56 or 2% in the nine months ended September 30, 2018 as compared with the same period of 2017 mainly due to the same reason as discussed above.

 

Gross Profit

 

Our gross profit from our major product category are summarized as follows:

 

   For the nine months ended
September 30, 2018		   For the nine months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Gross Profit  $3,525,885   $10,103   $3,515,782    34,799%
Gross Profit Percentage   32.2%   36.5%   (4.3)%   (12)%
                     
Compound Microbial Fertilizer                    
Gross Profit  $2,045,047   $-   $2,045,047    100%
Gross Profit Percentage   22.8%   -    22.8%   100%
                     
Bio-Water Soluble Fertilizer                    
Gross Profit  $607,701   $-   $607,701    100%
Gross Profit Percentage   32.3%   -    32.3%   100%
                     
Microbial Inoculum Fertilizer                    
Gross Profit  $980   $-   $980    100%
Gross Profit Percentage   7.3%   -    7.3%   100%

 

 43 
 

 

Gross profit for all four of our products increased 34,799%, 100%, 100%, and 100% for the nine months ended September 30, 2018 as compared to nine months ended September 30, 2017 mainly due to more sales are achieved due to the good quality of our products and more reputation gained in the agricultural industry and therefore we can be able to attract more customers and we have deferred most of our revenue to be recognized for products shipped during the nine months ended September 30, 2017 as discussed above.

 

Non-GAAP analysis

 

Our total gross profit from our two major products categories are summarized as follows including the gross profit recognized and deferred under U.S. GAAP:

 

   For the nine months ended
September 30, 2018		   For the nine months ended
September 30, 2017		   Change   Change (%) 
                 
Biological Organic Fertilizer                    
Gross Profit  $4,621,601   $2,596,821   $2,024,780    78%
Gross Profit Percentage   32.3%   32.4%   (0.1)%   (0)%
                     
Compound Microbial Fertilizer                    
Gross Profit  $2,849,959   $2,031,748   $818,211    40%
Gross Profit Percentage   22.5%   30.4%   (8.0)%   (26)%
                     
Bio-Water Soluble Fertilizer                    
Gross Profit  $607,241   $-   $607,241    100%
Gross Profit Percentage   32.3%   -    32.3%   100%
                     
Microbial Inoculum Fertilizer                    
Gross Profit  $980   $-   $980    100%
Gross Profit Percentage   7.3%   -    7.3%   100%

 

Gross profit percentage for Biological Organic Fertilizer decreased from 32.4% for the nine months ended September 30, 2017 to 32.3% for the nine months ended September 30, 2018 mainly due to the decrease in selling price of our products is greater than the increase in unit cost as discussed above.

 

Gross profit percentage for Compound Microbial decreased from 30.4% for the nine months ended September 30, 2017 to 22.5% for the nine months ended September 30, 2018 mainly due to the decrease in selling price of our products is greater than the decrease in unit cost as discussed above.

 

In the third quarter of 2018, our headquarters moved to Yangling, China, and our marketing team is expanding to the western region. We lowered our average selling prices to quickly occupy the market and gain more market shares through the four newly established sales channels in Shanxi Province. In addition, our customers are willing to cooperate with our supply chain financing model as discussed above, which they cooperated with the third-party financing companies to obtain approval of advancing and paying off our accounts receivable without waiting for the downstream customers of harvesting crops and realizing their profits to repay us in approximately 3 to 9 months as compared to the same period in 2017. By cooperating with our supply chain financing model, our customers will have to bear additional cost on interest and insurance expenses. As a result, we decide to sell at a lightly lower rate per unit as we were able to receive our accounts receivable sooner than the 3 to 9 months period.

 

 44 
 

 

Research and Development Expenses

 

Research and development expenses was approximately $115,000 (RMB 750,000) for the nine months ended September 30, 2018, keeping the same as the prior comparable period of RMB 750,000 and approximately $110,000 in USD. On November 20, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $160,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018. However, the Company is only liable for the annual funds to be provided to the extent of the contract obligations performed by CAAS IARRP and IAED, and the agreement is terminable before the three years’ commitment date based on negotiations of both parties. The Company contributed approximately $115,000 (RMB 750,000) for the nine months ended September 30, 2018. The Company plans to contribute the remaining balance quarterly until the date of the Agreement expired on November 19, 2018.

 

Selling Expenses

 

Selling expenses for the nine months ended September 30, 2018 and 2017 were approximately $410,000 and $236,000, respectively. Selling expenses include salaries of sales personnel, sales commission, travel and entertainment as well as freight out expenses. The increase in selling expenses is mainly due to the increase of salary expenses. The increase in salary expenses is mainly because we have hired more sales managers in the first half year of 2018 for the marketing of our products offset by the reduction of salary expenses during the third quarter of 2018 due to our relocation to the city of Yanglin.

 

General and Administration Expenses

 

General and administrative expenses increased by approximately 95% from approximately $2.1 million in the nine months period ended September 30, 2017 to approximately $4.0 million in the same period in 2018. General and administrative expenses include professional fees, officers’ compensation, depreciation and amortization, salaries, travel and entertainment, rent, office expense and telephone expense. The increase in general and administrative expenses is mainly attributed to business expansion and the establishment of Kiwa Xian in December 2017, Kiwa Shanxi in February 2018, and Kiwa Yangling in March 2018 where we did not have such expenses in the nine months ended September 30, 2017, which contributed approximately $1.0 million increase. In addition, approximately $1.4 million increase of G&A expenses are attributable to the increase of professional fees, such as attorneys, auditors, financial consultants, IT consultants, and business strategic and development consultants as we need more professional to assist and support us for our business expansion.

 

Interest Expense

 

Net interest expense was $459,445 and $356,256 for the nine months ended September 30, 2018 and 2017, respectively, representing an increase of approximately $103,189 or 29%. Interest expense included accrued interest on convertible note and other note payable, and the amortization of the convertible note discount for the nine months ended September 30, 2018 and 2017. The increase in interest expenses is mainly attributed to newly issuance a 15% convertible note issued in the middle of May 2017 where we incurred only four-and-a-half-month interest expense during the nine months ended September 30, 2017 on the notes for the nine months ended September 30, 2017.

 

Income from discontinued operations, net of taxes

 

Gain from discontinued operations, net of taxes was $0 and $4,495,392 for the nine months ended September 30, 2018 and 2017, respectively, which results in an increase of $4,495,392 from discontinued operations, net of taxes for the nine months ended September 30, 2018 to the same period of 2017. Due to suffering from losses for several years, On February 11, 2017, the Company executed an Equity Transfer Agreement with Dian Shi Cheng Jing (Beijing) Technology Co. (“Transferee”) whereby the Company transferred all of its right, title and interest in Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Shandong”) to the Transferee for RMB 1.00. The government processing of the transaction was completed on April 12, 2017. This transaction was completed and effective on April 12, 2017. The Company recorded a net gain of approximately $4.5 million during the nine months ended September 30, 2017 based on the discharge of the excess liabilities over the assets of the Kiwa Shandong.

 

 45 
 

 

Net Income (loss)

 

Net income for the nine months ended September 30, 2018 decreased by approximately 98% from $2,488,839 to $40,961. Such change was the result of the combination of the changes as discussed above.

 

Critical Accounting Policies and Estimates

 

We prepared our unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management periodically evaluates the estimates and judgments made. Management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates as a result of different assumptions or conditions.

 

The following critical accounting policies affect the more significant judgments and estimates used in the preparation of our consolidated financial statements. In addition, you should refer to our accompanying unaudited condensed consolidated balance sheets as of September 30, 2018, and the unaudited condensed consolidated statements of operations and comprehensive income, and cash flows for the three and nine months ended September 30, 2018, and the related notes thereto, for further discussion of our accounting policies.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. We did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

 46 
 

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry for some of these Co-ops and distributors, will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the resellers. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, the sales contracts with these customers are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold related to deferred product revenues includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized.

 

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivables are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property and equipment. The Company evaluates its investment in long-lived assets for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Related Parties

 

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly Influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

 

 47 
 

 

The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the consolidated financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

 

ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

 

Liquidity and Capital Resources

 

In assessing our liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. Our liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The unaudited condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

Our business is capital intensive as we need to make advance payment to our suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance our working capital requirements. As of September 30, 2018, our working capital was approximately $11.7 million and we had cash of approximately $11,000, with remaining current assets mainly composed of accounts receivable, advance to suppliers and deferred cost of goods sold.

 

We may have to consider supplementing our available sources of funds for operations through the following sources:

 

  ● We will continuously seek additional equity financing to support our working capital;
  ● other available sources of financing from PRC banks and other financial institutions; and
  ● financial support and credit guarantee commitments from our major shareholder

 

 48 
 

 

The following table set forth summary of our cash flows for the periods indicated:

 

   For the nine months ended
September 30,		 
   2018   2017 
Net cash provided by (used in) operating activities  $(1,549,571)  $(3,367,270)
Net cash used in investing activities   (4,774)   (792,988)
Net cash provided by financing activities   542,819    4,227,829 
Effect of exchange rate changes on cash   (60,919)   (57,765)
Net increase in cash   (1,072,445)   9,806 
Cash, beginning of period   1,083,539    13,469 
Cash, end of period  $11,094   $23,275 

 

Operating Activities

 

Net cash used in operating activities was approximately $1.5 million for the nine months ended September 30, 2018, compared to cash used in operating activities of approximately $3.4 million for the same period in 2017. Net cash used in operating activities for the nine months ended September 30, 2018 was primarily attributable to 1) increase of approximately $7.1 million of accounts receivable as we shipped out approximately $7.1 million products and pending for collection during the period; 2) increased of approximately of $1.3 million advance to suppliers as we previously secure current market price of raw materials purchases which we were anticipating the raw materials price is on the rise in the near future and we have received significant portion of the inventory for production and shipment accordingly during the period; 3) decreased of approximately of $0.5 million account payables to paid our suppliers; 4) increase of approximately $0.4 million of rent deposit and other receivables; offset by 5) increase of approximately $7.1 million of deferred revenue and increase of approximately $5.2 million of deferred cost of goods sold as we deferred our revenues and cost of goods sold due to our evaluation of the collectability with our customers until all revenue recognition criteria under the five-step model have been met; 6) approximately $1.8 million of non-cash stock compensation issued for consulting fees and officer salaries; 7) increase of approximately $1.4 million of taxes payable as we incurred more taxes payables from our operations; 8) decrease of approximately $1.0 million of inventory as we have shipped out more products on our inventory that we previously stocked up for productions during the period; 9) increase of approximately $0.8 million of other payables and accruals as we incurred more payables from our operations and 10) increase of approximately $0.5 million of salary payables as we incurred more payables to employees.

 

Investing Activities

 

Net cash used in investing activities was approximately $4,800 in the nine months ended September 30, 2018, which was mainly attributable to purchase of office equipment. Net cash used in investing activities was $0.8 million for the nine months ended September 30, 2017.

 

Financing Activities

 

Net cash provided by financing activities was approximately $0.5 million for the nine months ended September 30, 2018 and net cash provided by financing activities was approximately $4.2 million for the nine months ended September 30, 2017. The cash inflow for the nine months ended September 30, 2018 was mainly resulted from $0.2 million which we borrowed from our related parties for working capital purpose and $0.3 million from sale of common stocks.

 

 49 
 

 

Trends and Uncertainties in Regulation and Government Policy in China

 

Foreign Exchange Policy Changes

 

China is considering allowing its currency to be freely exchangeable for other major currencies. This change will result in greater liquidity for revenues generated in Renminbi (“RMB”). We would benefit by having easier access to and greater flexibility with capital generated in and held in the form of RMB. The majority of our assets are located in China and most of our earnings are currently generated in China and are therefore denominated in RMB. Changes in the RMB-U.S. Dollar exchange rate will impact our reported results of operations and financial condition. In the event that RMB appreciates over the next year as compared to the U.S. Dollar, our earnings will benefit from the appreciation of the RMB. However, if we have to use U.S. Dollars to invest in our Chinese operations, we will suffer from the depreciation of U.S. Dollars against the RMB. On the other hand, if the value of the RMB were to depreciate compared to the U.S. Dollar, then our reported earnings and financial condition would be adversely affected when converted to U.S. Dollars.

 

On July 21, 2005, the People’s Bank of China announced it would appreciate the RMB, increasing the RMB-U.S. Dollar exchange rate from approximately US$1.00 = RMB 8.28 to approximately US$1.00 = RMB 8.11. So far the trend of such appreciation continues. The exchange rate of U.S. Dollar against RMB on September 30, 2018 was US$1.00 = RMB 6.8665.

 

Commitments and Contingencies

 

See Note 19 to the Unaudited Condensed Consolidated Financial Statements under Item 1 in Part I.

 

Off-Balance Sheet Arrangements

 

At September 30, 2018, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, we are not exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this report, have concluded that our disclosure controls and procedures are not effective to reasonably ensure that material information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s Rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The principal basis for this conclusion is due to (i) failure to engage sufficient resources in regard to our accounting and reporting obligations and (ii) failure to fully document our internal control policies and procedures.

 

(b) Changes in Internal Control over Financial Reporting

 

On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606). There have not been any other changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the current quarter ended September 30, 2018 to have materially affected the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

 50 
 

 

ITEM 1A. RISK FACTORS

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following is a list of shares of Company Common Stock issued for cash, the conversion of convertible debentures or as stock compensation to consultants during the period from January 1, 2018 through November 19, 2018, which were not registered under the Securities Act:

 

Stock Purchase for cash 247,700 shares
   
Consultant Fees 1,347,918 shares
   
Conversion of Convertible Note 126,045 shares
   
Salary Compensation 15,234 shares
   
Total 1,736,897 shares

 

There were no other sales of unregistered securities not already reported on the Company’s quarterly filings on Form 10-Q or on a Current Report on Form 8-K.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine safety disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit No.   Description
     
31.1/31.2   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and Rule15d-14(a) of the Securities Exchange Act of 1934, as amended
     
32.1/32.2   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

 51 
 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  KIWA BIO-TECH PRODUCTS GROUP CORPORATION
   
November 19, 2018 By: /s/ Yvonne Wang
   

Yvonne Wang, Interim

Chief Executive Officer

 

 52 
 

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Yvonne Wang, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2018 of Kiwa Bio-Tech Products Group Corporation;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 19, 2018  
   
/s/ Yvonne Wang  
Yvonne Wang  
Principal Executive Officer  

 

   
 

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Hon Man Yun, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended September 30, 2018 of Kiwa Bio-Tech Products Group Corporation;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 19, 2018  
   
/s/ Hon Man Yun  
Hon Man Yun  
Principal Financial Officer  

 

   
 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Kiwa Bio-Tech Products Group Corporation, a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2018 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 19, 2018  
   
  /s/ Yvonne Wang
  Yvonne Wang
  Principal Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to KIWA BIO-TECH PRODUCTS GROUP CORPORATION and will be retained by KIWA BIO-TECH PRODUCTS GROUP CORPORATION and furnished to the Securities and Exchange Commission or its staff upon request.

 

   
 

 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Kiwa Bio-Tech Products Group Corporation, a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended September 30, 2018 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 19, 2018  
   
  /s/ Hon Man Yun
  Hon Man Yun
  Principal Financial and Accounting Officer

 

A signed original of this written statement required by Section 906 has been provided to KIWA BIO-TECH PRODUCTS GROUP CORPORATION and will be retained by KIWA BIO-TECH PRODUCTS GROUP CORPORATION and furnished to the Securities and Exchange Commission or its staff upon request.

 

   
 

 

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Mr. Wei Li During the year ended December 31, 2017, Mr. Wei Li, the former chairman and CEO, founder and major shareholder of the Company, obtained a cash advance from the Company for operational purpose. The balance was repaid in March 2018. Mr. Xiaoqiang Yu During the three months ended September 30, 2018, Mr. Xiaoqiang Yu, the general manager of the operations division of the Company, obtained a cash advance from the Company for operational purpose. Ms. Wang Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.During the nine months ended September 30, 2018 and 2017, Ms. Wang paid various expenses on behalf of the Company. 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basic Weighted average number of common shares outstanding - diluted Statement of Cash Flows [Abstract] Cash flows from continuing operating activities: Net income (loss) Income from discontinued operations, net of taxes Net income (loss) from continuing operations Adjustments to reconcile net income to net cash used in continuing operating activities: Bed Debt Depreciation Accrued interest Stock compensation expense Consulting fee (Gain) loss on derivative liabilities Deferred income tax Changes in continuing operating assets and liabilities: Accounts receivable Prepaid expenses Rent deposit and other receivables Advance to suppliers Due from related party – non-trade Inventory Deferred cost of goods sold Accounts payable Salary payable Taxes payable Advances from customers Due to related parties Other payables and accruals Deferred revenue Net cash used in operating activities Cash flows from investing activities: Purchase of property, plant and equipment Payment of deposit for long-term investment Net cash used in investing activities Cash flows from financing activities: Borrowings from related parties, net Proceeds from sale of common stock Proceeds from convertible notes Net cash provided by financing activities Effect of exchange rate change Cash and cash equivalents: Net increase Balance at beginning of period Balance at end of period Non-cash financing activities: Issuance of common stock for consulting services Issuance of common stock for financing related services Supplemental Disclosures of Cash Flow Information: Cash paid for interest Cash paid for income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] Description of Business and Organization Going Concern Accounting Policies [Abstract] Summaries of Significant Accounting Policies Accounts Receivable, Net [Abstract] Accounts Receivable, Net Prepaid Expense Prepaid Expense Advance To Suppliers Advance to Suppliers Inventory Disclosure [Abstract] Inventory Property, Plant and Equipment [Abstract] Property, Plant and Equipment Investments Schedule [Abstract] Deposit for Long-Term Investment Compensation Related Costs [Abstract] Salaries Payable Related Party Transactions [Abstract] Related Party Transactions Debt Disclosure [Abstract] Convertible Notes Payable Note Payable Other Liabilities Disclosure [Abstract] Other Payables and Accruals Equity [Abstract] Stockholders' Equity Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-based Compensation Fair Value Disclosures [Abstract] Fair Value Measurements Income Tax Disclosure [Abstract] Income Tax Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Risks and Uncertainties [Abstract] Concentration of Risk Subsequent Events [Abstract] Subsequent Events Basic of Presentation Principle of Consolidation Use of Estimates Cash and Cash Equivalents Accounts Receivable and Allowance for Doubtful Accounts Inventory Property, Plant and Equipment Impairment of Long-Lived Assets Financial Instruments Fair Value of Financial Instruments Revenue Recognition Deferred Revenue and Deferred Cost of Goods Sold Income Taxes Stock Based Compensation Foreign Currency Translation and Other Comprehensive Income Earnings Per Common Share Commitments and Contingencies Cash Flow Reporting Recent Accounting Pronouncements Schedule of Estimated Useful Lives of Assets Schedule of Foreign Currency Exchange Rate Schedule of Accounts Receivable Schedule of Prepaid Expense Schedule of Inventory Schedule of Property Plant and Equipment Schedule of Salaries Payable Schedule of Related Party Transactions Schedule of Convertible Notes Payable Schedule of Other Payable Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Schedule of Liabilities Measured at Fair Value on Recurring Basis Schedule of Reconciliation of U.S. Tax Rate Schedule of Deferred Tax Assets Schedule of Future Lease Payments Percentage of ownership Working capital Income tax largest amount of benefit, description Property, plant and equipment useful life (In years) Property, plant and equipment useful life, description Foreign currency exchange rate, translation Accounts receivable, net Allowance for doubtful accounts description Accounts receivable Less: Allowance for doubtful accounts Accounts receivable, net Prepaid Expense - Schedule Of Prepaid Expense Prepaid office rent Prepaid License Fee (for fertilizer) Prepaid government filing expense Prepaid consulting expenses Others Prepaid expenses Prepaid Expense - Schedule Of Prepaid Expense Details Amortization of consulting expenses Raw materials Finished goods Packing materials Total Depreciation expense Property, plant and equipment - total Less: accumulated depreciation Property, plant and equipment - net Ownership interest Payments to acquire new factory Payment to acquire land use rights Payment made upon business licenses transfer Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Due from related parties Due to related parties Due to related parties Ownership interest Convertible notes payable Percentage of secured convertible notes issued Debt discount Notes beard interest Payment of debt Payment acquire debt Cash payment Stock issued for conversion, shares Shares issued price per share Conversion of debt upon stock issued percentage Fair value of beneficial conversion feature Common stock outstanding percentage Percentage of equal outstanding amount of notes Penalty damage expense Accrued interest expense Interest expense Accrued liquidated damages Debt instruments face amount Debt instruments maturity date Debt conversion price Debt instrument extended date Proceeds from convertible notes payable Strike price of conversion options Partial principal Fair value assumptions, measurement input, percentages Fair value assumptions, measurement input, term Market price Derivative liability Derivative liabilities fair value Gain loss on derivative Change in fair value of derivative liabilities Convertible notes payable, gross Less: notes discount Convertible notes payable - total Non-current Current Promissory note Note interest rate Note maturity date Note default rate Accrued interest Number of shares cash payment Number of shares issued, shares Stock subscription proceeds received in advance Accrued expenses R&D expense payable Others Other payable Stock subscription received Stock issued during period cancelled Stock issued during period cancelled, value Preferred stock, voting rights Issuance of shares of preferred stock as debt cancellation, shares Issuance of shares of preferred stock as debt cancellation Stock issued during period, shares Proceeds from issuance of common stock Common stock issued for conversion Intrinsic value of beneficial conversion feature Fair Value Hierarchy and NAV [Axis] Derivative liabilities Total Beginning balance Fair value of derivative liabilities at inception Change in fair value of derivative liabilities Ending balance Effective income tax rate Corporate tax rate decreased percentage Effective income tax change in enacted tax rate Effective income tax of valuation allowance percentage Income tax provision Operating loss carry forwards Unrecognized tax benefits Provision for interest and penalties Interest and penalties Pre-tax income (loss) from continuing operation U.S. federal corporate income tax rate Income tax expense (benefit) computed at U.S. federal corporation income tax rate Rate differential for PRC earnings Change of valuation allowance Effect of tax exempted income in BVI Deferred tax used to offset tax liability Effective tax expenses (benefits) Net operating losses carried forward by parent Company US Less: Valuation allowance Net deferred tax assets Acquisition percentage Acquisition of purchase price Payment of purchase agreement Related party transaction, amounts of transaction Description of related party transaction Volume of bio-organic fertilizer purchased Aggregate purchase amount of bio-organic fertilizer Twelve months ending September 30, 2019 Twelve months ending September 30, 2020 Twelve months ending September 30, 2021 Thereafter Total minimum lease payment Concentration risk percentage Incentives and provide tax Total facility construction area Production capacity Annual production value Accrued liquidated damages. Advance to suppliers. Advance to Suppliers [Text Block] Allowance for doubtful accounts description. Information by each relevant line item on the financial statements. CAAS IARRP and IAED Institutes [Member] Cash Flows Reporting [Policy Text Block] China, Kiwa Shandong, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian and Kiwa Hebei, Kiwa Shanxi and Kiwa Yangling [Member] Common stock outstanding percentage. Consultants [Member] Convertible Note Agreement [Member] Customer One [Member] Customer Three [Member] Customer Two [Member] Debt instrument extended date. December 31, 2018 [Member] December 31, 2025 [Member] Deferred Revenue and Deferred Cost of Goods Sold [Policy Text Block] Equity Purchase Agreement [Member] Fair value of derivative liabilities at inception. 15% Convertible Note [Member] 15% Convertible Notes [Member] Firs Trust Group Inc [Member] FirsTrust [Member] First Payment [Member] Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency. Furniture [Member] Geng Liu [Member] Global Intangible Low-Taxed Income Tax [Member] Holders [Member] Increase decrease in advance to supplier. Change in fair value of derivative liabilities. Issuance of common stock for consulting services. Issuance of common stock for financing services. Issuance of Shares of Preferred Stock As Debt Cancellation. Issuance of Shares of Preferred Stock As Debt Cancellation Shares. Items in the Statements of Comprehensive Income [Member] Junwei Zheng [Member] Kiwa Beijing [Member] Leasehold Improvement [Member] Mr. Geng Liu [Member] Mr. Junwei Zheng [Member] Ms.Yvonne Wang [Member] Ms. Feng Li [Member] Ms. Wang, Ms. Feng Li [Member] Ms. Wang [Member] Nite Capital LP [Member] Non-Trade Transaction [Member] Note Payable [Text Block] One Customer [Member] One Related Party Individuals [Member] One Supplier [Member] One Unrelated Potential Investors [Member] Other Employees [Member] Others expense. Payment Acquire debt. Payment made upon business licenses transfer. Payment of purchase agreement. Peng Hao [Member] Percentage of equal outstanding amount of notes. Percentage of secured convertible notes issued. Prepaid consulting expenses. Prepaid Expense [Text Block] Prepaid government filing expense. Prepaid License Fee. Property, plant and equipment useful life, description. Amount of provision for penalty charged to the earnings during the period which is adjusted in calculating cash flows from operating activities. Purchasers [Member] Research and development expense payable. Schedule of Estimated Useful Lives of Assets [Table Text Block] Schedule of Prepaid Expense [Table Text Block] Schedule of Salaries Payable [Table Text Block] Second Payment [Member] Refers to legal entity. Securities Purchase Agreement [Member] Six Institutional Investors [Member] 6% Convertible Note [Member] 6% Secured Convertible Note [Member] 6% Secured Convertible Note [Member] Stock subscription received. Supplier One [Member] Supplier Two [Member] Three Customer [Member] Information about trade transaction. Two Customer [Member] Two Related Party Individuals [Member] Two Unrelated Potential Investors [Member] Unrelated Individual [Member] Yantai Peng Hao New Materials Technology Co. Ltd [Member] Fair value assumptions, measurement input, percentages. Fair value assumptions, measurement input, term. Mr. Xiaoqiang Yu [Member] Four Individuals [Member] Nine Consulting Agreements [Member] One Officer [Member] Kiwa Yangling [Member] Income tax reconciliation deferred tax used to offset tax liability. Shandong Ronghua [Member] Purchase Agreement [Member] Mr. Wei Li and Xiaoqiang Yu [Member] Volume of bio-organic fertilizer purchased. Aggregate purchase amount of bio-organic fertilizer. Consulting fee. Working capital. February 28, 2019 [Member] Settlement Agreement [Member] Customer Four [Member] Customer Five [Member] Supplier Three [Member] Incentives and provide tax. Production capacity. Three Suppliers [Member] RMB Currency [Member] SixPercentageSecuredConvertibleNotesMember Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Goods and Services Sold Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Income (Loss) from Continuing Operations, Per Diluted Share Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share Earnings Per Share, Diluted Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Prepaid Rent IncreaseDecreaseInAdvanceToSupplier Increase (Decrease) in Due from Related Parties Increase (Decrease) in Inventories Increase (Decrease) in Deferred Charges Increase (Decrease) in Accounts Payable Increase (Decrease) in Income Taxes Payable Increase (Decrease) in Customer Advances Increase (Decrease) in Other Accrued Liabilities Increase (Decrease) in Deferred Revenue Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Investments Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) PrepaidExpenseTextBlock Inventory Disclosure [Text Block] Investment [Text Block] Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Commitments and Contingencies, Policy [Policy Text Block] Accounts Receivable, Gross Allowance for Doubtful Accounts Receivable Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Due to Related Parties IncreaseDecreaseInFairValueOfDerivativeLiabilities Interest Payable ResearchAndDevelopmentExpensePayable OtherExpense Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Operating Leases, Future Minimum Payments Receivable EX-101.PRE 12 kwbt-20180930_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 19, 2018
Document And Entity Information    
Entity Registrant Name KIWA BIO-TECH PRODUCTS GROUP CORP  
Entity Central Index Key 0001159275  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   16,939,862
Trading Symbol KWBT  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  

XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 11,094 $ 1,083,539
Accounts receivable 6,764,523 28,620
Prepaid expenses 2,858,367 2,474,272
Rent deposits and other receivables 469,201 44,423
Advance to suppliers 13,223,623 12,660,793
Due from related parties - non-trade 12,726 19,017
Inventory 1,645,333 2,745,991
Deferred cost of goods sold 4,924,421 16,726
Total current assets 29,909,288 19,073,381
OTHER ASSETS    
Property, plant and equipment - net 54,912 90,500
Rent deposits-non-current 613 72,631
Deposit for Long-Term Investment 728,173 768,074
Total non-current assets 783,698 931,205
Total assets 30,692,986 20,004,586
Current liabilities    
Accounts payable 1,228,634 1,800,614
Advances from customers 521,852 543,581
Due to related parties-non-trade 553,434 320,199
Convertible notes payable, net of discount of $171,716 and $1,977 at September 30, 2018 and December 31, 2017, respectively. 882,471 273,200
Derivative liabilities 3,437 247,933
Notes payable 360,000 360,000
Salaries payable 737,757 291,401
Taxes payable 2,401,760 1,142,973
Interest payable 1,935,240 1,756,275
Other payables and accruals 2,822,095 2,108,873
Deferred revenue 6,741,075 28,620
Total current liabilities 18,187,755 8,873,669
Convertible note payable – non-current, net of discount of $0 and $384,799 at September 30, 2018 and December 31, 2017, respectively. 460,082
Total Liabilities 18,187,755 9,333,751
Stockholders’ equity    
Common stock - $0.001 per value. Authorized 100,000,000 shares. Issued and outstanding 16,939,862 and 15,202,965 shares at September 30, 2018, and December 31, 2017, respectively. 16,940 15,203
Additional paid-in capital 27,098,224 24,455,291
Statutory Reserve 458,334 458,334
Accumulated deficit (14,542,119) (14,583,080)
Accumulated other comprehensive income (527,459) 323,776
Total stockholders’ equity 12,505,231 10,670,835
Total liabilities and stockholders’ equity 30,692,986 20,004,586
Series A Preferred Stock [Member]    
Stockholders’ equity    
Preferred stock - $0.001 par value, Authorized 20,000,000 shares. Series A - Issued and outstanding 500,000 and 500,000 shares at September 30, 2018, 2018 and December 31, 2017, respectively; Series B - Issued and outstanding 811,148 and 811,148 shares at September 30, 2018 and December 31, 2017, respectively. 1,311 1,311
Series B Preferred Stock [Member]    
Stockholders’ equity    
Preferred stock - $0.001 par value, Authorized 20,000,000 shares. Series A - Issued and outstanding 500,000 and 500,000 shares at September 30, 2018, 2018 and December 31, 2017, respectively; Series B - Issued and outstanding 811,148 and 811,148 shares at September 30, 2018 and December 31, 2017, respectively. $ 1,311 $ 1,311
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Convertible notes payable, net of discount, current $ 171,716 $ 1,977
Convertible notes payable, net of discount, non-current $ 0 $ 384,799
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized 20,000,000 20,000,000
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 100,000,000 100,000,000
Common Stock, shares issued 16,939,862 15,202,965
Common Stock, shares outstanding 16,939,862 15,202,965
Series A Preferred Stock [Member]    
Preferred Stock, shares issued 500,000 500,000
Preferred Stock, shares outstanding 500,000 500,000
Series B Preferred Stock [Member]    
Preferred Stock, shares issued 811,148 811,148
Preferred Stock, shares outstanding 811,148 811,148
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 7,725,583 $ 31,025 $ 21,811,804 $ 30,411
Cost of goods sold (5,452,125) (19,697) (15,632,191) (19,308)
Gross Profit 2,273,458 11,328 6,179,613 11,103
Operating expenses        
Selling expense 36,748 37,469 115,291 110,194
Research and development 64,094 147,782 409,661 236,252
General and administrative 961,509 1,068,446 4,040,537 2,073,035
Total operating expenses 1,062,351 1,253,697 4,565,489 2,419,481
Operating income (loss) 1,211,107 (1,242,369) 1,614,124 (2,408,378)
Other income/(expense), net        
Change in fair value of derivative liabilities 42,125 205,612 244,496 199,051
Interest expense (151,518) (168,573) (459,445) (356,256)
Other income/(expense) 21 372,711 (884) 373,512
Exchange gain (loss) 36,026 (18,257) 54,279 (35,342)
Total other income/(expense), net (73,346) 391,493 (161,554) 180,965
Income (loss) from continuing operations before income taxes 1,137,761 (850,876) 1,452,570 (2,227,413)
(Provision) benefit for income taxes        
Current (514,400) (1,411,609)
Deferred 123,068 220,860
Total (provision) benefit for income taxes (514,400) 123,068 (1,411,609) 220,860
Income (loss) from continuing operations 623,361 (727,808) 40,961 (2,006,553)
Income from discontinued operations, net of taxes 4,495,392
Net income (loss) 623,361 (727,808) 40,961 2,488,839
Other comprehensive income (loss)        
Foreign currency translation adjustment (569,528) 39,845 (851,235) 108,164
Total comprehensive income (loss) $ 53,833 $ (687,963) $ (810,274) $ 2,597,003
Earnings per share – Basic:        
Loss from continuing operations $ 0.04 $ (0.07) $ (0.00) $ (0.20)
Discontinued operations 0.46
Net Income (loss) 0.04 (0.07) (0.00) 0.26
Earnings per share – Diluted:        
Loss from continuing operations 0.04 (0.07) (0.00) (0.15)
Discontinued operations 0.38
Net Income (loss) $ 0.04 $ (0.07) $ 0.00 $ 0.21
Weighted average number of common shares outstanding - basic 16,757,163 10,640,453 16,388,438 9,846,791
Weighted average number of common shares outstanding - diluted 18,314,713 10,640,453 16,388,438 11,891,678
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from continuing operating activities:    
Net income (loss) $ 40,961 $ 2,488,839
Income from discontinued operations, net of taxes (4,495,392)
Net income (loss) from continuing operations 40,961 (2,006,553)
Adjustments to reconcile net income to net cash used in continuing operating activities:    
Bed Debt   237,998
Depreciation 24,381 29,527
Accrued interest 459,445 356,256
Stock compensation expense 1,832,592
Consulting fee 474,301
(Gain) loss on derivative liabilities (244,496) (199,051)
Deferred income tax (241,452)
Changes in continuing operating assets and liabilities:    
Accounts receivable (7,102,323) (14,002,636)
Prepaid expenses 44,787 47,169
Rent deposit and other receivables (378,085) (86,938)
Advance to suppliers (1,286,661) (1,071,968)
Due from related party – non-trade 5,590 611,155
Inventory 1,009,897 (10,588)
Deferred cost of goods sold (5,174,438) (10,049,349)
Accounts payable (504,355) 7,579,497
Salary payable 473,289 157,968
Taxes payable 1,389,562 (409,408)
Advances from customers 6,863 31,968
Due to related parties   110,690
Other payables and accruals 775,814 407,319
Deferred revenue 7,077,606 14,666,825
Net cash used in operating activities (1,549,571) (3,367,270)
Cash flows from investing activities:    
Purchase of property, plant and equipment (4,774) (58,427)
Payment of deposit for long-term investment (734,561)
Net cash used in investing activities (4,774) (792,988)
Cash flows from financing activities:    
Borrowings from related parties, net 235,219 30,346
Proceeds from sale of common stock 307,600 3,221,127
Proceeds from convertible notes 976,356
Net cash provided by financing activities 542,819 4,227,829
Effect of exchange rate change (60,919) (57,765)
Cash and cash equivalents:    
Net increase (1,072,445) 9,806
Balance at beginning of period 1,083,539 13,469
Balance at end of period 11,094 23,275
Non-cash financing activities:    
Issuance of common stock for consulting services 2,242,050 234,396
Issuance of common stock for financing related services 1,022,156
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes $ 457,564
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization

1. Description of Business and Organization

 

Organization

 

Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware. On March 8, 2017, we completed our reincorporation in the State of Nevada.

 

The Company operates through a series of subsidiaries in the Peoples Republic of China as detailed in the following Organizational Chart. The Company had previously operated its business through its subsidiaries Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) and Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Kiwa Tianjin was dissolved on July, 11, 2012. Kiwa Shandong was disposed on April 12, 2017. Currently, the Company mainly operates its business through its subsidiaries Kiwa Baiao Bio-Tech (Beijing) Co., Ltd. (“Kiwa Beijing”) which was acquired in January 2016, Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. (“Kiwa Shenzhen”), which was incorporated in China in November 2016, Kiwa Bio-Tech Products (Hebei) Co., Ltd. (“Kiwa Hebei”), which was incorporated in China in December 2016, and Kiwa Bio-Tech Products (Shenzhen) Co., Ltd. Xian Branch Company, (“Kiwa Xian”), which was incorporated in China in December 2017. In July 2017, the Company established Kiwa Bio-Tech Asia Holding (Shenzhen) Ltd. (“Kiwa Asia”) to be the direct holding company of Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian and Kiwa Hebei. The Company established Inner Mongolia Jing Nong Investment & Management, Ltd. (“Kiwa Jing Nong”) in August 2017. The Company established Kiwa Bio-Tech (Shanxi) Engineering Co., Ltd. (“Kiwa Shanxi”) in February 2018. The Company established Kiwa Bio-Tech (Yangling) Co., Ltd. (“Kiwa Yangling”) and The Institute of Kiwa-Yangling Ecological Agriculture and Environment Research Co., Ltd. (“Kiwa Institute”) in March 2018.

 

 

Business

 

The Company develops, manufactures, distributes and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural use. Our products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going Concern
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. Going Concern

 

In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company engages in the business for organically bio-fertilizer and its customers are mainly agricultural cooperative company and distributors who then resell its products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay the Company’s distributors. The Company’s current payment terms on these customers are ranging from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. As a result, the Company’s accounts receivable turnover ratio is normally low due to the nature of the Company’s business. In addition, the Company’s business is capital intensive as the Company needs to make advance payment to its suppliers to secure timely delivery and current market price of raw materials. Debt financing in the form of notes payable and loans from related parties have been utilized to finance the working capital requirements of the Company. As of September 30, 2018, the Company’s working capital was approximately $11.7 million and the Company had cash of approximately $11,000, with remaining current assets mainly composed of accounts receivable and advance to suppliers.

 

Although the Company believes that it can realize its current assets in the normal course of business, the Company’s ability to repay its current obligations will depend on the future realization of its current assets and the future operating revenues generated from its products. Because the Chinese Government is continuously to promote green environment and implement quality standards and environmentally sensitive policies in the Agricultural industry, the Company expects its revenues from its innovated and highly effective products, Compound Microbial Fertilizer and Bio-Water Soluble Fertilizer, will continue to grow in its business. In addition, the Company’s marketing team is expanding to the Western areas of China and Hainan province and it expects its revenues will continue to grow in 2019. Meanwhile, the Company expects to continue to gain market shares in its existing sales channel bases in the Northern and the Southern areas of China due to the good quality of the products and better reputation in the industry. The Company believes these factors will enable it sufficiently to support its working capital needs for the next twelve months.

 

Management has considered its historical experience, the economic environment, trends in the Agricultural industry, the realization of the accounts receivables and advance to suppliers as of September 30, 2018. The Company expects to realize the balance of its current assets within the normal operating cycle of a twelve-month period. If the Company is unable to realize its current assets within the normal operating cycle of a twelve-month period, the Company may have to consider supplementing its available sources of funds through the following sources:

 

  ● the Company will continuously seek additional equity financing to support its working capital;
  ● other available sources of financing from PRC banks and other financial institutions;
  ● financial support and credit guarantee commitments from the Company’s major shareholder.

 

The Company has incurred recurring losses and does not have enough cash to support the operation without raising additional capital, within the one year from the date of the issuance of these financial statements. To the extent that the Company is unable to successfully raise the capital necessary to fund its future cash requirements on a timely basis and under acceptable terms and conditions, the Company may not have sufficient liquidity to maintain operations and repay its liabilities for the next twelve months. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. The accompanying unaudited condensed consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As a result, the Company may be unable to implement its current plans for expansion, repay its debt obligations or respond to competitive pressures, any of which would have a material adverse effect on its business, prospects, financial condition and results of operations.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summaries of Significant Accounting Policies

3. Summaries of Significant Accounting Policies

 

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2017 on Form 10-K filed with the SEC on March 30, 2018.

 

Principle of Consolidation

 

These consolidated unaudited condensed financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, Kiwa Shanxi, Kiwa Institute and Kiwa Jing Nong. All significant inter-company balances or transactions are eliminated on consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.

 

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.

 

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.

 

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life  
    (In years)  
Buildings     30 - 35  
Machinery and equipment     5 - 10  
Automobiles     8  
Office equipment     2 - 5  
Computer software     3  
Leasehold improvement     The shorter of the
lease term and useful life		  

 

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.

 

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.

 

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.

 

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized.

 

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.

 

Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.

 

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2018 and 2017 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     6.8665       6.5098  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.8031       6.6721  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.5137       6.8068  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     7.8278       7.8149  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8446       7.8143  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8398       7.7868  
                 

 

Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

 

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this guidance are clarifying the definition of a business to assist entities when determining whether an integrated set of assets and activities meets the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new guidance is not expected to have a material impact on our unaudited condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance to eliminate the requirement to calculate the implied fair value of goodwill to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In May 2017, the FASB issued Accounting Standards Update No. 2017-09 (ASU 2017-09), Compensation — Stock Compensation (Topic 718) Scope of Modification Accounting. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 which will become effective for annual periods beginning after December 15, 2017 and for interim periods within those annual periods, is not expected to have any impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In July 2017, the FASB issued Accounting Standards Update No. 2017-11 (ASU 2017-11), Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. The amendments in ASU 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The adoption of ASU 2017-11 which will become effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods. The Company elected to early adopt ASU 2017-11 when preparing these unaudited condensed consolidated financial statements and no effect on the Company’s unaudited condensed consolidated financial statements.

 

In February 2018, the FASB issued Accounting Standards Update No. 2018-02 (ASU 2018-02), Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, or ASU 2018-07. ASU 2018-07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to Accounting Standards Codification (“ASC”) 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2018
Accounts Receivable, Net [Abstract]  
Accounts Receivable, Net

4. Accounts Receivable, net

 

As of September 30, 2018, and December 31, 2017, we had $6,764,523 and $28,620, respectively, of accounts receivable from the Company’s customers. The Company’s current payment terms on these customers are ranging typically from 60 days to 9 months after receipts of the goods depending on the creditworthiness of these customers. These customers are either agricultural cooperative company or distributors who then resell the Company’s products to individual farmers.

 

The Company’s provision on allowance for doubtful accounts is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable and come up with an aging allowance method. Currently, the Company provides a provision of 1%-6% of the allowance for doubtful accounts for accounts receivable balance that are more than 180 days old but less than one year old, 50% of the allowance for doubtful accounts for accounts receivable from one to one and half years old, 100% of the allowance for doubtful accounts for accounts receivable beyond one and half years old, plus additional amount as necessary, which the Company’s collection department had determined the collection of the full amount is remote with the approval from its management to provide a 100% provision allowance for doubtful accounts. The Company’s management has continued to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

 

Accounts receivable consisted of the following:

 

    September 30, 2018     December 31, 2017  
Accounts receivable   $ 6,764,523     $ 83,860  
Less: Allowance for doubtful accounts     -       (55,240 )
Accounts receivable, net   $ 6,764,523     $ 28,620  
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Prepaid Expense
 9 Months Ended
Sep. 30, 2018
Prepaid Expense  
Prepaid Expense

5. Prepaid Expense

 

Prepaid expenses consisted of the following:

 

    Notes     September 30, 2018     December 31, 2017  
Prepaid office rent           $ 11,168     $ 41,487  
Prepaid license Fee (for fertilizer)             -       26,115  
Prepaid government filing expense             9,500       5,000  
Prepaid consulting expenses     (1)       2,818,354       2,392,273  
Others             19,345       9,397  
Total           $ 2,858,367     $ 2,474,272  

 

(1) Prepaid consulting expense for issuance of common stock for prepaid services. Pursuant to the indemnification terms of the services agreements, the Company has the rights to demand the full services being accomplished as scheduled during the service period and to enforce the consultants to pay pro-rata penalties if the consultants do not fulfill the contract services within the services periods. As of September 30, 2018, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2018 and 2017, the amortization of consulting expense was $547,509 and $164,599, respectively. For the nine months ended September 30, 2018 and 2017, the amortization of consulting expense was $1,815,969 and $474,301, respectively.
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Advance to Suppliers
 9 Months Ended
Sep. 30, 2018
Advance To Suppliers  
Advance to Suppliers

6. Advance to suppliers

 

Advance to suppliers are mainly funds deposited for future raw material purchases. As a common practice in China’s agriculture industry, many of these vendors require a certain amount to be deposited with them as a guarantee that the Company will complete its purchases on a timely basis as well as securing the current agreed upon purchase price. Since the Company anticipates the price of raw materials is on the rise in 2018, it entered large amount of purchase agreements with its major raw materials supplier and made prepayments in advance to secure a lower purchase price and timely delivery. As of September 30, 2018 and December 31, 2017, such advance to suppliers was $13,223,623 and $12,660,793, respectively.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventory
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Inventory

7. Inventory

 

Inventory consisted of the following:

 

    September 30, 2018     December 31, 2017  
Raw materials   $ 1,360,285     $ 2,745,991  
Finished goods     253,686       -  
Packing materials     31,362       -  
Total   $ 1,645,333     $ 2,745,991  
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

8. Property, Plant and Equipment

 

Property, plant and equipment, net consisted of the following:

 

    September 30, 2018     December 31, 2017  
Property, Plant and Equipment                
Office equipment   $ 17,468     $ 15,899  
Furniture     24,522       23,331  
Leasehold improvement     86,850       91,609  
Construction in progress     25,340       26,729  
Others     554       1,106  
Property, plant and equipment - total   $ 154,734     $ 158,674  
Less: accumulated depreciation     (99,822 )     (68,174 )
Property, plant and equipment - net   $ 54,912     $ 90,500  

 

Depreciation expense was $3,930 and $11,878 for the three months ended September 30, 2018 and 2017, and $24,381 and $29,527 for the nine months ended September 30, 2018 and 2017, respectively.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Deposit for Long-Term Investment
 9 Months Ended
Sep. 30, 2018
Investments Schedule [Abstract]  
Deposit for Long-Term Investment

9. Deposit for Long-Term Investment

 

On June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.3 million). As of September 30, 2018, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.8 million). Due to certain administrative approval process from the Chinese government, the closing of the equity purchase agreement has been delayed. RMB 6,500,000 (approximately $1.0 million) will be paid upon completion of the land use rights ownership transfer and RMB 3,500,000 (approximately $0.5 million) will be paid upon completion of the business licenses transfer. The Company estimated the completion of the transfer will be sometime in March 2019.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Salaries Payable
 9 Months Ended
Sep. 30, 2018
Compensation Related Costs [Abstract]  
Salaries Payable

10. Salaries payable

 

    September 30, 2018     December 31, 2017  
Ms. Yvonne Wang (“Ms. Wang”)   $ 238,000     $ 175,000  
Other Employees     499,757       116,401  
Total   $ 737,757     $ 291,401  

 

No salary was paid to Ms. Wang since December 2015. The Company expects to be in negotiations with Ms. Wang to settle these obligations.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

 

Due from related parties – non-trade

 

Amounts due from related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item   Nature     Notes     September 30, 2018     December 31, 2017  
                         
Mr. Wei Li     Non-trade       (1)       -       19,017  
Mr. Xiaoqiang Yu     Non-trade       (2)       12,726       -  
Total                   $ 12,726     $ 19,017  

 

(1) Mr. Wei Li

 

During the year ended December 31, 2017, Mr. Wei Li, the former chairman and CEO, founder and major shareholder of the Company, obtained a cash advance from the Company for operational purpose. The balance was repaid in March 2018.

 

(1) Mr. Xiaoqiang Yu

 

During the three months ended September 30, 2018, Mr. Xiaoqiang Yu, the general manager of the operations division of the Company, obtained a cash advance from the Company for operational purpose.

 

Due to related parties– non-trade

 

Amounts due to related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item   Nature     Notes     September 30, 2018     December 31, 2017  
                         
Ms. Wang     Non-trade       (1)       517,025       320,199  
Ms. Feng Li (“Ms. Li”)     Non-trade       (2)       36,409       -  
Total amount due to related parties                   $ 553,434     $ 320,199  

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2018 and 2017, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Wang was $517,025 and $320,199, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 20% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Feng Li was $36,409 and $0, respectively.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Convertible Notes Payable

12. Convertible Notes Payable

 

Convertible notes payable consisted of the following:

 

    September 30, 2018     December 31, 2017  
6% secured convertible notes – FirsTrust Group Inc. (1)   $ 107,562     $ 121,562  
15% convertible notes- Mr. Geng Liu (1)     145,635       153,615  
15% convertible notes- Mr. Junwei Zheng (1)     800,990       844,881  
Less: notes discount     (171,716 )     (386,776 )
Convertible notes payable - total     882,471       733,282  
Non-current     -       (460,082 )
Current   $ 882,471     $ 273,200  

 

(1) Convertible Notes Payable

 

Convertible notes payable consists of $107,562 of 6% secured convertible notes issued to FirsTrust Group Inc. on June 29, 2006, $145,635 (face amount $145,635 net of discount of $0) of 15% convertible note issued to Mr. Geng Liu on January 17, 2017, and $629,274 (face amount $800,990 net of discount of $171,716) of 15% convertible note issued to Mr. Junwei Zheng on May 9, 2017.

 

6% secured convertible notes – FirsTrust Group Inc.

 

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Convertible Notes”), convertible into shares of the Company’s common stock.

 

On August 12, 2013, the Company, entered into a Settlement Agreement and Release (the “Release”) with the holders (the “Holders”) of the “6% Convertible Notes” in the aggregate principal amount of $2,000,000. Pursuant to the terms of the Release, the Company paid the Holders $75,000 for a full release, including the forgiveness of past defaults of unpaid principal amounts, interests and penalties. During the course of the time, certain notes had been converted as well. On March 18, 2008, FirsTrust Group, Inc. (“FirsTrust”) purchased the three remaining 6% Convertible Notes, totaling $168,000 ($59,100, $50,400 and $59,100 respectively), from Nite Capital, one of the six institutional investors which purchased a total of $300,000 of the Note in three tranches ($105,000, $90,000, $105,000 respectively), for a cash payment of $100,000. After the Release and conversion, FirsTrust is the only holder of the outstanding 6% Convertible Note with outstanding principal amount of $150,250.

 

On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

 

On October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 14,151 common shares at $2.25 per share, no gain or loss were recognized upon this conversion.

 

On December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 105,095 common shares at $2.3 per share, no gain or loss were recognized upon this conversion.

 

On April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note. According to the convertible note agreement, the conversion price is based on a 40% discount to the average of the lowest three days trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period per the convertible notes agreement. As the carrying value of the notes and the intrinsic value of that conversion feature equaled to the fair value of the 126,045 common shares at $1.3 per share, no gain or loss were recognized upon this conversion.

 

The Company also incurs a financial liquidated damages in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches any affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes. Pursuant to the relevant provisions for liquidated damages in Purchase Agreement, the Company has accrued the amounts of $52,006 and $61,730 for liquidated damages for the nine months ended September 30, 2018 and 2017, respectively. The Company also accrued $12,654 and $16,857 for interest at the rate of 15% per annum for the nine months ended September 30, 2018 and 2017, respectively. The total 15% interest accrued was $173,113 and $182,858 at September 30, 2018 and at December 31, 2017, respectively. The total accrued liquidated damages were $532,263 and $522,257 at September 30, 2018 and at December 31, 2017, respectively.

 

The Company’s obligations under the Notes are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Holders. In addition, Mr. Li, the Company’s former Chief Executive Officer, has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Convertible Notes.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with FirsTrust to settle the 6% secured convertible notes and interest and penalties. The Company has agreed to allow FirsTrust to effect a conversion in accordance with the terms of the 6% Note by October 18, 2018, and to make a cash payment of $500,000 by December 17, 2018. If the payment is not timely made, then FirsTrust shall be permitted to immediately effect further conversion in accordance with the terms of the 6% Notes into the Company’s shares, and the Company shall make a final cash payment of $340,000 by February 28, 2019. As of the date of this filing, the Settlement Agreement has not been carried out by the Company as agreed. The interest and penalties on this Note are continuously accrued in accordance with the original terms.

 

15% convertible notes- Mr. Geng Liu

 

On January 17, 2017, the Company entered a Convertible Note Agreement with Mr. Geng Liu with principal of RMB 3 million. The note bears interest at 15% per annum and will mature on January 16, 2018. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal to the Company’s common shares with a conversion price of $0.90 per share. Subsequently, the Company reached an agreement with Mr. Geng Liu that the maturity date will be extended to December 31, 2018.

 

The notes are convertible into shares of the common stock, at conversion price is $0.90 which is lower than the price of the Company’s common stock on the date of issue. Therefore, the conversion feature embedded in the convertible note meet the definition of beneficial conversion feature (“BCF”). The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date. The relative fair values of the BCF were recorded into additional paid in capital, and the remainder proceeds of $99,850 from issuance of the convertible note was allocated to convertible notes payable.

 

For the nine months ended September 30, 2018 and 2017, the Company recorded interest expense of $19,477 and $45,535 on the note, including the amortization of the debt discount resulting from the value of beneficial conversion feature, and the carrying value of the note as at September 30, 2018 was $145,635.

 

15% convertible notes- Mr. Junwei Zheng

 

On May 9, 2017, the Company entered a Convertible Note Agreement with Mr. Junwei Zheng with principal of RMB 30 million. The note bears interest at 15% per annum and will mature on May 8, 2019. Before the maturity date, the Note holder has an option to convert partial or all of the outstanding principal and accrued interest to the Company’s common shares with a conversion price of $3.5 per share. In May 2017, the Company received partial principal totaled RMB 5.5 million ($800,990 equivalent USD at September 30, 2018) out of the RMB 30 million Convertible Note Agreement. In August 2017, Mr. Junwei Zheng informed the Company that he will not purchase the remaining convertible notes of RMB 24.5 million.

 

The notes are convertible into shares of the common stock, at conversion price is $3.5 which is higher than the price of the Company’s common stock on the date of issue, therefore the conversion feature embedded in the note did not meet the definition of BCF. The Company determined that conversion option embedded in the note meet the definition of a derivative instrument. Since the embedded conversion price of the conversion feature is denominated in U.S. dollar, a currency other than the convertible note payable currency. As a result, the embedded conversion feature is not considered indexed to the Company’s own stock due to the variable exchange rate between U.S. Dollar and RMB, and as such, the Company determined that the embedded conversion feature to be carried as a liability and remeasured at fair value at each financial reporting date until such time as the conversion feature is exercised or expired. The Company evaluated the fair value of the embedded conversion feature at the issue date and recorded the amount into as discount to convertible note payable. The discount to convertible note payable is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method.

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables at inception on May 9, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 260.8% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.37%, for the conversion options
     
  ● Expected lives of 2.0 years
     
  ● Market price at issuance date of $2.7

 

The fair value of embedded conversion feature were calculated using the BlackScholesMerton model based on the following variables on December 31, 2017:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 151.9% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 1.80%, for the conversion options
     
  ● Expected lives of 1.33 years
     
  ● Market price at issuance date of $2.0

 

The fair value of embedded conversion feature was calculated using the BlackScholesMerton model based on the following variables on September 30, 2018:

 

  ● Strike price of $3.5, for the conversion options
     
  ● Expected volatility of 107.27% calculated using the Company’s historical price of its common stock
     
  ● Expected dividend yield of 0%
     
  ● Risk-free interest rate of 2.40%, for the conversion options
     
  ● Expected lives of 0.58 years
     
  ● Market price at remeasurement date of $0.75

 

On May 9, 2017, the Company recorded $569,784 as derivative liability for fair value of the conversion option. The initial carrying value of the Notes was $227,051. On December 31, 2017, the fair value of derivative liabilities was recalculated at $247,933. On September 30, 2018, the fair value of derivative liabilities was recalculated at $3,437. For the three and nine months ended September 30, 2018, the Company recognized a gain of $42,125 and $244,496, respectively, in change in fair value of derivative liabilities.

 

For the three and nine months ended September 30, 2018, the Company recorded interest expense of $102,374 and $307,915 on the note, including the amortization of the debt discount resulting from the value of the embedded conversion feature, and the carrying value of the note as of September 30, 2018 was $629,274.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Note Payable

13. Note Payable

 

On May 29, 2007, the Company issued a $360,000 promissory note (the “Promissory Note”) to an unrelated individual (the “Original Note holder”). This note bears interest at 18% per annum and was due on July 27, 2007. This note is currently in default and bears interest of 25% per annum (the “Default rate”) until paid in full. This note is secured by a pledge of shares of the Company’s common stock owned by Investlink (China) Limited (the “Pledged Shares”). The Company accrued $67,500 and $67,500 interest expense on note payable for the nine months ended September 30, 2018 and 2017, respectively.

 

As of December 31, 2016, the Original Note holder informed the Company that all right, title and interests in the Promissory Note has been assigned and transferred to FirsTrust. As of September 30, 2018, all of $360,000 of Promissory Note to FirsTrust is still outstanding, and total accrued interest of the Promissory Note is $1,016,800.

 

On September 19, 2018, the Company has entered a Settlement Agreement and Release with Firs Trust to settle the Notes and interest. The Company has agreed to make a cash payment of $200,000 and issue 300,000 Shares to FirsTrust by October 18, 2018 and to make a final cash payment of $260,000 by February 28, 2019. However, the Company has not performed its obligations in the Settlement Agreement and considered the payment terms as default and continued to accrue its interest after September 19, 2018.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Payables and Accruals
 9 Months Ended
Sep. 30, 2018
Other Liabilities Disclosure [Abstract]  
Other Payables and Accruals

14. Other Payables and accruals

 

Other payable consisted of the following:

 

    Notes     September 30, 2018     December 31, 2017  
Stock subscription proceeds received in advance     (1)     $ 1,693,106     $ 1,718,642  
Accrued expenses             209,347       36,240  
R&D expense payable             423,565       309,555  
Others             496,077       44,436  
            $ 2,822,095     $ 2,108,873  

 

(1). The Company received RMB 3.2 million (approximately $466,030 as at September 30, 2018) in 2016 from two unrelated potential investors, and additionally received RMB 8 million (approximately $1,227,075 as at September 30, 2018) in 2017 from one unrelated potential investors pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Stockholders' Equity

15. Stockholders’ Equity

 

Preferred stock

 

On December 14, 2015, the Company issued 500,000 shares of preferred stock series A for the aggregate amount of $1,000,000 as debt cancellation owed to two related party individuals.

 

These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series A Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $2.0 per share.

 

On December 28, 2017, the Company issued 811,148 shares of preferred stock series B for the aggregate amount of $1,054,492 as debt cancellation owed to one related party individual.

 

These shares of Series B Preferred Stock have a liquidation preference which is same with the Company’s Series A Preferred Stock and is entitled to vote on an as-converted basis as the holder of common stock and is convertible into the Company’s common stock on a one-for-one basis at any time at the option of the holder. The holders of preferred stock are entitled to receive noncumulative dividends, when and if declared by the board of directors. Dividends are not mandatory and shall not accrue. The Company shall have the right to redeem the Series B Preferred Stock, plus any accrued and unpaid dividends at a cash redemption price equal to the aggregate issuance price of $1.3 per share.

 

In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, distributions to the stockholders of the Company should firstly go to the holders of Series A and B preferred stock. After the payment of the full Series A and B liquidation preference, the remaining assets of the Company legally available for distribution shall be distributed ratably to the holders of the common stock in an amount equal to the full payment of the full Series A and B liquidation preference, after such distributions to the holders of the Common stock , the remaining assets of the Company legally available for distribution shall be distributed ratably among the holders of Series A and B preferred stock and the holders of the common stock.

 

Common stock

 

During the nine months ended September 30, 2018, the Company issued 247,700 common shares to five individuals residing in China for net proceeds of $307,600. The sales were completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended.

 

During the nine months ended September 30, 2018, the Company entered into ten consulting agreements and issued 1,347,918 shares of common stock to consultants for IR, Training system, and business development services based on market price of the shares at the transaction dates. The valuation of the shares utilized an average issuance price of $1.66 per share.

 

During the nine months ended September 30, 2018, the Company issued 15,234 common shares to one officer for salary payment based on the average stock price of his service period which valued at $16,622.

 

Conversion of convertible note

 

As disclosed in Note 13(1), on October 19, 2017, the Company issued total 14,151 common shares at $1.04 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 13(1), on December 13, 2017, the Company issued total 105,095 common shares at $0.75 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

As disclosed in Note 13(1), on April 27, 2018, the Company issued total 126,045 common shares at $0.62 per share price to FirsTrust Group, Inc. for the conversion of convertible note.

 

Additional paid-in-capital

 

As disclosed in Note 13(1), on January 17, 2017, the Company issued RMB 1 million ($144,944 equivalent). Convertible Note to Mr. Geng Liu with BCF embedded. The Company evaluated the intrinsic value of the BCF as $45,094 at the issue date and recorded the amount into additional paid in capital. All other amounts recorded in additional paid in capital are derived from issuance of preferred shares or common shares as disclosed in the above.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-based Compensation
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation

16. Stock-based Compensation

 

On March 15, 2017, the Board of Directors approved a new stock option plan with ten years’ term. As of September 30, 2018, the Company has not granted any incentive compensation under this plan.
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements

17. Fair Value Measurements

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2018

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 3,437     $ 3,437  
Total     —       —     $ 3,437     $ 3,437  

 

December 31, 2017

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 247,933     $ 247,933  
Total     —       —     $ 247,933     $ 247,933  

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2018 and for the year ended December 31, 2017:

 

    Nine months ended September 30, 2018     Year ended
December 31, 2017		  
             
Beginning balance   $ 247,933     $ -  
Fair value of derivative liabilities at inception     -       569,784  
Change in fair value of derivative liabilities     (244,496 )     (321,851 )
Ending balance   $ 3,437     $ 247,933  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Tax

18. Income Tax

 

In accordance with the current tax laws in the U.S., the Company is subject to a corporate tax rate of 21% on its taxable income. No provision for taxes is made for U.S. income tax for the three and nine months ended September 30, 2018 and 2017 as it has no taxable income in the U.S.

 

On December 22, 2017, the “Tax Cuts and Jobs Act” (“The 2017 Tax Act”) was enacted in the United States. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. Accordingly, we have remeasured our deferred tax assets on net operating loss carryforwards in the U.S at the lower enacted cooperated tax rate of 21%. However, this re-measurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

 

Additionally, the 2017 Tax Act implemented a modified territorial tax system and imposing a tax on previously untaxed accumulated earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The Toll Charge is based in part on the amount of E&P held in cash and other specific assets as of December 31, 2017. The Toll Charge can be paid over an eight-year period, starting in 2018, and will not accrue interest. The 2017 Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. As a fiscal-year taxpayer, certain provisions of the 2017 Tax Act may impact the Company in fiscal 2018, including the Toll Charge, while other provisions, including the GILTI, will be effective starting at the beginning of fiscal 2018.

 

On December 22, 2017, the Securities and Exchange Commission Staff issued Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which provides guidance on accounting for the tax effects of the 2017 Tax Act. SAB 118 provides a measurement period that extends beyond one year from the 2017 Tax Act’s enactment date for registrants to complete the accounting under ASC 740. In accordance with SAB 118, a registrant must reflect the income tax effects of those aspects of the 2017 Tax Act for which the accounting under ASC 740 is complete. To the extent that a registrant’s accounting for certain income tax effects of the 2017 Tax Act is incomplete, but the registrant is able to determine a reasonable estimate, the registrant must record a provisional estimate to be included in its financial statements. If a registrant is unable to determine a reasonable estimate and record a provisional estimate, the registrant should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the 2017 Tax Act.

 

The Company has determined that this one-time Toll Charge has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to December 31, 2017 since the Company has cumulative foreign losses as of December 31, 2017.

 

The Company determined that there is no impact of GILTI for the year ending December 31, 2018, which the Company believes that it will be imposed a minimum tax rate of 10.5% and to the extent foreign tax credits are available to reduce its US corporate tax, which may result in no additional US federal income tax being due.

 

In accordance with the current tax laws in China, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian, and Kiwa Hebei, Kiwa Shanxi, and Kiwa Yangling is subject to a corporate income tax rate of 25% on its taxable income. Kiwa Xian, Kiwa Hebei, Kiwa Shenzhen, and Kiwa Shanxi has not provided for any corporate income taxes since it had no taxable income for the three and nine months ended September 30, 2018. For the three months ended September 30, 2018, Kiwa Beijing recorded no income tax provision; Kiwa Yangling recorded RMB 3,483,206 or approximately $514,000 income tax provision. For the nine months ended September 30, 2018, Kiwa Beijing recorded RMB 3,074,370 or approximately $472,000 income tax provision; Kiwa Yangling recorded RMB 6,120,407 or approximately $940,000 income tax provision.

 

In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes.

 

A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

    Three months ended
September 30,		     Nine months ended
September 30,		  
    2018     2017     2018     2017  
                         
Pre-tax income (loss) from continuing operation   $ 1,137,761     $ (850,876 )   $ 1,452,570     $ (2,227,413 )
                                 
U.S. federal corporate income tax rate     21 %     34 %     21 %     34 %
Income tax expense (benefit) computed at U.S. federal corporation income tax rate     238,930       (289,298 )     305,040       (757,320 )
Reconciling items:                                
Rate differential for PRC earnings     75,311       85,840       155,581       133,249  
Change of valuation allowance     193,880       73,251       934,250       381,789  
Effect of tax exempted income in BVI     6,279       7,139       16,738       21,422  
Deferred tax used to offset tax liability     -       -       -       -  
Effective tax expenses (benefits)   $ 514,400     $ (123,068 )   $ 1,411,609     $ (220,860 )

 

The Company had deferred tax assets from continuing operation as follows:

 

    September 30, 2018     December 31, 2017  
             
Net operating losses carried forward by parent Company in the US   $ 2,098,681     $ 1,746,802  
Net operating losses carried forward by China Subsidiaries except for Kiwa Beijing     630,161       311,925  
Less: Valuation allowance     (2,728,842 )     (2,058,727 )
                 
Net deferred tax assets   $ -     $ -  

 

As of September 30, 2018 and December 31, 2017, the Company had approximately $13.0 million and $9.5 million net operating loss carryforwards available to reduce future taxable income. Net operating loss of the parent Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of the Company’s PRC subsidiaries could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

As of September 30, 2018, and December 31, 2017, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the three and six months ended September 30, 2018 and 2017, and no provision for interest and penalties is deemed necessary as of September 30, 2018 and December 31, 2017.
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

19. Commitments and Contingencies

 

The Company has the following material contractual obligations:

 

(1) Investment in manufacturing facilities in Penglai City, Shandong Province in China

 

As disclosed in Note 9, on June 8, 2017, Kiwa Hebei entered an equity purchase agreement with the shareholders of Yantai Peng Hao New Materials Technology Co. Ltd. (“Peng Hao”) to acquire 100% interest in Peng Hao for approximately RMB 15,000,000 (approximately US$ 2.3 million). As of December 31, 2017, Kiwa Hebei has made deposit payment of RMB 5,000,000 (approximately $0.8 million) and is committed to pay the remaining RMB10,000,000 based on the payment milestone in the equity purchase agreement. RMB 6,500,000 (approximately $1.0 million) will be paid upon completion of the land use rights ownership transfer and RMB 3,500,000 (approximately $0.5 million) will be paid upon completion of the business licenses transfer.

 

(2) Strategic cooperation with the institutes in China

 

On November 5, 2015, the Company signed a strategic cooperation agreement (the “Agreement”) with China Academy of Agricultural Science (“CAAS”)’s Institute of Agricultural Resources & Regional Planning (“IARRP”) and Institute of Agricultural Economy & Development (“IAED”). Pursuant to the Agreement, the Company will form a strategic partnership with the two institutes and establish an “International Cooperation Platform for Internet and Safe Agricultural Products”. To fund the cooperation platform’s R&D activities, the Company will provide RMB 1 million (approximately $160,000) per year to the Spatial Agriculture Planning Method & Applications Innovation Team that belongs to the Institutes. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018. However, the Company is only liable for the annual funds to be provided to the extent of the contract obligations performed by CAAS IARRP and IAED, and the agreement is terminable before the three years’ commitment date based on negotiations of both parties. (3) Guarantee

 

(3) Guarantee for Huinong Wanjia Hebei Agricultural Technology Service Co., Ltd.

 

On June 21, 2018, Shandong Ronghua Bio-Tech Co., Ltd. (“the supplier”) entered into a Purchase Agreement with Huinong Wanjia Hebei Agricultural Technology Service Co., Ltd (“the purchaser”), wherein the purchaser agreed to purchase 5,000 tons of Bio-Organic fertilizer for an aggregate purchase amount of US$571,667 dollars (RMB 3,700,000). This arrangement was supported by the Company’s guarantee that the supplier would fulfill all terms specified in the purchase agreement.

 

(4) Lease payments

 

The Company entered various lease agreements for business purpose. The future lease payments at September 30, 2018 are summarized below:

 

Twelve months ending September 30, 2019   $ 53,356  
Twelve months ending September 30, 2020     12,632  
Twelve months ending September 30, 2021     4,709  
Thereafter     -  
Total minimum lease payment   $ 70,697  
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentration of Risk
 9 Months Ended
Sep. 30, 2018
Risks and Uncertainties [Abstract]  
Concentration of Risk

20. Concentration of Risk

 

Credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. As of September 30, 2018, and December 31, 2017, $11,094, and $1,083,539 were deposited with various major financial institutions located in the PRC, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

 

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.

 

Customer and vendor concentration risk

 

For the three months ended September 30, 2018, one customer accounted for 99% for the Company’s total sales. For the nine months ended September 30, 2018, four customers accounted for 36%, 32%, 20% and 10% for the Company’s total sales. For the three and nine months ended September 30, 2017, five customers accounted for 23%, 14%, 14%, 14% and 14% for the Company’s total sales.

 

As of September 30, 2018, three customers accounted for 42%, 30% and 27% of the Company’s accounts receivable. As of December 31, 2017, three customers accounted for 52%, 22% and 14% of the Company’s accounts receivable.

 

For the three months ended September 30, 2018, one supplier accounted for 94% of the Company’s total purchases. For the nine months ended September 30, 2018, three suppliers accounted for 53%, 24% and 17% of the Company’s total purchases.

 

For the three months ended September 30, 2017, one supplier accounted for 93% of the Company’s total purchase. For the nine months ended September 30, 2017, one supplier accounted for 93% of the Company’s total purchase.

 

As of September 30, 2018, three suppliers accounted for 76%, 13% and 11% of the Company’s accounts payable, respectively. As of December 31, 2017, two suppliers accounted for 67% and 27% of the Company’s accounts payable, respectively.

 

As of September 30, 2018, two suppliers accounted for 55% and 44% and of the Company’s advance to suppliers. As of December 31, 2017, one supplier accounted for 97% of the Company’s advance to suppliers.
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

21. Subsequent Events

 

On October 12, 2018, Kiwa Bio-Tech Products Group Corp. got the approval for the use of a parcel of land from the Administrative Committee of Yangling Agricultural High-tech Industry Demonstration Zone to construct a new manufacturing facility to help meet the growing demand in China for bio-fertilizers. Yangling Free Trade Zone has agreed to offer Kiwa Bio-Tech approximately US$432,975 (3,000,000 RMB) in incentives and provide tax preferences for the first three years of production.

 

The manufacturing facility will specialize in developing and producing Kiwa Bio-Tech’s core microbes, the fundamental components for making high-quality bio-fertilizers. The total facility construction area is approximately 8.77 acres, and will include fermentation and production terminals, agricultural produce sorting facilities and storage, a research and development institute and corresponding ancillary facilities. The construction of the manufacturing facility is expected to be completed in 2020 and have a production capacity of 60,000 tons of Kiwa Bio-Tech’s core microbes. The annual production value is expected to be over US$65 million (approximately 462 million RMB).
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basic of Presentation

Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

 

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation have been included. Interim results are not necessarily indicative of results of a full year. The information in this Form 10-Q should be read in conjunction with information included in the annual report for the fiscal year ended December 31, 2017 on Form 10-K filed with the SEC on March 30, 2018.
Principle of Consolidation

Principle of Consolidation

 

These consolidated unaudited condensed financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI, Kiwa Asia Holdings Company, Kiwa Beijing, Kiwa Shenzhen, Kiwa Hebei, Kiwa Asia, Kiwa Yangling, Kiwa Shanxi, Kiwa Institute and Kiwa Jing Nong. All significant inter-company balances or transactions are eliminated on consolidation.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates include the valuation of securities issued, derivative liabilities, deferred tax assets and related valuation allowance.

 

Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Restricted cash is excluded from cash and cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable and allowance for doubtful accounts

 

Accounts receivable represent customer accounts receivables. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience, the economic environment, trends in the microbial fertilizer industry, and a review of the current status of trade accounts receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. Such allowances, if any, would be recorded in the period the impairment is identified. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted.
Inventory

Inventory

 

Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct materials, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated based on selling price in the ordinary course of business, less estimated costs to complete and dispose.
Property, Plant and Equipment

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life  
    (In years)  
Buildings     30 - 35  
Machinery and equipment     5 - 10  
Automobiles     8  
Office equipment     2 - 5  
Computer software     3  
Leasehold improvement     The shorter of the
lease term and useful life		  
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

The Company’s long-lived assets consist of property, plant and equipment. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. It is possible that these assets could become impaired as a result of legal factors, market conditions, operational performance indicators, technological or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Financial Instruments

Financial Instruments

 

The Company analyzes all financial instruments with features of both liabilities and equity under FASB Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”.

 

Embedded conversion features of convertible debentures not considered to be derivative instruments

 

The embedded conversion features of convertible debentures not considered to be derivative instruments provide for a rate of conversion that is below market value. Such feature is normally characterized as a “beneficial conversion feature” (“BCF”). The relative fair values of the BCF were recorded as discounts from the face amount of the respective debt instrument. The Company amortized the discount using the straight-line method which approximates the effective interest method through maturity of such instruments.

 

Embedded conversion features of convertible debentures that are classified as derivative liabilities

 

The embedded conversion features of convertible debentures that are classified as derivative liabilities are recorded at fair value as a discount from the face amount of the respective debt instrument. The discount is being amortized to interest expense over the life of the note using the straight-line method, which approximates the effective interest method. These instruments are accounted for as derivative liabilities and marked-to-market each reporting period. The change in the value of the derivative liabilities is charged against or credited to income in the captioned “change in fair value of derivative liabilities” in the accompanying consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value with U.S. GAAP and expands disclosures about fair value measurements.

 

To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

  ● Level 1: quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
  ● Level 2: pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
  ● Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

 

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalent, prepaid expenses, accounts payable and accrued expenses, approximate their fair value because of the short maturity of those instruments. Derivative instruments are carried at fair value, estimated using the Black Scholes Merton model.

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

 

It is not however practical to determine the fair value of advances from stockholders, if any, due to their related party nature.
Revenue Recognition

Revenue Recognition

 

On January 1, 2018 we adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective method for contracts that were not completed as of January 1, 2018. This did not result in an adjustment to the retained earnings upon adoption of this new guidance as the Company’s revenue was recognized based on the amount of consideration we expect to receive in exchange for satisfying the performance obligations.

 

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time.

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

The Company continues to derive its revenues from sales contracts with its customers with revenues being recognized upon delivery of products. Persuasive evidence of an arrangement is demonstrated via sales contract and invoice; and the sales price to the customer is fixed upon acceptance of the sales contract and there is no separate sales rebate, discount, or volume incentive. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer by the Company to consider control of goods are transferred to its customer and collectability of payment is reasonably assured. The Company’s revenues are recognized at a point in time after all performance obligations are satisfied.

 

The Company’s customers are mainly agricultural cooperative company and distributors who then resell the Company’s products to individual farmers. Because the crop growing cycle usually takes approximately 3 to 9 months in the agricultural industry, for some co-ops and distributors, it will take approximately similar time frame of 3 to 9 months for farmers to harvest crops and to realize profits to repay them. As a result, for the sales contracts with these customers, the collectability of payment is highly dependent on the successful harvest of corps and the customers’ ability to collect money from farmers. The Company deemed the collectability of payment may not be reasonably assured until after the Company get paid. Collectability is a necessary condition for the contract to be accounted for to meet the criteria of the first step “identifying the contract with the customer” under the new revenue guidance in ASC 606. As a result, these sales contracts are not considered a contract under ASC 606, thus the shipments under these contracts are not recognized as revenue until all criteria for “identifying the contract with the customer” and revenue recognition are met using the five-step model.
Deferred Revenue and Deferred Cost of Goods Sold

Deferred Revenue and Deferred Cost of Goods Sold

 

Deferred revenue and deferred cost of goods sold result from transactions where the Company has shipped product for which all revenue recognition criteria under the five-step model have not yet been met. Though these contracts are not considered a contract under ASC 606, they are legally enforceable, and the Company has an unconditional and immediate right to payment after the Company has shipped products, therefore, the Company recognizes a receivable and a corresponding deferred revenue upon shipment. Deferred cost of goods sold includes direct inventory costs. Once all revenue recognition criteria under the five-step model have been met, the deferred revenues and associated cost of goods sold are recognized.
Income Taxes

Income Taxes

 

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

 

FASB ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes,” defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2015 are not subject to examination by any applicable tax authorities. PRC tax returns filed for 2015, 2016 and 2017 are subject to examination by any applicable tax authorities.
Stock Based Compensation

Stock Based Compensation

 

The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee’s requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy.

 

The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Under FASB ASC Topic 718 and FASB ASC Subtopic 505-50, stock compensation granted to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever is more reliably measured and is recognized as an expense as the goods or services are received.
Foreign Currency Translation and Other Comprehensive Income

Foreign Currency Translation and Other Comprehensive Income

 

The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HKD”), being the functional currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of comprehensive loss and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

 

Other comprehensive income for the three and nine months ended September 30, 2018 and 2017 represented foreign currency translation adjustments and were included in the unaudited condensed consolidated statements of operations and comprehensive income.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     6.8665       6.5098  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.8031       6.6721  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.5137       6.8068  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     7.8278       7.8149  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8446       7.8143  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8398       7.7868  
Earnings Per Common Share

Earnings Per Common Share

 

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

 

Diluted net income per common share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share.
Commitments and Contingencies

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unassured claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unassured claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
Cash Flow Reporting

Cash Flow Reporting

 

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of :

 

(a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments;

 

(b) all items that are included in net income that do not affect operating cash receipts and payments.

 

The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than 12 months, as well as the disclosure of key information about leasing arrangements. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term. ASU 2016-02 requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. The Company has not yet evaluated the impact of the adoption of ASU 2016-02 on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this guidance are clarifying the definition of a business to assist entities when determining whether an integrated set of assets and activities meets the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new guidance is not expected to have a material impact on our unaudited condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance to eliminate the requirement to calculate the implied fair value of goodwill to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In May 2017, the FASB issued Accounting Standards Update No. 2017-09 (ASU 2017-09), Compensation — Stock Compensation (Topic 718) Scope of Modification Accounting. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The adoption of ASU 2017-09 which will become effective for annual periods beginning after December 15, 2017 and for interim periods within those annual periods, is not expected to have any impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.

 

In July 2017, the FASB issued Accounting Standards Update No. 2017-11 (ASU 2017-11), Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. The amendments in ASU 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The adoption of ASU 2017-11 which will become effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods. The Company elected to early adopt ASU 2017-11 when preparing these unaudited condensed consolidated financial statements and no effect on the Company’s unaudited condensed consolidated financial statements.

 

In February 2018, the FASB issued Accounting Standards Update No. 2018-02 (ASU 2018-02), Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, or ASU 2018-07. ASU 2018-07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to Accounting Standards Codification (“ASC”) 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not believe the adoption of this ASU will have a material effect on the Company’s unaudited condensed consolidated financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s unaudited condensed consolidated financial statement presentation or disclosures.
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets

Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

 

    Useful Life  
    (In years)  
Buildings     30 - 35  
Machinery and equipment     5 - 10  
Automobiles     8  
Office equipment     2 - 5  
Computer software     3  
Leasehold improvement     The shorter of the
lease term and useful life		  
Schedule of Foreign Currency Exchange Rate

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the unaudited condensed consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     6.8665       6.5098  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.8031       6.6721  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     6.5137       6.8068  
                 

 

The exchange rates used to translate amounts in HKD into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

 

    As of
September 30, 2018		     As of
December 31, 2017		  
Balance sheet items, except for equity accounts     7.8278       7.8149  
                 

 

    Three months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8446       7.8143  
                 

 

    Nine months ended September 30,  
    2018     2017  
Items in the statements of comprehensive income     7.8398       7.7868  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2018
Accounts Receivable, Net [Abstract]  
Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

    September 30, 2018     December 31, 2017  
Accounts receivable   $ 6,764,523     $ 83,860  
Less: Allowance for doubtful accounts     -       (55,240 )
Accounts receivable, net   $ 6,764,523     $ 28,620  
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expense (Tables)
 9 Months Ended
Sep. 30, 2018
Prepaid Expense  
Schedule of Prepaid Expense

Prepaid expenses consisted of the following:

 

    Notes     September 30, 2018     December 31, 2017  
Prepaid office rent           $ 11,168     $ 41,487  
Prepaid license Fee (for fertilizer)             -       26,115  
Prepaid government filing expense             9,500       5,000  
Prepaid consulting expenses     (1)       2,818,354       2,392,273  
Others             19,345       9,397  
Total           $ 2,858,367     $ 2,474,272  

 

(1) Prepaid consulting expense for issuance of common stock for prepaid services. Pursuant to the indemnification terms of the services agreements, the Company has the rights to demand the full services being accomplished as scheduled during the service period and to enforce the consultants to pay pro-rata penalties if the consultants do not fulfill the contract services within the services periods. As of September 30, 2018, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2018 and 2017, the amortization of consulting expense was $547,509 and $164,599, respectively. For the nine months ended September 30, 2018 and 2017, the amortization of consulting expense was $1,815,969 and $474,301, respectively.
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventory (Tables)
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consisted of the following:

 

    September 30, 2018     December 31, 2017  
Raw materials   $ 1,360,285     $ 2,745,991  
Finished goods     253,686       -  
Packing materials     31,362       -  
Total   $ 1,645,333     $ 2,745,991  
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment

Property, plant and equipment, net consisted of the following:

 

    September 30, 2018     December 31, 2017  
Property, Plant and Equipment                
Office equipment   $ 17,468     $ 15,899  
Furniture     24,522       23,331  
Leasehold improvement     86,850       91,609  
Construction in progress     25,340       26,729  
Others     554       1,106  
Property, plant and equipment - total   $ 154,734     $ 158,674  
Less: accumulated depreciation     (99,822 )     (68,174 )
Property, plant and equipment - net   $ 54,912     $ 90,500  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Salaries Payable (Tables)
 9 Months Ended
Sep. 30, 2018
Compensation Related Costs [Abstract]  
Schedule of Salaries Payable

    September 30, 2018     December 31, 2017  
Ms. Yvonne Wang (“Ms. Wang”)   $ 238,000     $ 175,000  
Other Employees     499,757       116,401  
Total   $ 737,757     $ 291,401  
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2018
Mr. Wei Li and Xiaoqiang Yu [Member]  
Schedule of Related Party Transactions

Amounts due from related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item   Nature     Notes     September 30, 2018     December 31, 2017  
                         
Mr. Wei Li     Non-trade       (1)       -       19,017  
Mr. Xiaoqiang Yu     Non-trade       (2)       12,726       -  
Total                   $ 12,726     $ 19,017  

 

(1) Mr. Wei Li

 

During the year ended December 31, 2017, Mr. Wei Li, the former chairman and CEO, founder and major shareholder of the Company, obtained a cash advance from the Company for operational purpose. The balance was repaid in March 2018.

 

(1) Mr. Xiaoqiang Yu

 

During the three months ended September 30, 2018, Mr. Xiaoqiang Yu, the general manager of the operations division of the Company, obtained a cash advance from the Company for operational purpose.
Ms. Wang, Ms. Feng Li [Member]  
Schedule of Related Party Transactions

Amounts due to related parties consisted of the following as of September 30, 2018 and December 31, 2017:

 

Item   Nature     Notes     September 30, 2018     December 31, 2017  
                         
Ms. Wang     Non-trade       (1)       517,025       320,199  
Ms. Feng Li (“Ms. Li”)     Non-trade       (2)       36,409       -  
Total amount due to related parties                   $ 553,434     $ 320,199  

 

(1) Ms. Wang

 

Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.

 

During the nine months ended September 30, 2018 and 2017, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Wang was $517,025 and $320,199, respectively.

 

(2) Ms. Feng Li

 

Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 20% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Feng Li was $36,409 and $0, respectively.
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

Convertible notes payable consisted of the following:

 

    September 30, 2018     December 31, 2017  
6% secured convertible notes – FirsTrust Group Inc. (1)   $ 107,562     $ 121,562  
15% convertible notes- Mr. Geng Liu (1)     145,635       153,615  
15% convertible notes- Mr. Junwei Zheng (1)     800,990       844,881  
Less: notes discount     (171,716 )     (386,776 )
Convertible notes payable - total     882,471       733,282  
Non-current     -       (460,082 )
Current   $ 882,471     $ 273,200  

 

(1) Convertible Notes Payable

 

Convertible notes payable consists of $107,562 of 6% secured convertible notes issued to FirsTrust Group Inc. on June 29, 2006, $145,635 (face amount $145,635 net of discount of $0) of 15% convertible note issued to Mr. Geng Liu on January 17, 2017, and $629,274 (face amount $800,990 net of discount of $171,716) of 15% convertible note issued to Mr. Junwei Zheng on May 9, 2017.
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Payables and Accruals (Tables)
 9 Months Ended
Sep. 30, 2018
Other Liabilities Disclosure [Abstract]  
Schedule of Other Payable

Other payable consisted of the following:

 

    Notes     September 30, 2018     December 31, 2017  
Stock subscription proceeds received in advance     (1)     $ 1,693,106     $ 1,718,642  
Accrued expenses             209,347       36,240  
R&D expense payable             423,565       309,555  
Others             496,077       44,436  
            $ 2,822,095     $ 2,108,873  

 

(1). The Company received RMB 3.2 million (approximately $466,030 as at September 30, 2018) in 2016 from two unrelated potential investors, and additionally received RMB 8 million (approximately $1,227,075 as at September 30, 2018) in 2017 from one unrelated potential investors pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities recorded at fair value on recurring basis that were accounted for at fair value as of:

 

September 30, 2018

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 3,437     $ 3,437  
Total     —       —     $ 3,437     $ 3,437  

 

December 31, 2017

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —     $ 247,933     $ 247,933  
Total     —       —     $ 247,933     $ 247,933  
Schedule of Liabilities Measured at Fair Value on Recurring Basis

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2018 and for the year ended December 31, 2017:

 

    Nine months ended September 30, 2018     Year ended
December 31, 2017		  
             
Beginning balance   $ 247,933     $ -  
Fair value of derivative liabilities at inception     -       569,784  
Change in fair value of derivative liabilities     (244,496 )     (321,851 )
Ending balance   $ 3,437     $ 247,933  
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax (Tables)
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of U.S. Tax Rate

A reconciliation of the provision for income taxes from continuing operation determined at the local income tax rate to the Company’s effective income tax rate is as follows:

 

    Three months ended
September 30,		     Nine months ended
September 30,		  
    2018     2017     2018     2017  
                         
Pre-tax income (loss) from continuing operation   $ 1,137,761     $ (850,876 )   $ 1,452,570     $ (2,227,413 )
                                 
U.S. federal corporate income tax rate     21 %     34 %     21 %     34 %
Income tax expense (benefit) computed at U.S. federal corporation income tax rate     238,930       (289,298 )     305,040       (757,320 )
Reconciling items:                                
Rate differential for PRC earnings     75,311       85,840       155,581       133,249  
Change of valuation allowance     193,880       73,251       934,250       381,789  
Effect of tax exempted income in BVI     6,279       7,139       16,738       21,422  
Deferred tax used to offset tax liability     -       -       -       -  
Effective tax expenses (benefits)   $ 514,400     $ (123,068 )   $ 1,411,609     $ (220,860 )
Schedule of Deferred Tax Assets

The Company had deferred tax assets from continuing operation as follows:

 

    September 30, 2018     December 31, 2017  
             
Net operating losses carried forward by parent Company in the US   $ 2,098,681     $ 1,746,802  
Net operating losses carried forward by China Subsidiaries except for Kiwa Beijing     630,161       311,925  
Less: Valuation allowance     (2,728,842 )     (2,058,727 )
                 
Net deferred tax assets   $ -     $ -  
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Lease Payments

The Company entered various lease agreements for business purpose. The future lease payments at September 30, 2018 are summarized below:

 

Twelve months ending September 30, 2019   $ 53,356  
Twelve months ending September 30, 2020     12,632  
Twelve months ending September 30, 2021     4,709  
Thereafter     -  
Total minimum lease payment   $ 70,697  
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization (Details Narrative)
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Percentage of ownership 89.00%
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going Concern (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Working capital $ 11,700,000      
Cash and cash equivalents $ 11,094 $ 1,083,539 $ 23,275 $ 13,469
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies (Details Narrative)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Income tax largest amount of benefit, description greater than 50 percent
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)
 9 Months Ended
Sep. 30, 2018
Buildings [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 30 years
Buildings [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 35 years
Machinery and Equipment [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 5 years
Machinery and Equipment [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 10 years
Automobiles [Member]  
Property, plant and equipment useful life (In years) 8 years
Office Equipment [Member] | Minimum [Member]  
Property, plant and equipment useful life (In years) 2 years
Office Equipment [Member] | Maximum [Member]  
Property, plant and equipment useful life (In years) 5 years
Computer Software [Member]  
Property, plant and equipment useful life (In years) 3 years
Leasehold Improvements [Member]  
Property, plant and equipment useful life, description The shorter of the lease term and useful life
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summaries of Significant Accounting Policies - Schedule of Foreign Currency Exchange Rate (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Balance Sheet Items, Except for Equity Accounts [Member] | RMB [Member]          
Foreign currency exchange rate, translation     6.8665   6.5098
Balance Sheet Items, Except for Equity Accounts [Member] | HKD [Member]          
Foreign currency exchange rate, translation     7.8278   7.8149
Items in the Statements of Comprehensive Income [Member] | RMB [Member]          
Foreign currency exchange rate, translation 6.8031 6.6721 6.5137 6.8068  
Items in the Statements of Comprehensive Income [Member] | HKD [Member]          
Foreign currency exchange rate, translation 7.8446 7.8143 7.8398 7.7868  
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Receivable, Net (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Accounts receivable, net $ 6,764,523 $ 28,620
Accounts Receivable [Member]    
Allowance for doubtful accounts description Currently, the Company provides a provision of 1%-6% of the allowance for doubtful accounts for accounts receivable balance that are more than 180 days old but less than one year old, 50% of the allowance for doubtful accounts for accounts receivable from one to one and half years old, 100% of the allowance for doubtful accounts for accounts receivable beyond one and half years old, plus additional amount as necessary, which the Company's collection department had determined the collection of the full amount is remote with the approval from its management to provide a 100% provision allowance for doubtful accounts. The Company's management has continued to evaluate the reasonableness of the valuation allowance policy and update it if necessary.  
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Accounts Receivable, Net [Abstract]    
Accounts receivable $ 6,764,523 $ 83,860
Less: Allowance for doubtful accounts (55,240)
Accounts receivable, net $ 6,764,523 $ 28,620
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expense - Schedule of Prepaid Expense (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Prepaid Expense    
Prepaid office rent $ 11,168 $ 41,487
Prepaid License Fee (for fertilizer) 26,115
Prepaid government filing expense 9,500 5,000
Prepaid consulting expenses [1] 2,818,354 2,392,273
Others 19,345 9,397
Prepaid expenses $ 2,858,367 $ 2,474,272
[1] Prepaid consulting expense for issuance of common stock for prepaid services. Pursuant to the indemnification terms of the services agreements, the Company has the rights to demand the full services being accomplished as scheduled during the service period and to enforce the consultants to pay pro-rata penalties if the consultants do not fulfill the contract services within the services periods. As of September 30, 2018, the Company evaluated the performance of the consultants and concluded all the contracts were on schedule of delivery. The company amortized the consulting fee over the service periods per agreements based on the progress of services delivered. For the three months ended September 30, 2018 and 2017, the amortization of consulting expense was $547,509 and $164,599, respectively. For the nine months ended September 30, 2018 and 2017, the amortization of consulting expense was $1,815,969 and $474,301, respectively.
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expense - Schedule of Prepaid Expense (Details) (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Prepaid Expense        
Amortization of consulting expenses $ 547,509 $ 164,599 $ 1,815,969 $ 474,301
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Advance to Suppliers (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Advance To Suppliers    
Advance to suppliers $ 13,223,623 $ 12,660,793
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventory - Schedule of Inventory (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Raw materials $ 1,360,285 $ 2,745,991
Finished goods 253,686
Packing materials 31,362
Total $ 1,645,333 $ 2,745,991
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 3,930 $ 11,878 $ 24,381 $ 29,527
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Property, plant and equipment - total $ 154,734 $ 158,674
Less: accumulated depreciation (99,822) (68,174)
Property, plant and equipment - net 54,912 90,500
Office Equipment [Member]    
Property, plant and equipment - total 17,468 15,899
Furniture [Member]    
Property, plant and equipment - total 24,522 23,331
Leasehold Improvement [Member]    
Property, plant and equipment - total 86,850 91,609
Construction in Progress [Member]    
Property, plant and equipment - total 25,340 26,729
Others [Member]    
Property, plant and equipment - total $ 554 $ 1,106
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Deposit for Long-Term Investment (Details Narrative) - Equity Purchase Agreement [Member]
 9 Months Ended
Jun. 08, 2017
USD ($)
Jun. 08, 2017
CNY (¥)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
CNY (¥)
Payments to acquire new factory | $     $ 800,000  
Payment to acquire land use rights | $     1,000,000  
Payment made upon business licenses transfer | $     $ 500,000  
RMB Currency [Member]        
Payments to acquire new factory | ¥       ¥ 5,000,000
Payment to acquire land use rights | ¥       6,500,000
Payment made upon business licenses transfer | ¥       ¥ 3,500,000
Yantai Peng Hao New Materials Technology Co. Ltd [Member]        
Ownership interest 100.00% 100.00%    
Payments to acquire new factory | $ $ 2,300,000      
Yantai Peng Hao New Materials Technology Co. Ltd [Member] | RMB Currency [Member]        
Payments to acquire new factory | ¥   ¥ 15,000,000    
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Salaries Payable - Schedule of Salaries Payable (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Salaries payable $ 737,757 $ 291,401
Ms.Yvonne Wang [Member]    
Salaries payable 238,000 175,000
Other Employees [Member]    
Salaries payable $ 499,757 $ 116,401
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Related Party Transaction [Line Items]    
Due to related parties $ 553,434 $ 320,199
Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due from related parties 12,726 19,017
Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due to related parties 553,434 320,199
Mr. Wei Li [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due from related parties [1] 19,017
Mr. Xiaoqiang Yu [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due from related parties [2] 12,726
Ms. Wang [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due to related parties [3] 517,025 320,199
Ms. Feng Li [Member] | Non-Trade Transaction [Member]    
Related Party Transaction [Line Items]    
Due to related parties [4] $ 36,409
[1] Mr. Wei Li During the year ended December 31, 2017, Mr. Wei Li, the former chairman and CEO, founder and major shareholder of the Company, obtained a cash advance from the Company for operational purpose. The balance was repaid in March 2018.
[2] Mr. Xiaoqiang Yu During the three months ended September 30, 2018, Mr. Xiaoqiang Yu, the general manager of the operations division of the Company, obtained a cash advance from the Company for operational purpose.
[3] Ms. Wang Effective November 20, 2015, the Company appointed Ms. Wang as the Chairman of the Board and effective August 11, 2016, the Company’s Board of Directors has assigned Ms. Wang the additional titles of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer. On April 15, 2018, Ms. Wang turned over the Acting Chief Financial Officer to her successor.During the nine months ended September 30, 2018 and 2017, Ms. Wang paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Wang was $517,025 and $320,199, respectively.
[4] Ms. Feng Li is a member of the Company’s board of directors and shareholder of the Company. Ms. Li held approximately 20% of the Company’s Common Stock and 50% of the Company’s Series A Preferred Stock. Ms. Feng Li paid various expenses on behalf of the Company. As of September 30, 2018, and December 31, 2017, the amount due to Ms. Feng Li was $36,409 and $0, respectively.
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions - Schedule of Related Party Transactions (Details) (Parenthetical) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Ownership interest 89.00%  
Ms.Wang [Member]    
Due to related parties $ 517,025 $ 320,199
Ms. Feng Li [Member]    
Due to related parties $ 36,409 $ 0
Ms. Feng Li [Member] | Common Stock [Member]    
Ownership interest 20.00%  
Ms. Feng Li [Member] | Series A Preferred Stock [Member]    
Ownership interest 50.00%  
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes Payable (Details Narrative)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 19, 2018
USD ($)
Apr. 27, 2018
USD ($)
$ / shares
shares
Dec. 13, 2017
USD ($)
$ / shares
shares
Oct. 19, 2017
USD ($)
$ / shares
shares
May 09, 2017
USD ($)
$ / shares
Jan. 17, 2017
USD ($)
$ / shares
Jan. 17, 2017
USD ($)
$ / shares
Aug. 12, 2013
USD ($)
Jun. 29, 2009
Mar. 18, 2008
USD ($)
Jun. 29, 2006
USD ($)
Aug. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
$ / shares
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
$ / shares
Sep. 30, 2018
CNY (¥)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
$ / shares
Dec. 31, 2017
CNY (¥)
May 09, 2017
CNY (¥)
Jan. 17, 2017
CNY (¥)
Dec. 31, 2016
USD ($)
Convertible notes payable                         $ 882,471   $ 882,471     $ 273,200        
Debt discount                         171,716   171,716     386,776        
Accrued interest expense                             459,445   $ 356,256          
Interest expense                             67,500   67,500          
Proceeds from convertible notes payable                               976,356          
Derivative liability         $ 569,784               3,437   3,437     247,933      
Derivative liabilities fair value                         3,437   3,437     247,933        
Gain loss on derivative                         42,125 $ 205,612 244,496   199,051          
Change in fair value of derivative liabilities                             244,496     $ 321,851        
FirsTrust Group [Member]                                            
Stock issued for conversion, shares | shares   126,045 105,095 14,151                                    
Shares issued price per share | $ / shares   $ 0.62 $ 0.75 $ 1.04                                    
Conversion of debt upon stock issued percentage   40.00% 40.00% 40.00%                                    
Securities Purchase Agreement [Member] | Purchasers [Member]                                            
Convertible notes payable                     $ 2,450,000                      
Percentage of secured convertible notes issued                 6.00%                          
Notes beard interest                     6.00%                      
Securities Purchase Agreement [Member] | Holders [Member]                                            
Convertible notes payable               $ 2,000,000                            
Notes beard interest               6.00%                            
Payment of debt               $ 75,000                            
Convertible Note Agreement [Member] | FirsTrust Group [Member]                                            
Shares issued price per share | $ / shares   $ 1.3 $ 2.3 $ 2.25                                    
Fair value of beneficial conversion feature   $ 126,045 $ 105,095 $ 14,151                                    
15% Convertible Note [Member]                                            
Convertible notes payable         $ 629,274 $ 145,635 $ 145,635                              
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Geng Liu [Member]                                            
Convertible notes payable                         145,635   145,635              
Notes beard interest           15.00% 15.00%                           15.00%  
Fair value of beneficial conversion feature             $ 45,094                              
Accrued interest expense                             19,477   $ 45,535          
Debt instruments maturity date             Jan. 16, 2018                              
Debt conversion price | $ / shares           $ 0.90 $ 0.90                              
Debt instrument extended date             Dec. 31, 2018                              
Proceeds from convertible notes payable             $ 99,850                              
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Geng Liu [Member] | RMB Currency [Member]                                            
Debt instruments face amount | ¥                                         ¥ 3,000,000  
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member]                                            
Convertible notes payable                         629,274   629,274              
Notes beard interest         15.00%                             15.00%    
Accrued interest expense                         $ 102,374   $ 307,915              
Debt instruments maturity date         May 08, 2019                                  
Debt conversion price | $ / shares         $ 3.5                                  
Strike price of conversion options | $ / shares         3.5                   $ 3.5     $ 3.5        
Partial principal                             $ 800,990              
Market price | $ / shares         $ 2.7               $ 0.75   $ 0.75     $ 2.0        
Derivative liabilities fair value                         $ 117,995   $ 117,995              
Gain loss on derivative                         42,125   42,125              
Change in fair value of derivative liabilities                         244,496   $ 244,496              
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | Expected Term Volatility [Member]                                            
Fair value assumptions, measurement input, percentages         260.80%                   107.27% 107.27%   151.90% 151.90%      
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | Expected Dividend Rate [Member]                                            
Fair value assumptions, measurement input, percentages         0.00%                   0.00% 0.00%   0.00% 0.00%      
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | Risk Free Interest Rate [Member]                                            
Fair value assumptions, measurement input, percentages         1.37%                   2.40% 2.40%   1.80% 1.80%      
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | Expected Term [Member]                                            
Fair value assumptions, measurement input, term         2 years                   6 months 29 days 6 months 29 days   1 year 3 months 29 days 1 year 3 months 29 days      
15% Convertible Notes [Member] | Convertible Note Agreement [Member] | Mr. Junwei Zheng [Member] | RMB Currency [Member]                                            
Debt instruments face amount | ¥                                       ¥ 30,000,000    
Partial principal                       $ 24,500,000       ¥ 5,500,000     ¥ 30,000,000      
6% Secured Convertible Note [Member]                                            
Notes beard interest                 15.00%                          
FirsTrust Group, Inc [Member]                                            
Convertible notes payable                         $ 150,250   $ 150,250              
Percentage of secured convertible notes issued                             15.00% 15.00% 15.00%          
Notes beard interest                         15.00%   15.00%              
Cash payment $ 500,000                                          
Conversion of debt upon stock issued percentage 6.00%                           110.00% 110.00%            
Common stock outstanding percentage                             4.99% 4.99%            
Percentage of equal outstanding amount of notes                             2.00% 2.00%            
Penalty damage expense                             $ 52,006   $ 61,730          
Accrued interest expense                             12,654   $ 16,857          
Interest expense                             173,113     $ 182,858        
Accrued liquidated damages                             $ 532,263     $ 522,257        
FirsTrust Group, Inc [Member] | February 28, 2019 [Member]                                            
Cash payment $ 340,000                                          
Conversion of debt upon stock issued percentage 6.00%                                          
FirsTrust Group, Inc [Member]                                            
Convertible notes payable                     $ 107,562                      
Percentage of secured convertible notes issued                     6.00%                      
FirsTrust Group, Inc [Member] | 6% Convertible Note [Member]                                            
Percentage of secured convertible notes issued                   6.00%                        
Payment acquire debt                   $ 168,000                        
Cash payment                   100,000                        
FirsTrust Group, Inc [Member] | 6% Convertible Note [Member] | Share-based Compensation Award, Tranche One [Member]                                            
Payment acquire debt                   59,100                        
FirsTrust Group, Inc [Member] | 6% Convertible Note [Member] | Share-based Compensation Award, Tranche Two [Member]                                            
Payment acquire debt                   50,400                        
FirsTrust Group, Inc [Member] | 6% Convertible Note [Member] | Share-based Compensation Award, Tranche Three [Member]                                            
Payment acquire debt                   59,100                        
Mr. Geng Liu [Member]                                            
Convertible notes payable           $ 145,635 145,635                              
Percentage of secured convertible notes issued           15.00%                                
Debt discount           $ 0 $ 0                              
Mr. Junwei Zheng [Member] | 15% Convertible Notes [Member]                                            
Convertible notes payable         $ 800,990                                  
Debt discount         $ 171,716                                  
Nite Capital LP [Member] | 6% Secured Convertible Note [Member] | Six Institutional Investors [Member]                                            
Payment acquire debt                   300,000                        
Nite Capital LP [Member] | 6% Secured Convertible Note [Member] | Six Institutional Investors [Member] | Share-based Compensation Award, Tranche One [Member]                                            
Payment acquire debt                   105,000                        
Nite Capital LP [Member] | 6% Secured Convertible Note [Member] | Six Institutional Investors [Member] | Share-based Compensation Award, Tranche Two [Member]                                            
Payment acquire debt                   90,000                        
Nite Capital LP [Member] | 6% Secured Convertible Note [Member] | Six Institutional Investors [Member] | Share-based Compensation Award, Tranche Three [Member]                                            
Payment acquire debt                   $ 105,000                        
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Less: notes discount $ (171,716) $ (386,776)
Convertible notes payable - total 882,471 733,282
Non-current (460,082)
Current 882,471 273,200
6% Secured Convertible Note [Member] | FirsTrust Group [Member]    
Convertible notes payable, gross [1] 107,562 121,562
15% Convertible Notes [Member] | Geng Liu [Member]    
Convertible notes payable, gross [1] 145,635 153,615
15% Convertible Notes [Member] | Junwei Zheng [Member]    
Convertible notes payable, gross [1] $ 800,990 $ 844,881
[1] Convertible notes payable consists of $107,562 of 6% secured convertible notes issued to FirsTrust Group Inc. on June 29, 2006, $145,635 (face amount $145,635 net of discount of $0) of 15% convertible note issued to Mr. Geng Liu on January 17, 2017, and $629,274 (face amount $800,990 net of discount of $171,716) of 15% convertible note issued to Mr. Junwei Zheng on May 9, 2017.
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note Payable (Details Narrative) - USD ($)
 9 Months Ended
Sep. 19, 2018
May 29, 2007
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Promissory note     $ 360,000   $ 360,000
Interest expense     67,500 $ 67,500  
Settlement Agreement [Member]          
Number of shares cash payment $ 200,000        
Number of shares issued, shares 300,000        
Cash payment $ 260,000        
Unrelated Individual [Member]          
Promissory note   $ 360,000      
Note interest rate   18.00%      
Note maturity date   Jul. 27, 2007      
Note default rate   25.00%      
FirsTrust Group [Member]          
Promissory note     360,000    
Accrued interest     $ 1,016,800    
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
Others Payable and Accruals - Schedule of Other Payables (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Other Liabilities Disclosure [Abstract]    
Stock subscription proceeds received in advance [1] $ 1,693,106 $ 1,718,642
Accrued expenses 209,347 36,240
R&D expense payable 423,565 309,555
Others 496,077 44,436
Other payable $ 2,822,095 $ 2,108,873
[1] The Company received RMB 3.2 million (approximately $466,030 as at September 30, 2018) in 2016 from two unrelated potential investors, and additionally received RMB 8 million (approximately $1,227,075 as at September 30, 2018) in 2017 from one unrelated potential investors pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
Others Payable and Accruals - Schedule of Other Payables (Details) (Parenthetical)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
CNY (¥)
Dec. 31, 2017
USD ($)
Stock subscription received [1] $ 1,693,106   $ 1,718,642
Two Unrelated Potential Investors [Member]      
Stock subscription received 466,030    
Two Unrelated Potential Investors [Member] | RMB Currency [Member]      
Stock subscription received | ¥   ¥ 3,200,000  
One Unrelated Potential Investors [Member]      
Stock subscription received $ 1,227,075    
One Unrelated Potential Investors [Member] | RMB Currency [Member]      
Stock subscription received | ¥   ¥ 8,000,000  
[1] The Company received RMB 3.2 million (approximately $466,030 as at September 30, 2018) in 2016 from two unrelated potential investors, and additionally received RMB 8 million (approximately $1,227,075 as at September 30, 2018) in 2017 from one unrelated potential investors pending for stock issuances. The Company is in the process of negotiating the issuance price per shares of these stock subscriptions with the investors.
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Deficiency) (Details Narrative)
 9 Months Ended
Apr. 27, 2018
$ / shares
shares
Dec. 28, 2017
USD ($)
$ / shares
shares
Dec. 13, 2017
$ / shares
shares
Oct. 19, 2017
$ / shares
shares
Jan. 17, 2017
USD ($)
Jan. 17, 2017
CNY (¥)
Dec. 14, 2015
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Sep. 30, 2017
USD ($)
Proceeds from issuance of common stock               $ 307,600 $ 3,221,127
Proceeds from convertible notes               $ 976,356
Four Individuals [Member]                  
Stock issued during period, shares | shares               247,700  
Proceeds from issuance of common stock               $ 307,600  
Consultants [Member] | Nine Consulting Agreements [Member]                  
Shares issued price per share | $ / shares               $ 1.66  
Stock issued during period, shares | shares               1,347,918  
One Officer [Member]                  
Stock issued during period, shares | shares               15,234  
Proceeds from issuance of common stock               $ 16,622  
Series A Preferred Stock [Member]                  
Preferred stock, voting rights             These shares of Series A Preferred Stock shall have voting rights equal to aggregate of 75% of total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of the Company.    
Shares issued price per share | $ / shares             $ 2.0    
Series B Preferred Stock [Member]                  
Preferred stock, voting rights   These shares of Series B Preferred Stock have a liquidation preference which is same with the Company's Series A Preferred Stock, and is entitled to vote on an as-converted basis as the holder of common stock, and is convertible into the Company's common stock on a one-for-one basis at any time at the option of the holder.              
Shares issued price per share | $ / shares   $ 1.3              
Two Related Party Individuals [Member] | Series A Preferred Stock [Member]                  
Stock issued during period cancelled | shares             500,000    
Stock issued during period cancelled, value             $ 1,000,000    
One Related Party Individuals [Member] | Series B Preferred Stock [Member]                  
Issuance of shares of preferred stock as debt cancellation, shares | shares   811,148              
Issuance of shares of preferred stock as debt cancellation   $ 1,054,492              
FirsTrust Group [Member]                  
Shares issued price per share | $ / shares $ 0.62   $ 0.75 $ 1.04          
Common stock issued for conversion | shares 126,045   105,095 14,151          
Mr. Geng Liu [Member]                  
Proceeds from convertible notes         $ 144,944        
Intrinsic value of beneficial conversion feature         $ 45,094        
Mr. Geng Liu [Member] | RMB Currency [Member]                  
Proceeds from convertible notes | ¥           ¥ 1,000,000      
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
May 09, 2017
Dec. 31, 2016
Derivative liabilities $ 3,437 $ 247,933 $ 569,784
Total 3,437 247,933    
Fair Value, Inputs, Level 1 [Member]        
Derivative liabilities    
Total    
Fair Value, Inputs, Level 2 [Member]        
Derivative liabilities    
Total    
Fair Value, Inputs, Level 3 [Member]        
Derivative liabilities 3,437 247,933    
Total $ 3,437 $ 247,933    
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Fair Value Disclosures [Abstract]    
Beginning balance $ 247,933
Fair value of derivative liabilities at inception 569,784
Change in fair value of derivative liabilities (244,496) (321,851)
Ending balance $ 3,437 $ 247,933
XML 77 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 22, 2017
Sep. 30, 2018
USD ($)
Sep. 30, 2018
CNY (¥)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
CNY (¥)
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Effective income tax rate 34.00%              
Corporate tax rate decreased percentage 21.00%              
Effective income tax change in enacted tax rate 21.00%              
Effective income tax of valuation allowance percentage 100.00%              
Income tax provision   $ (514,400)   $ 123,068 $ (1,411,609)   $ 220,860  
Operating loss carry forwards   13,000,000     13,000,000     $ 9,500,000
Unrecognized tax benefits          
Provision for interest and penalties            
Interest and penalties        
China, Kiwa Shandong, Kiwa Beijing, Kiwa Shenzhen, Kiwa Xian and Kiwa Hebei, Kiwa Shanxi and Kiwa Yangling [Member]                
Effective income tax rate         25.00% 25.00%    
Kiwa Yangling [Member]                
Income tax provision   $ 514,000     $ 940,000      
Kiwa Yangling [Member] | RMB Currency [Member]                
Income tax provision | ¥     ¥ 3,483,206     ¥ 6,120,407    
Kiwa Beijing [Member]                
Income tax provision         $ 472,000      
Kiwa Beijing [Member] | RMB Currency [Member]                
Income tax provision | ¥           ¥ 3,074,370    
United States [Member]                
Effective income tax rate         21.00% 21.00%    
Global Intangible Low-Taxed Income Tax [Member]                
Effective income tax rate               10.50%
Global Intangible Low-Taxed Income Tax [Member] | Maximum [Member] | December 31, 2025 [Member]                
Effective income tax rate               13.125%
Global Intangible Low-Taxed Income Tax [Member] | Minimum [Member] | December 31, 2018 [Member]                
Effective income tax rate               10.50%
XML 78 R66.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax - Schedule of Reconciliation of U.S. Tax Rate (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]        
Pre-tax income (loss) from continuing operation $ 1,137,761 $ (850,876) $ 1,452,570 $ (2,227,413)
U.S. federal corporate income tax rate 21.00% 34.00% 21.00% 34.00%
Income tax expense (benefit) computed at U.S. federal corporation income tax rate $ 238,930 $ (289,298) $ 305,040 $ (757,320)
Rate differential for PRC earnings 75,311 85,840 155,581 133,249
Change of valuation allowance 193,880 73,251 934,250 381,789
Effect of tax exempted income in BVI 6,279 7,139 16,738 21,422
Deferred tax used to offset tax liability
Effective tax expenses (benefits) $ 514,400 $ (123,068) $ 1,411,609 $ (220,860)
XML 79 R67.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Less: Valuation allowance $ (2,728,842) $ (2,058,727)
Net deferred tax assets
US [Member]    
Net operating losses carried forward by parent Company US 2,098,681 1,746,802
Kiwa Beijing [Member]    
Net operating losses carried forward by parent Company US $ 630,161 $ 311,925
XML 80 R68.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative)
 12 Months Ended
Jun. 21, 2018
USD ($)
T
Jun. 21, 2018
CNY (¥)
T
Jun. 08, 2017
USD ($)
Jun. 08, 2017
CNY (¥)
Nov. 05, 2015
USD ($)
Nov. 05, 2015
CNY (¥)
Dec. 31, 2017
USD ($)
Dec. 31, 2017
CNY (¥)
CAAS IARRP and IAED Institutes [Member]                
Related party transaction, amounts of transaction | $         $ 160,000      
Description of related party transaction         The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018. The term of the Agreement is for three years beginning November 20, 2015 and will expire on November 19, 2018.    
RMB Currency [Member] | CAAS IARRP and IAED Institutes [Member]                
Related party transaction, amounts of transaction           ¥ 1,000,000    
Equity Purchase Agreement [Member] | First Payment [Member]                
Acquisition of purchase price | $             $ 1,000,000  
Payment of purchase agreement | $             800,000  
Equity Purchase Agreement [Member] | Second Payment [Member]                
Acquisition of purchase price | $             $ 500,000  
Equity Purchase Agreement [Member] | RMB Currency [Member] | First Payment [Member]                
Acquisition of purchase price               ¥ 6,500,000
Payment of purchase agreement               5,000,000
Equity Purchase Agreement [Member] | RMB Currency [Member] | Second Payment [Member]                
Acquisition of purchase price               3,500,000
Payment of purchase agreement               ¥ 10,000,000
Peng Hao [Member] | Equity Purchase Agreement [Member]                
Acquisition percentage     100.00% 100.00%        
Acquisition of purchase price | $     $ 2,300,000          
Peng Hao [Member] | Equity Purchase Agreement [Member] | RMB Currency [Member]                
Acquisition of purchase price       ¥ 15,000,000        
Shandong Ronghua [Member] | Purchase Agreement [Member]                
Volume of bio-organic fertilizer purchased | T 5,000 5,000            
Aggregate purchase amount of bio-organic fertilizer | $ $ 571,667              
Shandong Ronghua [Member] | Purchase Agreement [Member] | RMB Currency [Member]                
Aggregate purchase amount of bio-organic fertilizer   ¥ 3,700,000            
XML 81 R69.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Future Lease Payments (Details)
Sep. 30, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Twelve months ending September 30, 2019 $ 53,356
Twelve months ending September 30, 2020 12,632
Twelve months ending September 30, 2021 4,709
Thereafter
Total minimum lease payment $ 70,697
XML 82 R70.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentration of Risk (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Cash and cash equivalents $ 11,094 $ 23,275 $ 11,094 $ 23,275 $ 1,083,539 $ 13,469
Customer One [Member] | Sales [Member]            
Concentration risk percentage 99.00% 23.00% 36.00% 23.00%    
Customer Two [Member] | Sales [Member]            
Concentration risk percentage   14.00% 32.00% 14.00%    
Customer Three [Member] | Sales [Member]            
Concentration risk percentage   14.00% 20.00% 14.00%    
Customer Four [Member] | Sales [Member]            
Concentration risk percentage   14.00% 10.00% 14.00%    
Customer Five [Member] | Sales [Member]            
Concentration risk percentage   14.00%   14.00%    
One Customer [Member] | Accounts Receivable [Member]            
Concentration risk percentage     42.00%   52.00%  
Two Customer [Member] | Accounts Receivable [Member]            
Concentration risk percentage     30.00%   22.00%  
Three Customer [Member] | Accounts Receivable [Member]            
Concentration risk percentage     27.00%   14.00%  
One Supplier [Member] | Cost of Goods, Total [Member]            
Concentration risk percentage 94.00% 93.00%   93.00%    
Supplier One [Member]            
Concentration risk percentage     55.00%   97.00%  
Supplier One [Member] | Cost of Goods, Total [Member]            
Concentration risk percentage     53.00%      
Supplier One [Member] | Accounts Payable [Member]            
Concentration risk percentage     76.00%   67.00%  
Supplier Two [Member]            
Concentration risk percentage     44.00%      
Supplier Two [Member] | Cost of Goods, Total [Member]            
Concentration risk percentage     24.00%      
Supplier Two [Member] | Accounts Payable [Member]            
Concentration risk percentage     13.00%   27.00%  
Supplier Three [Member] | Cost of Goods, Total [Member]            
Concentration risk percentage     17.00%      
Supplier Three [Member] | Accounts Payable [Member]            
Concentration risk percentage     11.00%      
XML 83 R71.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Narrative) - Oct. 12, 2018 - Subsequent Event [Member]
USD ($)
ft²
T
CNY (¥)
ft²
T
Incentives and provide tax | $ $ 432,975  
Total facility construction area | ft² 8.77 8.77
Production capacity | T 60,000 60,000
Annual production value | $ $ 65,000,000  
RMB Currency [Member]    
Incentives and provide tax | ¥   ¥ 3,000,000
Annual production value | ¥   ¥ 462,000,000
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