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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C.20549
FORM
10-Q
(Mark
one)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
file number 0-17284
AIXIN
LIFE INTERNATIONAL, INC.
(Exact
name of registrant as specified in its charter)
Colorado |
|
84-1085935 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
Hongxing
International Business Building 2, 14th FL,
No. 69 Qingyun South Ave.,
Jinjiang District
Chengdu
City, Sichuan Province, China
(Address
of principal executive offices)
86-313-6732526
(Issuer’s
telephone number)
Securities
Registered Pursuant to Section 12(g) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of each Exchange on which Registered |
Common
Stock, $0.00001 Par Value |
|
AIXN |
|
OTCQX |
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
☒ 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 during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files).
Yes
☐ 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.
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
(Do
not check if a smaller reporting company) |
Smaller
reporting company |
☒ |
|
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: As of August
11, 2023, there were outstanding 24,999,842 shares of the registrant’s common stock.
AIXIN
LIFE INTERNATIONAL, INC.
FORM
10-Q
June
30, 2023
INDEX
SPECIAL
NOTE REGARDING FORWARD LOOKING STATEMENTS
This
report contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be materially different from any future results, performances or achievements
expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,”
“believes,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “predicts,” “projects,” “should,” “would”
and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect
to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place
undue reliance on forward-looking statements. Forward-looking statements include, among other things, statements relating to:
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our
goals and strategies; |
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our
future business development, financial condition and results of operations; |
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our
expectations regarding demand for, and market acceptance of, our products; |
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our
expectations regarding keeping and strengthening our relationships with merchants, manufacturers and end-users; and |
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general
economic and business conditions in the regions where we provide our services. |
Also,
forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report and
the documents that we reference and filed as exhibits to the report completely and with the understanding that our actual future results
may be materially different from what we expect. Except as required by law, we assume no obligation to update any forward-looking statements
publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even
if new information becomes available in the future.
Use
of Certain Defined Terms
Except
where the context otherwise requires and for the purposes of this report only:
the
“Company,” “we,” “us,” and “our” refer to AiXin Life International., Inc. (“AiXin”)
and its subsidiaries.
“Exchange
Act” refers to the Securities Exchange Act of 1934, as amended;
“Hong
Kong” refers to the Hong Kong Special Administrative Region of the People’s Republic of China;
“PRC,”
“China,” and “Chinese,” refer to the People’s Republic of China (excluding Hong Kong and Taiwan);
“Renminbi”
and “RMB” refer to the legal currency of China;
“Securities
Act” refers to the Securities Act of 1933, as amended; and
“US
dollars,” “dollars” and “$” refer to the legal currency of the United States.
PART
I - FINANCIAL INFORMATION
AIXIN
LIFE INTERNATIONAL, INC.
CONSOLIDATED
BALANCE SHEETS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
| |
| | |
| |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 316,905 | | |
$ | 510,128 | |
Restricted cash | |
| 97,625 | | |
| 109,772 | |
Accounts receivable, including related parties, net | |
| 345,500 | | |
| 562,581 | |
Other receivables and prepaid expenses | |
| 66,331 | | |
| 42,631 | |
Advances to suppliers, including related party | |
| 156,745 | | |
| 168,523 | |
Inventory, net | |
| 625,752 | | |
| 499,252 | |
Due from related parties | |
| 134,320 | | |
| 83,102 | |
Total current assets | |
| 1,743,178 | | |
| 1,975,989 | |
| |
| | | |
| | |
Property and equipment, net | |
| 1,701,307 | | |
| 1,971,793 | |
Intangible asset, net | |
| 3,241 | | |
| 1,269 | |
Goodwill, net | |
| - | | |
| - | |
Deferred tax asset | |
| 13,934 | | |
| 15,556 | |
Security deposit | |
| 82,744 | | |
| 86,992 | |
Operating lease right-of-use assets | |
| 682,694 | | |
| 999,285 | |
Total assets | |
$ | 4,227,098 | | |
$ | 5,050,884 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 470,770 | | |
$ | 398,469 | |
Accounts payable-related party | |
| - | | |
| 165,958 | |
Unearned revenue | |
| 126,484 | | |
| 139,502 | |
Taxes payable | |
| 103,636 | | |
| 104,100 | |
Accrued liabilities and other payables | |
| 2,143,431 | | |
| 2,356,490 | |
Government grant | |
| 903,962 | | |
| 950,371 | |
Loan from third parties | |
| 82,744 | | |
| 86,992 | |
Operating lease liabilities | |
| 601,626 | | |
| 883,583 | |
Due to related parties | |
| 204,443 | | |
| 236,882 | |
Total current liabilities | |
| 4,637,096 | | |
| 5,322,347 | |
Operating lease liabilities - non-current | |
| 205,903 | | |
| 194,725 | |
Total liabilities | |
| 4,842,999 | | |
| 5,517,072 | |
| |
| | | |
| | |
Stockholders’ deficit | |
| | | |
| | |
Undesignated preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding | |
| - | | |
| - | |
Common stock, par value $0.00001 per share, 500,000,000 shares authorized; 24,999,842 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| 250 | | |
| 250 | |
Additional paid in capital | |
| 14,789,653 | | |
| 14,458,583 | |
Statutory reserve | |
| 151,988 | | |
| 151,988 | |
Accumulated deficit | |
| (15,757,028 | ) | |
| (15,249,858 | ) |
Accumulated other comprehensive income | |
| 199,236 | | |
| 172,849 | |
Total stockholders’ deficit | |
| (615,901 | ) | |
| (466,188 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ deficit | |
$ | 4,227,098 | | |
$ | 5,050,884 | |
AIXIN
LIFE INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Sales revenue: | |
| | | |
| | | |
| | | |
| | |
Products | |
$ | 1,085,527 | | |
$ | 210,636 | | |
$ | 1,507,823 | | |
$ | 385,628 | |
Room revenues | |
| 221,643 | | |
| 63,723 | | |
| 398,902 | | |
| 94,716 | |
Food and beverage revenues | |
| 144,747 | | |
| 111,725 | | |
| 278,485 | | |
| 292,519 | |
Others | |
| 24,140 | | |
| 34,803 | | |
| 45,560 | | |
| 66,702 | |
Total revenue, net | |
| 1,476,057 | | |
| 420,887 | | |
| 2,230,770 | | |
| 839,565 | |
| |
| | | |
| | | |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| 451,200 | | |
| 153,998 | | |
| 626,688 | | |
| 278,522 | |
Hotel operating costs | |
| 462,780 | | |
| 418,100 | | |
| 940,574 | | |
| 929,719 | |
Selling | |
| 226,575 | | |
| 200,032 | | |
| 417,848 | | |
| 389,618 | |
General and administrative | |
| 355,422 | | |
| 274,675 | | |
| 768,481 | | |
| 519,471 | |
(Reversal of) provision for bad debts | |
| (8,037 | ) | |
| 20,435 | | |
| (51,853 | ) | |
| 47,857 | |
Stock-based compensation | |
| 92,885 | | |
| 92,885 | | |
| 185,770 | | |
| 185,770 | |
Total operating costs and expenses | |
| 1,580,825 | | |
| 1,160,125 | | |
| 2,887,508 | | |
| 2,350,957 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (104,768 | ) | |
| (739,238 | ) | |
| (656,738 | ) | |
| (1,511,392 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-operating income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 268 | | |
| 1,284 | | |
| 557 | | |
| 2,612 | |
Other income | |
| 14,241 | | |
| 10,221 | | |
| 39,102 | | |
| 29,655 | |
Other expenses | |
| (2,380 | ) | |
| (63 | ) | |
| (4,887 | ) | |
| (260 | ) |
Total non-operating income, net | |
| 12,129 | | |
| 11,442 | | |
| 34,772 | | |
| 32,007 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 4,907 | | |
| 473 | | |
| 5,364 | | |
| 965 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (97,546 | ) | |
| (728,269 | ) | |
| (627,330 | ) | |
| (1,480,350 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive items | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation gain
(loss) | |
| 1,845 | | |
| (44,948 | ) | |
| 26,387 | | |
| (13,084 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive loss | |
$ | (95,701 | ) | |
$ | (773,217 | ) | |
$ | (600,943 | ) | |
$ | (1,493,434 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income per share - basic and diluted | |
$ | (0.004 | ) | |
$ | (0.029 | ) | |
$ | (0.025 | ) | |
$ | (0.059 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding | |
| 24,999,842 | | |
| 24,999,842 | | |
| 24,999,842 | | |
| 24,999,842 | |
AIXIN
LIFE INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
| |
Shares | | |
Amount | | |
capital | | |
reserves | | |
deficit | | |
income | | |
Total | |
| |
Common Stock | | |
Additional paid in | | |
Statutory | | |
Accumulated | | |
Accumulated other comprehensive | | |
| |
| |
Shares | | |
Amount | | |
capital | | |
reserves | | |
deficit | | |
income | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2022 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,458,583 | | |
$ | 151,988 | | |
$ | (15,249,858 | ) | |
$ | 172,849 | | |
$ | (466,188 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Disposal of subsidiary | |
| - | | |
| - | | |
| - | | |
| - | | |
| 120,160 | | |
| - | | |
| 120,160 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (529,784 | ) | |
| - | | |
| (529,784 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 24,542 | | |
| 24,542 | |
Balance at March 31, 2023 | |
| 24,999,842 | | |
| 250 | | |
| 14,551,468 | | |
| 151,988 | | |
| (15,659,482 | ) | |
| 197,391 | | |
| (758,385 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Capital contribution | |
| - | | |
| - | | |
| 145,300 | | |
| - | | |
| - | | |
| - | | |
| 145,300 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (97,546 | ) | |
| - | | |
| (97,546 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,845 | | |
| 1,845 | |
Balance at June 30, 2023 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,789,653 | | |
$ | 151,988 | | |
$ | (15,757,028 | ) | |
$ | 199,236 | | |
$ | (615,901 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2021 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,087,043 | | |
$ | 151,988 | | |
$ | (8,880,613 | ) | |
$ | 710,823 | | |
$ | 6,069,491 | |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (752,081 | ) | |
| - | | |
| (752,081 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 31,864 | | |
| 31,864 | |
Balance at March 31, 2022 | |
| 24,999,842 | | |
| 250 | | |
| 14,179,928 | | |
| 151,988 | | |
| (9,632,694 | ) | |
| 742,687 | | |
| 5,442,159 | |
Beginning balance value | |
| 24,999,842 | | |
| 250 | | |
| 14,179,928 | | |
| 151,988 | | |
| (9,632,694 | ) | |
| 742,687 | | |
| 5,442,159 | |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (728,269 | ) | |
| - | | |
| (728,269 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (44,948 | ) | |
| (44,948 | ) |
Balance at June 30, 2022 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,272,813 | | |
$ | 151,988 | | |
$ | (10,360,963 | ) | |
$ | 697,739 | | |
$ | 4,761,827 | |
Ending balance value | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,272,813 | | |
$ | 151,988 | | |
$ | (10,360,963 | ) | |
$ | 697,739 | | |
$ | 4,761,827 | |
AIXIN
LIFE INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
2023 | | |
2022 | |
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (627,330 | ) | |
$ | (1,480,350 | ) |
Adjustments required to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 193,427 | | |
| 57,219 | |
(Reversal of) provision for bad debts | |
| (51,853 | ) | |
| 47,857 | |
Provision for inventory reserve | |
| 12,026 | | |
| - | |
Operating lease expense | |
| 417,369 | | |
| 449,445 | |
Stock-based compensation | |
| 185,770 | | |
| 185,770 | |
Deferred tax | |
| 902 | | |
| 965 | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 249,851 | | |
| (65,284 | ) |
Other receivables and prepaid expenses | |
| (46,276 | ) | |
| 92,619 | |
Advances to suppliers, including related party | |
| 24,890 | | |
| 12,043 | |
Inventory | |
| (170,052 | ) | |
| (72,168 | ) |
Accounts payable | |
| 98,150 | | |
| 89,349 | |
Accounts payable - related party | |
| (165,172 | ) | |
| - | |
Unearned revenue | |
| (6,552 | ) | |
| (10,099 | ) |
Taxes payable | |
| 4,839 | | |
| (7,034 | ) |
Payment of lease liability | |
| (405,079 | ) | |
| (418,711 | ) |
Accrued liabilities and other payables | |
| (65,670 | ) | |
| 346,883 | |
Net cash used in operating activities | |
| (350,760 | ) | |
| (771,496 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Cash disposed at disposal of subsidiary | |
| (3,392 | ) | |
| - | |
Purchase of property and equipment | |
| (10,627 | ) | |
| - | |
Purchase of intangible asset | |
| (2,647 | ) | |
| - | |
Net cash used in investing activities | |
| (16,666 | ) | |
| - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Net proceeds from related parties | |
| 39,677 | | |
| 779,015 | |
Capital contribution | |
| 144,300 | | |
| - | |
Net cash provided by financing activities | |
| 183,977 | | |
| 779,015 | |
| |
| | | |
| | |
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND RESTRICTED CASH | |
| (21,921 | ) | |
| (417,088 | ) |
| |
| | | |
| | |
NET DECREASE IN CASH AND RESTRICTED CASH | |
| (205,370 | ) | |
| (409,569 | ) |
| |
| | | |
| | |
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | |
| 619,900 | | |
| 8,600,853 | |
| |
| | | |
| | |
CASH AND RESTRICTED CASH, END OF PERIOD | |
$ | 414,530 | | |
$ | 8,191,284 | |
| |
| | | |
| | |
Supplemental Cash flow data: | |
| | | |
| | |
Income tax paid | |
$ | - | | |
$ | - | |
Interest paid | |
$ | - | | |
$ | - | |
AIXIN LIFE INTERNATIONAL,
INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION
AND DESCRIPTION OF BUSINESS
Aixin Life International,
Inc. (the “Company” or “Aixin Life” or “we”) was incorporated under the laws of the State of Colorado
on December 30, 1987. On February 2, 2017, Mr. Quanzhong Lin (Mr. Lin) purchased 65.0% of the Company’s outstanding shares from
China Concentric Capital Group for $300,000, pursuant to a Stock Purchase Agreement dated December 21, 2016, which resulted in a change
in control of the Company.
On December
12, 2017, pursuant to a Share Exchange Agreement, in consideration for all of the outstanding shares of AiXin (BVI) International Group
Co., Ltd. a British Virgin Islands corporation (“AiXin BVI”), the Company issued to Mr. Lin, the sole stockholder of AiXin
BVI, shares of common stock then representing 71% of the outstanding of common stock of the Company.
As a result
of the Share Exchange, AiXin BVI became the Company’s wholly-owned subsidiary, and the Company now owns all of the outstanding shares
of HK AiXin International Group Co., Limited, a Hong Kong limited company (“AiXin HK”), which in turn owns all of the outstanding
shares of Chengdu AiXinZhonghong Biological Technology Co., Ltd., a Chinese limited company (“AiXinZhonghong”), which markets
and sells premium-quality nutritional products in China.
AiXin BVI was
incorporated on September 21, 2017 as a holding company and AiXin HK was established in Hong Kong on February 25, 2016 as an intermediate
holding company. AiXinZhonghong was established in the People’s Republic of China (“PRC”) on March 4, 2013, and on May
27, 2017, the local government of the PRC issued a certificate of approval regarding the foreign ownership of AiXinZhonghong by AiXin
HK. Neither AiXin BVI nor AiXin HK had operations prior to December 12, 2017.
For accounting
purposes, the acquisition of AiXin BVI was accounted for as a reverse acquisition and treated as a recapitalization of the Company effected
by a share exchange, with AiXin BVI as the accounting acquirer. Since neither AiXin BVI nor AiXin HK had operations prior to December
12, 2017, the historical consolidated financial statements of AiXinZhonghong are now the historical consolidated financial statements
of the Company. The assets and liabilities of AiXinZhonghong were brought forward at their book value and no goodwill was recognized.
Effective February
1, 2018, the Company changed its name to AiXin Life International, Inc. (“Aixin Life”).
The Company,
through its indirectly owned AiXinZhonghong subsidiary, develops and distributes consumer products by offering a line of nutritional products.
The Company sells the products through exhibition events, conferences, and person-to-person marketing. Beginning in 2019, the Company
began to provide advertising services to clients who engaged the Company to help distribute their products. The Company’s business
mainly focuses on a proactive approach to its customers such as hosting events for clients, which it believes is ideally suited to marketing
its products because sales of nutrition products are strengthened by ongoing personal contact and support, coaching and education of its
clients, as to the benefits of a healthy and active lifestyle.
On
May 25, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Hotel Purchase Agreement”) with Chengdu Aixin Shangyan
Hotel Management Co., Ltd (“Aixin Shangyan Hotel”), and its two shareholders Quanzhong Lin and Yirong Shen (“Transferor”).
Pursuant to the Hotel Purchase Agreement, Aixin Life purchased 100% ownership of Aixin Shangyan Hotel from Transferor. Eighty percent
of the equity of Aixin Shangyan Hotel was owned by Mr. Lin, and the remaining balance was owned by Ms. Shen. Under the terms of the Hotel
Purchase Agreement, Aixin Life purchased all of the outstanding equity of Aixin Shangyan Hotel for a purchase price of RMB 7,598,887,
or approximately $1.16 million (the “Transfer Price”). The Transfer Price will be reduced by an amount equal to any amounts
paid or distributed by Aixin Shangyan Hotel to the Transferor after December 31, 2020 and will be increased by an amount equal to any
amounts contributed to Aixin Shangyan Hotel by the Transferor after December 31, 2020. The acquisition was completed in July 2021.
On
June 2, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Pharmacies Purchase Agreement”) with Chengdu Aixintang
Pharmacy Co., Ltd. and certain affiliated entities, each of which operates a pharmacy (together, “Aixintang Pharmacies”) and
its three shareholders, Quanzhong Lin, Ting Li and Xiao Ling Li (“Transferor”). Mr. Lin owned in excess of 95% of the outstanding
equity the Aixintang Pharmacies. The remaining equity interest was owned by Ting Li and Xiao Ling Li. Pursuant to the Pharmacies Purchase
Agreement, AiXin HK purchased all of the outstanding equity of Aixintang Pharmacies for an aggregate purchase price of RMB 34,635,845,
or approximately US$5.31 million (the “Transfer Price”). The Transfer Price will be reduced by an amount equal to any amounts
paid or distributed by any of the Aixintang Pharmacies to the Transferor after December 31, 2020 and increased by an amount contributed
to any of the Aixintang Pharmacies by the Transferor after such date. The acquisition was completed in September 2021.
On
July 19, 2022, HK Aixin entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd, (“Yunnan Shengshengyuan”)
and Yun Chen (together, the “Sellers”), the shareholders of Yunnan Runcangsheng Technology Company Ltd. (“Runcangsheng”).
Yunnan Shengshengyuan owns in excess of 95% of the outstanding equity of Runcangsheng. The remaining equity interest is owned by Yun Chen.
Pursuant to the Transfer Agreement, HK Aixin agreed to purchase all of the outstanding equity of Runcangsheng for an aggregate purchase
price of $4,418,095 (RMB 31,557,820), adjusted by $116,802 the amount equal to the initial net worth minus the audited net worth. In addition
to transferring their respective equity interest in Runcangsheng by the Sellers, both Sellers agree to forgive any loans Runcangsheng
due to them. The acquisition was completed on September 30, 2022 (see Note 17).
On February
17, 2023, the Company effected a 1 for 2 reverse stock split. As a result of the reverse split, every two shares of the Company’s
issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock,
par value $0.00001 per share. The Company has approximately 24,999,842 shares of outstanding common stock after the effect of reverse
stock split and the elimination of fractional shares. All share and earnings per share information has been retroactively adjusted to
reflect the reverse stock split.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Presentation
The accompanying
consolidated financial statements are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”).
The functional currency of AiXinZhonghong, Aixin Shangyan Hotel, Aixintang Pharmacies, and Runcangsheng is the Chinese Renminbi (“RMB”).
The accompanying consolidated financial statements are translated from RMB and presented in U.S. dollars (“USD”).
The consolidated
financial statements include the accounts of the Company and its current wholly owned subsidiaries, AiXin HK, AiXinZhonghong, Aixin Shangyan
Hotel, Aixintang Pharmacies, and Runcangsheng. Intercompany transactions and accounts were eliminated in consolidation. These unaudited
interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying notes
contained in our Annual Report on Form 10-K for the year ended December 31, 2022.
Unaudited
Interim Financial Information
These unaudited
interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations
of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion
of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations
and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the year ending December 31, 2023.
Going Concern
The accompanying
consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of
business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations,
and to pursue financing arrangements to support its working capital requirements.
The
Company has suffered losses from operations of $104,768
and $739,238
for the three months ended June 30, 2023 and 2022, and $656,738
and $1,511,392
for the six months ended June 30, 2023 and 2022, respectively, and used net cash in operating activities of $350,760
and $771,496
for the six months ended June 30, 2023 and 2022, respectively, and has an accumulated deficit of $15,757,028
as of June 30, 2023. These facts and conditions raise substantial doubt about the Company’s ability to continue as a
going concern. From January 1, 2023 through June 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $316,905 mainly due to
operating losses, and the use of cash to support operating activities.
Management believes
that it has developed a liquidity plan, summarized below, that, if executed successfully, should provide sufficient liquidity to meet
the Company’s obligations as they become due for a reasonable period of time, and allow the development of its core business. The
plan includes:
● Gaining
positive cash-inflow from operating activities through continuous cost reductions and the sales of higher margin products.
● Raising cash through loans from related parties and potential equity offerings.
While the
Company’s management believes that the measures in its liquidity plan including those described above will be adequate to
satisfy its liquidity requirements for the twelve months after the date that these financial statements are issued, there is no
assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a
material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to
continue as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability
and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be
necessary should the Company be unable to continue as a going concern.
The Invasion
of Ukraine
The invasion
of Ukraine by the Russian Federation had an immediate impact on the global economy resulting in higher prices for oil and other commodities.
The United States, United Kingdom, European Union and other countries responded to Russia’s invasion of Ukraine by imposing various
economic sanctions and bans. Russia has responded with its own retaliatory measures. These measures have disrupted financial and economic
markets. The global impact of these measures is continually evolving and cannot be predicted with certainty and there is no assurance
that Russia’s invasion of Ukraine and responses thereto will not further disrupt the global economy and financial markets.
While the invasion
of Ukraine and responses thereto have not interrupted the Company’s operations, these or future developments resulting from the
invasion of Ukraine could make it difficult to access debt and equity capital on attractive terms, if at all, and impact the Company’s
ability to fund business activities, including proposed acquisitions.
Use of Estimates
In preparing
consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements,
as well as the reported amounts of revenues and expenses during the reporting period.
Significant
estimates required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for
obsolete and slow-moving inventories. Actual results could differ from those estimates.
Reclassification
Certain prior
period amounts have been reclassified to conform to the current period presentation and had no effect on previously reported consolidated
net income (loss) or accumulated deficit.
Cash and
Cash Equivalents
For financial
statement purposes, the Company considers all highly liquid investments with an original maturity of three months or less to be cash and
cash equivalents.
Restricted
Cash
The restricted
cash was cash maintained in temporarily frozen bank accounts held by Aixintang Pharmacy and its branches by the court for a judgement
against Aixintang Pharmacy which Aixintang Pharmacy is in the process of appealing (see Note 16 – litigation).
Accounts
Receivable
The Company’s
policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts
receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes
in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2023 and December 31, 2022, the bad debt allowance
was $200,044 and $272,550 respectively.
The following
table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the six months ended
June 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
272,550 |
|
|
$ |
213,787 |
|
(Reversal of) provision for bad debts |
|
|
- |
|
|
|
47,857 |
|
Recoveries/Write offs |
|
|
(51,853 |
) |
|
|
- |
|
Effect of translation |
|
|
(20,653 |
) |
|
|
(11,933 |
) |
Ending balance |
|
$ |
200,044 |
|
|
$ |
249,711 |
|
Inventories
Inventories
mainly consists of health supplements, drugs, pharmaceutical and nutritional products, food and beverage, hotel supplies and consumables.
Inventories are valued at the lower of average cost or market, cost being determined on a moving weighted average method at the end of
the month. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down inventories
to market value, if lower. The Company recorded provision for inventory reserve of $12,026 and $0 for the six months ended June 30, 2023
and 2022, respectively.
Property
and Equipment
Property and
equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly
extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs
are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided
using the straight-line method for substantially all assets with 5% salvage value and estimated lives as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED LIVES
Office furniture |
|
|
5 years |
|
Electronic equipment |
|
|
2-3 years |
|
Machinery |
|
|
3 years |
|
Leasehold improvements |
|
|
3 years |
|
Vehicles |
|
|
5 years |
|
Impairment
of Long-Lived Assets
Long-lived assets,
which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable, but at least annually.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by it. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is generally
determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Based on its review,
the Company believes that, as of June 30, 2023 and December 31, 2022, there were no significant impairments of its long-lived assets.
Goodwill
The Company
evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying
value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate
whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment
indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill
for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units.
If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill
is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill
and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash
flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing,
market segment share, and general economic conditions.
The Company
completed the required testing of goodwill for impairment as of December 31, 2022, and determined that goodwill was impaired because of
the current financial condition of the Company and the Company’s inability to generate future operating income without substantial
sales volume increases, which are highly uncertain. Furthermore, the uncertainty of the future cash flows indicates that the recoverability
of goodwill is not reasonably assured.
The goodwill
write-down was reflected as an impairment loss, $3,823,770, in non-operating expenses in the statement of operations and comprehensive
income (loss) during the year ended December 31, 2022.
Income Taxes
Income taxes
are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The Company
follows Accounting Standards Codification (“ASC”) Topic 740, which prescribes a more-likely-than-not threshold for financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance
on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting
for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under ASC Topic
740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all
available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the
resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions
that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance
sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated
with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses
in the statement of income.
At June 30,
2023 and December 31, 2022, the Company did not take any uncertain positions that would necessitate recording a tax related liability.
Revenue Recognition
Revenue from
sale of goods under Topic 606 is recognized in a manner that reasonably reflects the delivery of the Company’s products and
services to customers in return for expected consideration and includes the following elements:
|
● |
executed contract(s) with customers that the Company believes is legally enforceable; |
|
|
|
|
● |
identification of performance obligation in the respective contract; |
|
|
|
|
● |
determination of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition of revenue only when the Company satisfies each performance obligation. |
The Company’s
revenue recognition policies for its various operating segments are as follows:
Products
The Company’s
revenue from sales of products is recognized when goods are delivered to the customer and no other obligation exists. The Company does
not provide unconditional return or other concessions to the customer. The Company’s sales policy allows for the return of unopened
products for cash after deducting certain service and transaction fees. As an alternative to the product return option, the customers
have the option of asking for an exchange for products with the same value.
Sales revenue
of AiXin Zhonghong represents the invoiced value of goods, net of value-added taxes (“VAT”). All of the Company’s products
sold in China are subject to the PRC VAT of 13% since April 1, 2019. This VAT may be offset by VAT paid by the Company on raw materials
and other materials purchased in China. The Company records VAT payable and VAT receivable net of payments in the financial statements.
The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and
paid as the Company acts as an agent for the government.
Hotel
Hotel revenues
are primarily derived from the rental of rooms, food and beverage sales and other ancillary goods and services, including but not limited
to souvenir, parking and conference reservation. Each of these products and services represents a distinct performance obligation and,
in exchange for these services, the Company receives fixed amounts based on published rates or negotiated contracts. Payment is due in
full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms
are occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered or rendered
to the guests as the respective performance obligations are satisfied. All of the hotel’s goods sold in China are subject to the
PRC VAT of 6%. This VAT may be offset by VAT paid by the Company on raw materials and other materials purchased in China.
Pharmacies
The Company’s
retail drugstores (Aixintang Pharmacies) recognize revenue at the time the customer takes possession of the merchandise. For pharmacy
sales, each prescription claim is its own arrangement with the customer and is a performance obligation. Aixintang Pharmacies generally
receives payments from customers as it satisfies its performance obligations. The Company records a receivable when it has an unconditional
right to receive payment and only the passage of time is required before payment is due. Sales revenue represents the invoiced value of
goods, net of VAT. All of Aixintang Pharmacies’ products sold in China are eligible for the PRC VAT of 0% as it qualifies as a small
business.
Manufacture
and Sale
The
Company’s new subsidiary Runcangsheng recognizes revenue at the time products are shipped as this satisfies its performance
obligation. The Company records a receivable for its sales when it has an unconditional right to receive payment and only the
passage of time is required before payment is due. Sales revenue represents the invoiced value of goods, net of value-added taxes
(“VAT”). All of the Company’s products sold in China are subject to the PRC VAT of 13%
unless it is a qualified small business subject to exemption.
Unearned
Revenue
The Company’s
unearned revenue primarily consists of advances received from customers for the purchase of products prior to the delivery of goods, and
for the rental of hotel rooms prior to the delivery of service. The delivery of products and room rental services is (normally within
one year) based upon contract terms and customer demand.
Concentration
of Credit Risk
The operations
of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced
by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy.
The Company
has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks is covered
by insurance up to RMB 500,000 ($72,500) per bank. The Company has not experienced any losses in such accounts and believes they are not
exposed to any risks on its cash in these bank accounts.
During the
three and six months ended June 30, 2023 and 2022, the Company had no customer that accounted for over 10%
of its total revenue.
During the three
months ended June 30, 2023, the Company had one supplier that accounted for 15% of its total purchases.
During the six
months ended June 30, 2023, the Company had two suppliers that accounted for 15% and 13%, respectively, of its total purchases.
During the three
months ended June 30, 2022, the Company had one supplier that accounted for 23% of its total purchases.
During the six
months ended June 30, 2022, the Company had one supplier that accounted for 12% of its total purchases.
Leases
The Company
determines if an arrangement is a lease at inception under FASB ASC Topic 842, Right of Use Assets (“ROU”) and lease liabilities
are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the
Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit
rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease
payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that it will exercise such options.
ROU assets are
reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment
guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU assets are
tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the
cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which
represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and
liabilities. The Company recognized no impairment of ROU assets as of June 30, 2023 and December 31, 2022. Operating leases are included
in operating lease ROU and operating lease liabilities (current and non-current), on the consolidated balance sheets.
Statement
of Cash Flows
In accordance
with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based
on the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.
Fair Value
of Financial Instruments
The
carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accrued liabilities
and accounts payable, approximate their fair value due to their short maturities. FASB ASC Topic 825, “Financial
Instruments,” requires disclosure of the fair value of financial instruments held by the Company. The carrying amounts
reported in the consolidated balance sheets for current liabilities each qualify as financial instruments and are a reasonable
estimate of their fair value because of the short period of time between the origination of such instruments and their expected
realization and the current market rate of interest.
Fair Value
Measurements and Disclosures
ASC Topic 820,
“Fair Value Measurements and Disclosures,” defines fair value, and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The three levels are defined as follow:
|
● |
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
● |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
As of June 30,
2023 and December 31, 2022, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet
at fair value.
Foreign Currency
Translation and Comprehensive Income (Loss)
The functional
currency of the Company is RMB. For financial reporting purposes, RMB is translated into USD as the reporting currency. Assets and liabilities
are translated at the exchange rate in effect at the balance sheet dates. Revenues and expenses are translated at the average rate of
exchange prevailing during the reporting period.
Translation
adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’
equity as “Accumulated other comprehensive income”. Gains and losses resulting from foreign currency transactions are included
in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.
The
Company uses FASB ASC Topic 220, “Comprehensive Income”. Comprehensive loss is comprised of net loss and all changes to
the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and
distributions to stockholders. Comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022
consisted of net income (loss) and foreign currency translation adjustments.
Earnings
per Share
Basic income
(loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period.
Dilution is
computed by applying the treasury stock method for options and warrants. Under this method, options and warrants are assumed to be exercised
at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock
at the average market price during the period.
As of June 30,
2023 and December 31, 2022, the Company did not have any potentially dilutive instruments.
Stock-Based
Compensation
The Company
periodically grants stock options, warrants and awards to employees and non-employees in non-capital raising transactions as compensation
for services rendered. The Company accounts for stock option, stock warrant and stock award grants to employees based on the authoritative
guidance provided by the FASB where the value of the award is measured on the date of grant and recognized over the vesting period. The
Company accounts for stock option, stock warrant and stock award grants to non-employees in accordance with the authoritative guidance
of the FASB where the value of the stock compensation is determined based upon the measurement date at either a) the date at which a performance
commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation
charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance
requirements by the employees and non-employees, option, warrant and award grants are immediately vested and the total stock-based compensation
charge is recorded in the period of the measurement date.
Segment Reporting
ASC Topic 280,
“Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach
model is based on the way a company’s chief operating decision maker organizes segments within the Company for making operating
decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure,
management structure, or any other manner in which management disaggregates a company.
The Company
manages its business as four operating segments, products, pharmacies, hotel, and manufacture and sales, all of which are located in the
PRC. All of its revenues are derived in the PRC. All long-lived assets are located in PRC.
The following
table shows the Company’s operations by business segment for the three months ended June 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
|
|
2023 |
|
|
2022 |
|
|
|
For the Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
692,709 |
|
|
$ |
16,591 |
|
Pharmacies |
|
|
305,186 |
|
|
|
194,045 |
|
Hotel |
|
|
390,530 |
|
|
|
210,251 |
|
Manufacture and sale |
|
|
87,632 |
|
|
|
- |
|
Total revenues, net |
|
$ |
1,476,057 |
|
|
$ |
420,887 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
264,794 |
|
|
$ |
3,735 |
|
Operating expenses |
|
|
460,255 |
|
|
|
362,220 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
181,875 |
|
|
|
150,263 |
|
Operating expenses |
|
|
57,198 |
|
|
|
153,842 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
462,780 |
|
|
|
418,100 |
|
Operating expenses |
|
|
53,245 |
|
|
|
71,965 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
4,531 |
|
|
|
- |
|
Operating expenses |
|
|
96,147 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
1,580,825 |
|
|
$ |
1,160,125 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(32,340 |
) |
|
$ |
(349,364 |
) |
Pharmacies |
|
|
66,113 |
|
|
|
(110,060 |
) |
Hotel |
|
|
(125,495 |
) |
|
|
(279,814 |
) |
Manufacture and sale |
|
|
(13,046 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(104,768 |
) |
|
$ |
(739,238 |
) |
The following
table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
855,969 |
|
|
$ |
32,689 |
|
Pharmacies |
|
|
528,702 |
|
|
|
352,939 |
|
Hotel |
|
|
722,947 |
|
|
|
453,937 |
|
Manufacture and sale |
|
|
123,152 |
|
|
|
- |
|
Total revenues, net |
|
$ |
2,230,770 |
|
|
$ |
839,565 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
299,528 |
|
|
$ |
8,418 |
|
Operating expenses |
|
|
828,044 |
|
|
|
660,261 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
320,508 |
|
|
|
270,104 |
|
Operating expenses |
|
|
246,194 |
|
|
|
323,151 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
940,574 |
|
|
|
929,719 |
|
Operating expenses |
|
|
44,360 |
|
|
|
159,304 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
6,652 |
|
|
|
- |
|
Operating expenses |
|
|
201,648 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
2,887,508 |
|
|
$ |
2,350,957 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(271,603 |
) |
|
$ |
(635,990 |
) |
Pharmacies |
|
|
(38,000 |
) |
|
|
(240,316 |
) |
Hotel |
|
|
(261,987 |
) |
|
|
(635,086 |
) |
Manufacture and sale |
|
|
(85,148 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(656,738 |
) |
|
$ |
(1,511,392 |
) |
Segment assets |
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Products |
|
$ |
358,219 |
|
|
$ |
410,754 |
|
Pharmacies |
|
|
693,631 |
|
|
|
758,675 |
|
Hotel |
|
|
677,666 |
|
|
|
970,385 |
|
Manufacture and sale |
|
|
2,497,582 |
|
|
|
2,911,070 |
|
Total assets |
|
$ |
4,227,098 |
|
|
$ |
5,050,884 |
|
As the acquisition
of Runcangsheng was consummated as of September 30, 2022 (see Note 17), the revenues and operating results of the manufacture and sale
segment were included in the financial statements of the Company beginning on October 1, 2022.
New Accounting
Pronouncements
In June 2016,
the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit
losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable
forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured
at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December
15, 2022. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements.
In January 2017,
the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment
test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its FV, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As
a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December
15, 2022, with early adoption permitted. The adoption of ASU 2017-04 is not expected to have any impact on the Company’s consolidated
financial statements presentation or disclosures.
In August 2020,
the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts
in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This
ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in
ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash
conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative
accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own
stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the
guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments
by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an
instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal
years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier
than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after
December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the
fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The adoption of ASU 2020-06 is not expected to have
any impact on the Company’s consolidated financial statements presentation or disclosures.
The
Company’s 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 financial statement presentation or disclosures.
3. OTHER
RECEIVABLES AND PREPAID EXPENSES
Other receivables
and prepaid expenses consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Deposits |
|
$ |
12,320 |
|
|
$ |
15,546 |
|
Prepaid expenses |
|
|
19,768 |
|
|
|
9,490 |
|
Employees’ social insurance |
|
|
9,904 |
|
|
|
10,124 |
|
Others |
|
|
24,339 |
|
|
|
7,471 |
|
Total |
|
$ |
66,331 |
|
|
$ |
42,631 |
|
4. ADVANCES
TO SUPPLIERS
The Company
had advances to suppliers of $156,745 and $168,523 as of June 30, 2023 and December 31, 2022, respectively. Advances to suppliers primarily
include prepayments for products expected to be delivered subsequent to balance sheet dates.
5. INVENTORIES
Inventories
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Raw material |
|
$ |
142,571 |
|
|
$ |
62,462 |
|
Work in process |
|
|
2,742 |
|
|
|
15,315 |
|
Finished goods-health supplements |
|
|
- |
|
|
|
521 |
|
Drugs, pharmaceutical and nutritional products |
|
|
491,936 |
|
|
|
412,129 |
|
Food and beverage, hotel supplies and consumables |
|
|
70,211 |
|
|
|
82,646 |
|
Total |
|
$ |
707,460 |
|
|
$ |
573,073 |
|
Less: reserve for inventory |
|
|
81,708 |
|
|
|
73,821 |
|
Total inventories, net |
|
$ |
625,752 |
|
|
$ |
499,252 |
|
6. PROPERTY
AND EQUIPMENT, NET
Property and
equipment consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Vehicles |
|
$ |
405,993 |
|
|
$ |
426,836 |
|
Office furniture |
|
|
78,518 |
|
|
|
82,549 |
|
Electronic equipment |
|
|
21,231 |
|
|
|
20,607 |
|
Machinery |
|
|
1,184,382 |
|
|
|
1,241,778 |
|
Leasehold improvements |
|
|
1,083,462 |
|
|
|
1,139,087 |
|
Other |
|
|
21,914 |
|
|
|
17,485 |
|
Total |
|
|
2,795,500 |
|
|
|
2,928,342 |
|
Less: Accumulated depreciation |
|
|
(1,094,193 |
) |
|
|
(956,549 |
) |
Property and equipment, net |
|
$ |
1,701,307 |
|
|
$ |
1,971,793 |
|
Depreciation
expense for the three months ended June 30, 2023 and 2022 was $88,509 and $26,947, respectively.
Depreciation
expense for the six months ended June 30, 2023 and 2022 was $192,909 and $55,925, respectively
7. INTANGIBLE
ASSET, NET
Intangible asset
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Software |
|
$ |
10,675 |
|
|
$ |
8,564 |
|
Less: Accumulated amortization |
|
|
(7,434 |
) |
|
|
(7,295 |
) |
Intangible asset, net |
|
$ |
3,241 |
|
|
$ |
1,269 |
|
Amortization
expense for the three months ended June 30, 2023 and 2022 was $357 and $633, respectively.
Amortization
expense for the six months ended June 30, 2023 and 2022 was $518 and $1,294, respectively.
8. TAXES
PAYABLE
Taxes payable
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Value-added |
|
$ |
57,316 |
|
|
$ |
56,806 |
|
Income |
|
|
29,409 |
|
|
|
30,919 |
|
City construction |
|
|
4,148 |
|
|
|
3,746 |
|
Education |
|
|
2,966 |
|
|
|
2,184 |
|
Other |
|
|
9,797 |
|
|
|
10,445 |
|
Taxes payable |
|
$ |
103,636 |
|
|
$ |
104,100 |
|
9. ACCRUED
LIABILITIES AND OTHER PAYABLES
Accrued liabilities
and other payables consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Accrued employees’ social insurance |
|
$ |
250,302 |
|
|
$ |
270,349 |
|
Accrued payroll and commission |
|
|
347,562 |
|
|
|
307,331 |
|
Accrued rent expense |
|
|
49,916 |
|
|
|
32,746 |
|
Construction payable |
|
|
1,217,754 |
|
|
|
1,384,674 |
|
Payable for equipment purchase |
|
|
23,689 |
|
|
|
32,278 |
|
Accrued professional fees |
|
|
194,393 |
|
|
|
233,894 |
|
Deposit |
|
|
11,084 |
|
|
|
11,308 |
|
Other payables |
|
|
48,731 |
|
|
|
83,910 |
|
Total |
|
$ |
2,143,431 |
|
|
$ |
2,356,490 |
|
10. LOAN
FROM THIRD PARTIES
As of June 30,
2023 and December 31, 2022, the Company had advances from unrelated third parties of Aixin Shangyan Hotel in an aggregate amount $82,744
and $86,992, respectively. There was no written agreement, and these loans are payable on demand and bear no interest.
11. LEASE
AiXinZhonghong
leases its office on a monthly basis. AiXinZhonghong also has operating leases for other sales locations under various operating lease arrangements.
The leases have remaining lease terms of approximately 0.25 to 4.92 years.
Aixin Shangyan
Hotel leases its hotel premises under an operating lease arrangement. The lease has a remaining lease term of approximately 0.50 years.
Aixintang Pharmacies
lease retail pharmacy stores under operating lease arrangements, with remaining lease terms of 1.46 to 3.17 years.
Runcangsheng
leases its office under an operating lease arrangement. The lease has a remaining lease term of approximately 2.67 years.
Balance sheet
information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Leases |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
$ |
682,694 |
|
|
$ |
999,285 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities – current |
|
$ |
601,626 |
|
|
$ |
883,583 |
|
Operating lease liability – non-current |
|
|
205,903 |
|
|
|
194,725 |
|
Total operating lease liabilities |
|
$ |
807,529 |
|
|
$ |
1,078,308 |
|
The following
provides details of the Company’s lease expenses:
SCHEDULE OF OPERATING LEASE EXPENSES
|
|
2023 |
|
|
2022 |
|
|
|
Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
207,035 |
|
|
$ |
220,203 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
417,369 |
|
|
$ |
449,445 |
|
Other information
related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Paid for Amounts Included In Measurement of Liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
405,079 |
|
|
|
418,711 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
1.46 years |
|
|
|
1.91 years |
|
|
|
|
|
|
|
|
|
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
4.75 |
% |
|
|
4.75 |
% |
Maturities of
lease liabilities were as follows:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
|
|
|
|
|
For the year ending December 31: |
|
|
|
|
2023 (excluding the six months ended June 30, 2023) |
|
$ |
543,223 |
|
2024 |
|
|
150,094 |
|
2025 |
|
|
88,611 |
|
2026 |
|
|
37,969 |
|
2027 |
|
|
8,274 |
|
Thereafter |
|
|
3,448 |
|
Total lease payments |
|
|
831,619 |
|
Less: imputed interest |
|
|
(24,090 |
) |
Total lease liabilities |
|
|
807,529 |
|
Less: current portion |
|
|
(601,626 |
) |
Lease liabilities – non-current portion |
|
$ |
205,903 |
|
12. RELATED
PARTY TRANSACTIONS
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
Advances
to supplier – related party
Advances to
supplier – related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 25,453 | | |
$ | - | |
Accounts
payable – related party
Accounts payable
– related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. | |
$ | - | | |
$ | 165,958 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. is an
entity controlled by Mr. Huiliang Jiao, a Director of the Company.
Due from
related parties
Due from related
parties consisted of the following as of the periods indicated:
SCHEDULE OF RELATED PARTY TRANSACTIONS
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. |
|
$ |
4,925 |
|
|
$ |
9,708 |
|
Sichuan Aixin Investment Co., Ltd |
|
|
8,978 |
|
|
|
145 |
|
Chengdu Fuxiang Tang Pharmacy Co., Ltd. |
|
|
27,302 |
|
|
|
26,125 |
|
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. |
|
|
459 |
|
|
|
- |
|
Chengdu Xilongwan Pharmacy Co., Ltd. |
|
|
414 |
|
|
|
- |
|
Chengdu Heshengyuan Pharmacy Co., Ltd. |
|
|
2,069 |
|
|
|
- |
|
Chengdu Zhiweibing Pharmacy Co., Ltd. |
|
|
4,156 |
|
|
|
- |
|
Chengdu Tongtai Tang Pharmacy Co. Ltd. |
|
|
1,089 |
|
|
|
- |
|
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd |
|
|
4,982 |
|
|
|
- |
|
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd |
|
|
26,126 |
|
|
|
34,622 |
|
Chengdu Cigu Foshou Pharmacy |
|
|
1,514 |
|
|
|
- |
|
Mianyang Aixin Cunshan Pharmacy |
|
|
1,540 |
|
|
|
- |
|
Chengdu Aixin International Travel Service Co., Ltd |
|
|
359 |
|
|
|
|
|
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. |
|
|
50,407 |
|
|
|
12,502 |
|
Total |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Advance from related parties |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Due to
related parties
Due to related
parties consisted of the following as of the periods indicated:
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Quanzhong Lin |
|
$ |
109,354 |
|
|
$ |
140,644 |
|
Yirong Shen |
|
|
85,502 |
|
|
|
89,892 |
|
Tianming Long |
|
|
1,040 |
|
|
|
- |
|
Sichuan Yunxi Pharmacy Co. Ltd |
|
|
1,931 |
|
|
|
- |
|
Chengdu Yi Yan Tang Pharmacy Co. Ltd. |
|
|
1,635 |
|
|
|
- |
|
Chengdu Aixin International travel service Co, Ltd |
|
|
4,981 |
|
|
|
6,346 |
|
Total |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
Advance to related parties |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
The
amouints due to and from related parties were for working capital purposes, payable on demand, and bear no interest. All the related
party entities listed above are controlled by Mr. Quanzhong Lin (the Chairman, President and major shareholder of Aixin Life).
Yirong Shen was a major shareholder of Aixin Shangyan Hotel prior to the closing of Hotel Purchase Agreement, and she serves as the
supervisor of Aixin Shangyan Hotel. Tianming Long is
a branch manager of Aixintang Pharmacies.
Office
leases
In May
2014, the Company entered a lease with its major shareholder for an office. The lease term was for three years expiring in May 2017
with an option to renew. The monthly rent was RMB 5,000 ($690).
The Company was required to prepay each year’s annual rent at 15th of May of each year. The Company renewed the lease until May
28, 2028 with monthly rent of RMB 5,000 ($690),
payable quarterly. The future annual minimum lease payments at June 30, 2023 are $8,274, $8,274, $8,274, $8,274, and $7,585 for
each of the years ended June 30, 2024, 2025, 2026, 2027, and 2028, respectively.
Runcangsheng has an office lease with Xiaoyan Zhou,
wife of Huiliang Jiao, the Company’s Director, from March 2020 to February 2023 with a monthly rent of RMB 3,000 ($414). Runcangsheng
renewed the lease until February 28, 2026 with monthly rent of RMB 5,000 ($690). The future annual minimum lease payments at June 30,
2023 are $8,274, $8,274, and $5,516 for each of the years ended June 30, 2024, 2025, and 2026, respectively.
13. INCOME
TAXES
The
Company was incorporated in the United States of America (“USA”) and has operations in one tax jurisdiction, i.e. the
PRC. The Company generated substantially all of its sales from its operations in the PRC for the three and six months ended June 30,
2023 and 2022, and recorded income tax provision for the periods.
China has a
tax rate of 25% for all enterprises (including foreign-invested enterprises).
Uncertain
Tax Positions
Interest associated
with unrecognized tax benefits are classified as income tax, and penalties are classified in selling, general and administrative expenses
in the statements of operations. For the six and three months ended June 30, 2023 and 2022, the Company had no unrecognized tax benefits
and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions.
14. STOCKHOLDERS’
EQUITY
On August 17,
2020, by unanimous written consent in lieu of a meeting, the Board adopted resolutions authorizing a one (1)-for-four (4) reverse stock.
The reverse stock split became effective on October 27, 2020. According to the Articles of Amendment, the Company is authorized to issue
20,000,000 shares of blank check preferred stock at $0.001 par value and 500,000,000 shares of common stock at $.00001 par value per share.
Pursuant
to resolutions adopted by the Board of Directors and the holders of a majority of the outstanding shares of common stock of AiXin Life
International, Inc. on January 6, 2023, the Company filed an amendment to its Articles of Incorporation with respect to a proposed 1 for
2 “reverse” split of its common stock (the “Amendment”). Completion of the proposed reverse stock split was to
be effected on a date determined by the Board of Directors only upon receipt of notice from the Financial Industry Regulatory Authority
(“FINRA”) that it would process the proposed reverse stock split. The Company received notice from FINRA and its common stock
began trading on a post-split basis on February 17, 2023.
As a result
of the reverse split, every two shares of the Company’s issued and outstanding common stock were automatically combined and converted
into one issued and outstanding share of common stock. The Company has approximately 24,999,842 shares of outstanding common stock after
giving effect to the reverse stock split and the elimination of fractional shares.
All share and
earnings per share information has been retroactively adjusted to reflect the reverse stock split.
As of June 30,
2023, and December 31, 2022, the Company had 24,999,842 common shares issued and outstanding.
Stock Awards
Issued for Services
On October 22,
2019, the Company granted and issued 18,750 shares to its employees and contractors under its 2019 Equity Incentive Plan. The stock awards
were valued at $337,500 based on the post-split closing price of $18 on the grant date.
On October 24,
2019, the Company granted and issued 275,000 shares to its employees and contractors under its 2019 Equity Incentive Plan. The stock awards
were valued at $1,520,200 based on the post-split closing price of $5.528 on the grant date.
The stock awards
will vest over five (5)
years from the grant date, and the grantee will forfeit a portion of the shares granted (“Shares Granted”) if the grantee
is no longer employed by or contracted with the Company. Specifically, the
grantee will forfeit 80% of Shares Granted if no longer employed by or contracted with the Company on the date that is one year from
the grant date, forfeit 60% of Shares Granted if no longer employed by or contracted with the Company on the date that is two years from
the grant date, forfeit 40% of Shares Granted if no longer employed by or contracted with the Company on the date that is three years
from the grant date, and forfeit 20% of Shares Granted if no longer employed by or contracted with the Company on the date that is four
years from the grant date. Effective on the 5th year from the grant date, none of the shares will be subject to forfeiture.
For the three months
ended June 30, 2023 and 2022, stock-based compensation expenses were $92,885 and $92,885, respectively. For the six
months ended June 30, 2023 and 2022, stock-based compensation expenses were $185,770 and $185,770, respectively. As of June 30, 2023, unrecognized
compensation expenses related to these stock awards are $486,897. These expenses are expected to be recognized over 1.32 years.
Capital
Contribution
During the six
months ended June 30, 2023, the Company received capital contributions in the aggregate amount of $145,300 from Yunnan Shengshengyuan and
Yun Chen, the former shareholders of Runcangsheng (see Note 1), who remained as related parties of the Company after the completion of
acquisition of Runcangsheng.
15. STATUTORY
RESERVES
Pursuant to
the PRC corporate law, the Company is now only required to maintain one statutory reserve by appropriating from its after-tax profit before
declaration or payment of dividends. The statutory reserve represents restricted retained earnings.
Surplus reserve
fund
The
Company is required to transfer 10%
of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve
balance reaches 50%
of the Company’s registered capital. During the three and six months ended June 30, 2023 and 2022, the Company make $0
and $0
contribution to statutory reserve fund.
The surplus
reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may
be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their
shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such
issue is not less than 25% of the registered capital.
Common welfare
fund
Common
welfare fund is a voluntary fund to which the Company can elect to transfer 5%
to 10%
of its net income, as determined under PRC accounting rules and regulations. The Company did not make any contribution to this fund
during the three and six months ended June 30, 2023 and 2022.
This fund can
only be utilized on capital items for the collective benefit of the Company’s employees, such as construction of dormitories, cafeteria
facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation.
16. OPERATING
CONTINGENCIES
The Company’s
operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America
and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency
exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations,
anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.
The Company’s
sales, purchases and expenses are denominated in RMB and all of the Company’s assets and liabilities are also denominated in RMB.
The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required
by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting
documentation to affect the remittance.
Litigation
The Company
is, from time to time, involved in litigation incidental to the conduct of its business regarding merchandise sold, employment matters,
and litigation regarding intellectual property rights.
In December
2020, Jian Yiao (the “Plaintiff”) filed a complaint against Chengdu Aixintang Pharmacy Co., Ltd. (“Aixintang Pharmacy”,
or the “Defendant”) in Zhangjiagang People’s Court in Jiangsu Province. The complaint alleges that Jian Yiao is entitled
to $392,305 (RMB 2,500,000) from Aixintang Pharmacy for not fulfilling the contractual obligation of a purchase agreement entered in March
2020 (the “Purchase Agreement”). Aixintang Pharmacy claimed that the Purchase Agreement was falsely entered by an employee
through forged documents, and that Aixintang Pharmacy did not enter the Purchase Agreement. The Court determined that Aixintang Pharmacy
breached the Purchase Agreement by not delivering the products ordered and ordered Aixintang Pharmacy to pay $392,305 (RMB 2,500,000)
to the Plaintiff. In December 2020, Aixintang Pharmacy filed a motion in the Jiangsu Suzhou Intermediate People’s Court against
the determination reached from the first trial.
In February
2021, the judge in the Jiangsu Suzhou Intermediate People’s Court denied the Defendant’s motion and upheld the judgment from
the first trial. In March 2021, Aixintang Pharmacy filed another motion to the Jiangsu High People’s Court on the basis that the
Purchase Agreement was forged. In February 2022, Aixintang Pharmacy filed an appeal in Jiangsu High People’s Court against the judgment
reached by Jiangsu Suzhou Intermediate People’s Court in February 2021. To date, this legal proceeding remains pending.
In November
2021, the Company and Mr. Quanzhong Lin agreed that Mr. Lin shall assume any losses arising from this legal proceeding. As such, the Company
did not accrue contingent losses from this legal proceeding as of June 30, 2023.
The Company
believes that current pending litigation will not have a material adverse effect on its consolidated financial position, results of operations
or cash flows.
17. ACQUISITION
OF SUBSIDIARIES
Runcangsheng
On July 19,
2022, the Company entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd (“Shengshengyuan”)
and Yun Chen (collectively “the Sellers”), who own 95% and 5% equity interest of Yunnan Runcangsheng Technology Co., Ltd (“Runcangsheng”),
respectively.
Under the terms
of the Transfer Agreement, the Company purchased all of the outstanding equity interest of Yunnan Runcangsheng for an aggregate purchase
price of RMB 31,557,820, or $4,418,095, adjusted by $116,802, the amount equal to the initial net worth estimate minus the audited net
worth of Runcangsheng as of December 31, 2021.
In addition
to transferring their respective equity interest in Runcangsheng, both Sellers agreed to forgive any loans due to them from Runcangsheng.
The acquisition was completed on September 30, 2022.
The
following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result
of the acquisition of Runcangsheng is calculated as follows:
SCHEDULE OF FAIR VALUES OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED
|
|
|
|
|
Total purchase considerations |
|
$ |
4,301,293 |
|
Estimated fair value of assets acquired: |
|
|
|
|
Cash |
|
$ |
446,381 |
|
Accounts receivable |
|
|
144,813 |
|
Accounts receivable-related party |
|
|
133,011 |
|
Advance to suppliers |
|
|
3,455 |
|
Other receivables and prepaid expense |
|
|
127,909 |
|
Inventory |
|
|
469,594 |
|
Property and equipment |
|
|
1,677,272 |
|
Intangible assets |
|
|
1,406 |
|
Operating lease right-of-use assets |
|
|
1,990 |
|
Total assets acquired |
|
|
3,005,831 |
|
Estimated fair value of liabilities assumed: |
|
|
|
|
Accounts payable |
|
|
(89,801 |
) |
Accounts payable-related party |
|
|
(160,911 |
) |
Advance from customers |
|
|
(4,790 |
) |
Government grant |
|
|
(921,473 |
) |
Taxes payable |
|
|
(21,156 |
) |
Operating lease liability |
|
|
(15,182 |
) |
Accrued liabilities and other payables |
|
|
(1,314,995 |
) |
Total liabilities assumed |
|
|
(2,528,308 |
) |
Total net assets acquired |
|
|
477,523 |
|
Goodwill as a result of the acquisition |
|
$ |
3,823,770 |
|
During the year
ended December 31, 2022, the Company recorded a goodwill impairment equal to the goodwill resulting from the acquisition of Runcangsheng.
The
following condensed unaudited pro forma consolidated results of operations for the Company, Runcangsheng, Aixin Shangyan Hotel and
Aixintang Pharmacies for the three and six months ended June 30, 2022 present the results of operations of the Company,
Runcangsheng, Aixin Shangyan Hotel, and Aixintang Pharmacies as if the acquisition of Runcangsheng occurred on January 1, 2022,
respectively.
The pro forma
results are not necessarily indicative of the actual results that would have occurred had the acquisition been completed as of the beginning
of the periods presented, nor are they necessarily indicative of future consolidated results.
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA
|
|
For the
Three Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
548,308 |
|
Operating costs and expenses |
|
|
1,336,027 |
|
Loss from operations |
|
|
(787,719 |
) |
Other income |
|
|
30,167 |
|
Income tax expense |
|
|
473 |
|
Net loss |
|
$ |
(758,025 |
) |
|
|
For the
Six Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
1,050,147 |
|
Operating costs and expenses |
|
|
2,620,971 |
|
Loss from operations |
|
|
(1,570,824 |
) |
Other income |
|
|
50,768 |
|
Income tax expense |
|
|
965 |
|
Net loss |
|
$ |
(1,521,021 |
) |
18. SUBSEQUENT
EVENT
The Company
follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date
the financial statements were issued and determined the Company has no material subsequent events.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
following discussion of our financial condition and results of operations should be read in conjunction with the unaudited financial
statements and the notes to those statements included elsewhere in this Form 10-Q and with the audited financial statements and the notes
thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). This discussion
contains forward-looking statements that involve risks and uncertainties. You should specifically consider the various risk factors identified
in our 2022 Form 10-K, that could cause actual results to differ materially from those anticipated in these forward-looking statements.
Overview
In
December 2017, we completed a “reverse” acquisition whereby we acquired all of the outstanding shares of AiXin (BVI) International
Group Co., Ltd. a British Virgin Islands corporation (“AiXin BVI”). As a result, AiXin BVI became our wholly-owned subsidiary,
and through AiXin BVI we now own all of the outstanding shares of HK AiXin International Group Co., Limited, a Hong Kong limited company
(“AiXin HK”), which in turn owns all of the outstanding shares of Chengdu AiXinZhonghong Biological Technology Co., Ltd.,
a Chinese limited company (“AiXinZhonghong”), which began distributing nutritional products in 2013.
In
September 2021, we completed the acquisition of nine pharmacies located in Chengdu by acquiring the entities which owned the pharmacies
for an aggregate purchase price of RMB 34,635,845, or approximately US$5.31 million. Since that time, the number of our pharmacies has
increased to 13.
Pursuant
to an Equity Transfer Agreement (the “Transfer Agreement”), on September 30, 2022, we acquired all of the outstanding equity
of Yunnan Runcansheng Technology Co., Ltd (“Runcansheng”) for RMB 31,557,820 (approximately USD$4.4 million), reduced by
$116,802 the excess of the estimated net worth of Runcangsheng over its audited net worth as of December 31, 2021. In addition to transferring
their respective equity interest in Runcangsheng, both Sellers agreed to forgive any loans due to them from Runcangsheng. Runcangsheng
operates a 13,000 square meter production facility, which houses R&D centers, extraction facilities, preparation workshops and a
warehouse. Runcangsheng has more than 30 sub brands and operates planting facilities where it grows some of the key ingredients used
in its products. Many of the products it has developed are specifically targeted to alleviate symptoms associated with the increasingly
competitive and pressured lifestyle of the Chinese middle class.
Runcangsheng.
was established in April 2020, and is headquartered in Luquan Yi and Miao Autonomous County, Kunming City, Yunnan Province. It is focused
on promoting a healthy lifestyle through the use of foods believed to promote well-being, health foods, modernized versions of traditional
Chinese medical products and plant extracts. Runcangsheng cultivates many of the raw materials used in its products, compounds the materials
into easy to transport and use pre-packaged foods and distributes the products at the wholesale level. As life-styles in China evolve,
work pressures increase and the ingestion of meats and other western style foods increases, Runcangsheng seeks to design and market products
intended to combat the increase in obesity, hypertension, insomnia and physical ailments associated with such changes. The acquisition
of Runcangsheng will enable us to operate as a vertically integrated company, capable of formulating the kinds of health foods and other
nutritional products and supplements suitable for our clients and marketing those products through our distribution channels.
In
addition to our acquisitions in the health and nutritional sector, in July 2021, we completed the acquisition of Aixin Shangyan Hotel
which owns and operates a hotel located in the Jinniu District, Chengdu City. The hotel covers more than 8,000 square meters and has
a large restaurant that can accommodate 600 people, 6 luxury dining rooms, a 200 square meter music tea house, 13 private tea rooms,
108 guest rooms and other supporting facilities. We acquired the hotel through an acquisition of the outstanding equity of Aixin Shangyan
Hotel for a purchase price of RMB 7,598,887, or approximately $1.16 million. We envision utilizing the hotel to conduct marketing events
and seminars for our customers, and training sessions for our personnel at which we introduce new products and services intended to promote
healthy living.
We
intend to look for additional opportunities to profit from the growing healthcare market in China. Though currently we are not party
to any agreements, we will explore, among other opportunities, expanding our product line through internal research and acquiring complementary
products from third parties, acquiring additional pharmacies and other retail outlets and operating nursing homes and possibly clinics
which provide medical care to clients.
Our
Business
We
are focused on providing health and wellness products to the growing middle class in China. We currently develop, manufacture, market
and sell premium-quality healthcare, nutritional products and wellness supplements, including herbs and greens, traditional Chinese remedies,
functional products, such as weight management tools, probiotics, foods and drinks. We also offer products purchased from third parties
and provide advertising and marketing services to clients which engage us to market and distribute their products. We offer our products
and those of clients for which we provide marketing services, through a diversified, omni-channel business model which generates revenues
through retail and wholesale product sales, through company-owned pharmacies, direct marketing and e-commerce. Our marketing approach
emphasizes proactively approaching customers such as by hosting marketing events for clients, which we believe is ideally suited to marketing
the products we offer because sales of healthcare, nutritional products and supplements are strengthened by ongoing personal contact
and support, coaching and education among the Company and our clients towards how to achieve a healthy and active lifestyle.
We
believe the competitive strengths that will enable us to grow in the health and wellness market include our ability to design and manufacture
products that are responsive to consumers’ needs as the life style of China’s middle class evolves, our coordinated omni-channel
distribution network where we enable consumers to obtain the information they need to improve their lifestyle on our website, at our
pharmacies and through individual meetings with our team members.
Our
ability to operate profitably and generate positive cash flow will be determined by our ability to attract a large and loyal customer
base and provide the information and products they need cost effectively. Our revenue will largely be determined by our ability to achieve
and maintain a strong brand name and company image, the volume of products we sell and the prices we can charge for such products, which
will require that we compete effectively. Our costs will largely be determined by the cost of raw materials and acquired inventory, the
labor used to design and manufacture products, and the costs incurred to deliver these products to the consumer.
In
March 2020, the World Health Organization announced that infections caused by the coronavirus disease of 2019
(“COVID-19”) had become pandemic and national, provincial and local authorities in China, including those whose
jurisdictions include Chengdu, where our offices, hotel and pharmacies are located, adopted various regulations and orders,
including “shelter in place” rules, restrictions on travel, mandates on the number of people that may gather in one
location and closing non-essential businesses. Due to China’s enforcement of its zero-tolerance policy, Chengdu had been
subject to shelter in place rules, lockdowns, restrictions on travel and other measures which negatively impacted our business
operations. In particular, lockdowns, limitations on travel and limits on the number of people that may gather in one location
negatively impacted our marketing efforts. China recently moved away from its reliance upon a “zero-tolerance” policy
and suspended all Covid restrictions and it has been reported that the number of COVID-19 cases in China has surged after the
government abandoned its zero-tolerance policy. It is likely that this sudden increase in COVID cases caused many individuals to
voluntarily restrict their travel in the beginning of 2023 which could adversely impact many industries in China, including ours.
Moreover, the perception that Covid-19 and other infectious diseases are on the rise, may make some potential customers reluctant to
attend large gatherings or meet with members of our sales team which could limit our sales growth. We have implemented procedures to
promote employee and customer safety. These measures do not significantly increase our operating costs.
We
intend to build a reputation as a provider of premium health and wellness products that seeks to improve our customers health and well-being.
Our objective is to offer a broad and deep mix of products for consumers interested in living well, whether they are looking to treat
a health-related issue or simply maintain their overall wellness, Our premium, value-added offerings include both proprietary products
developed and manufactured by us as well as products acquired from or sold on behalf of third parties. We believe our range of products
and ability to develop new products, combined with the customer support and service we offer, differentiate us and allow us to effectively
compete against food, drug and mass channel players, specialty stores, independent vitamin, supplement and natural food shops and online
retailers. There is no assurance that we will achieve our business objectives.
Results
of Operations
Three
Months ended June 30, 2023 and 2022
The
following table sets forth the results of our operations for the periods indicated as a percentage of net revenue, certain columns may
not add due to rounding:
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
% of Revenue | | |
$ | | |
% of Revenue | |
Revenue | |
$ | 1,476,057 | | |
| 100 | % | |
$ | 420,887 | | |
| 100 | % |
Operating costs and expenses | |
| 1,580,825 | | |
| 107 | % | |
| 1,160,125 | | |
| 276 | % |
Income (loss) from operations | |
| (104,768 | ) | |
| (7 | )% | |
| (739,238 | ) | |
| (176 | )% |
Non-operating income, net | |
| 12,129 | | |
| 1 | % | |
| 11,442 | | |
| 3 | % |
Loss before income tax | |
| (92,639 | ) | |
| (7 | )% | |
| (727,796 | ) | |
| (173 | )% |
Income tax expense | |
| 4,907 | | |
| - | % | |
| 473 | | |
| 0.1 | % |
Net loss | |
$ | (97,546 | ) | |
| (7 | )% | |
$ | (728,269 | ) | |
| (173 | )% |
The
following table shows our operations by business segment for the three months ended June 30, 2023 and 2022. Because Runcangsheng was
acquired in September 2022, it did not contribute to our financial results for the three months ended June 30, 2022.
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 692,709 | | |
$ | 16,591 | |
Pharmacies | |
| 305,186 | | |
| 194,045 | |
Hotel | |
| 390,530 | | |
| 210,251 | |
Manufacture and sale | |
| 87,632 | | |
| - | |
Total revenues, net | |
$ | 1,476,057 | | |
$ | 420,887 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 264,794 | | |
$ | 3,735 | |
Operating expenses | |
| 460,255 | | |
| 362,220 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 181,875 | | |
| 150,263 | |
Operating expenses | |
| 57,198 | | |
| 153,842 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 462,780 | | |
| 418,100 | |
Operating expenses | |
| 53,245 | | |
| 71,965 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 4,531 | | |
| - | |
Operating expense | |
| 96,147 | | |
| - | |
Total operating costs and expenses | |
$ | 1,580,825 | | |
$ | 1,160,125 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (32,340 | ) | |
$ | (349,364 | ) |
Pharmacies | |
| 66,113 | | |
| (110,060 | ) |
Hotel | |
| (125,495 | ) | |
| (279,814 | ) |
Manufacture and sale | |
| (13,046 | ) | |
| - | |
Loss from operations | |
$ | (104,768 | ) | |
$ | (739,238 | ) |
Revenue
Revenue
was $1,476,057 in the three months ended June 30, 2023, compared to $420,887 in the same period of 2022, an increase of $1,055,170 or
251%. The increase in revenue was mainly due to increases in direct sales of our nutritional products, increases in revenues from our
hotel and pharmacies, and the generation of revenue from the manufacture and sale of products by Runcangsheng which we did not own in
the second quarter of 2022. For the three months ended June 30, 2023, we had $1,085,527 in product revenues (of which $692,709 were
from direct sales, $305,186 were from sales at our pharmacies and $87,632 from manufacture and sale) and hotel revenue of $390,530. For
three months ended of June 30, 2022, we had $210,636 product revenues (of which $16,591 were from direct sales and $194,045 represented
sales at our pharmacies), and hotel revenue of $210,251.
Operation
Costs and Expenses
Cost
of Goods Sold
Cost
of goods sold was $451,200 for the three months ended June 30, 2023, compared to $153,998 for the three months ended June 30, 2022,
an increase of $297,202 or 193%. The increase in our cost of goods sold is attributable to the increase in direct product sales,
pharmacy sales and sales by Runcangsheng. The cost of goods sold for our direct product sales as a percentage of sales was 38% in
2023, compared to 23% for 2022. The cost of goods sold for products sold through our pharmacies as a percentage of pharmacy product
sales was 60% in 2023, compared to 77% in 2022. The cost of goods sold as a percentage of sales by Runcangsheng was 5% in 2023, and
no comparable costs were incurred in the three months ended June 30, 2022 as the acquisition of Runcangsheng was completed in the
third quarter of 2022. We were able to lower our cost of goods sold and increase our profit margin significantly as a result of the
manufacturing business we acquired when we purchased Runcangsheng, which enabled us to sell products we manufactured
ourselves.
Hotel
Operating Costs
Hotel
operating costs were $462,780 and $418,100 for the three months ended June 30, 2023 and 2022. The increase in hotel operating costs was
mainly due to the increase in the hotel sales for the three months ended June 30, 2023.
Operating
Expenses
Operating expenses were $666,845 for the three months ended June 30, 2023, compared to $588,027 for the same period of 2022, an increase
of $78,818 or 13%. The increase in operating expenses was mainly due to the inclusion of the operating expenses of Runcangsheng.
Loss
from Operations
Loss
from operations was $104,768 in the three months ended June 30, 2023, compared to $739,238 in the same period of 2022, a decrease of
$634,470 or 86%. The decrease in our loss from operations for 2023 was due to the increases in our revenues which decreased the
losses from our direct sales activities, pharmacies and hotel, which were partly offset by the loss incurred by our new subsidiary,
Runcangsheng. All of our operations were materially adversely impacted by travel and work restrictions imposed in China and Chengdu to limit the spread of COVID-19 in 2022.
Non-operating
Income
Non-operating
income was $12,129 for the three months ended June 30, 2023, compared to $11,442 for the three months ended June 30, 2022. For the three
months ended June 30, 2023, we had interest income of $268 and other income $14,241, partly offset by other expenses of $2,380. For the
three months ended June 30, 2022, we had interest income of $1,284 and other income of $10,221, partly offset by other expenses of $63.
Income
Tax Expense
Income
tax expense was $4,907 and $473 for the three months ended June 30, 2023 and 2022, respectively, an increase of $4,434 or 937% for the
three months ended June 30, 2023 compared with the same period of 2022.
Net
Loss
Our
net loss for the three months ended June 30, 2023 was $97,546, compared to a net loss of $728,269 in the same period of 2022, a decrease
of $630,723 or 87%. The decrease in the three months ended June 30, 2023 was mainly due to the increased sales which was partly offset
by increased operating costs and expenses as explained above.
Six
Months ended June 30, 2023 and 2022
The
following table sets forth the results of our operations for the periods indicated as a percentage of net revenue, certain columns may
not add due to rounding:
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
% of Revenue | | |
$ | | |
% of Revenue | |
Revenue | |
$ | 2,230,770 | | |
| 100 | % | |
$ | 839,565 | | |
| 100 | % |
Operating costs and expenses | |
| 2,887,508 | | |
| 129 | % | |
| 2,350,957 | | |
| 280 | % |
Income (loss) from operations | |
| (656,738 | ) | |
| (29 | )% | |
| (1,511,392 | ) | |
| (180 | )% |
Non-operating income, net | |
| 34,772 | | |
| 2 | % | |
| 32,007 | | |
| 4 | % |
Loss before income tax | |
| (621,966 | ) | |
| (28 | )% | |
| (1,479,385 | ) | |
| (176 | )% |
Income tax expense | |
| 5,364 | | |
| - | % | |
| 965 | | |
| - | % |
Net loss | |
$ | (627,330 | ) | |
| (28 | )% | |
$ | (1,480,350 | ) | |
| (176 | )% |
The
following table shows our operations by business segment for the six months ended June 30, 2023 and 2022. Because Runcangsheng was acquired
in September 2022, it did not contribute to our financial results for the six months ended June 30, 2022.
| |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 855,969 | | |
$ | 32,689 | |
Pharmacies | |
| 528,702 | | |
| 352,939 | |
Hotel | |
| 722,947 | | |
| 453,937 | |
Manufacture and sale | |
| 123,152 | | |
| - | |
Total revenues, net | |
$ | 2,230,770 | | |
$ | 839,565 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 299,528 | | |
$ | 8,418 | |
Operating expenses | |
| 828,044 | | |
| 660,261 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 320,508 | | |
| 270,104 | |
Operating expenses | |
| 246,194 | | |
| 323,151 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 940,574 | | |
| 929,719 | |
Operating expenses | |
| 44,360 | | |
| 159,304 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 6,652 | | |
| - | |
Operating expenses | |
| 201,648 | | |
| - | |
Total operating costs and expenses | |
$ | 2,887,508 | | |
$ | 2,350,957 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (271,603 | ) | |
$ | (635,990 | ) |
Pharmacies | |
| (38,000 | ) | |
| (240,316 | ) |
Hotel | |
| (261,987 | ) | |
| (635,086 | ) |
Manufacture and sale | |
| (85,148 | ) | |
| - | |
Loss from operations | |
$ | (656,738 | ) | |
$ | (1,511,392 | ) |
Revenue
Revenue
was $2,230,770 in the six months ending June 30, 2023, compared to $839,565 in the same period of 2022, an increase of $1,391,205 or
166%. Revenue in the 2nd quarter of 2023 was $1,476,057, an increase of 96% from revenues of $754,713 in the first
quarter of 2023. The increase in revenue was mainly due to increases in direct sales of our nutritional products, increases in
revenues from our hotel and pharmacies, and the generation of revenue from the manufacture and sale of products by Runcangsheng
which we did not own in the first six months of 2022. For the six months ended of June 30, 2023, we had $1,507,823 in product
revenues (of which $855,969 were from direct sales, $528,702 were from sales at our pharmacies and $123,152 from manufacture and
sale) and hotel revenue of $722,947. For the six months ended of June 30, 2022, we had $385,628 product revenues (of which $32,689
were from direct sales and $352,939 represented sales at our pharmacies), and hotel revenue of $453,937.
Operation
Costs and Expenses
Cost
of Goods Sold
Cost
of goods sold was $626,688 for the six months ended June 30, 2023, compared to $278,522 for the six months ended June 30, 2022, an
increase of $348,166 or 125%. The increase in our cost of goods sold is attributable to the increase in direct product sales,
pharmacy sales and sales by Runcangsheng. The cost of goods sold for our direct product sales as a percentage of sales was 35% in
2023, compared to 26% for 2022. The cost of goods sold for products sold through our pharmacies as a percentage of pharmacy product
sales was 61% in 2023, compared to 77% in 2022. The cost of goods sold as a percentage of sales by Runcangsheng was 5% in 2023, and
no comparable costs were incurred in the six months ended June 30, 2022 as the acquisition of Runcangsheng was completed in the
third quarter of 2022. We were able to lower our cost of goods sold and increase our profit margin significantly as a result of the
manufacturing business we acquired when we purchased Runcangsheng, which enabled us to sell products we manufactured
ourselves.
Hotel
Operating Costs
Hotel
operating costs were $940,574 and $929,719 for the six months ended June 30, 2023 and 2022. The increase in hotel operating costs was
mainly due to the increase in hotel sales but was partly offset by decreases in the cost of food and fruits.
Operating
Expenses
Operating expenses were $1,320,246 for the six months ended June 30, 2023, compared to $1,142,716 for the same period of 2022, an increase
of $177,530 or 16%. The increase in operating expenses was mainly due to the inclusion of the operating expenses of Runcangsheng.
Loss
from Operations
Loss
from operations was $656,738 in the six months ended June 30, 2023, compared to $1,511,392 in the same period of 2022, a decrease of
$854,654 or 57%. The decrease in our loss from operations for 2023 was due to the increases in our revenues which decreased the
losses from our direct sales activities, pharmacies and hotel, which were partly offset by the loss incurred by our new subsidiary,
Runcangsheng. All of our operations were materially adversely impacted by travel and work restrictions imposed in China and Chengdu to limit the spread of COVID-19 in 2022.
Non-operating
Income
Non-operating
income was $34,772 for the six months ended June 30, 2023, compared to $32,007 for the six months ended June 30, 2022. For the six months
ended June 30, 2023, we had interest income of $557 and other income $39,102, partly offset by other expenses of $4,887. For the six
months ended June 30, 2022, we had interest income of $2,612 and other income of $29,655, partly offset by other expenses of $260.
Income
Tax Expense
Income
tax expense was $5,364 and $965 for the six months ended June 30, 2023 and 2022, respectively, an increase of $4,399 or 456% for the
six months ended June 30, 2023 compared with the same period of 2022.
Net
Loss
Our
net loss for the six months ended June 30, 2023 was $627,330, compared to a net loss of $1,480,350 in the same period of 2022, a
decrease of $853,020 or 58%. The decrease in the six months ended June 30, 2023 was mainly due to the increased sales which was
partly offset by increased operating costs and expenses as explained above.
Liquidity
and Capital Resources
During
the six months ended June 30, 2023, we used $350,760 in operations. As of June 30, 2023, cash and cash equivalents were $316,905 (excluding
$97,625 of restricted cash), compared to $510,128 (excluding $109,772 of restricted cash) as of December 31, 2022. At June 30, 2023,
we had a working capital deficit of $2,893,918 compared to $3,346,358 at December 31, 2022.
The
following is a summary of cash provided by or used in each of the indicated types of activities during the six months ended June 30,
2023 and 2022, respectively.
| |
June 30, 2023 | | |
June 30, 2022 | |
Net cash used in operating activities | |
$ | (350,760 | ) | |
$ | (771,496 | ) |
Net cash used in investing activities | |
$ | (16,666 | ) | |
$ | - | |
Net cash provided by financing activities | |
$ | 183,977 | | |
$ | 779,015 | |
Net
cash used in operating activities
For
the six months ended June 30, 2023, net cash used in operating activities was $350,760. This reflects our net loss of $627,330, adjusted
by non-cash related expenses including depreciation and amortization expense of $193,427, change in deferred tax of $902, bad debt reversal
of $51,853, inventory impairment of $12,026, operating lease expense of $417,369 and stock-based compensation of $185,770, and then decreased
by changes in working capital of $481,081. The cash outflow from changes in working capital mainly resulted from increases in other receivables
and prepaid expense of $46,276, in unearned revenue of $6,552, in inventory of $170,052, in accounts payable from
related party of $165,172, and in accrued liabilities and other payable of $65,670, and payments of lease liabilities of $405,079, partly
offset by cash inflows from accounts receivable of $249,851, cash inflows from advances to suppliers, including related party of $24,890, cash inflows from accounts
payable of $98,150 and taxes payable of $4,839.
For
the six months ended June 30, 2022, net cash used in operating activities was $771,496. This reflects our net loss of $1,480,350, adjusted
by non-cash related expenses including depreciation and amortization expense of $57,219, the change in deferred tax of $965, bad debt
expense of $47,857, operating lease expense of $449,445 and stock-based compensation of $185,770, and then decreased by changes in working
capital of $32,402. The cash outflow from changes in working capital mainly resulted from an increase in accounts receivable of $65,284,
payments of lease liabilities of $418,711, a change in inventory of $72,168, unearned revenue of $10,099 and taxes payable of $7,034,
which was partly offset by cash inflow from accrued liability and other payables of $346,883, other receivable and prepaid expense of
$92,619, accounts payable of $89,349 and advances to suppliers of $12,043.
Net
cash used in investing activities
For
the six months ended June 30, 2023 and 2022, net cash used in investing activities was $16,666 and $0. For the six months ended June
30, 2023, net cash used in investing activities included $10,627 for the purchase of fixed assets, $2,647 for the purchase of
intangible assets, and $3,392 cash disposed of at the termination of a non-operating subsidiary.
Net
cash provided by financing activities
For
the six months ended June 30, 2023, net cash provided by financing activities were the result of advances from related parties of $39,677
and capital contributions of $144,300.
For
the six months ended June 30, 2022, net cash provided by financing activities were the result of advances from related parties of
$779,015.
We
substantially depleted our available cash and working capital during 2022 supporting our operations and completing the acquisition of
Runcangsheng and generated a $656,738 loss from operations in the first six months of 2023. It is likely that Runcangsheng will require
additional capital to achieve its short term operational goals and long range business plans. Further, we may need additional capital
to maintain our other businesses. We may also have to raise additional financing as our working capital requirements are expected to
increase in line with the growth of our business as a result of our acquisition of Runcangsheng. In the past we have funded our operations
through proceeds from private placements of equity and advances from our principal shareholder. Should we require capital to fund
our business, we intend to finance our business by raising additional capital or, when available, borrowing additional funds. Additional
issuances of equity or convertible debt securities will result in dilution to our current shareholders and could cause the price of our
common stock to decrease. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional
financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable
terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially
restrict our business operations.
We
are subject to all of the substantial risks inherent in the development of a new business enterprise within an extremely competitive
industry. Due to the absence of a long-standing operating history and the emerging nature of the markets in which we compete, we anticipate
operating losses until we can successfully implement our business strategy. Our revenue model is new and evolving, and we cannot be certain
that it will be successful. The potential profitability of our business model is unproven. We may never ever achieve profitable operations.
Our future operating results depend on many factors, including demand for our services, the level of competition, and the ability of
our officers to manage our business and growth. As a result of the emerging nature of the market in which we compete, we may incur operating
losses until such time as we can develop a substantial and stable revenue base. Additional development expenses may delay or negatively
impact the ability of the Company to generate profits. Accordingly, we cannot assure you that our business model will be successful or
that we can sustain revenue growth, achieve or sustain profitability, or continue as a going concern.
Our
ability to obtain funds through the issuance of debt or equity is dependent upon the state of the financial markets at such time as we
may seek to raise funds. The state of the capital market markets may be adversely impacted by various risks and uncertainties, including,
but not limited to future and current impacts of global events such as COVID-19 and the war in the Ukraine, increases in inflation and
other risks detailed herein.
Impact
of Inflation
Our
results of operations may be affected by inflation, particularly rising prices for products and other operating costs if we cannot pass
such increases along to our customers in the form of higher prices for our products and services. Generally, we are not party to long
term contracts and our inventory turns multiple times per year and we anticipate that we will be able to increase prices on products
to reflect increases in the cost of inventory.
Contractual
Obligations
We
have no long-term fixed contractual obligations or commitments.
Contingencies
Our
operations are conducted in the PRC and are subject to specific considerations and significant risks not typically associated with companies
in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments
in China and foreign currency exchange rates. Our results may be adversely affected by changes in PRC government policies with respect
to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad and rates and methods of taxation, among
other things.
Our
sales, purchases and expense transactions in China are denominated in RMB and all of our assets and liabilities in China are also denominated
in RMB. The RMB is not freely convertible into foreign currencies under the current PRC law. In China, foreign exchange transactions
are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require
certain supporting documentation in order to affect the remittance.
Significant
Accounting Policies
Our
management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial
statements, which were prepared in accordance with accounting principles generally accepted in the United States of America (“US
GAAP”). The preparation of these financial statements requires us to make 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 as well as
the reported net sales and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. We
base our estimates on historical experience and various other factors that we believe are reasonable under the circumstances, the results
of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions or conditions.
While
our significant accounting policies are more fully described in Note 2 to our consolidated financial statements, we believe the following
accounting policies are the most critical to assist you in fully understanding and evaluating this management discussion and analysis.
Basis
of Presentation
The
accompanying financial statements are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”).
The functional currency of AiXinZhonghong, Aixin Shangyan Hotel, Aixintang Pharmacies and Runcangsheng is the Chinese Renminbi (“RMB”).
The accompanying financial statements are translated from RMB and presented in U.S. dollars (“USD”).
Use
of Estimates
In
preparing financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the
reported amounts of revenues and expenses during the reporting period.
Significant
estimates, required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve
for obsolete and slow-moving inventories. Actual results could differ from those estimates.
Accounts
Receivable
We
maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and
analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment
patterns to evaluate the adequacy of these reserves. As of June 30, 2023 and December 31, 2022, the bad debt allowance was $200,044 and
$272,550, respectively.
Revenue
Recognition
Revenue
from sale of goods under Topic 606 is recognized in a manner that reasonably reflects the delivery of our products and services
to customers in return for expected consideration and includes the following elements:
|
● |
executed
contract(s) with customers that we believe are legally enforceable; |
|
|
|
|
● |
identification
of performance obligation in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when we satisfy each performance obligation. |
Our
revenue recognition policies for our operating segments are as follows:
Products
Our
revenue from sales of products is recognized when goods are delivered to the customer and no other obligation exists. We do not provide
unconditional return or other concessions to customers. Our sales policy allows for the return of unopened products for cash after deducting
certain service and transaction fees. As an alternative to returning a product, customers may request an exchange for products with the
same value.
Product
sales revenue represents the invoiced value of goods, net of value-added taxes (“VAT”). All of our products sold in China
are subject to the PRC VAT of 17% of the gross sales price prior to May 1, 2018, 16% since May 1, 2018 and 13% since April 1, 2019. This
VAT may be offset by VAT paid by for raw materials and other materials purchased in China. We record VAT payables and VAT receivables
net of payments in the financial statements. The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases
are recorded net of VAT collected and paid as we act as an agent for the government.
Pharmacies
Our
retail drugstores recognize revenue at the time the customer takes possession of the merchandise. For pharmacy sales, each prescription
claim is its own arrangement with the customer and is a performance obligation. We generally receive payment from pharmacy customers
we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage
of time is required before payment is due. Sales revenue represents the invoiced value of goods, net of VAT. All of the products sold
in our pharmacies are exempt from VAT as the pharmacies qualify for a small business exemption.
Manufacture
and Sale
The
Company’s new subsidiary Runcangsheng recognizes revenue at the time products are shipped as this satisfies its performance
obligation. The Company records a receivable for the sales when it has an unconditional right to receive payment and only the
passage of time is required before payment is due. Sales revenue represents the invoiced value of goods, net of value-added taxes
(“VAT”). All of the Company’s products sold in China are subject to the PRC VAT of 13% unless it is a qualified
small business subject to exemption.
Hotel
Hotel
revenues are primarily derived from the rental of rooms, food and beverage sales and other ancillary goods and services, including but
not limited to souvenir, parking and conference reservations. Each of these products and services represents a distinct performance obligation
and, in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full
at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms are
occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered or rendered to
the guests as the respective performance obligations are satisfied. All of the hotel’s goods sold in China are subject to the PRC
VAT of 6%. This VAT may be offset by VAT paid by on raw materials and other materials purchased in China.
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
Management
of AiXin Life International, Inc. is responsible for maintaining disclosure controls and procedures that are designed to ensure that
information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 (the “Exchange
Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s
rules and forms. In addition, the disclosure controls and procedures must ensure 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 financial and other required disclosures.
An
evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange
Act as of June 30, 2023, was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief
Financial Officer. Based on their evaluation of our disclosure controls and procedures, they concluded that at June 30, 2023, such disclosure
controls and procedures were not effective. This was due to our limited resources, including the absence of a financial staff with accounting
and financial expertise and deficiencies in the design or operation of our internal control over financial reporting that adversely affected
our disclosure controls and that may be considered to be “material weaknesses.”
We
plan to designate individuals responsible for identifying reportable developments and to implement procedures designed to remediate the
material weakness by focusing additional attention and resources in our internal accounting functions. However, the material weakness
will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded,
through testing, that these controls are operating effectively.
Changes
in Internal Control over Financial Reporting
There
have not been any changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f)
under the Exchange Act, during our most recently completed fiscal quarter which is the subject of this report that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1A. Risk Factors
Reference
is made to the risks and uncertainties disclosed in Item 1A (“Risk Factors”) of our 2022 Form 10-K and in the “Risk
Factors” section in our registration Statement on Form S-1, as amended on July 25, 2023 (the “Registration Statement”),
which are incorporated by reference into this report. Prospective investors are encouraged to consider the risks described in the 2022
Form 10-K, the Registration Statement, Management’s Discussion and Analysis of Financial Condition and Results of Operations contained
in this report and other information publicly disclosed or contained in documents we file with the Securities and Exchange Commission
before purchasing our securities.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
AIXIN
LIFE INTERNATIONAL, INC. |
|
|
|
Dated:
August 18, 2023 |
By: |
/s/
Quanzhong Lin |
|
|
Quanzhong
Lin |
|
|
President
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT
I, Quanzhong Lin, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of AiXin Life International, Inc.
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.
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of 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.
Dated: August 18, 2023 |
|
|
|
/s/ Quanzhong Lin |
|
Quanzhong Lin |
|
Chief Executive Officer (Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT
I, Tianfeng Li, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of AiXin Life International, Inc.
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.
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of 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.
Dated: August 18, 2023 |
|
|
|
/s/ Tianfeng Li |
|
Tianfeng Li |
|
Chief Financial Officer (Principal Financial Officer) |
|
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly
Report of AiXin Life International, Inc., a Colorado corporation (the “Company”), on Form 10-Q for the period ended June 30,
2023, as filed with the Securities and Exchange Commission (the “Report”) Quanzhong Lin, Chief Executive Officer of the Company,
does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), that:
(1) The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
Dated:
August 18, 2023
/s/ Quanzhong Lin |
|
Quanzhong Lin |
|
Chief Executive Officer (Principal Executive Officer) |
|
[A signed original of this written statement required
by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission
or its staff upon request.]
Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly
Report of AiXin Life International, Inc., a Colorado corporation (the “Company”), on Form 10-Q for the period ended June 30,
2023, as filed with the Securities and Exchange Commission (the “Report”), Tianfeng Li, Chief Financial Officer of the Company,
does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), that:
(1) The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
Dated:
August 18, 2023
/s/ Tianfeng Li |
|
Tianfeng Li |
|
Chief Financial Officer (Principal Financial Officer) |
|
[A signed original of this written statement required
by Section 906 has been provided to the Company and will be retained by the Company. and furnished to the Securities and Exchange Commission
or its staff upon request.]
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
0-17284
|
|
Entity Registrant Name |
AIXIN
LIFE INTERNATIONAL, INC.
|
|
Entity Central Index Key |
0000835662
|
|
Entity Tax Identification Number |
84-1085935
|
|
Entity Incorporation, State or Country Code |
CO
|
|
Entity Address, Address Line One |
Hongxing
International Business Building 2, 14th FL
|
|
Entity Address, Address Line Two |
No. 69 Qingyun South Ave.
|
|
Entity Address, Address Line Three |
Jinjiang District
|
|
Entity Address, City or Town |
Chengdu
City
|
|
Entity Address, Country |
CN
|
|
City Area Code |
86
|
|
Local Phone Number |
313-6732526
|
|
Title of 12(b) Security |
Common
Stock, $0.00001 Par Value
|
|
Trading Symbol |
AIXN
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
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24,999,842
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 316,905
|
$ 510,128
|
Restricted cash |
97,625
|
109,772
|
Accounts receivable, including related parties, net |
345,500
|
562,581
|
Other receivables and prepaid expenses |
66,331
|
42,631
|
Advances to suppliers, including related party |
156,745
|
168,523
|
Inventory, net |
625,752
|
499,252
|
Due from related parties |
134,320
|
83,102
|
Total current assets |
1,743,178
|
1,975,989
|
Property and equipment, net |
1,701,307
|
1,971,793
|
Intangible asset, net |
3,241
|
1,269
|
Goodwill, net |
|
|
Deferred tax asset |
13,934
|
15,556
|
Security deposit |
82,744
|
86,992
|
Operating lease right-of-use assets |
682,694
|
999,285
|
Total assets |
4,227,098
|
5,050,884
|
Current liabilities |
|
|
Accounts payable |
470,770
|
398,469
|
Accounts payable-related party |
|
165,958
|
Unearned revenue |
126,484
|
139,502
|
Taxes payable |
103,636
|
104,100
|
Accrued liabilities and other payables |
2,143,431
|
2,356,490
|
Government grant |
903,962
|
950,371
|
Loan from third parties |
82,744
|
86,992
|
Operating lease liabilities |
601,626
|
883,583
|
Due to related parties |
204,443
|
236,882
|
Total current liabilities |
4,637,096
|
5,322,347
|
Operating lease liabilities - non-current |
205,903
|
194,725
|
Total liabilities |
4,842,999
|
5,517,072
|
Stockholders’ deficit |
|
|
Undesignated preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding |
|
|
Common stock, par value $0.00001 per share, 500,000,000 shares authorized; 24,999,842 shares issued and outstanding as of June 30, 2023 and December 31, 2022 |
250
|
250
|
Additional paid in capital |
14,789,653
|
14,458,583
|
Statutory reserve |
151,988
|
151,988
|
Accumulated deficit |
(15,757,028)
|
(15,249,858)
|
Accumulated other comprehensive income |
199,236
|
172,849
|
Total stockholders’ deficit |
(615,901)
|
(466,188)
|
Total liabilities and stockholders’ deficit |
4,227,098
|
5,050,884
|
Related Party [Member] |
|
|
Current assets |
|
|
Due from related parties |
134,320
|
83,102
|
Current liabilities |
|
|
Due to related parties |
$ 204,443
|
$ 236,882
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Undesignated preferred stock, par value |
$ 0.001
|
$ 0.001
|
Undesignated preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Undesignated preferred stock, shares issued |
0
|
0
|
Undesignated preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
24,999,842
|
24,999,842
|
Common stock, shares outstanding |
24,999,842
|
24,999,842
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sales revenue: |
|
|
|
|
Total revenue, net |
$ 1,476,057
|
$ 420,887
|
$ 2,230,770
|
$ 839,565
|
Operating costs and expenses |
|
|
|
|
Cost of goods sold |
451,200
|
153,998
|
626,688
|
278,522
|
Hotel operating costs |
462,780
|
418,100
|
940,574
|
929,719
|
Selling |
226,575
|
200,032
|
417,848
|
389,618
|
General and administrative |
355,422
|
274,675
|
768,481
|
519,471
|
(Reversal of) provision for bad debts |
(8,037)
|
20,435
|
(51,853)
|
47,857
|
Stock-based compensation |
92,885
|
92,885
|
185,770
|
185,770
|
Total operating costs and expenses |
1,580,825
|
1,160,125
|
2,887,508
|
2,350,957
|
Loss from operations |
(104,768)
|
(739,238)
|
(656,738)
|
(1,511,392)
|
Non-operating income (expenses) |
|
|
|
|
Interest income |
268
|
1,284
|
557
|
2,612
|
Other income |
14,241
|
10,221
|
39,102
|
29,655
|
Other expenses |
(2,380)
|
(63)
|
(4,887)
|
(260)
|
Total non-operating income, net |
12,129
|
11,442
|
34,772
|
32,007
|
Loss before income tax |
(92,639)
|
(727,796)
|
(621,966)
|
(1,479,385)
|
Income tax expense |
4,907
|
473
|
5,364
|
965
|
Net loss |
(97,546)
|
(728,269)
|
(627,330)
|
(1,480,350)
|
Other comprehensive items |
|
|
|
|
Foreign currency translation gain (loss) |
1,845
|
(44,948)
|
26,387
|
(13,084)
|
Comprehensive loss |
$ (95,701)
|
$ (773,217)
|
$ (600,943)
|
$ (1,493,434)
|
Income per share - basic |
$ (0.004)
|
$ (0.029)
|
$ (0.025)
|
$ (0.059)
|
Income per share - diluted |
$ (0.004)
|
$ (0.029)
|
$ (0.025)
|
$ (0.059)
|
Weighted average shares outstanding - basic |
24,999,842
|
24,999,842
|
24,999,842
|
24,999,842
|
Weighted average shares outstanding - diluted |
24,999,842
|
24,999,842
|
24,999,842
|
24,999,842
|
Product [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
$ 1,085,527
|
$ 210,636
|
$ 1,507,823
|
$ 385,628
|
Room Revenues [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
221,643
|
63,723
|
398,902
|
94,716
|
Food and Beverage Revenues [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
144,747
|
111,725
|
278,485
|
292,519
|
Other [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
$ 24,140
|
$ 34,803
|
$ 45,560
|
$ 66,702
|
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v3.23.2
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Statutory Reserves [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance value at Dec. 31, 2021 |
$ 250
|
$ 14,087,043
|
$ 151,988
|
$ (8,880,613)
|
$ 710,823
|
$ 6,069,491
|
Beginning balance, shares at Dec. 31, 2021 |
24,999,842
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Net loss |
|
|
|
(752,081)
|
|
(752,081)
|
Foreign currency translation |
|
|
|
|
31,864
|
31,864
|
Ending balance value at Mar. 31, 2022 |
$ 250
|
14,179,928
|
151,988
|
(9,632,694)
|
742,687
|
5,442,159
|
Ending balance, shares at Mar. 31, 2022 |
24,999,842
|
|
|
|
|
|
Beginning balance value at Dec. 31, 2021 |
$ 250
|
14,087,043
|
151,988
|
(8,880,613)
|
710,823
|
6,069,491
|
Beginning balance, shares at Dec. 31, 2021 |
24,999,842
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(1,480,350)
|
Foreign currency translation |
|
|
|
|
|
(13,084)
|
Ending balance value at Jun. 30, 2022 |
$ 250
|
14,272,813
|
151,988
|
(10,360,963)
|
697,739
|
4,761,827
|
Ending balance, shares at Jun. 30, 2022 |
24,999,842
|
|
|
|
|
|
Beginning balance value at Mar. 31, 2022 |
$ 250
|
14,179,928
|
151,988
|
(9,632,694)
|
742,687
|
5,442,159
|
Beginning balance, shares at Mar. 31, 2022 |
24,999,842
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Net loss |
|
|
|
(728,269)
|
|
(728,269)
|
Foreign currency translation |
|
|
|
|
(44,948)
|
(44,948)
|
Ending balance value at Jun. 30, 2022 |
$ 250
|
14,272,813
|
151,988
|
(10,360,963)
|
697,739
|
4,761,827
|
Ending balance, shares at Jun. 30, 2022 |
24,999,842
|
|
|
|
|
|
Beginning balance value at Dec. 31, 2022 |
$ 250
|
14,458,583
|
151,988
|
(15,249,858)
|
172,849
|
(466,188)
|
Beginning balance, shares at Dec. 31, 2022 |
24,999,842
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Disposal of subsidiary |
|
|
|
120,160
|
|
120,160
|
Net loss |
|
|
|
(529,784)
|
|
(529,784)
|
Foreign currency translation |
|
|
|
|
24,542
|
24,542
|
Ending balance value at Mar. 31, 2023 |
$ 250
|
14,551,468
|
151,988
|
(15,659,482)
|
197,391
|
(758,385)
|
Ending balance, shares at Mar. 31, 2023 |
24,999,842
|
|
|
|
|
|
Beginning balance value at Dec. 31, 2022 |
$ 250
|
14,458,583
|
151,988
|
(15,249,858)
|
172,849
|
(466,188)
|
Beginning balance, shares at Dec. 31, 2022 |
24,999,842
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(627,330)
|
Foreign currency translation |
|
|
|
|
|
26,387
|
Ending balance value at Jun. 30, 2023 |
$ 250
|
14,789,653
|
151,988
|
(15,757,028)
|
199,236
|
(615,901)
|
Ending balance, shares at Jun. 30, 2023 |
24,999,842
|
|
|
|
|
|
Beginning balance value at Mar. 31, 2023 |
$ 250
|
14,551,468
|
151,988
|
(15,659,482)
|
197,391
|
(758,385)
|
Beginning balance, shares at Mar. 31, 2023 |
24,999,842
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Net loss |
|
|
|
(97,546)
|
|
(97,546)
|
Foreign currency translation |
|
|
|
|
1,845
|
1,845
|
Capital contribution |
|
145,300
|
|
|
|
145,300
|
Ending balance value at Jun. 30, 2023 |
$ 250
|
$ 14,789,653
|
$ 151,988
|
$ (15,757,028)
|
$ 199,236
|
$ (615,901)
|
Ending balance, shares at Jun. 30, 2023 |
24,999,842
|
|
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (627,330)
|
$ (1,480,350)
|
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
193,427
|
57,219
|
(Reversal of) provision for bad debts |
(51,853)
|
47,857
|
Provision for inventory reserve |
12,026
|
|
Operating lease expense |
417,369
|
449,445
|
Stock-based compensation |
185,770
|
185,770
|
Deferred tax |
902
|
965
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
249,851
|
(65,284)
|
Other receivables and prepaid expenses |
(46,276)
|
92,619
|
Advances to suppliers, including related party |
24,890
|
12,043
|
Inventory |
(170,052)
|
(72,168)
|
Accounts payable |
98,150
|
89,349
|
Accounts payable - related party |
(165,172)
|
|
Unearned revenue |
(6,552)
|
(10,099)
|
Taxes payable |
4,839
|
(7,034)
|
Payment of lease liability |
(405,079)
|
(418,711)
|
Accrued liabilities and other payables |
(65,670)
|
346,883
|
Net cash used in operating activities |
(350,760)
|
(771,496)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Cash disposed at disposal of subsidiary |
(3,392)
|
|
Purchase of property and equipment |
(10,627)
|
|
Purchase of intangible asset |
(2,647)
|
|
Net cash used in investing activities |
(16,666)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Net proceeds from related parties |
39,677
|
779,015
|
Capital contribution |
144,300
|
|
Net cash provided by financing activities |
183,977
|
779,015
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND RESTRICTED CASH |
(21,921)
|
(417,088)
|
NET DECREASE IN CASH AND RESTRICTED CASH |
(205,370)
|
(409,569)
|
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD |
619,900
|
8,600,853
|
CASH AND RESTRICTED CASH, END OF PERIOD |
414,530
|
8,191,284
|
Supplemental Cash flow data: |
|
|
Income tax paid |
|
|
Interest paid |
|
|
X |
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
1. ORGANIZATION
AND DESCRIPTION OF BUSINESS
Aixin Life International,
Inc. (the “Company” or “Aixin Life” or “we”) was incorporated under the laws of the State of Colorado
on December 30, 1987. On February 2, 2017, Mr. Quanzhong Lin (Mr. Lin) purchased 65.0% of the Company’s outstanding shares from
China Concentric Capital Group for $300,000, pursuant to a Stock Purchase Agreement dated December 21, 2016, which resulted in a change
in control of the Company.
On December
12, 2017, pursuant to a Share Exchange Agreement, in consideration for all of the outstanding shares of AiXin (BVI) International Group
Co., Ltd. a British Virgin Islands corporation (“AiXin BVI”), the Company issued to Mr. Lin, the sole stockholder of AiXin
BVI, shares of common stock then representing 71% of the outstanding of common stock of the Company.
As a result
of the Share Exchange, AiXin BVI became the Company’s wholly-owned subsidiary, and the Company now owns all of the outstanding shares
of HK AiXin International Group Co., Limited, a Hong Kong limited company (“AiXin HK”), which in turn owns all of the outstanding
shares of Chengdu AiXinZhonghong Biological Technology Co., Ltd., a Chinese limited company (“AiXinZhonghong”), which markets
and sells premium-quality nutritional products in China.
AiXin BVI was
incorporated on September 21, 2017 as a holding company and AiXin HK was established in Hong Kong on February 25, 2016 as an intermediate
holding company. AiXinZhonghong was established in the People’s Republic of China (“PRC”) on March 4, 2013, and on May
27, 2017, the local government of the PRC issued a certificate of approval regarding the foreign ownership of AiXinZhonghong by AiXin
HK. Neither AiXin BVI nor AiXin HK had operations prior to December 12, 2017.
For accounting
purposes, the acquisition of AiXin BVI was accounted for as a reverse acquisition and treated as a recapitalization of the Company effected
by a share exchange, with AiXin BVI as the accounting acquirer. Since neither AiXin BVI nor AiXin HK had operations prior to December
12, 2017, the historical consolidated financial statements of AiXinZhonghong are now the historical consolidated financial statements
of the Company. The assets and liabilities of AiXinZhonghong were brought forward at their book value and no goodwill was recognized.
Effective February
1, 2018, the Company changed its name to AiXin Life International, Inc. (“Aixin Life”).
The Company,
through its indirectly owned AiXinZhonghong subsidiary, develops and distributes consumer products by offering a line of nutritional products.
The Company sells the products through exhibition events, conferences, and person-to-person marketing. Beginning in 2019, the Company
began to provide advertising services to clients who engaged the Company to help distribute their products. The Company’s business
mainly focuses on a proactive approach to its customers such as hosting events for clients, which it believes is ideally suited to marketing
its products because sales of nutrition products are strengthened by ongoing personal contact and support, coaching and education of its
clients, as to the benefits of a healthy and active lifestyle.
On
May 25, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Hotel Purchase Agreement”) with Chengdu Aixin Shangyan
Hotel Management Co., Ltd (“Aixin Shangyan Hotel”), and its two shareholders Quanzhong Lin and Yirong Shen (“Transferor”).
Pursuant to the Hotel Purchase Agreement, Aixin Life purchased 100% ownership of Aixin Shangyan Hotel from Transferor. Eighty percent
of the equity of Aixin Shangyan Hotel was owned by Mr. Lin, and the remaining balance was owned by Ms. Shen. Under the terms of the Hotel
Purchase Agreement, Aixin Life purchased all of the outstanding equity of Aixin Shangyan Hotel for a purchase price of RMB 7,598,887,
or approximately $1.16 million (the “Transfer Price”). The Transfer Price will be reduced by an amount equal to any amounts
paid or distributed by Aixin Shangyan Hotel to the Transferor after December 31, 2020 and will be increased by an amount equal to any
amounts contributed to Aixin Shangyan Hotel by the Transferor after December 31, 2020. The acquisition was completed in July 2021.
On
June 2, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Pharmacies Purchase Agreement”) with Chengdu Aixintang
Pharmacy Co., Ltd. and certain affiliated entities, each of which operates a pharmacy (together, “Aixintang Pharmacies”) and
its three shareholders, Quanzhong Lin, Ting Li and Xiao Ling Li (“Transferor”). Mr. Lin owned in excess of 95% of the outstanding
equity the Aixintang Pharmacies. The remaining equity interest was owned by Ting Li and Xiao Ling Li. Pursuant to the Pharmacies Purchase
Agreement, AiXin HK purchased all of the outstanding equity of Aixintang Pharmacies for an aggregate purchase price of RMB 34,635,845,
or approximately US$5.31 million (the “Transfer Price”). The Transfer Price will be reduced by an amount equal to any amounts
paid or distributed by any of the Aixintang Pharmacies to the Transferor after December 31, 2020 and increased by an amount contributed
to any of the Aixintang Pharmacies by the Transferor after such date. The acquisition was completed in September 2021.
On
July 19, 2022, HK Aixin entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd, (“Yunnan Shengshengyuan”)
and Yun Chen (together, the “Sellers”), the shareholders of Yunnan Runcangsheng Technology Company Ltd. (“Runcangsheng”).
Yunnan Shengshengyuan owns in excess of 95% of the outstanding equity of Runcangsheng. The remaining equity interest is owned by Yun Chen.
Pursuant to the Transfer Agreement, HK Aixin agreed to purchase all of the outstanding equity of Runcangsheng for an aggregate purchase
price of $4,418,095 (RMB 31,557,820), adjusted by $116,802 the amount equal to the initial net worth minus the audited net worth. In addition
to transferring their respective equity interest in Runcangsheng by the Sellers, both Sellers agree to forgive any loans Runcangsheng
due to them. The acquisition was completed on September 30, 2022 (see Note 17).
On February
17, 2023, the Company effected a 1 for 2 reverse stock split. As a result of the reverse split, every two shares of the Company’s
issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock,
par value $0.00001 per share. The Company has approximately 24,999,842 shares of outstanding common stock after the effect of reverse
stock split and the elimination of fractional shares. All share and earnings per share information has been retroactively adjusted to
reflect the reverse stock split.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Presentation
The accompanying
consolidated financial statements are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”).
The functional currency of AiXinZhonghong, Aixin Shangyan Hotel, Aixintang Pharmacies, and Runcangsheng is the Chinese Renminbi (“RMB”).
The accompanying consolidated financial statements are translated from RMB and presented in U.S. dollars (“USD”).
The consolidated
financial statements include the accounts of the Company and its current wholly owned subsidiaries, AiXin HK, AiXinZhonghong, Aixin Shangyan
Hotel, Aixintang Pharmacies, and Runcangsheng. Intercompany transactions and accounts were eliminated in consolidation. These unaudited
interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying notes
contained in our Annual Report on Form 10-K for the year ended December 31, 2022.
Unaudited
Interim Financial Information
These unaudited
interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations
of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion
of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations
and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the year ending December 31, 2023.
Going Concern
The accompanying
consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of
business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations,
and to pursue financing arrangements to support its working capital requirements.
The
Company has suffered losses from operations of $104,768
and $739,238
for the three months ended June 30, 2023 and 2022, and $656,738
and $1,511,392
for the six months ended June 30, 2023 and 2022, respectively, and used net cash in operating activities of $350,760
and $771,496
for the six months ended June 30, 2023 and 2022, respectively, and has an accumulated deficit of $15,757,028
as of June 30, 2023. These facts and conditions raise substantial doubt about the Company’s ability to continue as a
going concern. From January 1, 2023 through June 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $316,905 mainly due to
operating losses, and the use of cash to support operating activities.
Management believes
that it has developed a liquidity plan, summarized below, that, if executed successfully, should provide sufficient liquidity to meet
the Company’s obligations as they become due for a reasonable period of time, and allow the development of its core business. The
plan includes:
● Gaining
positive cash-inflow from operating activities through continuous cost reductions and the sales of higher margin products.
● Raising cash through loans from related parties and potential equity offerings.
While the
Company’s management believes that the measures in its liquidity plan including those described above will be adequate to
satisfy its liquidity requirements for the twelve months after the date that these financial statements are issued, there is no
assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a
material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to
continue as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability
and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be
necessary should the Company be unable to continue as a going concern.
The Invasion
of Ukraine
The invasion
of Ukraine by the Russian Federation had an immediate impact on the global economy resulting in higher prices for oil and other commodities.
The United States, United Kingdom, European Union and other countries responded to Russia’s invasion of Ukraine by imposing various
economic sanctions and bans. Russia has responded with its own retaliatory measures. These measures have disrupted financial and economic
markets. The global impact of these measures is continually evolving and cannot be predicted with certainty and there is no assurance
that Russia’s invasion of Ukraine and responses thereto will not further disrupt the global economy and financial markets.
While the invasion
of Ukraine and responses thereto have not interrupted the Company’s operations, these or future developments resulting from the
invasion of Ukraine could make it difficult to access debt and equity capital on attractive terms, if at all, and impact the Company’s
ability to fund business activities, including proposed acquisitions.
Use of Estimates
In preparing
consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements,
as well as the reported amounts of revenues and expenses during the reporting period.
Significant
estimates required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for
obsolete and slow-moving inventories. Actual results could differ from those estimates.
Reclassification
Certain prior
period amounts have been reclassified to conform to the current period presentation and had no effect on previously reported consolidated
net income (loss) or accumulated deficit.
Cash and
Cash Equivalents
For financial
statement purposes, the Company considers all highly liquid investments with an original maturity of three months or less to be cash and
cash equivalents.
Restricted
Cash
The restricted
cash was cash maintained in temporarily frozen bank accounts held by Aixintang Pharmacy and its branches by the court for a judgement
against Aixintang Pharmacy which Aixintang Pharmacy is in the process of appealing (see Note 16 – litigation).
Accounts
Receivable
The Company’s
policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts
receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes
in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2023 and December 31, 2022, the bad debt allowance
was $200,044 and $272,550 respectively.
The following
table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the six months ended
June 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
272,550 |
|
|
$ |
213,787 |
|
(Reversal of) provision for bad debts |
|
|
- |
|
|
|
47,857 |
|
Recoveries/Write offs |
|
|
(51,853 |
) |
|
|
- |
|
Effect of translation |
|
|
(20,653 |
) |
|
|
(11,933 |
) |
Ending balance |
|
$ |
200,044 |
|
|
$ |
249,711 |
|
Inventories
Inventories
mainly consists of health supplements, drugs, pharmaceutical and nutritional products, food and beverage, hotel supplies and consumables.
Inventories are valued at the lower of average cost or market, cost being determined on a moving weighted average method at the end of
the month. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down inventories
to market value, if lower. The Company recorded provision for inventory reserve of $12,026 and $0 for the six months ended June 30, 2023
and 2022, respectively.
Property
and Equipment
Property and
equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly
extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs
are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided
using the straight-line method for substantially all assets with 5% salvage value and estimated lives as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED LIVES
Office furniture |
|
|
5 years |
|
Electronic equipment |
|
|
2-3 years |
|
Machinery |
|
|
3 years |
|
Leasehold improvements |
|
|
3 years |
|
Vehicles |
|
|
5 years |
|
Impairment
of Long-Lived Assets
Long-lived assets,
which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable, but at least annually.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by it. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is generally
determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Based on its review,
the Company believes that, as of June 30, 2023 and December 31, 2022, there were no significant impairments of its long-lived assets.
Goodwill
The Company
evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying
value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate
whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment
indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill
for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units.
If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill
is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill
and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash
flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing,
market segment share, and general economic conditions.
The Company
completed the required testing of goodwill for impairment as of December 31, 2022, and determined that goodwill was impaired because of
the current financial condition of the Company and the Company’s inability to generate future operating income without substantial
sales volume increases, which are highly uncertain. Furthermore, the uncertainty of the future cash flows indicates that the recoverability
of goodwill is not reasonably assured.
The goodwill
write-down was reflected as an impairment loss, $3,823,770, in non-operating expenses in the statement of operations and comprehensive
income (loss) during the year ended December 31, 2022.
Income Taxes
Income taxes
are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The Company
follows Accounting Standards Codification (“ASC”) Topic 740, which prescribes a more-likely-than-not threshold for financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance
on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting
for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under ASC Topic
740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all
available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the
resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions
that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance
sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated
with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses
in the statement of income.
At June 30,
2023 and December 31, 2022, the Company did not take any uncertain positions that would necessitate recording a tax related liability.
Revenue Recognition
Revenue from
sale of goods under Topic 606 is recognized in a manner that reasonably reflects the delivery of the Company’s products and
services to customers in return for expected consideration and includes the following elements:
|
● |
executed contract(s) with customers that the Company believes is legally enforceable; |
|
|
|
|
● |
identification of performance obligation in the respective contract; |
|
|
|
|
● |
determination of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition of revenue only when the Company satisfies each performance obligation. |
The Company’s
revenue recognition policies for its various operating segments are as follows:
Products
The Company’s
revenue from sales of products is recognized when goods are delivered to the customer and no other obligation exists. The Company does
not provide unconditional return or other concessions to the customer. The Company’s sales policy allows for the return of unopened
products for cash after deducting certain service and transaction fees. As an alternative to the product return option, the customers
have the option of asking for an exchange for products with the same value.
Sales revenue
of AiXin Zhonghong represents the invoiced value of goods, net of value-added taxes (“VAT”). All of the Company’s products
sold in China are subject to the PRC VAT of 13% since April 1, 2019. This VAT may be offset by VAT paid by the Company on raw materials
and other materials purchased in China. The Company records VAT payable and VAT receivable net of payments in the financial statements.
The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and
paid as the Company acts as an agent for the government.
Hotel
Hotel revenues
are primarily derived from the rental of rooms, food and beverage sales and other ancillary goods and services, including but not limited
to souvenir, parking and conference reservation. Each of these products and services represents a distinct performance obligation and,
in exchange for these services, the Company receives fixed amounts based on published rates or negotiated contracts. Payment is due in
full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms
are occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered or rendered
to the guests as the respective performance obligations are satisfied. All of the hotel’s goods sold in China are subject to the
PRC VAT of 6%. This VAT may be offset by VAT paid by the Company on raw materials and other materials purchased in China.
Pharmacies
The Company’s
retail drugstores (Aixintang Pharmacies) recognize revenue at the time the customer takes possession of the merchandise. For pharmacy
sales, each prescription claim is its own arrangement with the customer and is a performance obligation. Aixintang Pharmacies generally
receives payments from customers as it satisfies its performance obligations. The Company records a receivable when it has an unconditional
right to receive payment and only the passage of time is required before payment is due. Sales revenue represents the invoiced value of
goods, net of VAT. All of Aixintang Pharmacies’ products sold in China are eligible for the PRC VAT of 0% as it qualifies as a small
business.
Manufacture
and Sale
The
Company’s new subsidiary Runcangsheng recognizes revenue at the time products are shipped as this satisfies its performance
obligation. The Company records a receivable for its sales when it has an unconditional right to receive payment and only the
passage of time is required before payment is due. Sales revenue represents the invoiced value of goods, net of value-added taxes
(“VAT”). All of the Company’s products sold in China are subject to the PRC VAT of 13%
unless it is a qualified small business subject to exemption.
Unearned
Revenue
The Company’s
unearned revenue primarily consists of advances received from customers for the purchase of products prior to the delivery of goods, and
for the rental of hotel rooms prior to the delivery of service. The delivery of products and room rental services is (normally within
one year) based upon contract terms and customer demand.
Concentration
of Credit Risk
The operations
of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced
by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy.
The Company
has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks is covered
by insurance up to RMB 500,000 ($72,500) per bank. The Company has not experienced any losses in such accounts and believes they are not
exposed to any risks on its cash in these bank accounts.
During the
three and six months ended June 30, 2023 and 2022, the Company had no customer that accounted for over 10%
of its total revenue.
During the three
months ended June 30, 2023, the Company had one supplier that accounted for 15% of its total purchases.
During the six
months ended June 30, 2023, the Company had two suppliers that accounted for 15% and 13%, respectively, of its total purchases.
During the three
months ended June 30, 2022, the Company had one supplier that accounted for 23% of its total purchases.
During the six
months ended June 30, 2022, the Company had one supplier that accounted for 12% of its total purchases.
Leases
The Company
determines if an arrangement is a lease at inception under FASB ASC Topic 842, Right of Use Assets (“ROU”) and lease liabilities
are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the
Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit
rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease
payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that it will exercise such options.
ROU assets are
reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment
guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU assets are
tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the
cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which
represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and
liabilities. The Company recognized no impairment of ROU assets as of June 30, 2023 and December 31, 2022. Operating leases are included
in operating lease ROU and operating lease liabilities (current and non-current), on the consolidated balance sheets.
Statement
of Cash Flows
In accordance
with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based
on the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.
Fair Value
of Financial Instruments
The
carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accrued liabilities
and accounts payable, approximate their fair value due to their short maturities. FASB ASC Topic 825, “Financial
Instruments,” requires disclosure of the fair value of financial instruments held by the Company. The carrying amounts
reported in the consolidated balance sheets for current liabilities each qualify as financial instruments and are a reasonable
estimate of their fair value because of the short period of time between the origination of such instruments and their expected
realization and the current market rate of interest.
Fair Value
Measurements and Disclosures
ASC Topic 820,
“Fair Value Measurements and Disclosures,” defines fair value, and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The three levels are defined as follow:
|
● |
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
● |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
As of June 30,
2023 and December 31, 2022, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet
at fair value.
Foreign Currency
Translation and Comprehensive Income (Loss)
The functional
currency of the Company is RMB. For financial reporting purposes, RMB is translated into USD as the reporting currency. Assets and liabilities
are translated at the exchange rate in effect at the balance sheet dates. Revenues and expenses are translated at the average rate of
exchange prevailing during the reporting period.
Translation
adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’
equity as “Accumulated other comprehensive income”. Gains and losses resulting from foreign currency transactions are included
in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.
The
Company uses FASB ASC Topic 220, “Comprehensive Income”. Comprehensive loss is comprised of net loss and all changes to
the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and
distributions to stockholders. Comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022
consisted of net income (loss) and foreign currency translation adjustments.
Earnings
per Share
Basic income
(loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period.
Dilution is
computed by applying the treasury stock method for options and warrants. Under this method, options and warrants are assumed to be exercised
at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock
at the average market price during the period.
As of June 30,
2023 and December 31, 2022, the Company did not have any potentially dilutive instruments.
Stock-Based
Compensation
The Company
periodically grants stock options, warrants and awards to employees and non-employees in non-capital raising transactions as compensation
for services rendered. The Company accounts for stock option, stock warrant and stock award grants to employees based on the authoritative
guidance provided by the FASB where the value of the award is measured on the date of grant and recognized over the vesting period. The
Company accounts for stock option, stock warrant and stock award grants to non-employees in accordance with the authoritative guidance
of the FASB where the value of the stock compensation is determined based upon the measurement date at either a) the date at which a performance
commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation
charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance
requirements by the employees and non-employees, option, warrant and award grants are immediately vested and the total stock-based compensation
charge is recorded in the period of the measurement date.
Segment Reporting
ASC Topic 280,
“Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach
model is based on the way a company’s chief operating decision maker organizes segments within the Company for making operating
decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure,
management structure, or any other manner in which management disaggregates a company.
The Company
manages its business as four operating segments, products, pharmacies, hotel, and manufacture and sales, all of which are located in the
PRC. All of its revenues are derived in the PRC. All long-lived assets are located in PRC.
The following
table shows the Company’s operations by business segment for the three months ended June 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
|
|
2023 |
|
|
2022 |
|
|
|
For the Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
692,709 |
|
|
$ |
16,591 |
|
Pharmacies |
|
|
305,186 |
|
|
|
194,045 |
|
Hotel |
|
|
390,530 |
|
|
|
210,251 |
|
Manufacture and sale |
|
|
87,632 |
|
|
|
- |
|
Total revenues, net |
|
$ |
1,476,057 |
|
|
$ |
420,887 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
264,794 |
|
|
$ |
3,735 |
|
Operating expenses |
|
|
460,255 |
|
|
|
362,220 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
181,875 |
|
|
|
150,263 |
|
Operating expenses |
|
|
57,198 |
|
|
|
153,842 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
462,780 |
|
|
|
418,100 |
|
Operating expenses |
|
|
53,245 |
|
|
|
71,965 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
4,531 |
|
|
|
- |
|
Operating expenses |
|
|
96,147 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
1,580,825 |
|
|
$ |
1,160,125 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(32,340 |
) |
|
$ |
(349,364 |
) |
Pharmacies |
|
|
66,113 |
|
|
|
(110,060 |
) |
Hotel |
|
|
(125,495 |
) |
|
|
(279,814 |
) |
Manufacture and sale |
|
|
(13,046 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(104,768 |
) |
|
$ |
(739,238 |
) |
The following
table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
855,969 |
|
|
$ |
32,689 |
|
Pharmacies |
|
|
528,702 |
|
|
|
352,939 |
|
Hotel |
|
|
722,947 |
|
|
|
453,937 |
|
Manufacture and sale |
|
|
123,152 |
|
|
|
- |
|
Total revenues, net |
|
$ |
2,230,770 |
|
|
$ |
839,565 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
299,528 |
|
|
$ |
8,418 |
|
Operating expenses |
|
|
828,044 |
|
|
|
660,261 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
320,508 |
|
|
|
270,104 |
|
Operating expenses |
|
|
246,194 |
|
|
|
323,151 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
940,574 |
|
|
|
929,719 |
|
Operating expenses |
|
|
44,360 |
|
|
|
159,304 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
6,652 |
|
|
|
- |
|
Operating expenses |
|
|
201,648 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
2,887,508 |
|
|
$ |
2,350,957 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(271,603 |
) |
|
$ |
(635,990 |
) |
Pharmacies |
|
|
(38,000 |
) |
|
|
(240,316 |
) |
Hotel |
|
|
(261,987 |
) |
|
|
(635,086 |
) |
Manufacture and sale |
|
|
(85,148 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(656,738 |
) |
|
$ |
(1,511,392 |
) |
Segment assets |
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Products |
|
$ |
358,219 |
|
|
$ |
410,754 |
|
Pharmacies |
|
|
693,631 |
|
|
|
758,675 |
|
Hotel |
|
|
677,666 |
|
|
|
970,385 |
|
Manufacture and sale |
|
|
2,497,582 |
|
|
|
2,911,070 |
|
Total assets |
|
$ |
4,227,098 |
|
|
$ |
5,050,884 |
|
As the acquisition
of Runcangsheng was consummated as of September 30, 2022 (see Note 17), the revenues and operating results of the manufacture and sale
segment were included in the financial statements of the Company beginning on October 1, 2022.
New Accounting
Pronouncements
In June 2016,
the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit
losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable
forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured
at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December
15, 2022. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements.
In January 2017,
the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment
test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its FV, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As
a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December
15, 2022, with early adoption permitted. The adoption of ASU 2017-04 is not expected to have any impact on the Company’s consolidated
financial statements presentation or disclosures.
In August 2020,
the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts
in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This
ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in
ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash
conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative
accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own
stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the
guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments
by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an
instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal
years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier
than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after
December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the
fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The adoption of ASU 2020-06 is not expected to have
any impact on the Company’s consolidated financial statements presentation or disclosures.
The
Company’s 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 financial statement presentation or disclosures.
|
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v3.23.2
OTHER RECEIVABLES AND PREPAID EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Other Receivables And Prepaid Expenses |
|
OTHER RECEIVABLES AND PREPAID EXPENSES |
3. OTHER
RECEIVABLES AND PREPAID EXPENSES
Other receivables
and prepaid expenses consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Deposits |
|
$ |
12,320 |
|
|
$ |
15,546 |
|
Prepaid expenses |
|
|
19,768 |
|
|
|
9,490 |
|
Employees’ social insurance |
|
|
9,904 |
|
|
|
10,124 |
|
Others |
|
|
24,339 |
|
|
|
7,471 |
|
Total |
|
$ |
66,331 |
|
|
$ |
42,631 |
|
|
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v3.23.2
ADVANCES TO SUPPLIERS
|
6 Months Ended |
Jun. 30, 2023 |
Advances To Suppliers |
|
ADVANCES TO SUPPLIERS |
4. ADVANCES
TO SUPPLIERS
The Company
had advances to suppliers of $156,745 and $168,523 as of June 30, 2023 and December 31, 2022, respectively. Advances to suppliers primarily
include prepayments for products expected to be delivered subsequent to balance sheet dates.
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v3.23.2
INVENTORIES
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
5. INVENTORIES
Inventories
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Raw material |
|
$ |
142,571 |
|
|
$ |
62,462 |
|
Work in process |
|
|
2,742 |
|
|
|
15,315 |
|
Finished goods-health supplements |
|
|
- |
|
|
|
521 |
|
Drugs, pharmaceutical and nutritional products |
|
|
491,936 |
|
|
|
412,129 |
|
Food and beverage, hotel supplies and consumables |
|
|
70,211 |
|
|
|
82,646 |
|
Total |
|
$ |
707,460 |
|
|
$ |
573,073 |
|
Less: reserve for inventory |
|
|
81,708 |
|
|
|
73,821 |
|
Total inventories, net |
|
$ |
625,752 |
|
|
$ |
499,252 |
|
|
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v3.23.2
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
6. PROPERTY
AND EQUIPMENT, NET
Property and
equipment consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Vehicles |
|
$ |
405,993 |
|
|
$ |
426,836 |
|
Office furniture |
|
|
78,518 |
|
|
|
82,549 |
|
Electronic equipment |
|
|
21,231 |
|
|
|
20,607 |
|
Machinery |
|
|
1,184,382 |
|
|
|
1,241,778 |
|
Leasehold improvements |
|
|
1,083,462 |
|
|
|
1,139,087 |
|
Other |
|
|
21,914 |
|
|
|
17,485 |
|
Total |
|
|
2,795,500 |
|
|
|
2,928,342 |
|
Less: Accumulated depreciation |
|
|
(1,094,193 |
) |
|
|
(956,549 |
) |
Property and equipment, net |
|
$ |
1,701,307 |
|
|
$ |
1,971,793 |
|
Depreciation
expense for the three months ended June 30, 2023 and 2022 was $88,509 and $26,947, respectively.
Depreciation
expense for the six months ended June 30, 2023 and 2022 was $192,909 and $55,925, respectively
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v3.23.2
INTANGIBLE ASSET, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSET, NET |
7. INTANGIBLE
ASSET, NET
Intangible asset
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Software |
|
$ |
10,675 |
|
|
$ |
8,564 |
|
Less: Accumulated amortization |
|
|
(7,434 |
) |
|
|
(7,295 |
) |
Intangible asset, net |
|
$ |
3,241 |
|
|
$ |
1,269 |
|
Amortization
expense for the three months ended June 30, 2023 and 2022 was $357 and $633, respectively.
Amortization
expense for the six months ended June 30, 2023 and 2022 was $518 and $1,294, respectively.
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v3.23.2
TAXES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Taxes Payable |
|
TAXES PAYABLE |
8. TAXES
PAYABLE
Taxes payable
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Value-added |
|
$ |
57,316 |
|
|
$ |
56,806 |
|
Income |
|
|
29,409 |
|
|
|
30,919 |
|
City construction |
|
|
4,148 |
|
|
|
3,746 |
|
Education |
|
|
2,966 |
|
|
|
2,184 |
|
Other |
|
|
9,797 |
|
|
|
10,445 |
|
Taxes payable |
|
$ |
103,636 |
|
|
$ |
104,100 |
|
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v3.23.2
ACCRUED LIABILITIES AND OTHER PAYABLES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED LIABILITIES AND OTHER PAYABLES |
9. ACCRUED
LIABILITIES AND OTHER PAYABLES
Accrued liabilities
and other payables consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Accrued employees’ social insurance |
|
$ |
250,302 |
|
|
$ |
270,349 |
|
Accrued payroll and commission |
|
|
347,562 |
|
|
|
307,331 |
|
Accrued rent expense |
|
|
49,916 |
|
|
|
32,746 |
|
Construction payable |
|
|
1,217,754 |
|
|
|
1,384,674 |
|
Payable for equipment purchase |
|
|
23,689 |
|
|
|
32,278 |
|
Accrued professional fees |
|
|
194,393 |
|
|
|
233,894 |
|
Deposit |
|
|
11,084 |
|
|
|
11,308 |
|
Other payables |
|
|
48,731 |
|
|
|
83,910 |
|
Total |
|
$ |
2,143,431 |
|
|
$ |
2,356,490 |
|
|
X |
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v3.23.2
LOAN FROM THIRD PARTIES
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOAN FROM THIRD PARTIES |
10. LOAN
FROM THIRD PARTIES
As of June 30,
2023 and December 31, 2022, the Company had advances from unrelated third parties of Aixin Shangyan Hotel in an aggregate amount $82,744
and $86,992, respectively. There was no written agreement, and these loans are payable on demand and bear no interest.
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v3.23.2
LEASE
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
LEASE |
11. LEASE
AiXinZhonghong
leases its office on a monthly basis. AiXinZhonghong also has operating leases for other sales locations under various operating lease arrangements.
The leases have remaining lease terms of approximately 0.25 to 4.92 years.
Aixin Shangyan
Hotel leases its hotel premises under an operating lease arrangement. The lease has a remaining lease term of approximately 0.50 years.
Aixintang Pharmacies
lease retail pharmacy stores under operating lease arrangements, with remaining lease terms of 1.46 to 3.17 years.
Runcangsheng
leases its office under an operating lease arrangement. The lease has a remaining lease term of approximately 2.67 years.
Balance sheet
information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Leases |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
$ |
682,694 |
|
|
$ |
999,285 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities – current |
|
$ |
601,626 |
|
|
$ |
883,583 |
|
Operating lease liability – non-current |
|
|
205,903 |
|
|
|
194,725 |
|
Total operating lease liabilities |
|
$ |
807,529 |
|
|
$ |
1,078,308 |
|
The following
provides details of the Company’s lease expenses:
SCHEDULE OF OPERATING LEASE EXPENSES
|
|
2023 |
|
|
2022 |
|
|
|
Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
207,035 |
|
|
$ |
220,203 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
417,369 |
|
|
$ |
449,445 |
|
Other information
related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Paid for Amounts Included In Measurement of Liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
405,079 |
|
|
|
418,711 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
1.46 years |
|
|
|
1.91 years |
|
|
|
|
|
|
|
|
|
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
4.75 |
% |
|
|
4.75 |
% |
Maturities of
lease liabilities were as follows:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
|
|
|
|
|
For the year ending December 31: |
|
|
|
|
2023 (excluding the six months ended June 30, 2023) |
|
$ |
543,223 |
|
2024 |
|
|
150,094 |
|
2025 |
|
|
88,611 |
|
2026 |
|
|
37,969 |
|
2027 |
|
|
8,274 |
|
Thereafter |
|
|
3,448 |
|
Total lease payments |
|
|
831,619 |
|
Less: imputed interest |
|
|
(24,090 |
) |
Total lease liabilities |
|
|
807,529 |
|
Less: current portion |
|
|
(601,626 |
) |
Lease liabilities – non-current portion |
|
$ |
205,903 |
|
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
12. RELATED
PARTY TRANSACTIONS
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
Advances
to supplier – related party
Advances to
supplier – related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 25,453 | | |
$ | - | |
Accounts
payable – related party
Accounts payable
– related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. | |
$ | - | | |
$ | 165,958 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. is an
entity controlled by Mr. Huiliang Jiao, a Director of the Company.
Due from
related parties
Due from related
parties consisted of the following as of the periods indicated:
SCHEDULE OF RELATED PARTY TRANSACTIONS
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. |
|
$ |
4,925 |
|
|
$ |
9,708 |
|
Sichuan Aixin Investment Co., Ltd |
|
|
8,978 |
|
|
|
145 |
|
Chengdu Fuxiang Tang Pharmacy Co., Ltd. |
|
|
27,302 |
|
|
|
26,125 |
|
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. |
|
|
459 |
|
|
|
- |
|
Chengdu Xilongwan Pharmacy Co., Ltd. |
|
|
414 |
|
|
|
- |
|
Chengdu Heshengyuan Pharmacy Co., Ltd. |
|
|
2,069 |
|
|
|
- |
|
Chengdu Zhiweibing Pharmacy Co., Ltd. |
|
|
4,156 |
|
|
|
- |
|
Chengdu Tongtai Tang Pharmacy Co. Ltd. |
|
|
1,089 |
|
|
|
- |
|
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd |
|
|
4,982 |
|
|
|
- |
|
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd |
|
|
26,126 |
|
|
|
34,622 |
|
Chengdu Cigu Foshou Pharmacy |
|
|
1,514 |
|
|
|
- |
|
Mianyang Aixin Cunshan Pharmacy |
|
|
1,540 |
|
|
|
- |
|
Chengdu Aixin International Travel Service Co., Ltd |
|
|
359 |
|
|
|
|
|
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. |
|
|
50,407 |
|
|
|
12,502 |
|
Total |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Advance from related parties |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Due to
related parties
Due to related
parties consisted of the following as of the periods indicated:
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Quanzhong Lin |
|
$ |
109,354 |
|
|
$ |
140,644 |
|
Yirong Shen |
|
|
85,502 |
|
|
|
89,892 |
|
Tianming Long |
|
|
1,040 |
|
|
|
- |
|
Sichuan Yunxi Pharmacy Co. Ltd |
|
|
1,931 |
|
|
|
- |
|
Chengdu Yi Yan Tang Pharmacy Co. Ltd. |
|
|
1,635 |
|
|
|
- |
|
Chengdu Aixin International travel service Co, Ltd |
|
|
4,981 |
|
|
|
6,346 |
|
Total |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
Advance to related parties |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
The
amouints due to and from related parties were for working capital purposes, payable on demand, and bear no interest. All the related
party entities listed above are controlled by Mr. Quanzhong Lin (the Chairman, President and major shareholder of Aixin Life).
Yirong Shen was a major shareholder of Aixin Shangyan Hotel prior to the closing of Hotel Purchase Agreement, and she serves as the
supervisor of Aixin Shangyan Hotel. Tianming Long is
a branch manager of Aixintang Pharmacies.
Office
leases
In May
2014, the Company entered a lease with its major shareholder for an office. The lease term was for three years expiring in May 2017
with an option to renew. The monthly rent was RMB 5,000 ($690).
The Company was required to prepay each year’s annual rent at 15th of May of each year. The Company renewed the lease until May
28, 2028 with monthly rent of RMB 5,000 ($690),
payable quarterly. The future annual minimum lease payments at June 30, 2023 are $8,274, $8,274, $8,274, $8,274, and $7,585 for
each of the years ended June 30, 2024, 2025, 2026, 2027, and 2028, respectively.
Runcangsheng has an office lease with Xiaoyan Zhou,
wife of Huiliang Jiao, the Company’s Director, from March 2020 to February 2023 with a monthly rent of RMB 3,000 ($414). Runcangsheng
renewed the lease until February 28, 2026 with monthly rent of RMB 5,000 ($690). The future annual minimum lease payments at June 30,
2023 are $8,274, $8,274, and $5,516 for each of the years ended June 30, 2024, 2025, and 2026, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
13. INCOME
TAXES
The
Company was incorporated in the United States of America (“USA”) and has operations in one tax jurisdiction, i.e. the
PRC. The Company generated substantially all of its sales from its operations in the PRC for the three and six months ended June 30,
2023 and 2022, and recorded income tax provision for the periods.
China has a
tax rate of 25% for all enterprises (including foreign-invested enterprises).
Uncertain
Tax Positions
Interest associated
with unrecognized tax benefits are classified as income tax, and penalties are classified in selling, general and administrative expenses
in the statements of operations. For the six and three months ended June 30, 2023 and 2022, the Company had no unrecognized tax benefits
and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
14. STOCKHOLDERS’
EQUITY
On August 17,
2020, by unanimous written consent in lieu of a meeting, the Board adopted resolutions authorizing a one (1)-for-four (4) reverse stock.
The reverse stock split became effective on October 27, 2020. According to the Articles of Amendment, the Company is authorized to issue
20,000,000 shares of blank check preferred stock at $0.001 par value and 500,000,000 shares of common stock at $.00001 par value per share.
Pursuant
to resolutions adopted by the Board of Directors and the holders of a majority of the outstanding shares of common stock of AiXin Life
International, Inc. on January 6, 2023, the Company filed an amendment to its Articles of Incorporation with respect to a proposed 1 for
2 “reverse” split of its common stock (the “Amendment”). Completion of the proposed reverse stock split was to
be effected on a date determined by the Board of Directors only upon receipt of notice from the Financial Industry Regulatory Authority
(“FINRA”) that it would process the proposed reverse stock split. The Company received notice from FINRA and its common stock
began trading on a post-split basis on February 17, 2023.
As a result
of the reverse split, every two shares of the Company’s issued and outstanding common stock were automatically combined and converted
into one issued and outstanding share of common stock. The Company has approximately 24,999,842 shares of outstanding common stock after
giving effect to the reverse stock split and the elimination of fractional shares.
All share and
earnings per share information has been retroactively adjusted to reflect the reverse stock split.
As of June 30,
2023, and December 31, 2022, the Company had 24,999,842 common shares issued and outstanding.
Stock Awards
Issued for Services
On October 22,
2019, the Company granted and issued 18,750 shares to its employees and contractors under its 2019 Equity Incentive Plan. The stock awards
were valued at $337,500 based on the post-split closing price of $18 on the grant date.
On October 24,
2019, the Company granted and issued 275,000 shares to its employees and contractors under its 2019 Equity Incentive Plan. The stock awards
were valued at $1,520,200 based on the post-split closing price of $5.528 on the grant date.
The stock awards
will vest over five (5)
years from the grant date, and the grantee will forfeit a portion of the shares granted (“Shares Granted”) if the grantee
is no longer employed by or contracted with the Company. Specifically, the
grantee will forfeit 80% of Shares Granted if no longer employed by or contracted with the Company on the date that is one year from
the grant date, forfeit 60% of Shares Granted if no longer employed by or contracted with the Company on the date that is two years from
the grant date, forfeit 40% of Shares Granted if no longer employed by or contracted with the Company on the date that is three years
from the grant date, and forfeit 20% of Shares Granted if no longer employed by or contracted with the Company on the date that is four
years from the grant date. Effective on the 5th year from the grant date, none of the shares will be subject to forfeiture.
For the three months
ended June 30, 2023 and 2022, stock-based compensation expenses were $92,885 and $92,885, respectively. For the six
months ended June 30, 2023 and 2022, stock-based compensation expenses were $185,770 and $185,770, respectively. As of June 30, 2023, unrecognized
compensation expenses related to these stock awards are $486,897. These expenses are expected to be recognized over 1.32 years.
Capital
Contribution
During the six
months ended June 30, 2023, the Company received capital contributions in the aggregate amount of $145,300 from Yunnan Shengshengyuan and
Yun Chen, the former shareholders of Runcangsheng (see Note 1), who remained as related parties of the Company after the completion of
acquisition of Runcangsheng.
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v3.23.2
STATUTORY RESERVES
|
6 Months Ended |
Jun. 30, 2023 |
Statutory Reserves |
|
STATUTORY RESERVES |
15. STATUTORY
RESERVES
Pursuant to
the PRC corporate law, the Company is now only required to maintain one statutory reserve by appropriating from its after-tax profit before
declaration or payment of dividends. The statutory reserve represents restricted retained earnings.
Surplus reserve
fund
The
Company is required to transfer 10%
of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve
balance reaches 50%
of the Company’s registered capital. During the three and six months ended June 30, 2023 and 2022, the Company make $0
and $0
contribution to statutory reserve fund.
The surplus
reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may
be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their
shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such
issue is not less than 25% of the registered capital.
Common welfare
fund
Common
welfare fund is a voluntary fund to which the Company can elect to transfer 5%
to 10%
of its net income, as determined under PRC accounting rules and regulations. The Company did not make any contribution to this fund
during the three and six months ended June 30, 2023 and 2022.
This fund can
only be utilized on capital items for the collective benefit of the Company’s employees, such as construction of dormitories, cafeteria
facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation.
|
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v3.23.2
OPERATING CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
OPERATING CONTINGENCIES |
16. OPERATING
CONTINGENCIES
The Company’s
operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America
and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency
exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations,
anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.
The Company’s
sales, purchases and expenses are denominated in RMB and all of the Company’s assets and liabilities are also denominated in RMB.
The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required
by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting
documentation to affect the remittance.
Litigation
The Company
is, from time to time, involved in litigation incidental to the conduct of its business regarding merchandise sold, employment matters,
and litigation regarding intellectual property rights.
In December
2020, Jian Yiao (the “Plaintiff”) filed a complaint against Chengdu Aixintang Pharmacy Co., Ltd. (“Aixintang Pharmacy”,
or the “Defendant”) in Zhangjiagang People’s Court in Jiangsu Province. The complaint alleges that Jian Yiao is entitled
to $392,305 (RMB 2,500,000) from Aixintang Pharmacy for not fulfilling the contractual obligation of a purchase agreement entered in March
2020 (the “Purchase Agreement”). Aixintang Pharmacy claimed that the Purchase Agreement was falsely entered by an employee
through forged documents, and that Aixintang Pharmacy did not enter the Purchase Agreement. The Court determined that Aixintang Pharmacy
breached the Purchase Agreement by not delivering the products ordered and ordered Aixintang Pharmacy to pay $392,305 (RMB 2,500,000)
to the Plaintiff. In December 2020, Aixintang Pharmacy filed a motion in the Jiangsu Suzhou Intermediate People’s Court against
the determination reached from the first trial.
In February
2021, the judge in the Jiangsu Suzhou Intermediate People’s Court denied the Defendant’s motion and upheld the judgment from
the first trial. In March 2021, Aixintang Pharmacy filed another motion to the Jiangsu High People’s Court on the basis that the
Purchase Agreement was forged. In February 2022, Aixintang Pharmacy filed an appeal in Jiangsu High People’s Court against the judgment
reached by Jiangsu Suzhou Intermediate People’s Court in February 2021. To date, this legal proceeding remains pending.
In November
2021, the Company and Mr. Quanzhong Lin agreed that Mr. Lin shall assume any losses arising from this legal proceeding. As such, the Company
did not accrue contingent losses from this legal proceeding as of June 30, 2023.
The Company
believes that current pending litigation will not have a material adverse effect on its consolidated financial position, results of operations
or cash flows.
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v3.23.2
ACQUISITION OF SUBSIDIARIES
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION OF SUBSIDIARIES |
17. ACQUISITION
OF SUBSIDIARIES
Runcangsheng
On July 19,
2022, the Company entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd (“Shengshengyuan”)
and Yun Chen (collectively “the Sellers”), who own 95% and 5% equity interest of Yunnan Runcangsheng Technology Co., Ltd (“Runcangsheng”),
respectively.
Under the terms
of the Transfer Agreement, the Company purchased all of the outstanding equity interest of Yunnan Runcangsheng for an aggregate purchase
price of RMB 31,557,820, or $4,418,095, adjusted by $116,802, the amount equal to the initial net worth estimate minus the audited net
worth of Runcangsheng as of December 31, 2021.
In addition
to transferring their respective equity interest in Runcangsheng, both Sellers agreed to forgive any loans due to them from Runcangsheng.
The acquisition was completed on September 30, 2022.
The
following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result
of the acquisition of Runcangsheng is calculated as follows:
SCHEDULE OF FAIR VALUES OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED
|
|
|
|
|
Total purchase considerations |
|
$ |
4,301,293 |
|
Estimated fair value of assets acquired: |
|
|
|
|
Cash |
|
$ |
446,381 |
|
Accounts receivable |
|
|
144,813 |
|
Accounts receivable-related party |
|
|
133,011 |
|
Advance to suppliers |
|
|
3,455 |
|
Other receivables and prepaid expense |
|
|
127,909 |
|
Inventory |
|
|
469,594 |
|
Property and equipment |
|
|
1,677,272 |
|
Intangible assets |
|
|
1,406 |
|
Operating lease right-of-use assets |
|
|
1,990 |
|
Total assets acquired |
|
|
3,005,831 |
|
Estimated fair value of liabilities assumed: |
|
|
|
|
Accounts payable |
|
|
(89,801 |
) |
Accounts payable-related party |
|
|
(160,911 |
) |
Advance from customers |
|
|
(4,790 |
) |
Government grant |
|
|
(921,473 |
) |
Taxes payable |
|
|
(21,156 |
) |
Operating lease liability |
|
|
(15,182 |
) |
Accrued liabilities and other payables |
|
|
(1,314,995 |
) |
Total liabilities assumed |
|
|
(2,528,308 |
) |
Total net assets acquired |
|
|
477,523 |
|
Goodwill as a result of the acquisition |
|
$ |
3,823,770 |
|
During the year
ended December 31, 2022, the Company recorded a goodwill impairment equal to the goodwill resulting from the acquisition of Runcangsheng.
The
following condensed unaudited pro forma consolidated results of operations for the Company, Runcangsheng, Aixin Shangyan Hotel and
Aixintang Pharmacies for the three and six months ended June 30, 2022 present the results of operations of the Company,
Runcangsheng, Aixin Shangyan Hotel, and Aixintang Pharmacies as if the acquisition of Runcangsheng occurred on January 1, 2022,
respectively.
The pro forma
results are not necessarily indicative of the actual results that would have occurred had the acquisition been completed as of the beginning
of the periods presented, nor are they necessarily indicative of future consolidated results.
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA
|
|
For the
Three Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
548,308 |
|
Operating costs and expenses |
|
|
1,336,027 |
|
Loss from operations |
|
|
(787,719 |
) |
Other income |
|
|
30,167 |
|
Income tax expense |
|
|
473 |
|
Net loss |
|
$ |
(758,025 |
) |
|
|
For the
Six Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
1,050,147 |
|
Operating costs and expenses |
|
|
2,620,971 |
|
Loss from operations |
|
|
(1,570,824 |
) |
Other income |
|
|
50,768 |
|
Income tax expense |
|
|
965 |
|
Net loss |
|
$ |
(1,521,021 |
) |
|
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v3.23.2
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
18. SUBSEQUENT
EVENT
The Company
follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date
the financial statements were issued and determined the Company has no material subsequent events.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of
Presentation
The accompanying
consolidated financial statements are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”).
The functional currency of AiXinZhonghong, Aixin Shangyan Hotel, Aixintang Pharmacies, and Runcangsheng is the Chinese Renminbi (“RMB”).
The accompanying consolidated financial statements are translated from RMB and presented in U.S. dollars (“USD”).
The consolidated
financial statements include the accounts of the Company and its current wholly owned subsidiaries, AiXin HK, AiXinZhonghong, Aixin Shangyan
Hotel, Aixintang Pharmacies, and Runcangsheng. Intercompany transactions and accounts were eliminated in consolidation. These unaudited
interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying notes
contained in our Annual Report on Form 10-K for the year ended December 31, 2022.
|
Unaudited Interim Financial Information |
Unaudited
Interim Financial Information
These unaudited
interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations
of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion
of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations
and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the year ending December 31, 2023.
|
Going Concern |
Going Concern
The accompanying
consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of
business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations,
and to pursue financing arrangements to support its working capital requirements.
The
Company has suffered losses from operations of $104,768
and $739,238
for the three months ended June 30, 2023 and 2022, and $656,738
and $1,511,392
for the six months ended June 30, 2023 and 2022, respectively, and used net cash in operating activities of $350,760
and $771,496
for the six months ended June 30, 2023 and 2022, respectively, and has an accumulated deficit of $15,757,028
as of June 30, 2023. These facts and conditions raise substantial doubt about the Company’s ability to continue as a
going concern. From January 1, 2023 through June 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $316,905 mainly due to
operating losses, and the use of cash to support operating activities.
Management believes
that it has developed a liquidity plan, summarized below, that, if executed successfully, should provide sufficient liquidity to meet
the Company’s obligations as they become due for a reasonable period of time, and allow the development of its core business. The
plan includes:
● Gaining
positive cash-inflow from operating activities through continuous cost reductions and the sales of higher margin products.
● Raising cash through loans from related parties and potential equity offerings.
While the
Company’s management believes that the measures in its liquidity plan including those described above will be adequate to
satisfy its liquidity requirements for the twelve months after the date that these financial statements are issued, there is no
assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a
material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to
continue as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability
and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be
necessary should the Company be unable to continue as a going concern.
|
The Invasion of Ukraine |
The Invasion
of Ukraine
The invasion
of Ukraine by the Russian Federation had an immediate impact on the global economy resulting in higher prices for oil and other commodities.
The United States, United Kingdom, European Union and other countries responded to Russia’s invasion of Ukraine by imposing various
economic sanctions and bans. Russia has responded with its own retaliatory measures. These measures have disrupted financial and economic
markets. The global impact of these measures is continually evolving and cannot be predicted with certainty and there is no assurance
that Russia’s invasion of Ukraine and responses thereto will not further disrupt the global economy and financial markets.
While the invasion
of Ukraine and responses thereto have not interrupted the Company’s operations, these or future developments resulting from the
invasion of Ukraine could make it difficult to access debt and equity capital on attractive terms, if at all, and impact the Company’s
ability to fund business activities, including proposed acquisitions.
|
Use of Estimates |
Use of Estimates
In preparing
consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements,
as well as the reported amounts of revenues and expenses during the reporting period.
Significant
estimates required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for
obsolete and slow-moving inventories. Actual results could differ from those estimates.
|
Reclassification |
Reclassification
Certain prior
period amounts have been reclassified to conform to the current period presentation and had no effect on previously reported consolidated
net income (loss) or accumulated deficit.
|
Cash and Cash Equivalents |
Cash and
Cash Equivalents
For financial
statement purposes, the Company considers all highly liquid investments with an original maturity of three months or less to be cash and
cash equivalents.
|
Restricted Cash |
Restricted
Cash
The restricted
cash was cash maintained in temporarily frozen bank accounts held by Aixintang Pharmacy and its branches by the court for a judgement
against Aixintang Pharmacy which Aixintang Pharmacy is in the process of appealing (see Note 16 – litigation).
|
Accounts Receivable |
Accounts
Receivable
The Company’s
policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts
receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes
in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2023 and December 31, 2022, the bad debt allowance
was $200,044 and $272,550 respectively.
The following
table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the six months ended
June 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
272,550 |
|
|
$ |
213,787 |
|
(Reversal of) provision for bad debts |
|
|
- |
|
|
|
47,857 |
|
Recoveries/Write offs |
|
|
(51,853 |
) |
|
|
- |
|
Effect of translation |
|
|
(20,653 |
) |
|
|
(11,933 |
) |
Ending balance |
|
$ |
200,044 |
|
|
$ |
249,711 |
|
|
Inventories |
Inventories
Inventories
mainly consists of health supplements, drugs, pharmaceutical and nutritional products, food and beverage, hotel supplies and consumables.
Inventories are valued at the lower of average cost or market, cost being determined on a moving weighted average method at the end of
the month. Management compares the cost of inventories with the net realizable value and an allowance is made for writing down inventories
to market value, if lower. The Company recorded provision for inventory reserve of $12,026 and $0 for the six months ended June 30, 2023
and 2022, respectively.
|
Property and Equipment |
Property
and Equipment
Property and
equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly
extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs
are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided
using the straight-line method for substantially all assets with 5% salvage value and estimated lives as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED LIVES
Office furniture |
|
|
5 years |
|
Electronic equipment |
|
|
2-3 years |
|
Machinery |
|
|
3 years |
|
Leasehold improvements |
|
|
3 years |
|
Vehicles |
|
|
5 years |
|
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived assets,
which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable, but at least annually.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by it. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is generally
determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Based on its review,
the Company believes that, as of June 30, 2023 and December 31, 2022, there were no significant impairments of its long-lived assets.
|
Goodwill |
Goodwill
The Company
evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying
value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate
whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment
indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill
for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units.
If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill
is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill
and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash
flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing,
market segment share, and general economic conditions.
The Company
completed the required testing of goodwill for impairment as of December 31, 2022, and determined that goodwill was impaired because of
the current financial condition of the Company and the Company’s inability to generate future operating income without substantial
sales volume increases, which are highly uncertain. Furthermore, the uncertainty of the future cash flows indicates that the recoverability
of goodwill is not reasonably assured.
The goodwill
write-down was reflected as an impairment loss, $3,823,770, in non-operating expenses in the statement of operations and comprehensive
income (loss) during the year ended December 31, 2022.
|
Income Taxes |
Income Taxes
Income taxes
are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The Company
follows Accounting Standards Codification (“ASC”) Topic 740, which prescribes a more-likely-than-not threshold for financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance
on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting
for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under ASC Topic
740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all
available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the
resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions
that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance
sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated
with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses
in the statement of income.
At June 30,
2023 and December 31, 2022, the Company did not take any uncertain positions that would necessitate recording a tax related liability.
|
Revenue Recognition |
Revenue Recognition
Revenue from
sale of goods under Topic 606 is recognized in a manner that reasonably reflects the delivery of the Company’s products and
services to customers in return for expected consideration and includes the following elements:
|
● |
executed contract(s) with customers that the Company believes is legally enforceable; |
|
|
|
|
● |
identification of performance obligation in the respective contract; |
|
|
|
|
● |
determination of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition of revenue only when the Company satisfies each performance obligation. |
The Company’s
revenue recognition policies for its various operating segments are as follows:
Products
The Company’s
revenue from sales of products is recognized when goods are delivered to the customer and no other obligation exists. The Company does
not provide unconditional return or other concessions to the customer. The Company’s sales policy allows for the return of unopened
products for cash after deducting certain service and transaction fees. As an alternative to the product return option, the customers
have the option of asking for an exchange for products with the same value.
Sales revenue
of AiXin Zhonghong represents the invoiced value of goods, net of value-added taxes (“VAT”). All of the Company’s products
sold in China are subject to the PRC VAT of 13% since April 1, 2019. This VAT may be offset by VAT paid by the Company on raw materials
and other materials purchased in China. The Company records VAT payable and VAT receivable net of payments in the financial statements.
The VAT tax return is filed offsetting the payables against the receivables. Sales and purchases are recorded net of VAT collected and
paid as the Company acts as an agent for the government.
Hotel
Hotel revenues
are primarily derived from the rental of rooms, food and beverage sales and other ancillary goods and services, including but not limited
to souvenir, parking and conference reservation. Each of these products and services represents a distinct performance obligation and,
in exchange for these services, the Company receives fixed amounts based on published rates or negotiated contracts. Payment is due in
full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms
are occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered or rendered
to the guests as the respective performance obligations are satisfied. All of the hotel’s goods sold in China are subject to the
PRC VAT of 6%. This VAT may be offset by VAT paid by the Company on raw materials and other materials purchased in China.
Pharmacies
The Company’s
retail drugstores (Aixintang Pharmacies) recognize revenue at the time the customer takes possession of the merchandise. For pharmacy
sales, each prescription claim is its own arrangement with the customer and is a performance obligation. Aixintang Pharmacies generally
receives payments from customers as it satisfies its performance obligations. The Company records a receivable when it has an unconditional
right to receive payment and only the passage of time is required before payment is due. Sales revenue represents the invoiced value of
goods, net of VAT. All of Aixintang Pharmacies’ products sold in China are eligible for the PRC VAT of 0% as it qualifies as a small
business.
Manufacture
and Sale
The
Company’s new subsidiary Runcangsheng recognizes revenue at the time products are shipped as this satisfies its performance
obligation. The Company records a receivable for its sales when it has an unconditional right to receive payment and only the
passage of time is required before payment is due. Sales revenue represents the invoiced value of goods, net of value-added taxes
(“VAT”). All of the Company’s products sold in China are subject to the PRC VAT of 13%
unless it is a qualified small business subject to exemption.
|
Unearned Revenue |
Unearned
Revenue
The Company’s
unearned revenue primarily consists of advances received from customers for the purchase of products prior to the delivery of goods, and
for the rental of hotel rooms prior to the delivery of service. The delivery of products and room rental services is (normally within
one year) based upon contract terms and customer demand.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
The operations
of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced
by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy.
The Company
has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks is covered
by insurance up to RMB 500,000 ($72,500) per bank. The Company has not experienced any losses in such accounts and believes they are not
exposed to any risks on its cash in these bank accounts.
During the
three and six months ended June 30, 2023 and 2022, the Company had no customer that accounted for over 10%
of its total revenue.
During the three
months ended June 30, 2023, the Company had one supplier that accounted for 15% of its total purchases.
During the six
months ended June 30, 2023, the Company had two suppliers that accounted for 15% and 13%, respectively, of its total purchases.
During the three
months ended June 30, 2022, the Company had one supplier that accounted for 23% of its total purchases.
During the six
months ended June 30, 2022, the Company had one supplier that accounted for 12% of its total purchases.
|
Leases |
Leases
The Company
determines if an arrangement is a lease at inception under FASB ASC Topic 842, Right of Use Assets (“ROU”) and lease liabilities
are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the
Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit
rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease
payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that it will exercise such options.
ROU assets are
reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment
guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU assets are
tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the
cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which
represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and
liabilities. The Company recognized no impairment of ROU assets as of June 30, 2023 and December 31, 2022. Operating leases are included
in operating lease ROU and operating lease liabilities (current and non-current), on the consolidated balance sheets.
|
Statement of Cash Flows |
Statement
of Cash Flows
In accordance
with ASC Topic 230, “Statement of Cash Flows,” cash flows from the Company’s operations are calculated based
on the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.
|
Fair Value of Financial Instruments |
Fair Value
of Financial Instruments
The
carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accrued liabilities
and accounts payable, approximate their fair value due to their short maturities. FASB ASC Topic 825, “Financial
Instruments,” requires disclosure of the fair value of financial instruments held by the Company. The carrying amounts
reported in the consolidated balance sheets for current liabilities each qualify as financial instruments and are a reasonable
estimate of their fair value because of the short period of time between the origination of such instruments and their expected
realization and the current market rate of interest.
|
Fair Value Measurements and Disclosures |
Fair Value
Measurements and Disclosures
ASC Topic 820,
“Fair Value Measurements and Disclosures,” defines fair value, and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The three levels are defined as follow:
|
● |
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
● |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
● |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
As of June 30,
2023 and December 31, 2022, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet
at fair value.
|
Foreign Currency Translation and Comprehensive Income (Loss) |
Foreign Currency
Translation and Comprehensive Income (Loss)
The functional
currency of the Company is RMB. For financial reporting purposes, RMB is translated into USD as the reporting currency. Assets and liabilities
are translated at the exchange rate in effect at the balance sheet dates. Revenues and expenses are translated at the average rate of
exchange prevailing during the reporting period.
Translation
adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’
equity as “Accumulated other comprehensive income”. Gains and losses resulting from foreign currency transactions are included
in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.
The
Company uses FASB ASC Topic 220, “Comprehensive Income”. Comprehensive loss is comprised of net loss and all changes to
the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and
distributions to stockholders. Comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022
consisted of net income (loss) and foreign currency translation adjustments.
|
Earnings per Share |
Earnings
per Share
Basic income
(loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period.
Dilution is
computed by applying the treasury stock method for options and warrants. Under this method, options and warrants are assumed to be exercised
at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock
at the average market price during the period.
As of June 30,
2023 and December 31, 2022, the Company did not have any potentially dilutive instruments.
|
Stock-Based Compensation |
Stock-Based
Compensation
The Company
periodically grants stock options, warrants and awards to employees and non-employees in non-capital raising transactions as compensation
for services rendered. The Company accounts for stock option, stock warrant and stock award grants to employees based on the authoritative
guidance provided by the FASB where the value of the award is measured on the date of grant and recognized over the vesting period. The
Company accounts for stock option, stock warrant and stock award grants to non-employees in accordance with the authoritative guidance
of the FASB where the value of the stock compensation is determined based upon the measurement date at either a) the date at which a performance
commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation
charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance
requirements by the employees and non-employees, option, warrant and award grants are immediately vested and the total stock-based compensation
charge is recorded in the period of the measurement date.
|
Segment Reporting |
Segment Reporting
ASC Topic 280,
“Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach
model is based on the way a company’s chief operating decision maker organizes segments within the Company for making operating
decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure,
management structure, or any other manner in which management disaggregates a company.
The Company
manages its business as four operating segments, products, pharmacies, hotel, and manufacture and sales, all of which are located in the
PRC. All of its revenues are derived in the PRC. All long-lived assets are located in PRC.
The following
table shows the Company’s operations by business segment for the three months ended June 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
|
|
2023 |
|
|
2022 |
|
|
|
For the Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
692,709 |
|
|
$ |
16,591 |
|
Pharmacies |
|
|
305,186 |
|
|
|
194,045 |
|
Hotel |
|
|
390,530 |
|
|
|
210,251 |
|
Manufacture and sale |
|
|
87,632 |
|
|
|
- |
|
Total revenues, net |
|
$ |
1,476,057 |
|
|
$ |
420,887 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
264,794 |
|
|
$ |
3,735 |
|
Operating expenses |
|
|
460,255 |
|
|
|
362,220 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
181,875 |
|
|
|
150,263 |
|
Operating expenses |
|
|
57,198 |
|
|
|
153,842 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
462,780 |
|
|
|
418,100 |
|
Operating expenses |
|
|
53,245 |
|
|
|
71,965 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
4,531 |
|
|
|
- |
|
Operating expenses |
|
|
96,147 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
1,580,825 |
|
|
$ |
1,160,125 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(32,340 |
) |
|
$ |
(349,364 |
) |
Pharmacies |
|
|
66,113 |
|
|
|
(110,060 |
) |
Hotel |
|
|
(125,495 |
) |
|
|
(279,814 |
) |
Manufacture and sale |
|
|
(13,046 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(104,768 |
) |
|
$ |
(739,238 |
) |
The following
table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
855,969 |
|
|
$ |
32,689 |
|
Pharmacies |
|
|
528,702 |
|
|
|
352,939 |
|
Hotel |
|
|
722,947 |
|
|
|
453,937 |
|
Manufacture and sale |
|
|
123,152 |
|
|
|
- |
|
Total revenues, net |
|
$ |
2,230,770 |
|
|
$ |
839,565 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
299,528 |
|
|
$ |
8,418 |
|
Operating expenses |
|
|
828,044 |
|
|
|
660,261 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
320,508 |
|
|
|
270,104 |
|
Operating expenses |
|
|
246,194 |
|
|
|
323,151 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
940,574 |
|
|
|
929,719 |
|
Operating expenses |
|
|
44,360 |
|
|
|
159,304 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
6,652 |
|
|
|
- |
|
Operating expenses |
|
|
201,648 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
2,887,508 |
|
|
$ |
2,350,957 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(271,603 |
) |
|
$ |
(635,990 |
) |
Pharmacies |
|
|
(38,000 |
) |
|
|
(240,316 |
) |
Hotel |
|
|
(261,987 |
) |
|
|
(635,086 |
) |
Manufacture and sale |
|
|
(85,148 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(656,738 |
) |
|
$ |
(1,511,392 |
) |
Segment assets |
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Products |
|
$ |
358,219 |
|
|
$ |
410,754 |
|
Pharmacies |
|
|
693,631 |
|
|
|
758,675 |
|
Hotel |
|
|
677,666 |
|
|
|
970,385 |
|
Manufacture and sale |
|
|
2,497,582 |
|
|
|
2,911,070 |
|
Total assets |
|
$ |
4,227,098 |
|
|
$ |
5,050,884 |
|
As the acquisition
of Runcangsheng was consummated as of September 30, 2022 (see Note 17), the revenues and operating results of the manufacture and sale
segment were included in the financial statements of the Company beginning on October 1, 2022.
|
New Accounting Pronouncements |
New Accounting
Pronouncements
In June 2016,
the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit
losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable
forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured
at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December
15, 2022. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements.
In January 2017,
the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment
test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its FV, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As
a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December
15, 2022, with early adoption permitted. The adoption of ASU 2017-04 is not expected to have any impact on the Company’s consolidated
financial statements presentation or disclosures.
In August 2020,
the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts
in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This
ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in
ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash
conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative
accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own
stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the
guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments
by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an
instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal
years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier
than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after
December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the
fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The adoption of ASU 2020-06 is not expected to have
any impact on the Company’s consolidated financial statements presentation or disclosures.
The
Company’s 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 financial statement presentation or disclosures.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS |
The following
table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the six months ended
June 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
272,550 |
|
|
$ |
213,787 |
|
(Reversal of) provision for bad debts |
|
|
- |
|
|
|
47,857 |
|
Recoveries/Write offs |
|
|
(51,853 |
) |
|
|
- |
|
Effect of translation |
|
|
(20,653 |
) |
|
|
(11,933 |
) |
Ending balance |
|
$ |
200,044 |
|
|
$ |
249,711 |
|
|
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIVES |
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED LIVES
Office furniture |
|
|
5 years |
|
Electronic equipment |
|
|
2-3 years |
|
Machinery |
|
|
3 years |
|
Leasehold improvements |
|
|
3 years |
|
Vehicles |
|
|
5 years |
|
|
SCHEDULE OF SEGMENTS INFORMATION |
The following
table shows the Company’s operations by business segment for the three months ended June 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
|
|
2023 |
|
|
2022 |
|
|
|
For the Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
692,709 |
|
|
$ |
16,591 |
|
Pharmacies |
|
|
305,186 |
|
|
|
194,045 |
|
Hotel |
|
|
390,530 |
|
|
|
210,251 |
|
Manufacture and sale |
|
|
87,632 |
|
|
|
- |
|
Total revenues, net |
|
$ |
1,476,057 |
|
|
$ |
420,887 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
264,794 |
|
|
$ |
3,735 |
|
Operating expenses |
|
|
460,255 |
|
|
|
362,220 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
181,875 |
|
|
|
150,263 |
|
Operating expenses |
|
|
57,198 |
|
|
|
153,842 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
462,780 |
|
|
|
418,100 |
|
Operating expenses |
|
|
53,245 |
|
|
|
71,965 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
4,531 |
|
|
|
- |
|
Operating expenses |
|
|
96,147 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
1,580,825 |
|
|
$ |
1,160,125 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(32,340 |
) |
|
$ |
(349,364 |
) |
Pharmacies |
|
|
66,113 |
|
|
|
(110,060 |
) |
Hotel |
|
|
(125,495 |
) |
|
|
(279,814 |
) |
Manufacture and sale |
|
|
(13,046 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(104,768 |
) |
|
$ |
(739,238 |
) |
The following
table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.
|
|
2023 |
|
|
2022 |
|
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
|
|
|
|
|
|
|
Products |
|
$ |
855,969 |
|
|
$ |
32,689 |
|
Pharmacies |
|
|
528,702 |
|
|
|
352,939 |
|
Hotel |
|
|
722,947 |
|
|
|
453,937 |
|
Manufacture and sale |
|
|
123,152 |
|
|
|
- |
|
Total revenues, net |
|
$ |
2,230,770 |
|
|
$ |
839,565 |
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
Products |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
299,528 |
|
|
$ |
8,418 |
|
Operating expenses |
|
|
828,044 |
|
|
|
660,261 |
|
Pharmacies |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
320,508 |
|
|
|
270,104 |
|
Operating expenses |
|
|
246,194 |
|
|
|
323,151 |
|
Hotel |
|
|
|
|
|
|
|
|
Hotel operating costs |
|
|
940,574 |
|
|
|
929,719 |
|
Operating expenses |
|
|
44,360 |
|
|
|
159,304 |
|
Manufacture and sale |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
6,652 |
|
|
|
- |
|
Operating expenses |
|
|
201,648 |
|
|
|
- |
|
Total operating costs and expenses |
|
$ |
2,887,508 |
|
|
$ |
2,350,957 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
|
|
|
|
|
|
Products |
|
$ |
(271,603 |
) |
|
$ |
(635,990 |
) |
Pharmacies |
|
|
(38,000 |
) |
|
|
(240,316 |
) |
Hotel |
|
|
(261,987 |
) |
|
|
(635,086 |
) |
Manufacture and sale |
|
|
(85,148 |
) |
|
|
- |
|
Loss from operations |
|
$ |
(656,738 |
) |
|
$ |
(1,511,392 |
) |
Segment assets |
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Products |
|
$ |
358,219 |
|
|
$ |
410,754 |
|
Pharmacies |
|
|
693,631 |
|
|
|
758,675 |
|
Hotel |
|
|
677,666 |
|
|
|
970,385 |
|
Manufacture and sale |
|
|
2,497,582 |
|
|
|
2,911,070 |
|
Total assets |
|
$ |
4,227,098 |
|
|
$ |
5,050,884 |
|
|
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v3.23.2
OTHER RECEIVABLES AND PREPAID EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Receivables And Prepaid Expenses |
|
SCHEDULE OF OTHER RECEIVABLES AND PREPAID EXPENSES |
Other receivables
and prepaid expenses consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Deposits |
|
$ |
12,320 |
|
|
$ |
15,546 |
|
Prepaid expenses |
|
|
19,768 |
|
|
|
9,490 |
|
Employees’ social insurance |
|
|
9,904 |
|
|
|
10,124 |
|
Others |
|
|
24,339 |
|
|
|
7,471 |
|
Total |
|
$ |
66,331 |
|
|
$ |
42,631 |
|
|
X |
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v3.23.2
INVENTORIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Raw material |
|
$ |
142,571 |
|
|
$ |
62,462 |
|
Work in process |
|
|
2,742 |
|
|
|
15,315 |
|
Finished goods-health supplements |
|
|
- |
|
|
|
521 |
|
Drugs, pharmaceutical and nutritional products |
|
|
491,936 |
|
|
|
412,129 |
|
Food and beverage, hotel supplies and consumables |
|
|
70,211 |
|
|
|
82,646 |
|
Total |
|
$ |
707,460 |
|
|
$ |
573,073 |
|
Less: reserve for inventory |
|
|
81,708 |
|
|
|
73,821 |
|
Total inventories, net |
|
$ |
625,752 |
|
|
$ |
499,252 |
|
|
X |
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v3.23.2
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property and
equipment consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Vehicles |
|
$ |
405,993 |
|
|
$ |
426,836 |
|
Office furniture |
|
|
78,518 |
|
|
|
82,549 |
|
Electronic equipment |
|
|
21,231 |
|
|
|
20,607 |
|
Machinery |
|
|
1,184,382 |
|
|
|
1,241,778 |
|
Leasehold improvements |
|
|
1,083,462 |
|
|
|
1,139,087 |
|
Other |
|
|
21,914 |
|
|
|
17,485 |
|
Total |
|
|
2,795,500 |
|
|
|
2,928,342 |
|
Less: Accumulated depreciation |
|
|
(1,094,193 |
) |
|
|
(956,549 |
) |
Property and equipment, net |
|
$ |
1,701,307 |
|
|
$ |
1,971,793 |
|
|
X |
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v3.23.2
INTANGIBLE ASSET, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSET |
Intangible asset
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Software |
|
$ |
10,675 |
|
|
$ |
8,564 |
|
Less: Accumulated amortization |
|
|
(7,434 |
) |
|
|
(7,295 |
) |
Intangible asset, net |
|
$ |
3,241 |
|
|
$ |
1,269 |
|
|
X |
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v3.23.2
TAXES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Taxes Payable |
|
SCHEDULE OF TAX PAYABLE |
Taxes payable
consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Value-added |
|
$ |
57,316 |
|
|
$ |
56,806 |
|
Income |
|
|
29,409 |
|
|
|
30,919 |
|
City construction |
|
|
4,148 |
|
|
|
3,746 |
|
Education |
|
|
2,966 |
|
|
|
2,184 |
|
Other |
|
|
9,797 |
|
|
|
10,445 |
|
Taxes payable |
|
$ |
103,636 |
|
|
$ |
104,100 |
|
|
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v3.23.2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES |
Accrued liabilities
and other payables consisted of the following at June 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Accrued employees’ social insurance |
|
$ |
250,302 |
|
|
$ |
270,349 |
|
Accrued payroll and commission |
|
|
347,562 |
|
|
|
307,331 |
|
Accrued rent expense |
|
|
49,916 |
|
|
|
32,746 |
|
Construction payable |
|
|
1,217,754 |
|
|
|
1,384,674 |
|
Payable for equipment purchase |
|
|
23,689 |
|
|
|
32,278 |
|
Accrued professional fees |
|
|
194,393 |
|
|
|
233,894 |
|
Deposit |
|
|
11,084 |
|
|
|
11,308 |
|
Other payables |
|
|
48,731 |
|
|
|
83,910 |
|
Total |
|
$ |
2,143,431 |
|
|
$ |
2,356,490 |
|
|
X |
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v3.23.2
LEASE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
SCHEDULE OF OPERATING LEASE LIABILITIES |
Balance sheet
information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Leases |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
$ |
682,694 |
|
|
$ |
999,285 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities – current |
|
$ |
601,626 |
|
|
$ |
883,583 |
|
Operating lease liability – non-current |
|
|
205,903 |
|
|
|
194,725 |
|
Total operating lease liabilities |
|
$ |
807,529 |
|
|
$ |
1,078,308 |
|
|
SCHEDULE OF OPERATING LEASE EXPENSES |
The following
provides details of the Company’s lease expenses:
SCHEDULE OF OPERATING LEASE EXPENSES
|
|
2023 |
|
|
2022 |
|
|
|
Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
207,035 |
|
|
$ |
220,203 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating lease expenses |
|
$ |
417,369 |
|
|
$ |
449,445 |
|
|
SCHEDULE OF OTHER INFORMATION RELATED LEASES |
Other information
related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Paid for Amounts Included In Measurement of Liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
405,079 |
|
|
|
418,711 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
1.46 years |
|
|
|
1.91 years |
|
|
|
|
|
|
|
|
|
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
4.75 |
% |
|
|
4.75 |
% |
|
SCHEDULE OF MATURITIES OF LEASE LIABILITIES |
Maturities of
lease liabilities were as follows:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
|
|
|
|
|
For the year ending December 31: |
|
|
|
|
2023 (excluding the six months ended June 30, 2023) |
|
$ |
543,223 |
|
2024 |
|
|
150,094 |
|
2025 |
|
|
88,611 |
|
2026 |
|
|
37,969 |
|
2027 |
|
|
8,274 |
|
Thereafter |
|
|
3,448 |
|
Total lease payments |
|
|
831,619 |
|
Less: imputed interest |
|
|
(24,090 |
) |
Total lease liabilities |
|
|
807,529 |
|
Less: current portion |
|
|
(601,626 |
) |
Lease liabilities – non-current portion |
|
$ |
205,903 |
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY |
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
Advances
to supplier – related party
Advances to
supplier – related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 25,453 | | |
$ | - | |
Accounts
payable – related party
Accounts payable
– related party consisted of the following as of the periods indicated:
| |
June 30, 2023 | | |
December 31, 2022 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. | |
$ | - | | |
$ | 165,958 | |
Luquan Shengcaofeng Biotechnology Co., Ltd. is an
entity controlled by Mr. Huiliang Jiao, a Director of the Company.
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
Due from related
parties consisted of the following as of the periods indicated:
SCHEDULE OF RELATED PARTY TRANSACTIONS
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. |
|
$ |
4,925 |
|
|
$ |
9,708 |
|
Sichuan Aixin Investment Co., Ltd |
|
|
8,978 |
|
|
|
145 |
|
Chengdu Fuxiang Tang Pharmacy Co., Ltd. |
|
|
27,302 |
|
|
|
26,125 |
|
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. |
|
|
459 |
|
|
|
- |
|
Chengdu Xilongwan Pharmacy Co., Ltd. |
|
|
414 |
|
|
|
- |
|
Chengdu Heshengyuan Pharmacy Co., Ltd. |
|
|
2,069 |
|
|
|
- |
|
Chengdu Zhiweibing Pharmacy Co., Ltd. |
|
|
4,156 |
|
|
|
- |
|
Chengdu Tongtai Tang Pharmacy Co. Ltd. |
|
|
1,089 |
|
|
|
- |
|
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd |
|
|
4,982 |
|
|
|
- |
|
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd |
|
|
26,126 |
|
|
|
34,622 |
|
Chengdu Cigu Foshou Pharmacy |
|
|
1,514 |
|
|
|
- |
|
Mianyang Aixin Cunshan Pharmacy |
|
|
1,540 |
|
|
|
- |
|
Chengdu Aixin International Travel Service Co., Ltd |
|
|
359 |
|
|
|
|
|
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. |
|
|
50,407 |
|
|
|
12,502 |
|
Total |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Advance from related parties |
|
$ |
134,320 |
|
|
$ |
83,102 |
|
Due to
related parties
Due to related
parties consisted of the following as of the periods indicated:
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Quanzhong Lin |
|
$ |
109,354 |
|
|
$ |
140,644 |
|
Yirong Shen |
|
|
85,502 |
|
|
|
89,892 |
|
Tianming Long |
|
|
1,040 |
|
|
|
- |
|
Sichuan Yunxi Pharmacy Co. Ltd |
|
|
1,931 |
|
|
|
- |
|
Chengdu Yi Yan Tang Pharmacy Co. Ltd. |
|
|
1,635 |
|
|
|
- |
|
Chengdu Aixin International travel service Co, Ltd |
|
|
4,981 |
|
|
|
6,346 |
|
Total |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
Advance to related parties |
|
$ |
204,443 |
|
|
$ |
236,882 |
|
|
X |
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v3.23.2
ACQUISITION OF SUBSIDIARIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF FAIR VALUES OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED |
The
following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result
of the acquisition of Runcangsheng is calculated as follows:
SCHEDULE OF FAIR VALUES OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED
|
|
|
|
|
Total purchase considerations |
|
$ |
4,301,293 |
|
Estimated fair value of assets acquired: |
|
|
|
|
Cash |
|
$ |
446,381 |
|
Accounts receivable |
|
|
144,813 |
|
Accounts receivable-related party |
|
|
133,011 |
|
Advance to suppliers |
|
|
3,455 |
|
Other receivables and prepaid expense |
|
|
127,909 |
|
Inventory |
|
|
469,594 |
|
Property and equipment |
|
|
1,677,272 |
|
Intangible assets |
|
|
1,406 |
|
Operating lease right-of-use assets |
|
|
1,990 |
|
Total assets acquired |
|
|
3,005,831 |
|
Estimated fair value of liabilities assumed: |
|
|
|
|
Accounts payable |
|
|
(89,801 |
) |
Accounts payable-related party |
|
|
(160,911 |
) |
Advance from customers |
|
|
(4,790 |
) |
Government grant |
|
|
(921,473 |
) |
Taxes payable |
|
|
(21,156 |
) |
Operating lease liability |
|
|
(15,182 |
) |
Accrued liabilities and other payables |
|
|
(1,314,995 |
) |
Total liabilities assumed |
|
|
(2,528,308 |
) |
Total net assets acquired |
|
|
477,523 |
|
Goodwill as a result of the acquisition |
|
$ |
3,823,770 |
|
|
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA |
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA
|
|
For the
Three Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
548,308 |
|
Operating costs and expenses |
|
|
1,336,027 |
|
Loss from operations |
|
|
(787,719 |
) |
Other income |
|
|
30,167 |
|
Income tax expense |
|
|
473 |
|
Net loss |
|
$ |
(758,025 |
) |
|
|
For the
Six Months Ended
June 30, 2022 |
|
Revenue |
|
$ |
1,050,147 |
|
Operating costs and expenses |
|
|
2,620,971 |
|
Loss from operations |
|
|
(1,570,824 |
) |
Other income |
|
|
50,768 |
|
Income tax expense |
|
|
965 |
|
Net loss |
|
$ |
(1,521,021 |
) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)
|
Feb. 17, 2023
$ / shares
shares
|
Jul. 19, 2022
USD ($)
|
Jul. 19, 2022
CNY (¥)
|
Jun. 02, 2021
USD ($)
|
Jun. 02, 2021
CNY (¥)
|
May 25, 2021
USD ($)
|
May 25, 2021
CNY (¥)
|
Aug. 17, 2020 |
Feb. 02, 2017
USD ($)
|
Jun. 30, 2023
$ / shares
shares
|
Dec. 31, 2022
$ / shares
shares
|
Dec. 12, 2017 |
Reverse stock split |
1 for 2 reverse stock split
|
|
|
|
|
|
|
one (1)-for-four (4) reverse stock
|
|
|
|
|
Common stock, par value | $ / shares |
$ 0.00001
|
|
|
|
|
|
|
|
|
$ 0.00001
|
$ 0.00001
|
|
Common stock, shares, outstanding | shares |
24,999,842
|
|
|
|
|
|
|
|
|
24,999,842
|
24,999,842
|
|
Aixin Shangyan Hotel Management [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination consideration transferred |
|
|
|
|
|
$ 1,160,000
|
¥ 7,598,887
|
|
|
|
|
|
Chengdu Aixin Tang Pharmacy Co., Ltd. [Member] | Pharmacies Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition, description of acquired entity |
|
|
|
On
June 2, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Pharmacies Purchase Agreement”) with Chengdu Aixintang
Pharmacy Co., Ltd. and certain affiliated entities, each of which operates a pharmacy (together, “Aixintang Pharmacies”) and
its three shareholders, Quanzhong Lin, Ting Li and Xiao Ling Li (“Transferor”). Mr. Lin owned in excess of 95% of the outstanding
equity the Aixintang Pharmacies. The remaining equity interest was owned by Ting Li and Xiao Ling Li
|
On
June 2, 2021, AiXin HK entered into an Equity Transfer Agreement (the “Pharmacies Purchase Agreement”) with Chengdu Aixintang
Pharmacy Co., Ltd. and certain affiliated entities, each of which operates a pharmacy (together, “Aixintang Pharmacies”) and
its three shareholders, Quanzhong Lin, Ting Li and Xiao Ling Li (“Transferor”). Mr. Lin owned in excess of 95% of the outstanding
equity the Aixintang Pharmacies. The remaining equity interest was owned by Ting Li and Xiao Ling Li
|
|
|
|
|
|
|
|
AiXintang Pharmacises [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination consideration transferred |
|
|
|
$ 5,310,000
|
¥ 34,635,845
|
|
|
|
|
|
|
|
Yunnan Shengshengyuan Technology Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination consideration transferred |
|
$ 4,418,095
|
¥ 31,557,820
|
|
|
|
|
|
|
|
|
|
Business combination, adjusted |
|
$ 116,802
|
|
|
|
|
|
|
|
|
|
|
Yunnan Shengshengyuan Technology Co Ltd [Member] | Transfer Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition, description of acquired entity |
|
On
July 19, 2022, HK Aixin entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd, (“Yunnan Shengshengyuan”)
and Yun Chen (together, the “Sellers”), the shareholders of Yunnan Runcangsheng Technology Company Ltd. (“Runcangsheng”).
Yunnan Shengshengyuan owns in excess of 95% of the outstanding equity of Runcangsheng. The remaining equity interest is owned by Yun Chen
|
On
July 19, 2022, HK Aixin entered into an Equity Transfer Agreement with Yunnan Shengshengyuan Technology Co., Ltd, (“Yunnan Shengshengyuan”)
and Yun Chen (together, the “Sellers”), the shareholders of Yunnan Runcangsheng Technology Company Ltd. (“Runcangsheng”).
Yunnan Shengshengyuan owns in excess of 95% of the outstanding equity of Runcangsheng. The remaining equity interest is owned by Yun Chen
|
|
|
|
|
|
|
|
|
|
China Concentric Capital Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
|
|
|
65.00%
|
|
|
71.00%
|
Purchase price of common stock |
|
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
Equity Transfer Agreement [Member] | Aixin Shangyan Hotel Management [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
100.00%
|
100.00%
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
|
Beginning balance |
|
|
$ 272,550
|
|
(Reversal of) provision for bad debts |
$ (8,037)
|
$ 20,435
|
(51,853)
|
$ 47,857
|
Ending balance |
200,044
|
|
200,044
|
|
Accounts Receivable [Member] |
|
|
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
|
Beginning balance |
|
|
272,550
|
213,787
|
(Reversal of) provision for bad debts |
|
|
|
47,857
|
Recoveries/Write offs |
|
|
(51,853)
|
|
Effect of translation |
|
|
(20,653)
|
(11,933)
|
Ending balance |
$ 200,044
|
$ 249,711
|
$ 200,044
|
$ 249,711
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.23.2
SCHEDULE OF SEGMENTS INFORMATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
$ 1,476,057
|
$ 420,887
|
$ 2,230,770
|
$ 839,565
|
|
Operating expenses |
1,580,825
|
1,160,125
|
2,887,508
|
2,350,957
|
|
Hotel operating costs |
462,780
|
418,100
|
940,574
|
929,719
|
|
Total operating costs and expenses |
1,580,825
|
1,160,125
|
2,887,508
|
2,350,957
|
|
Loss from operations |
(104,768)
|
(739,238)
|
(656,738)
|
(1,511,392)
|
|
Total assets |
4,227,098
|
|
4,227,098
|
|
$ 5,050,884
|
Products [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
692,709
|
16,591
|
855,969
|
32,689
|
|
Cost of goods sold |
264,794
|
3,735
|
299,528
|
8,418
|
|
Operating expenses |
460,255
|
362,220
|
828,044
|
660,261
|
|
Loss from operations |
(32,340)
|
(349,364)
|
(271,603)
|
(635,990)
|
|
Total assets |
358,219
|
|
358,219
|
|
410,754
|
Pharmacies [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
305,186
|
194,045
|
528,702
|
352,939
|
|
Cost of goods sold |
181,875
|
150,263
|
320,508
|
270,104
|
|
Operating expenses |
57,198
|
153,842
|
246,194
|
323,151
|
|
Loss from operations |
66,113
|
(110,060)
|
(38,000)
|
(240,316)
|
|
Total assets |
693,631
|
|
693,631
|
|
758,675
|
Hotel [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
390,530
|
210,251
|
722,947
|
453,937
|
|
Operating expenses |
53,245
|
71,965
|
44,360
|
159,304
|
|
Hotel operating costs |
462,780
|
418,100
|
940,574
|
929,719
|
|
Loss from operations |
(125,495)
|
(279,814)
|
(261,987)
|
(635,086)
|
|
Total assets |
677,666
|
|
677,666
|
|
970,385
|
Manufactue and Sale [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
87,632
|
|
123,152
|
|
|
Manufacture And Sale [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Cost of goods sold |
4,531
|
|
6,652
|
|
|
Operating expenses |
96,147
|
|
201,648
|
|
|
Loss from operations |
(13,046)
|
|
(85,148)
|
|
|
Total assets |
$ 2,497,582
|
|
$ 2,497,582
|
|
$ 2,911,070
|
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- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2023
CNY (¥)
|
Product Information [Line Items] |
|
|
|
|
|
|
Losses from operations |
$ 104,768
|
$ 739,238
|
$ 656,738
|
$ 1,511,392
|
|
|
Net cash provided by used in operating activities |
|
|
350,760
|
771,496
|
|
|
Accumulated deficit |
15,757,028
|
|
15,757,028
|
|
$ 15,249,858
|
|
Cash and Cash Equivalents, at Carrying Value |
316,905
|
|
316,905
|
|
510,128
|
|
Accounts receivable, allowance for credit loss |
$ 200,044
|
|
200,044
|
|
272,550
|
|
Provision for inventory reserve |
|
|
$ 12,026
|
|
|
|
Property, plant and equipment, salvage value, percentage |
5.00%
|
|
5.00%
|
|
|
5.00%
|
Impairment loss |
|
|
|
|
$ 3,823,770
|
|
Cash FDIC insured amount |
$ 72,500
|
|
$ 72,500
|
|
|
¥ 500,000
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | No Customer [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
10.00%
|
10.00%
|
10.00%
|
10.00%
|
|
|
Cost of Sales [Member] | Supplier Concentration Risk [Member] | Supplier One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
15.00%
|
23.00%
|
15.00%
|
12.00%
|
|
|
Cost of Sales [Member] | Supplier Concentration Risk [Member] | Supplier Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
13.00%
|
|
|
|
Hotel [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Losses from operations |
$ 125,495
|
$ 279,814
|
$ 261,987
|
$ 635,086
|
|
|
Vat of gross sales price percentage |
|
|
6.00%
|
|
|
|
Health Care [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Vat of gross sales price percentage |
|
|
0.00%
|
|
|
|
Manufacture And Sale [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Losses from operations |
$ 13,046
|
|
$ 85,148
|
|
|
|
Vat of gross sales price percentage |
|
|
13.00%
|
|
|
|
Prior to May 1, 2018 [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Vat of gross sales price percentage |
|
|
13.00%
|
|
|
|
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SCHEDULE OF OTHER RECEIVABLES AND PREPAID EXPENSES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Other Receivables And Prepaid Expenses |
|
|
Deposits |
$ 12,320
|
$ 15,546
|
Prepaid expenses |
19,768
|
9,490
|
Employees’ social insurance |
9,904
|
10,124
|
Others |
24,339
|
7,471
|
Total |
$ 66,331
|
$ 42,631
|
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v3.23.2
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw material |
$ 142,571
|
$ 62,462
|
Work in process |
2,742
|
15,315
|
Finished goods-health supplements |
|
521
|
Drugs, pharmaceutical and nutritional products |
491,936
|
412,129
|
Food and beverage, hotel supplies and consumables |
70,211
|
82,646
|
Total |
707,460
|
573,073
|
Less: reserve for inventory |
81,708
|
73,821
|
Total inventories, net |
$ 625,752
|
$ 499,252
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 2,795,500
|
$ 2,928,342
|
Less: Accumulated depreciation |
(1,094,193)
|
(956,549)
|
Property and equipment, net |
1,701,307
|
1,971,793
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
405,993
|
426,836
|
Office Furniture [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
78,518
|
82,549
|
Electronic Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
21,231
|
20,607
|
Machinery [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
1,184,382
|
1,241,778
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
1,083,462
|
1,139,087
|
Property, Plant and Equipment, Other Types [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 21,914
|
$ 17,485
|
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PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation expense |
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|
$ 26,947
|
$ 192,909
|
$ 55,925
|
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- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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v3.23.2
SCHEDULE OF TAX PAYABLE (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Taxes payable |
$ 103,636
|
$ 104,100
|
Value Added [Member] |
|
|
Taxes payable |
57,316
|
56,806
|
Income [Member] |
|
|
Taxes payable |
29,409
|
30,919
|
City Construction [Member] |
|
|
Taxes payable |
4,148
|
3,746
|
Education [Member] |
|
|
Taxes payable |
2,966
|
2,184
|
Other [Member] |
|
|
Taxes payable |
$ 9,797
|
$ 10,445
|
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v3.23.2
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued employees’ social insurance |
$ 250,302
|
$ 270,349
|
Accrued payroll and commission |
347,562
|
307,331
|
Accrued rent expense |
49,916
|
32,746
|
Construction payable |
1,217,754
|
1,384,674
|
Payable for equipment purchase |
23,689
|
32,278
|
Accrued professional fees |
194,393
|
233,894
|
Deposit |
11,084
|
11,308
|
Other payables |
48,731
|
83,910
|
Total |
$ 2,143,431
|
$ 2,356,490
|
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SCHEDULE OF OPERATING LEASE LIABILITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
Operating lease right-of-use assets |
$ 682,694
|
$ 999,285
|
Operating lease liabilities – current |
601,626
|
883,583
|
Operating lease liability – non-current |
205,903
|
194,725
|
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|
$ 1,078,308
|
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SCHEDULE OF OPERATING LEASE EXPENSES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases [Abstract] |
|
|
|
|
Operating lease expenses |
$ 207,035
|
$ 220,203
|
$ 417,369
|
$ 449,445
|
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SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
2023 (excluding the six months ended June 30, 2023) |
$ 543,223
|
|
2024 |
150,094
|
|
2025 |
88,611
|
|
2026 |
37,969
|
|
2027 |
8,274
|
|
Thereafter |
3,448
|
|
Total lease payments |
831,619
|
|
Less: imputed interest |
(24,090)
|
|
Total lease liabilities |
807,529
|
$ 1,078,308
|
Less: current portion |
(601,626)
|
(883,583)
|
Lease liabilities – non-current portion |
$ 205,903
|
$ 194,725
|
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v3.23.2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
$ 134,320
|
$ 83,102
|
Advance to related parties |
204,443
|
236,882
|
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
4,925
|
9,708
|
Sichuan Aixin Investment Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
8,978
|
145
|
Chengdu Fuxiang Tang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
27,302
|
26,125
|
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
459
|
|
Chengdu Xilongwan Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
414
|
|
Chengdu Heshengyuan Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
2,069
|
|
Chengdu Zhiweibing Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
4,156
|
|
Chengdu Tongtai tang Pharmacy Co. Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
1,089
|
|
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
4,982
|
|
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
26,126
|
34,622
|
Chengdu Cigu foshou Pharmacy [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
1,514
|
|
Mianyang Aixin Cunshan Pharmacy [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
1,540
|
|
Chengdu Aixin International travel service Co, Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
359
|
|
Advance to related parties |
4,981
|
6,346
|
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance from related parties |
50,407
|
12,502
|
Quanzhong Lin [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance to related parties |
109,354
|
140,644
|
Yirong Shen [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance to related parties |
85,502
|
89,892
|
Tianming Long [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance to related parties |
1,040
|
|
Sichuan Yunxi Pharmacy Co. Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance to related parties |
1,931
|
|
Chengdu Yi Yan Tang Pharmacy Co. Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Advance to related parties |
$ 1,635
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative)
|
1 Months Ended |
35 Months Ended |
|
May 31, 2014
USD ($)
|
May 31, 2014
CNY (¥)
|
Feb. 28, 2023
USD ($)
|
Feb. 28, 2023
CNY (¥)
|
Jun. 30, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Payments for rent |
$ 690
|
¥ 5,000
|
|
|
|
Lease expiration date |
May 28, 2028
|
May 28, 2028
|
|
|
|
Future annual minimum lease payment, 2024 |
|
|
|
|
$ 150,094
|
Future annual minimum lease payment, 2025 |
|
|
|
|
88,611
|
Future annual minimum lease payment, 2026 |
|
|
|
|
37,969
|
Future annual minimum lease payment, 2027 |
|
|
|
|
8,274
|
Renewed [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Payments for rent |
$ 690
|
¥ 5,000
|
|
|
|
Office Leases [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Future annual minimum lease payment, 2024 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2025 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2026 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2027 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2028 |
|
|
|
|
7,585
|
Office Leases [Member] | Yunnan Runcangsheng Technology Co., Ltd [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Payments for rent |
|
|
$ 690
|
¥ 5,000
|
|
Lease expiration date |
|
|
Feb. 28, 2026
|
Feb. 28, 2026
|
|
Future annual minimum lease payment, 2024 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2025 |
|
|
|
|
8,274
|
Future annual minimum lease payment, 2026 |
|
|
|
|
$ 5,516
|
Office Leases [Member] | Xiaoyan Zhou [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Payments for rent |
|
|
$ 414
|
¥ 3,000
|
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
Feb. 17, 2023 |
Aug. 17, 2020 |
Oct. 24, 2019 |
Oct. 22, 2019 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Stock split |
1 for 2 reverse stock split
|
one (1)-for-four (4) reverse stock
|
|
|
|
|
|
|
|
Preferred Stock, Shares Authorized |
|
|
|
|
20,000,000
|
|
20,000,000
|
|
20,000,000
|
Preferred stock,par value |
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Common stock, shares authorized |
|
|
|
|
500,000,000
|
|
500,000,000
|
|
500,000,000
|
Common Stock, par value |
$ 0.00001
|
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
$ 0.00001
|
Reverse stock split |
|
|
|
|
|
|
24,999,842
|
|
|
Common stock shares issued |
|
|
|
|
24,999,842
|
|
24,999,842
|
|
24,999,842
|
Common stock shares outstanding |
24,999,842
|
|
|
|
24,999,842
|
|
24,999,842
|
|
24,999,842
|
Stock based compensation |
|
|
|
|
$ 92,885
|
$ 92,885
|
$ 185,770
|
$ 185,770
|
|
Unrecognized compensation expenses |
|
|
|
|
$ 486,897
|
|
$ 486,897
|
|
|
Employee services expected to be recognized |
|
|
|
|
|
|
1 year 3 months 25 days
|
|
|
Proceeds from contributed capital |
|
|
|
|
|
|
$ 144,300
|
|
|
Yunnan Shengshengyuan Technology Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from contributed capital |
|
|
|
|
|
|
$ 145,300
|
|
|
Employees and Contractors [Member] | 2019 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
275,000
|
18,750
|
|
|
|
|
|
Issuance of value |
|
|
$ 1,520,200
|
$ 337,500
|
|
|
|
|
|
Price per share |
|
|
$ 5.528
|
$ 18
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period |
|
|
|
|
|
|
5 years
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Description |
|
|
|
|
|
|
the
grantee will forfeit 80% of Shares Granted if no longer employed by or contracted with the Company on the date that is one year from
the grant date, forfeit 60% of Shares Granted if no longer employed by or contracted with the Company on the date that is two years from
the grant date, forfeit 40% of Shares Granted if no longer employed by or contracted with the Company on the date that is three years
from the grant date, and forfeit 20% of Shares Granted if no longer employed by or contracted with the Company on the date that is four
years from the grant date. Effective on the 5th year from the grant date, none of the shares will be subject to forfeiture
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
24,999,842
|
|
24,999,842
|
|
24,999,842
|
Common stock shares outstanding |
|
|
|
|
24,999,842
|
|
24,999,842
|
|
24,999,842
|
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v3.23.2
SCHEDULE OF FAIR VALUES OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($)
|
Jul. 19, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Estimated fair value of liabilities assumed: |
|
|
|
Goodwill as a result of the acquisition |
|
|
|
Yunnan Runcangsheng Technology Co., Ltd [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Total purchase considerations |
$ 4,301,293
|
|
|
Estimated fair value of assets acquired: |
|
|
|
Cash |
446,381
|
|
|
Accounts receivable |
144,813
|
|
|
Accounts receivable-related party |
133,011
|
|
|
Advance to suppliers |
3,455
|
|
|
Other receivables and prepaid expense |
127,909
|
|
|
Inventory |
469,594
|
|
|
Property and equipment |
1,677,272
|
|
|
Intangible assets |
1,406
|
|
|
Operating lease right-of-use assets |
1,990
|
|
|
Total assets acquired |
3,005,831
|
|
|
Estimated fair value of liabilities assumed: |
|
|
|
Accounts payable |
(89,801)
|
|
|
Accounts payable-related party |
(160,911)
|
|
|
Advance from customers |
(4,790)
|
|
|
Government grant |
(921,473)
|
|
|
Taxes payable |
(21,156)
|
|
|
Operating lease liability |
(15,182)
|
|
|
Accrued liabilities and other payables |
(1,314,995)
|
|
|
Total liabilities assumed |
(2,528,308)
|
|
|
Total net assets acquired |
477,523
|
|
|
Goodwill as a result of the acquisition |
$ 3,823,770
|
|
|
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v3.23.2
SCHEDULE OF BUSINESS ACQUISITION PRO FORMA (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2022 |
Business Combination and Asset Acquisition [Abstract] |
|
|
Revenue |
$ 548,308
|
$ 1,050,147
|
Operating costs and expenses |
1,336,027
|
2,620,971
|
Loss from operations |
(787,719)
|
(1,570,824)
|
Other income |
30,167
|
50,768
|
Income tax expense |
473
|
965
|
Net loss |
$ (758,025)
|
$ (1,521,021)
|
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v3.23.2
ACQUISITION OF SUBSIDIARIES (Details Narrative)
|
|
12 Months Ended |
Jul. 19, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
CNY (¥)
|
Yunnan Runcangsheng Technology Co., Ltd [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business combination consideration transferred |
$ 4,301,293
|
|
|
Yunnan Runcangsheng Technology Co., Ltd [Member] | Transfer Agreement [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business combination consideration transferred |
|
$ 4,418,095
|
¥ 31,557,820
|
Business combination, adjusted |
|
$ 116,802
|
|
Yunnan Shengshengyuan Technology Co., Ltd [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Equity interest percentage |
95.00%
|
|
|
Yun Chen [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Equity interest percentage |
5.00%
|
|
|
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