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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 September 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 |
|
OTCQB |
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 November
13, 2023, there were outstanding 24,999,842 shares of the registrant’s common stock.
AIXIN
LIFE INTERNATIONAL, INC.
FORM
10-Q
September
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:
|
● |
our
goals and strategies; |
|
|
|
|
● |
our
future business development, financial condition and results of operations; |
|
|
|
|
● |
our
expectations regarding demand for, and market acceptance of, our products; |
|
|
|
|
● |
our
expectations regarding keeping and strengthening our relationships with merchants, manufacturers and end-users; and |
|
|
|
|
● |
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
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
| |
| | |
| |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 412,659 | | |
$ | 510,128 | |
Restricted cash | |
| 85,676 | | |
| 109,772 | |
Accounts receivable, including related parties, net | |
| 250,561 | | |
| 562,581 | |
Other receivables and prepaid expenses, including related party | |
| 143,324 | | |
| 42,631 | |
Advances to suppliers | |
| 144,613 | | |
| 168,523 | |
Inventory, net | |
| 643,623 | | |
| 499,252 | |
Due from related parties | |
| 384,588 | | |
| 83,102 | |
Total current assets | |
| 2,065,044 | | |
| 1,975,989 | |
| |
| | | |
| | |
Property and equipment, net | |
| 1,658,885 | | |
| 1,971,793 | |
Intangible asset, net | |
| 2,840 | | |
| 1,269 | |
Deferred tax asset | |
| 13,278 | | |
| 15,556 | |
Security deposit | |
| 82,237 | | |
| 86,992 | |
Operating lease right-of-use assets | |
| 457,793 | | |
| 999,285 | |
Total assets | |
$ | 4,280,077 | | |
$ | 5,050,884 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 599,373 | | |
$ | 398,469 | |
Accounts payable-related party | |
| - | | |
| 165,958 | |
Accounts payable | |
$ | 599,373 | | |
$ | 398,469 | |
Unearned revenue | |
| 466,804 | | |
| 139,502 | |
Taxes payable | |
| 110,246 | | |
| 104,100 | |
Accrued liabilities and other payables | |
| 2,136,132 | | |
| 2,356,490 | |
Government grant | |
| 898,424 | | |
| 950,371 | |
Loan from third parties | |
| 82,237 | | |
| 86,992 | |
Operating lease liabilities | |
| 439,959 | | |
| 883,583 | |
Due to related parties | |
| 333,919 | | |
| 236,882 | |
Total current liabilities | |
| 5,067,094 | | |
| 5,322,347 | |
Operating lease liabilities - non-current | |
| 158,069 | | |
| 194,725 | |
Total liabilities | |
| 5,225,163 | | |
| 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 September 30, 2023 and December 31, 2022 | |
| 250 | | |
| 250 | |
Additional paid in capital | |
| 14,882,538 | | |
| 14,458,583 | |
Statutory reserve | |
| 151,988 | | |
| 151,988 | |
Accumulated deficit | |
| (16,195,184 | ) | |
| (15,249,858 | ) |
Accumulated other comprehensive income | |
| 215,322 | | |
| 172,849 | |
Total stockholders’ deficit | |
| (945,086 | ) | |
| (466,188 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ deficit | |
$ | 4,280,077 | | |
$ | 5,050,884 | |
AIXIN
LIFE INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
|
|
|
2023 |
|
|
|
2022 |
| |
2023 | | |
2022 | |
|
|
|
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, | |
|
|
|
2023 |
|
|
|
2022 |
| |
2023 | | |
2022 | |
|
|
|
|
|
|
| |
| | |
| |
Sales revenue: |
|
|
|
|
|
|
|
| |
| | | |
| | |
Products |
|
$ |
897,457 |
|
|
$ |
503,062 |
| |
$ | 2,405,280 | | |
$ | 888,690 | |
Room revenues |
|
|
74,265 |
|
|
|
71,562 |
| |
| 473,167 | | |
| 166,278 | |
Food and beverage revenues |
|
|
77,524 |
|
|
|
64,321 |
| |
| 356,009 | | |
| 356,840 | |
Others |
|
|
17,673 |
|
|
|
33,841 |
| |
| 63,233 | | |
| 100,543 | |
Total revenue, net |
|
|
1,066,919 |
|
|
|
672,786 |
| |
| 3,297,689 | | |
| 1,512,351 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Operating costs and expenses |
|
|
|
|
|
|
|
| |
| | | |
| | |
Cost of goods sold |
|
|
509,723 |
|
|
|
215,383 |
| |
| 1,136,411 | | |
| 493,905 | |
Hotel operating costs |
|
|
447,419 |
|
|
|
404,322 |
| |
| 1,387,993 | | |
| 1,334,041 | |
Selling |
|
|
210,906 |
|
|
|
193,820 |
| |
| 628,754 | | |
| 583,438 | |
General and administrative |
|
|
499,638 |
|
|
|
232,642 |
| |
| 1,268,119 | | |
| 752,113 | |
(Reversal of) provision for bad debts |
|
|
41,603 |
|
|
|
67,638 |
| |
| (10,250 | ) | |
| 115,495 | |
Stock-based compensation |
|
|
92,885 |
|
|
|
92,885 |
| |
| 278,655 | | |
| 278,655 | |
Total operating costs and expenses |
|
|
1,802,174 |
|
|
|
1,206,690 |
| |
| 4,689,682 | | |
| 3,557,647 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Loss from operations |
|
|
(735,255 |
) |
|
|
(533,904 |
) | |
| (1,391,993 | ) | |
| (2,045,296 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Non-operating income (expenses) |
|
|
|
|
|
|
|
| |
| | | |
| | |
Interest income |
|
|
135 |
|
|
|
1,024 |
| |
| 692 | | |
| 3,636 | |
Impairment loss |
|
|
- |
|
|
|
(3,823,770 |
) | |
| - | | |
| (3,823,770 | ) |
Other income |
|
|
13,293 |
|
|
|
12,134 |
| |
| 52,395 | | |
| 41,789 | |
Government grant income |
|
|
284,321 |
|
|
|
- |
| |
| 284,321 | | |
| - | |
Other expenses |
|
|
(135 |
) |
|
|
(29,317 |
) | |
| (5,022 | ) | |
| (29,577 | ) |
Total non-operating income (loss), net |
|
|
297,614 |
|
|
|
(3,839,929 |
) | |
| 332,386 | | |
| (3,807,922 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Income tax expense (benefit) |
|
|
515 |
|
|
|
(322 |
) | |
| 5,879 | | |
| 643 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Net loss |
|
|
(438,156 |
) |
|
|
(4,373,511 |
) | |
| (1,065,486 | ) | |
| (5,853,861 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Other comprehensive items |
|
|
|
|
|
|
|
| |
| | | |
| | |
Foreign currency translation gain (loss) |
|
|
16,086 |
|
|
|
(139,053 |
) | |
| 42,473 | | |
| (152,137 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Comprehensive loss |
|
$ |
(422,070 |
) |
|
$ |
(4,512,564 |
) | |
$ | (1,023,013 | ) | |
$ | (6,005,998 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Loss per share - basic and diluted |
|
$ |
(0.018 |
) |
|
$ |
(0.175 |
) | |
$ | (0.043 | ) | |
$ | (0.234 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
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 | |
Shareholder 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 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (438,156 | ) | |
| - | | |
| (438,156 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,086 | | |
| 16,086 | |
Balance at September 30, 2023 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,882,538 | | |
$ | 151,988 | | |
$ | (16,195,184 | ) | |
$ | 215,322 | | |
$ | (945,086 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | |
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 | |
Stock-based compensation | |
| - | | |
| - | | |
| 92,885 | | |
| - | | |
| - | | |
| - | | |
| 92,885 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,373,511 | ) | |
| - | | |
| (4,373,511 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (139,053 | ) | |
| (139,053 | ) |
Balance at September 30, 2022 | |
| 24,999,842 | | |
$ | 250 | | |
$ | 14,365,698 | | |
$ | 151,988 | | |
$ | (14,734,474 | ) | |
$ | 558,686 | | |
$ | 342,148 | |
AIXIN LIFE INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (1,065,486 | ) | |
$ | (5,853,861 | ) |
Adjustments required to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 308,114 | | |
| 82,921 | |
(Reversal of) provision for bad debts | |
| (10,250 | ) | |
| 115,495 | |
Provision for inventory reserve | |
| 8,558 | | |
| - | |
Operating lease expense | |
| 618,085 | | |
| 632,496 | |
Stock based compensation | |
| 278,655 | | |
| 278,655 | |
Deferred tax | |
| 1,481 | | |
| 1,419 | |
Impairment loss | |
| - | | |
| 3,823,770 | |
Government grant income | |
| (284,321 | ) | |
| - | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 313,060 | | |
| (126,720 | ) |
Accounts receivable - related parties | |
| (11,434 | ) | |
| - | |
Accounts receivable | |
| 313,060 | | |
| (126,720 | ) |
Other receivables and prepaid expenses | |
| (18,596 | ) | |
| 100,801 | |
Prepaid expense - related party | |
| (97,872 | ) | |
| - | |
Advances to suppliers | |
| 133,520 | | |
| 13,038 | |
Advances to suppliers | |
| 133,520 | | |
| 13,038 | |
Inventory | |
| (186,658 | ) | |
| (192,791 | ) |
Accounts payable | |
| 233,112 | | |
| 58,507 | |
Accounts payable - related party | |
| (162,768 | ) | |
| 143,242 | |
Accounts payable | |
| 233,112 | | |
| 58,507 | |
Unearned revenue | |
| 347,347 | | |
| (9,444 | ) |
Taxes payable | |
| 12,273 | | |
| (187,009 | ) |
Payment of lease liability | |
| (500,056 | ) | |
| (525,979 | ) |
Accrued liabilities and other payables | |
| (136,638 | ) | |
| 232,910 | |
Net cash used in operating activities | |
| (219,874 | ) | |
| (1,412,550 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Cash disposed at disposal of subsidiary | |
| (3,341 | ) | |
| - | |
Cash acquired at acquisition of subsidiaries | |
| - | | |
| 446,381 | |
Purchase of property and equipment | |
| (212,607 | ) | |
| (52,485 | ) |
Purchase of intangible asset | |
| (2,608 | ) | |
| - | |
Net cash used in investing activities | |
| (218,556 | ) | |
| 393,896 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Change in advance from related parties | |
| (79,072 | ) | |
| (1,525,860 | ) |
Capital contribution | |
| 142,200 | | |
| - | |
Proceeds from government grant | |
| 284,321 | | |
| - | |
Net cash provided by (used in) financing activities | |
| 347,449 | | |
| (1,525,860 | ) |
| |
| | | |
| | |
EFFECT OF EXCHANGE RATE CHANGE ON CASH | |
| (30,584 | ) | |
| (677,533 | ) |
| |
| | | |
| | |
NET DECREASE IN CASH & RESTRICTED CASH | |
| (121,565 | ) | |
| (3,222,047 | ) |
| |
| | | |
| | |
CASH & RESTRICTED CASH, BEGINNING OF PERIOD | |
| 619,900 | | |
| 8,600,853 | |
| |
| | | |
| | |
CASH & RESTRICTED CASH, END OF PERIOD | |
$ | 498,335 | | |
$ | 5,378,806 | |
| |
| | | |
| | |
Supplemental Cash flow data: | |
| | | |
| | |
Income tax paid | |
$ | 4,398 | | |
$ | 72,495 | |
Interest paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Accrual of unpaid investment in subsidiary | |
$ | - | | |
$ | 3,907,139 | |
Investment in subsidiary paid by shareholder on behalf of the Company | |
$ | - | | |
$ | 734,290 | |
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 net losses of
$438,156 and
$4,373,511 for
the three months ended September 30, 2023 and 2022, and $1,065,486
and $5,853,861 for the
nine months ended September 30, 2023 and 2022, respectively, and used net cash in operating activities of $219,874
and $1,412,550
for the nine months ended September 30, 2023 and 2022, respectively, and has an accumulated deficit of $16,195,184
as of September 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 September 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $412,659
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.
Global
Uncertainties
The
Company’s liquidity may be adversely impacted by
various risks and uncertainties, including, but not limited to future and current impacts of global events such as a widespread health
crisis, the continuation of the war in the Ukraine or the conflict in Palestine, the outbreak of another conflict or the expansion of
the conflict in Palestine to other countries, the ongoing tensions between the United States and China, the Russian Federation and certain
countries in the Middle East, increases in inflation, and other risks detailed in in the Company’s Annual Report on Form 10-K or
other reports filed with the Securities and Exchange Commission.
While
the invasion of Ukraine, the conflict in Palestine and responses thereto have not interrupted the Company’s operations, these or
future developments which disrupt the international financial markets 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 September 30, 2023 and December 31, 2022,
the bad debt allowance was $247,753 and $272,550 respectively.
The
following table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the nine
months ended September 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
2023 | | |
2022 | |
| |
For the nine Months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Beginning balance | |
$ | 272,550 | | |
$ | 213,787 | |
Provision for bad debts | |
| 62,100 | | |
| 115,495 | |
Acquisition of subsidiary | |
| - | | |
| 185,561 | |
Recoveries/Write offs | |
| (72,350 | ) | |
| - | |
Effect of translation | |
| (14,547 | ) | |
| (31,497 | ) |
Ending balance | |
$ | 247,753 | | |
$ | 483,346 | |
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 $8,558
and $0
for the nine months
ended September 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 September 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
September 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 nine months ended September 30, 2023 and 2022, the Company had no customer that accounted for over 10% of its total revenue.
During
the three months ended September 30, 2023, the Company had one supplier that accounted for 20% of its total purchases.
During
the nine months ended September 30, 2023, the Company had two suppliers that accounted for 15% and 12%, respectively, of its total purchases.
During
the three months ended September 30, 2022, the Company had one supplier that accounted for 35% of its total purchases.
During
the nine months ended September 30, 2022, the Company had one supplier that accounted for 20% 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 September 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 September 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 nine months ended September 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 September 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 September 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
| |
2023 | | |
2022 | |
| |
For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 208,699 | | |
$ | 338,327 | |
Pharmacies | |
| 273,416 | | |
| 164,735 | |
Hotel | |
| 169,462 | | |
| 169,724 | |
Manufacture and sale | |
| 415,342 | | |
| - | |
Total revenues, net | |
$ | 1,066,919 | | |
$ | 672,786 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 67,709 | | |
$ | 90,391 | |
Operating expenses | |
| 421,417 | | |
| 301,624 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 126,459 | | |
| 124,992 | |
Operating expenses | |
| 115,006 | | |
| 144,164 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 447,419 | | |
| 404,322 | |
Operating expenses | |
| 61,859 | | |
| 141,197 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 315,555 | | |
| - | |
Operating expenses | |
| 246,750 | | |
| - | |
Total operating costs and expenses | |
$ | 1,802,174 | | |
$ | 1,206,690 | |
| |
| | | |
| | |
Income (loss) from operations | |
| | | |
| | |
Products | |
$ | (280,427 | ) | |
$ | (53,688 | ) |
Pharmacies | |
| 31,951 | | |
| (104,421 | ) |
Hotel | |
| (339,816 | ) | |
| (375,795 | ) |
Manufacture and sale | |
| (146,963 | ) | |
| - | |
Loss from operations | |
$ | (735,255 | ) | |
$ | (533,904 | ) |
The
following table shows the Company’s operations by business segment for the nine months ended September 30, 2023 and 2022.
| |
| | | |
| | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 1,064,668 | | |
$ | 371,016 | |
Pharmacies | |
| 802,118 | | |
| 517,674 | |
Hotel | |
| 892,409 | | |
| 623,661 | |
Manufacture and sale | |
| 538,494 | | |
| - | |
Total revenues, net | |
$ | 3,297,689 | | |
$ | 1,512,351 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 367,237 | | |
$ | 98,809 | |
Operating expenses | |
| 1,249,461 | | |
| 961,885 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 446,967 | | |
| 395,096 | |
Operating expenses | |
| 361,200 | | |
| 467,315 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 1,387,993 | | |
| 1,334,041 | |
Operating expenses | |
| 106,219 | | |
| 300,501 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 322,207 | | |
| - | |
Operating expenses | |
| 448,398 | | |
| - | |
Total operating costs and expenses | |
$ | 4,689,682 | | |
$ | 3,557,647 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (552,030 | ) | |
$ | (689,678 | ) |
Pharmacies | |
| (6,049 | ) | |
| (344,737 | ) |
Hotel | |
| (601,803 | ) | |
| (1,010,881 | ) |
Manufacture and sale | |
| (232,111 | ) | |
| - | |
Loss from operations | |
$ | (1,391,993 | ) | |
$ | (2,045,296 | ) |
Segment assets | |
As of September 30, 2023 | | |
As of December 31, 2022 | |
Products | |
$ | 288,375 | | |
$ | 410,754 | |
Pharmacies | |
| 726,904 | | |
| 758,675 | |
Hotel | |
| 449,903 | | |
| 970,385 | |
Manufacture and sale | |
| 2,814,895 | | |
| 2,911,070 | |
Total assets | |
$ | 4,280,077 | | |
$ | 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 September 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Deposits | |
$ | 12,245 | | |
$ | 15,546 | |
Prepaid expenses, including related party | |
| 102,704 | | |
| 9,490 | |
Employees’ social insurance | |
| 7,379 | | |
| 10,124 | |
Others | |
| 20,996 | | |
| 7,471 | |
Total | |
$ | 143,324 | | |
$ | 42,631 | |
4.
ADVANCES TO SUPPLIERS
The
Company had advances to suppliers of $144,613 and
$168,523 as
of September 30, 2023 and December 31, 2022, respectively. Advances to suppliers primarily include prepayments for products and
equipment expected to be delivered subsequent to balance sheet dates.
5.
INVENTORIES
Inventories
consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 142,519 | | |
$ | 62,462 | |
Work in process | |
| 15,265 | | |
| 15,315 | |
Finished goods-health supplements | |
| - | | |
| 521 | |
Drugs, pharmaceutical and nutritional products | |
| 486,273 | | |
| 412,129 | |
Food and beverage, hotel supplies and consumables | |
| 77,600 | | |
| 82,646 | |
Total | |
$ | 721,657 | | |
$ | 573,073 | |
Less: reserve for inventory | |
| 78,034 | | |
| 73,821 | |
Total inventories, net | |
$ | 643,623 | | |
$ | 499,252 | |
6.
PROPERTY AND EQUIPMENT, NET
Property
and equipment consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
September 30, 2023 | | |
December 31, 2022 | |
Vehicles | |
$ | 403,505 | | |
$ | 426,836 | |
Office furniture | |
| 78,037 | | |
| 82,549 | |
Electronic equipment | |
| 21,101 | | |
| 20,607 | |
Machinery | |
| 1,258,029 | | |
| 1,241,778 | |
Leasehold improvements | |
| 1,076,824 | | |
| 1,139,087 | |
Other | |
| 21,777 | | |
| 17,485 | |
Total | |
| 2,859,273 | | |
| 2,928,342 | |
Less: Accumulated depreciation | |
| (1,200,388 | ) | |
| (956,549 | ) |
Property and equipment, net | |
$ | 1,658,885 | | |
$ | 1,971,793 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 was $114,300 and $25,111, respectively.
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $307,209 and $81,036, respectively
7.
INTANGIBLE ASSET, NET
Intangible
asset consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
| |
September 30, 2023 | | |
December 31, 2022 | |
Software | |
$ | 10,609 | | |
$ | 8,564 | |
Less: Accumulated amortization | |
| (7,769 | ) | |
| (7,295 | ) |
Intangible asset, net | |
$ | 2,840 | | |
$ | 1,269 | |
Amortization
expense for the three months ended September 30, 2023 and 2022 was $387 and $591, respectively.
Amortization
expense for the nine months ended September 30, 2023 and 2022 was $905 and $1,885, respectively.
8.
TAXES PAYABLE
Taxes
payable consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
| |
September 30, 2023 | | |
December 31, 2022 | |
Value-added | |
$ | 62,515 | | |
$ | 56,806 | |
Income | |
| 28,235 | | |
| 30,919 | |
City construction | |
| 5,027 | | |
| 3,746 | |
Education | |
| 2,193 | | |
| 2,184 | |
Other | |
| 12,276 | | |
| 10,445 | |
Taxes payable | |
$ | 110,246 | | |
$ | 104,100 | |
9.
ACCRUED LIABILITIES AND OTHER PAYABLES
Accrued
liabilities and other payables consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued employees’ social insurance | |
$ | 281,728 | | |
$ | 270,349 | |
Accrued payroll and commission | |
| 248,759 | | |
| 307,331 | |
Accrued rent expense | |
| 74,415 | | |
| 32,746 | |
Construction payable | |
| 1,196,037 | | |
| 1,384,674 | |
Payable for equipment purchase | |
| 29,213 | | |
| 32,278 | |
Accrued professional fees | |
| 247,786 | | |
| 233,894 | |
Deposit | |
| 10,690 | | |
| 11,308 | |
Other payables | |
| 47,504 | | |
| 83,910 | |
Total | |
$ | 2,136,132 | | |
$ | 2,356,490 | |
10.
LOAN FROM THIRD PARTIES
As
of September 30, 2023 and December 31, 2022, the Company had advances from unrelated third parties of Aixin Shangyan Hotel in an aggregate
amount $82,237 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 0.58 to 2.69 years.
Aixin
Shangyan Hotel leases its hotel premises under an operating lease arrangement. The lease has a remaining lease term of approximately
0.25 years.
Aixintang
Pharmacies lease retail pharmacy stores under operating lease arrangements, with remaining lease terms of 1.21 to 2.92 years.
Runcangsheng
leases its office under an operating lease arrangement. The lease has a remaining lease term of approximately 0.25 years.
Balance
sheet information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Operating Leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 457,793 | | |
$ | 999,285 | |
| |
| | | |
| | |
Operating lease liabilities – current | |
$ | 439,959 | | |
$ | 883,583 | |
Operating lease liability – non-current | |
| 158,069 | | |
| 194,725 | |
Total operating lease liabilities | |
$ | 598,028 | | |
$ | 1,078,308 | |
The
following provides details of the Company’s lease expenses:
SCHEDULE OF OPERATING LEASE EXPENSES
| |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 200,716 | | |
$ | 183,051 | |
| |
| | | |
| | |
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 618,085 | | |
$ | 632,496 | |
| |
| | | |
| | |
Other
information related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash Paid for Amounts Included In Measurement of Liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 500,056 | | |
| 525,979 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term: | |
| | | |
| | |
Operating leases | |
| 1.26 years | | |
| 1.65 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 nine months ended September 30, 2023) | |
$ | 354,246 | |
2024 | |
| 130,992 | |
2025 | |
| 79,844 | |
2026 | |
| 36,366 | |
2027 | |
| 8,224 | |
Thereafter | |
| 3,427 | |
Total lease payments | |
| 613,099 | |
Less: imputed interest | |
| (15,071 | ) |
Total lease liabilities | |
| 598,028 | |
Less: current portion | |
| (439,959 | ) |
Lease liabilities – non-current portion | |
$ | 158,069 | |
12.
RELATED PARTY TRANSACTIONS
Accounts
receivable – related party
As
of September 30, 2023 and December 31, 2022, accounts receivable from related parties were $11,030
and $42, respectively.
Prepaid expense – related party
Prepaid expense – related party consisted of the following as of the periods indicated:
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 94,361 | | |
$ | - | |
Accounts
payable – related party
Accounts
payable – related party consisted of the following as of the periods indicated:
| |
September 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
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. | |
$ | 7,573 | | |
$ | 9,708 | |
Sichuan Aixin Investment Co., Ltd | |
| 8,983 | | |
| 145 | |
Huiliang Jiao | |
| 135,328 | | |
| - | |
Xiaoyan Zhou | |
| 11,668 | | |
| - | |
Chengdu Fuxiang Tang Pharmacy Co., Ltd. | |
| 25,056 | | |
| 26,125 | |
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. | |
| 3,888 | | |
| - | |
Chengdu Heshengyuan Pharmacy Co., Ltd. | |
| 3,379 | | |
| - | |
Chengdu Zhiweibing Pharmacy Co., Ltd. | |
| 7,859 | | |
| - | |
Chengdu Tongtai Tang Pharmacy Co. Ltd. | |
| 2,810 | | |
| - | |
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd | |
| 8,115 | | |
| - | |
Chongqing Aixin Hui Pharmacy Co., Ltd. | |
| 402 | | |
| - | |
Sichuan Xintang Xinfu Pharmacy Chain Co, Ltd | |
| 344 | | |
| - | |
Sichuan Aixintang Xinfu Chain Pharmacy Co., Ltd. | |
| 302 | | |
| - | |
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd | |
| 26,822 | | |
| 34,622 | |
Chengdu Cigu Foshou Pharmacy | |
| 2,028 | | |
| - | |
Mianyang Aixin Cunshan Pharmacy | |
| 5,874 | | |
| - | |
Chengdu Aixin International Travel Service Co., Ltd | |
| 356 | | |
| - | |
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. | |
| 133,801 | | |
| 12,502 | |
Total | |
$ | 384,588 | | |
$ | 83,102 | |
Due
from related parties | |
$ | 384,588 | | |
$ | 83,102 | |
Due to related parties
Due
to related parties consisted of the following as of the periods indicated:
| |
September 30, 2023 | | |
December 31, 2022 | |
Quanzhong Lin | |
$ | 243,323 | | |
$ | 140,644 | |
Yirong Shen | |
| 84,978 | | |
| 89,892 | |
Sichuan Haosen Haichuan business management Co. Ltd | |
| 57 | | |
| - | |
Sichuan Yunxi Pharmacy Co. Ltd | |
| 449 | | |
| - | |
Chengdu Yi Yan Tang Pharmacy Co. Ltd. | |
| 162 | | |
| - | |
Chengdu Aixin International travel service Co, Ltd | |
| 4,950 | | |
| 6,346 | |
Total | |
$ | 333,919 | | |
$ | 236,882 | |
Due to related parties | |
$ | 333,919 | | |
$ | 236,882 | |
The
amounts 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. Mr. Huiliang Jiao is the Director of the Company. Xiaoyan Zhou is the wife of Mr. Huiliang Jiao.
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 September 30, 2023 are $8,224, $8,224, $8,224, $8,224, and $5,482 for each of the years ended September
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).
In July 2023, Xiaoyan Zhou entered into an agreement with Runcangsheng to increase the monthly rent for 2022 by RMB 2,000 and to change
the lease expiration date to December 31, 2023. The lease will be converted to an annual contract starting from January 1, 2024.
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 nine months ended September 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 three and nine months ended September 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 September 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 September 30, 2023 and 2022, stock-based compensation expenses were $92,885 and $92,885, respectively. For the
nine months ended September 30, 2023 and 2022, stock-based compensation expenses were $278,655 and $278,655, respectively. As of September
30, 2023, unrecognized compensation expenses related to these stock awards are $394,012. These expenses are expected to be recognized
over 1.07 years.
Capital
Contribution
During
the nine months ended September 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 nine months ended
September 30, 2023 and 2022, the Company made $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 nine months ended September 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 September 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 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 nine months ended September 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 September 30, 2022 | |
Revenue | |
$ | 804,470 | |
Operating costs and expenses | |
| 1,205,371 | |
Loss from operations | |
| (400,901 | ) |
Other expense | |
| (25,455 | ) |
Income tax expense (benefit) | |
| (322 | ) |
Net loss | |
$ | (426,034 | ) |
| |
For the Nine Months Ended September 30, 2022 | |
Revenue | |
$ | 1,854,617 | |
Operating costs and expenses | |
| 3,826,342 | |
Loss from operations | |
| (1,971,725 | ) |
Other income | |
| 25,313 | |
Other income (expense) | |
| 25,313 | |
Income tax expense | |
| 643 | |
Net loss | |
$ | (1,947,055 | ) |
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 Runcangsheng Technology Co., Ltd (“Runcangsheng”) 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.
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 September 30, 2023 and 2022
The
following table sets forth the results of our operations for the periods indicated as a percentage of net revenue. Because Runcangsheng
was acquired in September 2022, it did not contribute to our financial results for the three months ended September 30, 2022. Certain
columns may not add due to rounding:
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
% of Revenue | | |
$ | | |
% of Revenue | |
Revenue | |
$ | 1,066,919 | | |
| 100 | % | |
$ | 672,786 | | |
| 100 | % |
Operating costs and expenses | |
| 1,802,174 | | |
| 169 | % | |
| 1,206,690 | | |
| 179 | % |
Income (loss) from operations | |
| (735,255 | ) | |
| (69 | )% | |
| (533,904 | ) | |
| (79 | )% |
Non-operating income (expenses), net | |
| 297,614 | | |
| 28 | % | |
| (3,839,929 | ) | |
| (571 | )% |
Loss before income tax | |
| (437,641 | ) | |
| (41 | )% | |
| (4,373,833 | ) | |
| (650 | )% |
Income tax expense (benefit) | |
| 515 | | |
| 0.05 | % | |
| (322 | ) | |
| (0.05 | )% |
Net loss | |
$ | (438,156 | ) | |
| (41 | )% | |
$ | (4,373,511 | ) | |
| (650 | )% |
The
following table shows our operations by business segment for the three months ended September 30, 2023 and 2022.
| |
For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 208,699 | | |
$ | 338,327 | |
Pharmacies | |
| 273,416 | | |
| 164,735 | |
Hotel | |
| 169,462 | | |
| 169,724 | |
Manufacture and sale | |
| 415,342 | | |
| - | |
Total revenues, net | |
$ | 1,066,919 | | |
$ | 672,786 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 67,709 | | |
$ | 90,391 | |
Operating expenses | |
| 421,417 | | |
| 301,624 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 126,459 | | |
| 124,992 | |
Operating expenses | |
| 115,006 | | |
| 144,164 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 447,419 | | |
| 404,322 | |
Operating expenses | |
| 61,859 | | |
| 141,197 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 315,555 | | |
| - | |
Operating expense | |
| 246,750 | | |
| - | |
Total operating costs and expenses | |
$ | 1,802,174 | | |
$ | 1,206,690 | |
| |
| | | |
| | |
Income (loss) from operations | |
| | | |
| | |
Products | |
$ | (280,427 | ) | |
$ | (53,688 | ) |
Pharmacies | |
| 31,951 | | |
| (104,421 | ) |
Hotel | |
| (339,816 | ) | |
| (375,795 | ) |
Manufacture and sale | |
| (146,963 | ) | |
| - | |
Loss from operations | |
$ | (735,255 | ) | |
$ | (533,904 | ) |
Revenue
Revenue
was $1,066,919 in the three months ended September 30, 2023, compared to $672,786 in the same period of 2022, an increase of $394,133
or 59%. The increase in revenue was mainly due to 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 third quarter of 2022; however, the increased revenue
was partly offset by a decrease in direct sales of our nutritional products. For the three months ended September 30, 2023, we had $897,457
in product revenues (of which $208,699 were from direct sales, $273,416 were from sales at our pharmacies, and $415,342 from sales by
Runcangsheng) and hotel revenue of $169,462. For three months ended September 30, 2022, we had $503,062 in product revenues (of which
$338,327 were from direct sales and $164,735 were from sales at our pharmacies), and hotel revenue of $169,724.
Operation
Costs and Expenses
Cost
of Goods Sold
Cost
of goods sold was $509,723 for the three months ended September 30, 2023, compared to $215,383 for the three months ended September 30,
2022, an increase of $294,340 or 137%. The increase in our cost of goods sold is attributable to the increase in pharmacy sales and sales
by Runcangsheng, which was partly offset by decreased direct product sales. The cost of goods sold for our direct product sales as a
percentage of sales was 32% in 2023, compared to 27% for 2022. The cost of goods sold for products sold through our pharmacies as a percentage
of pharmacy product sales was 46% in 2023, compared to 76% in 2022. The cost of goods sold as a percentage of sales by Runcangsheng was
76% in 2023, and no comparable costs were incurred in the three months ended September 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 at our pharmacies
significantly as a result of the manufacturing business we acquired when we purchased Runcangsheng, which enabled us to sell products
we manufactured.
Hotel
Operating Costs
Hotel
operating costs were $447,419 and $404,322 for the three months ended September 30, 2023 and 2022. The increase in hotel operating costs
was mainly due to an increase in payroll expense of $17,904, increased rent expense of $16,949 and increased other expenses of $8,244
for the three months ended September 30, 2023.
Operating
Expenses
Operating
expenses were $845,032 for the three months ended September 30, 2023, compared to $586,985 for the same period of 2022, an increase of
$258,047 or 44%. The increase in operating expenses was mainly due to the inclusion of the operating expenses of Runcangsheng.
Loss
from Operations
Loss
from operations was $735,255 in the three months ended September 30, 2023, compared to $533,904 in the same period of 2022, an increase
of $201,351 or 38%. The increase in our loss from operations for 2023 was due to the increased loss from our direct sales activities
and the loss incurred by our new subsidiary Runcangsheng, which was partly offset by increased revenue and increased operating income
from our pharmacies.
Non-operating
Income
Non-operating
income was $297,614 for the three months ended September 30, 2023, compared to net-operating expense of $3,839,929 for the three months
ended September 30, 2022. For the three months ended September 30, 2023, we had interest income of $135 and other income $297,614, partly
offset by other expenses of $135. For the three months ended September 30, 2023, other income mainly consisted of a government grant
of $284,321. For the three months ended September 30, 2022, we had an impairment loss of $3,823,770 attributed to the acquisition of
Runcangsheng and other expenses of $29,317, partly offset by interest income of $1,024 and other income of $12,134.
Income
Tax Expense
Income
tax expense was $515 and our income tax benefit was $322 for the three months ended September 30, 2023 and 2022, respectively, an increase
of $837 or 260% for the three months ended September 30, 2023 compared with the same period of 2022.
Net
Loss
Our
net loss for the three months ended September 30, 2023 was $438,156, compared to a net loss of $4,373,511 in the same period of 2022,
a decrease of $3,935,355 or 90%. The decrease in the three months ended September 30, 2023 was mainly due to increased sales and that
there was no impairment loss recorded in 2023, partly offset by increased operating costs and expenses as explained above.
Nine
Months ended September 30, 2023 and 2022
The
following table sets forth the results of our operations for the periods indicated as a percentage of net revenue. Because Runcangsheng
was acquired in September 2022, it did not contribute to our financial results for the nine months ended September 30, 2022., Certain
columns may not add due to rounding:
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
% of Revenue | | |
$ | | |
% of Revenue | |
Revenue | |
$ | 3,297,689 | | |
| 100 | % | |
$ | 1,512,351 | | |
| 100 | % |
Operating costs and expenses | |
| 4,689,682 | | |
| 142 | % | |
| 3,557,647 | | |
| 235 | % |
Income (loss) from operations | |
| (1,391,993 | ) | |
| (42 | )% | |
| (2,045,296 | ) | |
| (135 | )% |
Non-operating income (expense), net | |
| 332,386 | | |
| 10 | % | |
| (3,807,922 | ) | |
| (252 | )% |
Loss before income tax | |
| (1,059,607 | ) | |
| (32 | )% | |
| (5,853,218 | ) | |
| (387 | )% |
Income tax expense | |
| 5,879 | | |
| 0.2 | % | |
| 643 | | |
| 0.04 | % |
Net loss | |
$ | (1,065,486 | ) | |
| (32 | )% | |
$ | (5,853,861 | ) | |
| (387 | )% |
The
following table shows our operations by business segment for the nine months ended September 30, 2023 and 2022.
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 1,064,668 | | |
$ | 371,016 | |
Pharmacies | |
| 802,118 | | |
| 517,674 | |
Hotel | |
| 892,409 | | |
| 623,661 | |
Manufacture and sale | |
| 538,494 | | |
| - | |
Total revenues, net | |
$ | 3,297,689 | | |
$ | 1,512,351 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 367,237 | | |
$ | 98,809 | |
Operating expenses | |
| 1,249,461 | | |
| 961,885 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 446,967 | | |
| 395,096 | |
Operating expenses | |
| 361,200 | | |
| 467,315 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 1,387,993 | | |
| 1,334,041 | |
Operating expenses | |
| 106,219 | | |
| 300,501 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 322,207 | | |
| - | |
Operating expenses | |
| 448,398 | | |
| - | |
Total operating costs and expenses | |
$ | 4,689,682 | | |
$ | 3,557,647 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (552,030 | ) | |
$ | (689,678 | ) |
Pharmacies | |
| (6,049 | ) | |
| (344,737 | ) |
Hotel | |
| (601,803 | ) | |
| (1,010,881 | ) |
Manufacture and sale | |
| (232,111 | ) | |
| - | |
Loss from operations | |
$ | (1,391,993 | ) | |
$ | (2,045.296 | ) |
Revenue
Revenue
was $3,297,689 in the nine months ending September 30, 2023, compared to $1,512,351 in the same period of 2022, an increase of $1,785,338
or 118%. 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 by Runcangsheng which we did not own in the nine months of 2022. For the nine
months ended September 30, 2023, we had $2,405,280 in product revenues (of which $1,064,668 were from direct sales, $802,118 were from
sales at our pharmacies and $538,494 from sales by Runcangsheng) and hotel revenue of $892,409. For the nine months ended September 30,
2022, we had $888,690 product revenues (of which $371,016 were from direct sales and $517,674 were from the sales at our pharmacies),
and hotel revenue of $623,661.
Operation
Costs and Expenses
Cost
of Goods Sold
Cost
of goods sold was $1,136,411 for the nine months ended September 30, 2023, compared to $493,905 for the nine months ended September 30,
2022, an increase of $642,506 or 130%. 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 34% in 2023,
compared to 27% for 2022. The cost of goods sold for products sold through our pharmacies as a percentage of pharmacy product sales was
56% in 2023, compared to 76% in 2022. The cost of goods sold as a percentage of sales by Runcangsheng was 60% in 2023, and no comparable
costs were incurred in the nine months ended September 30, 2022. We were able to lower our cost of goods sold and increase our profit
margin at out pharmacies significantly as a result of the manufacturing business we acquired when we purchased Runcangsheng, which enabled
us to sell products we manufactured.
Hotel
Operating Costs
Hotel
operating costs were $1,387,993 and $1,334,041 for the nine months ended September 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 foods and fruits.
Operating
Expenses
Operating
expenses were $2,165,278 for the nine months ended September 30, 2023, compared to $1,729,701 for the same period of 2022, an increase
of $435,577 or 25%. The increase in operating expenses was mainly due to the inclusion of the operating expenses of Runcangsheng.
Loss
from Operations
Loss
from operations was $1,391,993 in the nine months ended September 30, 2023, compared to $2,045,296 in the same period of 2022, a decrease
of $653,303 or 32%. 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, partly offset by the loss incurred by our new subsidiary, Runcangsheng.
Non-operating
Income
Non-operating
income was $332,386 for the nine months ended September 30, 2023, compared to non-operating expenses of $3,807,922 for the nine months
ended September 30, 2022. For the nine months ended September 30, 2023, we had interest income of $692 and other income $336,716, partly
offset by other expenses of $5,022. For the nine months ended September 30, 2023, other income mainly consisted of a government grant
of $284,321. For the nine months ended September 30, 2022, we had an impairment loss of $3,823,770 attributed to the acquisition of Runcangsheng
and other expenses of $29,577, partly offset by interest income of $3,636 and other income of $41,789.
Income
Tax Expense
Income
tax expense was $5,879 and $643 for the nine months ended September 30, 2023 and 2022, respectively, an increase of $5,236 or 814% for
the nine months ended September 30, 2023 compared with the same period of 2022.
Net
Loss
Our
net loss for the nine months ended September 30, 2023 was $1,065,486, compared to a net loss of $5,853,861 in the same period of 2022,
a decrease of $4,788,375 or 82%. The decrease in the nine months ended September 30, 2023 was mainly due to increased sales and the absence
of an impairment loss, partly offset by increased operating costs and expenses as explained above.
Liquidity
and Capital Resources
During
the nine months ended September 30, 2023, we used $219,874 in operations. As of September 30, 2023, cash and cash equivalents were $412,659
(excluding $85,676 of restricted cash), compared to $510,128 (excluding $109,772 of restricted cash) as of December 31, 2022. At September
30, 2023, we had a working capital deficit of $3,002,050 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 nine months ended September
30, 2023 and 2022, respectively.
| |
September 30, 2023 | | |
September 30, 2022 | |
Net cash used in operating activities | |
$ | (219,874 | ) | |
$ | (1,412,550 | ) |
Net cash (used in) provided by investing activities | |
$ | (218,556 | ) | |
$ | 393,896 | |
Net cash provided by (used in)financing activities | |
$ | 347,449 | | |
$ | (1,525,860 | ) |
Net
cash used in operating activities
For
the nine months ended September 30, 2023, net cash used in operating activities was $219,874. This reflects our net loss of
$1,065,486, adjusted by non-cash related expenses including depreciation and amortization expense of $308,114, a change in deferred
tax of $1,481, a bad debt reversal of $10,250, an inventory impairment of $8,558, operating lease expenses of $618,085, government
grant income $284,321 and stock-based compensation of $278,655, and then decreased by changes in working capital of $74,710. The
cash outflow from changes in working capital mainly resulted from increases in other receivables and prepaid expense, including related parties of $116,468, in
inventory of $186,658, in accounts payable from related party of $162,768, and in accrued liabilities and other payables of
$136,638, and payments of lease liabilities of $500,056, partly offset by cash inflows from accounts receivable, including from
related parties in the amount of $301,626, cash inflows from advances to suppliers of $133,520, cash
inflows from accounts payable of $233,112, cash inflow from unearned revenue of $347,347, and taxes payable of $12,273.
For
the nine months ended September 30, 2022, net cash used in operating activities was $1,412,550. This reflects our net loss of $5,853,861,
increased by non-cash related expenses including depreciation and amortization expense of $82,921, the change in deferred tax of $1,419,
bad debt expense of $115,495, operating lease expense of $632,496, stock-based compensation of $278,655, and impairment loss of 3,823,770,
less changes in working capital of $493,445. The cash outflow from changes in working capital mainly resulted from an increase in accounts
receivable of $126,720, payments of lease liabilities of $525,979, a change in inventory of $192,791, unearned revenue of $9,444 and
taxes payable of $187,009, partly offset by cash inflows from accrued liabilities and other payables of $232,910, other receivable and
prepaid expense of $100,801, accounts payable of $201,749, and advances to suppliers of $13,038.
Net
cash used in investing activities
For
the nine months ended September 30, 2023 and 2022, net cash used in investing activities was $218,556 included $212,607 for the purchase
of fixed assets, $2,608 for the purchase of intangible assets, and $3,341 cash disposed of at the termination of a non-operating subsidiary.
For the nine months ended September 30, 2022, net cash provided by investing activities was $393,896, mainly as a result of cash acquired
in connection with the acquisition of subsidiaries of $446,381, partly offset by purchases of property and equipment of $52,485.
Net
cash provided by financing activities
For
the nine months ended September 30, 2023, net cash provided by financing activities were the result of capital contributions of
$142,200 and proceeds from government grant of $284,321, partly offset by payments made against advances from related parties of $79,072. For the nine months ended September 30,
2022, net cash used in by financing activities was $1,525,860 as a result of payments made against advances from related parties of
$1,525,860.
We
substantially depleted our available cash and working capital during 2022 supporting our operations and completing the acquisition of
Runcangsheng and generated a $232,111 loss from operations in the nine 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. 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 products, 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 our ability 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, the war in the Ukraine and the conflict in Palestine,
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 other than leases that are disclosed in Note 11 in the notes to our consolidated
financial statements.
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 September 30, 2023 and December 31, 2022, the bad debt allowance was $247,753
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 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 September 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 September 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:
November 14, 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: November 14, 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: November 14, 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 September
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: November 14, 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 September
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: November 14, 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.]
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 13, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
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, $0.00001 Par Value
|
|
Trading Symbol |
AIXN
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
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24,999,842
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 412,659
|
$ 510,128
|
Restricted cash |
85,676
|
109,772
|
Accounts receivable, including related parties, net |
250,561
|
562,581
|
Other receivables and prepaid expenses, including related party |
143,324
|
42,631
|
Advances to suppliers |
144,613
|
168,523
|
Inventory, net |
643,623
|
499,252
|
Total current assets |
2,065,044
|
1,975,989
|
Property and equipment, net |
1,658,885
|
1,971,793
|
Intangible asset, net |
2,840
|
1,269
|
Deferred tax asset |
13,278
|
15,556
|
Security deposit |
82,237
|
86,992
|
Operating lease right-of-use assets |
457,793
|
999,285
|
Total assets |
4,280,077
|
5,050,884
|
Current liabilities |
|
|
Unearned revenue |
466,804
|
139,502
|
Taxes payable |
110,246
|
104,100
|
Accrued liabilities and other payables |
2,136,132
|
2,356,490
|
Government grant |
898,424
|
950,371
|
Loan from third parties |
82,237
|
86,992
|
Operating lease liabilities |
439,959
|
883,583
|
Due to related parties |
333,919
|
236,882
|
Total current liabilities |
5,067,094
|
5,322,347
|
Operating lease liabilities - non-current |
158,069
|
194,725
|
Total liabilities |
5,225,163
|
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 September 30, 2023 and December 31, 2022 |
250
|
250
|
Additional paid in capital |
14,882,538
|
14,458,583
|
Statutory reserve |
151,988
|
151,988
|
Accumulated deficit |
(16,195,184)
|
(15,249,858)
|
Accumulated other comprehensive income |
215,322
|
172,849
|
Total stockholders’ deficit |
(945,086)
|
(466,188)
|
Total liabilities and stockholders’ deficit |
4,280,077
|
5,050,884
|
Related Party [Member] |
|
|
Current assets |
|
|
Due from related parties |
384,588
|
83,102
|
Current liabilities |
|
|
Accounts payable |
|
165,958
|
Due to related parties |
333,919
|
236,882
|
Nonrelated Party [Member] |
|
|
Current liabilities |
|
|
Accounts payable |
$ 599,373
|
$ 398,469
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 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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v3.23.3
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sales revenue: |
|
|
|
|
Total revenue, net |
$ 1,066,919
|
$ 672,786
|
$ 3,297,689
|
$ 1,512,351
|
Operating costs and expenses |
|
|
|
|
Cost of goods sold |
509,723
|
215,383
|
1,136,411
|
493,905
|
Hotel operating costs |
447,419
|
404,322
|
1,387,993
|
1,334,041
|
Selling |
210,906
|
193,820
|
628,754
|
583,438
|
General and administrative |
499,638
|
232,642
|
1,268,119
|
752,113
|
(Reversal of) provision for bad debts |
41,603
|
67,638
|
(10,250)
|
115,495
|
Stock-based compensation |
92,885
|
92,885
|
278,655
|
278,655
|
Total operating costs and expenses |
1,802,174
|
1,206,690
|
4,689,682
|
3,557,647
|
Loss from operations |
(735,255)
|
(533,904)
|
(1,391,993)
|
(2,045,296)
|
Non-operating income (expenses) |
|
|
|
|
Interest income |
135
|
1,024
|
692
|
3,636
|
Impairment loss |
|
(3,823,770)
|
|
(3,823,770)
|
Other income |
13,293
|
12,134
|
52,395
|
41,789
|
Government grant income |
284,321
|
|
284,321
|
|
Other expenses |
(135)
|
(29,317)
|
(5,022)
|
(29,577)
|
Total non-operating income (loss), net |
297,614
|
(3,839,929)
|
332,386
|
(3,807,922)
|
Loss before income tax |
(437,641)
|
(4,373,833)
|
(1,059,607)
|
(5,853,218)
|
Income tax expense (benefit) |
515
|
(322)
|
5,879
|
643
|
Net loss |
(438,156)
|
(4,373,511)
|
(1,065,486)
|
(5,853,861)
|
Other comprehensive items |
|
|
|
|
Foreign currency translation gain (loss) |
16,086
|
(139,053)
|
42,473
|
(152,137)
|
Comprehensive loss |
$ (422,070)
|
$ (4,512,564)
|
$ (1,023,013)
|
$ (6,005,998)
|
Income per share - basic |
$ (0.018)
|
$ (0.175)
|
$ (0.043)
|
$ (0.234)
|
Income per share - diluted |
$ (0.018)
|
$ (0.175)
|
$ (0.043)
|
$ (0.234)
|
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 |
$ 897,457
|
$ 503,062
|
$ 2,405,280
|
$ 888,690
|
Room Revenue [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
74,265
|
71,562
|
473,167
|
166,278
|
Food and Beverage Revenues [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
77,524
|
64,321
|
356,009
|
356,840
|
Other [Member] |
|
|
|
|
Sales revenue: |
|
|
|
|
Total revenue, net |
$ 17,673
|
$ 33,841
|
$ 63,233
|
$ 100,543
|
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v3.23.3
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 |
|
|
|
|
|
(5,853,861)
|
Foreign currency translation |
|
|
|
|
|
(152,137)
|
Ending balance, value at Sep. 30, 2022 |
$ 250
|
14,365,698
|
151,988
|
(14,734,474)
|
558,686
|
342,148
|
Ending balance, shares at Sep. 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
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Net loss |
|
|
|
(4,373,511)
|
|
(4,373,511)
|
Foreign currency translation |
|
|
|
|
(139,053)
|
(139,053)
|
Ending balance, value at Sep. 30, 2022 |
$ 250
|
14,365,698
|
151,988
|
(14,734,474)
|
558,686
|
342,148
|
Ending balance, shares at Sep. 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 |
|
|
|
|
|
(1,065,486)
|
Foreign currency translation |
|
|
|
|
|
42,473
|
Ending balance, value at Sep. 30, 2023 |
$ 250
|
14,882,538
|
151,988
|
(16,195,184)
|
215,322
|
(945,086)
|
Ending balance, shares at Sep. 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
|
Shareholder 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
|
|
|
|
|
|
Stock-based compensation |
|
92,885
|
|
|
|
92,885
|
Net loss |
|
|
|
(438,156)
|
|
(438,156)
|
Foreign currency translation |
|
|
|
|
16,086
|
16,086
|
Ending balance, value at Sep. 30, 2023 |
$ 250
|
$ 14,882,538
|
$ 151,988
|
$ (16,195,184)
|
$ 215,322
|
$ (945,086)
|
Ending balance, shares at Sep. 30, 2023 |
24,999,842
|
|
|
|
|
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ (438,156)
|
$ (529,784)
|
$ (4,373,511)
|
$ (752,081)
|
$ (1,065,486)
|
$ (5,853,861)
|
|
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
308,114
|
82,921
|
|
(Reversal of) provision for bad debts |
41,603
|
|
67,638
|
|
(10,250)
|
115,495
|
|
Provision for inventory reserve |
|
|
|
|
8,558
|
|
|
Operating lease expense |
200,716
|
|
183,051
|
|
618,085
|
632,496
|
|
Stock based compensation |
92,885
|
|
92,885
|
|
278,655
|
278,655
|
|
Deferred tax |
|
|
|
|
1,481
|
1,419
|
|
Impairment loss |
|
|
3,823,770
|
|
|
3,823,770
|
$ 3,823,770
|
Government grant income |
(284,321)
|
|
|
|
(284,321)
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Other receivables and prepaid expenses |
|
|
|
|
(18,596)
|
100,801
|
|
Prepaid expense - related party |
|
|
|
|
(97,872)
|
|
|
Inventory |
|
|
|
|
(186,658)
|
(192,791)
|
|
Unearned revenue |
|
|
|
|
347,347
|
(9,444)
|
|
Taxes payable |
|
|
|
|
12,273
|
(187,009)
|
|
Payment of lease liability |
|
|
|
|
(500,056)
|
(525,979)
|
|
Accrued liabilities and other payables |
|
|
|
|
(136,638)
|
232,910
|
|
Net cash used in operating activities |
|
|
|
|
(219,874)
|
(1,412,550)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Cash disposed at disposal of subsidiary |
|
|
|
|
(3,341)
|
|
|
Cash acquired at acquisition of subsidiaries |
|
|
|
|
|
446,381
|
|
Purchase of property and equipment |
|
|
|
|
(212,607)
|
(52,485)
|
|
Purchase of intangible asset |
|
|
|
|
(2,608)
|
|
|
Net cash used in investing activities |
|
|
|
|
(218,556)
|
393,896
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Change in advance from related parties |
|
|
|
|
(79,072)
|
(1,525,860)
|
|
Capital contribution |
|
|
|
|
142,200
|
|
|
Proceeds from government grant |
|
|
|
|
284,321
|
|
|
Net cash provided by (used in) financing activities |
|
|
|
|
347,449
|
(1,525,860)
|
|
EFFECT OF EXCHANGE RATE CHANGE ON CASH |
|
|
|
|
(30,584)
|
(677,533)
|
|
NET DECREASE IN CASH & RESTRICTED CASH |
|
|
|
|
(121,565)
|
(3,222,047)
|
|
CASH & RESTRICTED CASH, BEGINNING OF PERIOD |
|
$ 619,900
|
|
$ 8,600,853
|
619,900
|
8,600,853
|
8,600,853
|
CASH & RESTRICTED CASH, END OF PERIOD |
$ 498,335
|
|
$ 5,378,806
|
|
498,335
|
5,378,806
|
$ 619,900
|
Supplemental Cash flow data: |
|
|
|
|
|
|
|
Income tax paid |
|
|
|
|
4,398
|
72,495
|
|
Interest paid |
|
|
|
|
|
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
Accrual of unpaid investment in subsidiary |
|
|
|
|
|
3,907,139
|
|
Investment in subsidiary paid by shareholder on behalf of the Company |
|
|
|
|
|
734,290
|
|
Nonrelated Party [Member] |
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
313,060
|
(126,720)
|
|
Advances to suppliers |
|
|
|
|
133,520
|
13,038
|
|
Accounts payable |
|
|
|
|
233,112
|
58,507
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
(11,434)
|
|
|
Accounts payable |
|
|
|
|
$ (162,768)
|
$ 143,242
|
|
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v3.23.3
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
Sep. 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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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 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 net losses of
$438,156 and
$4,373,511 for
the three months ended September 30, 2023 and 2022, and $1,065,486
and $5,853,861 for the
nine months ended September 30, 2023 and 2022, respectively, and used net cash in operating activities of $219,874
and $1,412,550
for the nine months ended September 30, 2023 and 2022, respectively, and has an accumulated deficit of $16,195,184
as of September 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 September 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $412,659
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.
Global
Uncertainties
The
Company’s liquidity may be adversely impacted by
various risks and uncertainties, including, but not limited to future and current impacts of global events such as a widespread health
crisis, the continuation of the war in the Ukraine or the conflict in Palestine, the outbreak of another conflict or the expansion of
the conflict in Palestine to other countries, the ongoing tensions between the United States and China, the Russian Federation and certain
countries in the Middle East, increases in inflation, and other risks detailed in in the Company’s Annual Report on Form 10-K or
other reports filed with the Securities and Exchange Commission.
While
the invasion of Ukraine, the conflict in Palestine and responses thereto have not interrupted the Company’s operations, these or
future developments which disrupt the international financial markets 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 September 30, 2023 and December 31, 2022,
the bad debt allowance was $247,753 and $272,550 respectively.
The
following table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the nine
months ended September 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
2023 | | |
2022 | |
| |
For the nine Months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Beginning balance | |
$ | 272,550 | | |
$ | 213,787 | |
Provision for bad debts | |
| 62,100 | | |
| 115,495 | |
Acquisition of subsidiary | |
| - | | |
| 185,561 | |
Recoveries/Write offs | |
| (72,350 | ) | |
| - | |
Effect of translation | |
| (14,547 | ) | |
| (31,497 | ) |
Ending balance | |
$ | 247,753 | | |
$ | 483,346 | |
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 $8,558
and $0
for the nine months
ended September 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 September 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
September 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 nine months ended September 30, 2023 and 2022, the Company had no customer that accounted for over 10% of its total revenue.
During
the three months ended September 30, 2023, the Company had one supplier that accounted for 20% of its total purchases.
During
the nine months ended September 30, 2023, the Company had two suppliers that accounted for 15% and 12%, respectively, of its total purchases.
During
the three months ended September 30, 2022, the Company had one supplier that accounted for 35% of its total purchases.
During
the nine months ended September 30, 2022, the Company had one supplier that accounted for 20% 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 September 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 September 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 nine months ended September 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 September 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 September 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
| |
2023 | | |
2022 | |
| |
For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 208,699 | | |
$ | 338,327 | |
Pharmacies | |
| 273,416 | | |
| 164,735 | |
Hotel | |
| 169,462 | | |
| 169,724 | |
Manufacture and sale | |
| 415,342 | | |
| - | |
Total revenues, net | |
$ | 1,066,919 | | |
$ | 672,786 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 67,709 | | |
$ | 90,391 | |
Operating expenses | |
| 421,417 | | |
| 301,624 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 126,459 | | |
| 124,992 | |
Operating expenses | |
| 115,006 | | |
| 144,164 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 447,419 | | |
| 404,322 | |
Operating expenses | |
| 61,859 | | |
| 141,197 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 315,555 | | |
| - | |
Operating expenses | |
| 246,750 | | |
| - | |
Total operating costs and expenses | |
$ | 1,802,174 | | |
$ | 1,206,690 | |
| |
| | | |
| | |
Income (loss) from operations | |
| | | |
| | |
Products | |
$ | (280,427 | ) | |
$ | (53,688 | ) |
Pharmacies | |
| 31,951 | | |
| (104,421 | ) |
Hotel | |
| (339,816 | ) | |
| (375,795 | ) |
Manufacture and sale | |
| (146,963 | ) | |
| - | |
Loss from operations | |
$ | (735,255 | ) | |
$ | (533,904 | ) |
The
following table shows the Company’s operations by business segment for the nine months ended September 30, 2023 and 2022.
| |
| | | |
| | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 1,064,668 | | |
$ | 371,016 | |
Pharmacies | |
| 802,118 | | |
| 517,674 | |
Hotel | |
| 892,409 | | |
| 623,661 | |
Manufacture and sale | |
| 538,494 | | |
| - | |
Total revenues, net | |
$ | 3,297,689 | | |
$ | 1,512,351 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 367,237 | | |
$ | 98,809 | |
Operating expenses | |
| 1,249,461 | | |
| 961,885 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 446,967 | | |
| 395,096 | |
Operating expenses | |
| 361,200 | | |
| 467,315 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 1,387,993 | | |
| 1,334,041 | |
Operating expenses | |
| 106,219 | | |
| 300,501 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 322,207 | | |
| - | |
Operating expenses | |
| 448,398 | | |
| - | |
Total operating costs and expenses | |
$ | 4,689,682 | | |
$ | 3,557,647 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (552,030 | ) | |
$ | (689,678 | ) |
Pharmacies | |
| (6,049 | ) | |
| (344,737 | ) |
Hotel | |
| (601,803 | ) | |
| (1,010,881 | ) |
Manufacture and sale | |
| (232,111 | ) | |
| - | |
Loss from operations | |
$ | (1,391,993 | ) | |
$ | (2,045,296 | ) |
Segment assets | |
As of September 30, 2023 | | |
As of December 31, 2022 | |
Products | |
$ | 288,375 | | |
$ | 410,754 | |
Pharmacies | |
| 726,904 | | |
| 758,675 | |
Hotel | |
| 449,903 | | |
| 970,385 | |
Manufacture and sale | |
| 2,814,895 | | |
| 2,911,070 | |
Total assets | |
$ | 4,280,077 | | |
$ | 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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v3.23.3
OTHER RECEIVABLES AND PREPAID EXPENSES
|
9 Months Ended |
Sep. 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 September 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Deposits | |
$ | 12,245 | | |
$ | 15,546 | |
Prepaid expenses, including related party | |
| 102,704 | | |
| 9,490 | |
Employees’ social insurance | |
| 7,379 | | |
| 10,124 | |
Others | |
| 20,996 | | |
| 7,471 | |
Total | |
$ | 143,324 | | |
$ | 42,631 | |
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v3.23.3
ADVANCES TO SUPPLIERS
|
9 Months Ended |
Sep. 30, 2023 |
Advances To Suppliers |
|
ADVANCES TO SUPPLIERS |
4.
ADVANCES TO SUPPLIERS
The
Company had advances to suppliers of $144,613 and
$168,523 as
of September 30, 2023 and December 31, 2022, respectively. Advances to suppliers primarily include prepayments for products and
equipment expected to be delivered subsequent to balance sheet dates.
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v3.23.3
INVENTORIES
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
5.
INVENTORIES
Inventories
consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 142,519 | | |
$ | 62,462 | |
Work in process | |
| 15,265 | | |
| 15,315 | |
Finished goods-health supplements | |
| - | | |
| 521 | |
Drugs, pharmaceutical and nutritional products | |
| 486,273 | | |
| 412,129 | |
Food and beverage, hotel supplies and consumables | |
| 77,600 | | |
| 82,646 | |
Total | |
$ | 721,657 | | |
$ | 573,073 | |
Less: reserve for inventory | |
| 78,034 | | |
| 73,821 | |
Total inventories, net | |
$ | 643,623 | | |
$ | 499,252 | |
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v3.23.3
PROPERTY AND EQUIPMENT, NET
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
6.
PROPERTY AND EQUIPMENT, NET
Property
and equipment consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
September 30, 2023 | | |
December 31, 2022 | |
Vehicles | |
$ | 403,505 | | |
$ | 426,836 | |
Office furniture | |
| 78,037 | | |
| 82,549 | |
Electronic equipment | |
| 21,101 | | |
| 20,607 | |
Machinery | |
| 1,258,029 | | |
| 1,241,778 | |
Leasehold improvements | |
| 1,076,824 | | |
| 1,139,087 | |
Other | |
| 21,777 | | |
| 17,485 | |
Total | |
| 2,859,273 | | |
| 2,928,342 | |
Less: Accumulated depreciation | |
| (1,200,388 | ) | |
| (956,549 | ) |
Property and equipment, net | |
$ | 1,658,885 | | |
$ | 1,971,793 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 was $114,300 and $25,111, respectively.
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $307,209 and $81,036, respectively
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v3.23.3
INTANGIBLE ASSET, NET
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSET, NET |
7.
INTANGIBLE ASSET, NET
Intangible
asset consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
| |
September 30, 2023 | | |
December 31, 2022 | |
Software | |
$ | 10,609 | | |
$ | 8,564 | |
Less: Accumulated amortization | |
| (7,769 | ) | |
| (7,295 | ) |
Intangible asset, net | |
$ | 2,840 | | |
$ | 1,269 | |
Amortization
expense for the three months ended September 30, 2023 and 2022 was $387 and $591, respectively.
Amortization
expense for the nine months ended September 30, 2023 and 2022 was $905 and $1,885, respectively.
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v3.23.3
TAXES PAYABLE
|
9 Months Ended |
Sep. 30, 2023 |
Taxes Payable |
|
TAXES PAYABLE |
8.
TAXES PAYABLE
Taxes
payable consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
| |
September 30, 2023 | | |
December 31, 2022 | |
Value-added | |
$ | 62,515 | | |
$ | 56,806 | |
Income | |
| 28,235 | | |
| 30,919 | |
City construction | |
| 5,027 | | |
| 3,746 | |
Education | |
| 2,193 | | |
| 2,184 | |
Other | |
| 12,276 | | |
| 10,445 | |
Taxes payable | |
$ | 110,246 | | |
$ | 104,100 | |
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v3.23.3
ACCRUED LIABILITIES AND OTHER PAYABLES
|
9 Months Ended |
Sep. 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 September 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued employees’ social insurance | |
$ | 281,728 | | |
$ | 270,349 | |
Accrued payroll and commission | |
| 248,759 | | |
| 307,331 | |
Accrued rent expense | |
| 74,415 | | |
| 32,746 | |
Construction payable | |
| 1,196,037 | | |
| 1,384,674 | |
Payable for equipment purchase | |
| 29,213 | | |
| 32,278 | |
Accrued professional fees | |
| 247,786 | | |
| 233,894 | |
Deposit | |
| 10,690 | | |
| 11,308 | |
Other payables | |
| 47,504 | | |
| 83,910 | |
Total | |
$ | 2,136,132 | | |
$ | 2,356,490 | |
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v3.23.3
LOAN FROM THIRD PARTIES
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOAN FROM THIRD PARTIES |
10.
LOAN FROM THIRD PARTIES
As
of September 30, 2023 and December 31, 2022, the Company had advances from unrelated third parties of Aixin Shangyan Hotel in an aggregate
amount $82,237 and $86,992, respectively. There was no written agreement, and these loans are payable on demand and bear no interest.
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v3.23.3
LEASE
|
9 Months Ended |
Sep. 30, 2023 |
Lease |
|
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 0.58 to 2.69 years.
Aixin
Shangyan Hotel leases its hotel premises under an operating lease arrangement. The lease has a remaining lease term of approximately
0.25 years.
Aixintang
Pharmacies lease retail pharmacy stores under operating lease arrangements, with remaining lease terms of 1.21 to 2.92 years.
Runcangsheng
leases its office under an operating lease arrangement. The lease has a remaining lease term of approximately 0.25 years.
Balance
sheet information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Operating Leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 457,793 | | |
$ | 999,285 | |
| |
| | | |
| | |
Operating lease liabilities – current | |
$ | 439,959 | | |
$ | 883,583 | |
Operating lease liability – non-current | |
| 158,069 | | |
| 194,725 | |
Total operating lease liabilities | |
$ | 598,028 | | |
$ | 1,078,308 | |
The
following provides details of the Company’s lease expenses:
SCHEDULE OF OPERATING LEASE EXPENSES
| |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 200,716 | | |
$ | 183,051 | |
| |
| | | |
| | |
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 618,085 | | |
$ | 632,496 | |
| |
| | | |
| | |
Other
information related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash Paid for Amounts Included In Measurement of Liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 500,056 | | |
| 525,979 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term: | |
| | | |
| | |
Operating leases | |
| 1.26 years | | |
| 1.65 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 nine months ended September 30, 2023) | |
$ | 354,246 | |
2024 | |
| 130,992 | |
2025 | |
| 79,844 | |
2026 | |
| 36,366 | |
2027 | |
| 8,224 | |
Thereafter | |
| 3,427 | |
Total lease payments | |
| 613,099 | |
Less: imputed interest | |
| (15,071 | ) |
Total lease liabilities | |
| 598,028 | |
Less: current portion | |
| (439,959 | ) |
Lease liabilities – non-current portion | |
$ | 158,069 | |
|
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v3.23.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
12.
RELATED PARTY TRANSACTIONS
Accounts
receivable – related party
As
of September 30, 2023 and December 31, 2022, accounts receivable from related parties were $11,030
and $42, respectively.
Prepaid expense – related party
Prepaid expense – related party consisted of the following as of the periods indicated:
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 94,361 | | |
$ | - | |
Accounts
payable – related party
Accounts
payable – related party consisted of the following as of the periods indicated:
| |
September 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
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. | |
$ | 7,573 | | |
$ | 9,708 | |
Sichuan Aixin Investment Co., Ltd | |
| 8,983 | | |
| 145 | |
Huiliang Jiao | |
| 135,328 | | |
| - | |
Xiaoyan Zhou | |
| 11,668 | | |
| - | |
Chengdu Fuxiang Tang Pharmacy Co., Ltd. | |
| 25,056 | | |
| 26,125 | |
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. | |
| 3,888 | | |
| - | |
Chengdu Heshengyuan Pharmacy Co., Ltd. | |
| 3,379 | | |
| - | |
Chengdu Zhiweibing Pharmacy Co., Ltd. | |
| 7,859 | | |
| - | |
Chengdu Tongtai Tang Pharmacy Co. Ltd. | |
| 2,810 | | |
| - | |
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd | |
| 8,115 | | |
| - | |
Chongqing Aixin Hui Pharmacy Co., Ltd. | |
| 402 | | |
| - | |
Sichuan Xintang Xinfu Pharmacy Chain Co, Ltd | |
| 344 | | |
| - | |
Sichuan Aixintang Xinfu Chain Pharmacy Co., Ltd. | |
| 302 | | |
| - | |
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd | |
| 26,822 | | |
| 34,622 | |
Chengdu Cigu Foshou Pharmacy | |
| 2,028 | | |
| - | |
Mianyang Aixin Cunshan Pharmacy | |
| 5,874 | | |
| - | |
Chengdu Aixin International Travel Service Co., Ltd | |
| 356 | | |
| - | |
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. | |
| 133,801 | | |
| 12,502 | |
Total | |
$ | 384,588 | | |
$ | 83,102 | |
Due
from related parties | |
$ | 384,588 | | |
$ | 83,102 | |
Due to related parties
Due
to related parties consisted of the following as of the periods indicated:
| |
September 30, 2023 | | |
December 31, 2022 | |
Quanzhong Lin | |
$ | 243,323 | | |
$ | 140,644 | |
Yirong Shen | |
| 84,978 | | |
| 89,892 | |
Sichuan Haosen Haichuan business management Co. Ltd | |
| 57 | | |
| - | |
Sichuan Yunxi Pharmacy Co. Ltd | |
| 449 | | |
| - | |
Chengdu Yi Yan Tang Pharmacy Co. Ltd. | |
| 162 | | |
| - | |
Chengdu Aixin International travel service Co, Ltd | |
| 4,950 | | |
| 6,346 | |
Total | |
$ | 333,919 | | |
$ | 236,882 | |
Due to related parties | |
$ | 333,919 | | |
$ | 236,882 | |
The
amounts 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. Mr. Huiliang Jiao is the Director of the Company. Xiaoyan Zhou is the wife of Mr. Huiliang Jiao.
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 September 30, 2023 are $8,224, $8,224, $8,224, $8,224, and $5,482 for each of the years ended September
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).
In July 2023, Xiaoyan Zhou entered into an agreement with Runcangsheng to increase the monthly rent for 2022 by RMB 2,000 and to change
the lease expiration date to December 31, 2023. The lease will be converted to an annual contract starting from January 1, 2024.
|
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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v3.23.3
INCOME TAXES
|
9 Months Ended |
Sep. 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 nine months ended September 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 three and nine months ended September 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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v3.23.3
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 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 September 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 September 30, 2023 and 2022, stock-based compensation expenses were $92,885 and $92,885, respectively. For the
nine months ended September 30, 2023 and 2022, stock-based compensation expenses were $278,655 and $278,655, respectively. As of September
30, 2023, unrecognized compensation expenses related to these stock awards are $394,012. These expenses are expected to be recognized
over 1.07 years.
Capital
Contribution
During
the nine months ended September 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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- DefinitionThe entire disclosure for equity.
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v3.23.3
STATUTORY RESERVES
|
9 Months Ended |
Sep. 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 nine months ended
September 30, 2023 and 2022, the Company made $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 nine months ended September 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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v3.23.3
OPERATING CONTINGENCIES
|
9 Months Ended |
Sep. 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 September 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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v3.23.3
ACQUISITION OF SUBSIDIARIES
|
9 Months Ended |
Sep. 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 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 nine months ended September 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 September 30, 2022 | |
Revenue | |
$ | 804,470 | |
Operating costs and expenses | |
| 1,205,371 | |
Loss from operations | |
| (400,901 | ) |
Other expense | |
| (25,455 | ) |
Income tax expense (benefit) | |
| (322 | ) |
Net loss | |
$ | (426,034 | ) |
| |
For the Nine Months Ended September 30, 2022 | |
Revenue | |
$ | 1,854,617 | |
Operating costs and expenses | |
| 3,826,342 | |
Loss from operations | |
| (1,971,725 | ) |
Other income | |
| 25,313 | |
Other income (expense) | |
| 25,313 | |
Income tax expense | |
| 643 | |
Net loss | |
$ | (1,947,055 | ) |
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v3.23.3
SUBSEQUENT EVENT
|
9 Months Ended |
Sep. 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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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 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 net losses of
$438,156 and
$4,373,511 for
the three months ended September 30, 2023 and 2022, and $1,065,486
and $5,853,861 for the
nine months ended September 30, 2023 and 2022, respectively, and used net cash in operating activities of $219,874
and $1,412,550
for the nine months ended September 30, 2023 and 2022, respectively, and has an accumulated deficit of $16,195,184
as of September 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 September 30, 2023, the Company’s cash and cash equivalents decreased from $510,128
to $412,659
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.
|
Global Uncertainties |
Global
Uncertainties
The
Company’s liquidity may be adversely impacted by
various risks and uncertainties, including, but not limited to future and current impacts of global events such as a widespread health
crisis, the continuation of the war in the Ukraine or the conflict in Palestine, the outbreak of another conflict or the expansion of
the conflict in Palestine to other countries, the ongoing tensions between the United States and China, the Russian Federation and certain
countries in the Middle East, increases in inflation, and other risks detailed in in the Company’s Annual Report on Form 10-K or
other reports filed with the Securities and Exchange Commission.
While
the invasion of Ukraine, the conflict in Palestine and responses thereto have not interrupted the Company’s operations, these or
future developments which disrupt the international financial markets 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 September 30, 2023 and December 31, 2022,
the bad debt allowance was $247,753 and $272,550 respectively.
The
following table summarizes the activity related to the Company’s Accounts Receivable allowance for doubtful accounts for the nine
months ended September 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
2023 | | |
2022 | |
| |
For the nine Months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Beginning balance | |
$ | 272,550 | | |
$ | 213,787 | |
Provision for bad debts | |
| 62,100 | | |
| 115,495 | |
Acquisition of subsidiary | |
| - | | |
| 185,561 | |
Recoveries/Write offs | |
| (72,350 | ) | |
| - | |
Effect of translation | |
| (14,547 | ) | |
| (31,497 | ) |
Ending balance | |
$ | 247,753 | | |
$ | 483,346 | |
|
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 $8,558
and $0
for the nine months
ended September 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 September 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
September 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 nine months ended September 30, 2023 and 2022, the Company had no customer that accounted for over 10% of its total revenue.
During
the three months ended September 30, 2023, the Company had one supplier that accounted for 20% of its total purchases.
During
the nine months ended September 30, 2023, the Company had two suppliers that accounted for 15% and 12%, respectively, of its total purchases.
During
the three months ended September 30, 2022, the Company had one supplier that accounted for 35% of its total purchases.
During
the nine months ended September 30, 2022, the Company had one supplier that accounted for 20% 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 September 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 September 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 nine months ended September 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 September 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 September 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
| |
2023 | | |
2022 | |
| |
For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 208,699 | | |
$ | 338,327 | |
Pharmacies | |
| 273,416 | | |
| 164,735 | |
Hotel | |
| 169,462 | | |
| 169,724 | |
Manufacture and sale | |
| 415,342 | | |
| - | |
Total revenues, net | |
$ | 1,066,919 | | |
$ | 672,786 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 67,709 | | |
$ | 90,391 | |
Operating expenses | |
| 421,417 | | |
| 301,624 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 126,459 | | |
| 124,992 | |
Operating expenses | |
| 115,006 | | |
| 144,164 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 447,419 | | |
| 404,322 | |
Operating expenses | |
| 61,859 | | |
| 141,197 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 315,555 | | |
| - | |
Operating expenses | |
| 246,750 | | |
| - | |
Total operating costs and expenses | |
$ | 1,802,174 | | |
$ | 1,206,690 | |
| |
| | | |
| | |
Income (loss) from operations | |
| | | |
| | |
Products | |
$ | (280,427 | ) | |
$ | (53,688 | ) |
Pharmacies | |
| 31,951 | | |
| (104,421 | ) |
Hotel | |
| (339,816 | ) | |
| (375,795 | ) |
Manufacture and sale | |
| (146,963 | ) | |
| - | |
Loss from operations | |
$ | (735,255 | ) | |
$ | (533,904 | ) |
The
following table shows the Company’s operations by business segment for the nine months ended September 30, 2023 and 2022.
| |
| | | |
| | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 1,064,668 | | |
$ | 371,016 | |
Pharmacies | |
| 802,118 | | |
| 517,674 | |
Hotel | |
| 892,409 | | |
| 623,661 | |
Manufacture and sale | |
| 538,494 | | |
| - | |
Total revenues, net | |
$ | 3,297,689 | | |
$ | 1,512,351 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 367,237 | | |
$ | 98,809 | |
Operating expenses | |
| 1,249,461 | | |
| 961,885 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 446,967 | | |
| 395,096 | |
Operating expenses | |
| 361,200 | | |
| 467,315 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 1,387,993 | | |
| 1,334,041 | |
Operating expenses | |
| 106,219 | | |
| 300,501 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 322,207 | | |
| - | |
Operating expenses | |
| 448,398 | | |
| - | |
Total operating costs and expenses | |
$ | 4,689,682 | | |
$ | 3,557,647 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (552,030 | ) | |
$ | (689,678 | ) |
Pharmacies | |
| (6,049 | ) | |
| (344,737 | ) |
Hotel | |
| (601,803 | ) | |
| (1,010,881 | ) |
Manufacture and sale | |
| (232,111 | ) | |
| - | |
Loss from operations | |
$ | (1,391,993 | ) | |
$ | (2,045,296 | ) |
Segment assets | |
As of September 30, 2023 | | |
As of December 31, 2022 | |
Products | |
$ | 288,375 | | |
$ | 410,754 | |
Pharmacies | |
| 726,904 | | |
| 758,675 | |
Hotel | |
| 449,903 | | |
| 970,385 | |
Manufacture and sale | |
| 2,814,895 | | |
| 2,911,070 | |
Total assets | |
$ | 4,280,077 | | |
$ | 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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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 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 nine
months ended September 30, 2023 and 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
2023 | | |
2022 | |
| |
For the nine Months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Beginning balance | |
$ | 272,550 | | |
$ | 213,787 | |
Provision for bad debts | |
| 62,100 | | |
| 115,495 | |
Acquisition of subsidiary | |
| - | | |
| 185,561 | |
Recoveries/Write offs | |
| (72,350 | ) | |
| - | |
Effect of translation | |
| (14,547 | ) | |
| (31,497 | ) |
Ending balance | |
$ | 247,753 | | |
$ | 483,346 | |
|
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 September 30, 2023 and 2022.
SCHEDULE
OF SEGMENTS INFORMATION
| |
2023 | | |
2022 | |
| |
For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 208,699 | | |
$ | 338,327 | |
Pharmacies | |
| 273,416 | | |
| 164,735 | |
Hotel | |
| 169,462 | | |
| 169,724 | |
Manufacture and sale | |
| 415,342 | | |
| - | |
Total revenues, net | |
$ | 1,066,919 | | |
$ | 672,786 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 67,709 | | |
$ | 90,391 | |
Operating expenses | |
| 421,417 | | |
| 301,624 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 126,459 | | |
| 124,992 | |
Operating expenses | |
| 115,006 | | |
| 144,164 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 447,419 | | |
| 404,322 | |
Operating expenses | |
| 61,859 | | |
| 141,197 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 315,555 | | |
| - | |
Operating expenses | |
| 246,750 | | |
| - | |
Total operating costs and expenses | |
$ | 1,802,174 | | |
$ | 1,206,690 | |
| |
| | | |
| | |
Income (loss) from operations | |
| | | |
| | |
Products | |
$ | (280,427 | ) | |
$ | (53,688 | ) |
Pharmacies | |
| 31,951 | | |
| (104,421 | ) |
Hotel | |
| (339,816 | ) | |
| (375,795 | ) |
Manufacture and sale | |
| (146,963 | ) | |
| - | |
Loss from operations | |
$ | (735,255 | ) | |
$ | (533,904 | ) |
The
following table shows the Company’s operations by business segment for the nine months ended September 30, 2023 and 2022.
| |
| | | |
| | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net revenue | |
| | | |
| | |
Products | |
$ | 1,064,668 | | |
$ | 371,016 | |
Pharmacies | |
| 802,118 | | |
| 517,674 | |
Hotel | |
| 892,409 | | |
| 623,661 | |
Manufacture and sale | |
| 538,494 | | |
| - | |
Total revenues, net | |
$ | 3,297,689 | | |
$ | 1,512,351 | |
| |
| | | |
| | |
Operating costs and expenses | |
| | | |
| | |
Products | |
| | | |
| | |
Cost of goods sold | |
$ | 367,237 | | |
$ | 98,809 | |
Operating expenses | |
| 1,249,461 | | |
| 961,885 | |
Pharmacies | |
| | | |
| | |
Cost of goods sold | |
| 446,967 | | |
| 395,096 | |
Operating expenses | |
| 361,200 | | |
| 467,315 | |
Hotel | |
| | | |
| | |
Hotel operating costs | |
| 1,387,993 | | |
| 1,334,041 | |
Operating expenses | |
| 106,219 | | |
| 300,501 | |
Manufacture and sale | |
| | | |
| | |
Cost of goods sold | |
| 322,207 | | |
| - | |
Operating expenses | |
| 448,398 | | |
| - | |
Total operating costs and expenses | |
$ | 4,689,682 | | |
$ | 3,557,647 | |
| |
| | | |
| | |
Loss from operations | |
| | | |
| | |
Products | |
$ | (552,030 | ) | |
$ | (689,678 | ) |
Pharmacies | |
| (6,049 | ) | |
| (344,737 | ) |
Hotel | |
| (601,803 | ) | |
| (1,010,881 | ) |
Manufacture and sale | |
| (232,111 | ) | |
| - | |
Loss from operations | |
$ | (1,391,993 | ) | |
$ | (2,045,296 | ) |
Segment assets | |
As of September 30, 2023 | | |
As of December 31, 2022 | |
Products | |
$ | 288,375 | | |
$ | 410,754 | |
Pharmacies | |
| 726,904 | | |
| 758,675 | |
Hotel | |
| 449,903 | | |
| 970,385 | |
Manufacture and sale | |
| 2,814,895 | | |
| 2,911,070 | |
Total assets | |
$ | 4,280,077 | | |
$ | 5,050,884 | |
|
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v3.23.3
OTHER RECEIVABLES AND PREPAID EXPENSES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Other Receivables And Prepaid Expenses |
|
SCHEDULE OF OTHER RECEIVABLES AND PREPAID EXPENSES |
Other
receivables and prepaid expenses consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE
OF OTHER RECEIVABLES AND PREPAID EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Deposits | |
$ | 12,245 | | |
$ | 15,546 | |
Prepaid expenses, including related party | |
| 102,704 | | |
| 9,490 | |
Employees’ social insurance | |
| 7,379 | | |
| 10,124 | |
Others | |
| 20,996 | | |
| 7,471 | |
Total | |
$ | 143,324 | | |
$ | 42,631 | |
|
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v3.23.3
INVENTORIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Raw material | |
$ | 142,519 | | |
$ | 62,462 | |
Work in process | |
| 15,265 | | |
| 15,315 | |
Finished goods-health supplements | |
| - | | |
| 521 | |
Drugs, pharmaceutical and nutritional products | |
| 486,273 | | |
| 412,129 | |
Food and beverage, hotel supplies and consumables | |
| 77,600 | | |
| 82,646 | |
Total | |
$ | 721,657 | | |
$ | 573,073 | |
Less: reserve for inventory | |
| 78,034 | | |
| 73,821 | |
Total inventories, net | |
$ | 643,623 | | |
$ | 499,252 | |
|
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v3.23.3
PROPERTY AND EQUIPMENT, NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
September 30, 2023 | | |
December 31, 2022 | |
Vehicles | |
$ | 403,505 | | |
$ | 426,836 | |
Office furniture | |
| 78,037 | | |
| 82,549 | |
Electronic equipment | |
| 21,101 | | |
| 20,607 | |
Machinery | |
| 1,258,029 | | |
| 1,241,778 | |
Leasehold improvements | |
| 1,076,824 | | |
| 1,139,087 | |
Other | |
| 21,777 | | |
| 17,485 | |
Total | |
| 2,859,273 | | |
| 2,928,342 | |
Less: Accumulated depreciation | |
| (1,200,388 | ) | |
| (956,549 | ) |
Property and equipment, net | |
$ | 1,658,885 | | |
$ | 1,971,793 | |
|
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v3.23.3
INTANGIBLE ASSET, NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSET |
Intangible
asset consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF INTANGIBLE ASSET
| |
September 30, 2023 | | |
December 31, 2022 | |
Software | |
$ | 10,609 | | |
$ | 8,564 | |
Less: Accumulated amortization | |
| (7,769 | ) | |
| (7,295 | ) |
Intangible asset, net | |
$ | 2,840 | | |
$ | 1,269 | |
|
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v3.23.3
TAXES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Taxes Payable |
|
SCHEDULE OF TAX PAYABLE |
Taxes
payable consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF TAX PAYABLE
| |
September 30, 2023 | | |
December 31, 2022 | |
Value-added | |
$ | 62,515 | | |
$ | 56,806 | |
Income | |
| 28,235 | | |
| 30,919 | |
City construction | |
| 5,027 | | |
| 3,746 | |
Education | |
| 2,193 | | |
| 2,184 | |
Other | |
| 12,276 | | |
| 10,445 | |
Taxes payable | |
$ | 110,246 | | |
$ | 104,100 | |
|
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v3.23.3
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES |
Accrued
liabilities and other payables consisted of the following at September 30, 2023 and December 31, 2022:
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued employees’ social insurance | |
$ | 281,728 | | |
$ | 270,349 | |
Accrued payroll and commission | |
| 248,759 | | |
| 307,331 | |
Accrued rent expense | |
| 74,415 | | |
| 32,746 | |
Construction payable | |
| 1,196,037 | | |
| 1,384,674 | |
Payable for equipment purchase | |
| 29,213 | | |
| 32,278 | |
Accrued professional fees | |
| 247,786 | | |
| 233,894 | |
Deposit | |
| 10,690 | | |
| 11,308 | |
Other payables | |
| 47,504 | | |
| 83,910 | |
Total | |
$ | 2,136,132 | | |
$ | 2,356,490 | |
|
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v3.23.3
LEASE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Lease |
|
SCHEDULE OF OPERATING LEASE LIABILITIES |
Balance
sheet information related to the Company’s leases is presented below:
SCHEDULE OF OPERATING LEASE LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Operating Leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 457,793 | | |
$ | 999,285 | |
| |
| | | |
| | |
Operating lease liabilities – current | |
$ | 439,959 | | |
$ | 883,583 | |
Operating lease liability – non-current | |
| 158,069 | | |
| 194,725 | |
Total operating lease liabilities | |
$ | 598,028 | | |
$ | 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 September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 200,716 | | |
$ | 183,051 | |
| |
| | | |
| | |
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating lease expenses | |
$ | 618,085 | | |
$ | 632,496 | |
| |
| | | |
| | |
|
SCHEDULE OF OTHER INFORMATION RELATED LEASES |
Other
information related to leases is presented below:
SCHEDULE OF OTHER INFORMATION RELATED LEASES
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash Paid for Amounts Included In Measurement of Liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 500,056 | | |
| 525,979 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term: | |
| | | |
| | |
Operating leases | |
| 1.26 years | | |
| 1.65 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 nine months ended September 30, 2023) | |
$ | 354,246 | |
2024 | |
| 130,992 | |
2025 | |
| 79,844 | |
2026 | |
| 36,366 | |
2027 | |
| 8,224 | |
Thereafter | |
| 3,427 | |
Total lease payments | |
| 613,099 | |
Less: imputed interest | |
| (15,071 | ) |
Total lease liabilities | |
| 598,028 | |
Less: current portion | |
| (439,959 | ) |
Lease liabilities – non-current portion | |
$ | 158,069 | |
|
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v3.23.3
RELATED PARTY TRANSACTIONS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY |
Prepaid expense – related party
Prepaid expense – related party consisted of the following as of the periods indicated:
SCHEDULE
OF ADVANCES AND ACCOUNTS PAYABLE TO RELATED PARTY
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu Aixin International Travel Service Co., Ltd | |
$ | 94,361 | | |
$ | - | |
Accounts
payable – related party
Accounts
payable – related party consisted of the following as of the periods indicated:
| |
September 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
| |
September 30, 2023 | | |
December 31, 2022 | |
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. | |
$ | 7,573 | | |
$ | 9,708 | |
Sichuan Aixin Investment Co., Ltd | |
| 8,983 | | |
| 145 | |
Huiliang Jiao | |
| 135,328 | | |
| - | |
Xiaoyan Zhou | |
| 11,668 | | |
| - | |
Chengdu Fuxiang Tang Pharmacy Co., Ltd. | |
| 25,056 | | |
| 26,125 | |
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. | |
| 3,888 | | |
| - | |
Chengdu Heshengyuan Pharmacy Co., Ltd. | |
| 3,379 | | |
| - | |
Chengdu Zhiweibing Pharmacy Co., Ltd. | |
| 7,859 | | |
| - | |
Chengdu Tongtai Tang Pharmacy Co. Ltd. | |
| 2,810 | | |
| - | |
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd | |
| 8,115 | | |
| - | |
Chongqing Aixin Hui Pharmacy Co., Ltd. | |
| 402 | | |
| - | |
Sichuan Xintang Xinfu Pharmacy Chain Co, Ltd | |
| 344 | | |
| - | |
Sichuan Aixintang Xinfu Chain Pharmacy Co., Ltd. | |
| 302 | | |
| - | |
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd | |
| 26,822 | | |
| 34,622 | |
Chengdu Cigu Foshou Pharmacy | |
| 2,028 | | |
| - | |
Mianyang Aixin Cunshan Pharmacy | |
| 5,874 | | |
| - | |
Chengdu Aixin International Travel Service Co., Ltd | |
| 356 | | |
| - | |
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. | |
| 133,801 | | |
| 12,502 | |
Total | |
$ | 384,588 | | |
$ | 83,102 | |
Due
from related parties | |
$ | 384,588 | | |
$ | 83,102 | |
Due to related parties
Due
to related parties consisted of the following as of the periods indicated:
| |
September 30, 2023 | | |
December 31, 2022 | |
Quanzhong Lin | |
$ | 243,323 | | |
$ | 140,644 | |
Yirong Shen | |
| 84,978 | | |
| 89,892 | |
Sichuan Haosen Haichuan business management Co. Ltd | |
| 57 | | |
| - | |
Sichuan Yunxi Pharmacy Co. Ltd | |
| 449 | | |
| - | |
Chengdu Yi Yan Tang Pharmacy Co. Ltd. | |
| 162 | | |
| - | |
Chengdu Aixin International travel service Co, Ltd | |
| 4,950 | | |
| 6,346 | |
Total | |
$ | 333,919 | | |
$ | 236,882 | |
Due to related parties | |
$ | 333,919 | | |
$ | 236,882 | |
|
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v3.23.3
ACQUISITION OF SUBSIDIARIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF FAIR VALUES OF 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 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 |
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 September 30, 2022 | |
Revenue | |
$ | 804,470 | |
Operating costs and expenses | |
| 1,205,371 | |
Loss from operations | |
| (400,901 | ) |
Other expense | |
| (25,455 | ) |
Income tax expense (benefit) | |
| (322 | ) |
Net loss | |
$ | (426,034 | ) |
| |
For the Nine Months Ended September 30, 2022 | |
Revenue | |
$ | 1,854,617 | |
Operating costs and expenses | |
| 3,826,342 | |
Loss from operations | |
| (1,971,725 | ) |
Other income | |
| 25,313 | |
Other income (expense) | |
| 25,313 | |
Income tax expense | |
| 643 | |
Net loss | |
$ | (1,947,055 | ) |
|
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v3.23.3
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 ($)
|
May 25, 2021
CNY (¥)
|
Aug. 17, 2020 |
Feb. 02, 2017
USD ($)
|
Sep. 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 Aixintang 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.
|
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.
|
|
|
|
|
|
|
|
|
|
China Concentric Capital Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
71.00%
|
Equity Transfer Agreement [Member] | Aixin Shangyan Hotel Management [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
100.00%
|
100.00%
|
|
|
|
|
|
China Concentric Capital Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock percentage |
|
|
|
|
|
|
|
|
65.00%
|
|
|
|
Purchase price of common stock |
|
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
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v3.23.3
SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
Beginning balance |
$ 272,550
|
$ 213,787
|
Provision for bad debts |
62,100
|
115,495
|
Acquisition of subsidiary |
|
185,561
|
Recoveries/Write offs |
(72,350)
|
|
Effect of translation |
(14,547)
|
(31,497)
|
Ending balance |
$ 247,753
|
$ 483,346
|
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v3.23.3
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIVES (Details)
|
Sep. 30, 2023 |
Office Furniture [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
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|
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|
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|
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|
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|
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|
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|
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|
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3 years
|
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|
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|
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v3.23.3
SCHEDULE OF SEGMENTS INFORMATION (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
$ 1,066,919
|
$ 672,786
|
$ 3,297,689
|
$ 1,512,351
|
|
Operating expenses |
1,802,174
|
1,206,690
|
4,689,682
|
3,557,647
|
|
Hotel operating costs |
447,419
|
404,322
|
1,387,993
|
1,334,041
|
|
Total operating costs and expenses |
1,802,174
|
1,206,690
|
4,689,682
|
3,557,647
|
|
Loss from operations |
(735,255)
|
(533,904)
|
(1,391,993)
|
(2,045,296)
|
|
Total assets |
4,280,077
|
|
4,280,077
|
|
$ 5,050,884
|
Products [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
208,699
|
338,327
|
1,064,668
|
371,016
|
|
Cost of goods sold |
67,709
|
90,391
|
367,237
|
98,809
|
|
Operating expenses |
421,417
|
301,624
|
1,249,461
|
961,885
|
|
Loss from operations |
(280,427)
|
(53,688)
|
(552,030)
|
(689,678)
|
|
Total assets |
288,375
|
|
288,375
|
|
410,754
|
Pharmacies [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
273,416
|
164,735
|
802,118
|
517,674
|
|
Cost of goods sold |
126,459
|
124,992
|
446,967
|
395,096
|
|
Operating expenses |
115,006
|
144,164
|
361,200
|
467,315
|
|
Loss from operations |
31,951
|
(104,421)
|
(6,049)
|
(344,737)
|
|
Total assets |
726,904
|
|
726,904
|
|
758,675
|
Hotel [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
169,462
|
169,724
|
892,409
|
623,661
|
|
Operating expenses |
61,859
|
141,197
|
106,219
|
300,501
|
|
Hotel operating costs |
447,419
|
404,322
|
1,387,993
|
1,334,041
|
|
Loss from operations |
(339,816)
|
(375,795)
|
(601,803)
|
(1,010,881)
|
|
Total assets |
449,903
|
|
449,903
|
|
970,385
|
Manufacture and Sale [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues, net |
415,342
|
|
538,494
|
|
|
Cost of goods sold |
315,555
|
|
322,207
|
|
|
Operating expenses |
246,750
|
|
448,398
|
|
|
Loss from operations |
(146,963)
|
|
(232,111)
|
|
|
Total assets |
$ 2,814,895
|
|
$ 2,814,895
|
|
$ 2,911,070
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
CNY (¥)
|
Dec. 31, 2021
USD ($)
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Losses from operations |
$ 438,156
|
$ 4,373,511
|
$ 1,065,486
|
$ 5,853,861
|
|
|
|
Net cash provided by used in operating activities |
|
|
219,874
|
1,412,550
|
|
|
|
Accumulated deficit |
16,195,184
|
|
16,195,184
|
|
$ 15,249,858
|
|
|
Cash and cash equivalents at carrying value |
412,659
|
|
412,659
|
|
510,128
|
|
|
Accounts receivable, allowance for credit loss |
247,753
|
483,346
|
247,753
|
483,346
|
272,550
|
|
$ 213,787
|
Provision for inventory reserve |
$ 8,558
|
0
|
$ 8,558
|
0
|
|
|
|
Property, plant and equipment, salvage value, percentage |
5.00%
|
|
5.00%
|
|
|
5.00%
|
|
Impairment loss |
|
$ 3,823,770
|
|
$ 3,823,770
|
$ 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 |
20.00%
|
35.00%
|
15.00%
|
20.00%
|
|
|
|
Cost of Sales [Member] | Supplier Concentration Risk [Member] | Supplier Two [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
12.00%
|
|
|
|
|
Hotel [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
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] |
|
|
|
|
|
|
|
Vat of gross sales price percentage |
|
|
13.00%
|
|
|
|
|
Since April 1, 2019 [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Vat of gross sales price percentage |
|
|
13.00%
|
|
|
|
|
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v3.23.3
SCHEDULE OF OTHER RECEIVABLES AND PREPAID EXPENSES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Other Receivables And Prepaid Expenses |
|
|
Deposits |
$ 12,245
|
$ 15,546
|
Prepaid expenses, including related party |
102,704
|
9,490
|
Employees’ social insurance |
7,379
|
10,124
|
Others |
20,996
|
7,471
|
Total |
$ 143,324
|
$ 42,631
|
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v3.23.3
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw material |
$ 142,519
|
$ 62,462
|
Work in process |
15,265
|
15,315
|
Finished goods-health supplements |
|
521
|
Drugs, pharmaceutical and nutritional products |
486,273
|
412,129
|
Food and beverage, hotel supplies and consumables |
77,600
|
82,646
|
Total |
721,657
|
573,073
|
Less: reserve for inventory |
78,034
|
73,821
|
Total inventories, net |
$ 643,623
|
$ 499,252
|
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v3.23.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 2,859,273
|
$ 2,928,342
|
Less: Accumulated depreciation |
(1,200,388)
|
(956,549)
|
Property and equipment, net |
1,658,885
|
1,971,793
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
403,505
|
426,836
|
Office Furniture [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
78,037
|
82,549
|
Electronic Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
21,101
|
20,607
|
Machinery [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
1,258,029
|
1,241,778
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
1,076,824
|
1,139,087
|
Property, Plant and Equipment, Other Types [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 21,777
|
$ 17,485
|
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PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation expense |
$ 114,300
|
$ 25,111
|
$ 307,209
|
$ 81,036
|
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v3.23.3
SCHEDULE OF TAX PAYABLE (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Taxes payable |
$ 110,246
|
$ 104,100
|
Value Added [Member] |
|
|
Taxes payable |
62,515
|
56,806
|
Income [Member] |
|
|
Taxes payable |
28,235
|
30,919
|
City Construction [Member] |
|
|
Taxes payable |
5,027
|
3,746
|
Education [Member] |
|
|
Taxes payable |
2,193
|
2,184
|
Other [Member] |
|
|
Taxes payable |
$ 12,276
|
$ 10,445
|
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v3.23.3
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued employees’ social insurance |
$ 281,728
|
$ 270,349
|
Accrued payroll and commission |
248,759
|
307,331
|
Accrued rent expense |
74,415
|
32,746
|
Construction payable |
1,196,037
|
1,384,674
|
Payable for equipment purchase |
29,213
|
32,278
|
Accrued professional fees |
247,786
|
233,894
|
Deposit |
10,690
|
11,308
|
Other payables |
47,504
|
83,910
|
Total |
$ 2,136,132
|
$ 2,356,490
|
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SCHEDULE OF OPERATING LEASE LIABILITIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Lease |
|
|
Operating lease right-of-use assets |
$ 457,793
|
$ 999,285
|
Operating lease liabilities – current |
439,959
|
883,583
|
Operating lease liability – non-current |
158,069
|
194,725
|
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|
$ 1,078,308
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SCHEDULE OF OPERATING LEASE EXPENSES (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Lease |
|
|
|
|
Operating lease expenses |
$ 200,716
|
$ 183,051
|
$ 618,085
|
$ 632,496
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v3.23.3
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Lease |
|
|
2023 (excluding the nine months ended September 30, 2023) |
$ 354,246
|
|
2024 |
130,992
|
|
2025 |
79,844
|
|
2026 |
36,366
|
|
2027 |
8,224
|
|
Thereafter |
3,427
|
|
Total lease payments |
613,099
|
|
Less: imputed interest |
(15,071)
|
|
Total lease liabilities |
598,028
|
$ 1,078,308
|
Less: current portion |
(439,959)
|
(883,583)
|
Lease liabilities – non-current portion |
$ 158,069
|
$ 194,725
|
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v3.23.3
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Due to related parties |
$ 333,919
|
$ 236,882
|
Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
384,588
|
83,102
|
Due to related parties |
333,919
|
236,882
|
Chengdu WenJiang Aixin Nanjiang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
7,573
|
9,708
|
Sichuan Aixin Investment Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
8,983
|
145
|
Mr. Huiliang Jiao [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
135,328
|
|
Xiaoyan [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
11,668
|
|
Chengdu Fuxiang Tang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
25,056
|
26,125
|
Chengdu WenJiang Aixin Huiwan Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
3,888
|
|
Chengdu Heshengyuan Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
3,379
|
|
Chengdu Zhiweibing Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
7,859
|
|
Chengdu Tongtai Tang Pharmacy Co. Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
2,810
|
|
Chengdu city Wuhou District Xiaofei Pharmacy Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
8,115
|
|
Chongqing Aixin Hui Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
402
|
|
Sichuan Xintang Xinfu Pharmacy Chain Co, Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
344
|
|
Sichuan Aixintang Xinfu Pharmacy Chain Co Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
302
|
|
Chengdu Wenjiang district Heneng hupu Pharmacy Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
26,822
|
34,622
|
Chengdu Cigu Foshou Pharmacy [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
2,028
|
|
Mianyang Aixin Cunshan Pharmacy [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
5,874
|
|
Chengdu Aixin International Travel Service Co., Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
356
|
|
Due to related parties |
4,950
|
6,346
|
Chengdu Lisheng Huiren Tang Pharmacy Co., Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due from related parties |
133,801
|
12,502
|
Quanzhong Lin [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
243,323
|
140,644
|
Yirong Shen [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
84,978
|
89,892
|
Sichuan Haosen Haichuan business management Co. Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
57
|
|
Sichuan Yunxi Pharmacy Co. Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
449
|
|
Chengdu Yi Yan Tang Pharmacy Co. Ltd. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
$ 162
|
|
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v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative)
|
1 Months Ended |
6 Months Ended |
35 Months Ended |
|
|
May 31, 2014
USD ($)
|
May 31, 2014
CNY (¥)
|
Dec. 31, 2023
CNY (¥)
|
Feb. 28, 2023
USD ($)
|
Feb. 28, 2023
CNY (¥)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payments for Rent |
$ 690
|
¥ 5,000
|
|
|
|
|
|
Lease Expiration Date |
May 28, 2028
|
May 28, 2028
|
|
|
|
|
|
Future annual minimum lease payment, 2024 |
|
|
|
|
|
$ 130,992
|
|
Future annual minimum lease payment, 2025 |
|
|
|
|
|
79,844
|
|
Future annual minimum lease payment, 2026 |
|
|
|
|
|
36,366
|
|
Future annual minimum lease payment, 2027 |
|
|
|
|
|
8,224
|
|
Renewed [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payments for Rent |
$ 690
|
¥ 5,000
|
|
|
|
|
|
Office Leases [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Future annual minimum lease payment, 2024 |
|
|
|
|
|
8,224
|
|
Future annual minimum lease payment, 2025 |
|
|
|
|
|
8,224
|
|
Future annual minimum lease payment, 2026 |
|
|
|
|
|
8,224
|
|
Future annual minimum lease payment, 2027 |
|
|
|
|
|
8,224
|
|
Future annual minimum lease payment, 2028 |
|
|
|
|
|
5,482
|
|
Office Leases [Member] | Yunnan Runcangsheng Technology Company Ltd. [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payments for Rent |
|
|
|
$ 690
|
¥ 5,000
|
|
|
Office Leases [Member] | Xiaoyan Zhou [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payments for Rent | ¥ |
|
|
¥ 2,000
|
|
|
|
|
Office Leases [Member] | Xiaoyan Zhou [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payments for Rent |
|
|
¥ 3,000
|
$ 414
|
|
|
|
Accounts Receivable [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts Receivable, after Allowance for Credit Loss |
|
|
|
|
|
$ 11,030
|
$ 42
|
X |
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
Feb. 17, 2023 |
Aug. 17, 2020 |
Oct. 24, 2019 |
Oct. 22, 2019 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 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
|
$ 278,655
|
$ 278,655
|
|
Unrecognized compensation expenses |
|
|
|
|
$ 394,012
|
|
$ 394,012
|
|
|
Employee services expected to be recognized |
|
|
|
|
|
|
1 year 25 days
|
|
|
Proceeds from contributed capital |
|
|
|
|
|
|
$ 142,200
|
|
|
Yunnan Shengshengyuan Technology Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from contributed capital |
|
|
|
|
|
|
$ 145,300
|
|
|
Employees and Contractors [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
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.
|
|
|
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
|
|
|
|
|
|
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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v3.23.3
SCHEDULE OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - Yunnan Runcangsheng Technology Company Ltd. [Member]
|
Jul. 19, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
Total purchase considerations |
$ 4,301,293
|
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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SCHEDULE OF BUSINESS ACQUISITION PRO FORMA (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Business Combination and Asset Acquisition [Abstract] |
|
|
Revenue |
$ 804,470
|
$ 1,854,617
|
Operating costs and expenses |
1,205,371
|
3,826,342
|
Loss from operations |
(400,901)
|
(1,971,725)
|
Other income (expense) |
(25,455)
|
25,313
|
Income tax expense |
(322)
|
643
|
Net loss |
$ (426,034)
|
$ (1,947,055)
|
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v3.23.3
ACQUISITION OF SUBSIDIARIES (Details Narrative)
|
|
12 Months Ended |
Jul. 19, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
CNY (¥)
|
Yunnan Runcangsheng Technology Company Ltd. [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business combination consideration transferred |
$ 4,301,293
|
|
|
Yunnan Runcangsheng Technology Company 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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