UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2024
Commission
File Number: 001-39803
Meiwu
Technology Co. Ltd.
(Translation
of registrant’s name into English)
1602,
Building C, Shenye Century Industry
No.
743 Zhoushi Road, Bao’an District
Shenzhen,
People’s Republic of China
Telephone:
+86-755-85250400
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Explanatory
Note
The Company hereby furnishes the following documents
as exhibits to this report: “Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2024 and 2023”
and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”.
EXHIBIT
INDEX
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Meiwu
Technology Co. Ltd. |
|
|
|
|
By:
|
/s/
Xinliang Zhang |
|
|
Xinliang
Zhang |
|
|
Chief
Executive Officer |
Date:
November 15, 2024
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Exhibit 99.1
MEIWU
TECHNOLOGY COMPANY LIMITED AND SUBSIDIARIES
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
TABLE
OF CONTENTS
MEIWU
TECHNOLOGY COMPANY LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
| |
| | |
June 30, 2024 | | |
| |
| |
Note | | |
(Unaudited) | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | | |
| | |
Current Assets: | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| | | |
$ | 3,092,759 | | |
$ | 16,060,686 | |
Restricted cash | |
| | | |
| 1,329 | | |
| 1,361 | |
Accounts receivable, net | |
| 5 | | |
| 1,988,344 | | |
| 2,874,494 | |
Due from related party | |
| 13 | | |
| 168,935 | | |
| 117,141 | |
Advances to suppliers, net | |
| | | |
| 13,841,526 | | |
| 774,467 | |
Inventories, net | |
| | | |
| 92,934 | | |
| 95,124 | |
Other current assets | |
| 6 | | |
| 767,213 | | |
| 465,480 | |
Total Current Assets | |
| | | |
| 19,953,040 | | |
| 20,388,753 | |
Non-Current Assets: | |
| | | |
| | | |
| | |
Property and equipment, net | |
| 7 | | |
| 58,112 | | |
| 76,470 | |
Right-of-use assets | |
| 11 | | |
| 66,466 | | |
| 119,056 | |
Total Non-Current Assets | |
| | | |
| 124,578 | | |
| 195,526 | |
TOTAL ASSETS | |
| | | |
| 20,077,618 | | |
| 20,584,279 | |
| |
| | | |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | | |
| | |
Short-term loan | |
| 9 | | |
| 408,685 | | |
| 418,315 | |
Accounts payable | |
| 10 | | |
| 1,792,866 | | |
| 2,547,805 | |
Contract liabilities | |
| | | |
| 1,093,706 | | |
| 1,004,832 | |
Lease liabilities | |
| 11 | | |
| 79,628 | | |
| 119,434 | |
Tax Payable | |
| | | |
| 52,011 | | |
| 429,485 | |
Accrued expenses and other current liabilities | |
| | | |
| 4,122,133 | | |
| 3,115,282 | |
Total Current Liabilities | |
| | | |
| 7,549,029 | | |
| 7,635,153 | |
Non-Current Liabilities: | |
| | | |
| | | |
| | |
Due to related parties | |
| 13 | | |
| 3,815,182 | | |
| 3,912,606 | |
Long-term loan | |
| 9 | | |
| - | | |
| - | |
Convertible notes | |
| 14 | | |
| - | | |
| - | |
Lease liabilities | |
| 11 | | |
| - | | |
| 20,613 | |
Total Non-Current Liabilities | |
| | | |
| 3,815,182 | | |
| 3,933,219 | |
TOTAL LIABILITIES | |
| | | |
| 11,364,211 | | |
| 11,568,372 | |
| |
| | | |
| | | |
| | |
Commitment and Contingencies | |
| 17 | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| 12 | | |
| | | |
| | |
Ordinary shares, no par value, unlimited shares authorized; 2,923,325 and 1,741,295
shares issued and outstanding as of December 31, 2023 and 2022, respectively* | |
| | | |
| - | | |
| - | |
Additional paid-in capital | |
| | | |
| 44,515,833 | | |
| 44,515,833 | |
Accumulated deficit | |
| | | |
| (33,483,614 | ) | |
| (33,147,714 | ) |
Accumulated other comprehensive loss | |
| | | |
| (1,910,655 | ) | |
| (1,953,766 | ) |
Equity attributable to owners of the Company | |
| | | |
| 9,121,564 | | |
| 9,414,353 | |
Non-controlling interests | |
| | | |
| (408,157 | ) | |
| (398,446 | ) |
TOTAL STOCKHOLDERS’ EQUITY | |
| | | |
| 8,713,407 | | |
| 9,015,907 | |
| |
| | | |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
$ | 20,077,618 | | |
$ | 20,584,279 | |
See
accompanying notes to consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE
LOSS
(Unaudited)
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
For the Six Months Ended June 30, | |
| |
Note | | |
2024 | | |
2023 | |
NET REVENUE | |
| | | |
$ | 86,159 | | |
$ | 10,683,243 | |
COST OF REVENUE | |
| | | |
| 42,089 | | |
| 8,228,377 | |
GROSS PROFIT | |
| | | |
| 44,070 | | |
| 2,454,866 | |
| |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | |
Sales and Marketing Expenses | |
| | | |
| 63,992 | | |
| 801,374 | |
General and Administrative Expenses | |
| | | |
| 707,883 | | |
| 1,504,654 | |
Research and Development Expenses | |
| | | |
| 688 | | |
| 107,626 | |
Total operating expenses | |
| | | |
| 772,563 | | |
| 2,413,654 | |
(LOSS) INCOME FROM OPERATIONS | |
| | | |
| (728,493 | ) | |
| 41,212 | |
| |
| | | |
| | | |
| | |
Loss on disposal of subsidiary | |
| | | |
| - | | |
| (29,279 | ) |
Other Incomes (Expenses), net | |
| | | |
| 11,314 | | |
| (79,191 | ) |
Income tax benefits (expenses) | |
| 15 | | |
| 371,568 | | |
| (211,368 | ) |
NET LOSS | |
| | | |
| (345,611 | ) | |
| (278,626 | ) |
Less: net loss attributable to non-controlling interest | |
| | | |
| (9,710 | ) | |
| (10,715 | ) |
OTHER COMPREHENSIVE LOSS | |
| | | |
| | | |
| | |
Foreign Currency Translation Adjustment | |
| | | |
| 43,111 | | |
| (880,073 | ) |
TOTAL COMPREHENSIVE LOSS | |
| | | |
$ | (302,500 | ) | |
$ | (1,158,699 | ) |
| |
| | | |
| | | |
| | |
LOSS PER SHARE – BASIC AND DILUTED | |
| | | |
| (0.10 | ) | |
| (0.01 | ) |
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED* | |
| | | |
| 3,152,212 | | |
| 80,917,493 | |
See
accompanying notes to consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
Number of Shares* | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Comprehensive Income/(Loss) | | |
controlling interests | | |
Total | |
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
Ordinary Shares | | |
Additional | | |
| | |
Other | | |
Non- | | |
| |
| |
Number of Shares* | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Comprehensive Income/(Loss) | | |
controlling interests | | |
Total | |
Balance as of December 31, 2023 | |
| 2,923,325 | | |
| - | | |
| 44,515,833 | | |
| (33,147,713 | ) | |
| (1,953,766 | ) | |
| (398,447 | ) | |
| 9,015,907 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares based compensation granted to employees | |
| 438,498 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital Contributions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| (335,901 | ) | |
| - | | |
| (9,710 | ) | |
| (345,611 | ) |
Foreign Currency Translation Adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 43,111 | | |
| - | | |
| 43,111 | |
Balance as of June 30, 2024 | |
| 3,361,823 | | |
| - | | |
| 44,515,833 | | |
| (33,483,614 | ) | |
| (1,910,655 | ) | |
| (408,157 | ) | |
| 8,713,407 | |
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
Ordinary Shares | | |
Additional | | |
| | |
Other | | |
Non- | | |
| |
| |
Number of Shares* | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Comprehensive Income/(Loss) | | |
controlling interests | | |
Total | |
Balance as of December 31, 2022 | |
| 60,945,313 | | |
| - | | |
| 38,571,534 | | |
| (17,081,329 | ) | |
| (1,281,864 | ) | |
| (152,126 | ) | |
| 20,056,215 | |
Balance | |
| 60,945,313 | | |
| - | | |
| 38,571,534 | | |
| (17,081,329 | ) | |
| (1,281,864 | ) | |
| (152,126 | ) | |
| 20,056,215 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of ordinary shares on conversion of convertible notes | |
| - | | |
| - | | |
| 5,772,394 | | |
| - | | |
| - | | |
| - | | |
| 5,772,394 | |
Capital Contributions | |
| - | | |
| - | | |
| 171,873 | | |
| - | | |
| - | | |
| - | | |
| 171,873 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| (267,911 | ) | |
| - | | |
| (10,715 | ) | |
| (278,626 | ) |
Foreign Currency Translation Adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (880,073 | ) | |
| - | | |
| (880,073 | ) |
Balance as of June 30, 2023 | |
| 60,945,313 | | |
| - | | |
| 44,515,801 | | |
| (17,349,240 | ) | |
| (2,161,937 | ) | |
| (162,841 | ) | |
| 24,841,783 | |
Balance | |
| 60,945,313 | | |
| - | | |
| 44,515,801 | | |
| (17,349,240 | ) | |
| (2,161,937 | ) | |
| (162,841 | ) | |
| 24,841,783 | |
See
accompanying notes to consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
2024 | | |
2023 | |
| |
For the six months ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net Loss | |
$ | (345,611 | ) | |
$ | (278,626 | ) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 58,774 | | |
| 83,490 | |
Amortization of beneficial conversion feature of convertible notes | |
| - | | |
| 77,877 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Account receivable, net | |
| 886,150 | | |
| (964,938 | ) |
Inventories, net | |
| 2,190 | | |
| 85,554 | |
Other current assets | |
| (291,199 | ) | |
| (20,899 | ) |
Advances to suppliers, net | |
| (13,067,059 | ) | |
| 106,645 | |
Accounts payable | |
| (754,939 | ) | |
| (403,086 | ) |
Contract liabilities | |
| 88,874 | | |
| 291,778 | |
Tax payable | |
| (377,474 | ) | |
| 184,288 | |
Lease liabilities | |
| (60,419 | ) | |
| (117,106 | ) |
Accrued expenses and other current liabilities | |
| 1,006,851 | | |
| 477,471 | |
Net cash used in operating activities | |
| (12,853,862 | ) | |
| (333,642 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of intangible assets | |
| - | | |
| (6,757,409 | ) |
Purchase of property and equipment | |
| - | | |
| (5,496 | ) |
Net cash used in investing activities | |
| - | | |
| (6,762,905 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from related parties loans | |
| 204,475 | | |
| 376,430 | |
Repayment of related party loans | |
| (167,180 | ) | |
| (167,180 | ) |
Repayment of Bank loans | |
| (9,630 | ) | |
| (103,894 | ) |
Capital contributions | |
| - | | |
| 171,873 | |
Net cash provided by financing activities | |
| 27,665 | | |
| 277,229 | |
| |
| | | |
| | |
Effect of changes of foreign exchange rate on cash | |
| (141,762 | ) | |
| (1,113,719 | ) |
| |
| | | |
| | |
Net decrease in cash | |
| (12,967,959 | ) | |
| (7,933,037 | ) |
| |
| | | |
| | |
Cash and cash equivalents at the Beginning of the period | |
| 16,062,047 | | |
| 23,716,768 | |
| |
| | | |
| | |
Cash and cash equivalents at the end of the period | |
$ | 3,094,088 | | |
$ | 15,783,731 | |
| |
| | | |
| | |
SUPPLEMENTARY CASH FLOW INFORMATION: | |
| | | |
| | |
Deferred offering cost reduces Additional Paid-in Capital | |
| - | | |
| (9,893 | ) |
See
accompanying notes to consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND
Meiwu
Technology Company Limited (“Meiwu” or the “Company”), formerly known as Wunong Net Technology Co., Ltd is a
holding company incorporated under the laws of British Virgin Islands on December 4, 2018. Through contractually controlled and managed
company, Meiwu Zhishi Technology (Shenzhen) Co., Ltd, formerly known as Wunong Technology (Shenzhen) Co., Ltd (“Meiwu Shenzhen”)
and its subsidiaries, the Company operates an electronic online platform designed to provide primarily Clean Food to customers in China.
On
February 15, 2019, the Company acquired all shares of Shenzhen Vande Technology Co., Limited (“Vande”) pursuant to the Instrument
of Transfer, Sold Note and Bought Note recorded with Registrar of Companies in Hong Kong Special Administration Region (SAR).
Vande,
incorporated on April 6, 2017 in Hong Kong, incorporated Guo Gang Tong (“WFOE”) in the People’s Republic of China with
a registered capital of RMB 5,000,000 on December 28, 2018.
On
March 2, 2019, WFOE entered into a series of contractual agreements with Meiwu Shenzhen, a company incorporated in the People’s
Republic of China on June 16, 2015 with a registered capital of RMB 5,000,000. These agreements include an Exclusive Technology Consulting
Services Agreement, an Equity Interest Pledge Agreement, an Exclusive Purchase Rights Agreement, and a Proxy Agreement, and allow us
to:
|
● |
exercise
effective control over Meiwu Shenzhen; |
|
● |
receive
substantially all of the economic benefits of Meiwu Shenzhen; and |
|
● |
have
an exclusive option to purchase all or part of the equity interests in Meiwu Shenzhen when and to the extent permitted by PRC law. |
As
a result of these contractual arrangements, we have become the primary beneficiary of Meiwu Shenzhen, and we treat Meiwu Shenzhen as
a Variable Interest Entity (“VIE”) in accordance with the Statement of Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) 810 “Consolidation”, because the equity investments in Meiwu Shenzhen
no longer have the characteristics of a controlling financial interest, and the Company, through WFOE, is the primary beneficiary of
Meiwu Shenzhen. Accordingly, Meiwu Shenzhen has been consolidated.
Since
Meiwu Technology Company Limited and its subsidiaries are effectively controlled by the same controlling shareholders before and after
the Reorganization, they are considered to be under common control. The above-mentioned transactions were accounted for as a recapitalization.
The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned
transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
On
September 29, 2020, Meiwu Shenzhen, together with two individuals, Guoming Huang (“Huang”) and Yafang Liu (“Liu”),
established a new Shanghai subsidiary, Wude Agricultural Technology (Shanghai) Co., Ltd (“Wude Shanghai”). Wude’s registered
capital is RMB 20 million (approximately, $3.1 million) and its equity interests are divided among Meiwu Shenzhen (51%), Liu (25%) and
Huang (24%). Meiwu Shenzhen transferred the 51% ownership interest to Huang and Liu on December 15, 2020 and repurchased the 51% ownership
interest on January 28, 2021.
On
October 20, 2020, Meiwu Shenzhen entered into an Equity Transfer Agreement to acquire 51% equity interests in a newly-incorporated company,
Baode Supply Chain (Shenzhen) Co., Ltd (“Baode”). Baode’s registered capital is RMB 5 million (approximately $781,466)
and its equity interest is divided among Meiwu Shenzhen (51%), Shiliang Ma (30%) and Yongqiang He (19%). Meiwu Shenzhen transferred the
100% ownership interest to Yafang Liu on December 15, 2020 and repurchased the ownership interest on January 19, 2021. Baode’s
registered capital was increased to RMB 30 million (approximately $4.6 million) on April 29, 2021.
On
November 4, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Liaoning) Co., Ltd (“Wunong Liaoning”).
Wunong Liaoning’s registered capital is RMB 8.88 million (approximately US$1.4 million). Meiwu Shenzhen transferred the 100% ownership
interest to Ze Yu on December 11, 2020 and repurchased the ownership interest on January 27, 2021. Wunong Liaoning was stopped business
on December 26, 2022.
On
December 10, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Shaanxi) Co., Ltd (“Wunong Shaanxi”).
Wunong Shaanxi’s registered capital is RMB 8.8 million (approximately $1.3 million). Meiwu Shenzhen transferred the 100% ownership
interest to Haiyan Qin on December 14, 2020 and repurchased the ownership interest on January 26, 2021.
On
December 17, 2020, the Company completed the initial public offering (“IPO”) of 5,000,000 Ordinary Shares at a price of $5.00
per share to the public for a total of US$25,000,000 of gross proceeds. In addition, the underwriters purchased 999,910 ordinary shares
from a selling shareholder for $4,999,550 for a total of US$29,999,550 in total gross proceeds from the offering. The Company’s
ordinary shares began trading on the Nasdaq Capital Market on December 15, 2020 under the symbol “WNW”.
On
November 23, 2021, the Company entered into a Stock Purchase Agreement (“SPA”) with Boxinrui International Holdings Limited
(the “Anxin BVI”) to acquire Beijing Anxin Jieda Logistics Co., Ltd. (“Anxin”). As of March 11, 2022, Anxin BVI
failed to deliver the audited financial statements of Anxin for the year ended December 31, 2020 and 2019. The parties entered into a
termination agreement, (the “Termination Agreement”) pursuant to terminate the transaction.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
On
December 28, 2021, Meiwu Shenzhen sold the 51% equity interests of Baode Supply Chain (Shenzhen) Co., Ltd to Mr. Shiliang Ma, who held
30% ownership of Baode with the amount of RMB 200,000 (approximately $31,405). Upon the consummation of the sale of 51% equity shares
in Baode, Meiwu Shenzhen ceased to hold shares in Baode and Baode was no longer a majority controlled subsidiary of Meiwu Shenzhen.
On
March 31, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Magnum International Holdings Limited (the
“Yundian BVI”) to acquire Dalian Yundian Zhiteng Technology Company Limited (“Yundian”). Upon the closing, the
Company shall deliver to the Yundian BVI total consideration of US$8.1 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares (“Share Consideration”)
provided. The closing of the Yundian SPA occurred on April 19, 2022.
On
May 12, 2022, Meiwu Shenzhen, together with Shenzhen Heme Enterprise Consulting Partnership (limited partnership) (“Heme Consulting”),
established a new Shenzhen subsidiary, Heme Brand Chain Management (Shenzhen) Co., Ltd. (“Heme Shenzhen”). Heme Shenzhen’s
registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are divided among Meiwu Shenzhen (51%) and
Heme Consulting (49%).
On
June 23, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company
Limited (the “Mahao BVI”) to acquire Code Beating (Xiamen) Technology Company Limited (“Code Beating”). Upon
the closing, the Company shall deliver to the Mahao BVI total consideration of US$6 million to be paid in ordinary shares, no par value
(“Ordinary Shares”), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares (“Share
Consideration”) provided. The closing of the Mahao SPA occurred on June 23, 2022.
On
July 22, 2022, Heme Shenzhen established a new Shenzhen subsidiary, Heme Catering Management (Shenzhen) Co., Ltd (“Heme Catering”).
Heme Catering’s registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are wholly-owned by
Heme Shenzhen.
On
October 31, 2022, the Company changed the name from “Wunong Technology (Shenzhen) Co,. Ltd” to Meiwu Zhishi Technology (Shenzhen)
Co,. Ltd.
On
December 12, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited
(the “Yuanxing BVI”) to acquire Hunan Yuanxing Chanrong Technology Co., Ltd (“Yuanxing”). Upon the closing, the
Company shall deliver to the Yuanxing BVI total consideration of US$9.6 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary Shares (“Share Consideration”).
The closing of the Yuanxing SPA occurred on December 23, 2022.
On
February 21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per
share.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
As
of December 31, 2023, details of the subsidiaries of the Company are set out below:
SCHEDULE
OF SUBSIDIARIES AND ASSOCIATES
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Meiwu
Technology Company Limited (“Meiwu” or the “Company”, formerly known as Wunong Net Technology Company Limited) |
|
December
4, 2018 |
|
British
Virgin Islands |
|
Parent |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Shenzhen
Vande Technology Co., Limited (“Vande”) |
|
April
6, 2017 |
|
Hong
Kong |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Magnum
International Holdings Limited (“Yundian BVI”) |
|
July
30, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Mahaotiaodong
Information Technology Company Limited (“Mahao BVI”) |
|
December
29, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Xinfuxin
International Holdings Limited (“Yuanxing BVI”) |
|
June
27, 2018 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Guo
Gang Tong Trade (Shenzhen) Co., Ltd (“WFOE”) |
|
December
28, 2018 |
|
Shenzhen,
China |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Yun
Tent Technology Company Limited (“YunTent”) |
|
August
10, 2021 |
|
Hong
Kong |
|
100%
owned by Yundian BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
DELIMOND
Limited (“DELIMOND”) |
|
January
3, 2019 |
|
Hong
Kong |
|
100%
owned by Mahao BVI |
|
Holding
Company |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Antai
Medical Limited (“Antai”) |
|
January
20, 2017 |
|
Hong
Kong |
|
100%
owned by Yuanxing BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Dalian
Yundian Zhiteng Technology Company Limited (“Yundian”) |
|
April
8, 2020 |
|
Dalian,
China |
|
100%
owned by YunTent |
|
Technology
service |
|
|
|
|
|
|
|
|
|
Code
Beating (Xiamen) Technology Company Limited (“Code Beating”) |
|
May
21, 2020 |
|
Xiamen,
China |
|
100%
owned by DELIMOND |
|
Short
messages service |
|
|
|
|
|
|
|
|
|
Hunan
Yuanxing Chanrong Technology Co., Ltd (“Yuanxing”) |
|
April
25, 2019 |
|
Chenzhou,
China |
|
100%
owned by Antai |
|
Technology
service, fruits and frozen products sales |
|
|
|
|
|
|
|
|
|
Meiwu
Zhishi Technology (Shenzhen) Co., Ltd (“Meiwu Shenzhen”, formerly known as Wunong Technology (Shenzhen) Co., Ltd) |
|
June
16, 2015 |
|
Shenzhen,
China |
|
VIE |
|
An
electronic online platform designed to provide primarily Clean Food to customers in China |
|
|
|
|
|
|
|
|
|
Meiwu
Catering Chain Management (Shenzhen) Co., Ltd (“Meiwu Catering”, formerly known as Wunong Catering Chain Management (Shenzhen)
Co., Ltd) |
|
November
27, 2018 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Restaurant
service, food sales |
|
|
|
|
|
|
|
|
|
Wude
Agricultural Technology (Shanghai) Co., Ltd (“Wude Shanghai”) |
|
September
29, 2020 |
|
Shanghai,
China |
|
51%
owned by Meiwu Shenzhen |
|
Food
selling, agricultural products purchase and wholesale |
|
|
|
|
|
|
|
|
|
Heme
Brand Chain Management (Shenzhen) Co., Ltd. (“Heme Shenzhen”) |
|
May
12, 2022 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Heme
Catering Management (Shenzhen) Co., Ltd (“Heme Catering”) |
|
July
22, 2022 |
|
Shenzhen,
China |
|
100%
owned by Heme Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Shenzhen
Jiayuan Liquor Sales Co., Ltd. (“Shenzhen Jiayuan”) |
|
May
4, 2023 |
|
Shenzhen,
China |
|
70%
owned by Meiwu Shenzhen |
|
Alcohol
sales |
The
Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and
regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce
the contractual arrangements. If the ownership structure, contractual arrangements and business of the Company, WFOE or Meiwu Shenzhen
are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits
or approvals, the relevant governmental authorities would have broad discretion in dealing with such violation, including levying fines,
confiscating the income or the income of WFOE and Meiwu Shenzhen, revoking the business licenses or operating licenses of WFOE or Meiwu
Shenzhen, discontinuing or placing restrictions or onerous conditions on our operations, requiring the Company to undergo a costly and
disruptive restructuring, restricting or prohibiting our use of proceeds from our offerings to finance the business and operations in
China, and taking other regulatory or enforcement actions that could be harmful to our business. Any of these actions could cause significant
disruption to the business operations and severely damage our reputation, which would in turn materially and adversely affect the business,
financial condition and results of operations. If any of these occurrences results in the inability to direct the activities of Meiwu
Shenzhen, and/or the failure to receive economic benefits from Meiwu Shenzhen, the Company may not be able to consolidate their results
into the consolidated financial statements in accordance with U.S. GAAP.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2.
LIQUIDITY
The
Company had cash of $3,094,088 and $16,062,047 as of June 30, 2024 and December 31, 2023, respectively. Net loss was $0.35 million and
$0.28 million for six months ended June 30, 2024 and 2023. The Company had working capital of $12.40 million and $12.75 million as of
June 30, 2024 and December 31, 2023, respectively. The Company have funded working capital and other capital requirements primarily by
equity contributions from shareholders. Cash is required to pay purchase costs for inventory, salaries, selling expenses, rental expenses,
income taxes, and other operating expenses.
In
assessing liquidity, management monitors and analyses cash on hand, ability to generate sufficient revenue sources in the future, and
operating and capital expenditure commitments. For the six months ended June 30, 2024, major shareholders have contributed approximately
$204,475 to the Company.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
●
Basis of presentation and principles of consolidation
These
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and have been consistently applied. The consolidated financial statements include
the accounts of the Company, its subsidiaries, and the VIE. All intercompany balances and transactions between the Company, its subsidiaries
and the VIE are eliminated upon consolidation.
●
Consolidation of Variable Interest Entity
A
VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated
financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights,
and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial
interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.
Guo
Gang Tong Trade (Shenzhen) Co., Ltd is deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen
because it has both of the following characteristics:
|
(1) |
The
power to direct activities at Meiwu Shenzhen that most significantly impact such entity’s economic performance, and |
|
(2) |
The
right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity. |
Pursuant
to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen pays service fees equal to all of its net profit after tax payments
to WFOE. Such contractual arrangements are designed so that Meiwu Shenzhen operates for the benefit of Guo Gang Tong Trade (Shenzhen)
Co. Ltd and ultimately, the Company.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Consolidation of Variable Interest Entity (continued)
Accordingly,
the accounts of the Meiwu Shenzhen and its subsidiaries are consolidated in our financial statements pursuant to ASC 810-10, Consolidation.
In addition, their financial positions and results of operations are included in our financial statements. The carrying amount of this
VIE’s assets and liabilities are as follows:
SCHEDULE
OF CONSOLIDATION OF VARIABLE INTEREST ENTITY
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Current assets | |
$ | 750,242 | | |
$ | 485,789 | |
Property and equipment, net | |
| 52,886 | | |
| 71,121 | |
Right of Use Lease Assets, net | |
| 66,466 | | |
| 119,056 | |
Total assets | |
| 869,594 | | |
| 675,966 | |
Total current liabilities | |
| 7,175,097 | | |
| 6,960,419 | |
Total non-current liabilities | |
| 230,426 | | |
| 262,384 | |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 86,159 | | |
$ | 1,906,966 | |
Cost of revenue | |
| 42,089 | | |
| 563,818 | |
Operating expenses | |
| 402,932 | | |
| 1,803,372 | |
Net loss | |
| (358,349 | ) | |
| (370,088 | ) |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (231,248 | ) | |
$ | (374,667 | ) |
Net cash used in investing activities | |
| - | | |
| (5,496 | ) |
Net cash provided by financing activities | |
| 27,665 | | |
| 277,229 | |
Effect of changes of foreign exchange rate on cash | |
| 270,340 | | |
| 68,612 | |
Net increase (decrease) in cash and cash equivalents | |
| 66,757 | | |
| (34,323 | ) |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Use of estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information
available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to
such estimates and assumptions include, but are not limited to, valuation of inventory, and recoverability of carrying amount and the
estimated useful lives of fixed assets, and implicit interest rate of operating leases.
●
Business combinations
The
Company accounted for its business combination using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred
and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income
statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments
to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement
period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments
are recorded in the consolidated income statements.
In
a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before
obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income
statements.
When
there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the
Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary
is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.
●
Cash
Cash
consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal
or use, and which have remaining maturities of three months or less when initially purchased.
●
Accounts receivable, net
Accounts
receivable, net mainly represent amounts due from clients and are recorded net of allowance for doubtful accounts.
The
Company mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful
accounts is established and recorded based on management’s assessment of historical bad debts, creditworthiness and financial conditions
of the clients, current economic trends and changes in client payment patterns. Past due accounts are generally written off against the
allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote. The
allowance was $398,099 and $407,480 as of June 30, 2024 and December 31, 2023, respectively.
●
Inventories, net
The
Company values its inventories at the lower of cost or net realizable value. The cost of inventories is calculated using the first in
first out basis.
Where
there is evidence that the utility of inventories, in their disposal in the ordinary course of business, will be less than cost, whether
due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to net realizable
value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products.
Any idle facility costs or excessive spoilage are recorded as current period charges. There was no inventory impairment for the six months
ended June 30, 2024 and 2023.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Advances to suppliers
Advances
to suppliers represent prepayments made to certain suppliers of Clean Food. To ensure continuous high-quality supplies and favorable
purchase prices of Clean Food, the Company is required from time to time to make cash advances when placing its purchase orders. The
Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the
ability of a supplier to provide supplies to the Company or refund the advance. As of June 30, 2024 and December 31, 2023, the allowances
was $263,530 and $269,740 respectively.
●
Property and equipment
Property
and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable
costs of bringing the asset to its present working condition and location for its intended use. Depreciation is computed using the straight-line
method over estimated useful lives listed below:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Estimated Useful Life |
Computers and accessories | |
3 years |
Vehicle | |
5 years |
Office Equipment | |
5 years |
Leasehold improvement | |
5 years |
When
computers and accessories, vehicle, and office equipment are retired or otherwise disposed of, resulting gain or loss is included in
net income or loss in the year of disposition for the difference between the net book value and proceeds received thereon. Maintenance
and repairs which do not improve or extend the expected useful lives of the assets are charged to expenses as incurred.
Leasehold
improvements are amortized using the straight-line method over the remaining lease term.
Depreciation
for equipment commences once it is placed in service and amortization of leasehold improvements commences once they are ready for our
intended use.
Construction
in progress is related to office renovation that has not yet been completed for our intended use. Capitalization of the cost of renovation
ceases and the construction in progress is transferred to leasehold improvement when substantially all the renovations are completed.
Construction in progress is not depreciated until they are ready for our intended use.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Leased property under operating leases
The
Company early adopted ASU 2016-02, “Leases” on January 1st, 2017 and used modified retrospective method that requires application
at the beginning of the earliest comparative year presented. The most significant impact upon adoption relates to the recognition of
new Right-of-use (“ROU”) assets and lease liabilities on the Company’s balance sheet for office space leases. Upon
adoption, the Company recognized additional lease liabilities of $22,192 with corresponding ROU assets of the same amount based on the
present value of the remaining rental payments under current leasing standards for existing leases. The remaining balance of lease liabilities
are presented within current portion of finance lease liabilities and the non-current portion of lease liabilities on the Consolidated
Balance Sheet.
●
Goodwill
Goodwill
represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired
subsidiary at the date of acquisition. Goodwill is not amortized, and is tested for impairment at least annually, more often when circumstances
indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill
is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive
(loss) income. Impairment losses on goodwill are not reversed.
The
Company has the opinion to assess qualitative factors to determine whether it is necessary to perform the two-step in accordance with
ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described
below is required.
The
first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting
unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required.
If
the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying
value of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a
business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the
reporting unit. The excess of the fair value of the reporting unit. over the amounts assigned to the assets and liabilities is the implied
fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being
a discounted cash flow. The fair value of discounted cash flow was determined using management’s estimates and assumptions.
Management
evaluated the recoverability of goodwill by performing a qualitative assessment before using a two-step impairment test approach at the
reporting unit level. If the Company reorganizes its reporting structure in a manner that changes the composition of one or more of its
reporting units, goodwill will be reassigned based on the relative fair value of each of the affected reporting units. There was no goodwill
impairment for the six months ended June 30, 2024 and 2023.
●
Impairment of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset’s
carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no indicators of impairments of
these assets as of June 30,2024 and December 31, 2023.
●
Convertible notes
Convertible
notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental
fees. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds
received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the
facilities using the effective interest method.
●
Revenue recognition
On
January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB
ASC Topic 606) using the modified retrospective approach. The results of applying Topic 606 using the modified retrospective approach
were insignificant and did not have a material impact on the Company’s consolidated financial condition, results of operations,
cash flows, business process, controls or systems.
The
core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods to
customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require
the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or
over time, based on when control of goods and services transfers to a customer. All of the Company’s contracts have one single
performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts
and is, therefore, not distinct. The initial payments received from pre-ordering are recorded in the advance from customers on the balance
sheets and will not be recognized as revenue until transfer of goods. Shipping and handling are activities to fulfill the Company’s
promise to transfer goods to customers, which are included in the sale price of the goods.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Revenue
is recognized or realizable and earned when all five of the following criteria are met: (1) Identify the Contract with a Customer, (2)
Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the
Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company
recognizes revenue based upon gross sales minus sales returns and sales incentives that the Company offers to its customers, such as
discounts. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically,
customer returns have been immaterial.
Revenue
expected to be recognized in any future periods related to remaining performance obligations is recorded in advances from customers.
As of June 30, 2024 and December 31, 2023, the balance of advances from customers was $1,093,706 and $1,004,832, respectively.
The
following table sets forth the breakdown of our net revenue for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF NET REVENUE
| |
For the six months ended June 30 | |
| |
2024 | | |
2023 | |
| |
| | |
% of | | |
| | |
% of | |
| |
Net | | |
total | | |
Net | | |
total | |
Product category | |
revenue | | |
revenue | | |
revenue | | |
revenue | |
Grains, oil, and spices | |
$ | 13,036 | | |
| 15.1 | % | |
$ | 81,322 | | |
| 0.8 | % |
Beverages, alcohol and tea | |
$ | 23,245 | | |
| 27.0 | % | |
$ | 1,509,091 | | |
| 14.1 | % |
Meat, poultry and eggs | |
$ | 6,343 | | |
| 7.3 | % | |
$ | 12,895 | | |
| 0.1 | % |
Other food | |
$ | 35,607 | | |
| 41.3 | % | |
$ | 620,552 | | |
| 5.8 | % |
Fresh fruits and vegetables | |
$ | 6,864 | | |
| 8.0 | % | |
$ | 9,112 | | |
| 0.1 | % |
Groceries | |
$ | 824 | | |
| 1.0 | % | |
$ | 93,162 | | |
| 0.9 | % |
Dried seafood | |
$ | 240 | | |
| 0.3 | % | |
$ | 832 | | |
| 0.0 | % |
SMS service | |
$ | - | | |
| 0.0 | % | |
$ | 8,356,277 | | |
| 78.2 | % |
Total | |
$ | 86,159 | | |
| 100 | % | |
$ | 10,683,243 | | |
| 100 | % |
On
January 1, 2017, the Company also adopted ASU 2016-08 Principle versus Agent Considerations (Reporting Revenue Gross versus Net), which
amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09 to clarify how the principal-versus-agent
indicators should be evaluated to support an entity’s conclusion that it controls a specified good or service before it is transferred
to a customer. Under the new revenue standards, when a third party is involved in providing goods or services to a customer, the entity
must determine whether its performance obligation is to provide the good or service itself (i.e., the entity is a principal) or to arrange
for another party to provide the good or service (i.e., the entity is an agent). An entity makes this determination by evaluating the
nature of its promise to the customer. An entity is a principal (and, therefore, records revenue on a gross basis) if it controls the
promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount it retains
as a commission) if its only role is to arrange for another entity to provide the goods or services.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Sales
on website
The
Company operates an online platform to sell Clean Food to retail customers and recognizes revenue on a gross basis. The Company is a
principal because it controls the promised good or service before transferring it to a customer. This control is determined by the following
indicators 1) The Company is the primary obligor in the sales transaction and responsible for providing products and service. 2) The
Company bears the inventory risk. The Company will first indemnify customers for product damages and then request reimbursements from
suppliers if the suppliers are determined to be responsible for the damages. 3) The Company selects suppliers and runs the entire sales
process. 4) The Company sets the product price and has control over the entire transaction.
Sales
offline
In
the second half of 2020, the Company started the offline sales which mainly focused on the non-retail customers. For the offline sales,
the customers order goods from the Company according to their own needs, then the company will order the corresponding products from
the suppliers. The Company’s offline sales have the following categories: grains, fruits, vegetables and meat. Revenue is confirmed
upon receipt of the goods. Payment will be made by the customer after the invoice is issued. The Company is a principal because it controls
the promised goods or services before transferring them to a customer. This control is determined by the following indicators 1) The
Company is the primary obligor in the sales transaction and responsible for providing products and services. 2) The Company bears the
inventory risk. The Company will first indemnify customers for product damage and then request reimbursement from suppliers if the suppliers
are determined to be responsible for the damage. 3) The Company selects suppliers and runs the entire sales process. 4) The Company sets
the product price and has control over the entire transaction.
Service
revenue
The
Company generate substantially all of the Company’s services revenue from the following service:
(1) |
Communication
Platform-as-a-Service (“CPaaS”) which allows customers to send text messages using the Company’s cloud-based platform
through the new acquired subsidiary Code Beating; The Company account for revenue from customers’ usage of text message on
the Company’s CPaaS platform as a separate performance obligation. The Company’s service fees are determined by applying
the contractual unit price to the monthly usage volume of text messages sent and a contractual monthly fixed charge per subscriber
multiplied by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to
send text messages are sold separately to customers with observable standalone selling prices. In accordance with ASC 606, the Company
recognize revenue upon the transfer of control of promised services provided to the Company’s customers, in the amount of consideration
the Company expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company’s
revenue contracts generally do not include a right of return in relation to the delivered products or services. |
|
|
(2) |
Providing
technical solutions to customers: The Company generates revenue from providing technical and maintenance services under separate
contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is
identified in the contracts with customers. Revenue is recognized upon the transfer of control of promised services provided to the
Company’s customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes
collected on behalf of government authorities). The Company’s revenue contracts generally do not include a right of return
in relation to the delivered products or services. |
The
Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization
period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the
Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.
●
Cost of revenues
The
shipping and handling costs as well as the cost of purchased Clean Food products listed for sale on the Company’s platform are
included as part of cost of goods sold. The Company expenses shipping and handling costs in conjunction with sale of its products as
incurred.
●
Sales and marketing expense
Advertising,
sales and marketing costs consist primarily of costs for the promotion of business brand and product marketing. The Company expensed
all marketing and advertising costs as incurred.
●
Research and development expense
Research
and development expenditures include salaries, wages and other costs of personnel engaged in research and development. Costs of services
performed by others for research and development on the Company’s behalf are expensed when incurred. The Company’s research
and development expense primarily includes software development and testing.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Income taxes
The Company
is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30, 2024
and 2023. The Company accounts for income taxes in accordance with ASC740, “Income Taxes”. The provision for income taxes
is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes
represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the
year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are
recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and
are adjusted for changes in tax rates and tax laws when enacted.
Valuation
allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating
the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback
periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as
well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations,
projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience
with similar operations. Existing favorable contracts and the ability to sell products into established markets are additional positive
evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are
not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for
which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to
establish a valuation allowance.
Tax benefits
related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than
not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute
of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations
remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and
are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that
the related tax benefits are recognized. There were no material uncertain tax positions as of June 30,2024 and December 31, 2023. All
tax returns since the Company’s inception are subject to examination by tax authorities.
●
Value added taxes (“VAT”)
Sales represents
the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates, depending on the type of products sold.
The VAT may be offset by VAT paid by the Company on inventory acquired. The Company recorded a VAT payable net of payments in the accompanying
financial statements. All of the VAT returns of the Company have been and remain subject to examination by the tax authorities for five
years from the date of filing.
Before
April 30, 2019, the Company’s product sales revenues were subject to VAT at a reduced rate of 3% and subject to surcharges at a
reduced surcharge rate of 6% of the VAT payable since the company is qualified as a small-scale enterprise. Starting from May 1, 2019,
the Company is no longer qualified as a small-scale enterprise. The Company’s grains, oil, and spices products are subject to 9%
VAT and the other products are subject to 13% VAT. All the Company’s products are subject to tax surcharges at 12% of the VAT payable.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Foreign currency transactions and translations
An entity’s
functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment
in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency
by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements.
The functional currency of the Company is the Renminbi (“RMB’), and PRC is the primary economic environment in which the
Company operates. The reporting currency of these combined financial statements is the United States dollar (“US Dollars”
or “$”).
For financial
reporting purposes, the financial statements of the Company, which are prepared using the RMB, are translated into the Company’s
reporting currency, the United States Dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date.
Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated
at historical exchange rates when capital transaction occurred. Adjustments resulting from the translation are recorded as a separate
component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash flows from the Company’s operations
are calculated based upon the local currencies using the average translation rate. As a result, amounts related to assets and liabilities
reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated
financial statements for the respective periods.
The exchange
rates used for foreign currency translation were as follows (US Dollars $1 = RMB):
SCHEDULE
OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES
| |
Period/Year End | | |
Average | |
06/30/2024 | |
| 7.2672 | | |
| 7.2150 | |
12/31/2023 | |
| 7.0999 | | |
| 7.0809 | |
06/30/2023 | |
| 7.2513 | | |
| 6.9283 | |
No representation
is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
●
Comprehensive loss
Comprehensive
loss is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding
those resulting from investments by and distributions to shareholders. Accumulated other comprehensive loss, as presented on the accompanying
consolidated balance sheets, only consists of cumulative foreign currency translation adjustment.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Fair value of financial instruments
The Company
also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1: Inputs are
based upon unadjusted quoted prices for identical instruments traded in active markets; |
|
|
|
|
● |
Level 2: Inputs are
based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets
that are not active, and model-based valuation techniques (e.g., Black-Scholes Option-Pricing model) for which all significant inputs
are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
|
|
● |
Level 3: Inputs are
generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing
the asset or liability. |
The carrying
amounts reported in the balance sheets for cash, accounts receivable, net, loan receivable, advances to suppliers, other current assets,
accounts payable, advance from customers, tax payable, other payables and accrued liabilities approximate their fair value based on the
short-term maturity of these instruments.
●
Concentration risk
A majority
of the Company’s transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets
and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions
are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China
(“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China
foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. Under PRC regulations,
each bank account is insured by People’s bank of China with the maximum amount of RMB 500,000 (approximately US$68,802). The cash
balance held in the PRC bank accounts and other third party payment platform was $3,094,071 and $16,062,047 as of June 30, 2024 and December
31, 2023, respectively.
For the
six months ended June 30, 2024 and 2023, most of the Company’s assets were located in the PRC and all of the Company’s revenues
were derived from the PRC.
For the
six months ended June 30, 2024, three major suppliers accounted for approximately 20.3%, 16.8% and 14.6% of total purchase. For the six
months ended June 30, 2023, three major suppliers accounted for approximately 33.7%, 29.2%, and 13.1% of total purchase. As of June 30,
2024, no major supplier accounted for more than 10% of the advance to suppliers and accounts payable balance. As of December 31, 2023,
one major supplier accounted for approximately 38.2% of the advance to suppliers balance.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Recent accounting pronouncements
In September
2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Board is issuing the amendments
in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation
table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find
these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes
in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts
and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The Board decided that the
amendments should be effective for public business entities for annual periods beginning after December 15, 2024.
In November
2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)”: Improvements to Reportable Segment Disclosures. This
ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and
do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not
expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.
Other accounting
standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future
date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
4. ACQUISITIONS
●
The acquisition of Yundian
On March
31, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Magnum International Holdings Limited, a British
Virgin Islands business company (the “Yundian BVI”), and all the shareholders of Yundian BVI, who collectively hold 100%
issued and outstanding shares of Yundian BVI (the “Sellers”). Yundian BVI indirectly owns 100% of Dalian Yundian Zhiteng
Technology Company Limited (“Yundian”), a company organized under the laws of the PRC, via Yundian BVI’s wholly-owned
subsidiary in Hong Kong, Yun Tent Technology Company Limited. Yundian is a company engaging in the information technology and communication
engineering based in Dalian, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yundian
BVI. Upon the closing, the aggregate purchase price for Yundian was $6,372,000 and 9,000,000 Ordinary Shares was provided. The
closing of the Yundian SPA occurred on April 19, 2022.
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Yundian’s
operations have been included in the Company’s consolidated financial statements since April 19, 2022. The revenue and net loss
of the Yundian from the acquisition date to December 31, 2022 was $21,595 and $952,590 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of April 19, 2022:
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 4,402 | |
Other current assets | |
| 36,575 | |
Accounts
receivable | |
| | |
Property and equipment, net | |
| | |
Other non-current assets | |
| | |
Advances
to suppliers, net | |
| | |
| |
| | |
Goodwill | |
| 6,596,636 | |
Liabilities | |
| | |
Accounts payable | |
| (141 | ) |
Advance from
customer | |
| | |
| |
| | |
Accrued expenses and other current liabilities | |
| (265,472 | ) |
Total net assets | |
$ | 6,372,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Yundian. Goodwill represents the excess of the
fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of Yundian
at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 10,978,767 | |
Net loss | |
$ | (11,219,853 | ) |
4. ACQUISITIONS
(CONTINUED)
●
The acquisition of Code Beating
On June
23, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company Limited
(the “Mahao BVI”) to acquire Code Beating (Xiamen) Technology Company Limited (“Code Beating”). Upon the closing,
the aggregate purchase price for Code Beating was $6,120,000 and 10,000,000 Ordinary Shares was provided. The closing of the Code
Beating SPA occurred on June 23, 2022.
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Code
Beating’s operations have been included in the Company’s consolidated financial statements since June 23, 2022. The revenue
and net income of the Code Beating from the acquisition date to December 31, 2022 was $8,680,972 and $596,412 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of June 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 21 | |
Accounts receivable | |
| 613,198 | |
Advances to suppliers, net | |
| 4,343,744 | |
Other current assets | |
| 78,073 | |
Goodwill | |
| 5,956,203 | |
Liabilities | |
| | |
Accounts payable | |
| (440,392 | ) |
Advance from customer | |
| (4,410,090 | ) |
Accrued expenses and other current liabilities | |
| (20,757 | ) |
Total net assets | |
$ | 6,120,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Code Beating. Goodwill represents the excess
of the fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of
Code Beating at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 11,977,268 | |
Net loss | |
$ | (11,218,447 | ) |
●
The acquisition of Yuanxing
On December
12, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited, a British
Virgin Islands business company (the “Yuanxing BVI”), and all the shareholders of Yuanxing BVI, who collectively hold 100%
issued and outstanding shares of Yuanxing BVI (the “Sellers”). Yuanxing BVI indirectly owns 100% of Hunan Yuanxing Chanrong
Technology Co., Ltd (“Yuanxing”), a company organized under the laws of the PRC, via Yuanxing BVI’s wholly-owned subsidiary
in Hong Kong, Antai Medical Limited. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of
Yuanxing BVI. Upon the closing, the aggregate purchase price for Yuanxing was $2,640,000 and 12,000,000 Ordinary Shares was provided.
The closing of the Yuanxing SPA occurred on December 23, 2022.
4. ACQUISITIONS
(CONTINUED)
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Yuanxing’s
operations have been included in the Company’s consolidated financial statements since December 23, 2022. The revenue and net loss
of the Yuanxing from the acquisition date to December 31, 2022 was $537,252 and $169,034 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yuanxing as of December 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 12,484 | |
Accounts receivable | |
| 767,120 | |
Advances to suppliers, net | |
| 216,927 | |
Other current assets | |
| 231,687 | |
Property and equipment, net | |
| 3,329 | |
Other non-current assets | |
| 17,631 | |
Goodwill | |
| 1,744,366 | |
Liabilities | |
| | |
Accounts payable | |
| (203,901 | ) |
Advance from customer | |
| (21,487 | ) |
Accrued expenses and other current liabilities | |
| (128,156 | ) |
Total net assets | |
$ | 2,640,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Yuanxing. Goodwill represents the excess of the
fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of Yuanxing
at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 12,540,220 | |
Net loss | |
$ | (10,811,082 | ) |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
5. ACCOUNTS
RECEIVABLE, NET
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable | |
$ | 2,386,443 | | |
| 3,281,974 | |
Less: allowance for credit losses | |
| (398,099 | ) | |
| (407,480 | ) |
Accounts receivable, net | |
$ | 1,988,344 | | |
| 2,874,494 | |
The movement of the allowance for credit losses was as follows:
SCHEDULE
OF ALLOWANCE FOR ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of period | |
$ | 407,480 | | |
| 400,262 | |
Additions charged to bad debt expense | |
| - | | |
| 29,287 | |
Translation adjustments | |
| (9,381 | ) | |
| (22,069 | ) |
Balance as of the end of period | |
$ | 398,099 | | |
| 407,480 | |
As of June
30, 2024 and December 31, 2023, the Company has accounts receivable, net of $1,988,344 and $2,874,494. The allowance for doubtful accounts
was $398,099 and $407,480 as of June 30, 2024 and December 31, 2023.
6. OTHER
CURRENT ASSETS
The other
current assets as of June 30, 2024 and December 31, 2023 consist of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Staff advance | |
$ | 674,379 | | |
| 436,145 | |
Deposit | |
| 91,419 | | |
| 88,650 | |
VAT recoverable | |
| - | | |
| 2,780 | |
Others | |
| 125,369 | | |
| 64,780 | |
Subtotal | |
| 891,167 | | |
| 592,355 | |
Less: allowance for credit losses | |
| (123,954 | ) | |
| (126,875 | ) |
Total of other current assets | |
$ | 767,213 | | |
| 465,480 | |
SCHEDULE
OF ALLOWANCE FOR OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of year | |
$ | 126,875 | | |
| - | |
Additions charged to bad debt expense | |
| - | | |
| 116,402 | |
Translation adjustments | |
| (2,921 | ) | |
| 10,473 | |
Balance as of the end of year | |
$ | 123,954 | | |
| 126,875 | |
7. PROPERTY
AND EQUIPMENT
Property
and equipment consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Computer and accessories | |
$ | 87,117 | | |
$ | 89,170 | |
Office Equipment | |
| 24,835 | | |
| 25,420 | |
Vehicle | |
| 24,781 | | |
| 25,365 | |
Leasehold improvement | |
| 342,449 | | |
| 350,518 | |
Property
and equipment gross | |
| 342,449 | | |
| 350,518 | |
Less: accumulated depreciation | |
| (421,070 | ) | |
| (414,003 | ) |
Property and equipment, net | |
$ | 58,112 | | |
$ | 76,470 | |
Depreciation
expense for the six months ended June 30, 2024 and 2023 was $ 16,718 and $ 31,613, respectively.
8. GOODWILL
SCHEDULE OF GOODWILL
| |
| | |
Balance as of December 31, 2023 | |
$ | - | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2024 | |
$ | - | |
Balance as of December 31, 2022 | |
$ | 7,700,569 | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2023 | |
$ | 7,700,569 | |
The goodwill
associated with the acquisition of: (i) Yundian of $6,596,636; (ii) Code Beating of $5,956,203 and (iii) Yuanxing of $1,744,366, were
initially recognized at the acquisition closing dates. The Company estimated the fair value of acquired assets and liabilities with the
assistance of an independent valuation firm.
As of June
30, 2024 and December 31, 2023, the goodwill both amounted to nil. Impairment losses for the six months ended June 30, 2024 and 2023
were nil.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
9. BANK
LOANS
Bank loans
represent the amounts due to various banks that are due within and over one year. As of June 30,2024 and December 31, 2023, bank loans
consisted of the following:
SCHEDULE
OF BANK LOANS
| |
June 30, 2024 | | |
December 31, 2023 | |
Short-term bank loans: | |
| | | |
| | |
Loan from Bank of Jiangsu (1) | |
$ | 38,529 | | |
$ | 39,437 | |
Loan from China Construction Bank (3) | |
| 249,064 | | |
$ | 254,933 | |
Loan from Shenzhen Qianhai Weizhong Bank (2) | |
| 121,092 | | |
| 123,945 | |
Short-term bank loans | |
$ | 408,685 | | |
$ | 418,315 | |
Due to
(1), (2) and (3) breach of the covenant, the banks are contractually entitled to request for immediate repayment of the outstanding loans
amount of $408,685. The outstanding balance are presented as a current liabilities as of June 30, 2024.
As of the
date when these consolidated financial statements were approved by the management, management is in the process of renegotiating the
terms of the loans arrangement with the banks and expects that a revised loan agreement will be in place after the financial year end.
10.
ACCOUNTS PAYABLE
The accounts
payable as of June 30,2024 and December 31, 2023 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable to suppliers | |
$ | 240,989 | | |
| 315,144 | |
Accounts payable for SMS service | |
| 1,551,877 | | |
| 2,232,661 | |
Total of Accounts payable | |
$ | 1,792,866 | | |
| 2,547,805 | |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
11.
RIGHT-OF-USE ASSETS
The Company
leases office and restaurant premises under non-cancelable operating lease agreements, with an option to renew the leases. Per the new
lease standard ASC 842-10-55, these leases are treated as operating leases. Management determined the loan interest rate of 4.75% is
the weighted average discount rate for the lease that began in 2018. The rental expense for the six months ended June 30, 2024 and 2023
was $52,864 and $57,678, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals.
Rights-of-use
assets, net consisted of the following:
SCHEDULE
OF RIGHTS-TO-USE LEASE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leased properties under operating lease | |
$ | 287,223 | | |
| 293,991 | |
Less: accumulated amortization | |
| (220,757 | ) | |
| (174,935 | ) |
Right-of-use assets | |
$ | 66,466 | | |
| 119,056 | |
The Company
does not have any variable lease costs. Cash payment made under the lease agreements is $60,262
and $54,967
for the six months ended June 30, 2024 and 2023, respectively. The weighted-average remaining lease term is 0.67
and 1.16 years
as of June 30, 2024 and December 31, 2023. Interest expense was $2,653
and $5,390
for the six months ended June 30,2024 and 2023 respectively.
SCHEDULE
OF FUTURE LEASE COMMITMENTS
Future
lease commitments
| |
| | |
2024 | |
$ | 60,767 | |
2025 | |
| 20,256 | |
Total Lease Payments | |
$ | 81,023 | |
Less: imputed interest | |
$ | (1,395 | ) |
Present value of lease liabilities | |
$ | 79,628 | |
Lease liabilities - Current | |
$ | 79,628 | |
Lease liabilities – Non current | |
| - | |
Amortization
expense was recognized as lease expense in general and administrative expense. Non-cash portion of amortization expense was $42,056 and
$51,877 for the six months ended June 30, 2024 and 2023, respectively.
The estimated
amortization expenses for each of the five succeeding years is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSES
Year ending | |
Amortization expense | |
2024 | |
| 49,850 | |
2025 | |
| 16,616 | |
Total | |
$ | 66,466 | |
On February
23, 2022, Shenzhen Bao’an Industrial Investment Group Co., Ltd(“Bao’an Industrial Investment”) entered a lease
with Meiwu Shenzhen to lease our executive offices to us for a lease term from March 1, 2022 to February 28, 2025, at a monthly net rent
of RMB49,743.65 (approximately, $7,802) from March 1, 2022 to February 28, 2023, a monthly net rent of RMB52,230.83 (approximately, $8,192)
from March 1, 2023 to February 29, 2024 and a monthly net rent of RMB54,844.64 (approximately, $8,602) from March 1, 2024 to February
28, 2025.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
12.
EQUITY
Ordinary
shares
Meiwu Technology
Company Limited is established under the laws of British Virgin Islands on December 4, 2018 with 50,000 authorized and issued ordinary
shares of par value USD$1.00 each in class. Subsequently on November 15, 2019, the Company issued 16,666 new shares for $16,666, with
a par value of USD$1.00, and issued ordinary shares became 66,666 in total. On November 27, 2019, the board of directors of the Company
approved written resolutions that the authorized and issued shares in the Company change from a par value of USD$1.00 each of a single
class to no par value each of a single class, and that the 66,666 shares of no par value each of a single class in issue be divided pro-rata
into 20,000,000 shares of no par value each of a single class. As a part of the company’s recapitalization prior to completion
of its initial public offering, the Company has retroactively restated all shares and per share data.
The Company
completed IPO of 5,000,000 shares of ordinary shares and 999,910 ordinary shares offered by the selling shareholder, Eternal Horizon
International Company Limited at a price of US$5.00 per share to the public for a total of $29,999,550 of gross proceeds. Net proceeds
were $26.5 million after deducting $3.5 million in underwriter’s fee and expenses.
On November
23, 2021, the Company entered into a Share Purchase Agreement (“SPA”) with Boxinrui International Holdings Limited, a British
Virgin Islands business company (the “Anxin BVI”), and all the shareholders of Anxin BVI, who collectively hold 100% issued
and outstanding shares of Anxin BVI (the “Sellers”). Anxin BVI indirectly owns 100% of Beijing Anxin Jieda Logistics Co.,
Ltd. (“Anxin”), a company organized under the laws of the PRC, via Anxin BVI’s wholly-owned subsidiary in Hong Kong,
Hong Kong Anxin Jieda Co., Limited. Anxin is a company engaging in the business of transportation and logistics based in Beijing, China.
Pursuant to the SPA, at the closing, we shall deliver to the Sellers a total of 7,968,755 ordinary shares, no par value (“Ordinary
Shares”), however, if the audit of the Anxin’s financial statements for the years ended December 31, 2020 and 2019 is not
completed by the sixty-fifth (65th) day following the date of the SPA, the 50% of the Share Consideration paid to each Seller shall be
forfeited and returned to the Company for cancellation. As of March 11, 2022, Anxin BVI failed to deliver the audited financial statements
of Anxin for the year ended December 31, 2020 and 2019. Therefore, we entered into a termination agreement, (the “Termination Agreement”)
pursuant to which, the parties agreed to terminate the transaction as contemplated by the SPA and the Sellers agreed to return 7,968,755
Ordinary Shares to the Company immediately and such Ordinary Shares were forfeited and reserved as the treasury shares of the Company
on June 14, 2022.
In March
2022, the Company adopted a share incentive plan, which is referred to as the 2022 Equity Incentive Plan (“the 2022 Plan”).
The purpose of the plan is to attract and retain the best available personnel for positions of substantial responsibility, provide additional
incentive to employees, directors and consultants and promote the success of the Company’s business. Under the 2022 Plan, the maximum
aggregate number of Shares that may be issued under the Plan is 4,945,313 Shares.
On March
31, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Magnum International Holdings Limited, a British
Virgin Islands business company (the “Yundian BVI”), and all the shareholders of Yundian BVI, who collectively hold 100%
issued and outstanding shares of Yundian BVI (the “Sellers”). Yundian BVI indirectly owns 100% of Dalian Yundian Zhiteng
Technology Company Limited (“Yundian”), a company organized under the laws of the PRC, via Yundian BVI’s wholly-owned
subsidiary in Hong Kong, Yun Tent Technology Company Limited. Yundian is a company engaging in the information technology and communication
engineering based in Dalian, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yundian
BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$8.1 million to be paid in ordinary shares,
no par value (“Ordinary Shares”), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares
(“Share Consideration”) provided, however, if the audit of the Yundian’s financial statements for the years ended December
31, 2021 and 2020 is not completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA,
all the Share Consideration paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Yundian
SPA occurred on April 19, 2022.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
12.
EQUITY (CONTINUED)
On June
23, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company Limited,
a British Virgin Islands business company (the “Mahao BVI”), and all the shareholders of Mahao BVI, who collectively hold
100% issued and outstanding shares of Mahao BVI (the “Sellers”). Mahao BVI indirectly owns 100% of Code Beating (Xiamen)
Technology Company Limited (“Code Beating”), a company organized under the laws of the PRC, via Mahao BVI’s wholly-owned
subsidiary in Hong Kong, DELIMOND Limited. Code Beating is a company engaging in providing Internet access and related services based
in Xiamen, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Mahao BVI. Upon the
closing, the Company shall deliver to the Sellers total consideration of US$6 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares (“Share Consideration”)
provided, however, if the audit of the Code Beating’s financial statements for the years ended December 31, 2021 and 2020 is not
completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA, all the Share Consideration
paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Code Beating SPA occurred on
June 23, 2022.
On December
12, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited, a British
Virgin Islands business company (the “Yuanxing BVI”), and all the shareholders of Yuanxing BVI, who collectively hold 100%
issued and outstanding shares of Yuanxing BVI (the “Sellers”). Yuanxing BVI indirectly owns 100% of Hunan Yuanxing Chanrong
Technology Co., Ltd (“Yuanxing”), a company organized under the laws of the PRC, via Yuanxing BVI’s wholly-owned subsidiary
in Hong Kong, Antai Medical Limited. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of
Yuanxing BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$9.6 million to be paid in ordinary
shares, no par value (“Ordinary Shares”), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary
Shares (“Share Consideration”). The closing of the Yuanxing SPA occurred on December 23, 2022.
On February
21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per share.
As of June
30, 2024 and December 31, 2023, 3,361,823 and 2,923,325 ordinary shares were issued and outstanding with no par value, respectively.
Share
Consolidation
On November
27, 2023, the shareholders of the Company held an extraordinary general meeting (the “Meeting”) and approved by an ordinary
resolution of a share consolidation (the “Share Consolidation”) that every thirty-five (35) issued and unissued ordinary
shares of the Company be consolidated into one (1) ordinary shares issued. As a consequence of the Share Consolidation, the par value
of each issued and authorized but unissued ordinary share of the Company will remain as no par value. The Company believes it is appropriate
to reflect the Share Consolidation of its Ordinary Shares on a retroactive basis pursuant to ASC 260. All shares and per share data for
all the periods presented have been retroactively restated.
Additional
Paid-in Capital
The additional
paid-in capital at June 30, 2024 and December 31, 2023 was $44,515,833 and $44,515,833, respectively. During the six months ended June
30, 2024 and 2023, zero and $ 5,944,267 were contributed to the Company.
13.
RELATED PARTY BALANCES AND TRANSACTIONS
SCHEDULE OF RELATED PARTY TRANSACTIONS
(1)
Related parties with transactions and related party relationships
Name
of Related Party |
|
Relationship
to the Company |
Hanwu Yang |
|
Shareholder of the Company |
Changbin Xia |
|
Shareholder of the Company |
Eternal Horizon International Company Limited |
|
As a shareholder of the Company
before December 15, 2020 |
Yanping Guo |
|
Legal representative of Vande |
Mishan City Shenmi Dazhong Management Consulting
Partnership (“ShenMi DaZhong”) |
|
Shareholder of the Company |
Haiyan Qin, Hui Wang and other 11 individuals |
|
Shareholders of ShenMi DaZhong |
Shan’xi Nongbei New Agriculture Technology
Co., Ltd and other 8 companies |
|
Associated with shareholders
of ShenMi DaZhong |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
13.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
SCHEDULE
OF DUE TO RELATED PARTIES
(2)
Due to related parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Eternal Horizon International Company Limited(1) | |
$ | 2,200,194 | | |
$ | 2,257,397 | |
Changbin Xia(2) | |
$ | 1,378,147 | | |
| 1,410,621 | |
Other | |
| 236,841 | | |
| 244,588 | |
Total | |
$ | 3,815,182 | | |
$ | 3,912,606 | |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
14.
TAXATION
Income
Tax
Meiwu Technology
Company Limited was incorporated in the British Virgin Islands (“BVI”) as an offshore holding company. Under the current
law of the BVI, Meiwu Technology Company Limited is not subject to tax on income or capital gains. Additionally, upon payments of dividends
by Meiwu Technology Company Limited to its shareholders, no BVI withholding tax will be imposed.
Meiwu Technology
Company Limited’s subsidiary Shenzhen Vande Technology Co., Limited was incorporated in Hong Kong and does not conduct any substantial
operations on its own. No provision for Hong Kong profits tax has been made in the financial statements as Shenzhen Vande Technology
Co., Limited has no assessable profits. Additionally, upon payments of dividends by Shenzhen Vande Technology Co., Limited to its shareholders,
no Hong Kong withholding tax will be imposed.
Meiwu Zhishi
Technology (Shenzhen) Co., Ltd, formerly known as Wunong Technology (Shenzhen) Co., Ltd, the Company’s PRC operating subsidiaries
and VIE, being incorporated in the PRC, are governed by the income tax law of the PRC and is subject to PRC enterprise income tax (“EIT”).
The EIT rate of PRC is 25%, which applies to both domestic and foreign invested enterprises.
During
the six months ended June 30, 2024 and 2023, the Company and its subsidiary have incurred a net loss approximately of $0.3 million and
$0.3 million As a result, the Company and its subsidiary did not incur any EIT during the six months ended June 30, 2024 and 2023.
In accordance
with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to assess
underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined
in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities remain subject to examination
by the tax authorities based on the above.
For the
six months ended June 30, 2024 and 2023, the Company was subject to a 25% statutory income tax rate.
Reconciliation
between the statutory rate and the effective tax rate is as follows for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF RECONCILIATION OF EFFECTIVE TAX RATE
| |
2024 | | |
2023 | |
PRC statutory tax rate | |
| 25 | % | |
| 25 | % |
Foreign loss not recognized in PRC | |
| (12 | )% | |
| (124 | )% |
Permanent difference and others | |
| - | | |
| 160 | % |
Change in valuation allowance | |
| (65 | )% | |
| 253 | % |
Effective tax rate | |
| (52 | )% | |
| 314 | % |
Deferred
Tax
Realization
of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate
future taxable income, exclusive of reversing deductible temporary differences and tax loss or credit carry forwards. The Company evaluates
the potential realization of deferred tax assets on an entity-by-entity basis. As of June 30, 2024 and December 31, 2023, valuation allowance
was provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred
tax assets will not be realized. The Company had deferred tax assets as of June 30, 2024 and December 31, 2023, which can be carried
forward to offset future taxable income. The management determines it is more likely than not that deferred tax assets could not be recognized,
so full allowances were provided as of June 30, 2024 and December 31, 2023. The operating loss generated from tax year ending December
31, 2018 carry forward incurred by the Company and subsidiary will expire in year 2024. The Company maintains a full valuation allowance
against its deferred tax assets, since due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient
future earnings to utilize its deferred tax assets.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
14.
TAXATION (CONTINUED)
The Company’s
deferred tax assets were as follows:
SCHEDULE
OF DEFERRED TAX ASSETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Tax effect of net operating losses carried forward | |
| 92,851 | | |
| 15,445,085 | |
Valuation allowance | |
| (92,851 | ) | |
| (15,445,085 | ) |
Deferred tax assets, net | |
$ | - | | |
$ | - | |
There were
no uncertain tax positions as of June 30, 2024 and December 31, 2023, and the Company does not believe that this will change over the
next twelve months.
15.
SEGMENT REPORTING
ASC 280,
“Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers
in financial statements for details on the Company’s business segments. The Company uses the “management approach”
in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s
chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s
reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different
products or services. Based on management’s assessment, the Company has determined that it has three operating segments as defined
by ASC 280, including Clean Food platform, restaurant, and others.
Adjustments
and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief
operating decision maker. The following table presents summary information by segment for the six months ended June 30, 2024 and 2023,
respectively:
SCHEDULE
OF SEGMENT REPORTING
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2024 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 86,159 | | |
$ | - | | |
$ | 86,159 | |
Cost of goods sold | |
| 42,089 | | |
| - | | |
| 42,089 | |
Gross profit | |
| 44,070 | | |
| | | |
| 44,070 | |
Depreciation and amortization | |
| 43,122 | | |
| - | | |
| 43,122 | |
Capital expenditures | |
| - | | |
| - | | |
| - | |
Loss from operations | |
| (715,437 | ) | |
| (13,056 | ) | |
| (728,493 | ) |
Income tax benefits | |
| - | | |
| 371,568 | | |
| 371,568 | |
Segment (loss) profit | |
| (704,124 | ) | |
| 358,513 | | |
| (345,611 | ) |
Segment assets | |
$ | 17,783,610 | | |
$ | 2,271,195 | | |
$ | 20,054,805 | |
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2023 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 2,326,966 | | |
$ | 8,356,277 | | |
$ | 10,683,243 | |
Cost of goods sold | |
| 969,172 | | |
| 7,259,205 | | |
| 8,228,377 | |
Gross profit | |
| 1,357,794 | | |
| 1,097,072 | | |
| 2,454,866 | |
Depreciation and amortization | |
| 83,490 | | |
| - | | |
| 83,490 | |
Capital expenditures | |
| 5,496 | | |
| - | | |
| 5,496 | |
(Loss) Income from operations | |
| (696,346 | ) | |
| 737,558 | | |
| 41,212 | |
Provision for income taxes | |
| (511 | ) | |
| (210,857 | ) | |
| (211,368 | ) |
Segment (loss) profit | |
| (805,328 | ) | |
| 526,702 | | |
| (278,626 | ) |
Segment assets | |
$ | 26,036,470 | | |
$ | 11,463,372 | | |
$ | 37,499,842 | |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
16.
COMMITMENTS
Non-cancellable
operating leases
The following
table sets forth our contractual obligations as of June 30, 2024.
SCHEDULE
OF MATURITIES OF CONTRACTUAL OBLIGATIONS
| |
Payment due by June 30, | |
| |
Total | | |
2025 | | |
2026 | | |
2027 | | |
2028 | |
Operating lease commitments for property management expenses under lease agreements | |
$ | 26,440 | | |
$ | 26,440 | | |
$ | - | | |
$ | - | | |
$ | - | |
17.
SUBSEQUENT EVENTS
On October
22, 2024, the chairman of the Company (the “Selling Shareholder”), Changbin Xia, purchased 30,000,000 Ordinary Shares at
a per share price of $0.80, pursuant to a certain securities purchase agreement (the “SPA”), entered into between the Company
and the Selling Shareholder.
On October
24, 2024, the Company issued up to 30,000,000 ordinary shares, no par value each (the “Ordinary Shares”).
These unconsolidated
financial statements were approved by management and available for issuance on November 15, 2024. The Company has evaluated subsequent
events through this date and concluded that there are no additional reportable subsequent events other than that disclosed in above.
Exhibit
99.2
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of our results of operations and financial condition should be read together with our unaudited condensed
consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this prospectus.
Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
In addition, our financial statements and the financial information included in this prospectus reflect our organizational transactions
and have been prepared as if our current corporate structure had been in place throughout the relevant periods.
This
section contains forward-looking statements. These forward-looking statements are subject to various factors, risks and uncertainties
that could cause actual results to differ materially from those reflected in these forward-looking statements. Further, as a result of
these factors, risks and uncertainties, the forward-looking events may not occur. Relevant factors, risks and uncertainties include,
but are not limited to, those discussed in the section entitled “Business,” “Risk Factors” and elsewhere in this
prospectus. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s beliefs
and opinions as of the date of this prospectus, as amended. We are not obligated to publicly update or revise any forward looking statements,
whether as a result of new information, future events or otherwise. See “Cautionary Note Regarding Forward-Looking Statements.”
We
are a British Virgin Islands company incorporated on December 4, 2018. We do not have material operation and we and conduct our business
in China through the VIE and its subsidiaries. We currently have two business lines, one is the SMS business, operated by Code Beating;
another is the online and mobile commerce for food products, operated by Meiwu Shenzhen and its subsidiaries. The SMS business is operated
by Code Beating. For the six months ended June 30, 2024, the online and mobile commerce business generated 100.00% of our total revenue.
For the six months ended June 30, 2023, SMS business generated 75.99% of our total revenue, and the online and mobile commerce business
generated 24.09% of our total revenue.
How
to Assess the Company’s Performance
In
assessing performance, we consider a variety of performance and financial measures, including principal growth in net revenue, gross
profit, distribution, general and administrative expenses, net income from operations. The key measures that we use to evaluate the performance
of our business are set forth below:
Net
revenue is equal to gross sales minus sales returns and sales incentives that the Company offers to its customers, such as discounts
that are offset to gross sales. Our net sales are driven by changes in the number of customers, product varieties, selling price, and
mix of products sold.
Gross
profit is equal to net sales minus cost of goods sold. Cost of goods sold primarily includes inventory costs (net of supplier consideration),
inbound freight and other miscellaneous expenses. Cost of goods sold generally changes as we incur higher or lower costs from suppliers
and as the customer and product mix changes.
|
(iii) |
Selling,
Marketing, General and Administrative Expenses |
Selling,
marketing, general and administrative expenses primarily consist of salaries and benefits for employees, shipping expense, utilities,
maintenance and repairs expenses, insurance expense, depreciation and amortization expenses, selling and marketing expenses, professional
fees, and other operating expenses.
Key
Factors Affecting Our Results of Operation
Our
business benefits from the significant growth of China’s e-commerce sector and e-grocery market. By 2021, online retail held more
than 30% of the fast-moving consumer goods (“FMCG”) retail market in China, thanks to the rapidly developing internet penetration
and postal services. Fresh food was one of the quickest developing sectors within online retail. In 2021, the online sales value of fresh
produce surpassed RMB 4.9 trillion, with approximately 70 million consumers purchasing fresh food from the most popular e-commerce companies.
A
further slowdown in overall economic growth, an economic downturn or recession or other adverse economic developments in the PRC may
materially reduce the purchase power of the consumers of our products and lead to the decrease of demand for our products and may have
a materially adverse effect on our business.
Also,
changes in the Chinese or regional business or regulatory environment affecting the purchasing power of consumers of our products, changes
in the Chinese government policy on food industry generally or a breakout of livestock or crop diseases in the PRC, such as Bovine spongiform
encephalopathy (BSE or mad cow disease), Fibromuscular Dysplasia (FMD), swine flu and avian flu and increases in fuel/transportation
costs could materially impact our business and affect the results of operations of our operations.
With
the rapid advancement of technology and new media, the role of SMS in communication is steadily diminishing. This trend is expected to
lead to a further decline in SMS rates, significantly impacting our SMS profits and potentially having a material adverse effect on our
business.
Operating
Results
For
The Six Months Ended June 30, 2024, and 2023
The
following table summarizes the results of our operations for the six months ended June 30, 2024 and 2023, respectively, and provides
information regarding the dollar and percentage increase or (decrease) during such periods.
| |
For The Six Months ended | | |
For The Six Months ended | | |
| | |
| |
| |
June 30, | | |
June 30, | | |
Variance | |
| |
2024 | | |
% of revenue | | |
2023 | | |
% of revenue | | |
Amount | | |
% | |
| |
| | |
| | |
| | |
| | |
| | |
| |
NET REVENUES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Product Revenue | |
$ | 86,159 | | |
| 100 | % | |
$ | 2,326,966 | | |
| 22 | % | |
$ | (2,240,807 | ) | |
| (96 | )% |
Net Service Revenue | |
| - | | |
| - | | |
| 8,356,277 | | |
| 78 | % | |
| (8,356,277 | ) | |
| (100 | )% |
Total Net Revenues | |
| 86,159 | | |
| 100 | % | |
| 10,683,243 | | |
| 100 | % | |
| (10,597,084 | ) | |
| (99 | )% |
COST OF REVENUES | |
| 42,089 | | |
| 49 | % | |
| 8,228,377 | | |
| 77 | % | |
| (8,186,288 | ) | |
| (99 | )% |
GROSS PROFIT | |
| 44,070 | | |
| 51 | % | |
| 2,454,866 | | |
| 23 | % | |
| (2,410,796 | ) | |
| (98 | )% |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales and Marketing Expenses | |
| 63,992 | | |
| 74 | % | |
| 801,374 | | |
| 8 | % | |
| (737,382 | ) | |
| (92 | )% |
General and Administrative Expenses | |
| 707,883 | | |
| 822 | % | |
| 1,504,654 | | |
| 14 | % | |
| (796,771 | ) | |
| (53 | )% |
Research and Development Expenses | |
| 688 | | |
| 1 | % | |
| 107,626 | | |
| 1 | % | |
| (106,938 | ) | |
| (99 | )% |
Total Operating Expenses | |
| 772,563 | | |
| 897 | % | |
| 2,413,654 | | |
| 23 | % | |
| (1,641,091 | ) | |
| (68 | )% |
LOSS FROM OPERATIONS | |
| (728,493 | ) | |
| (846 | )% | |
| 41,212 | | |
| 0 | % | |
| (769,705 | ) | |
| (1,868 | )% |
Assets impairment loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Loss on disposal of subsidiary | |
| - | | |
| - | | |
| (29,279 | ) | |
| 0 | % | |
| 29,279 | | |
| (100 | )% |
Other income (expense), net | |
| 11,314 | | |
| 13 | % | |
| (79,191 | ) | |
| (1 | )% | |
| 90,505 | | |
| (114 | )% |
LOSS BEFORE INCOME TAX | |
| (717,179 | ) | |
| (832 | )% | |
| (67,258 | ) | |
| (1 | )% | |
| (649,921 | ) | |
| 966 | % |
Income tax benefits (expenses) | |
| 371,568 | | |
| 431 | % | |
| (211,368 | ) | |
| (2 | )% | |
| 582,936 | | |
| (276 | )% |
NET LOSS | |
| (345,611 | ) | |
| (401 | )% | |
| (278,626 | ) | |
| (3 | )% | |
| (66,985 | ) | |
| 24 | % |
Less: net loss attributable to non-controlling interest | |
| (9,710 | ) | |
| (11 | )% | |
| (10,715 | ) | |
| (0 | )% | |
| 1,005 | | |
| (9 | )% |
NET LOSS ATTRIBUTABLE TO THE OWNERS’ COMPANY | |
| (335,901 | ) | |
| (390 | )% | |
| (267,911 | ) | |
| (3 | )% | |
| (67,990 | ) | |
| 25 | % |
OTHER COMPREHENSIVE LOSS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign Currency Translation Adjustment | |
| 43,111 | | |
| 50 | % | |
| (880,073 | ) | |
| (8 | )% | |
| 923,184 | | |
| (105 | )% |
COMPREHENSIVE LOSS | |
$ | (302,500 | ) | |
| (351 | )% | |
$ | (1,158,699 | ) | |
| (11 | )% | |
$ | 856,199 | | |
| (74 | )% |
Net
Revenue
Net
revenue is equal to gross sales minus sales returns and sales incentives that we offer to our customers, such as discounts that are offsets
to gross sales and certain other adjustments. Our net revenue consists of product revenue and service revenue. Product revenue was derived
mainly from sales of our products to customers in China via our Website and the SMS services.
Net
revenue decreased by US$10.60 million from US$10.68 million in the first half fiscal year of 2023 to US$0.09 million in the first half
fiscal year of 2024, which was mainly due to the SMS business of Heimi Star Brand Management (Shenzhen) Co., Ltd(“Heimi”),
Dalian Yundianzhiteng Technology Co., LTD (“Yundian”) and Mahaotiaodong (Xiamen) Technology Co., Ltd. (“Mahao”)
was suspended in December 2023, because the reach and engagement of SMS services are less competitive than the social media,
which drives the rate of Maohao’s SMS business down and narrows its profit margin.
The
following table sets forth the breakdown of our net revenue for the six months ended June 30, 2024 and 2023.
For
the six months ended June 30, 2024
| |
Net | | |
% of Total | | |
Sales | | |
Average | |
Product category | |
revenue | | |
revenue | | |
quantities | | |
selling price | |
| |
| | |
| | |
| | |
| |
Grains, oil, and spices | |
$ | 13,036 | | |
| 15.1 | % | |
| 3,436 | | |
$ | 3.79 | |
Beverages, alcohol and tea | |
$ | 23,245 | | |
| 27.0 | % | |
| 1,346 | | |
$ | 17.27 | |
Meat, poultry and eggs | |
$ | 6,343 | | |
| 7.3 | % | |
| 1,409 | | |
$ | 4.50 | |
Other food | |
$ | 35,607 | | |
| 41.3 | % | |
| 703 | | |
$ | 50.65 | |
Fresh fruits and vegetables | |
$ | 6,864 | | |
| 8.0 | % | |
| 1,975 | | |
$ | 3.48 | |
Groceries | |
$ | 824 | | |
| 1.0 | % | |
| 103 | | |
$ | 8.00 | |
Dried seafood | |
$ | 240 | | |
| 0.3 | % | |
| 90 | | |
$ | 2.67 | |
Total | |
$ | 86,159 | | |
| 100 | % | |
| 9,062 | | |
| | |
For
the six months ended June 30, 2023
| |
Net | | |
% of Total | | |
Sales | | |
Average | |
Product category | |
revenue | | |
revenue | | |
quantities | | |
selling price | |
| |
| | |
| | |
| | |
| |
Grains, oil, and spices | |
$ | 81,322 | | |
| 0.8 | % | |
| 9,770 | | |
$ | 8.32 | |
Beverages, alcohol and tea | |
$ | 1,509,091 | | |
| 14.1 | % | |
| 4,411 | | |
$ | 342.12 | |
Meat, poultry and eggs | |
$ | 12,895 | | |
| 0.1 | % | |
| 1,499 | | |
$ | 8.60 | |
Other food | |
$ | 620,552 | | |
| 5.8 | % | |
| 8,859 | | |
$ | 70.05 | |
Fresh fruits and vegetables | |
$ | 9,112 | | |
| 0.1 | % | |
| 1,432 | | |
$ | 6.36 | |
Groceries | |
$ | 93,162 | | |
| 0.9 | % | |
| 1,713 | | |
$ | 54.39 | |
Dried seafood | |
$ | 832 | | |
| 0.0 | % | |
| 111 | | |
$ | 7.49 | |
SMS service | |
$ | 8,356,277 | | |
| 78.2 | % | |
| n/a | | |
| n/a | |
Total | |
$ | 10,683,243 | | |
| 100 | % | |
| 27,795 | | |
| | |
We
have seven major product categories in online sales: (1) grains, oil, and spices (2) fresh fruits and vegetables (3) meat, poultry and
eggs, (4) dried seafood, (5) beverages, alcohol and tea, (6) other food, (7) groceries. Beverages, alcohol and tea had average selling
prices of $17.27 and $342.12 for the six months ended June 30, 2024 and 2023, and accounted for 27.0% and 14.1% of the total revenue
for the six months ended June 30, 2024 and 2023, respectively. The decrease in the average selling price is due to the decline of
the sales of high-priced items, such as tea and wine as customers in China are downgrading their spendings after the COVID-19 pandemic.
Our
SMS service is mainly provided by Code Beating and the business was suspended in the first half fiscal year of 2024. Our
revenue was primarily generated from SMS service, which account for 78.2% of the total revenue for the six months ended June 30, 2023.
Cost
of Revenue and Gross Profit
Cost
of revenue and gross profit were decreased in 2024. Cost of revenue, including tax surcharges, was $0.04 million for the six months ended
June 30, 2024, a decrease of $8.2 million, or 99% from $8.24 million for the six months ended June 30, 2023. Gross
profit was $0.04 million for the six months ended June 30, 2024, a decrease of $2.4 million, or 98%, from $2.5 million for
the six months ended June 30, 2023.
Sales
and Marketing Expenses
Sales
and marketing expenses were $0.06 million for six months ended June 30, 2024, a decrease of $0.7 million, or 92%, from $0.8 million
for six months ended June 30, 2023. The decrease was attributable mainly to decreased advertising expenses and sales commissions as the
SMS business of was suspended in the first half fiscal year of 2024.
General
and Administrative Expenses
General
and administrative expenses were $0.7 million for the six months ended June 30, 2024, a
decrease of $0.8 million, or 53%, from $1.5 million for the six months ended June
30, 2023. The decrease was mainly attributable to decreased salary and employee benefit expenses.
Research
and Development Expenses
Research
and development expenses decreased by $0.1 million for the six months ended June 30, 2024
from $0.1 million for the six months ended June 30, 2023. The decrease in research and development
expenses was due to the decreased salary and employee benefit expenses, which is the main component of our research and development
expenses.
Loss
on disposal of subsidiaries
Loss
on disposal of subsidiaries decreased by $29,279 for the six months ended June 30, 2024,
or 100%, from $29,279 for the six months ended June 30, 2023. The decrease in loss
on disposal of subsidiaries is due to we stopped the business of Wunong Shaanxi, which operated an online retail business, similar
to Meiwu Shenzhen, on March 24, 2023.
Other
Income (Expense), net
Other
income (expense), net consists primarily of non-operating income and interest income or expenses. Other income was $11,314 for
the six months ended June 30, 2024, and expense was $79,191 for the six months ended June
30, 2023. The increase in other income was due to the decrease in interest expense of convertible notes.
Income
tax benefits (expenses)
Our
income tax benefits were $371,568 for the six months ended June 30, 2024 and the income
tax expenses was $211,368 for the six months ended June 30, 2023. The decrease is primarily
due to the company writing off income tax payables from previous years that are no longer due.
Other
comprehensive income
Foreign
currency translation adjustments amounted to $43,111 and negative $880,073 for the six months ended June 30, 2024 and 2023, respectively.
The balance sheet amounts, with the exception of equity, on June 30, 2024 were translated at 1.00 RMB to $0.1376 as compared to 1.00
RMB to $0.1408 on December 31, 2023. The equity accounts were stated at their historical rate. The average translation rates applied
to the income statements accounts for the six months ended June 30, 2024 and 2023 were 1.00 RMB to $0.1386 and 1.00 RMB to $0.1443, respectively.
The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in U.S dollar terms without
giving effect to any underlying change in our business or results of operation.
Liquidity
and Capital Resources
We
had cash of $3,094,088 and $16,062,047 as of June 30, 2024 and December 31, 2023, respectively. Net loss was $0.3 million and $0.3 million
for six months ended June 30, 2024 and 2023. The Company had working capital of $12.4 million and $12.8 million as of June 30, 2024 and
December 31, 2023, respectively. We have funded working capital and other capital requirements primarily by equity contributions from
shareholders. Cash is required to pay purchase costs for inventory, salaries, selling expenses, rental expenses, income taxes, and other
operating expenses.
In
assessing our liquidity, management monitors and analyses our cash on hand, ability to generate sufficient revenue sources in the future,
and operating and capital expenditure commitments. Our major shareholders have been providing and will continue to provide their personal
funds, if necessary, to support us on an as-needed basis. For the six months ended June 30, 2024, major shareholders have contributed
approximately $204,475 to us.
Cash
flows for the six months ended June 30, 2024 and 2023
The
following table sets forth cash flow data for the six months ended June 30, 2024 and 2023:
|
|
For
the six months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Net
cash used in operating activities |
|
$ |
(12,853,862 |
) |
|
$ |
(333,642 |
) |
Net
cash used in investing activities |
|
|
- |
|
|
|
(6,762,905 |
) |
Net
cash provided by financing activities |
|
|
27,665 |
|
|
|
277,229 |
|
Effect
of changes of foreign exchange rate on cash |
|
|
(141,762 |
) |
|
|
(1,113,719 |
) |
Net
decrease in cash, cash equivalents and restricted cash |
|
$ |
(12,967,959 |
) |
|
$ |
(7,933,037 |
) |
Operating
Activities
Net
cash used in operating activities was approximately $12.9 million for the six months ended June 30, 2024. Net cash used in operating
activities for the six months ended June 30, 2024 mainly consisted of net loss of $0.3 million, adjustments of $0.06 million non-cash
items, a decrease of $0.9 million in accounts receivable, an increase of $0.3 million in other current assets, an increase of $13.1 million
in advances to suppliers, a decrease of $0.8 million in accounts payable and an increase of $1.0 million in accrued expenses and other
current liabilities.
Net
cash used in operating activities was approximately $0.3 million for the six months ended June 30, 2023. Net cash used in operating activities
for the six months ended June 30, 2023 mainly consisted of net loss of $0.3 million, adjustments of $0.3 million non-cash items, an increase
of $1.0 million in account receivable, a decrease of $0.4 million in account payable and an increase of $0.3 million in advances from
customers.
Investing
Activities
Net
cash used in investing activities was nil for the six months ended June 30, 2024.
Net
cash used in investing activities was $6.8 million for the six months ended June 30, 2023, which was mainly investment in purchasing
of intangible assets of $6.8 million.
Financing
Activities
Net
cash provided by financing activities was $27,665 for the six months ended June 30, 2024, which consisted of repayment of bank loans
of $0.2 million and proceed from related parties loans of $0.2 million.
Net
cash provided by financing activities was approximately $0.2 million for the six months ended June 30, 2023, which consisted of proceeds
from related parties loans of 0.4 million and repayment of related parties loans of $0.2 million.
Capital
Expenditures
We
had capital expenditures of nil and $5,496 for the six months ended June 30, 2024 and 2023, respectively.
Contractual
Obligations.
The
Company leases two offices under operating leases. The following table summarizes our contractual obligations, which are comprised entirely
of operating lease obligations as of June 30, 2024, and the effect these obligations expected to have on our liquidity and cash flows
in future periods:
| |
| | |
Payments due by period | |
| |
Total | | |
Less than 1 year | | |
1-3 years | |
Operating Lease Obligations | |
| 79,628 | | |
| 79,628 | | |
| - | |
Total | |
| 79,628 | | |
| 79,628 | | |
| - | |
None
of the Company’s liabilities, other than obligations under operating leases, disclosed on the balance sheet represents contractual
obligations.
Trend
Information.
Other
than as disclosed elsewhere in this 6-K, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably
likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources,
or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.
Critical
Accounting Estimates.
We
prepare our unaudited consolidated financial statements in conformity with accounting principles generally accepted by the United States
of America (“U.S. GAAP”), which requires us to make judgments, estimates and assumptions that affect our reported amount
of assets, liabilities, revenue, costs and expenses, and any related disclosures. Although there were no material changes made to the
accounting estimates and assumptions in the past two years, we continually evaluate these estimates and assumptions based on the most
recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the
circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from
our expectations as a result of changes in our estimates.
We
believe that the following accounting policies involve a higher degree of judgment and complexity in their application and require us
to make significant accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding and evaluating
our consolidated financial condition and results of operations.
Consolidation
of variable interest entity
A
VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated
financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights,
and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial
interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.
Guo
Gang Tong is deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen because it has both
of the following characteristics:
|
(1) |
The
power to direct activities at Meiwu Shenzhen that most significantly impact such entity’s economic performance, and |
|
(2) |
The
right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity. |
Pursuant
to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen pays service fees equal to all of its net profit after tax payments
to Guo Gang Tong. Such contractual arrangements are designed so that Meiwu Shenzhen operates for the benefit of Guo Gang Tong and ultimately,
the Company.
Accordingly,
the accounts of the Meiwu Shenzhen are consolidated in our financial statements pursuant to ASC 810-10, Consolidation. In addition, their
financial positions and results of operations are included in our financial statements.
Use
of estimates
In
preparing the unaudited consolidated financial statements in conformity with U.S. 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 unaudited
consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting years. Significant items
subject to such estimates and assumptions include, but not limited to, the useful lives of property and equipment; allowance for doubtful
accounts and advances to suppliers; assumptions related to the consolidation of entities in which the Company holds variable interests;
the valuation of inventories; the useful lives and implicit interest rate of finance leases, and the realization of deferred tax assets.
Actual results could differ from those estimates.
Revenue
recognition
On
January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB
ASC Topic 606) using the modified retrospective approach. The results of applying Topic 606 using the modified retrospective approach
were insignificant and did not have a material impact on the Company’s consolidated financial condition, results of operations,
cash flows, business process, controls or systems.
The
core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods to
customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require
the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or
over time, based on when control of goods and services transfers to a customer. The majority of the Company’s contracts have one
single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the
contracts and is, therefore, not distinct. The initial payments received from pre-ordering are recorded in the advance from customers
on the balance sheets and will not be recognized as revenue until transfer of goods. Shipping and handling are activities to fulfill
the Company’s promise to transfer goods to customers, which are included in the sale price of the goods.
Revenue
is recognized or realizable and earned when all five of the following criteria are met: (1) Identify the Contract with a Customer, (2)
Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the
Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company
recognizes revenue based upon gross sales minus sales returns and sales incentives that the Company offers to its customers, such as
discounts. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically,
customer returns have been immaterial.
On
January 1, 2017, the Company also adopted ASU 2016-08 Principle versus Agent Considerations (Reporting Revenue Gross versus Net), which
amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09 to clarify how the principal-versus-agent
indicators should be evaluated to support an entity’s conclusion that it controls a specified good or service before it is transferred
to a customer. Under the new revenue standards, when a third party is involved in providing goods or services to a customer, the entity
must determine whether its performance obligation is to provide the good or service itself (i.e., the entity is a principal) or to arrange
for another party to provide the good or service (i.e., the entity is an agent). An entity makes this determination by evaluating the
nature of its promise to the customer. An entity is a principal (and, therefore, records revenue on a gross basis) if it controls the
promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount it retains
as a commission) if its only role is to arrange for another entity to provide the goods or services.
Sales
on Website
The
Company operates an online platform to sell food products to retail customers and recognizes revenue on a gross basis. The Company is
a principal because it controls the promised good or service before transferring it to a customer. This control is determined by the
following indicators 1) The Company is the primary obligor in the sales transaction and responsible for providing products and service.
2) The Company bears the inventory risk. The Company will first indemnify customers for product damages and then request reimbursements
from suppliers if the suppliers are determined to be responsible for the damages. 3) The Company selects suppliers and runs the entire
sales process. 4) The Company sets the product price and has control over the entire transaction.
Sales
offline
In
the second half of 2020, the Company started the offline sales which mainly focused on the non-retail customers. For the offline sales,
the customer’s order goods from the Company according to their own needs, then the Company will order the corresponding products
from the suppliers. The Company’s offline sales have the following categories: grains, fruits, vegetables and meat. Revenue is
confirmed upon receipt of the goods. Payment will be made by the customer after the invoice is issued. The Company is a principal because
it controls the promised goods or services before transferring them to a customer. This control is determined by the following indicators
1) The Company is the primary obligor in the sales transaction and responsible for providing products and services, 2) The Company bears
the inventory risk. The Company will first indemnify customers for product damage and then request reimbursements from suppliers if the
suppliers are determined to be responsible for the damage. 3) The Company selects suppliers and runs the entire sales process. 4) The
Company sets the product price and has control over the entire transaction.
Service
revenue
The
Company generate substantially all of the Company’s services revenue from the following service:
(1)
Communication Platform-as-a-Service (“CPaaS”) which allows customers to send text messages using the Company’s cloud-based
platform through the new acquired subsidiary Code Beating; The Company account for revenue from customers’ usage of text message
on the Company’s CPaaS platform as a separate performance obligation. The Company’s service fees are determined by applying
the contractual unit price to the monthly usage volume of text messages sent and a contractual monthly fixed charge per subscriber multiplied
by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to send text messages
are sold separately to customers with observable standalone selling prices. In accordance with ASC 606, the Company recognize revenue
upon the transfer of control of promised services provided to the Company’s customers, in the amount of consideration the Company
expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company’s revenue
contracts generally do not include a right of return in relation to the delivered products or services.
(2)
Providing technical solutions to customers: The Company generates revenue from providing technical and maintenance services under separate
contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is identified
in the contracts with customers. Revenue is recognized upon the transfer of control of promised services provided to the Company’s
customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes collected on behalf
of government authorities). The Company’s revenue contracts generally do not include a right of return in relation to the delivered
products or services.
The
Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization
period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the
Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.
Inventory,
net
Inventories
consist of raw materials and finished goods and are stated at the lower of cost or net realizable value. The cost of inventories is calculated
using the weighted average basis. The Company reviews its inventories periodically to determine if any reserves are necessary for potential
obsolescence or if the carrying value exceeds net realizable value. Net realizable value is the estimated selling price in the normal
course of business less any costs to complete and sell products.
Income
taxes
The
Company is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30,
2024 and 2023. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 requires an asset
and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax
assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes
are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely
than not these items will either expire before the Company is able to realize their benefits, or future deductibility is uncertain.
ASC
740-10-25 “Accounting for Uncertainty in Income Taxes,” 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. It also provides guidance on the recognition
of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open
for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were no material uncertain tax
positions as of June 30, 2024 and December 31, 2023. All tax returns since the Company’s inception are subject to examination by
tax authorities.
v3.24.3
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v3.24.3
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
|
Cash and cash equivalents |
|
$ 3,092,759
|
$ 16,060,686
|
Restricted cash |
|
1,329
|
1,361
|
Accounts receivable, net |
|
1,988,344
|
2,874,494
|
Due from related party |
|
168,935
|
117,141
|
Advances to suppliers, net |
|
13,841,526
|
774,467
|
Inventories, net |
|
92,934
|
95,124
|
Other current assets |
|
767,213
|
465,480
|
Total Current Assets |
|
19,953,040
|
20,388,753
|
Non-Current Assets: |
|
|
|
Property and equipment, net |
|
58,112
|
76,470
|
Right-of-use assets |
|
66,466
|
119,056
|
Total Non-Current Assets |
|
124,578
|
195,526
|
TOTAL ASSETS |
|
20,077,618
|
20,584,279
|
Current Liabilities: |
|
|
|
Short-term loan |
|
408,685
|
418,315
|
Accounts payable |
|
1,792,866
|
2,547,805
|
Contract liabilities |
|
1,093,706
|
1,004,832
|
Lease liabilities |
|
79,628
|
119,434
|
Tax Payable |
|
52,011
|
429,485
|
Accrued expenses and other current liabilities |
|
4,122,133
|
3,115,282
|
Total Current Liabilities |
|
7,549,029
|
7,635,153
|
Non-Current Liabilities: |
|
|
|
Due to related parties |
|
3,815,182
|
3,912,606
|
Long-term loan |
|
|
|
Convertible notes |
|
|
|
Lease liabilities |
|
|
20,613
|
Total Non-Current Liabilities |
|
3,815,182
|
3,933,219
|
TOTAL LIABILITIES |
|
11,364,211
|
11,568,372
|
STOCKHOLDERS’ EQUITY |
|
|
|
Ordinary shares, no par value, unlimited shares authorized; 2,923,325 and 1,741,295 shares issued and outstanding as of December 31, 2023 and 2022, respectively |
[1] |
|
|
Additional paid-in capital |
|
44,515,833
|
44,515,833
|
Accumulated deficit |
|
(33,483,614)
|
(33,147,714)
|
Accumulated other comprehensive loss |
|
(1,910,655)
|
(1,953,766)
|
Equity attributable to owners of the Company |
|
9,121,564
|
9,414,353
|
Non-controlling interests |
|
(408,157)
|
(398,446)
|
TOTAL STOCKHOLDERS’ EQUITY |
|
8,713,407
|
9,015,907
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ 20,077,618
|
$ 20,584,279
|
|
|
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v3.24.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Ordinary shares, par value |
$ 0
|
$ 0
|
Ordinary shares, shares authorized |
Unlimited
|
Unlimited
|
Ordinary shares, shares issued |
2,923,325
|
1,741,295
|
Ordinary shares, shares outstanding |
2,923,325
|
1,741,295
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
NET REVENUE |
|
$ 86,159
|
$ 10,683,243
|
COST OF REVENUE |
|
42,089
|
8,228,377
|
GROSS PROFIT |
|
44,070
|
2,454,866
|
OPERATING EXPENSES |
|
|
|
Sales and Marketing Expenses |
|
63,992
|
801,374
|
General and Administrative Expenses |
|
707,883
|
1,504,654
|
Research and Development Expenses |
|
688
|
107,626
|
Total operating expenses |
|
772,563
|
2,413,654
|
(LOSS) INCOME FROM OPERATIONS |
|
(728,493)
|
41,212
|
Loss on disposal of subsidiary |
|
|
(29,279)
|
Other Incomes (Expenses), net |
|
11,314
|
(79,191)
|
LOSS BEFORE INCOME TAX |
|
(717,179)
|
(67,258)
|
Income tax benefits (expenses) |
|
371,568
|
(211,368)
|
NET LOSS |
|
(345,611)
|
(278,626)
|
Less: net loss attributable to non-controlling interest |
|
(9,710)
|
(10,715)
|
OTHER COMPREHENSIVE LOSS |
|
|
|
Foreign Currency Translation Adjustment |
|
43,111
|
(880,073)
|
TOTAL COMPREHENSIVE LOSS |
|
$ (302,500)
|
$ (1,158,699)
|
LOSS PER SHARE - BASIC |
|
$ (0.10)
|
$ (0.01)
|
LOSS PER SHARE - DILUTED |
|
$ (0.10)
|
$ (0.01)
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
[1] |
3,152,212
|
80,917,493
|
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
[1] |
3,152,212
|
80,917,493
|
|
|
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v3.24.3
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
|
|
$ 38,571,534
|
$ (17,081,329)
|
$ (1,281,864)
|
$ (152,126)
|
$ 20,056,215
|
Balance, shares at Dec. 31, 2022 |
[1] |
60,945,313
|
|
|
|
|
|
Capital Contributions |
|
|
171,873
|
|
|
|
171,873
|
Net Loss |
|
|
|
(267,911)
|
|
(10,715)
|
(278,626)
|
Foreign Currency Translation Adjustment |
|
|
|
|
(880,073)
|
|
(880,073)
|
Issuance of ordinary shares on conversion of convertible notes |
|
|
5,772,394
|
|
|
|
5,772,394
|
Balance at Jun. 30, 2023 |
|
|
44,515,801
|
(17,349,240)
|
(2,161,937)
|
(162,841)
|
24,841,783
|
Balance, shares at Jun. 30, 2023 |
[1] |
60,945,313
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
|
44,515,833
|
(33,147,713)
|
(1,953,766)
|
(398,447)
|
9,015,907
|
Balance, shares at Dec. 31, 2023 |
[1] |
2,923,325
|
|
|
|
|
|
Shares based compensation granted to employees |
|
|
|
|
|
|
|
Shares based compensation granted to employees, shares |
[1] |
438,498
|
|
|
|
|
|
Capital Contributions |
|
|
|
|
|
|
|
Net Loss |
|
|
|
(335,901)
|
|
(9,710)
|
(345,611)
|
Foreign Currency Translation Adjustment |
|
|
|
|
43,111
|
|
43,111
|
Balance at Jun. 30, 2024 |
|
|
$ 44,515,833
|
$ (33,483,614)
|
$ (1,910,655)
|
$ (408,157)
|
$ 8,713,407
|
Balance, shares at Jun. 30, 2024 |
[1] |
3,361,823
|
|
|
|
|
|
|
|
X |
- DefinitionAmount of other increase (decrease) in additional paid in capital (APIC).
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v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net Loss |
$ (345,611)
|
$ (278,626)
|
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
Depreciation and amortization |
58,774
|
83,490
|
Amortization of beneficial conversion feature of convertible notes |
|
77,877
|
Change in operating assets and liabilities: |
|
|
Account receivable, net |
886,150
|
(964,938)
|
Inventories, net |
2,190
|
85,554
|
Other current assets |
(291,199)
|
(20,899)
|
Advances to suppliers, net |
(13,067,059)
|
106,645
|
Accounts payable |
(754,939)
|
(403,086)
|
Contract liabilities |
88,874
|
291,778
|
Tax payable |
(377,474)
|
184,288
|
Lease liabilities |
(60,419)
|
(117,106)
|
Accrued expenses and other current liabilities |
1,006,851
|
477,471
|
Net cash used in operating activities |
(12,853,862)
|
(333,642)
|
Cash flows from investing activities: |
|
|
Purchase of intangible assets |
|
(6,757,409)
|
Purchase of property and equipment |
|
(5,496)
|
Net cash used in investing activities |
|
(6,762,905)
|
Cash flows from financing activities: |
|
|
Proceeds from related parties loans |
204,475
|
376,430
|
Repayment of related party loans |
(167,180)
|
(167,180)
|
Repayment of Bank loans |
(9,630)
|
(103,894)
|
Capital contributions |
|
171,873
|
Net cash provided by financing activities |
27,665
|
277,229
|
Effect of changes of foreign exchange rate on cash |
(141,762)
|
(1,113,719)
|
Net decrease in cash |
(12,967,959)
|
(7,933,037)
|
Cash and cash equivalents at the Beginning of the period |
16,062,047
|
23,716,768
|
Cash and cash equivalents at the end of the period |
3,094,088
|
15,783,731
|
SUPPLEMENTARY CASH FLOW INFORMATION: |
|
|
Deferred offering cost reduces Additional Paid-in Capital |
|
$ (9,893)
|
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v3.24.3
ORGANIZATION AND BUSINESS BACKGROUND
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS BACKGROUND |
1.
ORGANIZATION AND BUSINESS BACKGROUND
Meiwu
Technology Company Limited (“Meiwu” or the “Company”), formerly known as Wunong Net Technology Co., Ltd is a
holding company incorporated under the laws of British Virgin Islands on December 4, 2018. Through contractually controlled and managed
company, Meiwu Zhishi Technology (Shenzhen) Co., Ltd, formerly known as Wunong Technology (Shenzhen) Co., Ltd (“Meiwu Shenzhen”)
and its subsidiaries, the Company operates an electronic online platform designed to provide primarily Clean Food to customers in China.
On
February 15, 2019, the Company acquired all shares of Shenzhen Vande Technology Co., Limited (“Vande”) pursuant to the Instrument
of Transfer, Sold Note and Bought Note recorded with Registrar of Companies in Hong Kong Special Administration Region (SAR).
Vande,
incorporated on April 6, 2017 in Hong Kong, incorporated Guo Gang Tong (“WFOE”) in the People’s Republic of China with
a registered capital of RMB 5,000,000 on December 28, 2018.
On
March 2, 2019, WFOE entered into a series of contractual agreements with Meiwu Shenzhen, a company incorporated in the People’s
Republic of China on June 16, 2015 with a registered capital of RMB 5,000,000. These agreements include an Exclusive Technology Consulting
Services Agreement, an Equity Interest Pledge Agreement, an Exclusive Purchase Rights Agreement, and a Proxy Agreement, and allow us
to:
|
● |
exercise
effective control over Meiwu Shenzhen; |
|
● |
receive
substantially all of the economic benefits of Meiwu Shenzhen; and |
|
● |
have
an exclusive option to purchase all or part of the equity interests in Meiwu Shenzhen when and to the extent permitted by PRC law. |
As
a result of these contractual arrangements, we have become the primary beneficiary of Meiwu Shenzhen, and we treat Meiwu Shenzhen as
a Variable Interest Entity (“VIE”) in accordance with the Statement of Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) 810 “Consolidation”, because the equity investments in Meiwu Shenzhen
no longer have the characteristics of a controlling financial interest, and the Company, through WFOE, is the primary beneficiary of
Meiwu Shenzhen. Accordingly, Meiwu Shenzhen has been consolidated.
Since
Meiwu Technology Company Limited and its subsidiaries are effectively controlled by the same controlling shareholders before and after
the Reorganization, they are considered to be under common control. The above-mentioned transactions were accounted for as a recapitalization.
The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned
transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
On
September 29, 2020, Meiwu Shenzhen, together with two individuals, Guoming Huang (“Huang”) and Yafang Liu (“Liu”),
established a new Shanghai subsidiary, Wude Agricultural Technology (Shanghai) Co., Ltd (“Wude Shanghai”). Wude’s registered
capital is RMB 20 million (approximately, $3.1 million) and its equity interests are divided among Meiwu Shenzhen (51%), Liu (25%) and
Huang (24%). Meiwu Shenzhen transferred the 51% ownership interest to Huang and Liu on December 15, 2020 and repurchased the 51% ownership
interest on January 28, 2021.
On
October 20, 2020, Meiwu Shenzhen entered into an Equity Transfer Agreement to acquire 51% equity interests in a newly-incorporated company,
Baode Supply Chain (Shenzhen) Co., Ltd (“Baode”). Baode’s registered capital is RMB 5 million (approximately $781,466)
and its equity interest is divided among Meiwu Shenzhen (51%), Shiliang Ma (30%) and Yongqiang He (19%). Meiwu Shenzhen transferred the
100% ownership interest to Yafang Liu on December 15, 2020 and repurchased the ownership interest on January 19, 2021. Baode’s
registered capital was increased to RMB 30 million (approximately $4.6 million) on April 29, 2021.
On
November 4, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Liaoning) Co., Ltd (“Wunong Liaoning”).
Wunong Liaoning’s registered capital is RMB 8.88 million (approximately US$1.4 million). Meiwu Shenzhen transferred the 100% ownership
interest to Ze Yu on December 11, 2020 and repurchased the ownership interest on January 27, 2021. Wunong Liaoning was stopped business
on December 26, 2022.
On
December 10, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Shaanxi) Co., Ltd (“Wunong Shaanxi”).
Wunong Shaanxi’s registered capital is RMB 8.8 million (approximately $1.3 million). Meiwu Shenzhen transferred the 100% ownership
interest to Haiyan Qin on December 14, 2020 and repurchased the ownership interest on January 26, 2021.
On
December 17, 2020, the Company completed the initial public offering (“IPO”) of 5,000,000 Ordinary Shares at a price of $5.00
per share to the public for a total of US$25,000,000 of gross proceeds. In addition, the underwriters purchased 999,910 ordinary shares
from a selling shareholder for $4,999,550 for a total of US$29,999,550 in total gross proceeds from the offering. The Company’s
ordinary shares began trading on the Nasdaq Capital Market on December 15, 2020 under the symbol “WNW”.
On
November 23, 2021, the Company entered into a Stock Purchase Agreement (“SPA”) with Boxinrui International Holdings Limited
(the “Anxin BVI”) to acquire Beijing Anxin Jieda Logistics Co., Ltd. (“Anxin”). As of March 11, 2022, Anxin BVI
failed to deliver the audited financial statements of Anxin for the year ended December 31, 2020 and 2019. The parties entered into a
termination agreement, (the “Termination Agreement”) pursuant to terminate the transaction.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
On
December 28, 2021, Meiwu Shenzhen sold the 51% equity interests of Baode Supply Chain (Shenzhen) Co., Ltd to Mr. Shiliang Ma, who held
30% ownership of Baode with the amount of RMB 200,000 (approximately $31,405). Upon the consummation of the sale of 51% equity shares
in Baode, Meiwu Shenzhen ceased to hold shares in Baode and Baode was no longer a majority controlled subsidiary of Meiwu Shenzhen.
On
March 31, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Magnum International Holdings Limited (the
“Yundian BVI”) to acquire Dalian Yundian Zhiteng Technology Company Limited (“Yundian”). Upon the closing, the
Company shall deliver to the Yundian BVI total consideration of US$8.1 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares (“Share Consideration”)
provided. The closing of the Yundian SPA occurred on April 19, 2022.
On
May 12, 2022, Meiwu Shenzhen, together with Shenzhen Heme Enterprise Consulting Partnership (limited partnership) (“Heme Consulting”),
established a new Shenzhen subsidiary, Heme Brand Chain Management (Shenzhen) Co., Ltd. (“Heme Shenzhen”). Heme Shenzhen’s
registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are divided among Meiwu Shenzhen (51%) and
Heme Consulting (49%).
On
June 23, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company
Limited (the “Mahao BVI”) to acquire Code Beating (Xiamen) Technology Company Limited (“Code Beating”). Upon
the closing, the Company shall deliver to the Mahao BVI total consideration of US$6 million to be paid in ordinary shares, no par value
(“Ordinary Shares”), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares (“Share
Consideration”) provided. The closing of the Mahao SPA occurred on June 23, 2022.
On
July 22, 2022, Heme Shenzhen established a new Shenzhen subsidiary, Heme Catering Management (Shenzhen) Co., Ltd (“Heme Catering”).
Heme Catering’s registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are wholly-owned by
Heme Shenzhen.
On
October 31, 2022, the Company changed the name from “Wunong Technology (Shenzhen) Co,. Ltd” to Meiwu Zhishi Technology (Shenzhen)
Co,. Ltd.
On
December 12, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited
(the “Yuanxing BVI”) to acquire Hunan Yuanxing Chanrong Technology Co., Ltd (“Yuanxing”). Upon the closing, the
Company shall deliver to the Yuanxing BVI total consideration of US$9.6 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary Shares (“Share Consideration”).
The closing of the Yuanxing SPA occurred on December 23, 2022.
On
February 21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per
share.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
As
of December 31, 2023, details of the subsidiaries of the Company are set out below:
SCHEDULE
OF SUBSIDIARIES AND ASSOCIATES
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Meiwu
Technology Company Limited (“Meiwu” or the “Company”, formerly known as Wunong Net Technology Company Limited) |
|
December
4, 2018 |
|
British
Virgin Islands |
|
Parent |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Shenzhen
Vande Technology Co., Limited (“Vande”) |
|
April
6, 2017 |
|
Hong
Kong |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Magnum
International Holdings Limited (“Yundian BVI”) |
|
July
30, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Mahaotiaodong
Information Technology Company Limited (“Mahao BVI”) |
|
December
29, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Xinfuxin
International Holdings Limited (“Yuanxing BVI”) |
|
June
27, 2018 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Guo
Gang Tong Trade (Shenzhen) Co., Ltd (“WFOE”) |
|
December
28, 2018 |
|
Shenzhen,
China |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Yun
Tent Technology Company Limited (“YunTent”) |
|
August
10, 2021 |
|
Hong
Kong |
|
100%
owned by Yundian BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
DELIMOND
Limited (“DELIMOND”) |
|
January
3, 2019 |
|
Hong
Kong |
|
100%
owned by Mahao BVI |
|
Holding
Company |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Antai
Medical Limited (“Antai”) |
|
January
20, 2017 |
|
Hong
Kong |
|
100%
owned by Yuanxing BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Dalian
Yundian Zhiteng Technology Company Limited (“Yundian”) |
|
April
8, 2020 |
|
Dalian,
China |
|
100%
owned by YunTent |
|
Technology
service |
|
|
|
|
|
|
|
|
|
Code
Beating (Xiamen) Technology Company Limited (“Code Beating”) |
|
May
21, 2020 |
|
Xiamen,
China |
|
100%
owned by DELIMOND |
|
Short
messages service |
|
|
|
|
|
|
|
|
|
Hunan
Yuanxing Chanrong Technology Co., Ltd (“Yuanxing”) |
|
April
25, 2019 |
|
Chenzhou,
China |
|
100%
owned by Antai |
|
Technology
service, fruits and frozen products sales |
|
|
|
|
|
|
|
|
|
Meiwu
Zhishi Technology (Shenzhen) Co., Ltd (“Meiwu Shenzhen”, formerly known as Wunong Technology (Shenzhen) Co., Ltd) |
|
June
16, 2015 |
|
Shenzhen,
China |
|
VIE |
|
An
electronic online platform designed to provide primarily Clean Food to customers in China |
|
|
|
|
|
|
|
|
|
Meiwu
Catering Chain Management (Shenzhen) Co., Ltd (“Meiwu Catering”, formerly known as Wunong Catering Chain Management (Shenzhen)
Co., Ltd) |
|
November
27, 2018 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Restaurant
service, food sales |
|
|
|
|
|
|
|
|
|
Wude
Agricultural Technology (Shanghai) Co., Ltd (“Wude Shanghai”) |
|
September
29, 2020 |
|
Shanghai,
China |
|
51%
owned by Meiwu Shenzhen |
|
Food
selling, agricultural products purchase and wholesale |
|
|
|
|
|
|
|
|
|
Heme
Brand Chain Management (Shenzhen) Co., Ltd. (“Heme Shenzhen”) |
|
May
12, 2022 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Heme
Catering Management (Shenzhen) Co., Ltd (“Heme Catering”) |
|
July
22, 2022 |
|
Shenzhen,
China |
|
100%
owned by Heme Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Shenzhen
Jiayuan Liquor Sales Co., Ltd. (“Shenzhen Jiayuan”) |
|
May
4, 2023 |
|
Shenzhen,
China |
|
70%
owned by Meiwu Shenzhen |
|
Alcohol
sales |
The
Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and
regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce
the contractual arrangements. If the ownership structure, contractual arrangements and business of the Company, WFOE or Meiwu Shenzhen
are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits
or approvals, the relevant governmental authorities would have broad discretion in dealing with such violation, including levying fines,
confiscating the income or the income of WFOE and Meiwu Shenzhen, revoking the business licenses or operating licenses of WFOE or Meiwu
Shenzhen, discontinuing or placing restrictions or onerous conditions on our operations, requiring the Company to undergo a costly and
disruptive restructuring, restricting or prohibiting our use of proceeds from our offerings to finance the business and operations in
China, and taking other regulatory or enforcement actions that could be harmful to our business. Any of these actions could cause significant
disruption to the business operations and severely damage our reputation, which would in turn materially and adversely affect the business,
financial condition and results of operations. If any of these occurrences results in the inability to direct the activities of Meiwu
Shenzhen, and/or the failure to receive economic benefits from Meiwu Shenzhen, the Company may not be able to consolidate their results
into the consolidated financial statements in accordance with U.S. GAAP.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.3
LIQUIDITY
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY |
2.
LIQUIDITY
The
Company had cash of $3,094,088 and $16,062,047 as of June 30, 2024 and December 31, 2023, respectively. Net loss was $0.35 million and
$0.28 million for six months ended June 30, 2024 and 2023. The Company had working capital of $12.40 million and $12.75 million as of
June 30, 2024 and December 31, 2023, respectively. The Company have funded working capital and other capital requirements primarily by
equity contributions from shareholders. Cash is required to pay purchase costs for inventory, salaries, selling expenses, rental expenses,
income taxes, and other operating expenses.
In
assessing liquidity, management monitors and analyses cash on hand, ability to generate sufficient revenue sources in the future, and
operating and capital expenditure commitments. For the six months ended June 30, 2024, major shareholders have contributed approximately
$204,475 to the Company.
|
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
●
Basis of presentation and principles of consolidation
These
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and have been consistently applied. The consolidated financial statements include
the accounts of the Company, its subsidiaries, and the VIE. All intercompany balances and transactions between the Company, its subsidiaries
and the VIE are eliminated upon consolidation.
●
Consolidation of Variable Interest Entity
A
VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated
financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights,
and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial
interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.
Guo
Gang Tong Trade (Shenzhen) Co., Ltd is deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen
because it has both of the following characteristics:
|
(1) |
The
power to direct activities at Meiwu Shenzhen that most significantly impact such entity’s economic performance, and |
|
(2) |
The
right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity. |
Pursuant
to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen pays service fees equal to all of its net profit after tax payments
to WFOE. Such contractual arrangements are designed so that Meiwu Shenzhen operates for the benefit of Guo Gang Tong Trade (Shenzhen)
Co. Ltd and ultimately, the Company.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Consolidation of Variable Interest Entity (continued)
Accordingly,
the accounts of the Meiwu Shenzhen and its subsidiaries are consolidated in our financial statements pursuant to ASC 810-10, Consolidation.
In addition, their financial positions and results of operations are included in our financial statements. The carrying amount of this
VIE’s assets and liabilities are as follows:
SCHEDULE
OF CONSOLIDATION OF VARIABLE INTEREST ENTITY
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Current assets | |
$ | 750,242 | | |
$ | 485,789 | |
Property and equipment, net | |
| 52,886 | | |
| 71,121 | |
Right of Use Lease Assets, net | |
| 66,466 | | |
| 119,056 | |
Total assets | |
| 869,594 | | |
| 675,966 | |
Total current liabilities | |
| 7,175,097 | | |
| 6,960,419 | |
Total non-current liabilities | |
| 230,426 | | |
| 262,384 | |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 86,159 | | |
$ | 1,906,966 | |
Cost of revenue | |
| 42,089 | | |
| 563,818 | |
Operating expenses | |
| 402,932 | | |
| 1,803,372 | |
Net loss | |
| (358,349 | ) | |
| (370,088 | ) |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (231,248 | ) | |
$ | (374,667 | ) |
Net cash used in investing activities | |
| - | | |
| (5,496 | ) |
Net cash provided by financing activities | |
| 27,665 | | |
| 277,229 | |
Effect of changes of foreign exchange rate on cash | |
| 270,340 | | |
| 68,612 | |
Net increase (decrease) in cash and cash equivalents | |
| 66,757 | | |
| (34,323 | ) |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Use of estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information
available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to
such estimates and assumptions include, but are not limited to, valuation of inventory, and recoverability of carrying amount and the
estimated useful lives of fixed assets, and implicit interest rate of operating leases.
●
Business combinations
The
Company accounted for its business combination using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred
and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income
statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments
to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement
period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments
are recorded in the consolidated income statements.
In
a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before
obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income
statements.
When
there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the
Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary
is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.
●
Cash
Cash
consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal
or use, and which have remaining maturities of three months or less when initially purchased.
●
Accounts receivable, net
Accounts
receivable, net mainly represent amounts due from clients and are recorded net of allowance for doubtful accounts.
The
Company mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful
accounts is established and recorded based on management’s assessment of historical bad debts, creditworthiness and financial conditions
of the clients, current economic trends and changes in client payment patterns. Past due accounts are generally written off against the
allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote. The
allowance was $398,099 and $407,480 as of June 30, 2024 and December 31, 2023, respectively.
●
Inventories, net
The
Company values its inventories at the lower of cost or net realizable value. The cost of inventories is calculated using the first in
first out basis.
Where
there is evidence that the utility of inventories, in their disposal in the ordinary course of business, will be less than cost, whether
due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to net realizable
value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products.
Any idle facility costs or excessive spoilage are recorded as current period charges. There was no inventory impairment for the six months
ended June 30, 2024 and 2023.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Advances to suppliers
Advances
to suppliers represent prepayments made to certain suppliers of Clean Food. To ensure continuous high-quality supplies and favorable
purchase prices of Clean Food, the Company is required from time to time to make cash advances when placing its purchase orders. The
Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the
ability of a supplier to provide supplies to the Company or refund the advance. As of June 30, 2024 and December 31, 2023, the allowances
was $263,530 and $269,740 respectively.
●
Property and equipment
Property
and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable
costs of bringing the asset to its present working condition and location for its intended use. Depreciation is computed using the straight-line
method over estimated useful lives listed below:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Estimated Useful Life |
Computers and accessories | |
3 years |
Vehicle | |
5 years |
Office Equipment | |
5 years |
Leasehold improvement | |
5 years |
When
computers and accessories, vehicle, and office equipment are retired or otherwise disposed of, resulting gain or loss is included in
net income or loss in the year of disposition for the difference between the net book value and proceeds received thereon. Maintenance
and repairs which do not improve or extend the expected useful lives of the assets are charged to expenses as incurred.
Leasehold
improvements are amortized using the straight-line method over the remaining lease term.
Depreciation
for equipment commences once it is placed in service and amortization of leasehold improvements commences once they are ready for our
intended use.
Construction
in progress is related to office renovation that has not yet been completed for our intended use. Capitalization of the cost of renovation
ceases and the construction in progress is transferred to leasehold improvement when substantially all the renovations are completed.
Construction in progress is not depreciated until they are ready for our intended use.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Leased property under operating leases
The
Company early adopted ASU 2016-02, “Leases” on January 1st, 2017 and used modified retrospective method that requires application
at the beginning of the earliest comparative year presented. The most significant impact upon adoption relates to the recognition of
new Right-of-use (“ROU”) assets and lease liabilities on the Company’s balance sheet for office space leases. Upon
adoption, the Company recognized additional lease liabilities of $22,192 with corresponding ROU assets of the same amount based on the
present value of the remaining rental payments under current leasing standards for existing leases. The remaining balance of lease liabilities
are presented within current portion of finance lease liabilities and the non-current portion of lease liabilities on the Consolidated
Balance Sheet.
●
Goodwill
Goodwill
represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired
subsidiary at the date of acquisition. Goodwill is not amortized, and is tested for impairment at least annually, more often when circumstances
indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill
is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive
(loss) income. Impairment losses on goodwill are not reversed.
The
Company has the opinion to assess qualitative factors to determine whether it is necessary to perform the two-step in accordance with
ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described
below is required.
The
first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting
unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required.
If
the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying
value of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a
business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the
reporting unit. The excess of the fair value of the reporting unit. over the amounts assigned to the assets and liabilities is the implied
fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being
a discounted cash flow. The fair value of discounted cash flow was determined using management’s estimates and assumptions.
Management
evaluated the recoverability of goodwill by performing a qualitative assessment before using a two-step impairment test approach at the
reporting unit level. If the Company reorganizes its reporting structure in a manner that changes the composition of one or more of its
reporting units, goodwill will be reassigned based on the relative fair value of each of the affected reporting units. There was no goodwill
impairment for the six months ended June 30, 2024 and 2023.
●
Impairment of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset’s
carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no indicators of impairments of
these assets as of June 30,2024 and December 31, 2023.
●
Convertible notes
Convertible
notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental
fees. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds
received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the
facilities using the effective interest method.
●
Revenue recognition
On
January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB
ASC Topic 606) using the modified retrospective approach. The results of applying Topic 606 using the modified retrospective approach
were insignificant and did not have a material impact on the Company’s consolidated financial condition, results of operations,
cash flows, business process, controls or systems.
The
core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods to
customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require
the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or
over time, based on when control of goods and services transfers to a customer. All of the Company’s contracts have one single
performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts
and is, therefore, not distinct. The initial payments received from pre-ordering are recorded in the advance from customers on the balance
sheets and will not be recognized as revenue until transfer of goods. Shipping and handling are activities to fulfill the Company’s
promise to transfer goods to customers, which are included in the sale price of the goods.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Revenue
is recognized or realizable and earned when all five of the following criteria are met: (1) Identify the Contract with a Customer, (2)
Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the
Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company
recognizes revenue based upon gross sales minus sales returns and sales incentives that the Company offers to its customers, such as
discounts. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically,
customer returns have been immaterial.
Revenue
expected to be recognized in any future periods related to remaining performance obligations is recorded in advances from customers.
As of June 30, 2024 and December 31, 2023, the balance of advances from customers was $1,093,706 and $1,004,832, respectively.
The
following table sets forth the breakdown of our net revenue for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF NET REVENUE
| |
For the six months ended June 30 | |
| |
2024 | | |
2023 | |
| |
| | |
% of | | |
| | |
% of | |
| |
Net | | |
total | | |
Net | | |
total | |
Product category | |
revenue | | |
revenue | | |
revenue | | |
revenue | |
Grains, oil, and spices | |
$ | 13,036 | | |
| 15.1 | % | |
$ | 81,322 | | |
| 0.8 | % |
Beverages, alcohol and tea | |
$ | 23,245 | | |
| 27.0 | % | |
$ | 1,509,091 | | |
| 14.1 | % |
Meat, poultry and eggs | |
$ | 6,343 | | |
| 7.3 | % | |
$ | 12,895 | | |
| 0.1 | % |
Other food | |
$ | 35,607 | | |
| 41.3 | % | |
$ | 620,552 | | |
| 5.8 | % |
Fresh fruits and vegetables | |
$ | 6,864 | | |
| 8.0 | % | |
$ | 9,112 | | |
| 0.1 | % |
Groceries | |
$ | 824 | | |
| 1.0 | % | |
$ | 93,162 | | |
| 0.9 | % |
Dried seafood | |
$ | 240 | | |
| 0.3 | % | |
$ | 832 | | |
| 0.0 | % |
SMS service | |
$ | - | | |
| 0.0 | % | |
$ | 8,356,277 | | |
| 78.2 | % |
Total | |
$ | 86,159 | | |
| 100 | % | |
$ | 10,683,243 | | |
| 100 | % |
On
January 1, 2017, the Company also adopted ASU 2016-08 Principle versus Agent Considerations (Reporting Revenue Gross versus Net), which
amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09 to clarify how the principal-versus-agent
indicators should be evaluated to support an entity’s conclusion that it controls a specified good or service before it is transferred
to a customer. Under the new revenue standards, when a third party is involved in providing goods or services to a customer, the entity
must determine whether its performance obligation is to provide the good or service itself (i.e., the entity is a principal) or to arrange
for another party to provide the good or service (i.e., the entity is an agent). An entity makes this determination by evaluating the
nature of its promise to the customer. An entity is a principal (and, therefore, records revenue on a gross basis) if it controls the
promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount it retains
as a commission) if its only role is to arrange for another entity to provide the goods or services.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Sales
on website
The
Company operates an online platform to sell Clean Food to retail customers and recognizes revenue on a gross basis. The Company is a
principal because it controls the promised good or service before transferring it to a customer. This control is determined by the following
indicators 1) The Company is the primary obligor in the sales transaction and responsible for providing products and service. 2) The
Company bears the inventory risk. The Company will first indemnify customers for product damages and then request reimbursements from
suppliers if the suppliers are determined to be responsible for the damages. 3) The Company selects suppliers and runs the entire sales
process. 4) The Company sets the product price and has control over the entire transaction.
Sales
offline
In
the second half of 2020, the Company started the offline sales which mainly focused on the non-retail customers. For the offline sales,
the customers order goods from the Company according to their own needs, then the company will order the corresponding products from
the suppliers. The Company’s offline sales have the following categories: grains, fruits, vegetables and meat. Revenue is confirmed
upon receipt of the goods. Payment will be made by the customer after the invoice is issued. The Company is a principal because it controls
the promised goods or services before transferring them to a customer. This control is determined by the following indicators 1) The
Company is the primary obligor in the sales transaction and responsible for providing products and services. 2) The Company bears the
inventory risk. The Company will first indemnify customers for product damage and then request reimbursement from suppliers if the suppliers
are determined to be responsible for the damage. 3) The Company selects suppliers and runs the entire sales process. 4) The Company sets
the product price and has control over the entire transaction.
Service
revenue
The
Company generate substantially all of the Company’s services revenue from the following service:
(1) |
Communication
Platform-as-a-Service (“CPaaS”) which allows customers to send text messages using the Company’s cloud-based platform
through the new acquired subsidiary Code Beating; The Company account for revenue from customers’ usage of text message on
the Company’s CPaaS platform as a separate performance obligation. The Company’s service fees are determined by applying
the contractual unit price to the monthly usage volume of text messages sent and a contractual monthly fixed charge per subscriber
multiplied by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to
send text messages are sold separately to customers with observable standalone selling prices. In accordance with ASC 606, the Company
recognize revenue upon the transfer of control of promised services provided to the Company’s customers, in the amount of consideration
the Company expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company’s
revenue contracts generally do not include a right of return in relation to the delivered products or services. |
|
|
(2) |
Providing
technical solutions to customers: The Company generates revenue from providing technical and maintenance services under separate
contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is
identified in the contracts with customers. Revenue is recognized upon the transfer of control of promised services provided to the
Company’s customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes
collected on behalf of government authorities). The Company’s revenue contracts generally do not include a right of return
in relation to the delivered products or services. |
The
Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization
period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the
Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.
●
Cost of revenues
The
shipping and handling costs as well as the cost of purchased Clean Food products listed for sale on the Company’s platform are
included as part of cost of goods sold. The Company expenses shipping and handling costs in conjunction with sale of its products as
incurred.
●
Sales and marketing expense
Advertising,
sales and marketing costs consist primarily of costs for the promotion of business brand and product marketing. The Company expensed
all marketing and advertising costs as incurred.
●
Research and development expense
Research
and development expenditures include salaries, wages and other costs of personnel engaged in research and development. Costs of services
performed by others for research and development on the Company’s behalf are expensed when incurred. The Company’s research
and development expense primarily includes software development and testing.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Income taxes
The Company
is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30, 2024
and 2023. The Company accounts for income taxes in accordance with ASC740, “Income Taxes”. The provision for income taxes
is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes
represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the
year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are
recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and
are adjusted for changes in tax rates and tax laws when enacted.
Valuation
allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating
the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback
periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as
well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations,
projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience
with similar operations. Existing favorable contracts and the ability to sell products into established markets are additional positive
evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are
not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for
which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to
establish a valuation allowance.
Tax benefits
related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than
not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute
of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations
remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and
are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that
the related tax benefits are recognized. There were no material uncertain tax positions as of June 30,2024 and December 31, 2023. All
tax returns since the Company’s inception are subject to examination by tax authorities.
●
Value added taxes (“VAT”)
Sales represents
the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates, depending on the type of products sold.
The VAT may be offset by VAT paid by the Company on inventory acquired. The Company recorded a VAT payable net of payments in the accompanying
financial statements. All of the VAT returns of the Company have been and remain subject to examination by the tax authorities for five
years from the date of filing.
Before
April 30, 2019, the Company’s product sales revenues were subject to VAT at a reduced rate of 3% and subject to surcharges at a
reduced surcharge rate of 6% of the VAT payable since the company is qualified as a small-scale enterprise. Starting from May 1, 2019,
the Company is no longer qualified as a small-scale enterprise. The Company’s grains, oil, and spices products are subject to 9%
VAT and the other products are subject to 13% VAT. All the Company’s products are subject to tax surcharges at 12% of the VAT payable.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Foreign currency transactions and translations
An entity’s
functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment
in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency
by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements.
The functional currency of the Company is the Renminbi (“RMB’), and PRC is the primary economic environment in which the
Company operates. The reporting currency of these combined financial statements is the United States dollar (“US Dollars”
or “$”).
For financial
reporting purposes, the financial statements of the Company, which are prepared using the RMB, are translated into the Company’s
reporting currency, the United States Dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date.
Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated
at historical exchange rates when capital transaction occurred. Adjustments resulting from the translation are recorded as a separate
component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash flows from the Company’s operations
are calculated based upon the local currencies using the average translation rate. As a result, amounts related to assets and liabilities
reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated
financial statements for the respective periods.
The exchange
rates used for foreign currency translation were as follows (US Dollars $1 = RMB):
SCHEDULE
OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES
| |
Period/Year End | | |
Average | |
06/30/2024 | |
| 7.2672 | | |
| 7.2150 | |
12/31/2023 | |
| 7.0999 | | |
| 7.0809 | |
06/30/2023 | |
| 7.2513 | | |
| 6.9283 | |
No representation
is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
●
Comprehensive loss
Comprehensive
loss is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding
those resulting from investments by and distributions to shareholders. Accumulated other comprehensive loss, as presented on the accompanying
consolidated balance sheets, only consists of cumulative foreign currency translation adjustment.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Fair value of financial instruments
The Company
also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1: Inputs are
based upon unadjusted quoted prices for identical instruments traded in active markets; |
|
|
|
|
● |
Level 2: Inputs are
based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets
that are not active, and model-based valuation techniques (e.g., Black-Scholes Option-Pricing model) for which all significant inputs
are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
|
|
● |
Level 3: Inputs are
generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing
the asset or liability. |
The carrying
amounts reported in the balance sheets for cash, accounts receivable, net, loan receivable, advances to suppliers, other current assets,
accounts payable, advance from customers, tax payable, other payables and accrued liabilities approximate their fair value based on the
short-term maturity of these instruments.
●
Concentration risk
A majority
of the Company’s transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets
and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions
are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China
(“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China
foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. Under PRC regulations,
each bank account is insured by People’s bank of China with the maximum amount of RMB 500,000 (approximately US$68,802). The cash
balance held in the PRC bank accounts and other third party payment platform was $3,094,071 and $16,062,047 as of June 30, 2024 and December
31, 2023, respectively.
For the
six months ended June 30, 2024 and 2023, most of the Company’s assets were located in the PRC and all of the Company’s revenues
were derived from the PRC.
For the
six months ended June 30, 2024, three major suppliers accounted for approximately 20.3%, 16.8% and 14.6% of total purchase. For the six
months ended June 30, 2023, three major suppliers accounted for approximately 33.7%, 29.2%, and 13.1% of total purchase. As of June 30,
2024, no major supplier accounted for more than 10% of the advance to suppliers and accounts payable balance. As of December 31, 2023,
one major supplier accounted for approximately 38.2% of the advance to suppliers balance.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Recent accounting pronouncements
In September
2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Board is issuing the amendments
in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation
table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find
these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes
in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts
and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The Board decided that the
amendments should be effective for public business entities for annual periods beginning after December 15, 2024.
In November
2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)”: Improvements to Reportable Segment Disclosures. This
ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and
do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not
expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.
Other accounting
standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future
date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.3
ACQUISITIONS
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
ACQUISITIONS |
4. ACQUISITIONS
●
The acquisition of Yundian
On March
31, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Magnum International Holdings Limited, a British
Virgin Islands business company (the “Yundian BVI”), and all the shareholders of Yundian BVI, who collectively hold 100%
issued and outstanding shares of Yundian BVI (the “Sellers”). Yundian BVI indirectly owns 100% of Dalian Yundian Zhiteng
Technology Company Limited (“Yundian”), a company organized under the laws of the PRC, via Yundian BVI’s wholly-owned
subsidiary in Hong Kong, Yun Tent Technology Company Limited. Yundian is a company engaging in the information technology and communication
engineering based in Dalian, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yundian
BVI. Upon the closing, the aggregate purchase price for Yundian was $6,372,000 and 9,000,000 Ordinary Shares was provided. The
closing of the Yundian SPA occurred on April 19, 2022.
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Yundian’s
operations have been included in the Company’s consolidated financial statements since April 19, 2022. The revenue and net loss
of the Yundian from the acquisition date to December 31, 2022 was $21,595 and $952,590 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of April 19, 2022:
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 4,402 | |
Other current assets | |
| 36,575 | |
Accounts
receivable | |
| | |
Property and equipment, net | |
| | |
Other non-current assets | |
| | |
Advances
to suppliers, net | |
| | |
| |
| | |
Goodwill | |
| 6,596,636 | |
Liabilities | |
| | |
Accounts payable | |
| (141 | ) |
Advance from
customer | |
| | |
| |
| | |
Accrued expenses and other current liabilities | |
| (265,472 | ) |
Total net assets | |
$ | 6,372,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Yundian. Goodwill represents the excess of the
fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of Yundian
at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 10,978,767 | |
Net loss | |
$ | (11,219,853 | ) |
4. ACQUISITIONS
(CONTINUED)
●
The acquisition of Code Beating
On June
23, 2022, the Company entered into a Stock Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company Limited
(the “Mahao BVI”) to acquire Code Beating (Xiamen) Technology Company Limited (“Code Beating”). Upon the closing,
the aggregate purchase price for Code Beating was $6,120,000 and 10,000,000 Ordinary Shares was provided. The closing of the Code
Beating SPA occurred on June 23, 2022.
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Code
Beating’s operations have been included in the Company’s consolidated financial statements since June 23, 2022. The revenue
and net income of the Code Beating from the acquisition date to December 31, 2022 was $8,680,972 and $596,412 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of June 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 21 | |
Accounts receivable | |
| 613,198 | |
Advances to suppliers, net | |
| 4,343,744 | |
Other current assets | |
| 78,073 | |
Goodwill | |
| 5,956,203 | |
Liabilities | |
| | |
Accounts payable | |
| (440,392 | ) |
Advance from customer | |
| (4,410,090 | ) |
Accrued expenses and other current liabilities | |
| (20,757 | ) |
Total net assets | |
$ | 6,120,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Code Beating. Goodwill represents the excess
of the fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of
Code Beating at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 11,977,268 | |
Net loss | |
$ | (11,218,447 | ) |
●
The acquisition of Yuanxing
On December
12, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited, a British
Virgin Islands business company (the “Yuanxing BVI”), and all the shareholders of Yuanxing BVI, who collectively hold 100%
issued and outstanding shares of Yuanxing BVI (the “Sellers”). Yuanxing BVI indirectly owns 100% of Hunan Yuanxing Chanrong
Technology Co., Ltd (“Yuanxing”), a company organized under the laws of the PRC, via Yuanxing BVI’s wholly-owned subsidiary
in Hong Kong, Antai Medical Limited. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of
Yuanxing BVI. Upon the closing, the aggregate purchase price for Yuanxing was $2,640,000 and 12,000,000 Ordinary Shares was provided.
The closing of the Yuanxing SPA occurred on December 23, 2022.
4. ACQUISITIONS
(CONTINUED)
These transactions
were accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The results of the Yuanxing’s
operations have been included in the Company’s consolidated financial statements since December 23, 2022. The revenue and net loss
of the Yuanxing from the acquisition date to December 31, 2022 was $537,252 and $169,034 respectively.
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yuanxing as of December 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 12,484 | |
Accounts receivable | |
| 767,120 | |
Advances to suppliers, net | |
| 216,927 | |
Other current assets | |
| 231,687 | |
Property and equipment, net | |
| 3,329 | |
Other non-current assets | |
| 17,631 | |
Goodwill | |
| 1,744,366 | |
Liabilities | |
| | |
Accounts payable | |
| (203,901 | ) |
Advance from customer | |
| (21,487 | ) |
Accrued expenses and other current liabilities | |
| (128,156 | ) |
Total net assets | |
$ | 2,640,000 | |
The fair
value of all assets acquired and liabilities assumed is the estimated book value of the Yuanxing. Goodwill represents the excess of the
fair value of purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of Yuanxing
at the acquisition date.
The following
unaudited pro forma consolidated financial information for the year ended December 31, 2022 is presented as if the acquisitions had been
consummated on January 1, 2022 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared
for illustrative purpose only and do not purport to be indicative of what operating results would have been had the acquisition actually
taken place on the date indicated and may not be indicative of future operating results.
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 12,540,220 | |
Net loss | |
$ | (10,811,082 | ) |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
X |
- DefinitionThe entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.
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v3.24.3
ACCOUNTS RECEIVABLE, NET
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
ACCOUNTS RECEIVABLE, NET |
5. ACCOUNTS
RECEIVABLE, NET
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable | |
$ | 2,386,443 | | |
| 3,281,974 | |
Less: allowance for credit losses | |
| (398,099 | ) | |
| (407,480 | ) |
Accounts receivable, net | |
$ | 1,988,344 | | |
| 2,874,494 | |
The movement of the allowance for credit losses was as follows:
SCHEDULE
OF ALLOWANCE FOR ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of period | |
$ | 407,480 | | |
| 400,262 | |
Additions charged to bad debt expense | |
| - | | |
| 29,287 | |
Translation adjustments | |
| (9,381 | ) | |
| (22,069 | ) |
Balance as of the end of period | |
$ | 398,099 | | |
| 407,480 | |
As of June
30, 2024 and December 31, 2023, the Company has accounts receivable, net of $1,988,344 and $2,874,494. The allowance for doubtful accounts
was $398,099 and $407,480 as of June 30, 2024 and December 31, 2023.
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.24.3
OTHER CURRENT ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
OTHER CURRENT ASSETS |
6. OTHER
CURRENT ASSETS
The other
current assets as of June 30, 2024 and December 31, 2023 consist of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Staff advance | |
$ | 674,379 | | |
| 436,145 | |
Deposit | |
| 91,419 | | |
| 88,650 | |
VAT recoverable | |
| - | | |
| 2,780 | |
Others | |
| 125,369 | | |
| 64,780 | |
Subtotal | |
| 891,167 | | |
| 592,355 | |
Less: allowance for credit losses | |
| (123,954 | ) | |
| (126,875 | ) |
Total of other current assets | |
$ | 767,213 | | |
| 465,480 | |
SCHEDULE
OF ALLOWANCE FOR OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of year | |
$ | 126,875 | | |
| - | |
Additions charged to bad debt expense | |
| - | | |
| 116,402 | |
Translation adjustments | |
| (2,921 | ) | |
| 10,473 | |
Balance as of the end of year | |
$ | 123,954 | | |
| 126,875 | |
|
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v3.24.3
PROPERTY AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
7. PROPERTY
AND EQUIPMENT
Property
and equipment consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Computer and accessories | |
$ | 87,117 | | |
$ | 89,170 | |
Office Equipment | |
| 24,835 | | |
| 25,420 | |
Vehicle | |
| 24,781 | | |
| 25,365 | |
Leasehold improvement | |
| 342,449 | | |
| 350,518 | |
Property
and equipment gross | |
| 342,449 | | |
| 350,518 | |
Less: accumulated depreciation | |
| (421,070 | ) | |
| (414,003 | ) |
Property and equipment, net | |
$ | 58,112 | | |
$ | 76,470 | |
Depreciation
expense for the six months ended June 30, 2024 and 2023 was $ 16,718 and $ 31,613, respectively.
|
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v3.24.3
GOODWILL
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL |
8. GOODWILL
SCHEDULE OF GOODWILL
| |
| | |
Balance as of December 31, 2023 | |
$ | - | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2024 | |
$ | - | |
Balance as of December 31, 2022 | |
$ | 7,700,569 | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2023 | |
$ | 7,700,569 | |
The goodwill
associated with the acquisition of: (i) Yundian of $6,596,636; (ii) Code Beating of $5,956,203 and (iii) Yuanxing of $1,744,366, were
initially recognized at the acquisition closing dates. The Company estimated the fair value of acquired assets and liabilities with the
assistance of an independent valuation firm.
As of June
30, 2024 and December 31, 2023, the goodwill both amounted to nil. Impairment losses for the six months ended June 30, 2024 and 2023
were nil.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.3
BANK LOANS
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
BANK LOANS |
9. BANK
LOANS
Bank loans
represent the amounts due to various banks that are due within and over one year. As of June 30,2024 and December 31, 2023, bank loans
consisted of the following:
SCHEDULE
OF BANK LOANS
| |
June 30, 2024 | | |
December 31, 2023 | |
Short-term bank loans: | |
| | | |
| | |
Loan from Bank of Jiangsu (1) | |
$ | 38,529 | | |
$ | 39,437 | |
Loan from China Construction Bank (3) | |
| 249,064 | | |
$ | 254,933 | |
Loan from Shenzhen Qianhai Weizhong Bank (2) | |
| 121,092 | | |
| 123,945 | |
Short-term bank loans | |
$ | 408,685 | | |
$ | 418,315 | |
(1) |
On July 7, 2021, Meiwu Shenzhen
entered into a loan agreement with Bank of Jiangsu to borrow $47,054 as working capital for one year, with maturity date of July
7, 2022. The loan bears a fixed interest rate of 7.1775% per annum. On July 30, 2022, Meiwu Shenzhen entered into a loan agreement
with Bank of Jiangsu to borrow $43,496 as working capital for one year, with maturity date of July 30, 2023. The loan bears a fixed
interest rate of 7.134% per annum. The maturity date of this loan is extended to October 31, 2023. |
|
|
(2) |
On September 16, 2021, Meiwu
Shenzhen entered into a loan agreement with Shenzhen Qianhai Weizhong Bank to borrow $414,072 as working capital for two years, with
maturity date of September 16, 2023. The loan bears a fixed interest rate of 8.46% per annum. The loan is guaranteed by Mr. Changbin
Xia, for whom the chief executive officer of Meiwu Shenzhen. The maturity date of this loan is extended to March 16, 2024 |
|
|
(3) |
On January 6, 2022, Meiwu
Shenzhen entered into a loan agreement with China Construction Bank to borrow $217,045 as working capital for one year, with maturity
date of January 6, 2023. The loan bears a fixed interest rate of 4.0525% per annum. And the maturity date of this loan is extended
to April 16, 2023.On October 14, 2022, Meiwu Shenzhen entered into a loan agreement with China Construction Bank to borrow $71,768
as working capital for one year, with maturity date of October 14, 2023. The loan bears a fixed interest rate of 3.90% per annum.
|
Due to
(1), (2) and (3) breach of the covenant, the banks are contractually entitled to request for immediate repayment of the outstanding loans
amount of $408,685. The outstanding balance are presented as a current liabilities as of June 30, 2024.
As of the
date when these consolidated financial statements were approved by the management, management is in the process of renegotiating the
terms of the loans arrangement with the banks and expects that a revised loan agreement will be in place after the financial year end.
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v3.24.3
ACCOUNTS PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE |
10.
ACCOUNTS PAYABLE
The accounts
payable as of June 30,2024 and December 31, 2023 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable to suppliers | |
$ | 240,989 | | |
| 315,144 | |
Accounts payable for SMS service | |
| 1,551,877 | | |
| 2,232,661 | |
Total of Accounts payable | |
$ | 1,792,866 | | |
| 2,547,805 | |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.3
RIGHT-OF-USE ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Right-of-use Assets |
|
RIGHT-OF-USE ASSETS |
11.
RIGHT-OF-USE ASSETS
The Company
leases office and restaurant premises under non-cancelable operating lease agreements, with an option to renew the leases. Per the new
lease standard ASC 842-10-55, these leases are treated as operating leases. Management determined the loan interest rate of 4.75% is
the weighted average discount rate for the lease that began in 2018. The rental expense for the six months ended June 30, 2024 and 2023
was $52,864 and $57,678, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals.
Rights-of-use
assets, net consisted of the following:
SCHEDULE
OF RIGHTS-TO-USE LEASE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leased properties under operating lease | |
$ | 287,223 | | |
| 293,991 | |
Less: accumulated amortization | |
| (220,757 | ) | |
| (174,935 | ) |
Right-of-use assets | |
$ | 66,466 | | |
| 119,056 | |
The Company
does not have any variable lease costs. Cash payment made under the lease agreements is $60,262
and $54,967
for the six months ended June 30, 2024 and 2023, respectively. The weighted-average remaining lease term is 0.67
and 1.16 years
as of June 30, 2024 and December 31, 2023. Interest expense was $2,653
and $5,390
for the six months ended June 30,2024 and 2023 respectively.
SCHEDULE
OF FUTURE LEASE COMMITMENTS
Future
lease commitments
| |
| | |
2024 | |
$ | 60,767 | |
2025 | |
| 20,256 | |
Total Lease Payments | |
$ | 81,023 | |
Less: imputed interest | |
$ | (1,395 | ) |
Present value of lease liabilities | |
$ | 79,628 | |
Lease liabilities - Current | |
$ | 79,628 | |
Lease liabilities – Non current | |
| - | |
Amortization
expense was recognized as lease expense in general and administrative expense. Non-cash portion of amortization expense was $42,056 and
$51,877 for the six months ended June 30, 2024 and 2023, respectively.
The estimated
amortization expenses for each of the five succeeding years is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSES
Year ending | |
Amortization expense | |
2024 | |
| 49,850 | |
2025 | |
| 16,616 | |
Total | |
$ | 66,466 | |
On February
23, 2022, Shenzhen Bao’an Industrial Investment Group Co., Ltd(“Bao’an Industrial Investment”) entered a lease
with Meiwu Shenzhen to lease our executive offices to us for a lease term from March 1, 2022 to February 28, 2025, at a monthly net rent
of RMB49,743.65 (approximately, $7,802) from March 1, 2022 to February 28, 2023, a monthly net rent of RMB52,230.83 (approximately, $8,192)
from March 1, 2023 to February 29, 2024 and a monthly net rent of RMB54,844.64 (approximately, $8,602) from March 1, 2024 to February
28, 2025.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.3
EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
EQUITY |
12.
EQUITY
Ordinary
shares
Meiwu Technology
Company Limited is established under the laws of British Virgin Islands on December 4, 2018 with 50,000 authorized and issued ordinary
shares of par value USD$1.00 each in class. Subsequently on November 15, 2019, the Company issued 16,666 new shares for $16,666, with
a par value of USD$1.00, and issued ordinary shares became 66,666 in total. On November 27, 2019, the board of directors of the Company
approved written resolutions that the authorized and issued shares in the Company change from a par value of USD$1.00 each of a single
class to no par value each of a single class, and that the 66,666 shares of no par value each of a single class in issue be divided pro-rata
into 20,000,000 shares of no par value each of a single class. As a part of the company’s recapitalization prior to completion
of its initial public offering, the Company has retroactively restated all shares and per share data.
The Company
completed IPO of 5,000,000 shares of ordinary shares and 999,910 ordinary shares offered by the selling shareholder, Eternal Horizon
International Company Limited at a price of US$5.00 per share to the public for a total of $29,999,550 of gross proceeds. Net proceeds
were $26.5 million after deducting $3.5 million in underwriter’s fee and expenses.
On November
23, 2021, the Company entered into a Share Purchase Agreement (“SPA”) with Boxinrui International Holdings Limited, a British
Virgin Islands business company (the “Anxin BVI”), and all the shareholders of Anxin BVI, who collectively hold 100% issued
and outstanding shares of Anxin BVI (the “Sellers”). Anxin BVI indirectly owns 100% of Beijing Anxin Jieda Logistics Co.,
Ltd. (“Anxin”), a company organized under the laws of the PRC, via Anxin BVI’s wholly-owned subsidiary in Hong Kong,
Hong Kong Anxin Jieda Co., Limited. Anxin is a company engaging in the business of transportation and logistics based in Beijing, China.
Pursuant to the SPA, at the closing, we shall deliver to the Sellers a total of 7,968,755 ordinary shares, no par value (“Ordinary
Shares”), however, if the audit of the Anxin’s financial statements for the years ended December 31, 2020 and 2019 is not
completed by the sixty-fifth (65th) day following the date of the SPA, the 50% of the Share Consideration paid to each Seller shall be
forfeited and returned to the Company for cancellation. As of March 11, 2022, Anxin BVI failed to deliver the audited financial statements
of Anxin for the year ended December 31, 2020 and 2019. Therefore, we entered into a termination agreement, (the “Termination Agreement”)
pursuant to which, the parties agreed to terminate the transaction as contemplated by the SPA and the Sellers agreed to return 7,968,755
Ordinary Shares to the Company immediately and such Ordinary Shares were forfeited and reserved as the treasury shares of the Company
on June 14, 2022.
In March
2022, the Company adopted a share incentive plan, which is referred to as the 2022 Equity Incentive Plan (“the 2022 Plan”).
The purpose of the plan is to attract and retain the best available personnel for positions of substantial responsibility, provide additional
incentive to employees, directors and consultants and promote the success of the Company’s business. Under the 2022 Plan, the maximum
aggregate number of Shares that may be issued under the Plan is 4,945,313 Shares.
On March
31, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Magnum International Holdings Limited, a British
Virgin Islands business company (the “Yundian BVI”), and all the shareholders of Yundian BVI, who collectively hold 100%
issued and outstanding shares of Yundian BVI (the “Sellers”). Yundian BVI indirectly owns 100% of Dalian Yundian Zhiteng
Technology Company Limited (“Yundian”), a company organized under the laws of the PRC, via Yundian BVI’s wholly-owned
subsidiary in Hong Kong, Yun Tent Technology Company Limited. Yundian is a company engaging in the information technology and communication
engineering based in Dalian, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yundian
BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$8.1 million to be paid in ordinary shares,
no par value (“Ordinary Shares”), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares
(“Share Consideration”) provided, however, if the audit of the Yundian’s financial statements for the years ended December
31, 2021 and 2020 is not completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA,
all the Share Consideration paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Yundian
SPA occurred on April 19, 2022.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
12.
EQUITY (CONTINUED)
On June
23, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Mahaotiaodong Information Technology Company Limited,
a British Virgin Islands business company (the “Mahao BVI”), and all the shareholders of Mahao BVI, who collectively hold
100% issued and outstanding shares of Mahao BVI (the “Sellers”). Mahao BVI indirectly owns 100% of Code Beating (Xiamen)
Technology Company Limited (“Code Beating”), a company organized under the laws of the PRC, via Mahao BVI’s wholly-owned
subsidiary in Hong Kong, DELIMOND Limited. Code Beating is a company engaging in providing Internet access and related services based
in Xiamen, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Mahao BVI. Upon the
closing, the Company shall deliver to the Sellers total consideration of US$6 million to be paid in ordinary shares, no par value (“Ordinary
Shares”), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares (“Share Consideration”)
provided, however, if the audit of the Code Beating’s financial statements for the years ended December 31, 2021 and 2020 is not
completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA, all the Share Consideration
paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Code Beating SPA occurred on
June 23, 2022.
On December
12, 2022, the Company entered into a Share Purchase Agreement (“SPA”) with Xinfuxin International Holdings Limited, a British
Virgin Islands business company (the “Yuanxing BVI”), and all the shareholders of Yuanxing BVI, who collectively hold 100%
issued and outstanding shares of Yuanxing BVI (the “Sellers”). Yuanxing BVI indirectly owns 100% of Hunan Yuanxing Chanrong
Technology Co., Ltd (“Yuanxing”), a company organized under the laws of the PRC, via Yuanxing BVI’s wholly-owned subsidiary
in Hong Kong, Antai Medical Limited. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of
Yuanxing BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$9.6 million to be paid in ordinary
shares, no par value (“Ordinary Shares”), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary
Shares (“Share Consideration”). The closing of the Yuanxing SPA occurred on December 23, 2022.
On February
21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per share.
As of June
30, 2024 and December 31, 2023, 3,361,823 and 2,923,325 ordinary shares were issued and outstanding with no par value, respectively.
Share
Consolidation
On November
27, 2023, the shareholders of the Company held an extraordinary general meeting (the “Meeting”) and approved by an ordinary
resolution of a share consolidation (the “Share Consolidation”) that every thirty-five (35) issued and unissued ordinary
shares of the Company be consolidated into one (1) ordinary shares issued. As a consequence of the Share Consolidation, the par value
of each issued and authorized but unissued ordinary share of the Company will remain as no par value. The Company believes it is appropriate
to reflect the Share Consolidation of its Ordinary Shares on a retroactive basis pursuant to ASC 260. All shares and per share data for
all the periods presented have been retroactively restated.
Additional
Paid-in Capital
The additional
paid-in capital at June 30, 2024 and December 31, 2023 was $44,515,833 and $44,515,833, respectively. During the six months ended June
30, 2024 and 2023, zero and $ 5,944,267 were contributed to the Company.
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v3.24.3
RELATED PARTY BALANCES AND TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY BALANCES AND TRANSACTIONS |
13.
RELATED PARTY BALANCES AND TRANSACTIONS
SCHEDULE OF RELATED PARTY TRANSACTIONS
(1)
Related parties with transactions and related party relationships
Name
of Related Party |
|
Relationship
to the Company |
Hanwu Yang |
|
Shareholder of the Company |
Changbin Xia |
|
Shareholder of the Company |
Eternal Horizon International Company Limited |
|
As a shareholder of the Company
before December 15, 2020 |
Yanping Guo |
|
Legal representative of Vande |
Mishan City Shenmi Dazhong Management Consulting
Partnership (“ShenMi DaZhong”) |
|
Shareholder of the Company |
Haiyan Qin, Hui Wang and other 11 individuals |
|
Shareholders of ShenMi DaZhong |
Shan’xi Nongbei New Agriculture Technology
Co., Ltd and other 8 companies |
|
Associated with shareholders
of ShenMi DaZhong |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
13.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
SCHEDULE
OF DUE TO RELATED PARTIES
(2)
Due to related parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Eternal Horizon International Company Limited(1) | |
$ | 2,200,194 | | |
$ | 2,257,397 | |
Changbin Xia(2) | |
$ | 1,378,147 | | |
| 1,410,621 | |
Other | |
| 236,841 | | |
| 244,588 | |
Total | |
$ | 3,815,182 | | |
$ | 3,912,606 | |
(1) |
During IPO, the underwriters
purchased 999,910 ordinary shares from a selling shareholder for $4,999,550. The gross proceeds were wired into the Company’s
account and was invested in loan receivable together with net proceeds from IPO. The Company paid $2.6 million to the underwriters
for the year ended December 31, 2022. |
(2) |
The Company borrowed loans
as working capital from one shareholder Changbin Xia as well as the legal representative of Vande. The balance due to related parties
is interest-free and due on demand. |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
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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v3.24.3
TAXATION
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
TAXATION |
14.
TAXATION
Income
Tax
Meiwu Technology
Company Limited was incorporated in the British Virgin Islands (“BVI”) as an offshore holding company. Under the current
law of the BVI, Meiwu Technology Company Limited is not subject to tax on income or capital gains. Additionally, upon payments of dividends
by Meiwu Technology Company Limited to its shareholders, no BVI withholding tax will be imposed.
Meiwu Technology
Company Limited’s subsidiary Shenzhen Vande Technology Co., Limited was incorporated in Hong Kong and does not conduct any substantial
operations on its own. No provision for Hong Kong profits tax has been made in the financial statements as Shenzhen Vande Technology
Co., Limited has no assessable profits. Additionally, upon payments of dividends by Shenzhen Vande Technology Co., Limited to its shareholders,
no Hong Kong withholding tax will be imposed.
Meiwu Zhishi
Technology (Shenzhen) Co., Ltd, formerly known as Wunong Technology (Shenzhen) Co., Ltd, the Company’s PRC operating subsidiaries
and VIE, being incorporated in the PRC, are governed by the income tax law of the PRC and is subject to PRC enterprise income tax (“EIT”).
The EIT rate of PRC is 25%, which applies to both domestic and foreign invested enterprises.
During
the six months ended June 30, 2024 and 2023, the Company and its subsidiary have incurred a net loss approximately of $0.3 million and
$0.3 million As a result, the Company and its subsidiary did not incur any EIT during the six months ended June 30, 2024 and 2023.
In accordance
with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to assess
underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined
in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities remain subject to examination
by the tax authorities based on the above.
For the
six months ended June 30, 2024 and 2023, the Company was subject to a 25% statutory income tax rate.
Reconciliation
between the statutory rate and the effective tax rate is as follows for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF RECONCILIATION OF EFFECTIVE TAX RATE
| |
2024 | | |
2023 | |
PRC statutory tax rate | |
| 25 | % | |
| 25 | % |
Foreign loss not recognized in PRC | |
| (12 | )% | |
| (124 | )% |
Permanent difference and others | |
| - | | |
| 160 | % |
Change in valuation allowance | |
| (65 | )% | |
| 253 | % |
Effective tax rate | |
| (52 | )% | |
| 314 | % |
Deferred
Tax
Realization
of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate
future taxable income, exclusive of reversing deductible temporary differences and tax loss or credit carry forwards. The Company evaluates
the potential realization of deferred tax assets on an entity-by-entity basis. As of June 30, 2024 and December 31, 2023, valuation allowance
was provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred
tax assets will not be realized. The Company had deferred tax assets as of June 30, 2024 and December 31, 2023, which can be carried
forward to offset future taxable income. The management determines it is more likely than not that deferred tax assets could not be recognized,
so full allowances were provided as of June 30, 2024 and December 31, 2023. The operating loss generated from tax year ending December
31, 2018 carry forward incurred by the Company and subsidiary will expire in year 2024. The Company maintains a full valuation allowance
against its deferred tax assets, since due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient
future earnings to utilize its deferred tax assets.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
14.
TAXATION (CONTINUED)
The Company’s
deferred tax assets were as follows:
SCHEDULE
OF DEFERRED TAX ASSETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Tax effect of net operating losses carried forward | |
| 92,851 | | |
| 15,445,085 | |
Valuation allowance | |
| (92,851 | ) | |
| (15,445,085 | ) |
Deferred tax assets, net | |
$ | - | | |
$ | - | |
There were
no uncertain tax positions as of June 30, 2024 and December 31, 2023, and the Company does not believe that this will change over the
next twelve months.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.3
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
15.
SEGMENT REPORTING
ASC 280,
“Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers
in financial statements for details on the Company’s business segments. The Company uses the “management approach”
in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s
chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s
reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different
products or services. Based on management’s assessment, the Company has determined that it has three operating segments as defined
by ASC 280, including Clean Food platform, restaurant, and others.
Adjustments
and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief
operating decision maker. The following table presents summary information by segment for the six months ended June 30, 2024 and 2023,
respectively:
SCHEDULE
OF SEGMENT REPORTING
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2024 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 86,159 | | |
$ | - | | |
$ | 86,159 | |
Cost of goods sold | |
| 42,089 | | |
| - | | |
| 42,089 | |
Gross profit | |
| 44,070 | | |
| | | |
| 44,070 | |
Depreciation and amortization | |
| 43,122 | | |
| - | | |
| 43,122 | |
Capital expenditures | |
| - | | |
| - | | |
| - | |
Loss from operations | |
| (715,437 | ) | |
| (13,056 | ) | |
| (728,493 | ) |
Income tax benefits | |
| - | | |
| 371,568 | | |
| 371,568 | |
Segment (loss) profit | |
| (704,124 | ) | |
| 358,513 | | |
| (345,611 | ) |
Segment assets | |
$ | 17,783,610 | | |
$ | 2,271,195 | | |
$ | 20,054,805 | |
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2023 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 2,326,966 | | |
$ | 8,356,277 | | |
$ | 10,683,243 | |
Cost of goods sold | |
| 969,172 | | |
| 7,259,205 | | |
| 8,228,377 | |
Gross profit | |
| 1,357,794 | | |
| 1,097,072 | | |
| 2,454,866 | |
Depreciation and amortization | |
| 83,490 | | |
| - | | |
| 83,490 | |
Capital expenditures | |
| 5,496 | | |
| - | | |
| 5,496 | |
(Loss) Income from operations | |
| (696,346 | ) | |
| 737,558 | | |
| 41,212 | |
Provision for income taxes | |
| (511 | ) | |
| (210,857 | ) | |
| (211,368 | ) |
Segment (loss) profit | |
| (805,328 | ) | |
| 526,702 | | |
| (278,626 | ) |
Segment assets | |
$ | 26,036,470 | | |
$ | 11,463,372 | | |
$ | 37,499,842 | |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.3
COMMITMENTS
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS |
16.
COMMITMENTS
Non-cancellable
operating leases
The following
table sets forth our contractual obligations as of June 30, 2024.
SCHEDULE
OF MATURITIES OF CONTRACTUAL OBLIGATIONS
| |
Payment due by June 30, | |
| |
Total | | |
2025 | | |
2026 | | |
2027 | | |
2028 | |
Operating lease commitments for property management expenses under lease agreements | |
$ | 26,440 | | |
$ | 26,440 | | |
$ | - | | |
$ | - | | |
$ | - | |
|
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- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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v3.24.3
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
17.
SUBSEQUENT EVENTS
On October
22, 2024, the chairman of the Company (the “Selling Shareholder”), Changbin Xia, purchased 30,000,000 Ordinary Shares at
a per share price of $0.80, pursuant to a certain securities purchase agreement (the “SPA”), entered into between the Company
and the Selling Shareholder.
On October
24, 2024, the Company issued up to 30,000,000 ordinary shares, no par value each (the “Ordinary Shares”).
These unconsolidated
financial statements were approved by management and available for issuance on November 15, 2024. The Company has evaluated subsequent
events through this date and concluded that there are no additional reportable subsequent events other than that disclosed in above.
|
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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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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation and principles of consolidation |
●
Basis of presentation and principles of consolidation
These
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and have been consistently applied. The consolidated financial statements include
the accounts of the Company, its subsidiaries, and the VIE. All intercompany balances and transactions between the Company, its subsidiaries
and the VIE are eliminated upon consolidation.
|
Consolidation of Variable Interest Entity |
●
Consolidation of Variable Interest Entity
A
VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated
financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights,
and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial
interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.
Guo
Gang Tong Trade (Shenzhen) Co., Ltd is deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen
because it has both of the following characteristics:
|
(1) |
The
power to direct activities at Meiwu Shenzhen that most significantly impact such entity’s economic performance, and |
|
(2) |
The
right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity. |
Pursuant
to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen pays service fees equal to all of its net profit after tax payments
to WFOE. Such contractual arrangements are designed so that Meiwu Shenzhen operates for the benefit of Guo Gang Tong Trade (Shenzhen)
Co. Ltd and ultimately, the Company.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Consolidation of Variable Interest Entity (continued)
Accordingly,
the accounts of the Meiwu Shenzhen and its subsidiaries are consolidated in our financial statements pursuant to ASC 810-10, Consolidation.
In addition, their financial positions and results of operations are included in our financial statements. The carrying amount of this
VIE’s assets and liabilities are as follows:
SCHEDULE
OF CONSOLIDATION OF VARIABLE INTEREST ENTITY
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Current assets | |
$ | 750,242 | | |
$ | 485,789 | |
Property and equipment, net | |
| 52,886 | | |
| 71,121 | |
Right of Use Lease Assets, net | |
| 66,466 | | |
| 119,056 | |
Total assets | |
| 869,594 | | |
| 675,966 | |
Total current liabilities | |
| 7,175,097 | | |
| 6,960,419 | |
Total non-current liabilities | |
| 230,426 | | |
| 262,384 | |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 86,159 | | |
$ | 1,906,966 | |
Cost of revenue | |
| 42,089 | | |
| 563,818 | |
Operating expenses | |
| 402,932 | | |
| 1,803,372 | |
Net loss | |
| (358,349 | ) | |
| (370,088 | ) |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (231,248 | ) | |
$ | (374,667 | ) |
Net cash used in investing activities | |
| - | | |
| (5,496 | ) |
Net cash provided by financing activities | |
| 27,665 | | |
| 277,229 | |
Effect of changes of foreign exchange rate on cash | |
| 270,340 | | |
| 68,612 | |
Net increase (decrease) in cash and cash equivalents | |
| 66,757 | | |
| (34,323 | ) |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Use of estimates |
●
Use of estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information
available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to
such estimates and assumptions include, but are not limited to, valuation of inventory, and recoverability of carrying amount and the
estimated useful lives of fixed assets, and implicit interest rate of operating leases.
|
Business combinations |
●
Business combinations
The
Company accounted for its business combination using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred
and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income
statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments
to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement
period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments
are recorded in the consolidated income statements.
In
a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before
obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income
statements.
When
there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the
Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary
is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.
|
Cash |
●
Cash
Cash
consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal
or use, and which have remaining maturities of three months or less when initially purchased.
|
Accounts receivable, net |
●
Accounts receivable, net
Accounts
receivable, net mainly represent amounts due from clients and are recorded net of allowance for doubtful accounts.
The
Company mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful
accounts is established and recorded based on management’s assessment of historical bad debts, creditworthiness and financial conditions
of the clients, current economic trends and changes in client payment patterns. Past due accounts are generally written off against the
allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote. The
allowance was $398,099 and $407,480 as of June 30, 2024 and December 31, 2023, respectively.
|
Inventories, net |
●
Inventories, net
The
Company values its inventories at the lower of cost or net realizable value. The cost of inventories is calculated using the first in
first out basis.
Where
there is evidence that the utility of inventories, in their disposal in the ordinary course of business, will be less than cost, whether
due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to net realizable
value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products.
Any idle facility costs or excessive spoilage are recorded as current period charges. There was no inventory impairment for the six months
ended June 30, 2024 and 2023.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Advances to suppliers |
●
Advances to suppliers
Advances
to suppliers represent prepayments made to certain suppliers of Clean Food. To ensure continuous high-quality supplies and favorable
purchase prices of Clean Food, the Company is required from time to time to make cash advances when placing its purchase orders. The
Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the
ability of a supplier to provide supplies to the Company or refund the advance. As of June 30, 2024 and December 31, 2023, the allowances
was $263,530 and $269,740 respectively.
|
Property and equipment |
●
Property and equipment
Property
and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable
costs of bringing the asset to its present working condition and location for its intended use. Depreciation is computed using the straight-line
method over estimated useful lives listed below:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Estimated Useful Life |
Computers and accessories | |
3 years |
Vehicle | |
5 years |
Office Equipment | |
5 years |
Leasehold improvement | |
5 years |
When
computers and accessories, vehicle, and office equipment are retired or otherwise disposed of, resulting gain or loss is included in
net income or loss in the year of disposition for the difference between the net book value and proceeds received thereon. Maintenance
and repairs which do not improve or extend the expected useful lives of the assets are charged to expenses as incurred.
Leasehold
improvements are amortized using the straight-line method over the remaining lease term.
Depreciation
for equipment commences once it is placed in service and amortization of leasehold improvements commences once they are ready for our
intended use.
Construction
in progress is related to office renovation that has not yet been completed for our intended use. Capitalization of the cost of renovation
ceases and the construction in progress is transferred to leasehold improvement when substantially all the renovations are completed.
Construction in progress is not depreciated until they are ready for our intended use.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Leased property under operating leases |
●
Leased property under operating leases
The
Company early adopted ASU 2016-02, “Leases” on January 1st, 2017 and used modified retrospective method that requires application
at the beginning of the earliest comparative year presented. The most significant impact upon adoption relates to the recognition of
new Right-of-use (“ROU”) assets and lease liabilities on the Company’s balance sheet for office space leases. Upon
adoption, the Company recognized additional lease liabilities of $22,192 with corresponding ROU assets of the same amount based on the
present value of the remaining rental payments under current leasing standards for existing leases. The remaining balance of lease liabilities
are presented within current portion of finance lease liabilities and the non-current portion of lease liabilities on the Consolidated
Balance Sheet.
|
Goodwill |
●
Goodwill
Goodwill
represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired
subsidiary at the date of acquisition. Goodwill is not amortized, and is tested for impairment at least annually, more often when circumstances
indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill
is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive
(loss) income. Impairment losses on goodwill are not reversed.
The
Company has the opinion to assess qualitative factors to determine whether it is necessary to perform the two-step in accordance with
ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described
below is required.
The
first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting
unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required.
If
the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying
value of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a
business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the
reporting unit. The excess of the fair value of the reporting unit. over the amounts assigned to the assets and liabilities is the implied
fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being
a discounted cash flow. The fair value of discounted cash flow was determined using management’s estimates and assumptions.
Management
evaluated the recoverability of goodwill by performing a qualitative assessment before using a two-step impairment test approach at the
reporting unit level. If the Company reorganizes its reporting structure in a manner that changes the composition of one or more of its
reporting units, goodwill will be reassigned based on the relative fair value of each of the affected reporting units. There was no goodwill
impairment for the six months ended June 30, 2024 and 2023.
|
Impairment of long-lived assets |
●
Impairment of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset’s
carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no indicators of impairments of
these assets as of June 30,2024 and December 31, 2023.
|
Convertible notes |
●
Convertible notes
Convertible
notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental
fees. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds
received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the
facilities using the effective interest method.
|
Revenue recognition |
●
Revenue recognition
On
January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (FASB
ASC Topic 606) using the modified retrospective approach. The results of applying Topic 606 using the modified retrospective approach
were insignificant and did not have a material impact on the Company’s consolidated financial condition, results of operations,
cash flows, business process, controls or systems.
The
core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods to
customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require
the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or
over time, based on when control of goods and services transfers to a customer. All of the Company’s contracts have one single
performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts
and is, therefore, not distinct. The initial payments received from pre-ordering are recorded in the advance from customers on the balance
sheets and will not be recognized as revenue until transfer of goods. Shipping and handling are activities to fulfill the Company’s
promise to transfer goods to customers, which are included in the sale price of the goods.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Revenue
is recognized or realizable and earned when all five of the following criteria are met: (1) Identify the Contract with a Customer, (2)
Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the
Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company
recognizes revenue based upon gross sales minus sales returns and sales incentives that the Company offers to its customers, such as
discounts. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically,
customer returns have been immaterial.
Revenue
expected to be recognized in any future periods related to remaining performance obligations is recorded in advances from customers.
As of June 30, 2024 and December 31, 2023, the balance of advances from customers was $1,093,706 and $1,004,832, respectively.
The
following table sets forth the breakdown of our net revenue for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF NET REVENUE
| |
For the six months ended June 30 | |
| |
2024 | | |
2023 | |
| |
| | |
% of | | |
| | |
% of | |
| |
Net | | |
total | | |
Net | | |
total | |
Product category | |
revenue | | |
revenue | | |
revenue | | |
revenue | |
Grains, oil, and spices | |
$ | 13,036 | | |
| 15.1 | % | |
$ | 81,322 | | |
| 0.8 | % |
Beverages, alcohol and tea | |
$ | 23,245 | | |
| 27.0 | % | |
$ | 1,509,091 | | |
| 14.1 | % |
Meat, poultry and eggs | |
$ | 6,343 | | |
| 7.3 | % | |
$ | 12,895 | | |
| 0.1 | % |
Other food | |
$ | 35,607 | | |
| 41.3 | % | |
$ | 620,552 | | |
| 5.8 | % |
Fresh fruits and vegetables | |
$ | 6,864 | | |
| 8.0 | % | |
$ | 9,112 | | |
| 0.1 | % |
Groceries | |
$ | 824 | | |
| 1.0 | % | |
$ | 93,162 | | |
| 0.9 | % |
Dried seafood | |
$ | 240 | | |
| 0.3 | % | |
$ | 832 | | |
| 0.0 | % |
SMS service | |
$ | - | | |
| 0.0 | % | |
$ | 8,356,277 | | |
| 78.2 | % |
Total | |
$ | 86,159 | | |
| 100 | % | |
$ | 10,683,243 | | |
| 100 | % |
On
January 1, 2017, the Company also adopted ASU 2016-08 Principle versus Agent Considerations (Reporting Revenue Gross versus Net), which
amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09 to clarify how the principal-versus-agent
indicators should be evaluated to support an entity’s conclusion that it controls a specified good or service before it is transferred
to a customer. Under the new revenue standards, when a third party is involved in providing goods or services to a customer, the entity
must determine whether its performance obligation is to provide the good or service itself (i.e., the entity is a principal) or to arrange
for another party to provide the good or service (i.e., the entity is an agent). An entity makes this determination by evaluating the
nature of its promise to the customer. An entity is a principal (and, therefore, records revenue on a gross basis) if it controls the
promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount it retains
as a commission) if its only role is to arrange for another entity to provide the goods or services.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
●
Revenue recognition (continued)
Sales
on website
The
Company operates an online platform to sell Clean Food to retail customers and recognizes revenue on a gross basis. The Company is a
principal because it controls the promised good or service before transferring it to a customer. This control is determined by the following
indicators 1) The Company is the primary obligor in the sales transaction and responsible for providing products and service. 2) The
Company bears the inventory risk. The Company will first indemnify customers for product damages and then request reimbursements from
suppliers if the suppliers are determined to be responsible for the damages. 3) The Company selects suppliers and runs the entire sales
process. 4) The Company sets the product price and has control over the entire transaction.
Sales
offline
In
the second half of 2020, the Company started the offline sales which mainly focused on the non-retail customers. For the offline sales,
the customers order goods from the Company according to their own needs, then the company will order the corresponding products from
the suppliers. The Company’s offline sales have the following categories: grains, fruits, vegetables and meat. Revenue is confirmed
upon receipt of the goods. Payment will be made by the customer after the invoice is issued. The Company is a principal because it controls
the promised goods or services before transferring them to a customer. This control is determined by the following indicators 1) The
Company is the primary obligor in the sales transaction and responsible for providing products and services. 2) The Company bears the
inventory risk. The Company will first indemnify customers for product damage and then request reimbursement from suppliers if the suppliers
are determined to be responsible for the damage. 3) The Company selects suppliers and runs the entire sales process. 4) The Company sets
the product price and has control over the entire transaction.
Service
revenue
The
Company generate substantially all of the Company’s services revenue from the following service:
(1) |
Communication
Platform-as-a-Service (“CPaaS”) which allows customers to send text messages using the Company’s cloud-based platform
through the new acquired subsidiary Code Beating; The Company account for revenue from customers’ usage of text message on
the Company’s CPaaS platform as a separate performance obligation. The Company’s service fees are determined by applying
the contractual unit price to the monthly usage volume of text messages sent and a contractual monthly fixed charge per subscriber
multiplied by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to
send text messages are sold separately to customers with observable standalone selling prices. In accordance with ASC 606, the Company
recognize revenue upon the transfer of control of promised services provided to the Company’s customers, in the amount of consideration
the Company expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company’s
revenue contracts generally do not include a right of return in relation to the delivered products or services. |
|
|
(2) |
Providing
technical solutions to customers: The Company generates revenue from providing technical and maintenance services under separate
contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is
identified in the contracts with customers. Revenue is recognized upon the transfer of control of promised services provided to the
Company’s customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes
collected on behalf of government authorities). The Company’s revenue contracts generally do not include a right of return
in relation to the delivered products or services. |
The
Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization
period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the
Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.
|
Cost of revenues |
●
Cost of revenues
The
shipping and handling costs as well as the cost of purchased Clean Food products listed for sale on the Company’s platform are
included as part of cost of goods sold. The Company expenses shipping and handling costs in conjunction with sale of its products as
incurred.
|
Sales and marketing expense |
●
Sales and marketing expense
Advertising,
sales and marketing costs consist primarily of costs for the promotion of business brand and product marketing. The Company expensed
all marketing and advertising costs as incurred.
|
Research and development expense |
●
Research and development expense
Research
and development expenditures include salaries, wages and other costs of personnel engaged in research and development. Costs of services
performed by others for research and development on the Company’s behalf are expensed when incurred. The Company’s research
and development expense primarily includes software development and testing.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Income taxes |
●
Income taxes
The Company
is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30, 2024
and 2023. The Company accounts for income taxes in accordance with ASC740, “Income Taxes”. The provision for income taxes
is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes
represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the
year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are
recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and
are adjusted for changes in tax rates and tax laws when enacted.
Valuation
allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating
the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback
periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as
well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations,
projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience
with similar operations. Existing favorable contracts and the ability to sell products into established markets are additional positive
evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are
not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for
which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to
establish a valuation allowance.
Tax benefits
related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than
not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute
of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations
remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and
are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that
the related tax benefits are recognized. There were no material uncertain tax positions as of June 30,2024 and December 31, 2023. All
tax returns since the Company’s inception are subject to examination by tax authorities.
|
Value added taxes (“VAT”) |
●
Value added taxes (“VAT”)
Sales represents
the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates, depending on the type of products sold.
The VAT may be offset by VAT paid by the Company on inventory acquired. The Company recorded a VAT payable net of payments in the accompanying
financial statements. All of the VAT returns of the Company have been and remain subject to examination by the tax authorities for five
years from the date of filing.
Before
April 30, 2019, the Company’s product sales revenues were subject to VAT at a reduced rate of 3% and subject to surcharges at a
reduced surcharge rate of 6% of the VAT payable since the company is qualified as a small-scale enterprise. Starting from May 1, 2019,
the Company is no longer qualified as a small-scale enterprise. The Company’s grains, oil, and spices products are subject to 9%
VAT and the other products are subject to 13% VAT. All the Company’s products are subject to tax surcharges at 12% of the VAT payable.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Foreign currency transactions and translations |
●
Foreign currency transactions and translations
An entity’s
functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment
in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency
by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements.
The functional currency of the Company is the Renminbi (“RMB’), and PRC is the primary economic environment in which the
Company operates. The reporting currency of these combined financial statements is the United States dollar (“US Dollars”
or “$”).
For financial
reporting purposes, the financial statements of the Company, which are prepared using the RMB, are translated into the Company’s
reporting currency, the United States Dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date.
Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated
at historical exchange rates when capital transaction occurred. Adjustments resulting from the translation are recorded as a separate
component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash flows from the Company’s operations
are calculated based upon the local currencies using the average translation rate. As a result, amounts related to assets and liabilities
reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated
financial statements for the respective periods.
The exchange
rates used for foreign currency translation were as follows (US Dollars $1 = RMB):
SCHEDULE
OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES
| |
Period/Year End | | |
Average | |
06/30/2024 | |
| 7.2672 | | |
| 7.2150 | |
12/31/2023 | |
| 7.0999 | | |
| 7.0809 | |
06/30/2023 | |
| 7.2513 | | |
| 6.9283 | |
No representation
is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
|
Comprehensive loss |
●
Comprehensive loss
Comprehensive
loss is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding
those resulting from investments by and distributions to shareholders. Accumulated other comprehensive loss, as presented on the accompanying
consolidated balance sheets, only consists of cumulative foreign currency translation adjustment.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Fair value of financial instruments |
●
Fair value of financial instruments
The Company
also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1: Inputs are
based upon unadjusted quoted prices for identical instruments traded in active markets; |
|
|
|
|
● |
Level 2: Inputs are
based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets
that are not active, and model-based valuation techniques (e.g., Black-Scholes Option-Pricing model) for which all significant inputs
are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
|
|
● |
Level 3: Inputs are
generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing
the asset or liability. |
The carrying
amounts reported in the balance sheets for cash, accounts receivable, net, loan receivable, advances to suppliers, other current assets,
accounts payable, advance from customers, tax payable, other payables and accrued liabilities approximate their fair value based on the
short-term maturity of these instruments.
|
Concentration risk |
●
Concentration risk
A majority
of the Company’s transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets
and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions
are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China
(“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China
foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. Under PRC regulations,
each bank account is insured by People’s bank of China with the maximum amount of RMB 500,000 (approximately US$68,802). The cash
balance held in the PRC bank accounts and other third party payment platform was $3,094,071 and $16,062,047 as of June 30, 2024 and December
31, 2023, respectively.
For the
six months ended June 30, 2024 and 2023, most of the Company’s assets were located in the PRC and all of the Company’s revenues
were derived from the PRC.
For the
six months ended June 30, 2024, three major suppliers accounted for approximately 20.3%, 16.8% and 14.6% of total purchase. For the six
months ended June 30, 2023, three major suppliers accounted for approximately 33.7%, 29.2%, and 13.1% of total purchase. As of June 30,
2024, no major supplier accounted for more than 10% of the advance to suppliers and accounts payable balance. As of December 31, 2023,
one major supplier accounted for approximately 38.2% of the advance to suppliers balance.
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Recent accounting pronouncements |
●
Recent accounting pronouncements
In September
2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Board is issuing the amendments
in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation
table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find
these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes
in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts
and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The Board decided that the
amendments should be effective for public business entities for annual periods beginning after December 15, 2024.
In November
2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)”: Improvements to Reportable Segment Disclosures. This
ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and
do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative
thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not
expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.
Other accounting
standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future
date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.
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v3.24.3
ORGANIZATION AND BUSINESS BACKGROUND (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES |
As
of December 31, 2023, details of the subsidiaries of the Company are set out below:
SCHEDULE
OF SUBSIDIARIES AND ASSOCIATES
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Meiwu
Technology Company Limited (“Meiwu” or the “Company”, formerly known as Wunong Net Technology Company Limited) |
|
December
4, 2018 |
|
British
Virgin Islands |
|
Parent |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Shenzhen
Vande Technology Co., Limited (“Vande”) |
|
April
6, 2017 |
|
Hong
Kong |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Magnum
International Holdings Limited (“Yundian BVI”) |
|
July
30, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Mahaotiaodong
Information Technology Company Limited (“Mahao BVI”) |
|
December
29, 2021 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Xinfuxin
International Holdings Limited (“Yuanxing BVI”) |
|
June
27, 2018 |
|
British
Virgin Islands |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Guo
Gang Tong Trade (Shenzhen) Co., Ltd (“WFOE”) |
|
December
28, 2018 |
|
Shenzhen,
China |
|
100 |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Yun
Tent Technology Company Limited (“YunTent”) |
|
August
10, 2021 |
|
Hong
Kong |
|
100%
owned by Yundian BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
DELIMOND
Limited (“DELIMOND”) |
|
January
3, 2019 |
|
Hong
Kong |
|
100%
owned by Mahao BVI |
|
Holding
Company |
MEIWU
TECHNOLOGY COMPANY LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)
Name
of Entity |
|
Date
of Incorporation |
|
Place
of Incorporation |
|
%
of Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
Antai
Medical Limited (“Antai”) |
|
January
20, 2017 |
|
Hong
Kong |
|
100%
owned by Yuanxing BVI |
|
Holding
Company |
|
|
|
|
|
|
|
|
|
Dalian
Yundian Zhiteng Technology Company Limited (“Yundian”) |
|
April
8, 2020 |
|
Dalian,
China |
|
100%
owned by YunTent |
|
Technology
service |
|
|
|
|
|
|
|
|
|
Code
Beating (Xiamen) Technology Company Limited (“Code Beating”) |
|
May
21, 2020 |
|
Xiamen,
China |
|
100%
owned by DELIMOND |
|
Short
messages service |
|
|
|
|
|
|
|
|
|
Hunan
Yuanxing Chanrong Technology Co., Ltd (“Yuanxing”) |
|
April
25, 2019 |
|
Chenzhou,
China |
|
100%
owned by Antai |
|
Technology
service, fruits and frozen products sales |
|
|
|
|
|
|
|
|
|
Meiwu
Zhishi Technology (Shenzhen) Co., Ltd (“Meiwu Shenzhen”, formerly known as Wunong Technology (Shenzhen) Co., Ltd) |
|
June
16, 2015 |
|
Shenzhen,
China |
|
VIE |
|
An
electronic online platform designed to provide primarily Clean Food to customers in China |
|
|
|
|
|
|
|
|
|
Meiwu
Catering Chain Management (Shenzhen) Co., Ltd (“Meiwu Catering”, formerly known as Wunong Catering Chain Management (Shenzhen)
Co., Ltd) |
|
November
27, 2018 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Restaurant
service, food sales |
|
|
|
|
|
|
|
|
|
Wude
Agricultural Technology (Shanghai) Co., Ltd (“Wude Shanghai”) |
|
September
29, 2020 |
|
Shanghai,
China |
|
51%
owned by Meiwu Shenzhen |
|
Food
selling, agricultural products purchase and wholesale |
|
|
|
|
|
|
|
|
|
Heme
Brand Chain Management (Shenzhen) Co., Ltd. (“Heme Shenzhen”) |
|
May
12, 2022 |
|
Shenzhen,
China |
|
100%
owned by Meiwu Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Heme
Catering Management (Shenzhen) Co., Ltd (“Heme Catering”) |
|
July
22, 2022 |
|
Shenzhen,
China |
|
100%
owned by Heme Shenzhen |
|
Drink
sales |
|
|
|
|
|
|
|
|
|
Shenzhen
Jiayuan Liquor Sales Co., Ltd. (“Shenzhen Jiayuan”) |
|
May
4, 2023 |
|
Shenzhen,
China |
|
70%
owned by Meiwu Shenzhen |
|
Alcohol
sales |
|
X |
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CONSOLIDATION OF VARIABLE INTEREST ENTITY |
SCHEDULE
OF CONSOLIDATION OF VARIABLE INTEREST ENTITY
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Current assets | |
$ | 750,242 | | |
$ | 485,789 | |
Property and equipment, net | |
| 52,886 | | |
| 71,121 | |
Right of Use Lease Assets, net | |
| 66,466 | | |
| 119,056 | |
Total assets | |
| 869,594 | | |
| 675,966 | |
Total current liabilities | |
| 7,175,097 | | |
| 6,960,419 | |
Total non-current liabilities | |
| 230,426 | | |
| 262,384 | |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 86,159 | | |
$ | 1,906,966 | |
Cost of revenue | |
| 42,089 | | |
| 563,818 | |
Operating expenses | |
| 402,932 | | |
| 1,803,372 | |
Net loss | |
| (358,349 | ) | |
| (370,088 | ) |
| |
2024 | | |
2023 | |
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (231,248 | ) | |
$ | (374,667 | ) |
Net cash used in investing activities | |
| - | | |
| (5,496 | ) |
Net cash provided by financing activities | |
| 27,665 | | |
| 277,229 | |
Effect of changes of foreign exchange rate on cash | |
| 270,340 | | |
| 68,612 | |
Net increase (decrease) in cash and cash equivalents | |
| 66,757 | | |
| (34,323 | ) |
|
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT |
SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
| |
Estimated Useful Life |
Computers and accessories | |
3 years |
Vehicle | |
5 years |
Office Equipment | |
5 years |
Leasehold improvement | |
5 years |
|
SCHEDULE OF NET REVENUE |
The
following table sets forth the breakdown of our net revenue for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF NET REVENUE
| |
For the six months ended June 30 | |
| |
2024 | | |
2023 | |
| |
| | |
% of | | |
| | |
% of | |
| |
Net | | |
total | | |
Net | | |
total | |
Product category | |
revenue | | |
revenue | | |
revenue | | |
revenue | |
Grains, oil, and spices | |
$ | 13,036 | | |
| 15.1 | % | |
$ | 81,322 | | |
| 0.8 | % |
Beverages, alcohol and tea | |
$ | 23,245 | | |
| 27.0 | % | |
$ | 1,509,091 | | |
| 14.1 | % |
Meat, poultry and eggs | |
$ | 6,343 | | |
| 7.3 | % | |
$ | 12,895 | | |
| 0.1 | % |
Other food | |
$ | 35,607 | | |
| 41.3 | % | |
$ | 620,552 | | |
| 5.8 | % |
Fresh fruits and vegetables | |
$ | 6,864 | | |
| 8.0 | % | |
$ | 9,112 | | |
| 0.1 | % |
Groceries | |
$ | 824 | | |
| 1.0 | % | |
$ | 93,162 | | |
| 0.9 | % |
Dried seafood | |
$ | 240 | | |
| 0.3 | % | |
$ | 832 | | |
| 0.0 | % |
SMS service | |
$ | - | | |
| 0.0 | % | |
$ | 8,356,277 | | |
| 78.2 | % |
Total | |
$ | 86,159 | | |
| 100 | % | |
$ | 10,683,243 | | |
| 100 | % |
|
SCHEDULE OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES |
The exchange
rates used for foreign currency translation were as follows (US Dollars $1 = RMB):
SCHEDULE
OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES
| |
Period/Year End | | |
Average | |
06/30/2024 | |
| 7.2672 | | |
| 7.2150 | |
12/31/2023 | |
| 7.0999 | | |
| 7.0809 | |
06/30/2023 | |
| 7.2513 | | |
| 6.9283 | |
|
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v3.24.3
ACQUISITIONS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Yundian [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES |
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of April 19, 2022:
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 4,402 | |
Other current assets | |
| 36,575 | |
Accounts
receivable | |
| | |
Property and equipment, net | |
| | |
Other non-current assets | |
| | |
Advances
to suppliers, net | |
| | |
| |
| | |
Goodwill | |
| 6,596,636 | |
Liabilities | |
| | |
Accounts payable | |
| (141 | ) |
Advance from
customer | |
| | |
| |
| | |
Accrued expenses and other current liabilities | |
| (265,472 | ) |
Total net assets | |
$ | 6,372,000 | |
|
SCHEDULE OF UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS |
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 10,978,767 | |
Net loss | |
$ | (11,219,853 | ) |
|
Code Beating [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES |
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yundian as of June 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 21 | |
Accounts receivable | |
| 613,198 | |
Advances to suppliers, net | |
| 4,343,744 | |
Other current assets | |
| 78,073 | |
Goodwill | |
| 5,956,203 | |
Liabilities | |
| | |
Accounts payable | |
| (440,392 | ) |
Advance from customer | |
| (4,410,090 | ) |
Accrued expenses and other current liabilities | |
| (20,757 | ) |
Total net assets | |
$ | 6,120,000 | |
|
SCHEDULE OF UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS |
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 11,977,268 | |
Net loss | |
$ | (11,218,447 | ) |
|
Yuanxing [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES |
The following
summarizes the identified assets acquired and liabilities assumed pursuant to the acquisition of Yuanxing as of December 23, 2022:
SCHEDULE
OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES
Items | |
Amount | |
Assets | |
| | |
Cash and cash equivalents | |
$ | 12,484 | |
Accounts receivable | |
| 767,120 | |
Advances to suppliers, net | |
| 216,927 | |
Other current assets | |
| 231,687 | |
Property and equipment, net | |
| 3,329 | |
Other non-current assets | |
| 17,631 | |
Goodwill | |
| 1,744,366 | |
Liabilities | |
| | |
Accounts payable | |
| (203,901 | ) |
Advance from customer | |
| (21,487 | ) |
Accrued expenses and other current liabilities | |
| (128,156 | ) |
Total net assets | |
$ | 2,640,000 | |
|
SCHEDULE OF UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS |
Unaudited
pro forma consolidated statements of operations and other comprehensive loss for the year ended December 31, 2022:
SCHEDULE OF UNAUDITED PROFORMA
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
Items | |
Year ended December 31, 2022 | |
Revenue | |
$ | 12,540,220 | |
Net loss | |
$ | (10,811,082 | ) |
|
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v3.24.3
ACCOUNTS RECEIVABLE, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE |
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts receivable | |
$ | 2,386,443 | | |
| 3,281,974 | |
Less: allowance for credit losses | |
| (398,099 | ) | |
| (407,480 | ) |
Accounts receivable, net | |
$ | 1,988,344 | | |
| 2,874,494 | |
|
SCHEDULE OF ALLOWANCE FOR ACCOUNTS RECEIVABLE |
The movement of the allowance for credit losses was as follows:
SCHEDULE
OF ALLOWANCE FOR ACCOUNTS RECEIVABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of period | |
$ | 407,480 | | |
| 400,262 | |
Additions charged to bad debt expense | |
| - | | |
| 29,287 | |
Translation adjustments | |
| (9,381 | ) | |
| (22,069 | ) |
Balance as of the end of period | |
$ | 398,099 | | |
| 407,480 | |
|
X |
- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.24.3
OTHER CURRENT ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER CURRENT ASSETS |
The other
current assets as of June 30, 2024 and December 31, 2023 consist of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Staff advance | |
$ | 674,379 | | |
| 436,145 | |
Deposit | |
| 91,419 | | |
| 88,650 | |
VAT recoverable | |
| - | | |
| 2,780 | |
Others | |
| 125,369 | | |
| 64,780 | |
Subtotal | |
| 891,167 | | |
| 592,355 | |
Less: allowance for credit losses | |
| (123,954 | ) | |
| (126,875 | ) |
Total of other current assets | |
$ | 767,213 | | |
| 465,480 | |
|
SCHEDULE OF ALLOWANCE FOR OTHER CURRENT ASSETS |
SCHEDULE
OF ALLOWANCE FOR OTHER CURRENT ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Balance as of the beginning of year | |
$ | 126,875 | | |
| - | |
Additions charged to bad debt expense | |
| - | | |
| 116,402 | |
Translation adjustments | |
| (2,921 | ) | |
| 10,473 | |
Balance as of the end of year | |
$ | 123,954 | | |
| 126,875 | |
|
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v3.24.3
PROPERTY AND EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Computer and accessories | |
$ | 87,117 | | |
$ | 89,170 | |
Office Equipment | |
| 24,835 | | |
| 25,420 | |
Vehicle | |
| 24,781 | | |
| 25,365 | |
Leasehold improvement | |
| 342,449 | | |
| 350,518 | |
Property
and equipment gross | |
| 342,449 | | |
| 350,518 | |
Less: accumulated depreciation | |
| (421,070 | ) | |
| (414,003 | ) |
Property and equipment, net | |
$ | 58,112 | | |
$ | 76,470 | |
|
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v3.24.3
GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF GOODWILL |
SCHEDULE OF GOODWILL
| |
| | |
Balance as of December 31, 2023 | |
$ | - | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2024 | |
$ | - | |
Balance as of December 31, 2022 | |
$ | 7,700,569 | |
Addition | |
| - | |
Impairment loss | |
| - | |
Effect of exchange rate | |
| - | |
Balance as of June 30, 2023 | |
$ | 7,700,569 | |
|
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v3.24.3
BANK LOANS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF BANK LOANS |
Bank loans
represent the amounts due to various banks that are due within and over one year. As of June 30,2024 and December 31, 2023, bank loans
consisted of the following:
SCHEDULE
OF BANK LOANS
| |
June 30, 2024 | | |
December 31, 2023 | |
Short-term bank loans: | |
| | | |
| | |
Loan from Bank of Jiangsu (1) | |
$ | 38,529 | | |
$ | 39,437 | |
Loan from China Construction Bank (3) | |
| 249,064 | | |
$ | 254,933 | |
Loan from Shenzhen Qianhai Weizhong Bank (2) | |
| 121,092 | | |
| 123,945 | |
Short-term bank loans | |
$ | 408,685 | | |
$ | 418,315 | |
(1) |
On July 7, 2021, Meiwu Shenzhen
entered into a loan agreement with Bank of Jiangsu to borrow $47,054 as working capital for one year, with maturity date of July
7, 2022. The loan bears a fixed interest rate of 7.1775% per annum. On July 30, 2022, Meiwu Shenzhen entered into a loan agreement
with Bank of Jiangsu to borrow $43,496 as working capital for one year, with maturity date of July 30, 2023. The loan bears a fixed
interest rate of 7.134% per annum. The maturity date of this loan is extended to October 31, 2023. |
|
|
(2) |
On September 16, 2021, Meiwu
Shenzhen entered into a loan agreement with Shenzhen Qianhai Weizhong Bank to borrow $414,072 as working capital for two years, with
maturity date of September 16, 2023. The loan bears a fixed interest rate of 8.46% per annum. The loan is guaranteed by Mr. Changbin
Xia, for whom the chief executive officer of Meiwu Shenzhen. The maturity date of this loan is extended to March 16, 2024 |
|
|
(3) |
On January 6, 2022, Meiwu
Shenzhen entered into a loan agreement with China Construction Bank to borrow $217,045 as working capital for one year, with maturity
date of January 6, 2023. The loan bears a fixed interest rate of 4.0525% per annum. And the maturity date of this loan is extended
to April 16, 2023.On October 14, 2022, Meiwu Shenzhen entered into a loan agreement with China Construction Bank to borrow $71,768
as working capital for one year, with maturity date of October 14, 2023. The loan bears a fixed interest rate of 3.90% per annum.
|
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v3.24.3
ACCOUNTS PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE |
The accounts
payable as of June 30,2024 and December 31, 2023 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable to suppliers | |
$ | 240,989 | | |
| 315,144 | |
Accounts payable for SMS service | |
| 1,551,877 | | |
| 2,232,661 | |
Total of Accounts payable | |
$ | 1,792,866 | | |
| 2,547,805 | |
|
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v3.24.3
RIGHT-OF-USE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Right-of-use Assets |
|
SCHEDULE OF RIGHTS-TO-USE LEASE ASSETS |
Rights-of-use
assets, net consisted of the following:
SCHEDULE
OF RIGHTS-TO-USE LEASE ASSETS
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Leased properties under operating lease | |
$ | 287,223 | | |
| 293,991 | |
Less: accumulated amortization | |
| (220,757 | ) | |
| (174,935 | ) |
Right-of-use assets | |
$ | 66,466 | | |
| 119,056 | |
|
SCHEDULE OF FUTURE LEASE COMMITMENTS |
SCHEDULE
OF FUTURE LEASE COMMITMENTS
Future
lease commitments
| |
| | |
2024 | |
$ | 60,767 | |
2025 | |
| 20,256 | |
Total Lease Payments | |
$ | 81,023 | |
Less: imputed interest | |
$ | (1,395 | ) |
Present value of lease liabilities | |
$ | 79,628 | |
Lease liabilities - Current | |
$ | 79,628 | |
Lease liabilities – Non current | |
| - | |
|
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSES |
The estimated
amortization expenses for each of the five succeeding years is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSES
Year ending | |
Amortization expense | |
2024 | |
| 49,850 | |
2025 | |
| 16,616 | |
Total | |
$ | 66,466 | |
|
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v3.24.3
RELATED PARTY BALANCES AND TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
SCHEDULE OF RELATED PARTY TRANSACTIONS
(1)
Related parties with transactions and related party relationships
Name
of Related Party |
|
Relationship
to the Company |
Hanwu Yang |
|
Shareholder of the Company |
Changbin Xia |
|
Shareholder of the Company |
Eternal Horizon International Company Limited |
|
As a shareholder of the Company
before December 15, 2020 |
Yanping Guo |
|
Legal representative of Vande |
Mishan City Shenmi Dazhong Management Consulting
Partnership (“ShenMi DaZhong”) |
|
Shareholder of the Company |
Haiyan Qin, Hui Wang and other 11 individuals |
|
Shareholders of ShenMi DaZhong |
Shan’xi Nongbei New Agriculture Technology
Co., Ltd and other 8 companies |
|
Associated with shareholders
of ShenMi DaZhong |
|
SCHEDULE OF DUE TO RELATED PARTIES |
SCHEDULE
OF DUE TO RELATED PARTIES
(2)
Due to related parties
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Eternal Horizon International Company Limited(1) | |
$ | 2,200,194 | | |
$ | 2,257,397 | |
Changbin Xia(2) | |
$ | 1,378,147 | | |
| 1,410,621 | |
Other | |
| 236,841 | | |
| 244,588 | |
Total | |
$ | 3,815,182 | | |
$ | 3,912,606 | |
(1) |
During IPO, the underwriters
purchased 999,910 ordinary shares from a selling shareholder for $4,999,550. The gross proceeds were wired into the Company’s
account and was invested in loan receivable together with net proceeds from IPO. The Company paid $2.6 million to the underwriters
for the year ended December 31, 2022. |
(2) |
The Company borrowed loans
as working capital from one shareholder Changbin Xia as well as the legal representative of Vande. The balance due to related parties
is interest-free and due on demand. |
|
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v3.24.3
TAXATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF RECONCILIATION OF EFFECTIVE TAX RATE |
Reconciliation
between the statutory rate and the effective tax rate is as follows for the six months ended June 30, 2024 and 2023.
SCHEDULE
OF RECONCILIATION OF EFFECTIVE TAX RATE
| |
2024 | | |
2023 | |
PRC statutory tax rate | |
| 25 | % | |
| 25 | % |
Foreign loss not recognized in PRC | |
| (12 | )% | |
| (124 | )% |
Permanent difference and others | |
| - | | |
| 160 | % |
Change in valuation allowance | |
| (65 | )% | |
| 253 | % |
Effective tax rate | |
| (52 | )% | |
| 314 | % |
|
SCHEDULE OF DEFERRED TAX ASSETS |
The Company’s
deferred tax assets were as follows:
SCHEDULE
OF DEFERRED TAX ASSETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Tax effect of net operating losses carried forward | |
| 92,851 | | |
| 15,445,085 | |
Valuation allowance | |
| (92,851 | ) | |
| (15,445,085 | ) |
Deferred tax assets, net | |
$ | - | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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v3.24.3
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENT REPORTING |
SCHEDULE
OF SEGMENT REPORTING
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2024 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 86,159 | | |
$ | - | | |
$ | 86,159 | |
Cost of goods sold | |
| 42,089 | | |
| - | | |
| 42,089 | |
Gross profit | |
| 44,070 | | |
| | | |
| 44,070 | |
Depreciation and amortization | |
| 43,122 | | |
| - | | |
| 43,122 | |
Capital expenditures | |
| - | | |
| - | | |
| - | |
Loss from operations | |
| (715,437 | ) | |
| (13,056 | ) | |
| (728,493 | ) |
Income tax benefits | |
| - | | |
| 371,568 | | |
| 371,568 | |
Segment (loss) profit | |
| (704,124 | ) | |
| 358,513 | | |
| (345,611 | ) |
Segment assets | |
$ | 17,783,610 | | |
$ | 2,271,195 | | |
$ | 20,054,805 | |
| |
| | | |
| | | |
| | |
| |
For the six months ended June 30, 2023 | |
| |
Clean Food Platform | | |
Technical Service | | |
Total | |
Revenues | |
$ | 2,326,966 | | |
$ | 8,356,277 | | |
$ | 10,683,243 | |
Cost of goods sold | |
| 969,172 | | |
| 7,259,205 | | |
| 8,228,377 | |
Gross profit | |
| 1,357,794 | | |
| 1,097,072 | | |
| 2,454,866 | |
Depreciation and amortization | |
| 83,490 | | |
| - | | |
| 83,490 | |
Capital expenditures | |
| 5,496 | | |
| - | | |
| 5,496 | |
(Loss) Income from operations | |
| (696,346 | ) | |
| 737,558 | | |
| 41,212 | |
Provision for income taxes | |
| (511 | ) | |
| (210,857 | ) | |
| (211,368 | ) |
Segment (loss) profit | |
| (805,328 | ) | |
| 526,702 | | |
| (278,626 | ) |
Segment assets | |
$ | 26,036,470 | | |
$ | 11,463,372 | | |
$ | 37,499,842 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.24.3
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES (Details)
|
12 Months Ended |
Dec. 31, 2023 |
Wunong Net Technology Company Limited [Member] |
|
Date of Incorporation |
December
4, 2018
|
Place of Incorporation |
British
Virgin Islands
|
% of Ownership description |
Parent
|
Principal Activities |
Holding
Company
|
Shenzhen Vande Technology Co., Limited [Member] |
|
Date of Incorporation |
April
6, 2017
|
Place of Incorporation |
Hong
Kong
|
% of Ownership description |
100
|
Principal Activities |
Holding
Company
|
Magnum International Holdings Limited [Member] |
|
Date of Incorporation |
July
30, 2021
|
Place of Incorporation |
British
Virgin Islands
|
% of Ownership description |
100
|
Principal Activities |
Holding
Company
|
Mahaotiaodong Information Technology Company Limited [Member] |
|
Date of Incorporation |
December
29, 2021
|
Place of Incorporation |
British
Virgin Islands
|
% of Ownership description |
100
|
Principal Activities |
Holding
Company
|
Xinfuxin International Holdings Limited [Member] |
|
Date of Incorporation |
June
27, 2018
|
Place of Incorporation |
British
Virgin Islands
|
% of Ownership description |
100
|
Principal Activities |
Holding
Company
|
Guo Gang Tong Trade (Shenzhen) Co., Ltd [Member] |
|
Date of Incorporation |
December
28, 2018
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
100
|
Principal Activities |
Holding
Company
|
Yun Tent Technology Company Limited [Member] |
|
Date of Incorporation |
August
10, 2021
|
Place of Incorporation |
Hong
Kong
|
% of Ownership description |
100%
owned by Yundian BVI
|
Principal Activities |
Holding
Company
|
DELIMOND Limited [Member] |
|
Date of Incorporation |
January
3, 2019
|
Place of Incorporation |
Hong
Kong
|
% of Ownership description |
100%
owned by Mahao BVI
|
Principal Activities |
Holding
Company
|
Antai Medical Limited [Member] |
|
Date of Incorporation |
January
20, 2017
|
Place of Incorporation |
Hong
Kong
|
% of Ownership description |
100%
owned by Yuanxing BVI
|
Principal Activities |
Holding
Company
|
Dalian Yundian Zhiteng Technology Company Limited [Member] |
|
Date of Incorporation |
April
8, 2020
|
Place of Incorporation |
Dalian,
China
|
% of Ownership description |
100%
owned by YunTent
|
Principal Activities |
Technology
service
|
Code Beating Technology Company Limited [Member] |
|
Date of Incorporation |
May
21, 2020
|
Place of Incorporation |
Xiamen,
China
|
% of Ownership description |
100%
owned by DELIMOND
|
Principal Activities |
Short
messages service
|
Hunan Yuanxing Chanrong Technology Co Ltd [Member] |
|
Date of Incorporation |
April
25, 2019
|
Place of Incorporation |
Chenzhou,
China
|
% of Ownership description |
100%
owned by Antai
|
Principal Activities |
Technology
service, fruits and frozen products sales
|
Meiwu Zhishi Technology [Member] |
|
Date of Incorporation |
June
16, 2015
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
VIE
|
Principal Activities |
An
electronic online platform designed to provide primarily Clean Food to customers in China
|
Wunong Catering Chain Management (Shenzhen) Co., Ltd [Member] |
|
Date of Incorporation |
November
27, 2018
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
100%
owned by Meiwu Shenzhen
|
Principal Activities |
Restaurant
service, food sales
|
Wude Agricultural Technology Shanghai Co Ltd [Member] |
|
Date of Incorporation |
September
29, 2020
|
Place of Incorporation |
Shanghai,
China
|
% of Ownership description |
51%
owned by Meiwu Shenzhen
|
Principal Activities |
Food
selling, agricultural products purchase and wholesale
|
Heme Brand Chain Management Co Ltd [Member] |
|
Date of Incorporation |
May
12, 2022
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
100%
owned by Meiwu Shenzhen
|
Principal Activities |
Drink
sales
|
Heme Catering Management Co Ltd [Member] |
|
Date of Incorporation |
July
22, 2022
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
100%
owned by Heme Shenzhen
|
Principal Activities |
Drink
sales
|
Shenzhen Jiayuan Liquor Sales Co Ltd [Member] |
|
Date of Incorporation |
May
4, 2023
|
Place of Incorporation |
Shenzhen,
China
|
% of Ownership description |
70%
owned by Meiwu Shenzhen
|
Principal Activities |
Alcohol
sales
|
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v3.24.3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)
|
Feb. 21, 2024
$ / shares
shares
|
Dec. 23, 2022
USD ($)
$ / shares
shares
|
Dec. 12, 2022
USD ($)
$ / shares
shares
|
Jun. 23, 2022
USD ($)
$ / shares
shares
|
Mar. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 28, 2021
USD ($)
|
Dec. 28, 2021
CNY (¥)
|
Apr. 29, 2021
USD ($)
|
Apr. 29, 2021
CNY (¥)
|
Dec. 17, 2020
USD ($)
$ / shares
shares
|
Nov. 15, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
|
Jul. 22, 2022
USD ($)
|
Jul. 22, 2022
CNY (¥)
|
May 12, 2022
USD ($)
|
May 12, 2022
CNY (¥)
|
Jan. 28, 2021 |
Dec. 15, 2020 |
Dec. 14, 2020 |
Dec. 11, 2020 |
Dec. 10, 2020
USD ($)
|
Dec. 10, 2020
CNY (¥)
|
Nov. 04, 2020
USD ($)
|
Nov. 04, 2020
CNY (¥)
|
Oct. 20, 2020
USD ($)
|
Oct. 20, 2020
CNY (¥)
|
Sep. 29, 2020
USD ($)
|
Sep. 29, 2020
CNY (¥)
|
Dec. 28, 2018
CNY (¥)
|
Dec. 04, 2018
$ / shares
|
Jun. 16, 2015
CNY (¥)
|
Capital | ¥ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ 5,000,000
|
|
|
Shares issued | shares |
|
|
|
|
|
|
|
|
|
|
16,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | $ |
|
|
|
|
|
|
|
|
|
|
$ 16,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
438,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
438,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baode Supply Chain (Shenzhen) Co., Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | ¥ |
|
|
|
|
|
|
¥ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock | $ |
|
|
|
|
|
|
|
|
|
$ 25,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriters [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of stock | $ |
|
|
|
|
|
|
|
|
|
$ 29,999,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of ordinary shares | shares |
|
|
|
|
|
|
|
|
|
999,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase value of ordinary shares | $ |
|
|
|
|
|
|
|
|
|
$ 4,999,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wunong Shenzhen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
51.00%
|
|
|
|
Liu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
25.00%
|
|
|
|
Huang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.00%
|
24.00%
|
|
|
|
Ze Yu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Haiyan Qin [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Baode Supply Chain (Shenzhen) Co., Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
30.00%
|
30.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baode Supply Chain (Shenzhen) Co., Ltd [Member] | Mr. Shiliang Ma [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
51.00%
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meiwu Shenzhen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heme Consulting [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49.00%
|
49.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Transfer Agreement [Member] | Wunong Shenzhen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Transfer Agreement [Member] | Wunong Technology Shenzhen Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
51.00%
|
|
|
|
|
|
|
51.00%
|
51.00%
|
|
|
|
|
|
Equity Transfer Agreement [Member] | Shiliang Ma [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30.00%
|
30.00%
|
|
|
|
|
|
Equity Transfer Agreement [Member] | Yongqiang He [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19.00%
|
19.00%
|
|
|
|
|
|
Equity Transfer Agreement [Member] | Yafang Liu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wunong Technology Shenzhen Co Ltd [Member] | Contractual Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital | ¥ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ 5,000,000
|
Wunong Technology Shenzhen Co Ltd [Member] | Equity Transfer Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 781,466
|
¥ 5,000,000
|
|
|
|
|
|
Wude Agricultural Technology Shanghai Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,100,000
|
¥ 20,000,000
|
|
|
|
Baode Supply Chain (Shenzhen) Co., Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | $ |
|
|
|
|
|
$ 31,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baode Supply Chain (Shenzhen) Co., Ltd [Member] | Equity Transfer Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increased in capital |
|
|
|
|
|
|
|
$ 4,600,000
|
¥ 30,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wunong Technology (Liaoning) Co., Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,400,000
|
¥ 8,880,000
|
|
|
|
|
|
|
|
Wunong Technology (Shaanxi) Co., Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,300,000
|
¥ 8,800,000
|
|
|
|
|
|
|
|
|
|
Yundian BVI [Member] | Stock Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
|
|
|
9,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | $ |
|
|
|
|
$ 8,100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heme Shenzhen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
¥ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mahao BVI [Member] | Stock Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | $ |
|
|
|
$ 6,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heme Catering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
¥ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yuanxing BVI [Member] | Stock Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
12,000,000
|
12,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration | $ |
|
$ 9,600,000
|
$ 9,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
$ 0.8
|
$ 0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.3
LIQUIDITY (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Cash |
$ 3,094,088
|
|
$ 16,062,047
|
Net loss |
345,611
|
$ 278,626
|
|
Working capital |
12,400,000
|
|
12,750,000
|
Shareholders equity |
9,121,564
|
|
$ 9,414,353
|
Major Shareholders [Member] |
|
|
|
Shareholders equity |
$ 204,475
|
|
|
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v3.24.3
SCHEDULE OF CONSOLIDATION OF VARIABLE INTEREST ENTITY (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Current assets |
$ 19,953,040
|
|
$ 20,388,753
|
Property and equipment, net |
58,112
|
|
76,470
|
Right of Use Lease Assets, net |
66,466
|
|
119,056
|
Total assets |
20,077,618
|
|
20,584,279
|
Total current liabilities |
7,549,029
|
|
7,635,153
|
Total non-current liabilities |
3,815,182
|
|
3,933,219
|
Revenue |
86,159
|
$ 10,683,243
|
|
Cost of revenue |
42,089
|
8,228,377
|
|
Operating expenses |
772,563
|
2,413,654
|
|
Net loss |
(345,611)
|
(278,626)
|
|
Net cash used in operating activities |
(12,853,862)
|
(333,642)
|
|
Net cash used in investing activities |
|
(6,762,905)
|
|
Net cash provided by financing activities |
27,665
|
277,229
|
|
Effect of changes of foreign exchange rate on cash |
(141,762)
|
(1,113,719)
|
|
Net increase (decrease) in cash and cash equivalents |
(12,967,959)
|
(7,933,037)
|
|
Variable Interest Entity, Primary Beneficiary [Member] |
|
|
|
Current assets |
750,242
|
|
485,789
|
Property and equipment, net |
52,886
|
|
71,121
|
Right of Use Lease Assets, net |
66,466
|
|
119,056
|
Total assets |
869,594
|
|
675,966
|
Total current liabilities |
7,175,097
|
|
6,960,419
|
Total non-current liabilities |
230,426
|
|
$ 262,384
|
Revenue |
86,159
|
1,906,966
|
|
Cost of revenue |
42,089
|
563,818
|
|
Operating expenses |
402,932
|
1,803,372
|
|
Net loss |
(358,349)
|
(370,088)
|
|
Net cash used in operating activities |
(231,248)
|
(374,667)
|
|
Net cash used in investing activities |
|
(5,496)
|
|
Net cash provided by financing activities |
27,665
|
277,229
|
|
Effect of changes of foreign exchange rate on cash |
270,340
|
68,612
|
|
Net increase (decrease) in cash and cash equivalents |
$ 66,757
|
$ (34,323)
|
|
X |
- DefinitionAmount of asset recognized for present right to economic benefit.
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v3.24.3
SCHEDULE OF NET REVENUE (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
Net revenue |
$ 86,159
|
$ 10,683,243
|
Total net revenue percentage |
100.00%
|
100.00%
|
Grains, Oil, and Spices [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 13,036
|
$ 81,322
|
Total net revenue percentage |
15.10%
|
0.80%
|
Beverages, Alcohol and Tea [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 23,245
|
$ 1,509,091
|
Total net revenue percentage |
27.00%
|
14.10%
|
Meat, Poultry and Eggs [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 6,343
|
$ 12,895
|
Total net revenue percentage |
7.30%
|
0.10%
|
Other Food [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 35,607
|
$ 620,552
|
Total net revenue percentage |
41.30%
|
5.80%
|
Fresh Fruits and Vegetables [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 6,864
|
$ 9,112
|
Total net revenue percentage |
8.00%
|
0.10%
|
Groceries [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 824
|
$ 93,162
|
Total net revenue percentage |
1.00%
|
0.90%
|
Dried Seafood [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
$ 240
|
$ 832
|
Total net revenue percentage |
0.30%
|
0.00%
|
SMS Service [Member] |
|
|
Product Information [Line Items] |
|
|
Net revenue |
|
$ 8,356,277
|
Total net revenue percentage |
0.00%
|
78.20%
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
May 01, 2019 |
Apr. 30, 2019 |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2024
CNY (¥)
|
Dec. 31, 2022
USD ($)
|
Jan. 01, 2017
USD ($)
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Allowance for accounts receivable |
|
|
$ 398,099
|
|
$ 407,480
|
|
$ 400,262
|
|
Advance to suppliers |
|
|
263,530
|
|
269,740
|
|
|
|
Additional lease liability |
|
|
79,628
|
|
119,434
|
|
|
|
Impairments for goodwill |
|
|
0
|
$ 0
|
|
|
|
|
Advances from customers |
|
|
1,093,706
|
|
1,004,832
|
|
|
|
Value added tax description |
the Company is no longer qualified as a small-scale enterprise. The Company’s grains, oil, and spices products are subject to 9%
VAT and the other products are subject to 13% VAT. All the Company’s products are subject to tax surcharges at 12% of the VAT payable.
|
the Company’s product sales revenues were subject to VAT at a reduced rate of 3% and subject to surcharges at a
reduced surcharge rate of 6% of the VAT payable since the company is qualified as a small-scale enterprise.
|
|
|
|
|
|
|
Cash insured amount |
|
|
68,802
|
|
|
¥ 500,000
|
|
|
Cash |
|
|
$ 3,094,088
|
|
$ 16,062,047
|
|
|
|
Supplier Concentration Risk [Member] | Purchases Risk [Member] | Supplier One [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
20.30%
|
33.70%
|
|
|
|
|
Supplier Concentration Risk [Member] | Purchases Risk [Member] | Supplier Two [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
16.80%
|
29.20%
|
|
|
|
|
Supplier Concentration Risk [Member] | Purchases Risk [Member] | Supplier Three [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
14.60%
|
13.10%
|
|
|
|
|
Supplier Concentration Risk [Member] | Accounts Payable [Member] | No Major Supplier [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
|
|
|
Supplier Concentration Risk [Member] | Accounts Payable [Member] | One Major Supplier [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
38.20%
|
|
|
|
PRC Bank [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Cash |
|
|
$ 3,094,071
|
|
$ 16,062,047
|
|
|
|
Accounting Standards Update 2016-02 [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Additional lease liability |
|
|
|
|
|
|
|
$ 22,192
|
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v3.24.3
SCHEDULE OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 23, 2022 |
Jun. 23, 2022 |
Apr. 19, 2022 |
Assets |
|
|
|
|
|
|
|
Goodwill |
|
|
$ 7,700,569
|
$ 7,700,569
|
|
|
|
Yundian [Member] |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
$ 4,402
|
Other current assets |
|
|
|
|
|
|
36,575
|
Goodwill |
|
|
|
|
|
|
6,596,636
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
(141)
|
Accrued expenses and other current liabilities |
|
|
|
|
|
|
(265,472)
|
Total net assets |
|
|
|
|
|
|
$ 6,372,000
|
Code Beating [Member] |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
$ 21
|
|
Other current assets |
|
|
|
|
|
78,073
|
|
Accounts receivable |
|
|
|
|
|
613,198
|
|
Goodwill |
|
|
|
|
|
5,956,203
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
(440,392)
|
|
Advance from customer |
|
|
|
|
|
(4,410,090)
|
|
Total net assets |
|
|
|
|
|
6,120,000
|
|
Advances to suppliers, net |
|
|
|
|
|
4,343,744
|
|
Accrued expenses and other current liabilities |
|
|
|
|
|
$ (20,757)
|
|
Yuanxing [Member] |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
$ 12,484
|
|
|
Other current assets |
|
|
|
|
231,687
|
|
|
Accounts receivable |
|
|
|
|
767,120
|
|
|
Property and equipment, net |
|
|
|
|
3,329
|
|
|
Other non-current assets |
|
|
|
|
17,631
|
|
|
Goodwill |
|
|
|
|
1,744,366
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
(203,901)
|
|
|
Advance from customer |
|
|
|
|
(21,487)
|
|
|
Total net assets |
|
|
|
|
2,640,000
|
|
|
Advances to suppliers, net |
|
|
|
|
216,927
|
|
|
Accrued expenses and other current liabilities |
|
|
|
|
$ (128,156)
|
|
|
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v3.24.3
SCHEDULE OF UNAUDITED PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (Details) - USD ($)
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Yundian [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Revenue |
|
|
$ 21,595
|
$ 10,978,767
|
Net loss |
|
|
$ 952,590
|
(11,219,853)
|
Code Beating [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Revenue |
|
$ 8,680,972
|
|
11,977,268
|
Net loss |
|
$ (596,412)
|
|
(11,218,447)
|
Yuanxing [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Revenue |
$ 537,252
|
|
|
12,540,220
|
Net loss |
$ 169,034
|
|
|
$ (10,811,082)
|
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v3.24.3
ACQUISITIONS (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 12, 2022 |
Jun. 23, 2022 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Aggregate purchase price |
|
|
$ 6,372,000
|
|
|
|
|
Ordinary shares |
|
|
9,000,000
|
|
|
|
|
Yundian [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Holding percentage of issued and outstanding |
|
|
100.00%
|
|
|
|
|
Revenue |
|
|
|
|
|
$ 21,595
|
$ 10,978,767
|
Net inxome (loss) |
|
|
|
|
|
$ (952,590)
|
11,219,853
|
Yundian [Member] | Yundian BVI [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Indirectly percentage of issued and outstanding |
|
|
100.00%
|
|
|
|
|
Code Beating [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Aggregate purchase price |
|
$ 6,120,000
|
|
|
|
|
|
Ordinary shares |
|
10,000,000
|
|
|
|
|
|
Revenue |
|
|
|
|
$ 8,680,972
|
|
11,977,268
|
Net inxome (loss) |
|
|
|
|
$ 596,412
|
|
11,218,447
|
Yuanxing [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Holding percentage of issued and outstanding |
100.00%
|
|
|
|
|
|
|
Aggregate purchase price |
$ 2,640,000
|
|
|
|
|
|
|
Ordinary shares |
12,000,000
|
|
|
|
|
|
|
Revenue |
|
|
|
$ 537,252
|
|
|
12,540,220
|
Net inxome (loss) |
|
|
|
$ (169,034)
|
|
|
$ 10,811,082
|
Yuanxing [Member] | Yundian BVI [Member] |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Indirectly percentage of issued and outstanding |
100.00%
|
|
|
|
|
|
|
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v3.24.3
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Credit Loss [Abstract] |
|
|
Accounts receivable |
$ 2,386,443
|
$ 3,281,974
|
Less: allowance for credit losses |
(398,099)
|
(407,480)
|
Accounts receivable, net |
$ 1,988,344
|
$ 2,874,494
|
X |
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v3.24.3
SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Staff advance |
$ 674,379
|
$ 436,145
|
Deposit |
91,419
|
88,650
|
VAT recoverable |
|
2,780
|
Others |
125,369
|
64,780
|
Subtotal |
891,167
|
592,355
|
Less: allowance for credit losses |
(123,954)
|
(126,875)
|
Total of other current assets |
$ 767,213
|
$ 465,480
|
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SCHEDULE OF ALLOWANCE FOR OTHER CURRENT ASSETS (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Balance as of the beginning of year |
$ 126,875
|
|
Additions charged to bad debt expense |
|
116,402
|
Translation adjustments |
(2,921)
|
10,473
|
Balance as of the end of year |
$ 123,954
|
$ 126,875
|
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v3.24.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Less: accumulated depreciation |
$ (421,070)
|
$ (414,003)
|
Property and equipment, net |
58,112
|
76,470
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
87,117
|
89,170
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
24,835
|
25,420
|
Vehicle [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
24,781
|
25,365
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
$ 342,449
|
$ 350,518
|
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GOODWILL (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Asset Acquisition [Line Items] |
|
|
|
|
Impairment loss |
|
|
|
|
Goodwill |
|
7,700,569
|
|
$ 7,700,569
|
Impairment losses |
|
|
|
|
Yundian [Member] |
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
Impairment loss |
6,596,636
|
|
|
|
Code Beating [Member] |
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
Impairment loss |
5,956,203
|
|
|
|
Yuanxing [Member] |
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
Impairment loss |
$ 1,744,366
|
|
|
|
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v3.24.3
SCHEDULE OF BANK LOANS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-term bank loans |
|
$ 408,685
|
$ 418,315
|
Bank Of Jiangsu [Member] |
|
|
|
Short-term bank loans |
[1] |
38,529
|
39,437
|
China Construction Bank [Member] |
|
|
|
Short-term bank loans |
[2] |
249,064
|
254,933
|
Shenzhen Qianhai Weizhong Bank [Member] |
|
|
|
Short-term bank loans |
[3] |
$ 121,092
|
$ 123,945
|
|
|
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- DefinitionReflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.
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SCHEDULE OF BANK LOANS (Details) (Paranthetical) - USD ($)
|
Mar. 16, 2024 |
Oct. 31, 2023 |
Oct. 14, 2022 |
Jul. 30, 2022 |
Jan. 06, 2022 |
Sep. 16, 2021 |
Jul. 07, 2021 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
|
|
|
|
|
|
|
|
$ 408,685
|
$ 418,315
|
Bank Of Jiangsu [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
[1] |
|
|
|
|
|
|
|
38,529
|
39,437
|
China Construction Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
[2] |
|
|
|
|
|
|
|
249,064
|
254,933
|
Shenzhen Qianhai Weizhong Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
[3] |
|
|
|
|
|
|
|
$ 121,092
|
$ 123,945
|
Loan Agreement [Member] | Bank Of Jiangsu [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
|
|
|
|
$ 43,496
|
|
|
$ 47,054
|
|
|
Debt maturity date |
|
|
|
|
Jul. 30, 2023
|
|
|
Jul. 07, 2022
|
|
|
Interest rate |
|
|
|
|
7.134%
|
|
|
7.1775%
|
|
|
Loan Agreement [Member] | China Construction Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans |
|
|
|
$ 71,768
|
|
$ 217,045
|
|
|
|
|
Debt maturity date |
|
|
Oct. 31, 2023
|
Oct. 14, 2023
|
|
Jan. 06, 2023
|
|
|
|
|
Interest rate |
|
|
|
3.90%
|
|
4.0525%
|
|
|
|
|
Loan Agreement [Member] | Shenzhen Qianhai Weizhong Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
Mar. 16, 2024
|
|
|
|
|
Sep. 16, 2023
|
|
|
|
Interest rate |
|
|
|
|
|
|
8.46%
|
|
|
|
Long-term bank loan |
|
|
|
|
|
|
$ 414,072
|
|
|
|
|
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.3
SCHEDULE OF ACCOUNTS PAYABLE (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Total of Accounts payable |
$ 1,792,866
|
$ 2,547,805
|
SMS Service [Member] |
|
|
Total of Accounts payable |
1,551,877
|
2,232,661
|
Suppliers [Member] |
|
|
Total of Accounts payable |
$ 240,989
|
$ 315,144
|
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v3.24.3
SCHEDULE OF FUTURE LEASE COMMITMENTS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Right-of-use Assets |
|
|
2024 |
$ 60,767
|
|
2025 |
20,256
|
|
Total Lease Payments |
81,023
|
|
Less: imputed interest |
(1,395)
|
|
Present value of lease liabilities |
79,628
|
|
Lease liabilities - Current |
79,628
|
$ 119,434
|
Lease liabilities – Non current |
|
$ 20,613
|
X |
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v3.24.3
RIGHT-OF-USE ASSETS (Details Narrative)
|
|
6 Months Ended |
|
|
Feb. 23, 2022
USD ($)
|
Feb. 23, 2022
CNY (¥)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2018 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Loan interest rate |
|
|
|
|
|
4.75%
|
Monthly rent |
|
|
$ 52,864
|
$ 57,678
|
|
|
Operating Lease, Weighted Average Remaining Lease Term |
|
|
8 months 1 day
|
|
1 year 1 month 28 days
|
|
Amortization expense non-cash |
|
|
$ 42,056
|
51,877
|
|
|
Shenzhen Baoan Industrial Investment Group Co., Ltd [Member] | March 1, 2022 to February 28, 2023 [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Monthly rent |
$ 7,802
|
¥ 49,743.65
|
|
|
|
|
Shenzhen Baoan Industrial Investment Group Co., Ltd [Member] | March 1, 2023 to February 29, 2024 [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Monthly rent |
8,192
|
52,230.83
|
|
|
|
|
Shenzhen Baoan Industrial Investment Group Co., Ltd [Member] | March 1, 2024 to February 28, 2025 [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Monthly rent |
$ 8,602
|
¥ 54,844.64
|
|
|
|
|
Lease Agreements [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Operating Lease, Payments |
|
|
60,262
|
54,967
|
|
|
Interest Expense, Operating and Nonoperating |
|
|
$ 2,653
|
$ 5,390
|
|
|
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- DefinitionThe aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
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v3.24.3
EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
Feb. 21, 2024 |
Dec. 23, 2022 |
Dec. 12, 2022 |
Jun. 23, 2022 |
Mar. 31, 2022 |
Nov. 23, 2021 |
Dec. 17, 2020 |
Nov. 27, 2019 |
Nov. 15, 2019 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2023 |
Nov. 27, 2023 |
Dec. 04, 2018 |
Ordinary shares, shares issued |
|
|
|
|
|
|
|
|
|
2,923,325
|
|
|
|
1,741,295
|
|
50,000
|
Ordinary shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
Common stock par value |
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
$ 0
|
|
$ 1.00
|
Number of shares issued |
|
|
|
|
|
|
|
|
16,666
|
|
|
|
|
|
|
|
Total consideration |
|
|
|
|
|
|
|
|
$ 16,666
|
|
|
|
|
|
|
|
Share price per share |
|
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
Number of ordinary shares issued |
|
|
|
|
|
|
|
|
66,666
|
|
|
|
|
|
|
|
Ordinary shares, shares issued |
|
|
|
|
|
|
|
|
|
3,361,823
|
|
|
|
2,923,325
|
|
|
Ordinary shares, shares outstanding |
|
|
|
|
|
|
|
|
|
3,361,823
|
|
|
|
2,923,325
|
|
|
Ordinary shares, no par value |
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
$ 0
|
|
|
Ordinary shares, shares outstanding |
|
|
|
|
|
|
|
|
|
2,923,325
|
|
|
|
1,741,295
|
|
|
Additional paid-in capital |
|
|
|
|
|
|
|
|
|
$ 44,515,833
|
|
|
|
$ 44,515,833
|
|
|
Additional paid-in capital contributed |
|
|
|
|
|
|
|
|
|
$ 0
|
$ 5,944,267
|
|
|
|
|
|
2022 Plan [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued under plan |
|
|
|
|
4,945,313
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
Number of shares issued |
438,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
Shares Purchase Agreement [Member] | Anxin Jieda Co Limited [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
7,968,755
|
|
|
|
|
|
|
|
|
|
|
Share Consideration paid, percentage |
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
50.00%
|
|
|
|
Shares Purchase Agreement [Member] | Boxinrui International Holdings Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Shares Purchase Agreement [Member] | Beijing Anxin Jieda Logistics Co., Ltd. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yundian BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
9,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration |
|
|
|
|
$ 8,100,000
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 0.9
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Mahao BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration |
|
|
|
$ 6,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yuanxing BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
12,000,000
|
12,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consideration |
|
$ 9,600,000
|
$ 9,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
$ 0.8
|
$ 0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yundian BVI [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yundian BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Mahao BVI [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Mahao BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yuanxing BVI [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Yuanxing BVI [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
Share price per share |
|
|
|
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
Proceeds from public offering |
|
|
|
|
|
|
$ 25,000,000
|
|
|
|
|
|
|
|
|
|
Board of Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares authorized |
|
|
|
|
|
|
|
66,666
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Divided pro-rata shares |
|
|
|
|
|
|
|
20,000,000
|
|
|
|
|
|
|
|
|
Board of Directors [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
Share price per share |
|
|
|
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
Ordinary shares offered |
|
|
|
|
|
|
999,910
|
|
|
|
|
|
|
|
|
|
Proceeds from public offering |
|
|
|
|
|
|
$ 29,999,550
|
|
|
|
|
|
|
|
|
|
Proceeds from public offering before deduction |
|
|
|
|
|
|
26,500,000
|
|
|
|
|
|
|
|
|
|
Underwriter's fee and expenses |
|
|
|
|
|
|
$ 3,500,000
|
|
|
|
|
|
|
|
|
|
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v3.24.3
v3.24.3
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Total |
|
$ 3,815,182
|
$ 3,912,606
|
Eternal Horizon International Company Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Total |
[1] |
2,200,194
|
2,257,397
|
Changbin Xia [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Total |
[2] |
1,378,147
|
1,410,621
|
Other [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Total |
|
$ 236,841
|
$ 244,588
|
|
|
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v3.24.3
SCHEDULE OF SEGMENT REPORTING (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 86,159
|
$ 10,683,243
|
Cost of goods sold |
42,089
|
8,228,377
|
Gross profit |
44,070
|
2,454,866
|
Depreciation and amortization |
43,122
|
83,490
|
Capital expenditures |
|
5,496
|
(Loss) Income from operations |
(728,493)
|
41,212
|
Provision for income taxes |
371,568
|
(211,368)
|
Segment (loss) profit |
(345,611)
|
(278,626)
|
Segment assets |
20,054,805
|
37,499,842
|
Clean Food Platform [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
86,159
|
2,326,966
|
Cost of goods sold |
42,089
|
969,172
|
Gross profit |
44,070
|
1,357,794
|
Depreciation and amortization |
43,122
|
83,490
|
Capital expenditures |
|
5,496
|
(Loss) Income from operations |
(715,437)
|
(696,346)
|
Provision for income taxes |
|
(511)
|
Segment (loss) profit |
(704,124)
|
(805,328)
|
Segment assets |
17,783,610
|
26,036,470
|
Technical Service [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
|
8,356,277
|
Cost of goods sold |
|
7,259,205
|
Gross profit |
|
1,097,072
|
Depreciation and amortization |
|
|
Capital expenditures |
|
|
(Loss) Income from operations |
(13,056)
|
737,558
|
Provision for income taxes |
371,568
|
(210,857)
|
Segment (loss) profit |
358,513
|
526,702
|
Segment assets |
$ 2,271,195
|
$ 11,463,372
|
X |
- DefinitionAmount of net assets (liabilities).
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v3.24.3
SUBSEQUENT EVENTS (Details Narrative) - $ / shares
|
Oct. 24, 2024 |
Oct. 22, 2024 |
Feb. 21, 2024 |
Nov. 15, 2019 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
|
16,666
|
|
|
Common stock no par value |
|
|
|
|
$ 0
|
$ 0
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
438,498
|
|
|
|
Shares price |
|
|
$ 1.01
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
30,000,000
|
|
|
|
|
Shares price |
|
$ 0.80
|
|
|
|
|
Common stock no par value |
$ 0
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Number of shares issued |
30,000,000
|
|
|
|
|
|
X |
- DefinitionFace amount per share of no-par value common stock.
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