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 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of October 2023
Commission
file number 001- 41291
Meihua
International Medical Technologies Co., Ltd.
(Translation of registrant’s name into English)
88 Tongda Road, Touqiao Town
Guangling District, Yangzhou, 225000
People’s Republic of China
(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
Meihua International
Medical Technologies Co., Ltd. (the “Company”) is furnishing its unaudited financial statements for the six months ended June
30, 2023 and incorporating such financial statements into the Company’s registration statement referenced below. The financial statements
and notes are attached as Exhibit 99.1 to this report. Management’s Discussion and Analysis of Financial Condition and Results of
Operations for the six months ended June 30, 2023 is attached as Exhibit 99.2 to this report.
This Form 6-K is hereby
incorporated by reference into the registration statement on Form F-3 of the Company (File Number 333-274194), as amended, and into the
prospectus contained within the foregoing registration statement, to the extent not superseded by documents or reports subsequently filed
or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
EXHIBIT INDEX
SIGNATURES
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, thereunto duly authorized.
|
Meihua International Medical Technologies Co., Ltd. |
Dated: October 2, 2023 |
|
|
|
By: |
/s/ Xin Wang |
|
Name: |
Xin Wang |
|
Title: |
Chief Executive Officer |
|
|
(Principal Executive Officer) |
001-41291
Exhibit 99.1
INDEX TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
TABLE OF CONTENTS
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2023 and December 31, 2022
(US$, except share data or otherwise noted)
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Assets | |
| | |
| |
Current Assets | |
| | |
| |
Cash | |
$ | 17,861,214 | | |
$ | 26,736,700 | |
Bank acceptance receivables | |
| 18,374,380 | | |
| 22,085,846 | |
Accounts receivable | |
| 79,052,428 | | |
| 68,945,792 | |
Inventories | |
| 1,647,146 | | |
| 1,122,038 | |
Prepayment and other current assets | |
| 15,329,511 | | |
| 16,428,779 | |
Total current assets | |
| 132,264,679 | | |
| 135,319,155 | |
| |
| | | |
| | |
Property, plant and equipment | |
| 8,617,192 | | |
| 8,758,047 | |
Intangible assets | |
| 3,876,027 | | |
| 497,600 | |
Investment | |
| 5,997,634 | | |
| 6,669,655 | |
Other noncurrent assets | |
| 11,856,920 | | |
| 12,333,122 | |
Total assets | |
$ | 162,612,452 | | |
$ | 163,577,579 | |
| |
| | | |
| | |
Liabilities and shareholders’ equity | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Short-term bank borrowings | |
$ | 7,171,128 | | |
$ | 6,089,428 | |
Accounts payable | |
| 13,820,348 | | |
| 16,096,165 | |
Taxes payable | |
| 1,451,855 | | |
| 1,131,276 | |
Accrued expenses and other current liabilities | |
| 778,369 | | |
| 856,698 | |
Total current liabilities | |
| 23,221,700 | | |
| 24,173,567 | |
| |
| | | |
| | |
Long term loan | |
| - | | |
| 724,932 | |
Total liabilities | |
| 23,221,700 | | |
| 24,898,499 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Ordinary share, $0.0005 par value, 80,000,000 shares authorized, 23,940,000 and 23,940,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 11,970 | | |
| 11,970 | |
Preferred share, $0.0005 par value, 20,000,000 shares authorized, no shares issued and outstanding as of as of June 30, 2023 and December 31, 2022 | |
| - | | |
| - | |
Additional paid-in capital | |
| 42,967,006 | | |
| 42,967,006 | |
Statutory surplus reserves | |
| 15,665,860 | | |
| 15,665,860 | |
Retained earnings | |
| 90,392,246 | | |
| 83,330,239 | |
Accumulated other comprehensive income (loss) | |
| (10,146,195 | ) | |
| (3,852,138 | ) |
Total shareholders’ equity | |
| 138,890,887 | | |
| 138,122,937 | |
Non-controlling interest | |
| 499,865 | | |
| 556,143 | |
TOTAL EQUITY | |
| 139,390,752 | | |
| 138,679,080 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 162,612,452 | | |
$ | 163,577,579 | |
The accompanying notes form an integral part
of these consolidated financial statements.
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the six months ended June 30, 2023 and 2022
(US$, except share data or otherwise noted)
| |
For the Six months Ended
June 30, | |
| |
2023 | | |
2022 | |
Revenues | |
| | |
| |
Third party sales | |
$ | 48,178,325 | | |
$ | 54,803,181 | |
Related party sales | |
| 11,751 | | |
| 29,666 | |
Total revenues | |
| 48,190,076 | | |
| 54,832,847 | |
Cost of revenues | |
| 31,019,347 | | |
| 33,941,115 | |
| |
| | | |
| | |
Gross profit | |
| 17,170,729 | | |
| 20,891,732 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling | |
| 3,161,070 | | |
| 3,311,649 | |
General and administrative | |
| 3,452,610 | | |
| 4,799,711 | |
Research and development | |
| 1,460,376 | | |
| 1,642,204 | |
Written-off Tai He deposit | |
| - | | |
| 2,469,466 | |
Total operating expenses | |
| 8,074,056 | | |
| 12,223,030 | |
| |
| | | |
| | |
Income from operations | |
| 9,096,673 | | |
| 8,668,702 | |
| |
| | | |
| | |
Other (income) expense: | |
| | | |
| | |
Interest expense | |
| 128,973 | | |
| 98,805 | |
Interest income | |
| (361,532 | ) | |
| (19,725 | ) |
Currency exchange gain | |
| 119,193 | | |
| (449,217 | ) |
Other expense, net | |
| 114,298 | | |
| 50,180 | |
Total other (income) expenses | |
| 932 | | |
| (319,957 | ) |
| |
| | | |
| | |
Income before income tax provision | |
| 9,095,741 | | |
| 8,988,659 | |
Income taxes expense | |
| 2,064,212 | | |
| 2,433,772 | |
Net income | |
| 7,031,529 | | |
$ | 6,554,887 | |
Net loss attributable to non-controlling interests | |
| (30,478 | ) | |
| - | |
Net income attributable to shareholders | |
| 7,062,007 | | |
| 6,554,887 | |
| |
| | | |
| | |
Foreign currency translation adjustment – gain / (loss) | |
| (6,319,857 | ) | |
| (6,133,093 | ) |
Comprehensive (loss) income | |
$ | 711,672 | | |
$ | 421,794 | |
Comprehensive loss attributable to non-controlling interests | |
| (56,278 | ) | |
| - | |
Comprehensive (loss) income attributable to shareholders | |
| 767,950 | | |
| 421,794 | |
| |
| | | |
| | |
Weighted average number of ordinary shares - basic and diluted | |
| 23,940,000 | | |
| 22,873,370 | |
| |
| | | |
| | |
Basic & diluted net income per ordinary share | |
$ | 0.29 | | |
$ | 0.29 | |
The accompanying notes form an integral part
of these consolidated financial statements.
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the six months ended June 30, 2023 and 2022
(US$, except share data)
| |
Ordinary
shares | | |
Ordinary
shares amount | | |
Additional
paid-in capital | | |
Ordinary
shares subscribed | | |
Statutory
surplus reserves | | |
Retained
earnings | | |
Accumulated
other comprehensive income (loss) | | |
Non-
controlling interests | | |
Total
Equity | |
Balance
as of December 31, 2021 | |
| 20,000,000 | | |
$ | 10,000 | | |
$ | 9,716,484 | | |
$ | - | | |
$ | 15,178,467 | | |
$ | 77,574,663 | | |
$ | 5,288,988 | | |
| - | | |
$ | 107,768,602 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ordinary
shares subscribed | |
| 3,940,000 | | |
| 1,970 | | |
| 33,748,358 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 33,750,328 | |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,554,887 | | |
| - | | |
| - | | |
| 6,554,887 | |
Currency
translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,133,093 | ) | |
| - | | |
| (6,133,093 | ) |
Balance
as of June 30, 2022 | |
| 23,940,000 | | |
$ | 11,970 | | |
$ | 43,464,842 | | |
| - | | |
$ | 15,178,467 | | |
$ | 84,129,550 | | |
$ | (844,105 | ) | |
| - | | |
$ | 141,940,724 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of December 31, 2022 | |
| 23,940,000 | | |
$ | 11,970 | | |
$ | 42,967,006 | | |
| - | | |
$ | 15,665,860 | | |
$ | 83,330,239 | | |
$ | (3,852,138 | ) | |
| 556,143 | | |
$ | 138,679,080 | |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 7,062,007 | | |
| - | | |
| (30,478 | ) | |
| 7,031,529 | |
Currency
translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,294,057 | ) | |
| (25,800 | ) | |
| (6,319,857 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of June 30, 2023 | |
| 23,940,000 | | |
| 11,970 | | |
| 42,967,006 | | |
| - | | |
| 15,665,860 | | |
| 90,392,246 | | |
| (10,146,195 | ) | |
| 499,865 | | |
| 139,390,752 | |
The accompanying notes form an integral part
of these consolidated financial statements.
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
For the six months ended June 30, 2023 and 2022
(US$)
| |
For The Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows from operating activities: | |
| | |
| |
Net income | |
$ | 7,031,529 | | |
$ | 6,554,887 | |
Adjustments for items not affecting cash: | |
| | | |
| | |
Depreciation | |
| 283,484 | | |
| 239,597 | |
Amortization | |
| 13,733 | | |
| 13,417 | |
Net loss from disposal of property, plant and equipment | |
| 104,572 | | |
| - | |
Written-off Tai He deposit | |
| - | | |
| 2,469,466 | |
Deferred tax expenses (benefit) | |
| - | | |
| (294,567 | ) |
Currency exchange (gain) loss | |
| 119,193 | | |
| - | |
Loss from equity method investments | |
| 1,632 | | |
| - | |
Gain from cost method investments | |
| (202 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Bank acceptance receivables | |
| 2,755,706 | | |
| (9,730,622 | ) |
Accounts receivable | |
| (14,101,576 | ) | |
| 3,472,261 | |
Inventories | |
| (606,934 | ) | |
| (7,197 | ) |
Prepayments and other assets | |
| 178,920 | | |
| (5,268,377 | ) |
Due from related parties | |
| - | | |
| (33,523 | ) |
Accounts payable | |
| (1,559,255 | ) | |
| (4,851,578 | ) |
Taxes payable | |
| 393,343 | | |
| (285,556 | ) |
Accrued expenses and other current liabilities | |
| (38,714 | ) | |
| (64,985 | ) |
Advance from customers | |
| - | | |
| (12,039 | ) |
Net cash used in operating activities | |
| (5,424,569 | ) | |
| (7,798,816 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property, plant and equipment | |
| (1,001,925 | ) | |
| (459,163 | ) |
Additions to intangible assets | |
| (3,581,058 | ) | |
| - | |
Proceeds from disposal of property, plant and equipment | |
| 355,993 | | |
| - | |
Proceeds from disposal of long-term investment | |
| 360,839 | | |
| - | |
Net cash used in investing activities | |
| (3,866,151 | ) | |
| (459,163 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from short-term bank borrowings | |
| 5,340,415 | | |
| 3,549,857 | |
Repayments of short-term bank borrowings | |
| (4,618,738 | ) | |
| (2,932,491 | ) |
Shareholder contribution | |
| - | | |
| 34,527,480 | |
Net cash provided by financing activities | |
| 721,677 | | |
| 35,144,846 | |
| |
| | | |
| | |
Effect of foreign exchange rate changes | |
| (306,443 | ) | |
| (370,615 | ) |
Net increase (decrease) in cash | |
| (8,875,486 | ) | |
| 26,516,252 | |
Cash, beginning of year | |
| 26,736,700 | | |
| 8,149,276 | |
Cash, end of year | |
$ | 17,861,214 | | |
$ | 34,665,528 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Cash paid for income tax | |
$ | 2,313,417 | | |
$ | 2,956,643 | |
Cash paid for interest | |
$ | 128,973 | | |
$ | 98,804 | |
| |
| | | |
| | |
Non-cash transactions | |
| | | |
| | |
Shareholder contribution through deferred cost | |
| - | | |
| 1,277,152 | |
The accompanying notes form an integral part
of these consolidated financial statements.
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
1. Organization and principal activities
Principal Activities:
Meihua International Medical Technologies Co.,
Ltd. (“Meihua”) was incorporated on November 10, 2020 in the Cayman Islands. Meihua is a holding company with no operations.
Meihua produces and sells medical consumables through its wholly owned subsidiaries located in People’s Republic of China (“PRC”
or “China”). Below is Meihua’s organizational chart, as well as a description of the ownership structure.
Entity Name | |
Registered
Location | |
Percentage
of
ownership | |
Date of
incorporation | |
Principal
activities |
Meihua International Medical Technologies Co., Ltd. (“Meihua”) | |
Cayman | |
Parent | |
November 10, 2020 | |
Investment holding |
| |
| |
| |
| |
|
康复国际医疗有限公司 Kang Fu International Medical Co., Limited (“Kang Fu”) | |
Hong Kong | |
100% by Meihua | |
October 13, 2015 | |
Investment holding |
| |
| |
| |
| |
|
扬州华达医疗器械有限公司 Yangzhou Huada Medical Equipment Co., Ltd. (“Huada”) | |
Yangzhou | |
100% by Kang Fu | |
December 24, 2001 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏亚达科技集团有限公司 Jiangsu Yada Technology Group Co., Ltd. (“Yada”) | |
Yangzhou | |
100% by Huada | |
December 5, 1991 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏华东医疗器械实业有限公司 Jiangsu Huadong Medical Device Industry Co., Ltd. (“Huadong”) | |
Yangzhou | |
100% by Yada | |
November 18, 2000 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
扬州光辉医疗科技有限公司* Yangzhou Guanghui Medical Technology Co., Ltd. (“Guanghui”) | |
Yangzhou | |
100% by Huadong | |
December 22, 2020 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
海南国械医疗科技有限公司 Hainan GuoxieTechnology Group Co. Ltd. (“Hainan Guoxie”) | |
Hainan | |
55% by Kang Fu | |
October 07, 2021 | |
Medical Equipment Sales |
Kang Fu was incorporated on October 13, 2015 with
a registered capital of HKD 53,911,815 ($6,911,771). Kang Fu is a holding company with no operations. The following operating entities
(Huada, Yada and Huadong) are all directly and indirectly 100% owned by Kang Fu for all the periods presented.
Huada is a subsidiary wholly owned by Kang Fu
and established in Yangzhou, China on December 24, 2001 with a registered capital of $17,193,021.
Yada is a subsidiary wholly owned by Huada and
was established in Yangzhou, China on December 5, 1991 with a registered capital of RMB51,390,000.
Huadong is a subsidiary wholly owned by Yada and
was established in Yangzhou, China on November 18, 2000 with a registered capital of RMB50,000,000.
Those three subsidiaries primarily manufacture
and sell Class I, II and III disposable medical devices under the Company’s own brands, and distribute Class I, II and III disposable
medical devices sourced from other manufacturers to our domestic and overseas customers.
Guanghui was a subsidiary wholly owned by Huadong
and was dissolved on June 1, 2023.
Hainan Guoxie is a subsidiary 55% owned by Kang
Fu and established in Hainan, China on October 07, 2021 with a registered capital of RMB100,000,000.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim results of operations
are not necessarily indicative of results to be expected for any other interim period or for a full year. In the opinion of management,
all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of its financial position
and operating results have been included. These financial statements should be read in conjunction with the Company’s audited consolidated
financial statements and the related notes thereto for the fiscal years ended December 31, 2022 and 2021.
Use of Estimates
The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts
reported and disclosed in the consolidated financial statements and related notes.
The most significant estimates and judgments include
allowance for bad debts and the valuation of inventory. Actual amounts could differ from those estimates.
Non-controlling interests
Non-controlling interest represents the portion
of the net assets of subsidiaries attributable to interests that are not owned or controlled by the Company. The non-controlling interest
is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling
interest’s operating results are presented on the face of the consolidated statements of income and comprehensive income as an allocation
of the total income for the year between non-controlling shareholders and the shareholders of the Company. As of June 30, 2023, non-controlling
interests represent one non-controlling shareholders’ proportionate share of equity interests in Hainan Guoxie.
Functional Currency and Foreign Currency
Translation
The Company’s reporting currency is the
United States dollar (“US$”). The Company’s operations are principally conducted through the PRC subsidiaries where
the local currency is the functional currency. Therefore, the functional currency of Kang Fu is the Hong Kong dollar and the functional
currency of Huada, Yada, Huadong and Guanghui is the Renminbi (“RMB”).
Transactions denominated in currencies other than
the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction
dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currency are translated into the
functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated
statements of income and comprehensive income.
The assets and liabilities of the Company are
translated at the exchange spot rate at the balance sheet date, stockholders’ equity is translated at the historical rates and the
revenues and expenses are translated at the average exchange rates for the periods, except that the exchange rate used for translation
from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was
used to translate Kang Fu’s balance sheets, income statement items and cash flow items for both the six months ended June 30, 2023
and 2022. The resulting translation adjustments are reported under other comprehensive income in the consolidated statements of income
and comprehensive income in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 220, Comprehensive Income. The following are the exchange rates that were used in translating the Company’s
PRC subsidiaries’ financial statements into the consolidated financial statements:
| |
June 30, 2023 | |
December 31, 2022 | |
June 30, 2022 |
| |
| |
| |
|
Period-end spot rate | |
US$1=RMB 7.2513 | |
US$1=RMB 6.8972 | |
US$1=RMB 6.6981 |
| |
| |
| |
|
Average rate | |
US$1=RMB 6.9283 | |
US$1=RMB 6.7290 | |
US$1=RMB 6.4791 |
Certain Risks and Concentration
The Company’s financial instruments that
potentially subject the Company to significant concentrations of credit risk consist primarily of cash and receivables. As of six months
ended June 30, 2023 and December 31, 2022 substantially all the Company’s cash were held in major financial institutions located
in Hong Kong and the PRC, which management considers to be of high credit quality.
For the six months ended June 30, 2023, two customers
accounted for approximately 18.18% and 10.01% of the Company’s total revenues. For the six months ended June 30, 2022, two customers
accounted for approximately 32.53% and 11.25% of the Company’s total revenues.
As of June 30, 2023, two customers accounted for
approximately 30.92% and 21.31% of the Company’s accounts receivable. As of December 31, 2022, two customers accounted for approximately
27.73% and 13.14% respectively, of the Company’s accounts receivable.
For the six months ended June 30, 2023, one supplier
accounted for approximately 14.73% of the Company’s total purchases. As of six months ended June 30, 2022, there was no supplier
that individually represented greater than 10% of the total purchase of the Company’s total purchases.
Fair Value Measurement
Fair value is the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use
when pricing the asset or liability.
The Company adopted the guidance of Accounting
Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods
for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
|
Level 1: |
Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. |
|
|
|
|
Level 2: |
Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. |
|
|
|
|
Level 3: |
Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. |
The Company’s financial instruments include
cash, accounts receivable, bank acceptance receivables, due from related parties, accounts payable, other liabilities and accrued expenses
and short-term bank borrowings. The carrying amounts approximate their fair values due to their short maturities as of June 30, 2023 and
December 31, 2022.
The Company noted no transfers between levels
during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring or non-recurring
basis as of June 30, 2023 and December 31, 2022.
Cash
Cash consists of petty cash on hand and cash held
in banks, which are highly liquid and are unrestricted as to withdrawal or use.
Bank Acceptance Receivables
Bank acceptance receivables are issued by bank
under the request of the Company’s customers, to pay for the purchased goods. The Company can choose to hold acceptance notes until
maturity and receive the face value payment from the bank, or sell (exchange) the acceptance notes at a discount to another party willing
to wait until maturity to receive the bank’s promised payment. The maturity date of the receivables is all within one year of the
original issuance date and carried at face value. The Company is not lending money, it just sells goods to the customers (customers can
pay the purchased goods by cash, accounts receivable or bank acceptance receivables). The receivables mature within one year, and are
non-interest bearing. As bank acceptance receivables are issued by the banks and payments are guaranteed. The Company has not discounted
any bank acceptances and there were no endorsed bank acceptances that are unmatured as of June 30, 2023. The Company collected approximately
$6.0 million as of August 31, 2023.
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable represent trade receivables
and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts or impairment.
The Company follows the guidance under ASC 326,
Financial Instruments – Credit Losses, Measurement of Credit Losses on Financial Instruments. The standard uses a new forward-looking
“methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information
to inform credit loss estimates.” The Company has adopted the loss rate methodology to estimate historical losses on accounts receivables.
The Company has adopted the aging methodology to estimate the credit losses on accounts receivables. The historical data is adjusted to
account for forecasted changes in the macroeconomic environment in order to calculate the current expected credit loss. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and
comprehensive income.
The Company historically has not had material
bad debts in accounts receivable. There were no bad debt expenses related to accounts receivable for six months ended June 30, 2023 and
2022, and there was no provision for doubtful accounts as of June 30, 2023 and December 31, 2022.
Inventories
Inventories are valued using the lower of cost
or net realizable value. Cost is principally determined using the weighted-average method. Manufactured inventories included cost of materials,
labor and overhead expenses. The Company records adjustments to inventory for excess quantities, obsolescence, or impairment, when appropriate,
to reflect inventory at net realizable value. These adjustments are based upon a combination of factors including current sales volume,
market conditions, lower of cost or market analysis and expected realizable value of the inventory.
There were no write-downs recognized of inventories
as of June 30, 2023 and December 31, 2022.
Prepayment and other current assets
As of June 30, 2023 and December 31, 2022, prepayment
and other current assets were $15,329,511 and $16,428,779.
Prepayment and other assets primarily consist
of prepayments for land use right and property, refundable tax credits and receivables, security deposits made to customers, advances
to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to
determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the utilization or refund
of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance
is also based on management’s best estimate of specific losses on individual exposures, as well as a provision on historical trends
of collections and utilizations. Actual amounts received or utilized may differ from management’s estimate of credit worthiness
and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has
determined that the likelihood of collection is not probable. The allowance for doubtful accounts amounted to nil as of June 30, 2023
and December 31, 2022.
Property, Plant and Equipment
Property, plant and equipment items are recorded
at their historic cost, less accumulated depreciation and impairment losses. The Company calculates depreciation using the straight-line
method, after consideration of the estimated residual values, over the following estimated useful lives:
Category | |
Useful lives | |
Estimated
residual
value | |
Buildings | |
20 years | |
| 10 | % |
Machinery and Equipment | |
10 years | |
| 10 | % |
Motor vehicles | |
5 years | |
| 10 | % |
Electronic Equipment | |
5 years | |
| 10 | % |
Office Equipment | |
3 years | |
| 10 | % |
Inspection Equipment | |
5 years | |
| 10 | % |
Major improvements are capitalized and expenditures
for maintenance and repairs are expensed as incurred. Construction in progress represents property, plant and equipment under construction
or being installed. Costs include original cost, installation, construction and other direct costs. Interest expenses directly related
to construction in progress would be capitalized. Construction in progress is transferred to the appropriate fixed asset account and depreciation
commences when the asset has been substantially completed and placed in service.
Intangible Assets
Intangible assets are non-monetary assets without
physical substance. These items are initially measured at cost and subsequently carried at cost less any accumulated amortization and
impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives.
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives, which is as
follows:
Category | |
Useful lives |
Land use rights | |
50 years |
Patent | |
5 years |
Trademark | |
10 years |
Impairment of Long-Lived Assets
The Company accounts for impairment of long-lived
assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment. (“ASC
360”). Long-lived assets consist primarily of property, plant and equipment, and intangible assets. In accordance with ASC 360,
the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred, or whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators exist, recoverability of
assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted future net cash flows expected
to be generated by the asset. Examples of such triggering events include a significant disposal of a portion of such assets, and adverse
change in the market involving the business employing the related assets. If such assets are determined not to be recoverable, the Company
performs an analysis of the fair value of the asset group and will recognize an impairment loss when the fair value is less than the carrying
amounts of such assets. The fair value, based on reasonable and supportable assumptions and projections, require subjective judgments.
Depending on the assumptions and estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within
a range of outcomes. The Company considers the likelihood of possible outcomes in determining the best estimate for the fair value of
the assets. The Company did not record any impairment charges for the six months ended June 30, 2023 and 2022. There can be no assurance
that future events will not have impact on company revenue or financial position which could result in impairment in the future.
Investment
In accordance with Financial Accounting Standards
Board (“FASB”) ASC 321, “Investment-Equity Securities,” the Company accounts for non-marketable securities on
a prospective basis. Equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical
expedient are eligible for the measurement alternative.
On March 3, 2011, Yada invested in Yangzhou Juyuan
Guarantee Co., Ltd (“Juyuan”) and obtained 12% equity interest of Juyuan. For the Company’s passive and without significant
influence or control equity investment in private company which do not have readily determinable fair values, the Company has elected
the measurement alternative defined as cost, less impairment, plus or minus adjustments resulting from observable price changes in orderly
transactions for the identical or a similar investment of the Company. The investment is reviewed periodically to determine if its value
has been impaired and adjustments are recorded as necessary in profit or loss for the period. On January 5, 2023, majority shareholder
of Juyuan purchased 5% equity interest of Juyuan from Yada for a consideration of $360,839 (RMB 2.5 million).
Investments in entities in which the Company can
exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting
in accordance with ASC 323, Investments-Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company
initially records its investment at cost and the difference between the cost of the equity investee and the amount of the underlying equity
in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The share of earnings or
losses of the investee are recognized in the consolidated statements of comprehensive loss. Equity method adjustments include the Company’s
proportionate share of investee income or loss, adjustments to recognize certain differences between the Company’s carrying value
and its equity in net assets of the investee at the date of investment, impairments, and other adjustments required by the equity method.
The Company assesses its equity investment for other-than-temporary impairment by considering factors as well as all relevant and available
information including, but not limited to, current economic and market conditions, the operating performance of the investees including
current earnings trends, the general market conditions in the investee’s industry or geographic area, factors related to the investee’s
ability to remain in business, such as the investee’s liquidity, debt ratios, and cash burn rate and other company-specific information.
Investments in equity securities without readily
determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical
or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events
or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements
of comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. Prior to the adoption
of ASU 2016-01 on January 1, 2019, these investments were accounted for using the cost method of accounting, measured at cost less other-than-temporary
impairment.
On December 1, 2022, Huadong invested RMB 40 million
into Jiangsu Zhongxiangxin International Science and Technology Innovation Park Co., Ltd. (“Zhongxiangxin”), and obtained
25% ownership interest of Zhongxiangxin. Zhongxiangxin manufactures and sells medical materials in the PRC. The Company accounted for
the investments using equity method, because the Company has significant influence but does not own a majority equity interest or otherwise
control over the equity investee. Under the equity method, the Company adjusts the carrying amount of the investment and recognizes investment
income or loss for its share of the earnings or loss of the investee after the date of investment. When the Company’s share of losses
in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the
Company has incurred obligations or made payments or guarantees on behalf of the equity investee. For the six months ended June 30, 2023
and 2022, the investment loss from Zhongxiangxin was $1,632 and nil.
The Company continually reviews its investments
in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors
the Company considers in its determination include the financial condition, operating performance and the prospects of the equity investee;
other company specific information such as recent financing rounds; the geographic region, market and industry in which the equity investee
operates; and the length of time that the fair value of the investment is below its carrying value. If the decline in fair value is deemed
to be other-than-temporary, the carrying value of the equity investee is written down to fair value.
For the for the six months ended June 30, 2023
and 2022, no impairment indicators were identified of its investment in the private company was no impairment recorded.
Value-added Tax
Value-added taxes (“VAT”) collected
from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers
is excluded from revenue which is recorded in VAT payable. The Company is subject to a VAT rate of 13%. The VAT payable may be offset
by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.
Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests. The Company discloses all significant related party transactions.
Revenue Recognition
Based on the requirements of ASC Topic 606, the
Company recognizes revenue when control of the promised goods or services is transferred to the customers in an amount that reflects the
consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company primarily sells its products
to hospitals and medical equipment companies. Revenue is recognized when the following 5-step revenue recognition 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 |
| 5) | Recognize
revenue when or as the entity satisfies a performance obligation |
Revenue from product sales is recognized at the
point in time control of the products is transferred, generally upon customer receipt based upon the standard contract terms. Shipping
and handling activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to
be separate performance obligations. The Company’s sales terms provide no right of return outside of a standard quality policy and
returns are generally not significant. Payment terms for product sales are generally set at 90 to 180 days after customer acceptance of
the product.
Revenue Disaggregation
The Company’s disaggregated revenues are
represented by two categories which are type of goods and type of customers.
Type of Goods
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Self-Manufactured Products | |
| 23,435,544 | | |
| 27,046,663 | |
Resales of Sourced Disposable Medical Devices from Third Party Manufacturers | |
| 24,754,532 | | |
| 27,786,184 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
Type of Customers
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Direct sales | |
| 4,305,506 | | |
| 4,582,321 | |
Distributors | |
| 43,884,570 | | |
| 50,250,526 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
Earnings per Ordinary Share
Earnings (loss) per ordinary share is calculated
in accordance with ASC 260, Earnings per Share. Basic earnings (loss) per ordinary share is computed by dividing the net income
(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted
earnings per ordinary share is computed in accordance with the treasury stock method and based on the weighted average number of ordinary
shares and dilutive ordinary share equivalents. Dilutive ordinary share equivalents are excluded from the computation of diluted earnings
per ordinary share if their effects would be anti-dilutive. There is no ordinary share equivalent issued to date.
Comprehensive Income (Loss)
ASC 220, Comprehensive Income (“ASC 220”)
establishes rules for reporting and display of comprehensive income and its components. ASC 220 requires that unrealized gains and losses
on the Company’s foreign currency translation adjustments be included in comprehensive income (loss).
Advertising Costs
The Company’s advertising costs are expensed
as incurred. Advertising expenses are included in selling expenses in the accompanying consolidated statements of income and comprehensive
income. Advertising expenses were $8,275, and $7,603 for the six months ended June 30, 2023, and 2022, respectively.
Research and Development Costs
Research and development expenses are expensed
as incurred. Research and development expenses were $1,460,376 and $1,642,204 for the six months ended June 30, 2023, and 2022, respectively.
Income Tax
Current income taxes are provided on the basis
of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income
tax purposes, in accordance with the regulations of the relevant tax jurisdictions.
Deferred income taxes are recognized for temporary
differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating
loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance
with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply
to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities
of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.
The Company considers positive and negative evidence
when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers,
among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration
of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate
realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward
periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization
of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing
taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carryforwards, (iii) future
taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected
within the industry.
The Company recognizes a tax benefit associated
with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination
by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently
measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due
to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments
are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of
changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company
classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
Segment Reporting
FASB 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 of the Company’s business segments, geographical areas, segments and major customers. 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. The chief operating decision maker is the Company’s president
and Chief Executive Officer (“CEO”). Management, including the chief operating decision maker, reviews operating results of
different products at revenue level with no allocation of operating costs. Consequently, based on management’s assessment, the Company
has determined that it has only one operating segment as defined by FASB ASC 280.
The Company has disclosed the type of revenue by government category
as follows.
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Category | |
Produced | | |
Purchased | | |
Total | | |
Produced | | |
Purchased | | |
Total | |
Class I | |
| 3,561,156 | | |
| 4,462,704 | | |
| 8,023,860 | | |
| 3,812,092 | | |
| 3,845,205 | | |
| 7,657,297 | |
Class II | |
| 17,313,377 | | |
| 17,761,970 | | |
| 35,075,347 | | |
| 20,185,052 | | |
| 19,712,006 | | |
| 39,897,058 | |
Class III | |
| 524,802 | | |
| 873,575 | | |
| 1,398,377 | | |
| 416,595 | | |
| 1,168,221 | | |
| 1,584,816 | |
Others | |
| 2,036,209 | | |
| 1,656,283 | | |
| 3,692,492 | | |
| 2,632,924 | | |
| 3,060,752 | | |
| 5,693,676 | |
Total | |
| 23,435,544 | | |
| 24,754,532 | | |
| 48,190,076 | | |
| 27,046,663 | | |
| 27,786,184 | | |
| 54,832,847 | |
Class I, II, and III medical devices are defined
by the National Medical Products Administration of China according to their risk levels under the Regulation on the Supervision and Administration
of Medical Devices (2021 Revision), Article 6 as follows:
| ● | “Class
I Medical Devices” means medical devices with low risks, whose safety and effectiveness can be ensured through routine administration. |
| ● | “Class
II Medical Devices” means medical devices with moderate risks, which shall be strictly controlled and administered to ensure their
safety and effectiveness. |
| ● | “Class
III Medical Devices” means medical devices with relatively high risks, which shall be strictly controlled and administered through
special measures to ensure their safety and effectiveness. |
Furthermore, the Company has disclosed revenue by major product type
included in each government category.
| |
| |
June 30, 2023 | | |
June 30, 2022 | |
Category | |
Products | |
US$ | | |
US$ | |
Class I | |
Eye drops bottle | |
| 1,073,853 | | |
| 1,346,164 | |
| |
Oral medicine bottle | |
| 1,830,363 | | |
| 2,189,018 | |
| |
Anal bag | |
| 849,099 | | |
| 395,292 | |
| |
Other Class I | |
| 4,270,545 | | |
| 3,726,823 | |
Subtotal-Class I | |
| |
| 8,023,860 | | |
| 7,657,297 | |
Class II | |
Masks | |
| 47,946 | | |
| 211,468 | |
| |
Identification tape | |
| 5,494,306 | | |
| 7,218,564 | |
| |
Disposable medical brush | |
| 4,481,601 | | |
| 4,606,634 | |
| |
Gynecological inspection kits | |
| 3,022,727 | | |
| 5,807,398 | |
| |
Surgical kit | |
| 2,206,201 | | |
| 13,546,908 | |
| |
Medical brush | |
| 2,809,448 | | |
| 2,586,945 | |
| |
Medical kit | |
| 983,584 | | |
| 883,977 | |
| |
Other Class II | |
| 16,029,534 | | |
| 5,035,164 | |
Subtotal-Class II | |
| |
| 35,075,347 | | |
| 39,897,058 | |
Class III | |
Electronic pump | |
| 138,751 | | |
| 67,866 | |
| |
Anesthesia puncture kit | |
| 229,616 | | |
| 205,218 | |
| |
Disposable infusion pump | |
| 113,335 | | |
| 78,453 | |
| |
Infusion pump | |
| 178,461 | | |
| 90,036 | |
| |
Electronic infusion pump | |
| 330 | | |
| 43,397 | |
| |
Laparoscopic trocar | |
| 38 | | |
| 94,337 | |
| |
Other Class III | |
| 737,846 | | |
| 1,005,509 | |
Subtotal-Class III | |
| |
| 1,398,377 | | |
| 1,584,816 | |
Others | |
| |
| 3,692,492 | | |
| 5,693,676 | |
Total | |
| |
| 48,190,076 | | |
| 54,832,847 | |
For the six months ended June 30, 2023, and 2022,
revenues and assets within PRC contributed over 99.1% of the Company’s total revenues and assets.
The Outbreak of COVID-19
On January 30, 2020, the World Health Organization
declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March
11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” COVID-19 has had a severe and negative
impact on the Chinese and the global economy and such impact persists as of the date of this annual report.
In fiscal year 2020, COVID-19 had a significant
impact on our business and results of operations as the sales volume of masks rose sharply while the sales of products other than masks
declined due to an overall decrease in market demand. In fiscal year 2021, with the stable control of the domestic epidemic in China,
the market of masks was no longer in urgent shortage compared to the same period in 2020, and the production of epidemic prevention products
resumed more normal production levels. In general, with the precise control of the epidemic in China, our production and operations have
recovered smoothly, and the demand for other products has increased gradually. After the initial outbreak of COVID-19, from time to time,
some instances of COVID-19 infections have emerged in various regions of China, including the infections caused by the Omicron variants
in 2022. For example, a wave of infections caused by the Omicron variants emerged in Shanghai in 2022, and a series of restrictions and
quarantines were implemented to contain the spread.
Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022. While the revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have
a positive impact on our normal operations, the extent of the impact on the Company’s future financial results will be dependent
on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions
in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other
factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the
expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current
situation continues.
Recently Issued Accounting Standards
In October 2021, the FASB issued ASU No. 2021-08,
“‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”
(“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities
in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and
measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not
acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied prospectively
to business combinations that occur after the effective date. The Company does not expect the adoption of ASU 2021-04 will have a material
effect on the consolidated financial statements.
In June
2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the
unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity
cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional
disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update
are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities,
the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early
adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As
an emerging growth company, the standard is effective for the Company for the year ended
December 31, 2025. The Company is in the process of evaluating the impact of the new guidance
on its consolidated financial statements.
3. Prepayments and other assets
Prepayments and other current assets consist of
the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Other receivable | |
| 159,817 | | |
| 239,148 | |
Prepaid tax | |
| - | | |
| 250,410 | |
Prepaid for land use right (1) | |
| 15,169,694 | | |
| 15,948,501 | |
Prepaid for property (2) | |
| 11,856,920 | | |
| 12,323,842 | |
Total | |
| 27,186,431 | | |
| 28,761,901 | |
Less: non-current portion | |
| (11,856,920 | ) | |
| (12,333,122 | ) |
Prepayments and other current assets | |
| 15,329,511 | | |
| 16,428,779 | |
4. Inventories
Inventories consist of the following:
| |
June 30, 2023 | | |
December 31, 2021 | |
| |
US$ | | |
US$ | |
Raw material | |
| 493,143 | | |
| 177,474 | |
Work-in-process | |
| 20,501 | | |
| 343,795 | |
Finished goods | |
| 977,974 | | |
| 560,119 | |
Goods in transit | |
| 95,814 | | |
| | |
Low-value consumables | |
| 59,714 | | |
| 40,650 | |
Total | |
| 1,647,146 | | |
| 1,122,038 | |
For the six months ended June 30, 2023 and 2022, there were no writes-down
of inventories.
5. Intangible Assets
Intangible assets consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Land use rights | |
| 4,134,521 | | |
| 752,887 | |
Patents | |
| 27,582 | | |
| 28,997 | |
Software | |
| 12,113 | | |
| 9,424 | |
Trademarks | |
| 115,836 | | |
| 121,789 | |
Total | |
| 4,290,052 | | |
| 913,097 | |
Less: accumulated amortization | |
| 414,025 | | |
| 415,497 | |
Intangible assets, net | |
| 3,876,027 | | |
| 497,600 | |
Amortization expense was $13,733 and $13,417 for
the six months ended June 30, 2023 and 2022, respectively. Hainan Guoxie spent $3.4 million in purchasing land use right for the six months
ended June 30, 2023 and the price was fully paid. The land will be used for manufacturing facility.
The following table sets forth the Company’s
amortization expenses for the twelve months ending December 31 of the following years:
2023 | |
$ | 41,870 | |
2024 | |
| 83,740 | |
2025 | |
| 83,740 | |
2026 | |
| 82,953 | |
2027 | |
| 82,690 | |
Thereafter | |
| 3,501,034 | |
| |
$ | 3,876,027 | |
As of June 30, 2023 and December 31, 2022, the
Company pledged land use rights to secure bank borrowings to the Company as disclosed in Note 7.
6. Investment
On March 3, 2011, Yada invested RMB 6 million
into Yangzhou Juyuan Guarantee Co., Ltd. (“Juyuan”) and obtained 12% equity interest of Juyuan. Juyuan mainly provides financing
guarantee services and relevant consulting services to customers. Juyuan has only one executive director and one supervisor. Neither the
executive director nor supervisor is related to Yada. Therefore, Yada has neither control nor significant influence over Juyuan. For the
Company’s passive and without significant influence or control equity investment in a private company which does not have readily
determinable fair values, the Company has elected the measurement alternative defined as cost, less impairment, plus or minus adjustments
resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. On January
5, 2023, majority shareholder of Juyuan purchased 5% equity interest of Juyuan from Yada for a consideration of $360,839(RMB 2.5 million).
The carrying value of the investment amounted to approximately $0.5 million as of June 30, 2023.
On December 1, 2022, Huadong invested RMB40 million
into Zhongxiangxin, and obtained 25% ownership interest of Zhongxiangxin. Zhongxiangxin manufactures and sells medical materials in the
PRC. The Company accounted for the investments using the equity method, because the Company has significant influence but does not own
a majority equity interest or otherwise control over the equity investee. Under the equity method, the Company adjusts the carrying amount
of the investment and recognizes investment income or loss for its share of the earnings or loss of the investee after the date of investment.
When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does
not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee.
For the six months ended June 30, 2023 and 2022, the investment loss from Zhongxiangxin was $1,632 and $nil.
For the six months ended June 30, 2023 and 2022,
no impairment indicators were identified related to revaluation of its investment in the private company was recorded.
7. Bank Borrowings
Bank borrowings are working capital loans from
banks in China. Short-term bank borrowings as of June 30, 2023 consisted of the following:
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
1/18/2023 | |
5/25/2024 | |
| 4,000,000 | | |
| 551,625 | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 689,532 | |
Agricultural Bank of China | |
Huadong | |
| 3.60 | % | |
8/12/2022 | |
7/12/2023 | |
| 9,000,000 | | |
| 1,241,157 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
1/30/2023 | |
2/15/2024 | |
| 5,000,000 | | |
| 689,532 | |
Bank of China | |
Huadong | |
| 3.80 | % | |
3/10/2023 | |
3/9/2024 | |
| 10,000,000 | | |
| 1,379,063 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023 | |
| 10,000,000 | | |
| 1,379,063 | |
Industrial and Commercial Bank of China* | |
Yada | |
| 3.45 | % | |
2/17/2022 | |
2/16/2024 | |
| 9,000,000 | | |
| 1,241,156 | |
Total | |
| |
| | | |
| |
| |
| 52,000,000 | | |
| 7,171,128 | |
Short-term bank borrowings as of December 31, 2022 consisted of the
following:
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 4,000,000 | | |
| 579,946 | |
Agricultural Bank of China | |
Huadong | |
| 3.40 | % | |
12/8/2022 | |
12/7/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
2/17/2022 | |
3/2/2023* | |
| 5,000,000 | | |
| 724,932 | |
Bank of China | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 5,000,000 | | |
| 724,932 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023* | |
| 10,000,000 | | |
| 1,449,864 | |
Industrial and Commercial Bank of China | |
Yada | |
| 3.70 | % | |
2/18/2022 | |
2/21/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Total | |
| |
| | | |
| |
| |
| 42,000,000 | | |
| 6,089,428 | |
Interest expense was $128,973, and $98,805 for
the six months ended June 30, 2023 and 2022, respectively.
The Company’s short-term bank borrowings
are pledged by the Company’s assets and guaranteed by the Company’s major shareholders Yongjun Liu, Yin Liu and its subsidiary
Yada.
The carrying values of the Company’s pledged assets to secure
short-term borrowings by the Company are as follows:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Buildings, net | |
| 3,432,150 | | |
| 2,777,379 | |
Land use right, net | |
| 90,322 | | |
| 96,416 | |
Total | |
| 3,522,472 | | |
| 2,873,795 | |
8. Long-term bank loan
There was no long-term bank loan as of June 30, 2023.
Long-term bank borrowings as of December 31, 2022 consisted of the
following:
Lender | |
Company | |
Rate | | |
Issuance Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 724,932 | |
Total | |
| |
| | | |
| |
| |
| 5,000,000 | | |
| 724,932 | |
On November 3, 2022, the Company signed a loan
agreement with Bank of Communications to obtain a two-year loan of RMB5 million ($724,932). The loan bears a floating interest rate of
a benchmark rate (3.50%). Huada mortgages the property and land for guaranteed repayment of the loan. The principal shall be repaid on
April 25, 2024. The balance was reclassified to short-term bank loan as of June 30, 2023.
9. Taxes Payable
Taxes payable consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
VAT payable | |
| 368,195 | | |
| 380,926 | |
Income tax payable | |
| 1,012,775 | | |
| 690,824 | |
Other tax payable | |
| 71,348 | | |
| 59,526 | |
Total | |
| 1,452,318 | | |
| 1,131,276 | |
10. Income Taxes
Cayman Islands
Under the current laws of the Cayman Islands,
the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands
withholding tax is imposed.
Hong Kong
Under the current Hong Kong Inland Revenue Ordinance,
the Company’s Hong Kong subsidiary, Kang Fu, is subject to 16.5% income tax on its taxable income generated from operations in Hong
Kong. On December 29, 2017, the Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime,
the first HK$2.0 million earned in assessable profits will be subject to an 8.25% lower tax rate and the remaining taxable income will
continue to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018 and
2019, which is on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among
connected entities. Kang Fu has been nominated by the Company as the entity to apply the two-tiered rates among the group for the assessment
years of 2023 and 2022.
PRC
Provisions for income tax are as follows:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Provisions for current income tax | |
| 2,064,697 | | |
| 2,433,772 | |
Provisions for deferred income tax | |
| - | | |
| - | |
Total | |
| 2,064,697 | | |
| 2,433,772 | |
The following is a reconciliation of the Company’s
total income tax expense to the income before income taxes for the six months ended June 30, 2023 and 2022, respectively:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Income before income tax provision | |
| 9,097,681 | | |
| 8,988,658 | |
Tax at the PRC EIT tax rates | |
| 2,203,896 | | |
| 2,689,271 | |
Change in valuation allowance | |
| 16,934 | | |
| - | |
Tax effect of non-deductible expenses | |
| 208,961 | | |
| 157,007 | |
Tax effect of R&D expenses additional deduction* | |
| (365,094 | ) | |
| (412,506 | ) |
Income tax expense | |
| 2,064,697 | | |
| 2,433,772 | |
Under the Enterprise Income Tax Law (“EIT Law”), Foreign
Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform
rate of 25%.
Huadong was granted a High and New Technology
Enterprise (“HNTE”) certificate and received a preferential tax rate of 15% for a three-year validity period from November
30, 2016 and the HNTE certificate was renewed on December 22, 2022 with a three-year validity period. Thus, Huadong will remain eligible
for a 15% preferential tax rate from January 1, 2016 through December 31, 2025.
The EIT Law also provides that an enterprise established
under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident
enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing
Rules of the EIT Law define the location of the “de facto management body” as “the place where the exercising, in substance,
of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC
company is located.” Based on a review of surrounding facts and circumstances, the Company does not believe that it is likely that
its entities registered outside of the PRC should be considered as resident enterprises for the PRC tax purposes.
The EIT Law also imposes a withholding income
tax on dividends distributed by a FIE to its immediate holding company outside of the PRC. As a result, Kang Fu, which is the parent of
Huada, Yada and Huadong, is therefore subject to a maximum withholding tax of 10% on dividends distributed by Huada, Yada and Huadong.
In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and are subject
to the withholding taxes. The presumption may be overcome if the Company has sufficient evidence to demonstrate that the undistributed
dividends will be re-invested and the remittance of the dividends will be postponed indefinitely. As of June 30, 2023, the Company has
determined that the undistributed earnings in Huada, Yada and Huadong will be re-invested into the subsidiary for the expansion of the
Company’s business in mainland China and hence the remittance of dividends will be postponed indefinitely.
Uncertain tax positions
The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits
associated with the tax positions. As of June 30, 2023, and 2022, the Company did not have any significant unrecognized uncertain tax
positions.
11. Commitments and Contingencies
Operating lease
The Company has an operating lease to rent an
office space in Shanghai. The lease term is 12 months, with the option to renew annually. Rent expense was $5,856 and $5,856 and is included
in general and administrative expenses for the six months ended June 30, 2023 and 2022, respectively. The Company has renewed the same
operating lease with a term from January 1, 2023 to December 31, 2023, with all other lease terms remaining the same.
Other commitments
The Company did not have other significant commitments,
long-term obligations or guarantees as of June 30, 2023 and 2022.
Contingencies
The Company is subject to legal proceedings and
regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company
does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated business,
financial position, cash flows or results of operations taken as a whole.
On February 4, 2022, Macias Gini & O’Connell,
LLP (“Plaintiff”) initiated a lawsuit in San Francisco Superior Court. Plaintiff, a certified public accounting firm based
in the U.S., was hired by Kang Fu International Medical Co, and subsequently by Meihua International Medical Technologies Co, Ltd. (collectively,
“Meihua”), to audit Meihua’s consolidated financial statements for the 2018 and 2019 calendar years. Plaintiff seeks
damages from Meihua for its alleged failure to pay for services rendered in the amount of $210,000, plus interest and attorneys’
fees. The case was dismissed with prejudice in August of 2023.
On August 29, 2023, Zhu Cheng initiated a lawsuit
against Yada, Huada, Huadong and Kang Fu in Yangzhou Economic Development Zone Court. Zhu Cheng seeks damages from the above entities
for service fee of approximately $2.3 million (RMB 17.0 million). The Company is preparing to file a motion to dismiss the case. No contingent
liability has been accrued since the Company has deemed the possibility of loss to be remote.
12. Statutory Surplus Reserves and Restricted Net Assets
Pursuant to laws applicable to entities incorporated
in the PRC, the Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the
discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of
the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net
income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations
to the discretionary surplus reserve are made at the discretion of the Board of Directors. As of December 31, 2022 and June 30, 2023,
the Company did not have a discretionary surplus reserve. As of December 31, 2022, all of the Company’s PRC subsidiaries reserves
had reached 50% of their registered capital threshold and, as a result, the Company stopped being required to allocate after-tax profits
to this reserve.
As a result of these PRC laws and regulations
and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP,
the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital
and the statutory reserves of the Company’s PRC subsidiaries. The aggregate amounts of capital and statutory reserves restricted
which represented the amount of net assets of the relevant subsidiaries in the Company not available for distribution was $15,665,860
as of June 30, 2023 and December 31, 2022.
Under PRC laws and regulations, statutory surplus
reserves are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective
company and are not distributable other than upon liquidation. The reserves are not allowed to be transferred to the Company in terms
of cash dividends, loans or advances, nor allowed for distribution except under liquidation.
13. Related Party Transactions and Balances
Related Parties:
Name of related parties |
|
Relationship with the Company |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
Yangzhou Meihua Import and Export Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
Related Party Sales
The Company sells products to its related parties
and the sales amount from related parties for the six months end 2023 and 2022 are as follows:
Sales:
| |
For the Six Months ended
June 30, | |
Name of related party | |
2023 | | |
2022 | |
Yangzhou Meihua Import and Export Co., Ltd. | |
$ | 11,751 | | |
$ | 18,849 | |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. | |
| - | | |
| 10,818 | |
Total | |
$ | 11,751 | | |
$ | 29,667 | |
14. Subsequent Events
The Company has evaluated the impact of events
that have occurred subsequent to June 30, 2023, through the issuance date of the consolidated financial statements, and concluded that
no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes
to the consolidated financial statements.
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Exhibit 99.2
Management’s discussion and analysis of
the financial condition and results of operations of Meihua International Medical Technologies Co., Ltd., a Cayman Islands company (“Meihua
International,” the “Company,” “we,” “our,” or “us”), for the semi-annual period
ended June 30, 2023 is set forth below:
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial
statements and the related notes included elsewhere in this filing. This discussion contains forward-looking statements that involve risks
and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated in these forward-looking
statements as a result of various factors.
A. Operating Results
Business Overview
Meihua International Medical Technologies Co.,
Ltd., through its operating subsidiaries, is mainly engaged in the manufacture, research and development and sales of Class I, II and
III medical devices. It has a history of more than 30 years and has multiple product categories, with more than 800 domestic products
and more than 120 export products. The main product lines include disposable infusion pumps, anesthesia puncture kits, electronic pumps,
full anesthesia kits, urethral catheterization kits, gynecological examination kits, endotracheal intubation, dressing applications and
various tubes. It is the leading enterprise in China’s medical consumables industry. The Company has received qualification to manufacture
and produce China’s first, second and third type of medical device consumables and, at the same time, the Company has acquired FDA
registration and the European Union’s CE certification. Relevant permissions have been obtained in major sales markets to meet local
regulatory requirements.
The Company’s distribution network covers
major global markets. Internationally, the Company mainly exports medical devices through exporting distributors. To date, the Company
has 334 exporting distributors responsible for distributing its products to end users in Europe, North America, Asia, South America, Africa,
and Oceania. In the Chinese market, the Company sells products under its own brand to customers all over the country. The Company’s
product permeation for mainland China has reached major medical institutions and pharmacies through some 3,159 distributors. At the same
time, the Company has established a cooperative network with more than 531 hospitals through its own direct sales channels.
Revenues decreased by $6.6 million, or approximately
12.1%, to $48.2 million in the six months ended June 30, 2023 from $54.8 million in the six months ended June 30, 2022. The decrease was
mainly due to a decline in demand for customer orders.
Net income increased by $0.5 million, or approximately
7.3%, to $7.0 million in the six months ended June 30, 2023 from $6.6 million in the six months ended June 30, 2022. The increase was
mainly due to decrease in operating expenses in the six months ended June 30, 2023.
Recent Developments
On August 24, 2023, the
Company filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-3 under the
Securities Act of 1933, as amended (the “Securities Act”), utilizing a “shelf” registration process through which
the company may offer and selling, from time to time, up to $100,000,000 of the Company’s ordinary shares, par value $0.0005 per
share, debt securities, warrants, rights, and units, or any combination thereof, together or separately as described in the prospectus.
Coronavirus (COVID-19) Update
On January 30, 2020, the World Health Organization
declared the outbreak of the corona-virus disease (COVID-19) a “Public Health Emergency of International Concern,” and on
March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” Governments in affected countries
have imposed travel bans, quarantines and other emergency public health measures, which have caused material disruption to businesses
globally and result in an economic slowdown. These measures, though temporary in nature, may continue and increase depending on developments
in the COVID-19’s outbreak.
In fiscal year 2020, COVID-19 had a significant
impact on our business and results of operations as the sales volume of masks rose sharply, while at the same time sales of products other
than masks declined due to a decrease in market demand. In fiscal year 2021, as circumstances surrounding the COVID-19 epidemic stabilized
within the PRC, the market for masks was no longer in urgent shortage compared to the same period in 2020, and the production of other
epidemic prevention products resumed normal production levels. In general, with the precise control of the epidemic in the PRC, our production
and operations recovered smoothly, and the demand for other products has increased gradually.
After the initial outbreak of COVID-19, from time
to time, some instances of COVID-19 infections have emerged in various regions of China, including the infections caused by the Omicron
variants in 2022. For example, a wave of infections caused by the Omicron variants emerged in Shanghai in 2022, and a series of restrictions
and quarantines were implemented to contain the spread.
Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022. While the revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have
a positive impact on our normal operations, the extent of the impact on the Company’s future financial results will be dependent
on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions
in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other
factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the
expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current
situation continues.
In preparing these consolidated financial statements,
the Company has evaluated events and transactions for potential recognition or disclosure through six months ended June 30, 2023, the
date the consolidated financial statements were available to be issued. No events require additional adjustment to or disclosure in the
consolidated financial statements.
Results of Operations for the Six Months Ended June 30, 2023 and
2022
The following table sets forth a summary of our
consolidated results of operations for the periods presented. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this Annual Report. The results of operations in any period are not necessarily indicative
of our future trends.
(Amounts expressed in U.S. dollars, except share
data and per share data, or otherwise noted)
For the Six months Ended June 30, 2023
and 2022
| |
For the Six months Ended
June 30, | |
| |
2023 | | |
2022 | |
Revenues | |
| | |
| |
Third party sales | |
$ | 48,178,325 | | |
$ | 54,803,181 | |
Related party sales | |
| 11,751 | | |
| 29,666 | |
Total revenues | |
| 48,190,076 | | |
| 54,832,847 | |
Cost of revenues | |
| 31,019,347 | | |
| 33,941,115 | |
| |
| | | |
| | |
Gross profit | |
| 17,170,729 | | |
| 20,891,732 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling | |
| 3,161,070 | | |
| 3,311,649 | |
General and administrative | |
| 3,452,610 | | |
| 4,799,711 | |
Research and development | |
| 1,460,376 | | |
| 1,642,204 | |
Written-off Tai He deposit | |
| - | | |
| 2,469,466 | |
Total operating expenses | |
| 8,074,056 | | |
| 12,223,030 | |
| |
| | | |
| | |
Income from operations | |
| 9,096,673 | | |
| 8,668,702 | |
| |
| | | |
| | |
Other (income) expense: | |
| | | |
| | |
Interest expense | |
| 128,973 | | |
| 98,805 | |
Interest income | |
| (361,532 | ) | |
| (19,725 | ) |
Currency exchange (gain) loss | |
| 119,193 | | |
| (449,217 | ) |
Other expense, net | |
| 114,298 | | |
| 50,180 | |
Total other (income) expenses | |
| 932 | | |
| (319,957 | ) |
| |
| | | |
| | |
Income before income tax provision | |
| 9,095,741 | | |
| 8,988,659 | |
Income taxes expense | |
| 2,064,212 | | |
| 2,433,772 | |
Net income | |
$ | 7,031,529 | | |
$ | 6,554,887 | |
For the Six months Ended June 30, 2023 and
2022
Revenues
Revenues decreased by $6.6 million, or approximately
12.1%, to $48.2 million for the six months ended June 30, 2023 from $54.8 million in the six months ended June 30, 2022. The decrease
was mainly due to a decline in demand for customer orders.
Cost of revenues
Cost of revenues primarily include cost of materials,
direct labor costs, overhead, and other related incidental expenses that are directly attributable to the Company’s principal operations.
Cost of revenues decreased by $2.9 million, or approximately 8.6%, to $31.0 million in the six months ended June 30, 2023 from $33.9 million
in the six months ended June 30, 2022. The decrease was generally in line with decrease in revenue except some fixed cost such as lease
expense and salary of administrative employees in production department.
Gross profit margin
The following table sets forth the overall gross
profit margin of the Company:
| |
For the Six months Ended
June 30 | |
| |
2023 | | |
2022 | |
Revenues | |
$ | 48,190,076 | | |
$ | 54,832,847 | |
Costs of revenues | |
| 31,019,347 | | |
| 33,941,115 | |
Gross profit | |
$ | 17,170,729 | | |
$ | 20,891,732 | |
Gross profit margin % | |
| 35.6 | % | |
| 38.1 | % |
Gross profit decreased by $3.7 million, or approximately
17.8%, to $17.2 million in the six months ended June 30, 2023 from $20.9 million in the six months ended June 30, 2022. Gross profit margin
decreased from 38.1% in the six months ended June 30, 2022 to 35.6% in the six months ended June 30, 2023 due to some fixed cost did not
decrease proportionately with revenue.
Operating costs and expenses
Our operating costs and expenses consist of selling
expenses, general and administrative expenses and research and development expenses.
Selling
The following table sets forth a breakdown of
the selling expenses of the Company:
For the Six months Ended June 30,2023
and 2022
| |
2023 | | |
2022 | |
Transportation expenses | |
$ | 1,137,936 | | |
$ | 1,404,106 | |
Salaries and benefits | |
| 698,086 | | |
| 787,279 | |
Entertainment expenses | |
| 500,485 | | |
| 427,447 | |
Conference expenses | |
| 493,850 | | |
| 415,750 | |
Travel allowance | |
| 177,807 | | |
| 159,228 | |
Auto expenses | |
| 118,629 | | |
| 101,031 | |
Advertising expenses | |
| 8,275 | | |
| 7,603 | |
Other expenses | |
| 26,002 | | |
| 9,205 | |
Total | |
$ | 3,161,070 | | |
$ | 3,311,649 | |
Selling expenses decreased by $0.1 million, or
approximately 4.5%, to $3.2 million in the six months ended June 30, 2023 from $3.3 million in the six months ended June 30, 2022. The
decrease was mainly attributable to the combined effects of the followings:
|
(a) |
Our conference expenses increased by $78,100, or approximately 18.8% to $0.5 million in the six months ended June 30, 2023 from $0.4 million in the six months ended June 30, 2022. Conference expenses are mainly related to the company’s market expansion, business development, business negotiation, medical expo, and exhibition affairs. These expenditures helped the Company promote its products, develop markets and channels, strengthen customer communication, and establish long-term and stable cooperative relations; |
|
(b) |
Our transportation expenses decreased by $0.3 million, or approximately 19.0%, to $1.1 million in the six months ended June 30, 2023 from $1.4 million in the six months ended June 30, 2022. The reduction in business travel was due to a decline in demand for customer orders. |
|
(c) |
Our salaries and benefits expenses decreased by $89,193 or approximately 11.3%, to $0.7 million in the six months ended June 30, 2023 from $0.8 million in the six months ended June 30, 2022. The decrease was due to a decrease in the salary and benefits of the sales team, which was in line with revenue decrease. |
|
(d) |
Our entertainment expenses increased by $73,038, or approximately 17.1%, to $0.5 million in the six months ended June 30, 2023 from $0.4 million in the six months ended June 30, 2022. The increase was mainly attributable to new customer acquisition efforts. |
General and administrative
General and administrative expenses primarily
consist of the following expenses:
For the Six months Ended June 30, 2023
and 2022
| |
2023 | | |
2022 | |
Salaries and benefits | |
$ | 738,077 | | |
$ | 600,682 | |
Entertainment expenses | |
| 606,820 | | |
| 481,334 | |
Conference fee | |
| 374,022 | | |
| 311,786 | |
Auto expenses | |
| 113,810 | | |
| 83,363 | |
Maintenance expenses | |
| 50,199 | | |
| 65,278 | |
Depreciation expenses | |
| 45,951 | | |
| 16,793 | |
Travel allowance | |
| 72,283 | | |
| 63,044 | |
Office expenses | |
| 45,664 | | |
| 50,288 | |
Surtax expenses | |
| 302,376 | | |
| 338,190 | |
Amortization expenses | |
| 19,696 | | |
| 13,416 | |
Rental expenses | |
| 7,299 | | |
| 7,805 | |
Insurance expenses | |
| 118,000 | | |
| 50,336 | |
Service expenses | |
| 726,302 | | |
| 2,496,058 | |
Other expenses | |
| 232,111 | | |
| 221,338 | |
Total | |
$ | 3,452,610 | | |
$ | 4,799,711 | |
General and administrative expenses decreased
by $1.3 million, or approximately 28.1%, to $3.5 million in the six months ended June 30, 2023 from $4.8 million in the six months ended
June 30, 2022. The decrease was primarily due to (a) service expenses decreasing by approximately $1.8 million from approximately $2.5
million in the six months ended June 30, 2022 to approximately $0.7 million in the six months ended June 30, 2023, offset by (b) salaries
and benefits increasing by approximately $137,000 from approximately $601,000 in the six months ended June 30, 2022 to approximately $738,000
in the six months ended June 30, 2023, and (c) entertainment expenses increasing by $125,000 or 26.1% from approximately $481,000 in the
six months ended June 30, 2022 to approximately $607,000 in the six months ended June 30, 2023
Research and development
The following table sets forth a breakdown of
the research and development expenses of the Company:
For the Six months Ended June 30,2023
and 2022
| |
2023 | | |
2022 | |
Sample manufacturing expenses | |
$ | 676,283 | | |
$ | 850,532 | |
Salaries and benefits | |
| 564,114 | | |
| 586,062 | |
Travel allowance | |
| 58,886 | | |
| 64,201 | |
Depreciation expenses | |
| 5,113 | | |
| 3,993 | |
Design expenses | |
| 38,985 | | |
| 52,337 | |
Material expenses | |
| 13,495 | | |
| 11,943 | |
Other expenses | |
| 103,500 | | |
| 73,136 | |
Total | |
$ | 1,460,376 | | |
$ | 1,642,204 | |
The research and development expenses decreased
by $0.2 million, or approximately 11.1%, to $1.5 million in the six months ended June 30, 2023, from $1.6 million in the six months ended
June 30, 2022. The decrease was mainly due to decrease in sample manufacturing expenses.
Income from operations
As a result of the factors described above, our
income from operations increased by $0.4 million, or approximately 4.9%, to $9.1 million in the six months ended June 30, 2023 from $8.7
million in the six months ended June 30, 2022.
Income tax expense
The provision for income taxes decreased by $0.4
million, or approximately 15.2%, to $2.1 million in the six months ended June 30, 2023 from $2.4 million in the six months ended June
30, 2022. The decrease was mainly due to the decrease of taxable income for the six months ended June 30, 2023.
Net income
As a result of the factors described above, our
net income increased by $0.5 million, or approximately 7.3%, to $7.0 million in the six months ended June 30, 2023 from $6.6 million in
the six months ended June 30, 2022.
Unrealized foreign currency translation adjustment
The Company’s reporting currency is the
United States dollar (“US$”). The Company’s operations are primarily conducted through the PRC subsidiaries where the
local currency is the functional currency. The functional currency of Kang Fu HK is the Hong Kong dollar and the functional currency of
Huada, Yada, Huadong and Guanghui is the Renminbi (“RMB”). Results of operations and cash flows are translated at average
exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period and equity
is translated at historical exchange rates. Translation adjustments resulting from the process of translating the financial statements
denominated in RMB into U.S. dollars are included in other comprehensive income. Our foreign currency translation loss in the six months
ended June 30, 2023 was $6.3 million, compared to the foreign currency translation loss of $6.1 million in the six months ended June 30,
2022. The change was primarily due to the exchange rate fluctuation of RMB against the U.S. dollars.
B. Liquidity and Capital Resources
Cash Flows and Working Capital
As of June 30, 2023 and 2022, we had cash of $17.9
million and $34.7 million, respectively. We believe that our current cash, cash to be generated from our operations and access to capital
market will be sufficient to meet our working capital needs for at least the next twelve months. We do not have any amounts committed
to be provided by our related party. We are also not dependent upon future financing to meet our liquidity needs for the next twelve months.
In order to implement our growth strategies, we plan to expand our business. With additional capacity, and varied product offerings, the
Company will provide tailored “one-stop” services from wound care, to surgical auxiliary supplies, to disease prevention.
To do so, we may need more capital through equity financing to expand our production and meet market demands.
Substantially all of our operations are conducted
in China and all of our revenues, expense and cash are denominated in RMB. RMB is subject to the exchange control regulation in China,
and, as a result, we may have difficulty in distributing any dividends outside of China due to PRC exchange control regulations which
restrict the ability to convert RMB into U.S. Dollars.
Under applicable PRC regulations, foreign-invested
enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC accounting standards
and regulations. In addition, a foreign-invested enterprise in China is required to set aside at least 10% of its after-tax profit every
year as its general reserves based on PRC accounting standards until the accumulative amount of such reserves reaches 50% of its registered
capital. These reserves can’t be distributed as cash dividends. The board of directors of a foreign-invested enterprise has the
discretion to allocate a portion of its after-tax profits to staff welfare and bonus funds, which can’t be distributed to equity
owners except liquidation. Under PRC law, RMB can be converted into U.S. Dollars under the company’s “current account”
(including dividends, trade and service-related foreign exchange transactions) rather than the “capital account” (including
foreign direct investments and loans, without the prior approval of the SAFE).
For retained earnings accrued after such date,
the board of directors will declare dividends after taking into account our operations, earnings, financial condition, the demand for
cash and availability and other relevant factors. Any declaration, payment and amount of dividends should be subject to our By-laws, charter
and applicable Chinese and U.S. state and federal laws and regulations, including the approval from the shareholders of each subsidiary
which intends to declare such dividends, if applicable.
We have limited financial obligations dominated
in U.S. dollars, thus the foreign currency restrictions and regulations in PRC on the dividends distribution will not have a material
impact on the liquidity, financial condition and results of operations of our Company.
Cash Flow Summary
For the Six months Ended June 30, 2023 and 2022
| |
2023 | | |
2022 | |
Net Cash Used in Operating Activities | |
$ | (5,424,569 | ) | |
$ | (7,798,816 | ) |
| |
| | | |
| | |
Net Cash Used in Investing Activities | |
| (3,866,151 | ) | |
| (459,163 | ) |
| |
| | | |
| | |
Net Cash Provided by Financing Activities | |
| 721,677 | | |
| 35,144,846 | |
| |
| | | |
| | |
Effect of Exchange Rate Changes on Cash | |
| (306,443 | ) | |
| (370,615 | ) |
| |
| | | |
| | |
Cash at Beginning of Year | |
| 26,736,700 | | |
| 8,149,276 | |
| |
| | | |
| | |
Cash at End of Year | |
$ | 17,861,214 | | |
$ | 34,665,528 | |
For the Six months Ended June 30, 2023 and 2022
Cash Flow in Operating Activities
Net cash used in operating activities was $5.4
million in the six months ended June 30, 2023, primarily comprised of net income of approximately $7.0 million and adjusted for non-cash
items approximately $0.5 million, increase in accounts receivable of approximately $14.1 million, decrease of bank acceptance receivable
of approximately $2.8 million, decrease of accounts payable of approximately $1.6 million, increase in inventory of approximately $0.6
million.
Net cash used in operating activities was $7.8
million in the six months ended June 30, 2022, primarily comprised of net income of approximately $6.6 million and adjusted for non-cash
items approximately $2.4 million, decrease in accounts receivable of approximately $3.5 million, increase of bank acceptance receivable
of approximately $9.7 million, decrease of accounts payable of approximately $4.9 million, increase in prepayments and other assets of
approximately $5.3 million.
Cash Flow in Investing Activities
Net cash used in investing activities was $3.9
million in the six months ended June 30, 2023. It consisted of purchases of property and equipment of $1.0 million, intangible assets
of $3.6 million, proceeds from disposal of fixed assets of $0.4 million, and proceeds from disposal of long-term investment of $0.4 million.
Net cash used in investing activities was $0.5
million in the six months ended June 30, 2022. It consisted of purchases of property and equipment.
Cash Flow in Financing Activities
For the six months ended June 30, 2023, the Company
had net cash provided by financing activities of $0.7 million, which consisted of the proceeds from short-term bank loans of $5.3 million,
and repayments of short-term bank loans of $4.6 million.
For the six months ended June 30, 2022, the Company
had net cash provided by financing activities of $35.1 million, which consisted of the proceeds from short-term bank loans of $3.5 million,
and repayments of short-term bank loans of $2.9 million.
Off-Balance Sheet Arrangements
As of June 30, 2023 and December 31, 2022, there
were no off-balance sheet arrangements.
C. Research and Development, Patents and Licenses, etc.
Please see Item 4.A. “Information on the
Company—Business Overview—Intellectual Property,” in 20-F/A filed on August 29, 2023.
D. Trend Information
Other than as disclosed elsewhere in this Annual
Report, we are not aware of any trends, uncertainties, demands, commitments or events for the six months ended June 30, 2023 that are
reasonably likely to have a material adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that
would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
E. Critical Accounting Estimates
Our discussion and analysis of our financial condition
and results of operations are based upon our unaudited condensed consolidated financial statements. These financial statements are prepared
in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities
and revenue and expenses, to disclose contingent assets and liabilities on the date of the unaudited condensed consolidated financial
statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. The most significant
estimates and assumptions include allowance for bad debts and the valuation of inventory. We continue to evaluate these estimates and
assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral
component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require
higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this report reflect
the more significant judgments and estimates used in preparation of our consolidated financial statements. We believe there have been
no material changes to our critical accounting policies and estimates.
Accounts
Receivable and Allowance for Doubtful Accounts
Accounts receivable represent trade receivables
and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts or impairment.
The Company records impairment losses for accounts
receivable based on assessments of the recoverability of the trade and other receivables and individual account analysis, including the
current creditworthiness and the past collection history of each debtor. Impairments arise when there is objective evidence indicating
that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use
of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical
trends of collections. Based on management of customers’ credit and ongoing relationship, management makes conclusions whether any
balances outstanding at the end of the period will be deemed non-collectible on an individual basis and on aging analysis basis. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and
comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined
that the likelihood of collection is not probable.
Inventories
Inventories are valued using the lower of cost
or net realizable value. Cost is principally determined using the weighted-average method. The Company records adjustments to inventory
for excess quantities, obsolescence, or impairment, when appropriate, to reflect inventory at net realizable value. These adjustments
are based upon a combination of factors including current sales volume, market conditions, lower of cost or market analysis and expected
realizable value of the inventory.
Exhibit 99.3
Meihua International Medical Technologies Co.,
Ltd. Reports Unaudited 2023 First Half Financial Results
YANGZHOU, China, October 2, 2023 /PRNewswire/
-- Meihua International Medical Technologies Co., Ltd. (“MHUA” or the “Company”) (NASDAQ: MHUA), a reputable manufacturer
and provider of Class I, II, and III disposable medical devices with operating subsidiaries in China, today reported its unaudited financial
results for the six months ended June 30, 2023. All amounts below are in U.S. dollars.
First Half 2023 Financial Metrics:
● | Revenues
decreased by 12.1% to approximately $48.2 million for the six months ended June 30, 2023, from approximately $54.8 million in the
same period of fiscal year 2022. |
● | Gross
profit decreased by 17.8% to approximately $17.2 million for the six months ended June 30, 2023, from approximately $20.9 million
in the same period of fiscal year 2022. |
● | Gross
margin decreased from 38.1% in the six months ended June 30, 2022 to 35.6% in the six months ended June 30, 2023. |
● | Income
from operations increased by 4.9% to $9.1 million for the six months ended June 30, 2023, from $8.7 million for the six months ended
June 30, 2022. |
● | Net
income increased by 7.3% to approximately $7.0 million for the six months ended June 30, 2023 from $6.6 million in the same period
of fiscal year 2022. |
| |
For the six months ended June 30, | |
(in $ millions, except earnings per share; difference due to rounding) | |
2023 | | |
2022 | | |
% Change | |
Revenues | |
$ | 48.2 | | |
$ | 54.8 | | |
| (12.1 | )% |
Gross profit | |
$ | 17.2 | | |
$ | 20.9 | | |
| (17.8 | )% |
Gross margin | |
| 35.6 | % | |
| 38.1 | % | |
| (2.5 percentage point | ) |
Income from operation | |
$ | 9.1 | | |
$ | 8.7 | | |
| 4.9 | % |
Net income | |
$ | 7.0 | | |
$ | 6.6 | | |
| 7.3 | % |
Net income per share - Basic and Diluted | |
$ | 0.29 | | |
$ | 0.29 | | |
| 0.0 | % |
Mr. Yongjun Liu, Chairman of the Company, commented:
“With a rich legacy spanning over three decades, we have forged enduring partnerships with 334 distributors across Europe, North
America, Asia, South America, Africa, and Oceania. We believe that this extensive network empowers us to cater to the discerning clientele
on a global scale. Domestically, we have established a formidable presence, leveraging a robust network of 3,159 distributors nationwide
to propel our brand. Moreover, we believe that our strategic collaborations with over 531 hospitals and direct sales channels have further
propelled our market penetration, solidifying our influence.”
“While we experienced a temporary downturn
in revenue for the period ended June 30, 2023, our overall financial performance remains resilient. In the first half of 2023, we achieved
revenues of $48.2 million, exhibiting a slight decrease from the corresponding period in 2022, which stood at $54.8 million. Notwithstanding
this decrease in revenues, which we believe is temporary, we believe our unwavering focus on optimizing operational costs has yielded
substantial growth in net income. During the same timeframe, our net income increased to $7.0 million, reflecting a commendable 7.3% increase
from $6.6 million in 2022.”
“Despite the impact of the global COVID-19
pandemic on the sales and market dynamics of certain essential medical products, leading to a partial decline in profits, our proactive
strategic planning has helped to ensure the smooth progress in the development of our state-of-the-art medical facility in China’s
Hainan Province. As production and operations gradually regain momentum, we believe market demand for our future products will be poised
to surge. We firmly believe that Meihua International’s strategic transformation is on the cusp of yielding tangible results, gradually
evolving into a cohesive entity. Through planning and strategic execution, we believe our future endeavors will enable us to transcend
the confines of the traditional medical consumables market, and allow us to channel our efforts towards high-value products imbued with
technological prowess. Consequently, we anticipate Meihua International will experience a stable rebound across our overall business,
generating confidence in the future market landscape.”
“Looking ahead, we remain steadfast in our
commitment to continued growth and expansion. Through continuous innovation, expansion of our product portfolio, and an unwavering dedication
to excellence, we are poised to reinforce our position as a global leader in the medical equipment industry. Harnessing our expertise
and expanding our market influence, we are confident that we will continue to offer groundbreaking solutions that revolutionize healthcare
outcomes on a global scale.”
First Half 2023 Financial Results
Revenues
Revenue decreased by approximately $6.6 million,
or 12.1%, to approximately $48.2 million for the six months ended June 30, 2023 from $54.8 million for the six months ended June 30, 2022.
The decrease in revenues was primarily driven by a decline in demand for customer orders.
Cost of revenues
Cost of revenues primarily include cost of materials,
direct labor costs, overhead, and other related incidental expenses that are directly attributable to the Company’s principal operations.
Cost of revenues decreased by $2.9 million, or approximately 8.6%, to $31.0 million in the six months ended June 30, 2023 from $33.9 million
in the six months ended June 30, 2022. The decrease was driven by an increase related to some ongoing fixed costs such as lease expense
and salary of administrative employees, which was generally in line with our decrease in revenue experienced during the period.
Gross profit and margin
Gross profit decreased by $3.7 million, or approximately
17.8%, to $17.2 million in the six months ended June 30, 2023 from $20.9 million in the six months ended June 30, 2022. Gross profit margin
decreased from 38.1% in the six months ended June 30, 2022 to 35.6% in the six months ended June 30, 2023. This decrease was due to some
fixed cost that did not decrease proportionately with revenue.
Operating costs and expenses
Operating costs and expenses consist of selling
expenses, general and administrative expenses and research and development expenses.
Selling
Selling expenses decreased by $0.1 million, or
approximately 4.5%, to $3.2 million in the six months ended June 30, 2023 from $3.3 million in the six months ended June 30, 2022. The
decrease was mainly attributable to the combined effects of the following:
(a) | Conference
expenses increased by $78,100, or approximately 18.8% to $0.5 million in the six months ended June 30, 2023 from $0.4 million in the
six months ended June 30, 2022. Conference expenses are mainly related to the company’s market expansion, business development,
business negotiation, medical expo and exhibition affairs. These expenditures helped the Company promote its products, develop markets
and channels, strengthen customer communication, and establish long-term and stable cooperative relations; |
(b) | Transportation
expenses decreased by $0.3 million, or approximately 19.0%, to $1.1 million in the six months ended June 30, 2023 from $1.4 million in
the six months ended June 30, 2022. The reduction in business travel was due to a decline in demand for customer orders; |
(c) | Salaries
and benefits expenses decreased by $89,193, or approximately 11.3%, to $0.7 million in the six months ended June 30, 2023 from $0.8 million
in the six months ended June 30, 2022. The decrease was due to a decrease in salaries and benefits paid to the sales team, which was
in line with the decrease in revenue; and |
(d) | Entertainment
expenses increased by $73,038, or approximately 17.1%, to $0.5 million in the six months ended June 30, 2023 from $0.4 million in the
six months ended June 30, 2022. The increase was mainly attributable to new customer acquisition efforts. |
General and administrative expenses
General and administrative expenses decreased
by $1.3 million, or approximately 28.1%, to $3.5 million in the six months ended June 30, 2023 from $4.8 million in the six months ended
June 30, 2022. The decrease was primarily due to (a) service expenses decreasing by approximately $1.8 million from approximately $2.5
million in the six months ended June 30, 2022 to approximately $0.7 million in the six months ended June 30, 2023, offset by (b) salaries
and benefits increasing by approximately $137,000 from approximately $601,000 in the six months ended June 30, 2022 to approximately $738,000
in the six months ended June 30, 2023, and (c) entertainment expenses increasing by $125,000 or 26.1% from approximately $481,000 in the
six months ended June 30, 2022 to approximately $607,000 in the six months ended June 30, 2023.
Research and development expenses
Research and development expenses decreased by
$0.2 million, or approximately 11.1%, to $1.5 million in the six months ended June 30, 2023 from $1.6 million in the six months ended
June 30, 2022. The decrease was mainly due to decrease in sample manufacturing expenses.
Income from operations
Income from operations, as a result of the factors
described above, increased by $0.4 million, or approximately 4.9%, to $9.1 million in the six months ended June 30, 2023 from $8.7 million
in the six months ended June 30, 2022.
Net income
Net income increased by $0.5 million, or approximately
7.3%, to $7.0 million in the six months ended June 30, 2023 from $6.6 million in the six months ended June 30, 2022.
Recent development
On May 15, 2023, the Company announced that its
wholly-owned subsidiary, Jiangsu Huadong Medical Device Industrial Co., Ltd., has been invited to participate for the 12th consecutive
year in the 87th China International Medical Equipment Fair, the largest and most prestigious medical industry fair in China.
The event, which runs from May 14th to 17th, 2023, will provide an excellent platform for Jiangsu Huadong to showcase
its cutting-edge medical devices and technologies.
On May 1, 2023, the Company announced that via
its subsidiary Hainan Guoxie Technology Group Co., Ltd., has completed the purchase of land use rights in the South of Hainan Free Trade
Port Boao Hope City in Qionghai city for investment and construction of an integrated medical industrial park. The Company plans to develop
a comprehensive industrial park on the land, including a product research and development, production and sales training center, and import/export
product assembly and technology license-in projects. The site will also include a hospital and a retirement and rehabilitation-integrated
service center.
About Meihua International Medical Technologies
Co., Ltd.
Meihua International
Medical Technologies, Ltd. (“Meihua International” of the “Company”) is a reputable manufacturer and provider
of Class I, II, and III disposable medical devices with operating subsidiaries in China. The Company manufactures and sells Class
I disposable medical devices, such as HDPE bottles for tablets and LDPE bottles for eye drops, throat strip and anal bags, and Class II
and III disposable medical devices, such as disposable identification bracelets, gynecological examination kits, inspection kits, surgical
kits, medical brushes, medical dressing, medical catheters, uterine tissue suction tables, virus sampling tubes, disposable infusion pumps,
electronic pumps and anesthesia puncture kits, among other products which are sold under Meihua’s brands and are also sourced and
distributed from other manufacturers. The Company has received international “CE” certification and ISO 13485 system certification
and has also registered with the FDA (registration number: 3006554788) for over 20 Class I products. The Company has served hospitals,
pharmacies, medical institutions and medical equipment companies for more than 30 years, providing over 1,000 types of products for domestic
sales, as well as over 120 products which are exported to more than 30 countries internationally across Europe, North America, South
America, Asia, Africa and Oceania. For more information, please visit www.meihuamed.com.
Forward-Looking Statement
This press
release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other
statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,”
“intend,” “should,” “believe,” “expect,” “anticipate,” “project,”
“estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results
to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the following: the Company’s ability to achieve its goals and strategies,
and its ability to fully execute on the planned agreement, the Company’s future business development and plans of future business
development, including its ability to successfully develop robotic assisted surgery systems and obtain licensure and certification for
such systems, financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact
of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions in China,
and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S.
Securities and Exchange Commission (“SEC”). For these reasons, among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC,
including under the section entitled “Risk Factors” in its annual report on Form 20-F, as filed with the SEC on April
14, 2023, as amended and most recently filed on August 29, 2023, as well as its current reports on Form 6-K and other filings, all
of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements
to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Janice Wang
Wealth Financial Services LLC
Phone:
+86 13811768599
+1 (628) 283 9214
Email: services@wealthfsllc.com
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2023 and December 31, 2022
(US$, except share data or otherwise noted)
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Assets | |
| | |
| |
Current Assets | |
| | |
| |
Cash | |
$ | 17,861,214 | | |
$ | 26,736,700 | |
Bank acceptance receivables | |
| 18,374,380 | | |
| 22,085,846 | |
Accounts receivable | |
| 79,052,428 | | |
| 68,945,792 | |
Inventories | |
| 1,647,146 | | |
| 1,122,038 | |
Prepayment and other current assets | |
| 15,329,511 | | |
| 16,428,779 | |
Total current assets | |
| 132,264,679 | | |
| 135,319,155 | |
| |
| | | |
| | |
Property, plant and equipment | |
| 8,617,192 | | |
| 8,758,047 | |
Intangible assets | |
| 3,876,027 | | |
| 497,600 | |
Investment | |
| 5,997,634 | | |
| 6,669,655 | |
Other noncurrent assets | |
| 11,856,920 | | |
| 12,333,122 | |
Total assets | |
$ | 162,612,452 | | |
$ | 163,577,579 | |
| |
| | | |
| | |
Liabilities and shareholders’ equity | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Short-term bank borrowings | |
$ | 7,171,128 | | |
$ | 6,089,428 | |
Accounts payable | |
| 13,820,348 | | |
| 16,096,165 | |
Taxes payable | |
| 1,451,855 | | |
| 1,131,276 | |
Accrued expenses and other current liabilities | |
| 778,369 | | |
| 856,698 | |
Total current liabilities | |
| 23,221,700 | | |
| 24,173,567 | |
| |
| | | |
| | |
Long term loan | |
| - | | |
| 724,932 | |
Total liabilities | |
| 23,221,700 | | |
| 24,898,499 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Ordinary share, $0.0005 par value, 80,000,000 shares authorized, 23,940,000 and 23,940,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 11,970 | | |
| 11,970 | |
Preferred share, $0.0005 par value, 20,000,000 shares authorized, no shares issued and outstanding as of as of June 30, 2023 and December 31, 2022 | |
| - | | |
| - | |
Additional paid-in capital | |
| 42,967,006 | | |
| 42,967,006 | |
Statutory surplus reserves | |
| 15,665,860 | | |
| 15,665,860 | |
Retained earnings | |
| 90,392,246 | | |
| 83,330,239 | |
Accumulated other comprehensive income (loss) | |
| (10,146,195 | ) | |
| (3,852,138 | ) |
Total shareholders’ equity | |
| 138,890,887 | | |
| 138,122,937 | |
Non-controlling interest | |
| 499,865 | | |
| 556,143 | |
TOTAL EQUITY | |
| 139,390,752 | | |
| 138,679,080 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 162,612,452 | | |
$ | 163,577,579 | |
MEIHUA INTERNATIONAL MEDICAL TECHNOLOGIES CO.,
LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME
For the six months ended June 30, 2023 and 2022
(US$, except share data or otherwise noted)
| |
For the Six months Ended June 30, | |
| |
2023 | | |
2022 | |
Revenues | |
| | |
| |
Third party sales | |
$ | 48,178,325 | | |
$ | 54,803,181 | |
Related party sales | |
| 11,751 | | |
| 29,666 | |
Total revenues | |
| 48,190,076 | | |
| 54,832,847 | |
Cost of revenues | |
| 31,019,347 | | |
| 33,941,115 | |
| |
| | | |
| | |
Gross profit | |
| 17,170,729 | | |
| 20,891,732 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling | |
| 3,161,070 | | |
| 3,311,649 | |
General and administrative | |
| 3,452,610 | | |
| 4,799,711 | |
Research and development | |
| 1,460,376 | | |
| 1,642,204 | |
Written-off Tai He deposit | |
| - | | |
| 2,469,466 | |
Total operating expenses | |
| 8,074,056 | | |
| 12,223,030 | |
| |
| | | |
| | |
Income from operations | |
| 9,096,673 | | |
| 8,668,702 | |
| |
| | | |
| | |
Other (income) expense: | |
| | | |
| | |
Interest expense | |
| 128,973 | | |
| 98,805 | |
Interest income | |
| (361,532 | ) | |
| (19,725 | ) |
Currency exchange gain | |
| 119,193 | | |
| (449,217 | ) |
Other expense, net | |
| 114,298 | | |
| 50,180 | |
Total other (income) expenses | |
| 932 | | |
| (319,957 | ) |
| |
| | | |
| | |
Income before income tax provision | |
| 9,095,741 | | |
| 8,988,659 | |
Income taxes expense | |
| 2,064,212 | | |
| 2,433,772 | |
Net income | |
| 7,031,529 | | |
$ | 6,554,887 | |
Net loss attributable to non-controlling interests | |
| (30,478 | ) | |
| - | |
Net income attributable to shareholders | |
| 7,062,007 | | |
| 6,554,887 | |
| |
| | | |
| | |
Foreign currency translation adjustment – gain / (loss) | |
| (6,319,857 | ) | |
| (6,133,093 | ) |
Comprehensive (loss) income | |
$ | 711,672 | | |
$ | 421,794 | |
Comprehensive loss attributable to non-controlling interests | |
| (56,278 | ) | |
| - | |
Comprehensive (loss) income attributable to shareholders | |
| 767,950 | | |
| 421,794 | |
| |
| | | |
| | |
Weighted average number of ordinary shares - basic and diluted | |
| 23,940,000 | | |
| 22,873,370 | |
| |
| | | |
| | |
Basic & diluted net income per ordinary share | |
$ | 0.29 | | |
$ | 0.29 | |
6
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v3.23.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 17,861,214
|
$ 26,736,700
|
Bank acceptance receivables |
18,374,380
|
22,085,846
|
Accounts receivable |
79,052,428
|
68,945,792
|
Inventories |
1,647,146
|
1,122,038
|
Prepayment and other current assets |
15,329,511
|
16,428,779
|
Total current assets |
132,264,679
|
135,319,155
|
Property, plant and equipment |
8,617,192
|
8,758,047
|
Intangible assets |
3,876,027
|
497,600
|
Investment |
5,997,634
|
6,669,655
|
Other noncurrent assets |
11,856,920
|
12,333,122
|
Total assets |
162,612,452
|
163,577,579
|
Current liabilities |
|
|
Short-term bank borrowings |
7,171,128
|
6,089,428
|
Accounts payable |
13,820,348
|
16,096,165
|
Taxes payable |
1,451,855
|
1,131,276
|
Accrued expenses and other current liabilities |
778,369
|
856,698
|
Total current liabilities |
23,221,700
|
24,173,567
|
Long term loan |
|
724,932
|
Total liabilities |
23,221,700
|
24,898,499
|
Commitments and contingencies |
|
|
Shareholders’ equity |
|
|
Ordinary share, $0.0005 par value, 80,000,000 shares authorized, 23,940,000 and 23,940,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
11,970
|
11,970
|
Preferred share, $0.0005 par value, 20,000,000 shares authorized, no shares issued and outstanding as of as of June 30, 2023 and December 31, 2022 |
|
|
Additional paid-in capital |
42,967,006
|
42,967,006
|
Statutory surplus reserves |
15,665,860
|
15,665,860
|
Retained earnings |
90,392,246
|
83,330,239
|
Accumulated other comprehensive income (loss) |
(10,146,195)
|
(3,852,138)
|
Total shareholders’ equity |
138,890,887
|
138,122,937
|
Non-controlling interest |
499,865
|
556,143
|
TOTAL EQUITY |
139,390,752
|
138,679,080
|
Total liabilities and shareholders’ equity |
$ 162,612,452
|
$ 163,577,579
|
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v3.23.3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Ordinary share, par value (in Dollars per share) |
$ 0.0005
|
$ 0.0005
|
Ordinary share, shares authorized |
80,000,000
|
80,000,000
|
Ordinary share, shares issued |
23,940,000
|
23,940,000
|
Ordinary share, shares outstanding |
23,940,000
|
23,940,000
|
Preferred share, par value (in Dollars per share) |
$ 0.0005
|
$ 0.0005
|
Preferred share, shares authorized |
20,000,000
|
20,000,000
|
Preferred share, shares issued |
|
|
Preferred share, shares outstanding |
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues |
|
|
Third party sales |
$ 48,178,325
|
$ 54,803,181
|
Related party sales |
11,751
|
29,666
|
Total revenues |
48,190,076
|
54,832,847
|
Cost of revenues |
31,019,347
|
33,941,115
|
Gross profit |
17,170,729
|
20,891,732
|
Operating expenses |
|
|
Selling |
3,161,070
|
3,311,649
|
General and administrative |
3,452,610
|
4,799,711
|
Research and development |
1,460,376
|
1,642,204
|
Written-off Tai He deposit |
|
2,469,466
|
Total operating expenses |
8,074,056
|
12,223,030
|
Income from operations |
9,096,673
|
8,668,702
|
Other (income) expense: |
|
|
Interest expense |
128,973
|
98,805
|
Interest income |
(361,532)
|
(19,725)
|
Currency exchange gain |
119,193
|
(449,217)
|
Other expense, net |
114,298
|
50,180
|
Total other (income) expenses |
932
|
(319,957)
|
Income before income tax provision |
9,095,741
|
8,988,659
|
Income taxes expense |
2,064,212
|
2,433,772
|
Net income |
7,031,529
|
6,554,887
|
Net loss attributable to non-controlling interests |
(30,478)
|
|
Net income attributable to shareholders |
7,062,007
|
6,554,887
|
Foreign currency translation adjustment – gain / (loss) |
(6,319,857)
|
(6,133,093)
|
Comprehensive (loss) income |
711,672
|
421,794
|
Comprehensive loss attributable to non-controlling interests |
(56,278)
|
|
Comprehensive (loss) income attributable to shareholders |
$ 767,950
|
$ 421,794
|
Weighted average number of ordinary shares - basic (in Shares) |
23,940,000
|
22,873,370
|
Basic net income per ordinary share (in Dollars per share) |
$ 0.29
|
$ 0.29
|
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v3.23.3
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity - USD ($)
|
Ordinary shares |
Additional paid-in capital |
Ordinary shares subscribed |
Statutory surplus reserves |
Retained earnings |
Accumulated other comprehensive income (loss) |
Non- controlling interests |
Total |
Balance at Dec. 31, 2021 |
$ 10,000
|
$ 9,716,484
|
|
$ 15,178,467
|
$ 77,574,663
|
$ 5,288,988
|
|
$ 107,768,602
|
Balance (in Shares) at Dec. 31, 2021 |
20,000,000
|
|
|
|
|
|
|
|
Ordinary shares subscribed |
$ 1,970
|
33,748,358
|
|
|
|
|
|
33,750,328
|
Ordinary shares subscribed (in Shares) |
3,940,000
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
6,554,887
|
|
|
6,554,887
|
Currency translation adjustment |
|
|
|
|
|
(6,133,093)
|
|
(6,133,093)
|
Balance at Jun. 30, 2022 |
$ 11,970
|
43,464,842
|
|
15,178,467
|
84,129,550
|
(844,105)
|
|
141,940,724
|
Balance (in Shares) at Jun. 30, 2022 |
23,940,000
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 11,970
|
42,967,006
|
|
15,665,860
|
83,330,239
|
(3,852,138)
|
556,143
|
138,679,080
|
Balance (in Shares) at Dec. 31, 2022 |
23,940,000
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
7,062,007
|
|
(30,478)
|
7,031,529
|
Currency translation adjustment |
|
|
|
|
|
(6,294,057)
|
(25,800)
|
(6,319,857)
|
Balance at Jun. 30, 2023 |
$ 11,970
|
$ 42,967,006
|
|
$ 15,665,860
|
$ 90,392,246
|
$ (10,146,195)
|
$ 499,865
|
$ 139,390,752
|
Balance (in Shares) at Jun. 30, 2023 |
23,940,000
|
|
|
|
|
|
|
|
X |
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v3.23.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from operating activities: |
|
|
Net income |
$ 7,031,529
|
$ 6,554,887
|
Adjustments for items not affecting cash: |
|
|
Depreciation |
283,484
|
239,597
|
Amortization |
13,733
|
13,417
|
Net loss from disposal of property, plant and equipment |
104,572
|
|
Written-off Tai He deposit |
|
2,469,466
|
Deferred tax expenses (benefit) |
|
(294,567)
|
Currency exchange (gain) loss |
119,193
|
|
Loss from equity method investments |
1,632
|
|
Gain from cost method investments |
(202)
|
|
Changes in operating assets and liabilities: |
|
|
Bank acceptance receivables |
2,755,706
|
(9,730,622)
|
Accounts receivable |
(14,101,576)
|
3,472,261
|
Inventories |
(606,934)
|
(7,197)
|
Prepayments and other assets |
178,920
|
(5,268,377)
|
Due from related parties |
|
(33,523)
|
Accounts payable |
(1,559,255)
|
(4,851,578)
|
Taxes payable |
393,343
|
(285,556)
|
Accrued expenses and other current liabilities |
(38,714)
|
(64,985)
|
Advance from customers |
|
(12,039)
|
Net cash used in operating activities |
(5,424,569)
|
(7,798,816)
|
Cash flows from investing activities: |
|
|
Purchases of property, plant and equipment |
(1,001,925)
|
(459,163)
|
Additions to intangible assets |
(3,581,058)
|
|
Proceeds from disposal of property, plant and equipment |
355,993
|
|
Proceeds from disposal of long-term investment |
360,839
|
|
Net cash used in investing activities |
(3,866,151)
|
(459,163)
|
Cash flows from financing activities: |
|
|
Proceeds from short-term bank borrowings |
5,340,415
|
3,549,857
|
Repayments of short-term bank borrowings |
(4,618,738)
|
(2,932,491)
|
Shareholder contribution |
|
34,527,480
|
Net cash provided by financing activities |
721,677
|
35,144,846
|
Effect of foreign exchange rate changes |
(306,443)
|
(370,615)
|
Net increase (decrease) in cash |
(8,875,486)
|
26,516,252
|
Cash, beginning of year |
26,736,700
|
8,149,276
|
Cash, end of year |
17,861,214
|
34,665,528
|
Cash paid during the period for: |
|
|
Cash paid for income tax |
2,313,417
|
2,956,643
|
Cash paid for interest |
128,973
|
98,804
|
Non-cash transactions |
|
|
Shareholder contribution through deferred cost |
|
$ 1,277,152
|
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v3.23.3
Organization and Principal Activities
|
6 Months Ended |
Jun. 30, 2023 |
Organization and Principal Activities [Abstract] |
|
Organization and principal activities |
1. Organization and principal activities
Principal Activities:
Meihua International Medical Technologies Co.,
Ltd. (“Meihua”) was incorporated on November 10, 2020 in the Cayman Islands. Meihua is a holding company with no operations.
Meihua produces and sells medical consumables through its wholly owned subsidiaries located in People’s Republic of China (“PRC”
or “China”). Below is Meihua’s organizational chart, as well as a description of the ownership structure.
Entity Name | |
Registered
Location | |
Percentage
of
ownership | |
Date of
incorporation | |
Principal
activities |
Meihua International Medical Technologies Co., Ltd. (“Meihua”) | |
Cayman | |
Parent | |
November 10, 2020 | |
Investment holding |
| |
| |
| |
| |
|
康复国际医疗有限公司 Kang Fu International Medical Co., Limited (“Kang Fu”) | |
Hong Kong | |
100% by Meihua | |
October 13, 2015 | |
Investment holding |
| |
| |
| |
| |
|
扬州华达医疗器械有限公司 Yangzhou Huada Medical Equipment Co., Ltd. (“Huada”) | |
Yangzhou | |
100% by Kang Fu | |
December 24, 2001 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏亚达科技集团有限公司 Jiangsu Yada Technology Group Co., Ltd. (“Yada”) | |
Yangzhou | |
100% by Huada | |
December 5, 1991 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏华东医疗器械实业有限公司 Jiangsu Huadong Medical Device Industry Co., Ltd. (“Huadong”) | |
Yangzhou | |
100% by Yada | |
November 18, 2000 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
扬州光辉医疗科技有限公司* Yangzhou Guanghui Medical Technology Co., Ltd. (“Guanghui”) | |
Yangzhou | |
100% by Huadong | |
December 22, 2020 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
海南国械医疗科技有限公司 Hainan GuoxieTechnology Group Co. Ltd. (“Hainan Guoxie”) | |
Hainan | |
55% by Kang Fu | |
October 07, 2021 | |
Medical Equipment Sales |
Kang Fu was incorporated on October 13, 2015 with
a registered capital of HKD 53,911,815 ($6,911,771). Kang Fu is a holding company with no operations. The following operating entities
(Huada, Yada and Huadong) are all directly and indirectly 100% owned by Kang Fu for all the periods presented.
Huada is a subsidiary wholly owned by Kang Fu
and established in Yangzhou, China on December 24, 2001 with a registered capital of $17,193,021.
Yada is a subsidiary wholly owned by Huada and
was established in Yangzhou, China on December 5, 1991 with a registered capital of RMB51,390,000.
Huadong is a subsidiary wholly owned by Yada and
was established in Yangzhou, China on November 18, 2000 with a registered capital of RMB50,000,000.
Those three subsidiaries primarily manufacture
and sell Class I, II and III disposable medical devices under the Company’s own brands, and distribute Class I, II and III disposable
medical devices sourced from other manufacturers to our domestic and overseas customers.
Guanghui was a subsidiary wholly owned by Huadong
and was dissolved on June 1, 2023.
Hainan Guoxie is a subsidiary 55% owned by Kang
Fu and established in Hainan, China on October 07, 2021 with a registered capital of RMB100,000,000.
|
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v3.23.3
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim results of operations
are not necessarily indicative of results to be expected for any other interim period or for a full year. In the opinion of management,
all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of its financial position
and operating results have been included. These financial statements should be read in conjunction with the Company’s audited consolidated
financial statements and the related notes thereto for the fiscal years ended December 31, 2022 and 2021.
Use of Estimates
The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts
reported and disclosed in the consolidated financial statements and related notes.
The most significant estimates and judgments include
allowance for bad debts and the valuation of inventory. Actual amounts could differ from those estimates.
Non-controlling interests
Non-controlling interest represents the portion
of the net assets of subsidiaries attributable to interests that are not owned or controlled by the Company. The non-controlling interest
is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling
interest’s operating results are presented on the face of the consolidated statements of income and comprehensive income as an allocation
of the total income for the year between non-controlling shareholders and the shareholders of the Company. As of June 30, 2023, non-controlling
interests represent one non-controlling shareholders’ proportionate share of equity interests in Hainan Guoxie.
Functional Currency and Foreign Currency
Translation
The Company’s reporting currency is the
United States dollar (“US$”). The Company’s operations are principally conducted through the PRC subsidiaries where
the local currency is the functional currency. Therefore, the functional currency of Kang Fu is the Hong Kong dollar and the functional
currency of Huada, Yada, Huadong and Guanghui is the Renminbi (“RMB”).
Transactions denominated in currencies other than
the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction
dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currency are translated into the
functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated
statements of income and comprehensive income. The assets and liabilities of the Company are
translated at the exchange spot rate at the balance sheet date, stockholders’ equity is translated at the historical rates and the
revenues and expenses are translated at the average exchange rates for the periods, except that the exchange rate used for translation
from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was
used to translate Kang Fu’s balance sheets, income statement items and cash flow items for both the six months ended June 30, 2023
and 2022. The resulting translation adjustments are reported under other comprehensive income in the consolidated statements of income
and comprehensive income in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 220, Comprehensive Income. The following are the exchange rates that were used in translating the Company’s
PRC subsidiaries’ financial statements into the consolidated financial statements:
| |
June 30, 2023 | |
December 31, 2022 | |
June 30, 2022 |
| |
| |
| |
|
Period-end spot rate | |
US$1=RMB 7.2513 | |
US$1=RMB 6.8972 | |
US$1=RMB 6.6981 |
| |
| |
| |
|
Average rate | |
US$1=RMB 6.9283 | |
US$1=RMB 6.7290 | |
US$1=RMB 6.4791 |
Certain Risks and Concentration
The Company’s financial instruments that
potentially subject the Company to significant concentrations of credit risk consist primarily of cash and receivables. As of six months
ended June 30, 2023 and December 31, 2022 substantially all the Company’s cash were held in major financial institutions located
in Hong Kong and the PRC, which management considers to be of high credit quality.
For the six months ended June 30, 2023, two customers
accounted for approximately 18.18% and 10.01% of the Company’s total revenues. For the six months ended June 30, 2022, two customers
accounted for approximately 32.53% and 11.25% of the Company’s total revenues.
As of June 30, 2023, two customers accounted for
approximately 30.92% and 21.31% of the Company’s accounts receivable. As of December 31, 2022, two customers accounted for approximately
27.73% and 13.14% respectively, of the Company’s accounts receivable.
For the six months ended June 30, 2023, one supplier
accounted for approximately 14.73% of the Company’s total purchases. As of six months ended June 30, 2022, there was no supplier
that individually represented greater than 10% of the total purchase of the Company’s total purchases. Fair Value Measurement
Fair value is the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use
when pricing the asset or liability.
The Company adopted the guidance of Accounting
Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods
for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
|
Level 1: |
Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. |
|
|
|
|
Level 2: |
Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. |
|
|
|
|
Level 3: |
Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. |
The Company’s financial instruments include
cash, accounts receivable, bank acceptance receivables, due from related parties, accounts payable, other liabilities and accrued expenses
and short-term bank borrowings. The carrying amounts approximate their fair values due to their short maturities as of June 30, 2023 and
December 31, 2022.
The Company noted no transfers between levels
during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring or non-recurring
basis as of June 30, 2023 and December 31, 2022.
Cash
Cash consists of petty cash on hand and cash held
in banks, which are highly liquid and are unrestricted as to withdrawal or use.
Bank Acceptance Receivables
Bank acceptance receivables are issued by bank
under the request of the Company’s customers, to pay for the purchased goods. The Company can choose to hold acceptance notes until
maturity and receive the face value payment from the bank, or sell (exchange) the acceptance notes at a discount to another party willing
to wait until maturity to receive the bank’s promised payment. The maturity date of the receivables is all within one year of the
original issuance date and carried at face value. The Company is not lending money, it just sells goods to the customers (customers can
pay the purchased goods by cash, accounts receivable or bank acceptance receivables). The receivables mature within one year, and are
non-interest bearing. As bank acceptance receivables are issued by the banks and payments are guaranteed. The Company has not discounted
any bank acceptances and there were no endorsed bank acceptances that are unmatured as of June 30, 2023. The Company collected approximately
$6.0 million as of August 31, 2023. Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable represent trade receivables
and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts or impairment.
The Company follows the guidance under ASC 326,
Financial Instruments – Credit Losses, Measurement of Credit Losses on Financial Instruments. The standard uses a new forward-looking
“methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information
to inform credit loss estimates.” The Company has adopted the loss rate methodology to estimate historical losses on accounts receivables.
The Company has adopted the aging methodology to estimate the credit losses on accounts receivables. The historical data is adjusted to
account for forecasted changes in the macroeconomic environment in order to calculate the current expected credit loss. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and
comprehensive income.
The Company historically has not had material
bad debts in accounts receivable. There were no bad debt expenses related to accounts receivable for six months ended June 30, 2023 and
2022, and there was no provision for doubtful accounts as of June 30, 2023 and December 31, 2022.
Inventories
Inventories are valued using the lower of cost
or net realizable value. Cost is principally determined using the weighted-average method. Manufactured inventories included cost of materials,
labor and overhead expenses. The Company records adjustments to inventory for excess quantities, obsolescence, or impairment, when appropriate,
to reflect inventory at net realizable value. These adjustments are based upon a combination of factors including current sales volume,
market conditions, lower of cost or market analysis and expected realizable value of the inventory.
There were no write-downs recognized of inventories
as of June 30, 2023 and December 31, 2022.
Prepayment and other current assets
As of June 30, 2023 and December 31, 2022, prepayment
and other current assets were $15,329,511 and $16,428,779.
Prepayment and other assets primarily consist
of prepayments for land use right and property, refundable tax credits and receivables, security deposits made to customers, advances
to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to
determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the utilization or refund
of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance
is also based on management’s best estimate of specific losses on individual exposures, as well as a provision on historical trends
of collections and utilizations. Actual amounts received or utilized may differ from management’s estimate of credit worthiness
and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has
determined that the likelihood of collection is not probable. The allowance for doubtful accounts amounted to nil as of June 30, 2023
and December 31, 2022. Property, Plant and Equipment
Property, plant and equipment items are recorded
at their historic cost, less accumulated depreciation and impairment losses. The Company calculates depreciation using the straight-line
method, after consideration of the estimated residual values, over the following estimated useful lives:
Category | |
Useful lives | |
Estimated
residual
value | |
Buildings | |
20 years | |
| 10 | % |
Machinery and Equipment | |
10 years | |
| 10 | % |
Motor vehicles | |
5 years | |
| 10 | % |
Electronic Equipment | |
5 years | |
| 10 | % |
Office Equipment | |
3 years | |
| 10 | % |
Inspection Equipment | |
5 years | |
| 10 | % |
Major improvements are capitalized and expenditures
for maintenance and repairs are expensed as incurred. Construction in progress represents property, plant and equipment under construction
or being installed. Costs include original cost, installation, construction and other direct costs. Interest expenses directly related
to construction in progress would be capitalized. Construction in progress is transferred to the appropriate fixed asset account and depreciation
commences when the asset has been substantially completed and placed in service.
Intangible Assets
Intangible assets are non-monetary assets without
physical substance. These items are initially measured at cost and subsequently carried at cost less any accumulated amortization and
impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives.
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives, which is as
follows:
Category | |
Useful lives |
Land use rights | |
50 years |
Patent | |
5 years |
Trademark | |
10 years |
Impairment of Long-Lived Assets
The Company accounts for impairment of long-lived
assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment. (“ASC
360”). Long-lived assets consist primarily of property, plant and equipment, and intangible assets. In accordance with ASC 360,
the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred, or whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators exist, recoverability of
assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted future net cash flows expected
to be generated by the asset. Examples of such triggering events include a significant disposal of a portion of such assets, and adverse
change in the market involving the business employing the related assets. If such assets are determined not to be recoverable, the Company
performs an analysis of the fair value of the asset group and will recognize an impairment loss when the fair value is less than the carrying
amounts of such assets. The fair value, based on reasonable and supportable assumptions and projections, require subjective judgments.
Depending on the assumptions and estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within
a range of outcomes. The Company considers the likelihood of possible outcomes in determining the best estimate for the fair value of
the assets. The Company did not record any impairment charges for the six months ended June 30, 2023 and 2022. There can be no assurance
that future events will not have impact on company revenue or financial position which could result in impairment in the future. Investment
In accordance with Financial Accounting Standards
Board (“FASB”) ASC 321, “Investment-Equity Securities,” the Company accounts for non-marketable securities on
a prospective basis. Equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical
expedient are eligible for the measurement alternative.
On March 3, 2011, Yada invested in Yangzhou Juyuan
Guarantee Co., Ltd (“Juyuan”) and obtained 12% equity interest of Juyuan. For the Company’s passive and without significant
influence or control equity investment in private company which do not have readily determinable fair values, the Company has elected
the measurement alternative defined as cost, less impairment, plus or minus adjustments resulting from observable price changes in orderly
transactions for the identical or a similar investment of the Company. The investment is reviewed periodically to determine if its value
has been impaired and adjustments are recorded as necessary in profit or loss for the period. On January 5, 2023, majority shareholder
of Juyuan purchased 5% equity interest of Juyuan from Yada for a consideration of $360,839 (RMB 2.5 million).
Investments in entities in which the Company can
exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting
in accordance with ASC 323, Investments-Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company
initially records its investment at cost and the difference between the cost of the equity investee and the amount of the underlying equity
in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The share of earnings or
losses of the investee are recognized in the consolidated statements of comprehensive loss. Equity method adjustments include the Company’s
proportionate share of investee income or loss, adjustments to recognize certain differences between the Company’s carrying value
and its equity in net assets of the investee at the date of investment, impairments, and other adjustments required by the equity method.
The Company assesses its equity investment for other-than-temporary impairment by considering factors as well as all relevant and available
information including, but not limited to, current economic and market conditions, the operating performance of the investees including
current earnings trends, the general market conditions in the investee’s industry or geographic area, factors related to the investee’s
ability to remain in business, such as the investee’s liquidity, debt ratios, and cash burn rate and other company-specific information.
Investments in equity securities without readily
determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical
or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events
or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements
of comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. Prior to the adoption
of ASU 2016-01 on January 1, 2019, these investments were accounted for using the cost method of accounting, measured at cost less other-than-temporary
impairment.
On December 1, 2022, Huadong invested RMB 40 million
into Jiangsu Zhongxiangxin International Science and Technology Innovation Park Co., Ltd. (“Zhongxiangxin”), and obtained
25% ownership interest of Zhongxiangxin. Zhongxiangxin manufactures and sells medical materials in the PRC. The Company accounted for
the investments using equity method, because the Company has significant influence but does not own a majority equity interest or otherwise
control over the equity investee. Under the equity method, the Company adjusts the carrying amount of the investment and recognizes investment
income or loss for its share of the earnings or loss of the investee after the date of investment. When the Company’s share of losses
in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the
Company has incurred obligations or made payments or guarantees on behalf of the equity investee. For the six months ended June 30, 2023
and 2022, the investment loss from Zhongxiangxin was $1,632 and nil. The Company continually reviews its investments
in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors
the Company considers in its determination include the financial condition, operating performance and the prospects of the equity investee;
other company specific information such as recent financing rounds; the geographic region, market and industry in which the equity investee
operates; and the length of time that the fair value of the investment is below its carrying value. If the decline in fair value is deemed
to be other-than-temporary, the carrying value of the equity investee is written down to fair value.
For the for the six months ended June 30, 2023
and 2022, no impairment indicators were identified of its investment in the private company was no impairment recorded.
Value-added Tax
Value-added taxes (“VAT”) collected
from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers
is excluded from revenue which is recorded in VAT payable. The Company is subject to a VAT rate of 13%. The VAT payable may be offset
by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.
Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests. The Company discloses all significant related party transactions.
Revenue Recognition
Based on the requirements of ASC Topic 606, the
Company recognizes revenue when control of the promised goods or services is transferred to the customers in an amount that reflects the
consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company primarily sells its products
to hospitals and medical equipment companies. Revenue is recognized when the following 5-step revenue recognition 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 |
| 5) | Recognize
revenue when or as the entity satisfies a performance obligation |
Revenue from product sales is recognized at the
point in time control of the products is transferred, generally upon customer receipt based upon the standard contract terms. Shipping
and handling activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to
be separate performance obligations. The Company’s sales terms provide no right of return outside of a standard quality policy and
returns are generally not significant. Payment terms for product sales are generally set at 90 to 180 days after customer acceptance of
the product. Revenue Disaggregation
The Company’s disaggregated revenues are
represented by two categories which are type of goods and type of customers.
Type of Goods
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Self-Manufactured Products | |
| 23,435,544 | | |
| 27,046,663 | |
Resales of Sourced Disposable Medical Devices from Third Party Manufacturers | |
| 24,754,532 | | |
| 27,786,184 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
Type of Customers
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Direct sales | |
| 4,305,506 | | |
| 4,582,321 | |
Distributors | |
| 43,884,570 | | |
| 50,250,526 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
Earnings per Ordinary Share
Earnings (loss) per ordinary share is calculated
in accordance with ASC 260, Earnings per Share. Basic earnings (loss) per ordinary share is computed by dividing the net income
(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted
earnings per ordinary share is computed in accordance with the treasury stock method and based on the weighted average number of ordinary
shares and dilutive ordinary share equivalents. Dilutive ordinary share equivalents are excluded from the computation of diluted earnings
per ordinary share if their effects would be anti-dilutive. There is no ordinary share equivalent issued to date.
Comprehensive Income (Loss)
ASC 220, Comprehensive Income (“ASC 220”)
establishes rules for reporting and display of comprehensive income and its components. ASC 220 requires that unrealized gains and losses
on the Company’s foreign currency translation adjustments be included in comprehensive income (loss).
Advertising Costs
The Company’s advertising costs are expensed
as incurred. Advertising expenses are included in selling expenses in the accompanying consolidated statements of income and comprehensive
income. Advertising expenses were $8,275, and $7,603 for the six months ended June 30, 2023, and 2022, respectively.
Research and Development Costs
Research and development expenses are expensed
as incurred. Research and development expenses were $1,460,376 and $1,642,204 for the six months ended June 30, 2023, and 2022, respectively. Income Tax
Current income taxes are provided on the basis
of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income
tax purposes, in accordance with the regulations of the relevant tax jurisdictions.
Deferred income taxes are recognized for temporary
differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating
loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance
with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply
to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities
of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.
The Company considers positive and negative evidence
when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers,
among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration
of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate
realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward
periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization
of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing
taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carryforwards, (iii) future
taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected
within the industry.
The Company recognizes a tax benefit associated
with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination
by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently
measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due
to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments
are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of
changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company
classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
Segment Reporting
FASB 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 of the Company’s business segments, geographical areas, segments and major customers. 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. The chief operating decision maker is the Company’s president
and Chief Executive Officer (“CEO”). Management, including the chief operating decision maker, reviews operating results of
different products at revenue level with no allocation of operating costs. Consequently, based on management’s assessment, the Company
has determined that it has only one operating segment as defined by FASB ASC 280. The Company has disclosed the type of revenue by government category
as follows.
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Category | |
Produced | | |
Purchased | | |
Total | | |
Produced | | |
Purchased | | |
Total | |
Class I | |
| 3,561,156 | | |
| 4,462,704 | | |
| 8,023,860 | | |
| 3,812,092 | | |
| 3,845,205 | | |
| 7,657,297 | |
Class II | |
| 17,313,377 | | |
| 17,761,970 | | |
| 35,075,347 | | |
| 20,185,052 | | |
| 19,712,006 | | |
| 39,897,058 | |
Class III | |
| 524,802 | | |
| 873,575 | | |
| 1,398,377 | | |
| 416,595 | | |
| 1,168,221 | | |
| 1,584,816 | |
Others | |
| 2,036,209 | | |
| 1,656,283 | | |
| 3,692,492 | | |
| 2,632,924 | | |
| 3,060,752 | | |
| 5,693,676 | |
Total | |
| 23,435,544 | | |
| 24,754,532 | | |
| 48,190,076 | | |
| 27,046,663 | | |
| 27,786,184 | | |
| 54,832,847 | |
Class I, II, and III medical devices are defined
by the National Medical Products Administration of China according to their risk levels under the Regulation on the Supervision and Administration
of Medical Devices (2021 Revision), Article 6 as follows:
| ● | “Class
I Medical Devices” means medical devices with low risks, whose safety and effectiveness can be ensured through routine administration. |
| ● | “Class
II Medical Devices” means medical devices with moderate risks, which shall be strictly controlled and administered to ensure their
safety and effectiveness. |
| ● | “Class
III Medical Devices” means medical devices with relatively high risks, which shall be strictly controlled and administered through
special measures to ensure their safety and effectiveness. |
Furthermore, the Company has disclosed revenue by major product type
included in each government category.
| |
| |
June 30, 2023 | | |
June 30, 2022 | |
Category | |
Products | |
US$ | | |
US$ | |
Class I | |
Eye drops bottle | |
| 1,073,853 | | |
| 1,346,164 | |
| |
Oral medicine bottle | |
| 1,830,363 | | |
| 2,189,018 | |
| |
Anal bag | |
| 849,099 | | |
| 395,292 | |
| |
Other Class I | |
| 4,270,545 | | |
| 3,726,823 | |
Subtotal-Class I | |
| |
| 8,023,860 | | |
| 7,657,297 | |
Class II | |
Masks | |
| 47,946 | | |
| 211,468 | |
| |
Identification tape | |
| 5,494,306 | | |
| 7,218,564 | |
| |
Disposable medical brush | |
| 4,481,601 | | |
| 4,606,634 | |
| |
Gynecological inspection kits | |
| 3,022,727 | | |
| 5,807,398 | |
| |
Surgical kit | |
| 2,206,201 | | |
| 13,546,908 | |
| |
Medical brush | |
| 2,809,448 | | |
| 2,586,945 | |
| |
Medical kit | |
| 983,584 | | |
| 883,977 | |
| |
Other Class II | |
| 16,029,534 | | |
| 5,035,164 | |
Subtotal-Class II | |
| |
| 35,075,347 | | |
| 39,897,058 | |
Class III | |
Electronic pump | |
| 138,751 | | |
| 67,866 | |
| |
Anesthesia puncture kit | |
| 229,616 | | |
| 205,218 | |
| |
Disposable infusion pump | |
| 113,335 | | |
| 78,453 | |
| |
Infusion pump | |
| 178,461 | | |
| 90,036 | |
| |
Electronic infusion pump | |
| 330 | | |
| 43,397 | |
| |
Laparoscopic trocar | |
| 38 | | |
| 94,337 | |
| |
Other Class III | |
| 737,846 | | |
| 1,005,509 | |
Subtotal-Class III | |
| |
| 1,398,377 | | |
| 1,584,816 | |
Others | |
| |
| 3,692,492 | | |
| 5,693,676 | |
Total | |
| |
| 48,190,076 | | |
| 54,832,847 | |
For the six months ended June 30, 2023, and 2022,
revenues and assets within PRC contributed over 99.1% of the Company’s total revenues and assets. The Outbreak of COVID-19
On January 30, 2020, the World Health Organization
declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March
11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” COVID-19 has had a severe and negative
impact on the Chinese and the global economy and such impact persists as of the date of this annual report.
In fiscal year 2020, COVID-19 had a significant
impact on our business and results of operations as the sales volume of masks rose sharply while the sales of products other than masks
declined due to an overall decrease in market demand. In fiscal year 2021, with the stable control of the domestic epidemic in China,
the market of masks was no longer in urgent shortage compared to the same period in 2020, and the production of epidemic prevention products
resumed more normal production levels. In general, with the precise control of the epidemic in China, our production and operations have
recovered smoothly, and the demand for other products has increased gradually. After the initial outbreak of COVID-19, from time to time,
some instances of COVID-19 infections have emerged in various regions of China, including the infections caused by the Omicron variants
in 2022. For example, a wave of infections caused by the Omicron variants emerged in Shanghai in 2022, and a series of restrictions and
quarantines were implemented to contain the spread.
Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022. While the revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have
a positive impact on our normal operations, the extent of the impact on the Company’s future financial results will be dependent
on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions
in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other
factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the
expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current
situation continues. Recently Issued Accounting Standards
In October 2021, the FASB issued ASU No. 2021-08,
“‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”
(“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities
in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and
measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not
acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied prospectively
to business combinations that occur after the effective date. The Company does not expect the adoption of ASU 2021-04 will have a material
effect on the consolidated financial statements.
In June
2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the
unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity
cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional
disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update
are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities,
the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early
adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As
an emerging growth company, the standard is effective for the Company for the year ended
December 31, 2025. The Company is in the process of evaluating the impact of the new guidance
on its consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Prepayments and Other Assets
|
6 Months Ended |
Jun. 30, 2023 |
Prepayments and Other Assets [Abstract] |
|
Prepayments and other assets |
3. Prepayments and other assets
Prepayments and other current assets consist of
the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Other receivable | |
| 159,817 | | |
| 239,148 | |
Prepaid tax | |
| - | | |
| 250,410 | |
Prepaid for land use right (1) | |
| 15,169,694 | | |
| 15,948,501 | |
Prepaid for property (2) | |
| 11,856,920 | | |
| 12,323,842 | |
Total | |
| 27,186,431 | | |
| 28,761,901 | |
Less: non-current portion | |
| (11,856,920 | ) | |
| (12,333,122 | ) |
Prepayments and other current assets | |
| 15,329,511 | | |
| 16,428,779 | |
| (1) | On
October 22, 2018, the Company signed a land use right agreement with the government of Touqiao Town, Yangzhou City and paid RMB 50 million
($6.9 million) and RMB 60 million ($8.27 million), respectively, in 2018 and 2019 according to the agreement. As a result of COVID-19,
the land use right had not been transferred to the Company as scheduled. Both parties agreed to cancel the transaction and the funds
prepaid for land use right will be returned to the Company before December 31, 2023. |
| (2) | On
April 20, 2020, the Company signed a factory building purchase agreement with Jiangsu Qionghua Group Co., Ltd. and paid deposit of RMB
85 million ($11.72 million). As a result of COVID-19, the factory building had not been completed as scheduled. Both parties agreed to
cancel the transaction and that the deposit for the building would be returned to the Company on or before December 31, 2025, with such
deposit accumulating interest at an annual interest rate of 3.5%. |
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v3.23.3
Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventories [Abstract] |
|
Inventories |
4. Inventories
Inventories consist of the following:
| |
June 30, 2023 | | |
December 31, 2021 | |
| |
US$ | | |
US$ | |
Raw material | |
| 493,143 | | |
| 177,474 | |
Work-in-process | |
| 20,501 | | |
| 343,795 | |
Finished goods | |
| 977,974 | | |
| 560,119 | |
Goods in transit | |
| 95,814 | | |
| | |
Low-value consumables | |
| 59,714 | | |
| 40,650 | |
Total | |
| 1,647,146 | | |
| 1,122,038 | |
For the six months ended June 30, 2023 and 2022, there were no writes-down
of inventories.
|
X |
- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.3
Intangible Assets
|
6 Months Ended |
Jun. 30, 2023 |
Intangible Assets [Abstract] |
|
Intangible Assets |
5. Intangible Assets
Intangible assets consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Land use rights | |
| 4,134,521 | | |
| 752,887 | |
Patents | |
| 27,582 | | |
| 28,997 | |
Software | |
| 12,113 | | |
| 9,424 | |
Trademarks | |
| 115,836 | | |
| 121,789 | |
Total | |
| 4,290,052 | | |
| 913,097 | |
Less: accumulated amortization | |
| 414,025 | | |
| 415,497 | |
Intangible assets, net | |
| 3,876,027 | | |
| 497,600 | |
Amortization expense was $13,733 and $13,417 for
the six months ended June 30, 2023 and 2022, respectively. Hainan Guoxie spent $3.4 million in purchasing land use right for the six months
ended June 30, 2023 and the price was fully paid. The land will be used for manufacturing facility.
The following table sets forth the Company’s
amortization expenses for the twelve months ending December 31 of the following years:
2023 | |
$ | 41,870 | |
2024 | |
| 83,740 | |
2025 | |
| 83,740 | |
2026 | |
| 82,953 | |
2027 | |
| 82,690 | |
Thereafter | |
| 3,501,034 | |
| |
$ | 3,876,027 | |
As of June 30, 2023 and December 31, 2022, the
Company pledged land use rights to secure bank borrowings to the Company as disclosed in Note 7.
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v3.23.3
Investment
|
6 Months Ended |
Jun. 30, 2023 |
Investment [Abstract] |
|
Investment |
6. Investment
On March 3, 2011, Yada invested RMB 6 million
into Yangzhou Juyuan Guarantee Co., Ltd. (“Juyuan”) and obtained 12% equity interest of Juyuan. Juyuan mainly provides financing
guarantee services and relevant consulting services to customers. Juyuan has only one executive director and one supervisor. Neither the
executive director nor supervisor is related to Yada. Therefore, Yada has neither control nor significant influence over Juyuan. For the
Company’s passive and without significant influence or control equity investment in a private company which does not have readily
determinable fair values, the Company has elected the measurement alternative defined as cost, less impairment, plus or minus adjustments
resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. On January
5, 2023, majority shareholder of Juyuan purchased 5% equity interest of Juyuan from Yada for a consideration of $360,839(RMB 2.5 million).
The carrying value of the investment amounted to approximately $0.5 million as of June 30, 2023.
On December 1, 2022, Huadong invested RMB40 million
into Zhongxiangxin, and obtained 25% ownership interest of Zhongxiangxin. Zhongxiangxin manufactures and sells medical materials in the
PRC. The Company accounted for the investments using the equity method, because the Company has significant influence but does not own
a majority equity interest or otherwise control over the equity investee. Under the equity method, the Company adjusts the carrying amount
of the investment and recognizes investment income or loss for its share of the earnings or loss of the investee after the date of investment.
When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does
not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee.
For the six months ended June 30, 2023 and 2022, the investment loss from Zhongxiangxin was $1,632 and $nil.
For the six months ended June 30, 2023 and 2022,
no impairment indicators were identified related to revaluation of its investment in the private company was recorded.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.3
Bank Borrowings
|
6 Months Ended |
Jun. 30, 2023 |
Bank Borrowings [Abstract] |
|
Bank Borrowings |
7. Bank Borrowings
Bank borrowings are working capital loans from
banks in China. Short-term bank borrowings as of June 30, 2023 consisted of the following:
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
1/18/2023 | |
5/25/2024 | |
| 4,000,000 | | |
| 551,625 | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 689,532 | |
Agricultural Bank of China | |
Huadong | |
| 3.60 | % | |
8/12/2022 | |
7/12/2023 | |
| 9,000,000 | | |
| 1,241,157 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
1/30/2023 | |
2/15/2024 | |
| 5,000,000 | | |
| 689,532 | |
Bank of China | |
Huadong | |
| 3.80 | % | |
3/10/2023 | |
3/9/2024 | |
| 10,000,000 | | |
| 1,379,063 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023 | |
| 10,000,000 | | |
| 1,379,063 | |
Industrial and Commercial Bank of China* | |
Yada | |
| 3.45 | % | |
2/17/2022 | |
2/16/2024 | |
| 9,000,000 | | |
| 1,241,156 | |
Total | |
| |
| | | |
| |
| |
| 52,000,000 | | |
| 7,171,128 | |
Short-term bank borrowings as of December 31, 2022 consisted of the
following:
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 4,000,000 | | |
| 579,946 | |
Agricultural Bank of China | |
Huadong | |
| 3.40 | % | |
12/8/2022 | |
12/7/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
2/17/2022 | |
3/2/2023* | |
| 5,000,000 | | |
| 724,932 | |
Bank of China | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 5,000,000 | | |
| 724,932 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023* | |
| 10,000,000 | | |
| 1,449,864 | |
Industrial and Commercial Bank of China | |
Yada | |
| 3.70 | % | |
2/18/2022 | |
2/21/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Total | |
| |
| | | |
| |
| |
| 42,000,000 | | |
| 6,089,428 | |
| * | These
loans were renewed upon maturity. |
Interest expense was $128,973, and $98,805 for
the six months ended June 30, 2023 and 2022, respectively.
The Company’s short-term bank borrowings
are pledged by the Company’s assets and guaranteed by the Company’s major shareholders Yongjun Liu, Yin Liu and its subsidiary
Yada.
The carrying values of the Company’s pledged assets to secure
short-term borrowings by the Company are as follows:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Buildings, net | |
| 3,432,150 | | |
| 2,777,379 | |
Land use right, net | |
| 90,322 | | |
| 96,416 | |
Total | |
| 3,522,472 | | |
| 2,873,795 | |
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v3.23.3
Long-Term Bank Loan
|
6 Months Ended |
Jun. 30, 2023 |
Long-Term Bank Loan [Abstract] |
|
Long-term bank loan |
8. Long-term bank loan
There was no long-term bank loan as of June 30, 2023.
Long-term bank borrowings as of December 31, 2022 consisted of the
following:
Lender | |
Company | |
Rate | | |
Issuance Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 724,932 | |
Total | |
| |
| | | |
| |
| |
| 5,000,000 | | |
| 724,932 | |
On November 3, 2022, the Company signed a loan
agreement with Bank of Communications to obtain a two-year loan of RMB5 million ($724,932). The loan bears a floating interest rate of
a benchmark rate (3.50%). Huada mortgages the property and land for guaranteed repayment of the loan. The principal shall be repaid on
April 25, 2024. The balance was reclassified to short-term bank loan as of June 30, 2023.
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v3.23.3
Taxes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Taxes Payable [Abstract] |
|
Taxes Payable |
9. Taxes Payable
Taxes payable consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
VAT payable | |
| 368,195 | | |
| 380,926 | |
Income tax payable | |
| 1,012,775 | | |
| 690,824 | |
Other tax payable | |
| 71,348 | | |
| 59,526 | |
Total | |
| 1,452,318 | | |
| 1,131,276 | |
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v3.23.3
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Taxes [Abstract] |
|
Income Taxes |
10. Income Taxes
Cayman Islands
Under the current laws of the Cayman Islands,
the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands
withholding tax is imposed.
Hong Kong
Under the current Hong Kong Inland Revenue Ordinance,
the Company’s Hong Kong subsidiary, Kang Fu, is subject to 16.5% income tax on its taxable income generated from operations in Hong
Kong. On December 29, 2017, the Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime,
the first HK$2.0 million earned in assessable profits will be subject to an 8.25% lower tax rate and the remaining taxable income will
continue to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018 and
2019, which is on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among
connected entities. Kang Fu has been nominated by the Company as the entity to apply the two-tiered rates among the group for the assessment
years of 2023 and 2022. PRC
Provisions for income tax are as follows:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Provisions for current income tax | |
| 2,064,697 | | |
| 2,433,772 | |
Provisions for deferred income tax | |
| - | | |
| - | |
Total | |
| 2,064,697 | | |
| 2,433,772 | |
The following is a reconciliation of the Company’s
total income tax expense to the income before income taxes for the six months ended June 30, 2023 and 2022, respectively:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Income before income tax provision | |
| 9,097,681 | | |
| 8,988,658 | |
Tax at the PRC EIT tax rates | |
| 2,203,896 | | |
| 2,689,271 | |
Change in valuation allowance | |
| 16,934 | | |
| - | |
Tax effect of non-deductible expenses | |
| 208,961 | | |
| 157,007 | |
Tax effect of R&D expenses additional deduction* | |
| (365,094 | ) | |
| (412,506 | ) |
Income tax expense | |
| 2,064,697 | | |
| 2,433,772 | |
| * | According
to PRC tax regulations, an additional of 100% of current year R&D expenses may be deducted from tax income. |
Under the Enterprise Income Tax Law (“EIT Law”), Foreign
Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform
rate of 25%.
Huadong was granted a High and New Technology
Enterprise (“HNTE”) certificate and received a preferential tax rate of 15% for a three-year validity period from November
30, 2016 and the HNTE certificate was renewed on December 22, 2022 with a three-year validity period. Thus, Huadong will remain eligible
for a 15% preferential tax rate from January 1, 2016 through December 31, 2025.
The EIT Law also provides that an enterprise established
under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident
enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing
Rules of the EIT Law define the location of the “de facto management body” as “the place where the exercising, in substance,
of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC
company is located.” Based on a review of surrounding facts and circumstances, the Company does not believe that it is likely that
its entities registered outside of the PRC should be considered as resident enterprises for the PRC tax purposes.
The EIT Law also imposes a withholding income
tax on dividends distributed by a FIE to its immediate holding company outside of the PRC. As a result, Kang Fu, which is the parent of
Huada, Yada and Huadong, is therefore subject to a maximum withholding tax of 10% on dividends distributed by Huada, Yada and Huadong.
In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and are subject
to the withholding taxes. The presumption may be overcome if the Company has sufficient evidence to demonstrate that the undistributed
dividends will be re-invested and the remittance of the dividends will be postponed indefinitely. As of June 30, 2023, the Company has
determined that the undistributed earnings in Huada, Yada and Huadong will be re-invested into the subsidiary for the expansion of the
Company’s business in mainland China and hence the remittance of dividends will be postponed indefinitely. Uncertain tax positions
The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits
associated with the tax positions. As of June 30, 2023, and 2022, the Company did not have any significant unrecognized uncertain tax
positions.
|
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v3.23.3
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies [Abstract] |
|
Commitments and Contingencies |
11. Commitments and Contingencies
Operating lease
The Company has an operating lease to rent an
office space in Shanghai. The lease term is 12 months, with the option to renew annually. Rent expense was $5,856 and $5,856 and is included
in general and administrative expenses for the six months ended June 30, 2023 and 2022, respectively. The Company has renewed the same
operating lease with a term from January 1, 2023 to December 31, 2023, with all other lease terms remaining the same.
Other commitments
The Company did not have other significant commitments,
long-term obligations or guarantees as of June 30, 2023 and 2022.
Contingencies
The Company is subject to legal proceedings and
regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company
does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated business,
financial position, cash flows or results of operations taken as a whole.
On February 4, 2022, Macias Gini & O’Connell,
LLP (“Plaintiff”) initiated a lawsuit in San Francisco Superior Court. Plaintiff, a certified public accounting firm based
in the U.S., was hired by Kang Fu International Medical Co, and subsequently by Meihua International Medical Technologies Co, Ltd. (collectively,
“Meihua”), to audit Meihua’s consolidated financial statements for the 2018 and 2019 calendar years. Plaintiff seeks
damages from Meihua for its alleged failure to pay for services rendered in the amount of $210,000, plus interest and attorneys’
fees. The case was dismissed with prejudice in August of 2023.
On August 29, 2023, Zhu Cheng initiated a lawsuit
against Yada, Huada, Huadong and Kang Fu in Yangzhou Economic Development Zone Court. Zhu Cheng seeks damages from the above entities
for service fee of approximately $2.3 million (RMB 17.0 million). The Company is preparing to file a motion to dismiss the case. No contingent
liability has been accrued since the Company has deemed the possibility of loss to be remote.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Statutory Surplus Reserves and Restricted Net Assets
|
6 Months Ended |
Jun. 30, 2023 |
Statutory Surplus Reserves and Restricted Net Assets [Abstract] |
|
Statutory Surplus Reserves and Restricted Net Assets |
12. Statutory Surplus Reserves and Restricted Net Assets
Pursuant to laws applicable to entities incorporated
in the PRC, the Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the
discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of
the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net
income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations
to the discretionary surplus reserve are made at the discretion of the Board of Directors. As of December 31, 2022 and June 30, 2023,
the Company did not have a discretionary surplus reserve. As of December 31, 2022, all of the Company’s PRC subsidiaries reserves
had reached 50% of their registered capital threshold and, as a result, the Company stopped being required to allocate after-tax profits
to this reserve.
As a result of these PRC laws and regulations
and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP,
the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital
and the statutory reserves of the Company’s PRC subsidiaries. The aggregate amounts of capital and statutory reserves restricted
which represented the amount of net assets of the relevant subsidiaries in the Company not available for distribution was $15,665,860
as of June 30, 2023 and December 31, 2022.
Under PRC laws and regulations, statutory surplus
reserves are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective
company and are not distributable other than upon liquidation. The reserves are not allowed to be transferred to the Company in terms
of cash dividends, loans or advances, nor allowed for distribution except under liquidation.
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- DefinitionThe entire disclosure for goodwill and intangible assets.
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v3.23.3
Related Party Transactions and Balances
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions and Balances [Absract] |
|
Related Party Transactions and Balances |
13. Related Party Transactions and Balances
Related Parties:
Name of related parties |
|
Relationship with the Company |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
Yangzhou Meihua Import and Export Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
Related Party Sales
The Company sells products to its related parties
and the sales amount from related parties for the six months end 2023 and 2022 are as follows:
Sales:
| |
For the Six Months ended
June 30, | |
Name of related party | |
2023 | | |
2022 | |
Yangzhou Meihua Import and Export Co., Ltd. | |
$ | 11,751 | | |
$ | 18,849 | |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. | |
| - | | |
| 10,818 | |
Total | |
$ | 11,751 | | |
$ | 29,667 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
14. Subsequent Events
The Company has evaluated the impact of events
that have occurred subsequent to June 30, 2023, through the issuance date of the consolidated financial statements, and concluded that
no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes
to the consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim results of operations
are not necessarily indicative of results to be expected for any other interim period or for a full year. In the opinion of management,
all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of its financial position
and operating results have been included. These financial statements should be read in conjunction with the Company’s audited consolidated
financial statements and the related notes thereto for the fiscal years ended December 31, 2022 and 2021.
|
Use of Estimates |
Use of Estimates The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts
reported and disclosed in the consolidated financial statements and related notes. The most significant estimates and judgments include
allowance for bad debts and the valuation of inventory. Actual amounts could differ from those estimates.
|
Non-controlling interests |
Non-controlling interests Non-controlling interest represents the portion
of the net assets of subsidiaries attributable to interests that are not owned or controlled by the Company. The non-controlling interest
is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling
interest’s operating results are presented on the face of the consolidated statements of income and comprehensive income as an allocation
of the total income for the year between non-controlling shareholders and the shareholders of the Company. As of June 30, 2023, non-controlling
interests represent one non-controlling shareholders’ proportionate share of equity interests in Hainan Guoxie.
|
Functional Currency and Foreign Currency Translation |
Functional Currency and Foreign Currency
Translation The Company’s reporting currency is the
United States dollar (“US$”). The Company’s operations are principally conducted through the PRC subsidiaries where
the local currency is the functional currency. Therefore, the functional currency of Kang Fu is the Hong Kong dollar and the functional
currency of Huada, Yada, Huadong and Guanghui is the Renminbi (“RMB”). Transactions denominated in currencies other than
the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction
dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currency are translated into the
functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated
statements of income and comprehensive income. The assets and liabilities of the Company are
translated at the exchange spot rate at the balance sheet date, stockholders’ equity is translated at the historical rates and the
revenues and expenses are translated at the average exchange rates for the periods, except that the exchange rate used for translation
from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was
used to translate Kang Fu’s balance sheets, income statement items and cash flow items for both the six months ended June 30, 2023
and 2022. The resulting translation adjustments are reported under other comprehensive income in the consolidated statements of income
and comprehensive income in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 220, Comprehensive Income. The following are the exchange rates that were used in translating the Company’s
PRC subsidiaries’ financial statements into the consolidated financial statements:
| |
June 30, 2023 | |
December 31, 2022 | |
June 30, 2022 |
| |
| |
| |
|
Period-end spot rate | |
US$1=RMB 7.2513 | |
US$1=RMB 6.8972 | |
US$1=RMB 6.6981 |
| |
| |
| |
|
Average rate | |
US$1=RMB 6.9283 | |
US$1=RMB 6.7290 | |
US$1=RMB 6.4791 |
|
Certain Risks and Concentration |
Certain Risks and Concentration The Company’s financial instruments that
potentially subject the Company to significant concentrations of credit risk consist primarily of cash and receivables. As of six months
ended June 30, 2023 and December 31, 2022 substantially all the Company’s cash were held in major financial institutions located
in Hong Kong and the PRC, which management considers to be of high credit quality. For the six months ended June 30, 2023, two customers
accounted for approximately 18.18% and 10.01% of the Company’s total revenues. For the six months ended June 30, 2022, two customers
accounted for approximately 32.53% and 11.25% of the Company’s total revenues. As of June 30, 2023, two customers accounted for
approximately 30.92% and 21.31% of the Company’s accounts receivable. As of December 31, 2022, two customers accounted for approximately
27.73% and 13.14% respectively, of the Company’s accounts receivable. For the six months ended June 30, 2023, one supplier
accounted for approximately 14.73% of the Company’s total purchases. As of six months ended June 30, 2022, there was no supplier
that individually represented greater than 10% of the total purchase of the Company’s total purchases.
|
Fair Value Measurement |
Fair Value Measurement Fair value is the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use
when pricing the asset or liability. The Company adopted the guidance of Accounting
Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods
for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
|
Level 1: |
Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. |
|
|
|
|
Level 2: |
Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. |
|
|
|
|
Level 3: |
Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. |
The Company’s financial instruments include
cash, accounts receivable, bank acceptance receivables, due from related parties, accounts payable, other liabilities and accrued expenses
and short-term bank borrowings. The carrying amounts approximate their fair values due to their short maturities as of June 30, 2023 and
December 31, 2022. The Company noted no transfers between levels
during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring or non-recurring
basis as of June 30, 2023 and December 31, 2022.
|
Cash |
Cash Cash consists of petty cash on hand and cash held
in banks, which are highly liquid and are unrestricted as to withdrawal or use.
|
Bank Acceptance Receivables |
Bank Acceptance Receivables Bank acceptance receivables are issued by bank
under the request of the Company’s customers, to pay for the purchased goods. The Company can choose to hold acceptance notes until
maturity and receive the face value payment from the bank, or sell (exchange) the acceptance notes at a discount to another party willing
to wait until maturity to receive the bank’s promised payment. The maturity date of the receivables is all within one year of the
original issuance date and carried at face value. The Company is not lending money, it just sells goods to the customers (customers can
pay the purchased goods by cash, accounts receivable or bank acceptance receivables). The receivables mature within one year, and are
non-interest bearing. As bank acceptance receivables are issued by the banks and payments are guaranteed. The Company has not discounted
any bank acceptances and there were no endorsed bank acceptances that are unmatured as of June 30, 2023. The Company collected approximately
$6.0 million as of August 31, 2023.
|
Accounts Receivable and Allowance for Doubtful Accounts |
Accounts Receivable and Allowance for Doubtful
Accounts Accounts receivable represent trade receivables
and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts or impairment. The Company follows the guidance under ASC 326,
Financial Instruments – Credit Losses, Measurement of Credit Losses on Financial Instruments. The standard uses a new forward-looking
“methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information
to inform credit loss estimates.” The Company has adopted the loss rate methodology to estimate historical losses on accounts receivables.
The Company has adopted the aging methodology to estimate the credit losses on accounts receivables. The historical data is adjusted to
account for forecasted changes in the macroeconomic environment in order to calculate the current expected credit loss. The provision
is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and
comprehensive income. The Company historically has not had material
bad debts in accounts receivable. There were no bad debt expenses related to accounts receivable for six months ended June 30, 2023 and
2022, and there was no provision for doubtful accounts as of June 30, 2023 and December 31, 2022.
|
Inventories |
Inventories Inventories are valued using the lower of cost
or net realizable value. Cost is principally determined using the weighted-average method. Manufactured inventories included cost of materials,
labor and overhead expenses. The Company records adjustments to inventory for excess quantities, obsolescence, or impairment, when appropriate,
to reflect inventory at net realizable value. These adjustments are based upon a combination of factors including current sales volume,
market conditions, lower of cost or market analysis and expected realizable value of the inventory. There were no write-downs recognized of inventories
as of June 30, 2023 and December 31, 2022.
|
Prepayment and other current assets |
Prepayment and other current assets As of June 30, 2023 and December 31, 2022, prepayment
and other current assets were $15,329,511 and $16,428,779. Prepayment and other assets primarily consist
of prepayments for land use right and property, refundable tax credits and receivables, security deposits made to customers, advances
to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to
determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the utilization or refund
of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance
is also based on management’s best estimate of specific losses on individual exposures, as well as a provision on historical trends
of collections and utilizations. Actual amounts received or utilized may differ from management’s estimate of credit worthiness
and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has
determined that the likelihood of collection is not probable. The allowance for doubtful accounts amounted to nil as of June 30, 2023
and December 31, 2022.
|
Property, Plant and Equipment |
Property, Plant and Equipment Property, plant and equipment items are recorded
at their historic cost, less accumulated depreciation and impairment losses. The Company calculates depreciation using the straight-line
method, after consideration of the estimated residual values, over the following estimated useful lives:
Category | |
Useful lives | |
Estimated
residual
value | |
Buildings | |
20 years | |
| 10 | % |
Machinery and Equipment | |
10 years | |
| 10 | % |
Motor vehicles | |
5 years | |
| 10 | % |
Electronic Equipment | |
5 years | |
| 10 | % |
Office Equipment | |
3 years | |
| 10 | % |
Inspection Equipment | |
5 years | |
| 10 | % |
Major improvements are capitalized and expenditures
for maintenance and repairs are expensed as incurred. Construction in progress represents property, plant and equipment under construction
or being installed. Costs include original cost, installation, construction and other direct costs. Interest expenses directly related
to construction in progress would be capitalized. Construction in progress is transferred to the appropriate fixed asset account and depreciation
commences when the asset has been substantially completed and placed in service.
|
Intangible Assets |
Intangible Assets Intangible assets are non-monetary assets without
physical substance. These items are initially measured at cost and subsequently carried at cost less any accumulated amortization and
impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives.
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives, which is as
follows:
Category | |
Useful lives |
Land use rights | |
50 years |
Patent | |
5 years |
Trademark | |
10 years |
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets The Company accounts for impairment of long-lived
assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment. (“ASC
360”). Long-lived assets consist primarily of property, plant and equipment, and intangible assets. In accordance with ASC 360,
the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred, or whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators exist, recoverability of
assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted future net cash flows expected
to be generated by the asset. Examples of such triggering events include a significant disposal of a portion of such assets, and adverse
change in the market involving the business employing the related assets. If such assets are determined not to be recoverable, the Company
performs an analysis of the fair value of the asset group and will recognize an impairment loss when the fair value is less than the carrying
amounts of such assets. The fair value, based on reasonable and supportable assumptions and projections, require subjective judgments.
Depending on the assumptions and estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within
a range of outcomes. The Company considers the likelihood of possible outcomes in determining the best estimate for the fair value of
the assets. The Company did not record any impairment charges for the six months ended June 30, 2023 and 2022. There can be no assurance
that future events will not have impact on company revenue or financial position which could result in impairment in the future.
|
Investment |
Investment In accordance with Financial Accounting Standards
Board (“FASB”) ASC 321, “Investment-Equity Securities,” the Company accounts for non-marketable securities on
a prospective basis. Equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical
expedient are eligible for the measurement alternative. On March 3, 2011, Yada invested in Yangzhou Juyuan
Guarantee Co., Ltd (“Juyuan”) and obtained 12% equity interest of Juyuan. For the Company’s passive and without significant
influence or control equity investment in private company which do not have readily determinable fair values, the Company has elected
the measurement alternative defined as cost, less impairment, plus or minus adjustments resulting from observable price changes in orderly
transactions for the identical or a similar investment of the Company. The investment is reviewed periodically to determine if its value
has been impaired and adjustments are recorded as necessary in profit or loss for the period. On January 5, 2023, majority shareholder
of Juyuan purchased 5% equity interest of Juyuan from Yada for a consideration of $360,839 (RMB 2.5 million). Investments in entities in which the Company can
exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting
in accordance with ASC 323, Investments-Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company
initially records its investment at cost and the difference between the cost of the equity investee and the amount of the underlying equity
in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The share of earnings or
losses of the investee are recognized in the consolidated statements of comprehensive loss. Equity method adjustments include the Company’s
proportionate share of investee income or loss, adjustments to recognize certain differences between the Company’s carrying value
and its equity in net assets of the investee at the date of investment, impairments, and other adjustments required by the equity method.
The Company assesses its equity investment for other-than-temporary impairment by considering factors as well as all relevant and available
information including, but not limited to, current economic and market conditions, the operating performance of the investees including
current earnings trends, the general market conditions in the investee’s industry or geographic area, factors related to the investee’s
ability to remain in business, such as the investee’s liquidity, debt ratios, and cash burn rate and other company-specific information. Investments in equity securities without readily
determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical
or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events
or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements
of comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. Prior to the adoption
of ASU 2016-01 on January 1, 2019, these investments were accounted for using the cost method of accounting, measured at cost less other-than-temporary
impairment. On December 1, 2022, Huadong invested RMB 40 million
into Jiangsu Zhongxiangxin International Science and Technology Innovation Park Co., Ltd. (“Zhongxiangxin”), and obtained
25% ownership interest of Zhongxiangxin. Zhongxiangxin manufactures and sells medical materials in the PRC. The Company accounted for
the investments using equity method, because the Company has significant influence but does not own a majority equity interest or otherwise
control over the equity investee. Under the equity method, the Company adjusts the carrying amount of the investment and recognizes investment
income or loss for its share of the earnings or loss of the investee after the date of investment. When the Company’s share of losses
in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the
Company has incurred obligations or made payments or guarantees on behalf of the equity investee. For the six months ended June 30, 2023
and 2022, the investment loss from Zhongxiangxin was $1,632 and nil. The Company continually reviews its investments
in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors
the Company considers in its determination include the financial condition, operating performance and the prospects of the equity investee;
other company specific information such as recent financing rounds; the geographic region, market and industry in which the equity investee
operates; and the length of time that the fair value of the investment is below its carrying value. If the decline in fair value is deemed
to be other-than-temporary, the carrying value of the equity investee is written down to fair value. For the for the six months ended June 30, 2023
and 2022, no impairment indicators were identified of its investment in the private company was no impairment recorded.
|
Value-added Tax |
Value-added Tax Value-added taxes (“VAT”) collected
from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers
is excluded from revenue which is recorded in VAT payable. The Company is subject to a VAT rate of 13%. The VAT payable may be offset
by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.
|
Related Parties |
Related Parties Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests. The Company discloses all significant related party transactions.
|
Revenue Recognition |
Revenue Recognition Based on the requirements of ASC Topic 606, the
Company recognizes revenue when control of the promised goods or services is transferred to the customers in an amount that reflects the
consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company primarily sells its products
to hospitals and medical equipment companies. Revenue is recognized when the following 5-step revenue recognition 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 |
| 5) | Recognize
revenue when or as the entity satisfies a performance obligation |
Revenue from product sales is recognized at the
point in time control of the products is transferred, generally upon customer receipt based upon the standard contract terms. Shipping
and handling activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to
be separate performance obligations. The Company’s sales terms provide no right of return outside of a standard quality policy and
returns are generally not significant. Payment terms for product sales are generally set at 90 to 180 days after customer acceptance of
the product.
|
Revenue Disaggregation |
Revenue Disaggregation The Company’s disaggregated revenues are
represented by two categories which are type of goods and type of customers. Type of Goods
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Self-Manufactured Products | |
| 23,435,544 | | |
| 27,046,663 | |
Resales of Sourced Disposable Medical Devices from Third Party Manufacturers | |
| 24,754,532 | | |
| 27,786,184 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
Type of Customers
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Direct sales | |
| 4,305,506 | | |
| 4,582,321 | |
Distributors | |
| 43,884,570 | | |
| 50,250,526 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
|
Earnings per Ordinary Share |
Earnings per Ordinary Share Earnings (loss) per ordinary share is calculated
in accordance with ASC 260, Earnings per Share. Basic earnings (loss) per ordinary share is computed by dividing the net income
(loss) attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted
earnings per ordinary share is computed in accordance with the treasury stock method and based on the weighted average number of ordinary
shares and dilutive ordinary share equivalents. Dilutive ordinary share equivalents are excluded from the computation of diluted earnings
per ordinary share if their effects would be anti-dilutive. There is no ordinary share equivalent issued to date.
|
Comprehensive Income (Loss) |
Comprehensive Income (Loss) ASC 220, Comprehensive Income (“ASC 220”)
establishes rules for reporting and display of comprehensive income and its components. ASC 220 requires that unrealized gains and losses
on the Company’s foreign currency translation adjustments be included in comprehensive income (loss).
|
Advertising Costs |
Advertising Costs The Company’s advertising costs are expensed
as incurred. Advertising expenses are included in selling expenses in the accompanying consolidated statements of income and comprehensive
income. Advertising expenses were $8,275, and $7,603 for the six months ended June 30, 2023, and 2022, respectively
|
Research and Development Costs |
Research and Development Costs Research and development expenses are expensed
as incurred. Research and development expenses were $1,460,376 and $1,642,204 for the six months ended June 30, 2023, and 2022, respectively.
|
Income Tax |
Income Tax Current income taxes are provided on the basis
of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income
tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary
differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating
loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance
with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply
to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities
of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change. The Company considers positive and negative evidence
when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers,
among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration
of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate
realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward
periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization
of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing
taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carryforwards, (iii) future
taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected
within the industry. The Company recognizes a tax benefit associated
with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination
by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently
measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due
to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments
are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of
changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company
classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.
|
Segment Reporting |
Segment Reporting FASB 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 of the Company’s business segments, geographical areas, segments and major customers. 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. The chief operating decision maker is the Company’s president
and Chief Executive Officer (“CEO”). Management, including the chief operating decision maker, reviews operating results of
different products at revenue level with no allocation of operating costs. Consequently, based on management’s assessment, the Company
has determined that it has only one operating segment as defined by FASB ASC 280. The Company has disclosed the type of revenue by government category
as follows.
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Category | |
Produced | | |
Purchased | | |
Total | | |
Produced | | |
Purchased | | |
Total | |
Class I | |
| 3,561,156 | | |
| 4,462,704 | | |
| 8,023,860 | | |
| 3,812,092 | | |
| 3,845,205 | | |
| 7,657,297 | |
Class II | |
| 17,313,377 | | |
| 17,761,970 | | |
| 35,075,347 | | |
| 20,185,052 | | |
| 19,712,006 | | |
| 39,897,058 | |
Class III | |
| 524,802 | | |
| 873,575 | | |
| 1,398,377 | | |
| 416,595 | | |
| 1,168,221 | | |
| 1,584,816 | |
Others | |
| 2,036,209 | | |
| 1,656,283 | | |
| 3,692,492 | | |
| 2,632,924 | | |
| 3,060,752 | | |
| 5,693,676 | |
Total | |
| 23,435,544 | | |
| 24,754,532 | | |
| 48,190,076 | | |
| 27,046,663 | | |
| 27,786,184 | | |
| 54,832,847 | |
Class I, II, and III medical devices are defined
by the National Medical Products Administration of China according to their risk levels under the Regulation on the Supervision and Administration
of Medical Devices (2021 Revision), Article 6 as follows:
| ● | “Class
I Medical Devices” means medical devices with low risks, whose safety and effectiveness can be ensured through routine administration. |
| ● | “Class
II Medical Devices” means medical devices with moderate risks, which shall be strictly controlled and administered to ensure their
safety and effectiveness. |
| ● | “Class
III Medical Devices” means medical devices with relatively high risks, which shall be strictly controlled and administered through
special measures to ensure their safety and effectiveness. |
Furthermore, the Company has disclosed revenue by major product type
included in each government category.
| |
| |
June 30, 2023 | | |
June 30, 2022 | |
Category | |
Products | |
US$ | | |
US$ | |
Class I | |
Eye drops bottle | |
| 1,073,853 | | |
| 1,346,164 | |
| |
Oral medicine bottle | |
| 1,830,363 | | |
| 2,189,018 | |
| |
Anal bag | |
| 849,099 | | |
| 395,292 | |
| |
Other Class I | |
| 4,270,545 | | |
| 3,726,823 | |
Subtotal-Class I | |
| |
| 8,023,860 | | |
| 7,657,297 | |
Class II | |
Masks | |
| 47,946 | | |
| 211,468 | |
| |
Identification tape | |
| 5,494,306 | | |
| 7,218,564 | |
| |
Disposable medical brush | |
| 4,481,601 | | |
| 4,606,634 | |
| |
Gynecological inspection kits | |
| 3,022,727 | | |
| 5,807,398 | |
| |
Surgical kit | |
| 2,206,201 | | |
| 13,546,908 | |
| |
Medical brush | |
| 2,809,448 | | |
| 2,586,945 | |
| |
Medical kit | |
| 983,584 | | |
| 883,977 | |
| |
Other Class II | |
| 16,029,534 | | |
| 5,035,164 | |
Subtotal-Class II | |
| |
| 35,075,347 | | |
| 39,897,058 | |
Class III | |
Electronic pump | |
| 138,751 | | |
| 67,866 | |
| |
Anesthesia puncture kit | |
| 229,616 | | |
| 205,218 | |
| |
Disposable infusion pump | |
| 113,335 | | |
| 78,453 | |
| |
Infusion pump | |
| 178,461 | | |
| 90,036 | |
| |
Electronic infusion pump | |
| 330 | | |
| 43,397 | |
| |
Laparoscopic trocar | |
| 38 | | |
| 94,337 | |
| |
Other Class III | |
| 737,846 | | |
| 1,005,509 | |
Subtotal-Class III | |
| |
| 1,398,377 | | |
| 1,584,816 | |
Others | |
| |
| 3,692,492 | | |
| 5,693,676 | |
Total | |
| |
| 48,190,076 | | |
| 54,832,847 | |
For the six months ended June 30, 2023, and 2022,
revenues and assets within PRC contributed over 99.1% of the Company’s total revenues and assets.
|
The Outbreak of COVID-19 |
The Outbreak of COVID-19 On January 30, 2020, the World Health Organization
declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March
11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” COVID-19 has had a severe and negative
impact on the Chinese and the global economy and such impact persists as of the date of this annual report. In fiscal year 2020, COVID-19 had a significant
impact on our business and results of operations as the sales volume of masks rose sharply while the sales of products other than masks
declined due to an overall decrease in market demand. In fiscal year 2021, with the stable control of the domestic epidemic in China,
the market of masks was no longer in urgent shortage compared to the same period in 2020, and the production of epidemic prevention products
resumed more normal production levels. In general, with the precise control of the epidemic in China, our production and operations have
recovered smoothly, and the demand for other products has increased gradually. After the initial outbreak of COVID-19, from time to time,
some instances of COVID-19 infections have emerged in various regions of China, including the infections caused by the Omicron variants
in 2022. For example, a wave of infections caused by the Omicron variants emerged in Shanghai in 2022, and a series of restrictions and
quarantines were implemented to contain the spread. Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022. While the revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have
a positive impact on our normal operations, the extent of the impact on the Company’s future financial results will be dependent
on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions
in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other
factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the
expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current
situation continues.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards In October 2021, the FASB issued ASU No. 2021-08,
“‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”
(“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities
in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and
measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not
acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied prospectively
to business combinations that occur after the effective date. The Company does not expect the adoption of ASU 2021-04 will have a material
effect on the consolidated financial statements. In June
2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the
unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity
cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional
disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update
are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities,
the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early
adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As
an emerging growth company, the standard is effective for the Company for the year ended
December 31, 2025. The Company is in the process of evaluating the impact of the new guidance
on its consolidated financial statements.
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v3.23.3
Organization and Principal Activities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization and Principal Activities [Abstract] |
|
Schedule of Principal Activities |
Entity Name | |
Registered
Location | |
Percentage
of
ownership | |
Date of
incorporation | |
Principal
activities |
Meihua International Medical Technologies Co., Ltd. (“Meihua”) | |
Cayman | |
Parent | |
November 10, 2020 | |
Investment holding |
| |
| |
| |
| |
|
康复国际医疗有限公司 Kang Fu International Medical Co., Limited (“Kang Fu”) | |
Hong Kong | |
100% by Meihua | |
October 13, 2015 | |
Investment holding |
| |
| |
| |
| |
|
扬州华达医疗器械有限公司 Yangzhou Huada Medical Equipment Co., Ltd. (“Huada”) | |
Yangzhou | |
100% by Kang Fu | |
December 24, 2001 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏亚达科技集团有限公司 Jiangsu Yada Technology Group Co., Ltd. (“Yada”) | |
Yangzhou | |
100% by Huada | |
December 5, 1991 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
江苏华东医疗器械实业有限公司 Jiangsu Huadong Medical Device Industry Co., Ltd. (“Huadong”) | |
Yangzhou | |
100% by Yada | |
November 18, 2000 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
扬州光辉医疗科技有限公司* Yangzhou Guanghui Medical Technology Co., Ltd. (“Guanghui”) | |
Yangzhou | |
100% by Huadong | |
December 22, 2020 | |
Medical Equipment Sales |
| |
| |
| |
| |
|
海南国械医疗科技有限公司 Hainan GuoxieTechnology Group Co. Ltd. (“Hainan Guoxie”) | |
Hainan | |
55% by Kang Fu | |
October 07, 2021 | |
Medical Equipment Sales |
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Schedule of Exchange Rates |
The following are the exchange rates that were used in translating the Company’s
PRC subsidiaries’ financial statements into the consolidated financial statements:
| |
June 30, 2023 | |
December 31, 2022 | |
June 30, 2022 |
| |
| |
| |
|
Period-end spot rate | |
US$1=RMB 7.2513 | |
US$1=RMB 6.8972 | |
US$1=RMB 6.6981 |
| |
| |
| |
|
Average rate | |
US$1=RMB 6.9283 | |
US$1=RMB 6.7290 | |
US$1=RMB 6.4791 |
|
Schedule of Estimated Useful Lives |
The Company calculates depreciation using the straight-line
method, after consideration of the estimated residual values, over the following estimated useful lives:
Category | |
Useful lives | |
Estimated
residual
value | |
Buildings | |
20 years | |
| 10 | % |
Machinery and Equipment | |
10 years | |
| 10 | % |
Motor vehicles | |
5 years | |
| 10 | % |
Electronic Equipment | |
5 years | |
| 10 | % |
Office Equipment | |
3 years | |
| 10 | % |
Inspection Equipment | |
5 years | |
| 10 | % |
|
Schedule of Amortization of Finite-Lived Intangible Assets |
Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives, which is as
follows:
Category | |
Useful lives |
Land use rights | |
50 years |
Patent | |
5 years |
Trademark | |
10 years |
|
Schedule of Types of Goods |
The Company’s disaggregated revenues are
represented by two categories which are type of goods and type of customers.
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Self-Manufactured Products | |
| 23,435,544 | | |
| 27,046,663 | |
Resales of Sourced Disposable Medical Devices from Third Party Manufacturers | |
| 24,754,532 | | |
| 27,786,184 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
|
Schedule of Type of Customers |
Type of Customers
| |
For The Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
| |
US$ | | |
US$ | |
Direct sales | |
| 4,305,506 | | |
| 4,582,321 | |
Distributors | |
| 43,884,570 | | |
| 50,250,526 | |
Total Revenue | |
| 48,190,076 | | |
| 54,832,847 | |
|
Schedule of Disclosed the Type of Revenue by Government Category |
The Company has disclosed the type of revenue by government category
as follows.
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Category | |
Produced | | |
Purchased | | |
Total | | |
Produced | | |
Purchased | | |
Total | |
Class I | |
| 3,561,156 | | |
| 4,462,704 | | |
| 8,023,860 | | |
| 3,812,092 | | |
| 3,845,205 | | |
| 7,657,297 | |
Class II | |
| 17,313,377 | | |
| 17,761,970 | | |
| 35,075,347 | | |
| 20,185,052 | | |
| 19,712,006 | | |
| 39,897,058 | |
Class III | |
| 524,802 | | |
| 873,575 | | |
| 1,398,377 | | |
| 416,595 | | |
| 1,168,221 | | |
| 1,584,816 | |
Others | |
| 2,036,209 | | |
| 1,656,283 | | |
| 3,692,492 | | |
| 2,632,924 | | |
| 3,060,752 | | |
| 5,693,676 | |
Total | |
| 23,435,544 | | |
| 24,754,532 | | |
| 48,190,076 | | |
| 27,046,663 | | |
| 27,786,184 | | |
| 54,832,847 | |
|
Schedule of Major Product Type Included in Each Government Category |
Furthermore, the Company has disclosed revenue by major product type
included in each government category.
| |
| |
June 30, 2023 | | |
June 30, 2022 | |
Category | |
Products | |
US$ | | |
US$ | |
Class I | |
Eye drops bottle | |
| 1,073,853 | | |
| 1,346,164 | |
| |
Oral medicine bottle | |
| 1,830,363 | | |
| 2,189,018 | |
| |
Anal bag | |
| 849,099 | | |
| 395,292 | |
| |
Other Class I | |
| 4,270,545 | | |
| 3,726,823 | |
Subtotal-Class I | |
| |
| 8,023,860 | | |
| 7,657,297 | |
Class II | |
Masks | |
| 47,946 | | |
| 211,468 | |
| |
Identification tape | |
| 5,494,306 | | |
| 7,218,564 | |
| |
Disposable medical brush | |
| 4,481,601 | | |
| 4,606,634 | |
| |
Gynecological inspection kits | |
| 3,022,727 | | |
| 5,807,398 | |
| |
Surgical kit | |
| 2,206,201 | | |
| 13,546,908 | |
| |
Medical brush | |
| 2,809,448 | | |
| 2,586,945 | |
| |
Medical kit | |
| 983,584 | | |
| 883,977 | |
| |
Other Class II | |
| 16,029,534 | | |
| 5,035,164 | |
Subtotal-Class II | |
| |
| 35,075,347 | | |
| 39,897,058 | |
Class III | |
Electronic pump | |
| 138,751 | | |
| 67,866 | |
| |
Anesthesia puncture kit | |
| 229,616 | | |
| 205,218 | |
| |
Disposable infusion pump | |
| 113,335 | | |
| 78,453 | |
| |
Infusion pump | |
| 178,461 | | |
| 90,036 | |
| |
Electronic infusion pump | |
| 330 | | |
| 43,397 | |
| |
Laparoscopic trocar | |
| 38 | | |
| 94,337 | |
| |
Other Class III | |
| 737,846 | | |
| 1,005,509 | |
Subtotal-Class III | |
| |
| 1,398,377 | | |
| 1,584,816 | |
Others | |
| |
| 3,692,492 | | |
| 5,693,676 | |
Total | |
| |
| 48,190,076 | | |
| 54,832,847 | |
|
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v3.23.3
Prepayments and Other Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Schedule of Prepayments and Other Current Assets [Abstract] |
|
Schedule of Prepayments and Other Current Assets |
Prepayments and other current assets consist of
the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Other receivable | |
| 159,817 | | |
| 239,148 | |
Prepaid tax | |
| - | | |
| 250,410 | |
Prepaid for land use right (1) | |
| 15,169,694 | | |
| 15,948,501 | |
Prepaid for property (2) | |
| 11,856,920 | | |
| 12,323,842 | |
Total | |
| 27,186,431 | | |
| 28,761,901 | |
Less: non-current portion | |
| (11,856,920 | ) | |
| (12,333,122 | ) |
Prepayments and other current assets | |
| 15,329,511 | | |
| 16,428,779 | |
| (1) | On
October 22, 2018, the Company signed a land use right agreement with the government of Touqiao Town, Yangzhou City and paid RMB 50 million
($6.9 million) and RMB 60 million ($8.27 million), respectively, in 2018 and 2019 according to the agreement. As a result of COVID-19,
the land use right had not been transferred to the Company as scheduled. Both parties agreed to cancel the transaction and the funds
prepaid for land use right will be returned to the Company before December 31, 2023. |
| (2) | On
April 20, 2020, the Company signed a factory building purchase agreement with Jiangsu Qionghua Group Co., Ltd. and paid deposit of RMB
85 million ($11.72 million). As a result of COVID-19, the factory building had not been completed as scheduled. Both parties agreed to
cancel the transaction and that the deposit for the building would be returned to the Company on or before December 31, 2025, with such
deposit accumulating interest at an annual interest rate of 3.5%. |
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v3.23.3
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventories [Abstract] |
|
Schedule of Inventories |
Inventories consist of the following:
| |
June 30, 2023 | | |
December 31, 2021 | |
| |
US$ | | |
US$ | |
Raw material | |
| 493,143 | | |
| 177,474 | |
Work-in-process | |
| 20,501 | | |
| 343,795 | |
Finished goods | |
| 977,974 | | |
| 560,119 | |
Goods in transit | |
| 95,814 | | |
| | |
Low-value consumables | |
| 59,714 | | |
| 40,650 | |
Total | |
| 1,647,146 | | |
| 1,122,038 | |
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v3.23.3
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Intangible Assets [Abstract] |
|
Schedule of Intangible Assets |
Intangible assets consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Land use rights | |
| 4,134,521 | | |
| 752,887 | |
Patents | |
| 27,582 | | |
| 28,997 | |
Software | |
| 12,113 | | |
| 9,424 | |
Trademarks | |
| 115,836 | | |
| 121,789 | |
Total | |
| 4,290,052 | | |
| 913,097 | |
Less: accumulated amortization | |
| 414,025 | | |
| 415,497 | |
Intangible assets, net | |
| 3,876,027 | | |
| 497,600 | |
|
Schedule of Company’s Amortization Expenses |
The following table sets forth the Company’s
amortization expenses for the twelve months ending December 31 of the following years:
2023 | |
$ | 41,870 | |
2024 | |
| 83,740 | |
2025 | |
| 83,740 | |
2026 | |
| 82,953 | |
2027 | |
| 82,690 | |
Thereafter | |
| 3,501,034 | |
| |
$ | 3,876,027 | |
|
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v3.23.3
Bank Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Bank Borrowings [Abstract] |
|
Schedule of Bank Borrowings are Working Capital Loans from Banks |
Bank borrowings are working capital loans from
banks in China. Short-term bank borrowings as of June 30, 2023 consisted of the following:
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
1/18/2023 | |
5/25/2024 | |
| 4,000,000 | | |
| 551,625 | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 689,532 | |
Agricultural Bank of China | |
Huadong | |
| 3.60 | % | |
8/12/2022 | |
7/12/2023 | |
| 9,000,000 | | |
| 1,241,157 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
1/30/2023 | |
2/15/2024 | |
| 5,000,000 | | |
| 689,532 | |
Bank of China | |
Huadong | |
| 3.80 | % | |
3/10/2023 | |
3/9/2024 | |
| 10,000,000 | | |
| 1,379,063 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023 | |
| 10,000,000 | | |
| 1,379,063 | |
Industrial and Commercial Bank of China* | |
Yada | |
| 3.45 | % | |
2/17/2022 | |
2/16/2024 | |
| 9,000,000 | | |
| 1,241,156 | |
Total | |
| |
| | | |
| |
| |
| 52,000,000 | | |
| 7,171,128 | |
Lender | |
Company | |
Rate | | |
Issuance
Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 4,000,000 | | |
| 579,946 | |
Agricultural Bank of China | |
Huadong | |
| 3.40 | % | |
12/8/2022 | |
12/7/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Jiangsu Yangzhou Rural Commercial Bank | |
Huadong | |
| 3.95 | % | |
2/17/2022 | |
3/2/2023* | |
| 5,000,000 | | |
| 724,932 | |
Bank of China | |
Huadong | |
| 3.55 | % | |
3/9/2022 | |
1/19/2023* | |
| 5,000,000 | | |
| 724,932 | |
Agricultural Bank of China | |
Yada | |
| 3.60 | % | |
12/8/2022 | |
12/6/2023* | |
| 10,000,000 | | |
| 1,449,864 | |
Industrial and Commercial Bank of China | |
Yada | |
| 3.70 | % | |
2/18/2022 | |
2/21/2023* | |
| 9,000,000 | | |
| 1,304,877 | |
Total | |
| |
| | | |
| |
| |
| 42,000,000 | | |
| 6,089,428 | |
| * | These
loans were renewed upon maturity. |
|
Schedule of Carrying Values of the Company’s Pledged Assets to Secure Short-Term Borrowings |
The carrying values of the Company’s pledged assets to secure
short-term borrowings by the Company are as follows:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
Buildings, net | |
| 3,432,150 | | |
| 2,777,379 | |
Land use right, net | |
| 90,322 | | |
| 96,416 | |
Total | |
| 3,522,472 | | |
| 2,873,795 | |
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v3.23.3
Long-Term Bank Loan (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Long-Term Bank Loan [Abstract] |
|
Schedule of Long-Term Bank Loan |
Long-term bank borrowings as of December 31, 2022 consisted of the
following:
Lender | |
Company | |
Rate | | |
Issuance Date | |
Expiration
Date | |
Amount- RMB | | |
Amount- US$ | |
Bank of Communications | |
Huadong | |
| 3.50 | % | |
11/3/2022 | |
4/25/2024 | |
| 5,000,000 | | |
| 724,932 | |
Total | |
| |
| | | |
| |
| |
| 5,000,000 | | |
| 724,932 | |
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v3.23.3
Taxes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Taxes Payable [Abstract] |
|
Schedule of Taxes Payable |
Taxes payable consisted of the following:
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
US$ | | |
US$ | |
VAT payable | |
| 368,195 | | |
| 380,926 | |
Income tax payable | |
| 1,012,775 | | |
| 690,824 | |
Other tax payable | |
| 71,348 | | |
| 59,526 | |
Total | |
| 1,452,318 | | |
| 1,131,276 | |
|
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v3.23.3
Income Taxes (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Taxes [Abstract] |
|
Schedule of Provisions for Income Tax |
Provisions for income tax are as follows:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Provisions for current income tax | |
| 2,064,697 | | |
| 2,433,772 | |
Provisions for deferred income tax | |
| - | | |
| - | |
Total | |
| 2,064,697 | | |
| 2,433,772 | |
|
Schedule of Total Income Tax Expense |
The following is a reconciliation of the Company’s
total income tax expense to the income before income taxes for the six months ended June 30, 2023 and 2022, respectively:
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
US$ | | |
US$ | |
Income before income tax provision | |
| 9,097,681 | | |
| 8,988,658 | |
Tax at the PRC EIT tax rates | |
| 2,203,896 | | |
| 2,689,271 | |
Change in valuation allowance | |
| 16,934 | | |
| - | |
Tax effect of non-deductible expenses | |
| 208,961 | | |
| 157,007 | |
Tax effect of R&D expenses additional deduction* | |
| (365,094 | ) | |
| (412,506 | ) |
Income tax expense | |
| 2,064,697 | | |
| 2,433,772 | |
| * | According
to PRC tax regulations, an additional of 100% of current year R&D expenses may be deducted from tax income. |
|
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v3.23.3
Related Party Transactions and Balances (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions and Balances [Absract] |
|
Schedule of Related Parties |
Related Parties:
Name of related parties |
|
Relationship with the Company |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
Yangzhou Meihua Import and Export Co., Ltd. |
|
An entity controlled by Kai Liu, son of Yongjun Liu |
|
Schedule of Sales |
The Company sells products to its related parties
and the sales amount from related parties for the six months end 2023 and 2022 are as follows:
| |
For the Six Months ended
June 30, | |
Name of related party | |
2023 | | |
2022 | |
Yangzhou Meihua Import and Export Co., Ltd. | |
$ | 11,751 | | |
$ | 18,849 | |
Shanghai Xinya Pharmaceutical Hanjiang Co., Ltd. | |
| - | | |
| 10,818 | |
Total | |
$ | 11,751 | | |
$ | 29,667 | |
|
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v3.23.3
Organization and Principal Activities (Details)
|
Oct. 07, 2021
CNY (¥)
|
Jun. 30, 2023 |
Oct. 13, 2015
USD ($)
|
Oct. 13, 2015
HKD ($)
|
Dec. 24, 2001
USD ($)
|
Nov. 18, 2000
CNY (¥)
|
Dec. 05, 1991
CNY (¥)
|
Organization and Principal Activities (Details) [Line Items] |
|
|
|
|
|
|
|
Registered capital |
|
|
$ 6,911,771
|
$ 53,911,815
|
|
|
|
Subsidiary percentage |
55.00%
|
|
|
|
|
|
|
Kang Fu [Member] |
|
|
|
|
|
|
|
Organization and Principal Activities (Details) [Line Items] |
|
|
|
|
|
|
|
Registered capital | $ |
|
|
|
|
$ 17,193,021
|
|
|
Subsidiary ownership percentage |
|
100.00%
|
|
|
|
|
|
Huada [Member] |
|
|
|
|
|
|
|
Organization and Principal Activities (Details) [Line Items] |
|
|
|
|
|
|
|
Registered capital |
|
|
|
|
|
|
¥ 51,390,000
|
Yada [Member] |
|
|
|
|
|
|
|
Organization and Principal Activities (Details) [Line Items] |
|
|
|
|
|
|
|
Registered capital |
|
|
|
|
|
¥ 50,000,000
|
|
Hainan [Member] |
|
|
|
|
|
|
|
Organization and Principal Activities (Details) [Line Items] |
|
|
|
|
|
|
|
Registered capital |
¥ 100,000,000
|
|
|
|
|
|
|
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v3.23.3
Organization and Principal Activities (Details) - Schedule of Principal Activities
|
6 Months Ended |
Jun. 30, 2023 |
Meihua International Medical Technologies Co., Ltd. (“Meihua”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
Meihua International Medical Technologies Co., Ltd. (“Meihua”)
|
Registered Location |
Cayman
|
Percentage of ownership |
Parent
|
Date of Incorporation |
Nov. 10, 2020
|
Principal activities |
Investment holding
|
Kang Fu International Medical Co., Limited (“Kang Fu”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
康复国际医疗有限公司 Kang Fu International Medical Co., Limited (“Kang Fu”)
|
Registered Location |
Hong Kong
|
Percentage of ownership |
100% by Meihua
|
Date of Incorporation |
Oct. 13, 2015
|
Principal activities |
Investment holding
|
Yangzhou Huada Medical Equipment Co., Ltd. (“Huada”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
扬州华达医疗器械有限公司 Yangzhou Huada Medical Equipment Co., Ltd. (“Huada”)
|
Registered Location |
Yangzhou
|
Percentage of ownership |
100% by Kang Fu
|
Date of Incorporation |
Dec. 24, 2001
|
Principal activities |
Medical Equipment Sales
|
Jiangsu Yada Technology Group Co., Ltd. (“Yada”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
江苏亚达科技集团有限公司 Jiangsu Yada Technology Group Co., Ltd. (“Yada”)
|
Registered Location |
Yangzhou
|
Percentage of ownership |
100% by Huada
|
Date of Incorporation |
Dec. 05, 1991
|
Principal activities |
Medical Equipment Sales
|
Jiangsu Huadong Medical Device Industry Co., Ltd. (“Huadong”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
江苏华东医疗器械实业有限公司 Jiangsu Huadong Medical Device Industry Co., Ltd. (“Huadong”)
|
Registered Location |
Yangzhou
|
Percentage of ownership |
100% by Yada
|
Date of Incorporation |
Nov. 18, 2000
|
Principal activities |
Medical Equipment Sales
|
Yangzhou Guanghui Medical Technology Co., Ltd. (“Guanghui”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
扬州光辉医疗科技有限公司* Yangzhou Guanghui Medical Technology Co., Ltd. (“Guanghui”)
|
Registered Location |
Yangzhou
|
Percentage of ownership |
100% by Huadong
|
Date of Incorporation |
Dec. 22, 2020
|
Principal activities |
Medical Equipment Sales
|
Hainan GuoxieTechnology Group Co. Ltd. (“Hainan Guoxie”) [Member] |
|
Schedule of Principal Activities [Abstract] |
|
Entity Name |
海南国械医疗科技有限公司 Hainan GuoxieTechnology Group Co. Ltd. (“Hainan Guoxie”)
|
Registered Location |
Hainan
|
Percentage of ownership |
55% by Kang Fu
|
Date of Incorporation |
Oct. 07, 2021
|
Principal activities |
Medical Equipment Sales
|
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v3.23.3
Summary of Significant Accounting Policies (Details) ¥ in Millions |
|
|
6 Months Ended |
12 Months Ended |
|
|
Jan. 05, 2023
USD ($)
|
Jan. 05, 2023
CNY (¥)
|
Dec. 01, 2022
CNY (¥)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Aug. 31, 2023
USD ($)
|
Mar. 03, 2011 |
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Exchange translation rate (in Dollars) |
|
|
|
$ 7.8
|
|
|
|
|
Number of supplier |
|
|
|
1
|
|
|
|
|
Total purchase, percentage |
|
|
|
14.73%
|
10.00%
|
|
|
|
Collected amount (in Dollars) |
|
|
|
|
|
|
$ 6,000,000
|
|
Prepayments and other current assets (in Dollars) |
|
|
|
$ 15,329,511
|
|
$ 16,428,779
|
|
|
Allowance for doubtful accounts (in Dollars) |
|
|
|
|
|
|
|
|
Consideration amount |
$ 360,839
|
¥ 2.5
|
|
|
|
|
|
|
Investment loss (in Dollars) |
|
|
|
$ 1,632
|
|
|
|
|
Current vat rate percentage |
|
|
|
13.00%
|
|
|
|
|
Advertising expenses (in Dollars) |
|
|
|
$ 8,275
|
7,603
|
|
|
|
Research and development expense (in Dollars) |
|
|
|
$ 1,460,376
|
$ 1,642,204
|
|
|
|
Tax benefit percentage |
|
|
|
50.00%
|
|
|
|
|
Total revenues and assets percentage |
|
|
|
99.10%
|
99.10%
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Payment terms |
|
|
|
180 days
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Payment terms |
|
|
|
90 days
|
|
|
|
|
Revenue [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Number of customers |
|
|
|
2
|
2
|
|
|
|
Revenue [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Total revenue rate |
|
|
|
18.18%
|
32.53%
|
|
|
|
Revenue [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Total revenue rate |
|
|
|
10.01%
|
11.25%
|
|
|
|
Accounts Receivable [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Number of customers |
|
|
|
2
|
|
2
|
|
|
Total revenue rate |
|
|
|
30.92%
|
|
|
|
|
Accounts Receivable [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Total revenue rate |
|
|
|
21.31%
|
|
27.73%
|
|
|
Accounts Receivable [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Total revenue rate |
|
|
|
|
|
13.14%
|
|
|
Jiangsu Huadong Medical Device Industrial Co. Ltd. [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Other investments (in Yuan Renminbi) | ¥ |
|
|
¥ 40.0
|
|
|
|
|
|
Zhongxiangxin [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Ownership interest rate |
|
|
25.00%
|
|
|
|
|
|
Investment [Member] |
|
|
|
|
|
|
|
|
Summary of Significant Accounting Policies (Details) [Line Items] |
|
|
|
|
|
|
|
|
Equity interest |
5.00%
|
5.00%
|
|
|
|
|
|
12.00%
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
CNY (¥)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
CNY (¥)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
CNY (¥)
|
Schedule of Exchange Rates [Abstract] |
|
|
|
|
|
|
Period-end spot rate |
$ 1
|
¥ 7.2513
|
$ 1
|
¥ 6.6981
|
$ 1
|
¥ 6.8972
|
Average rate |
$ 1
|
¥ 6.9283
|
$ 1
|
¥ 6.4791
|
$ 1
|
¥ 6.729
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives
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Jun. 30, 2023 |
Buildings [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
Useful lives |
20 years
|
Estimated residual value |
10.00%
|
Machinery and Equipment [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
Useful lives |
10 years
|
Estimated residual value |
10.00%
|
Motor vehicles [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
Useful lives |
5 years
|
Estimated residual value |
10.00%
|
Electronic Equipment [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
Useful lives |
5 years
|
Estimated residual value |
10.00%
|
Office Equipment [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
Useful lives |
3 years
|
Estimated residual value |
10.00%
|
Inspection Equipment [Member] |
|
Public Utility, Property, Plant and Equipment [Line Items] |
|
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5 years
|
Estimated residual value |
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Types of Goods - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Types of Goods [Abstract] |
|
|
Total Revenue |
$ 48,190,076
|
$ 54,832,847
|
Self-Manufactured Products [Member] |
|
|
Schedule of Types of Goods [Abstract] |
|
|
Total Revenue |
23,435,544
|
27,046,663
|
Resales of Sourced Disposable Medical Devices from Third Party Manufacturers [Member] |
|
|
Schedule of Types of Goods [Abstract] |
|
|
Total Revenue |
$ 24,754,532
|
$ 27,786,184
|
X |
- DefinitionAmount of revenue that is not accounted for under Topic 606.
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Type of Customers - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Type of Customers [Abstract] |
|
|
Direct sales |
$ 4,305,506
|
$ 4,582,321
|
Distributors |
43,884,570
|
50,250,526
|
Total Revenue |
$ 48,190,076
|
$ 54,832,847
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category [Line Items] |
|
|
Produced |
$ 23,435,544
|
$ 27,046,663
|
Purchased |
24,754,532
|
27,786,184
|
Total revenue |
48,190,076
|
54,832,847
|
Class I [Member] |
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category [Line Items] |
|
|
Produced |
3,561,156
|
3,812,092
|
Purchased |
4,462,704
|
3,845,205
|
Total revenue |
8,023,860
|
7,657,297
|
Class II [Member] |
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category [Line Items] |
|
|
Produced |
17,313,377
|
20,185,052
|
Purchased |
17,761,970
|
19,712,006
|
Total revenue |
35,075,347
|
39,897,058
|
Class III [Member] |
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category [Line Items] |
|
|
Produced |
524,802
|
416,595
|
Purchased |
873,575
|
1,168,221
|
Total revenue |
1,398,377
|
1,584,816
|
Other [Member] |
|
|
Summary of Significant Accounting Policies (Details) - Schedule of Disclosed the Type of Revenue by Government Category [Line Items] |
|
|
Produced |
2,036,209
|
2,632,924
|
Purchased |
1,656,283
|
3,060,752
|
Total revenue |
$ 3,692,492
|
$ 5,693,676
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Major Product Type Included in Each Government Category - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Others |
$ 3,692,492
|
$ 5,693,676
|
Total |
48,190,076
|
54,832,847
|
Eye drops bottle [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
1,073,853
|
1,346,164
|
Oral medicine bottle [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
1,830,363
|
2,189,018
|
Anal bag [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
849,099
|
395,292
|
Other Class I [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
4,270,545
|
3,726,823
|
Class I [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
8,023,860
|
7,657,297
|
Masks [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
47,946
|
211,468
|
Identification tape [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
5,494,306
|
7,218,564
|
Disposable medical brush [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
4,481,601
|
4,606,634
|
Gynecological inspection kits [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
3,022,727
|
5,807,398
|
Surgical kit [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
2,206,201
|
13,546,908
|
Medical brush [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
2,809,448
|
2,586,945
|
Medical kit [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
983,584
|
883,977
|
Other Class II [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
16,029,534
|
5,035,164
|
Class II [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
35,075,347
|
39,897,058
|
Electronic pump [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
138,751
|
67,866
|
Anesthesia puncture kit [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
229,616
|
205,218
|
Disposable infusion pump [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
113,335
|
78,453
|
Infusion pump [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
178,461
|
90,036
|
Electronic infusion pump One [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
330
|
43,397
|
Laparoscopic trocar [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
38
|
94,337
|
Other Class III [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
737,846
|
1,005,509
|
Class III [Member] |
|
|
Schedule of Major Product Type Included in Each Government Category [Abstract] |
|
|
Products |
$ 1,398,377
|
$ 1,584,816
|
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v3.23.3
Prepayments and Other Assets (Details) - Schedule of Prepayments and Other Current Assets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Prepayments and Other Current Assets [Abstract] |
|
|
|
Other receivable |
|
$ 159,817
|
$ 239,148
|
Prepaid tax |
|
|
250,410
|
Prepaid for land use right |
[1] |
15,169,694
|
15,948,501
|
Prepaid for property |
[2] |
11,856,920
|
12,323,842
|
Total |
|
27,186,431
|
28,761,901
|
Less: non-current portion |
|
(11,856,920)
|
(12,333,122)
|
Prepayments and other current assets |
|
$ 15,329,511
|
$ 16,428,779
|
|
|
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v3.23.3
Inventories (Details) - Schedule of Inventories - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2021 |
Schedule of Inventories [Abstract] |
|
|
Raw material |
$ 493,143
|
$ 177,474
|
Work-in-process |
20,501
|
343,795
|
Finished goods |
977,974
|
560,119
|
Goods in transit |
95,814
|
|
Low-value consumables |
59,714
|
40,650
|
Total |
$ 1,647,146
|
$ 1,122,038
|
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v3.23.3
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] |
|
|
Intangible assets |
$ 4,290,052
|
$ 913,097
|
Less: accumulated amortization |
414,025
|
415,497
|
Intangible assets, net |
3,876,027
|
497,600
|
Land use rights [Member] |
|
|
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] |
|
|
Intangible assets |
4,134,521
|
752,887
|
Patents [Member] |
|
|
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] |
|
|
Intangible assets |
27,582
|
28,997
|
Software [Member] |
|
|
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] |
|
|
Intangible assets |
12,113
|
9,424
|
Trademarks [Member] |
|
|
Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] |
|
|
Intangible assets |
$ 115,836
|
$ 121,789
|
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v3.23.3
Intangible Assets (Details) - Schedule of Company’s Amortization Expenses
|
Dec. 31, 2022
USD ($)
|
Schedule of Company’s Amortization Expenses [Abstract] |
|
2023 |
$ 41,870
|
2024 |
83,740
|
2025 |
83,740
|
2026 |
82,953
|
2027 |
82,690
|
Thereafter |
3,501,034
|
Total |
$ 3,876,027
|
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v3.23.3
Investment (Details) ¥ in Millions |
|
6 Months Ended |
|
|
Jan. 05, 2023
USD ($)
|
Jan. 05, 2023
CNY (¥)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 01, 2022
CNY (¥)
|
Mar. 03, 2011
CNY (¥)
|
Investment (Details) [Line Items] |
|
|
|
|
|
|
Consideration amount |
$ 360,839
|
¥ 2.5
|
|
|
|
|
Carrying value investment amount | $ |
|
|
$ 500,000
|
|
|
|
Ownership interest, percentage |
|
|
|
|
25.00%
|
|
Investment loss | $ |
|
|
$ 1,632
|
|
|
|
Business Combination [Member] |
|
|
|
|
|
|
Investment (Details) [Line Items] |
|
|
|
|
|
|
Equity interest |
5.00%
|
5.00%
|
|
|
|
12.00%
|
Yangzhou Juyuan Guarantee Co., Ltd. [Member] |
|
|
|
|
|
|
Investment (Details) [Line Items] |
|
|
|
|
|
|
Investment amount (in Yuan Renminbi) | ¥ |
|
|
|
|
|
¥ 6.0
|
Jiangsu Huadong Medical Device Industrial Co. Ltd. [Member] |
|
|
|
|
|
|
Investment (Details) [Line Items] |
|
|
|
|
|
|
Investment amount (in Yuan Renminbi) | ¥ |
|
|
|
|
¥ 40.0
|
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v3.23.3
Bank Borrowings (Details) - Schedule of Bank Borrowings are Working Capital Loans from Banks
|
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2023
CNY (¥)
|
Dec. 31, 2022
CNY (¥)
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Amount |
|
$ 7,171,128
|
|
$ 6,089,428
|
|
¥ 52,000,000
|
|
¥ 42,000,000
|
Bank of Communications [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Huadong
|
|
Huadong
|
|
|
|
|
Rate |
|
3.55%
|
|
3.55%
|
|
3.55%
|
|
3.55%
|
Issuance Date |
|
Jan. 18, 2023
|
|
Mar. 09, 2022
|
|
|
|
|
Expiration Date |
|
May 25, 2024
|
|
Jan. 19, 2023
|
[1] |
|
|
|
Amount |
|
$ 551,625
|
|
$ 579,946
|
|
¥ 4,000,000
|
|
¥ 4,000,000
|
Bank of Communications [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Huadong
|
|
|
|
|
|
|
Rate |
|
3.50%
|
|
|
|
3.50%
|
|
|
Issuance Date |
|
Nov. 03, 2022
|
|
|
|
|
|
|
Expiration Date |
|
Apr. 25, 2024
|
|
|
|
|
|
|
Amount |
|
$ 689,532
|
|
|
|
¥ 5,000,000
|
|
|
Agricultural Bank of China [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Huadong
|
|
Huadong
|
|
|
|
|
Rate |
|
3.60%
|
|
3.40%
|
|
3.60%
|
|
3.40%
|
Issuance Date |
|
Aug. 12, 2022
|
|
Dec. 08, 2022
|
|
|
|
|
Expiration Date |
|
Jul. 12, 2023
|
|
Dec. 07, 2023
|
[1] |
|
|
|
Amount |
|
$ 1,241,157
|
|
$ 1,304,877
|
|
¥ 9,000,000
|
|
¥ 9,000,000
|
Jiangsu Yangzhou Rural Commercial Bank [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Huadong
|
|
Huadong
|
|
|
|
|
Rate |
|
3.95%
|
|
3.95%
|
|
3.95%
|
|
3.95%
|
Issuance Date |
|
Jan. 30, 2023
|
|
Feb. 17, 2022
|
|
|
|
|
Expiration Date |
[1] |
Feb. 15, 2024
|
|
Mar. 02, 2023
|
|
|
|
|
Amount |
|
$ 689,532
|
|
$ 724,932
|
|
¥ 5,000,000
|
|
¥ 5,000,000
|
Bank of China [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Huadong
|
|
Huadong
|
|
|
|
|
Rate |
|
3.80%
|
|
3.55%
|
|
3.80%
|
|
3.55%
|
Issuance Date |
|
Mar. 10, 2023
|
|
Mar. 09, 2022
|
|
|
|
|
Expiration Date |
[1] |
Mar. 09, 2024
|
|
Jan. 19, 2023
|
|
|
|
|
Amount |
|
$ 1,379,063
|
|
$ 724,932
|
|
¥ 10,000,000
|
|
¥ 5,000,000
|
Agricultural Bank of China [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Yada
|
|
Yada
|
|
|
|
|
Rate |
|
3.60%
|
|
3.60%
|
|
3.60%
|
|
3.60%
|
Issuance Date |
|
Dec. 08, 2022
|
|
Dec. 08, 2022
|
|
|
|
|
Expiration Date |
|
Dec. 06, 2023
|
|
Dec. 06, 2023
|
[1] |
|
|
|
Amount |
|
$ 1,379,063
|
|
$ 1,449,864
|
|
¥ 10,000,000
|
|
¥ 10,000,000
|
Industrial and Commercial Bank of China [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Company |
|
Yada
|
[1] |
Yada
|
|
|
|
|
Rate |
|
3.45%
|
[1] |
3.70%
|
|
3.45%
|
[1] |
3.70%
|
Issuance Date |
|
Feb. 17, 2022
|
[1] |
Feb. 18, 2022
|
|
|
|
|
Expiration Date |
[1] |
Feb. 16, 2024
|
|
Feb. 21, 2023
|
|
|
|
|
Amount |
|
$ 1,241,156
|
[1] |
$ 1,304,877
|
|
¥ 9,000,000
|
[1] |
¥ 9,000,000
|
|
|
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v3.23.3
Bank Borrowings (Details) - Schedule of Carrying Values of the Company’s Pledged Assets to Secure Short-Term Borrowings - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Carrying Values of the Company’s Pledged Assets to Secure Short-Term Borrowings [Abstract] |
|
|
Buildings, net |
$ 3,432,150
|
$ 2,777,379
|
Land use right, net |
90,322
|
96,416
|
Total |
$ 3,522,472
|
$ 2,873,795
|
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v3.23.3
Long-Term Bank Loan (Details) - Schedule of Long-Term Bank Loan - 12 months ended Dec. 31, 2022
|
USD ($) |
CNY (¥) |
Schedule of Long-Term Bank Loan [Abstract] |
|
|
Total |
$ 724,932
|
¥ 5,000,000
|
Bank of Communications [Member] |
|
|
Schedule of Long-Term Bank Loan [Abstract] |
|
|
Company |
Huadong
|
Huadong
|
Rate |
3.50%
|
3.50%
|
Issuance Date |
Nov. 03, 2022
|
Nov. 03, 2022
|
Expiration Date |
Apr. 25, 2024
|
Apr. 25, 2024
|
Total |
$ 724,932
|
¥ 5,000,000
|
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v3.23.3
Taxes Payable (Details) - Schedule of Taxes Payable - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Schedule of Taxes Payable [Abstract] |
|
|
VAT payable |
$ 368,195
|
$ 380,926
|
Income tax payable |
1,012,775
|
690,824
|
Other tax payable |
71,348
|
59,526
|
Total |
$ 1,452,318
|
$ 1,131,276
|
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Income Taxes (Details) - HKD ($) $ in Millions |
|
6 Months Ended |
|
Dec. 29, 2017 |
Jun. 30, 2023 |
Nov. 30, 2016 |
Income Taxes [Line Items] |
|
|
|
Income tax, percentage |
|
16.50%
|
|
Assessable profits (in Dollars) |
$ 2.0
|
|
|
Lower tax, percentage |
8.25%
|
|
|
Remaining taxable income, percentage |
16.50%
|
|
|
R&D expenses, percentage |
|
100.00%
|
|
Enterprise income tax, percentage |
|
25.00%
|
|
Preferential tax, percentage |
|
15.00%
|
15.00%
|
PRC income tax, percentage |
|
25.00%
|
|
Dividends distributed percentage |
|
10.00%
|
|
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v3.23.3
Income Taxes (Details) - Schedule of Provisions for Income Tax - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Provisions for Income Tax [Abstract] |
|
|
Provisions for current income tax |
$ 2,064,697
|
$ 2,433,772
|
Provisions for deferred income tax |
|
|
Total |
$ 2,064,697
|
$ 2,433,772
|
X |
- DefinitionAmount of other deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. For example, but not limited to, acquisition-date income tax benefits or expenses recognized from changes in the acquirer's valuation allowance for its previously existing deferred tax assets resulting from a business combination and adjustments to beginning-of-year balance of a valuation allowance because of a change in circumstance causing a change in judgment about the realizability of the related deferred tax asset in future periods.
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v3.23.3
Income Taxes (Details) - Schedule of Total Income Tax Expense - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Total Income Tax Expense [Abstract] |
|
|
|
Income before income tax provision |
|
$ 9,097,681
|
$ 8,988,658
|
Tax at the PRC EIT tax rates |
|
2,203,896
|
2,689,271
|
Change in valuation allowance |
|
16,934
|
|
Tax effect of non-deductible expenses |
|
208,961
|
157,007
|
Tax effect of R&D expenses additional deduction* |
[1] |
(365,094)
|
(412,506)
|
Income tax expense |
|
$ 2,064,697
|
$ 2,433,772
|
|
|
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