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Other Liabilities Disclosure [Abstract]

SHORT TERM BANK LOANS

NOTE 11 – SHORT TERM BANK LOANS

Short-term loans are summarized as follow:

	As of
	December 31, 2019		December 31, 2018
Collateralized bank loans	$	16,144,892	$	7,766,057
Guaranteed bank loans		716,723		11,854,528
Total	$	16,861,615	$	19,620,585

Short-term loans as of December 31, 2019 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2019
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,848,455
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,999,513
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		5.45	$	2,150,168
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		4.40	$	1,146,756
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		4.80	$	716,723
Total					$	16,861,615

Short-term loans as of December 31, 2018 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2018
Jul.04, 2019	Operating Loans	Bank of Communications		4.79	$	1,165,636
Mar.05, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,185,569
Mar.07, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,914,093
Mar.12, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,185,569
Nov.08, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,602,751
Nov.12, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,282,201
Nov.20, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,311,342
Nov.26, 2019	Operating Loans	Agricultural bank of PRC		4.79	$	489,568
Dec.04, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	3,569,763
Apr.001, 2020	Operating Loans	Bank of Hangzhou		5.66	$	2,914,093
Total					$	19,620,585

All short term bank loans are obtained from local banks in PRC and are repayable within one year.

The average annual interest rate of the short-term bank loans was 4.900% and 5.119% for the year ended December 31, 2019 and 2018, respectively. The Company was in compliance with their financial covenants at December 31, 2019 and 2018, respectively. The average annual interest rate of the short-term bank loans was 4.900% and 5.119% for the year ended December 31, 2019 and 2018, respectively. The Company was in compliance with their financial covenants at December 31, 2019 and 2018, respectively.

Other Current Liabilities

12 Months Ended

Dec. 31, 2019

OTHER CURRENT LIABILITIES

NOTE 12 – OTHER CURRENT LIABILITIES

Other current liabilities are summarized as follow:

	As of
	December 31, 2019		December 31, 2018
Employee payables		476,859		565,280
Other tax payables		439,398		52,289
Borrowing from third party		2,170,602		3,586,312
Total	$	3,086,859	$	4,203,881

Long-Term Bank Loans

12 Months Ended

Dec. 31, 2019

Other LongTerm Liabilitie [Abstract]

LONG-TERM BANK LOANS

NOTE 13 – LONG-TERM BANK LOANS

Long-term loans are summarized as follow:

	As of
	December 31, 2019		December 31, 2018
Guaranteed bank loans - Bank of Hangzhou	$	-	$	6,556,708
Total	$	-	$	6,556,708

The following table set forth is long-term loans as of December 31, 2018:

Maturity Date

Type

Bank Name

Interest Rate per Annum (%)

December 31,
2018

Dec.20, 2020

Project Loans

Bank of Hangzhou

5.88

3,642,616

⁽¹⁾

Dec.20, 2020

Project Loans

Bank of Hangzhou

5.88

2,914,092

⁽²⁾

Total

6,556,708

(1)

Repaid on June 17, 2019.

(2)

Repaid on December 3, 2019.

Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2019

OTHER LONG-TERM LIABILITIES

NOTE 14 – OTHER LONG-TERM LIABILITIES

Other long-term liabilities are summarized as follow:

	As of
	December 31, 2019		December 31, 2018
Subsidy		2,178,548		1,994,366
Total	$	2,178,548	$	1,994,366

The subsidy mainly consists of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidy from the Chinese government. For the year ended December 31, 2019, grant income increased by $0.18 million, as compared to the year ended December 31, 2018. The change was mainly due to timing of incurring qualifying expenses.

Long Term Payables

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

LONG TERM PAYABLES

NOTE 15 –LONG TERM PAYABLES

	As of
	December 31, 2019		December 31, 2018
Long-term payables current portion	$	2,654,230	$	-
Long-term payables– non-current portion		1,349,850		-
Total	$	4,004,080	$	-

On January 3, 2019, the Company sold a set of manufacturing equipment to third parties for aggregate proceeds of $3.08 million (RMB21.25 million) and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 3 years. On April 26, 2019, the Company sold its equipment including the general assembly line and the differential assembly line to third parties for aggregate proceeds of $2.12 million (RMB14.66) million and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 2 years. The Company determined it did not relinquish control of the assets to the buyer-lessor. Therefore, the sale of the goods does not qualify for sale-leaseback accounting. As a result, the aggregate proceeds have been recorded as a financing obligation and the assets related to the sold and leased manufacturing equipment remain on the Company's Consolidated Balance Sheet and continue to be depreciated. The current and long-term portions of the financing obligation are included within long-term payables-current portion and long-term payables-non-current portion, respectively.

Stockholder's Equity

12 Months Ended

Dec. 31, 2019

STOCKHOLDER'S EQUITY

NOTE 16 – STOCKHOLDER'S EQUITY

Preferred Shares — The Company is authorized to issue an unlimited number of no par value preferred shares, divided into five classes, Class A through Class E, each with such designation, rights and preferences as may be determined by a resolution of the Company's board of directors to amend the Memorandum and Articles of Association to create such designations, rights and preferences. The Company has five classes of preferred shares to give the Company flexibility as to the terms on which each Class is issued. All shares of a single class must be issued with the same rights and obligations. Accordingly, starting with five classes of preferred shares will allow the Company to issue shares at different times on different terms. At December 31, 2019 and December 31, 2018, there were no preferred shares designated, issued or outstanding.

Ordinary Shares — The Company is authorized to issue an unlimited number of no par value ordinary shares. Holders of the Company's ordinary shares are entitled to one vote for each share. At December 31, 2019 and December 31, 2018, there were 10,006,142 and 7,500,000 ordinary shares issued and outstanding.

On July 27, 2018, the Company consummated its initial public offering of 4,400,000 units, including a partial exercise by the underwriters of their over-allotment option in the amount of 400,000 units. Each unit consists of one ordinary share, no par value, one warrant to purchase one-half of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of its initial business combination.

Simultaneously with the consummation of its initial public offering, the Company completed a private placement of 282,000 units, issued to Greenland Asset Management Corporation (the "Sponsor") and Chardan Capital Markets, LLC.

In 2019, in connection with the Business Combination 3,875,458 redeemable shares have been redeemed and 81,400 redeemable shares have been converted into ordinary shares, 1,906,542 ordinary shares left upon consummation of the reverse recapitalization.

Pursuant to the Share Exchange Agreement, Greenland acquired from the Seller all of the issued and outstanding equity interests of Zhongchai Holding in exchange for 7,500,000 newly issued ordinary shares, no par value of Greenland, issued to the Seller (the "Exchange Shares"). As a result, the Seller became the controlling shareholder of Greenland, and Zhongchai Holding became a directly and wholly owned subsidiary of Greenland. The Business Combination was accounted for as a reverse merger effected by a share exchange, wherein Zhongchai Holding is considered the acquirer for accounting and financial reporting purposes. The recapitalization of the number of shares of common stock attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented. The impact of the stock exchange is also shown on the Company's Statements of Stockholders' Equity

Pursuant to the Finder Agreement, 50,000 newly issued ordinary shares issued to Zhou Hanyi is the finder fee for business combination.

In connection with the Business Combination, all the outstanding rights of the Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into the underlying ordinary shares.

Rights — Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all Public Shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement provides for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert its rights in order to receive the 1/10 of one share underlying each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

As of December 31, 2019, all of the existing Rights were converted into 468,200 Ordinary Shares as a result of the Business Combination.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) July 24, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within 90 days from the consummation of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:

●

At any time while the Public Warrants are exercisable,

●

Upon not less than 30 days' prior written notice of redemption to each Public Warrant holder,

●

If, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and

●

If, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. Accordingly, the warrants may expire worthless.

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants and the ordinary shares issuable upon the exercise of the Private Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Unit Purchase Option

On July 27, 2018, the Company sold to Chardan (and its designees), for $100, an option to purchase up to 240,000 Units exercisable at $11.50 per Unit (or an aggregate exercise price of $2,760,000) commencing on the later of July 24, 2019 and the consummation of a Business Combination. The unit purchase option may be exercised for cash or on a cashless basis, at the holder's option, and expires July 24, 2023. The Units issuable upon exercise of the option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders' equity. The option and such units purchased pursuant to the option, as well as the ordinary shares underlying such units, the rights included in such units, the ordinary shares that are issuable for the rights included in such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g) (1) of FINRA's NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. The option grants to holders demand and "piggy back" rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company's recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price.

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 17 – EARNINGS PER SHARE

The Company reports earnings per share in accordance with the provisions of the FASB's related accounting standard. This standard requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution, but includes vested restricted stocks and is computed by dividing income available to shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. On October 24, 2019, the Company completed a reverse merger with Zhongchai Holding. The recapitalization of the number of shares of common stock attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented.

The following is a reconciliation of the basic and diluted (loss) earnings per share computation:

	Year ended December 31,
	2019		2018
Net income	$	4,464,556	$	5,956,665
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		7,932,567		7,500,000
Shares outstanding post-recapitalization
Weighted average basic and diluted shares outstanding		7,932,567		7,500,000
Basic and diluted net income (loss) per share	$	0.56	$	0.79

Geographical Sales and Segments

12 Months Ended

Dec. 31, 2019

Segments, Geographical Areas [Abstract]

GEOGRAPHICAL SALES AND SEGMENTS

NOTE 18 – GEOGRAPHICAL SALES AND SEGMENTS

All of the Company's operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

Information for the Company's sales by geographical area for the year ended December 31, 2019 and 2018 are as follows:

	For the year ended December 31,
	2019		2018
Domestic Sales	$	52,272,434	$	60,016,626
International Sales		128,410		196,462
Total	$	52,400,844	$	60,213,088

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

INCOME TAXES

NOTE 19 – INCOME TAXES

British Virgin Islands

Greenland Technologies Holding Corporation is incorporated in the British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong SAR

Zhongchai Holding (Hong Kong) Limited is registered in the Hong Kong Special Administrative Region of the People's Republic of PRC and is subject to 16.5% income tax for locally earned income, but is exempt from income tax for income or gains earned outside of Hong Kong. The Company had no sales revenue in Hong Kong for the year ended December 31, 2019 and 2018.

The PRC

According to the relevant laws and regulations in the PRC, foreign invested enterprises established prior to January 1, 2008 are entitled to full exemption from income tax for two years beginning with the first year in which such enterprise is profitable and a 50% income tax reduction for the subsequent three years. Zhejiang Zhongchai Machinery Co., Ltd. was entitled to an exemption during the two years ended December 31, 2007 and was subject to a 50% income tax reduction during the three years ended December 31, 2010. Starting from January 1, 2013, Zhejiang Zhongchai has been enjoying a tax rate of 15% as it is considered as a High and New Technology Enterprise ("HNTE") by the PRC government, which may be renewable every three years if Zhejiang Zhongchai continues to obtain this award. Between January 1, 2016 and December 31, 2018, the Company continue enjoyed this preferential tax rate. Between January 1, 2016 and December 31, 2018, Zhejiang Zhongchai continued enjoying this preferential tax rate. Zhejiang Zhongchai under the re-application process of the HNTE. In condition of approval, Zhejiang Zhongchai would continue enjoying the preferential tax rate of 15% for the fiscal year of 2019 to 2021.

Shengte, the wholly owned subsidiary of Zhejiang Zhongchai and Hengyu, the 62.5% owned subsidiary of Zhongchai Holding incorporated in the PRC, are imposed at the standard income tax rate of 10% and 25%, respectively.

Hangzhou Greenland, the wholly owned subsidiary of Zhongchai Holding incorporated in the PRC, are imposed at the standard income tax rate of 25%.

Enterprises established under the laws of foreign countries or regions and whose "place of effective management" is located within the PRC territory are considered PRC resident enterprises and subject to the PRC income tax at the rate of 25% on worldwide income. The definition of "place of effective management" refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, etc. of an enterprise. As of December 31, 2019 no detailed interpretation or guidance has been issued to define "place of effective management". Furthermore, as of December 31, 2019, the administrative practice associated with interpreting and applying the concept of "place of effective management" is unclear. If the Company's non-PRC incorporated entities are deemed PRC tax residents, such entities would be subject to PRC tax The Company has analysed the applicability of this law, as of December 31, 2019, and the Company has not accrued for PRC tax on such basis. The Company will continue to monitor changes in the interpretation or guidance of this law.

PRC tax law also imposes a 10% withholding income tax, subject to reduction based on tax treaty where applicable, for dividends distributed by a foreign invested enterprise to its immediate holding Company outside PRC. Such dividends were exempted from PRC tax under the previous income tax law and regulations. The foreign invested enterprise is subject to the withholding tax starting from January 1, 2008.

The Company adopted the guidance in ASC 740 related to uncertain tax positions. The guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

As of December 31, 2019 and December 31, 2018, the Company did not have any liability for unrecognized tax benefits, and no interest related to unrecognized tax benefits and penalties as income tax expense was recognized for these years.

The Company files income tax returns with the annual settlement and payment of enterprise income tax system of PRC and is subject to examinations by the tax authorities in PRC for years after the establishment.

As of December 31, 2019 and December 31, 2018, the Company was not aware of any pending income tax examinations by PRC tax authorities and no accrued interest or penalties related to uncertain tax positions was recognized.

The tax years from December 31, 2015 to December 31, 2019 are subject to examination by the tax authorities according to the tax regulations of PRC. With few exceptions, as of December 31, 2019, the Company is no longer subject to examinations by PRC tax authorities for years before December 31, 2015.

As of December 31, 2019 and December 31, 2018, there was approximately US$8.5 and US$8.0 million retained earnings at the Company's PRC subsidiary, Zhejiang Zhongchai's account. Zhejiang Zhongchai's two subsidiaries in PRC, Shengte and Hengyu, had retained earnings of approximately US$0.5 million and accumulated deficits of US$0.03 million, respectively, in their balance sheets as of December 31, 2019. Neither do they intend to distribute any current or future earnings, if any. Accordingly, the Company did not provide for the 10% PRC withholding tax on retained earnings as of December 31, 2019, which would be imposed on dividends distributed to the holding Company outside PRC.

(I) Income Tax Provision

(i) The Income tax provision of the Company for the years ended December 31, 2019 and 2018 consists

	For the year ended December 31,
	2019		2018
Current:
Federal	-		-
State	-		-
Foreign		784,343		1,469,911
		784,343		1,469,911
Deferred:
Federal		-		-
State		-		-
Foreign		63,024		(76,955	)
		63,024		(76,955	)
Provision for income taxes	$	847,367	$	1,392,956

(ii) Temporary differences and carry forwards of the Company that created significant deferred tax assets and liabilities are as follows:

	For the year ended December 31,
	2019			2018
Deferred tax assets:
Allowance for doubtful accounts		164,950			252,780
Inventories		20,180			26,716
Loss carried forward		7,851			6,924
Deferred Income		326,782			299,155
Total deferred tax assets		519,763			585,575
Deferred tax liabilities:
Others		-			-
Total deferred tax liabilities		-			-
Less: Valuation Allowance		(5,958	)		(6,923	)
Net deferred tax assets	$	513,805		$	578,652

(II) Tax Rate Reconciliation

Reconciliations of the statutory income tax rate to the effective income tax rate are as follows:

	For the year ended December 31, 2019
	Rate			Amount
profit before taxation					5,934,533
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25.00	%		1,483,633
Non-deductible expenses		0.42	%		24,632
R&D Super-deduction		(4.46	)%		(264,972	)
Under-accrued CIT for previous year		1.90	%		112,884
Effect of differing tax rates in different jurisdictions		(9.46	)%		(561,599	)
Addition to Valuation Allowance		(0.02	)%		(965	)
Others		0.91	%		53,754
Effective tax rate		14.28	%		847,367

	For the year ended December 31, 2018
	Rate			Amount
profit before taxation					8,016,507
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25	%		2,004,127
Non-deductible expenses		1.10	%		88,540
R&D Super-deduction		(3.53	)%		(282,645	)
Under-accrued CIT for previous year		2.90	%		232,429
Effect of differing tax rates in different jurisdictions		(10.37	)		(830,913	)
Addition to Valuation Allowance		0.09	%		6,923
Others		2.18	%		174,495
Effective tax rate		17.38	%		1,392,956

(III) Unrecognized tax benefit

The Company recorded net unrecognized tax benefits of $0 and $0 as of December 31, 2019 and 2018. It is our policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes.

Audit periods remain open for review until the statute of limitations has passed, which in the PRC is usually 5 years as the Company's most significant tax jurisdiction. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period.

As of December 31, 2019 and December 31, 2018, the estimated net operating loss carry forwards for BVI income tax purposes amounted to $0 and $0, which may be available to reduce future years' taxable income. These carry forwards will expire if not utilized by 2032. As of December 31, 2019 and December 31, 2018, the estimated net operating loss carry forwards for Hong Kong income tax purposes amounted to $0 and $0, which may be available to reduce future years' taxable income. As of December 31, 2019 and December 31, 2018, the estimated net operating loss carry forwards for China income tax purposes amounted to $7,851 and $6,923, which may be available to reduce future years' taxable income. These carry forwards will expire if not utilized in the next five years.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 20 – COMMITMENTS AND CONTINGENCIES

Guarantees and pledged collateral for bank loans to other parties:

(1) Provided Guarantees for bank loans to other parties

	As of
	December 31, 2019		December 31, 2018

Zhejiang Xinchai Co., Ltd.*	$	-	$	14,497,610
Total	$	-	$	14,497,610

On December 6, 2019, the Guarantees to Zhejiang Xinchai Co., Ltd have been removed due to the payback bank loan.

(2) Pledged collateral for bank loans

On December 06, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (ABC Xinchang), pledging its land use rights for original book value of RMB11.08 million and property ownership for original book value of RMB35.12 million as security with ABC Xinchang, for its loan facility with maximum exposure of RMB48.83 million during the period from December 06, 2020 to December 06, 2022. As of December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB48.83 million.

On November 28, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (ABC Xinchang), pledging its land use rights for original book value of RMB9.84 million and property ownership for original book value of RMB27.82 million, as security with ABC Xinchang, for its loan facility with maximum exposure of RMB40.80 million during the period from November 28, 2019 to November 26, 2022. As of December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB40.80 million.

On December 17, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Rural Commercial Bank of PRC Co., Ltd., pledging its land use rights for original book value of RMB4.75 million and property ownership for original book value of RMB11.28 million as security, for its loan facility with maximum exposure of RMB16.95 million during the period from December 17, 2019 to December 16, 2022. As of December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB15.00 million.

On December 18, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Rural Commercial Bank of PRC Co., Ltd., pledging its land use rights for original book value of RMB4.17 million as security, for its loan facility with maximum exposure of RMB8.00 million during the period from December 18, 2019 to December 17, 2022. As of December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB8.00 million.

In November and December, 2018, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (ABC Xinchang), pledging its land use rights for original book value of RMB28.99 million. As security with ABC Xinchang, for its loan facility with maximum exposure of RMB53.30 million. As of December 31, 2018, outstanding amount of the short-term bank loan under this Pledge Contract was RMB53.30 million.

(3) Litigation

On October 14, 2019, the plaintiff, the Company and all other named defendants in the Action entered into a confidential memorandum of understanding (the "MOU"), pursuant to which a Stipulation and Order of Dismissal ("Stipulation of Dismissal") of the Action was filed on October 14, 2019. The Stipulation of Dismissal was approved and entered by the District Court on October 15, 2019. Among other things, the Stipulation of Dismissal acknowledged that the Definitive Proxy Statement mooted the plaintiff's claims regarding the sufficiency of disclosures, dismissed all claims asserted in the Action, with prejudice as to the plaintiff only, permits the plaintiff to seek an award of attorneys' fees in connection with the mooted claims, and reserves the defendants' rights to oppose such an award, if appropriate. Pursuant to the MOU, the parties have engaged in discussions regarding the amount of attorneys' fees, if any, to which the plaintiff's counsel is entitled in connection with the Action. Those discussions remain ongoing.

Facility Leases

The Company entered into a failed sale-leaseback transaction in August 2019. See further discussion in NOTE 15 –LONG TERM PAYABLES.

Rent expense is recognized on a straight-line basis over the terms of the operating leases accordingly and the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability.

The following are the aggregate non-cancellable future minimum lease payments under operating and financing leases as of December 31, 2019:

Years ending December 31,
2020		2,685,721
2021		1,684,828
2022		101,416
Total	$	4,471,965

Related Party Transactions

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

NOTE 21 – RELATED PARTY TRANSACTIONS

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.		Under common control of Peter Zuguang Wang
Jiuxin Investment Management Partnership (LP)⁶		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang

(b) Summary of Balances with Related Parties:

	As of
	December 31, 2019		December 31, 2018
Due to related parties:
Sinomachinery Holding Limited	$	-	$	1,775,869
Zhejiang Kangchen Biotechnology Co., Ltd²		64,505		65,567
Zhejiang Zhonggong Machinery Co., Ltd.³		207,177		1,276,691
Xinchang County Jiuxin Investment Management Partnership (LP)⁴		-		160,337
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁵		1,773,365		11,135
Cenntro Smart Manufacturing Tech. Co., Ltd.⁶		1,981		20,399
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁷		95,302		-
Cenntro Holding Limited		1,339,654		3,774,544
Total	$	3,481,984	$	7,084,542

The balance of Due to related parties as of December 31, 2019 and December 31, 2018 consisted of:

Overpayment from Sinomachinery Holding Limited for certain purchase order;

Temporary borrowings from Zhejiang Kangchen Biotechnology Co., Ltd.,

Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

Dividends declared but unpaid to Xinchang County Jiuxin Investment Management Partnership (LP).

Unpaid balances for purchasing of materials from Zhejiang Zhonggong Agricultural Equipment Co., Ltd.;;

Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.

Zhuhai Hengzhong paid audit fee on behalf of Zhongchai Holding

Dividends declared but unpaid to Cenntro Holding Limited

	As of
	December 31, 2019		December 31, 2018
Due from related parties-current:
Cenntro Holding Limited	$	36,042,829	$	-
Total	$	36,042,829	$	-

	As of
	December 31, 2019		December 31, 2018
Due from related parties-non-current:
Cenntro Holding Limited	$	-	$	36,636,262
Xinchang County Jiuxin Investment Management Partnership (LP)		430,034		-
Total	$	430,034	$	36,636,262

The balance of Due from related parties as of December 31, 2019 and December 31, 2018 consisted of:

Other receivable from Cenntro Holding Limited was $36.0 million and $36.6 million as of December 31, 2019 and December 31, 2018 , respectively. The Company expects the amount due from our equity holder, Cenntro Holding will pay us back by the end of October 2020 in accordance with the original maturity date .

(c) Summary of Related Party Transactions:

A summary of trade transactions with related parties for the year ended December 31, 2019 and 2018 are listed below:

		For the year ended December 31,
		2019		2018
Purchases from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Purchase of materials and equipment		4,232		1,023,680

		For the year ended December 31,
		2019		2018
Sales to related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Sale of goods		-		7,621
Cenntro Smart Manufacturing Tech. Co., Ltd.	Provide service and Sale of goods		348,725		611,282
Total			348,725		618,903

(d) Summary of Related Party Funds Lending:

A summary of funds lending with related parties for the year ended December 31, 2019 and 2018 are listed below:

	For the year ended December 31,
	2019		2018
Withdraw funds from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		2,973,428		2,411,891
Cenntro Holding Limited		2,454,835

	For the year ended December 31,
	2019		2018
Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		2,900,905		2,411,891

(e) Summary of Related Party dividend payment:

A summary of dividend payment to related parties for the year ended December 31, 2019 and 2018 are listed below:

	For the year ended December 31,
	2019		2018
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		159,612		-

Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 22 – SUBSEQUENT EVENTS

On January 14, 2020, Greenland established its wholly owned subsidiary in the state of Delaware named Greenland Technologies Corporation ("Greenland Tech"). Greenland Tech is setup US operation and promote robotic enabled automated warehouse system for North American market.

The outbreak of COVID-19, the coronavirus, has grown both in the United States and globally, and related government and private sector responsive actions have adversely affected the Company's business operations. COVID-19 originated in Wuhan, China, in December 2019. Effective February 3, 2020, the Company announced the temporary closure of its all operating offices in Zhejiang Province, including the manufactory in response to the emergency measures imposed by the local government to slow down the spread of COVID-19. Since the local government has imposed pandemic prevention policy, the subsidiaries were temporary shut down until the end of February 2020. The Company's launch on robotic cargo carriers are also expected to be delay due to the uncertainty on customer demand. Moreover, the outbreak has significantly limited suppliers' ability to provide low-cost, high-quality merchandise to the Company on a timely basis. Zhejiang Province, where we conduct a substantial part of our business, is one of the most affected areas in China. The World Health Organization has declared Covid-19 to be a global pandemic, resulting in an economic downturn and changes in global economic policy that will reduce demand for the Company's products and have an adverse impact on the Company's business, operating results and financial condition.

On March 20, 2020, we filed with the Securities and Exchange Commission ("SEC") under the Securities Act of 1933, as amended, a new registration statement on Form-3 (File No. 333-237321), which allows us to (a) issue up to 2,461,000 ordinary shares issuable upon the exercise of the Warrants (as defined in the registration statement) and (b) register the resale by certain security holders named as such in the registration statement of 1,420,2000 ordinary shares of no par value in the Company. The registration statement is not declared effective by the SEC yet.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

●

Zhongchai Holding's operations comprise the ongoing operations of the combined entity;

●

The officers of the newly combined company consist of Zhongchai Holding's executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; and,

●

The former shareholders of Zhongchai Holding own a majority voting interest in the combined entity.

Use of Estimates

Use of Estimates

Non-controlling Interest

Non-controlling Interest

Foreign Currency Translation

Foreign Currency Translation

	For the year ended December 31,
	2019		2018
Period end RMB: US$ exchange rate		6.9762		6.8632
Period average RMB: US$ exchange rate		6.8944		6.6338

Revenue Recognition

Revenue Recognition

The following table sets forth disaggregation of revenue:

	For the year ended December 31,
	2019		2018
Major Product
Transmission boxes for Forklift		52,140,258		59,837,256
Transmission boxes for Non-Forklift (EV, etc.)		260,586		375,832
Total		52,400,844		60,213,088

Cost of Goods Sold

Cost of Goods Sold

Selling Expenses

Selling Expenses

Selling expenses include operating expenses such as payroll and traveling and transportation expenses.

General and Administrative Expenses

General and Administrative Expenses

Research and Development

Research and Development

Government subsidies

Government subsidies

Income Taxes

Income Taxes

Value-Added Tax

Value-Added Tax

Statutory Reserve

Statutory Reserve

Comprehensive Income

Comprehensive Income

Earnings per share

Earnings per share

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Fair Value of Financial Instruments

Fair Value of Financial Instruments

●

Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

●

Level 2—defined as inputs other than quoted prices in active markets, that are either directly or indirectly observable; and

●

Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Accounts Receivable

Accounts Receivable

Inventories

Inventories

Advance to Suppliers

Advance to Suppliers

Property, Plant, and Equipment

Property, Plant, and Equipment

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Plant, buildings and improvements			20 years
Machinery and equipment			2~10 years
Motor vehicles			4 years
Office Equipment			3~5 years
Fixed Assets decoration			5 years

Land Use Rights

Land Use Rights

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

There was no impairment loss recognized for the year ended December 31, 2019 and 2018.

Segments and Related Information

Segments and Related Information

Commitments and contingencies

Commitments and contingencies

Related Party

Related Party

Economic and Political Risks

Economic and Political Risks

Exchange Risk

Exchange Risk

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recent accounting pronouncements that the Company has adopted or may be required to adopt in the future are summarized below:

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of subsidiary of limited liability company

Name

Domicile and Date
of Incorporation

Paid-in Capital

Percentage of
Effective
Ownership

Principal Activities

Zhongchai Holding (Hong Kong) Limited

HongKong
April 23, 2009

HKD

10,000

100

Holding

Zhejiang Zhongchai Machinery Co., Ltd.

PRC
November 21, 2005

USD

28,612,943

89.47

Manufacture, sale of various transmission boxes

Zhejiang Shengte Transmission Co., Ltd.

PRC
February 24, 2006

RMB

5,000,000

89.47

Manufacture and sale of parts of transmission box

Shanghai Hengyu Enterprise Management Consulting Co., Ltd.

PRC
September 10, 2015

RMB

251,500,000

62.5

Investment management and consulting services.

Hangzhou Greenland Robotic Technologies Co., Ltd.

PRC
August 8, 2019

RMB

252,862

100

Manufactures and sales carrier cargo robotics.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of gains and losses from foreign currency transactions are included in net income

	For the year ended December 31,
	2019		2018
Period end RMB: US$ exchange rate		6.9762		6.8632
Period average RMB: US$ exchange rate		6.8944		6.6338

Schedule of sets forth disaggregation of revenue

	For the year ended December 31,
	2019		2018
Major Product
Transmission boxes for Forklift		52,140,258		59,837,256
Transmission boxes for Non-Forklift (EV, etc.)		260,586		375,832
Total		52,400,844		60,213,088

Schedule of straight-line method. Estimated useful lives

Plant, buildings and improvements			20 years
Machinery and equipment			2~10 years
Motor vehicles			4 years
Office Equipment			3~5 years
Fixed Assets decoration			5 years

Concentration on Revenues And Cost of Goods Sold (Tables)

12 Months Ended

Dec. 31, 2019

Risks and Uncertainties [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

	For the year ended December 31,
	2019				2018
Major customers representing more than 10% of the Company's revenues
Company A	$	7,349,893	14.03	%	$	8,826,142	14.66	%
Company B		5,753,587	10.98	%		5,293,967	8.79	%
Total Revenues	$	13,103,480	25.01	%	$	14,120,109	23.45	%

Schedules of Concentration of Risk, by Risk Factor

	As of
	December 31, 2019				December 31, 2018
Major customers of the Company's accounts receivable, net
Company A		1,662,078	13.88	%		892,651	8.77	%
Company B		1,106,955	9.25	%		1,276,086	12.54	%
Company C		1,061,972	8.87	%		1,147,108	11.27	%
Total	$	3,831,005	32.00	%	$	3,315,845	32.58	%

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Credit Loss [Abstract]

Schedule of Accounts receivable net

	As of
	December 31, 2019			December 31, 2018
Accounts receivable	$	13,009,686		$	11,082,207
Less: allowance for doubtful accounts		(1,037,797	)		(906,138	)
Accounts receivable, net	$	11,971,889		$	10,176,069

Schedule of allowance for doubtful accounts

	For the year ended December 31,
	2019		2018
Beginning balance	$	906,138	$	651,248
Provision for doubtful accounts		131,659		254,890
Ending balance	$	1,037,797	$	906,138

Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

	As of
	December 31, 2019			December 31, 2018
Raw materials	$	3,626,104		$	5,055,940
Revolving material		744,887			573,907
Consigned processing material		63,608			33,470
Work-in-progress		1,465,767			2,020,295
Finished goods		3,084,128			3,752,899
Goods in transit		1,122,918			1,142,070
Less: reserve for inventories		(134,535	)		(178,107	)
Inventories, net	$	9,972,877		$	12,400,474

Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Receivable [Abstract]

Schedual of Notes Receivable

	As of
	December 31, 2019		December 31, 2018
Bank notes receivable:	$	15,865,267	$	14,048,004
Commercial notes receivable		291,425		1,021,226
Endorsed but undue notes		-		1,273,459
Total	$	16,156,692	$	16,342,689

Property, Plant and Equipment and Construction in Progress (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property, plant and equipment

	As of
	December 31, 2019			December 31, 2018
Buildings	$	11,188,399		$	10,330,265
Machinery		19,416,746			18,753,984
Motor vehicles		254,456			258,646
Electronic equipment		177,153			106,542
Fixed assets decoration*		-			198,085
Total property plant and equipment, at cost		31,036,754			29,647,522

Less: accumulated depreciation		(10,650,893	)		(9,196,393	)
Property, plant and equipment, net	$	20,385,861		$	20,451,129
Construction in process		244,390			1,607,324
Total	$	20,630,251		$	22,058,453

Schedule of Restricted assets

	As of
	December 31, 2019		December 31, 2018
Buildings, net	$	11,188,399	$	-
Machinery, net		9,264,345		-
Total		20,452,744		-

Land Use Rights (Tables)

12 Months Ended

Dec. 31, 2019

Land Use Rights [Abstract]

Schedule of Land use rights

	As of
	December 31, 2019			December 31, 2018
Land use rights, cost	$	4,410,224		$	4,356,216
Less: Accumulated amortization		(547,677	)		(467,460	)
Land use rights, net	$	3,862,547		$	3,888,756

Schedule of Estimated future amortization expense

Years ending December 31,	Amortization expense
2020	$	89,251
2021		89,251
2022		89,251
2023		89,251
2024		89,251
Thereafter		3,416,292
Total	$	3,862,547

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Payable [Abstract]

Schedule of note payable

	As of
	December 31, 2019		December 31, 2018
Bank acceptance notes	$	15,050,902	$	17,120,504
Total	$	15,050,902	$	17,120,504

Accounts Payable (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Schedule of Account Payable

	As of
	December 31, 2019		December 31, 2018
Procurement of Materials	$	14,248,095	$	13,531,408
Infrastructure& Equipment		381,843		1,335,054
Freight fee		83,070		104,982
Total	$	14,713,008	$	14,971,444

Short Term Bank Loans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of short term loans

	As of
	December 31, 2019		December 31, 2018
Collateralized bank loans	$	16,144,892	$	7,766,057
Guaranteed bank loans		716,723		11,854,528
Total	$	16,861,615	$	19,620,585

Schedule of short term loans

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2019
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,848,455
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,999,513
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		5.45	$	2,150,168
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		4.40	$	1,146,756
Dec.16, 2020	Operating Loans	Rural commercial bank of XinChang		4.80	$	716,723
Total					$	16,861,615

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2018
Jul.04, 2019	Operating Loans	Bank of Communications		4.79	$	1,165,636
Mar.05, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,185,569
Mar.07, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,914,093
Mar.12, 2019	Operating Loans	Agricultural bank of PRC		5.00	$	2,185,569
Nov.08, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,602,751
Nov.12, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,282,201
Nov.20, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	1,311,342
Nov.26, 2019	Operating Loans	Agricultural bank of PRC		4.79	$	489,568
Dec.04, 2019	Operating Loans	Agricultural bank of PRC		4.57	$	3,569,763
Apr.001, 2020	Operating Loans	Bank of Hangzhou		5.66	$	2,914,093
Total					$	19,620,585

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Schedule of other current liabilities

	As of
	December 31, 2019		December 31, 2018
Employee payables		476,859		565,280
Other tax payables		439,398		52,289
Borrowing from third party		2,170,602		3,586,312
Total	$	3,086,859	$	4,203,881

Long-Term Bank Loans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of guaranteed bank loans

	As of
	December 31, 2019		December 31, 2018
Guaranteed bank loans - Bank of Hangzhou	$	-	$	6,556,708
Total	$	-	$	6,556,708

Schedule of long term loans

Maturity Date

Type

Bank Name

Interest Rate per Annum (%)

December 31,
2018

Dec.20, 2020

Project Loans

Bank of Hangzhou

5.88

3,642,616

⁽¹⁾

Dec.20, 2020

Project Loans

Bank of Hangzhou

5.88

2,914,092

⁽²⁾

Total

6,556,708

(1)

Repaid on June 17, 2019.

(2)

Repaid on December 3, 2019.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other LongTerm Liabilitie [Abstract]

Schedule of other long-term liabilities

	As of
	December 31, 2019		December 31, 2018
Subsidy		2,178,548		1,994,366
Total	$	2,178,548	$	1,994,366

Long Term Payables (Tables)

12 Months Ended

Dec. 31, 2019

Long-term Payables [Abstract]

Schedule of long term payables

	As of
	December 31, 2019		December 31, 2018
Long-term payables current portion	$	2,654,230	$	-
Long-term payables– non-current portion		1,349,850		-
Total	$	4,004,080	$	-

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of basic and diluted (loss) earnings per share computation

	Year ended December 31,
	2019		2018
Net income	$	4,464,556	$	5,956,665
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		7,932,567		7,500,000
Shares outstanding post-recapitalization
Weighted average basic and diluted shares outstanding		7,932,567		7,500,000
Basic and diluted net income (loss) per share	$	0.56	$	0.79

Geographical Sales and Segments (Tables)

12 Months Ended

Dec. 31, 2019

Segments, Geographical Areas [Abstract]

Schedule of revenues by major geographical area

	For the year ended December 31,
	2019		2018
Domestic Sales	$	52,272,434	$	60,016,626
International Sales		128,410		196,462
Total	$	52,400,844	$	60,213,088

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Income tax provision (benefit)

	For the year ended December 31,
	2019		2018
Current:
Federal	-		-
State	-		-
Foreign		784,343		1,469,911
		784,343		1,469,911
Deferred:
Federal		-		-
State		-		-
Foreign		63,024		(76,955	)
		63,024		(76,955	)
Provision for income taxes	$	847,367	$	1,392,956

Schedule of deferred tax assets and liabilities

	For the year ended December 31,
	2019			2018
Deferred tax assets:
Allowance for doubtful accounts		164,950			252,780
Inventories		20,180			26,716
Loss carried forward		7,851			6,924
Deferred Income		326,782			299,155
Total deferred tax assets		519,763			585,575
Deferred tax liabilities:
Others		-			-
Total deferred tax liabilities		-			-
Less: Valuation Allowance		(5,958	)		(6,923	)
Net deferred tax assets	$	513,805		$	578,652

Schedule of reconciliations of the statutory income tax rate to the effective income tax rate

	For the year ended December 31, 2019
	Rate			Amount
profit before taxation					5,934,533
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25.00	%		1,483,633
Non-deductible expenses		0.42	%		24,632
R&D Super-deduction		(4.46	)%		(264,972	)
Under-accrued CIT for previous year		1.90	%		112,884
Effect of differing tax rates in different jurisdictions		(9.46	)%		(561,599	)
Addition to Valuation Allowance		(0.02	)%		(965	)
Others		0.91	%		53,754
Effective tax rate		14.28	%		847,367

	For the year ended December 31, 2018
	Rate			Amount
profit before taxation					8,016,507
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25	%		2,004,127
Non-deductible expenses		1.10	%		88,540
R&D Super-deduction		(3.53	)%		(282,645	)
Under-accrued CIT for previous year		2.90	%		232,429
Effect of differing tax rates in different jurisdictions		(10.37	)		(830,913	)
Addition to Valuation Allowance		0.09	%		6,923
Others		2.18	%		174,495
Effective tax rate		17.38	%		1,392,956

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of provided Guarantees for bank loans to other parties

	As of
	December 31, 2019		December 31, 2018

Zhejiang Xinchai Co., Ltd.*	$	-	$	14,497,610
Total	$	-	$	14,497,610

On December 6, 2019, the Guarantees to Zhejiang Xinchai Co., Ltd have been removed due to the payback bank loan.

Schedule of non-cancellable future minimum lease payments

Years ending December 31,
2020		2,685,721
2021		1,684,828
2022		101,416
Total	$	4,471,965

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of names and relationship of related parties

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.		Under common control of Peter Zuguang Wang
Jiuxin Investment Management Partnership (LP)⁶		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang

Schedule of due to related parties

	As of
	December 31, 2019		December 31, 2018
Due to related parties:
Sinomachinery Holding Limited	$	-	$	1,775,869
Zhejiang Kangchen Biotechnology Co., Ltd²		64,505		65,567
Zhejiang Zhonggong Machinery Co., Ltd.³		207,177		1,276,691
Xinchang County Jiuxin Investment Management Partnership (LP)⁴		-		160,337
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁵		1,773,365		11,135
Cenntro Smart Manufacturing Tech. Co., Ltd.⁶		1,981		20,399
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁷		95,302		-
Cenntro Holding Limited		1,339,654		3,774,544
Total	$	3,481,984	$	7,084,542

The balance of Due to related parties as of December 31, 2019 and December 31, 2018 consisted of:

Overpayment from Sinomachinery Holding Limited for certain purchase order;

Temporary borrowings from Zhejiang Kangchen Biotechnology Co., Ltd.,

Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

Dividends declared but unpaid to Xinchang County Jiuxin Investment Management Partnership (LP).

Unpaid balances for purchasing of materials from Zhejiang Zhonggong Agricultural Equipment Co., Ltd.;;

Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.

Zhuhai Hengzhong paid audit fee on behalf of Zhongchai Holding

Dividends declared but unpaid to Cenntro Holding Limited

Schedule of due from related parties

	As of
	December 31, 2019		December 31, 2018
Due from related parties-current:
Cenntro Holding Limited	$	36,042,829	$	-
Total	$	36,042,829	$	-

	As of
	December 31, 2019		December 31, 2018
Due from related parties-non-current:
Cenntro Holding Limited	$	-	$	36,636,262
Xinchang County Jiuxin Investment Management Partnership (LP)		430,034		-
Total	$	430,034	$	36,636,262

Schedule of summary of related party transactions

		For the year ended December 31,
		2019		2018
Purchases from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Purchase of materials and equipment		4,232		1,023,680

		For the year ended December 31,
		2019		2018
Sales to related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Sale of goods		-		7,621
Cenntro Smart Manufacturing Tech. Co., Ltd.	Provide service and Sale of goods		348,725		611,282
Total			348,725		618,903

Schedule of summary of related party funds lending

	For the year ended December 31,
	2019		2018
Withdraw funds from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		2,973,428		2,411,891
Cenntro Holding Limited		2,454,835

	For the year ended December 31,
	2019		2018
Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		2,900,905		2,411,891

Schedule of dividend payment to related parties

	For the year ended December 31,
	2019		2018
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		159,612		-

Organization and Principal Activities (Details)	12 Months Ended
Organization and Principal Activities (Details)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2019 CNY (¥)
Zhongchai Holding (Hong Kong) Limited [Member]
Date of Incorporation	Apr. 23, 2009
Domicile	HongKong
Principal Activities	Holding
Zhongchai Holding (Hong Kong) Limited [Member] \| HKD [Member]
Paid-in Capital		$ 10,000
Percentage of Effective Ownership	100.00%	100.00%	100.00%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Date of Incorporation	Nov. 21, 2005
Domicile	PRC
Paid-in Capital	$ 28,612,943
Percentage of Effective Ownership	89.47%	89.47%	89.47%
Principal Activities	Manufacture, sale of various transmission boxes
Zhejiang Shengte Transmission Co., Ltd. [Member]
Date of Incorporation	Feb. 24, 2006
Domicile	PRC
Principal Activities	Manufacture and sale of parts of transmission box
Zhejiang Shengte Transmission Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital \| ¥			¥ 5,000,000
Percentage of Effective Ownership	89.47%	89.47%	89.47%
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Date of Incorporation	Sep. 10, 2015
Domicile	PRC
Principal Activities	Investment management and consulting services.
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital \| ¥			¥ 251,500,000
Percentage of Effective Ownership	62.50%	62.50%	62.50%
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member]
Date of Incorporation	Aug. 08, 2019
Domicile	PRC
Principal Activities	Manufactures and sales carrier cargo robotics.
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital	$ 252,862
Percentage of Effective Ownership	100.00%	100.00%	100.00%

Organization and Principal Activities (Details Textual)	12 Months Ended
Organization and Principal Activities (Details Textual)	Dec. 31, 2019
Organization and Principal Activities (Textual)
Outstanding ordinary shares	74.95%
Zhongchai Holding [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	100.00%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	89.47%
Subsidiaries description	The direct operating subsidiary of Zhongchai Holding in PRC. On April 5, 2007, Usunco Automotive Limited ("Usunco"), a British Virgin Islands limited liability Company incorporated on April 24, 2006, invested $8,000,000 USD into Zhejiang Zhongchai for its approximately 75.47% interest. On December 16, 2009, Usunco agreed to transfer its 75.47% interest in Zhejiang Zhongchai to Zhongchai Holding. On April 26, 2010, Xinchang County Keyi Machinery Co., Ltd. transferred all its 24.528% interest in Zhejiang Zhongchai to Zhongchai Holding for a consideration of US$2.6 million. On November 1, 2017, Xinchang County Jiuxin Investment Management Partnership (LP) ("Jiuxin"), an entity controlled and beneficially owned by Mr. He Mengxing, president of Zhejiang Zhongchai, closed its investment of approximately RMB31,590,000 in Zhejiang Zhongchai for 10.53% of its interest. As of December 31, 2019, Zhongchai Holding owns approximately 89.47% of Zhejiang Zhongchai and Jiuxin owns approximately 10.53% of Zhejiang Zhongchai.
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	100.00%
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	62.50%

Summary of Significant Accounting Policies (Details)	Dec. 31, 2019	Dec. 31, 2018
Foreign Currency Translation [Abstract]
Period end RMB: US$ exchange rate	6.9762	6.8632
Period average RMB: US$ exchange rate	6.8944	6.6338

Summary of Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Major Product [Abstract]
Total	$ 52,400,844	$ 60,213,088
Transmission boxes for Forklift [Member]
Major Product [Abstract]
Total	52,140,258	59,837,256
Transmission boxes for Non-Forklift (EV, etc.) [Member]
Major Product [Abstract]
Total	$ 260,586	$ 375,832

Summary of Significant Accounting Policies (Details 2)	12 Months Ended
Summary of Significant Accounting Policies (Details 2)	Dec. 31, 2019
Land, Buildings and Improvements [Member]
Estimated useful lives	20 years
Machinery and Equipment [Member] \| Maximum [Member]
Estimated useful lives	10 years
Machinery and Equipment [Member] \| Minimum [Member]
Estimated useful lives	2 years
Motor vehicles [Member]
Estimated useful lives	4 years
Office Equipment [Member] \| Maximum [Member]
Estimated useful lives	5 years
Office Equipment [Member] \| Minimum [Member]
Estimated useful lives	3 years
Fixed Assets decoration [Member]
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Oct. 24, 2019	Dec. 31, 2017
Summary of Significant Accounting Policies (Textual)
Value added tax description	The Company is subject to VAT which had been levied at the rate of 17% on the invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.
Research and development costs	$ 2,355,307	$ 2,512,403
Allowance of doubtful accounts	1,037,797	906,138		$ 651,248
Reserves for inventories	(134,535)	(178,107)
Advance to suppliers	$ 50,664	$ 32,878
Statutory Reserve, description	(i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A wholly-owned foreign enterprise is required to allocate at least 10% of its annual after-tax profit to the General Reserve Fund until the balance of such fund has reached 50% of its respective registered capital.
Related party, description	A principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity.
Accounting for around percentage	0.54%	0.56%
Other long-term liabilities	$ 2,180,000	$ 1,990,000
Asset and lease liability	$ 0
Shares received			7,500,000
Zhongchai Holding [Member]
Summary of Significant Accounting Policies (Textual)
Shares received	7,500,000
PRC [Member]
Summary of Significant Accounting Policies (Textual)
Value added tax description	The VAT standard rate had been 17% of the gross sale price until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019.

Concentration on Revenues and Cost of Goods Sold (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Customer Percentage	25.01%	23.45%
Total Revenues	$ 13,103,480	$ 14,120,109
Company A [Member]
Customer Percentage	14.03%	14.66%
Total Revenues	$ 7,349,893	$ 8,826,142
Company B [Member]
Customer Percentage	10.98%	8.79%
Total Revenues	$ 5,753,587	$ 5,293,967

Concentration on Revenues and Cost of Goods Sold (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Percentage of revenues	25.01%	23.45%
Accounts Receivable [Member]
Percentage of revenues	32.00%	32.58%
Accounts receivable, net	$ 3,831,005	$ 3,315,845
Company A [Member]
Percentage of revenues	14.03%	14.66%
Company A [Member] \| Accounts Receivable [Member]
Percentage of revenues	13.88%	8.77%
Accounts receivable, net	$ 1,662,078	$ 892,651
Company B [Member]
Percentage of revenues	10.98%	8.79%
Company B [Member] \| Accounts Receivable [Member]
Percentage of revenues	9.25%	12.54%
Accounts receivable, net	$ 1,106,955	$ 1,276,086
Company C [Member] \| Accounts Receivable [Member]
Percentage of revenues	8.87%	11.27%
Accounts receivable, net	$ 1,061,972	$ 1,147,108

Concentration on Revenues and Cost of Goods Sold (Details Textual)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Concentration on Revenues and Cost of Goods Sold (Textual)
Total accounts receivable	32.00%	32.58%
Concentration Risk, Percentage	25.01%	23.45%
Supplier [Member]
Concentration on Revenues and Cost of Goods Sold (Textual)
Concentration Risk, Percentage	10.00%	10.00%

Accounts Receivable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Credit Loss [Abstract]
Accounts receivable	$ 13,009,686	$ 11,082,207
Less: allowance for doubtful accounts	(1,037,797)	(906,138)
Accounts receivable, net	$ 11,971,889	$ 10,176,069

Accounts Receivable (Details 1) - USD ($)	12 Months Ended
Accounts Receivable (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Credit Loss [Abstract]
Beginning balance	$ 906,138	$ 651,248
Provision for doubtful accounts	131,659	254,890
Ending balance	$ 1,037,797	$ 906,138

Inventories (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 3,626,104	$ 5,055,940
Revolving material	744,887	573,907
Consigned processing material	63,608	33,470
Work-in-progress	1,465,767	2,020,295
Finished goods	3,084,128	3,752,899
Goods in transit	1,122,918	1,142,070
Less: reserve for inventories	(134,535)	(178,107)
Inventories, net	$ 9,972,877	$ 12,400,474

Notes Receivable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Notes Receivable [Abstract]
Bank notes receivable	$ 15,865,267	$ 14,048,004
Commercial notes receivable	291,425	1,021,226
Endorsed but undue notes		1,273,459
Total	$ 16,156,692	$ 16,342,689

Notes Receivable (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Notes Receivable (Textual)
Notes receivable	$ 11,170,000	$ 8,980,000
Security for issuance	$ 9,190,000	$ 7,710,000
Bank interest, percentage	0.05%

Property, Plant and Equipment and Construction in Progress (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Buildings	$ 11,188,399	$ 10,330,265
Machinery	19,416,746	18,753,984
Motor vehicles	254,456	258,646
Electronic equipment	177,153	106,542
Fixed assets decoration		198,085
Total property plant and equipment, at cost	31,036,754	29,647,522
Less: accumulated depreciation	(10,650,893)	(9,196,393)
Property, plant and equipment, net	20,385,861	20,451,129
Construction in process	244,390	1,607,324
Total	$ 20,630,251	$ 22,058,453

Property, Plant and Equipment and Construction in Progress (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Buildings, net	$ 11,188,399
Machinery, net	9,264,345
Restricted assets Total	$ 20,452,744

Property, Plant and Equipment and Construction in Progress (Details Textual)					12 Months Ended
	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 CNY (¥)
Property, Plant and Equipment and Construction in Progress (Textual)
Ownershipof buildings for net book value					$ 10,460,000
Depreciation expense amount					2,210,000	$ 1,490,000
Construction in progress					244,390	1,607,324
Cost of revenue					40,022,243	46,139,858
Inventories					(2,230,666)	4,143,729
Aggregate proceeds	$ 2,120,000		$ 3,080,000
Property, Plant and Equipment [Member]
Property, Plant and Equipment and Construction in Progress (Textual)
Construction in progress					2,260,000	$ 17,430,000
Cost of revenue					1,670,000
Inventories					$ 1,160,000
RMB [Member]
Property, Plant and Equipment and Construction in Progress (Textual)
Ownershipof buildings for net book value \| ¥							¥ 72,970,000
Loan facility with maximum exposure \| ¥							¥ 106,580,000
Aggregate proceeds \| ¥		¥ 14,660,000		¥ 21,250,000

Land Use Rights (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Land Use Rights [Abstract]
Land use rights, cost	$ 4,410,224	$ 4,356,216
Less: Accumulated amortization	(547,677)	(467,460)
Land use rights, net	$ 3,862,547	$ 3,888,756

Land Use Rights (Details 1)	Dec. 31, 2019 USD ($)
Land Use Rights [Abstract]
2020	$ 89,251
2021	89,251
2022	89,251
2023	89,251
2024	89,251
Thereafter	3,416,292
Total	$ 3,862,547

Land Use Rights (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Land use rights (Textual)
Land use rights	$ 3,862,547	$ 3,888,756

Notes Payable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Notes Payable [Abstract]
Bank acceptance notes	$ 15,050,902	$ 17,120,504
Total	$ 15,050,902	$ 17,120,504

Notes Payable (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Notes Payable (Textual)
Restricted cash	$ 3,593,722	$ 3,405,044
Notes receivable	11,170,000	9,190,000
Use Rights [Member]
Notes Payable (Textual)
Land use rights	$ 1,950,000	$ 0

Accounts Payable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts payable	$ 14,713,008	$ 14,971,444
Procurement of Materials [Member]
Accounts payable	14,248,095	13,531,408
Infrastructure& Equipment [Member]
Accounts payable	381,843	1,335,054
Freight fee [Member]
Accounts payable	$ 83,070	$ 104,982

Short Term Bank Loans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Collateralized bank loans	$ 16,144,892	$ 7,766,057
Guaranteed bank loans	716,723	11,854,528
Total	$ 16,861,615	$ 19,620,585

Short Term Bank Loans (Details 1) - USD ($)	12 Months Ended
Short Term Bank Loans (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Total	$ 16,861,615	$ 19,620,585
Operating Loans [Member]
Maturity Date	Nov. 26, 2020	Jul. 04, 2019
Bank Name	Agricultural bank of PRC	Bank of Communications
Interest Rate per Annum (%)	4.57%	4.79%
Total	$ 5,848,455	$ 1,165,636
Operating Loans One [Member]
Maturity Date	Dec. 24, 2020	Mar. 05, 2019
Bank Name	Agricultural bank of PRC	Agricultural bank of PRC
Interest Rate per Annum (%)	4.70%	5.00%
Total	$ 6,999,513	$ 2,185,569
Operating Loans Two [Member]
Maturity Date	Dec. 16, 2020	Mar. 07, 2019
Bank Name	Rural commercial bank of XinChang	Agricultural bank of PRC
Interest Rate per Annum (%)	5.45%	5.00%
Total	$ 2,150,168	$ 2,914,093
Operating Loans Three [Member]
Maturity Date	Dec. 16, 2020	Mar. 12, 2019
Bank Name	Rural commercial bank of XinChang	Agricultural bank of PRC
Interest Rate per Annum (%)	4.40%	5.00%
Total	$ 1,146,756	$ 2,185,569
Operating Loans Four [Member]
Maturity Date	Dec. 16, 2020	Nov. 08, 2019
Bank Name	Rural commercial bank of XinChang	Agricultural bank of PRC
Interest Rate per Annum (%)	4.80%	4.57%
Total	$ 716,723	$ 1,602,751
Operating Loans Five [Member]
Maturity Date		Nov. 12, 2019
Bank Name		Agricultural bank of PRC
Interest Rate per Annum (%)		4.57%
Total		$ 1,282,201
Operating Loans Six [Member]
Maturity Date		Nov. 20, 2019
Bank Name		Agricultural bank of PRC
Interest Rate per Annum (%)		4.57%
Total		$ 1,311,342
Operating Loans Seven [Member]
Maturity Date		Nov. 26, 2019
Bank Name		Agricultural bank of PRC
Interest Rate per Annum (%)		4.57%
Total		$ 489,568
Operating Loans Eight [Member]
Maturity Date		Dec. 04, 2019
Bank Name		Agricultural bank of PRC
Interest Rate per Annum (%)		4.57%
Total		$ 3,569,763
Operating Loans Nine [Member]
Maturity Date		Apr. 01, 2020
Bank Name		Bank of Hangzhou
Interest Rate per Annum (%)		5.66%
Total		$ 2,914,093

Short Term Bank Loans (Details Textual)	12 Months Ended
Short Term Bank Loans (Details Textual)	Dec. 31, 2019	Dec. 31, 2018
Short Term Bank Loans (Textual)
Average annual interest rate	4.90%	5.119%
Short-term bank loans	4.90%	5.119%

Other Current Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other Current Liabilities
Employee payables	$ 476,859	$ 565,280
Other tax payables	439,398	52,289
Borrowing from third party	2,170,602	3,586,312
Total	$ 3,086,859	$ 4,203,881

Long-Term Bank Loans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Long-term Bank Loans
Guaranteed bank loans - Bank of Hangzhou		$ 6,556,708
Total		$ 6,556,708

Long-Term Bank Loans (Details 1) - USD ($)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2019

$ 6,556,708

Dec. 20, 2020

Bank of Hangzhou

Interest Rate per Annum (%)

5.88%

Project Loans One [Member]

^[1]

$ 3,642,616

Maturity Date

Dec. 20, 2020

Bank Name

Bank of Hangzhou

Interest Rate per Annum (%)

5.88%

^[2]

$ 2,914,092

[1]	Repaid on June 17, 2019.
[2]	Repaid on December 3, 2019.

Other Long-Term Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other LongTerm Liabilitie [Abstract]
Subsidy	$ 2,178,548	$ 1,994,366
Total	$ 2,178,548	$ 1,994,366

Other Long-Term Liabilities (Details Textual)	12 Months Ended
Other Long-Term Liabilities (Details Textual)	Dec. 31, 2019 USD ($)
Other Long-Term Liabilities (Textual)
Grant income increased	$ 180,000

Long Term Payables (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Long-term payables current portion	$ 2,654,230
Long-term payables - non-current portion	1,349,850
Total	$ 4,004,080

Long Term Payables (Details Textual)	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)
Long Term Payables (Textual)
Aggregate proceeds \| $	$ 2,120,000		$ 3,080,000
RMB [Member]
Long Term Payables (Textual)
Aggregate proceeds \| ¥		¥ 14,660,000		¥ 21,250,000

Stockholder's Equity (Details) - USD ($)	1 Months Ended	12 Months Ended
Stockholder's Equity (Details) - USD ($)	Jul. 27, 2018	Dec. 31, 2019	Dec. 31, 2018
Stockholder's Equity (Textuals)
Ordinary shares, issued		10,006,142	7,500,000
Ordinary shares, outstanding		10,006,142	7,500,000
Proceeds from issuance of stock		$ 2,925,380
Ordinary shares redeemed, description		The Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into the underlying ordinary shares.
Chardan [Member]
Stockholder's Equity (Textuals)
Proceeds from issuance of stock	$ 100
Unit exercise price	$ 11.50
Aggregate exercise price	$ 2,760,000
Zhongchai Holding [Member]
Stockholder's Equity (Textuals)
Newly issued ordinary shares		7,500,000
Zhou Hanyi [Member]
Stockholder's Equity (Textuals)
Newly issued ordinary shares		50,000
Private Warrants [Member]
Stockholder's Equity (Textuals)
Warrant term		5 years
Exercise price of warrants		$ 0.01
Description of warrant redemption		● at any time while the Public Warrants are exercisable, ● upon not less than 30 days' prior written notice of redemption to each Public Warrant holder, ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
IPO [Member]
Stockholder's Equity (Textuals)
Cash payment		$ 100
Initial public offering	4,400,000	282,000
Over-allotment option amount	400,000
Ordinary shares redeemed, description		In 2019, in connection with the Business Combination 3,875,458 redeemable shares have been redeemed and 81,400 redeemable shares have been converted into ordinary shares, 1,906,542 ordinary shares left upon consummation of the reverse recapitalization.
Common Stock [Member]
Stockholder's Equity (Textuals)
Existing ordinary shares were converted		468,200

Earnings Per Share (Details) - USD ($)	12 Months Ended
Earnings Per Share (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 4,464,556	$ 5,956,665
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization	7,932,567	7,500,000
Shares outstanding post recapitalization
Weighted average basic and diluted shares outstanding	$ 7,932,567	$ 7,500,000
Basic and diluted net income (loss) per share	$ 0.56	$ 0.79

Geographical Sales and Segments (Details) - USD ($)	12 Months Ended
Geographical Sales and Segments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Total	$ 52,400,844	$ 60,213,088
Domestic Sales [Member]
Total	52,272,434	60,016,626
International Sales [Member]
Total	$ 128,410	$ 196,462

Geographical Sales and Segments (Details Textual)	12 Months Ended
Geographical Sales and Segments (Details Textual)	Dec. 31, 2019 Segments
Geographical Sales and Segments (Textual)
Number of business segments	1

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal
State
Foreign	784,343	1,469,911
Current income tax expense (benefit), total	784,343	1,469,911
Deferred:
Federal
State
Foreign	63,024	(76,955)
Deferred income tax expense (benefit), total	63,024	(76,955)
Provision for income taxes	$ 847,367	$ 1,392,956

Income Taxes (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for doubtful accounts	$ 164,950	$ 252,780
Inventories	20,180	26,716
Loss carried forward	7,851	6,924
Deferred Income	326,782	299,155
Total deferred tax assets	519,763	585,575
Deferred tax liabilities:
Others
Total deferred tax liabilities
Less: Valuation Allowance	(5,958)	(6,923)
Net deferred tax assets	$ 513,805	$ 578,652

Income Taxes (Details 2) - USD ($)	12 Months Ended
Income Taxes (Details 2) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Effective income tax rate reconciliation, amount
profit before taxation	$ 5,934,533	$ 8,016,507
PRC Statutory tax rate	25
Expected taxation at statutory tax rate	1,483,633	2,004,127
Non-deductible expenses	24,632	88,540
R&D Super-deduction	(264,972)	(282,645)
Under-accrued CIT for previous year	112,884	232,429
Effect of differing tax rates in different jurisdictions	(561,599)	(830,913)
Addition to Valuation Allowance	(965)	6,923
Others	53,754	174,495
Effective tax rate	$ 847,367	$ 1,392,956
Effective income tax rate reconciliation, percent
profit before taxation
PRC Statutory tax rate
Expected taxation at statutory tax rate	25.00%	25.00%
Non-deductible expenses	0.42%	1.10%
R&D Super-deduction	(4.46%)	(3.53%)
Under-accrued CIT for previous year	1.90%	2.90%
Effect of differing tax rates in different jurisdictions	(9.46%)	(10.37%)
Addition to Valuation Allowance	(0.02%)	9.00%
Others	0.91%	2.18%
Effective tax rate	14.28%	17.38%

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Taxes (Textual)
Income tax for locally earned income	0.00%	0.00%
Income tax reduction, description	The PRC, foreign invested enterprises established prior to January 1, 2008 are entitled to full exemption from income tax for two years beginning with the first year in which such enterprise is profitable and a 50% income tax reduction for the subsequent three years. Zhejiang Zhongchai Machinery Co., Ltd. was entitled to an exemption during the two years ended December 31, 2007 and was subject to a 50% income tax reduction during the three years ended December 31, 2010. Starting from January 1, 2013, Zhejiang Zhongchai has been enjoying a tax rate of 15% as it is considered as a High and New Technology Enterprise ("HNTE") by the PRC government, which may be renewable every three years if Zhejiang Zhongchai continues to obtain this award. Between January 1, 2016 and December 31, 2018, the Company continue enjoyed this preferential tax rate. Between January 1, 2016 and December 31, 2018, Zhejiang Zhongchai continued enjoying this preferential tax rate. Zhejiang Zhongchai under the re-application process of the HNTE. In condition of approval, Zhejiang Zhongchai would continue enjoying the preferential tax rate of 15% for the fiscal year of 2019 to 2021.
PRC standard income tax rate
Income tax at the rate on worldwide income	25.00%	25.00%
PRC tax law withholding income tax	10.00%
Retained earnings at PRC subsidiary	$ 8,500,000	$ 8,000,000
PRC withholding tax on retained earnings	10.00%
Net unrecognized tax benefits	$ 0	$ 0
PRC significant tax jurisdiction, term	5 years
Zhejiang Zhongchai and Hengyu [Member]
Income Taxes (Textual)
Wholly owned subsidiary, percent	62.50%
Zhongchai Holding Incorporated [Member]
Income Taxes (Textual)
PRC standard income tax rate	10.00%
Shengte [Member]
Income Taxes (Textual)
Retained earnings at PRC subsidiary	$ 500,000
Hengyu [Member]
Income Taxes (Textual)
Retained earnings at PRC subsidiary	$ 30,000
BVI income tax [Member]
Income Taxes (Textual)
Income tax reduction, description	These carry forwards will expire if not utilized by 2032. As of December 31, 2019 and December 31, 2018, the estimated net operating loss carry forwards for Hong Kong income tax purposes amounted to $0 and $0, which may be available to reduce future years' taxable income. As of December 31, 2019 and December 31, 2018, the estimated net operating loss carry forwards for China income tax purposes amounted to $7,851 and $6,923, which may be available to reduce future years' taxable income. These carry forwards will expire if not utilized in the next five years.
Hong Kong Limited [Member]
Income Taxes (Textual)
Income tax for locally earned income	16.50%

Commitments and Contingencies (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Zhejiang Xinchai Co., Ltd. [Member]

$ 14,497,610

Sinomachinery Holding Limited [Member]

^[1]

$ 14,497,610

[1]	On December 6, 2019, the Guarantees to Zhejiang Xinchai Co., Ltd have been removed due to the payback bank loan.

Commitments and Contingencies (Details 1)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 2,685,721
2021	1,684,828
2022	101,416
Total	$ 4,471,965

Commitments and Contingencies (Details Textual) - CNY (¥)		1 Months Ended					12 Months Ended
	Dec. 06, 2019	Dec. 18, 2019	Dec. 17, 2019	Nov. 28, 2019	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Agricultural Bank of PRC Co, Ltd. Xinchang [Member]
Commitments and Contingencies (Textual)
Pledging land use rights for original book value					¥ 28,990,000	¥ 28,990,000		¥ 28,990,000
Loan facility, description	Loan facility with maximum exposure of RMB48.83 million during the period from December 06, 2020 to December 06, 2022.			Loan facility with maximum exposure of RMB40.80 million during the period from November 28, 2019 to November 26, 2022.	Loan facility with maximum exposure of RMB53.30 million.	Loan facility with maximum exposure of RMB53.30 million.
Agricultural Bank of PRC Co, Ltd. Xinchang [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Pledging land use rights for original book value	¥ 11,080,000			¥ 9,840,000
Property ownership for original book value	¥ 35,120,000			¥ 27,820,000
Outstanding amount of short-term bank loan under pledge contract							¥ 48,830,000	53,300,000
Agricultural Bank of PRC Co, Ltd. Xinchang One [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Outstanding amount of short-term bank loan under pledge contract							40,800,000	¥ 53,300,000
Rural Commercial Bank of ChinaPRC Co, Ltd [Member]
Commitments and Contingencies (Textual)
Loan facility, description		Loan facility with maximum exposure of RMB8.00 million during the period from December 18, 2019 to December 17, 2022.	Loan facility with maximum exposure of RMB16.95 million during the period from December 17, 2019 to December 16, 2022.
Rural Commercial Bank of ChinaPRC Co, Ltd [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Pledging land use rights for original book value		¥ 4,170,000	¥ 4,750,000
Property ownership for original book value			¥ 11,280,000
Outstanding amount of short-term bank loan under pledge contract							15,000,000
Rural Commercial Bank of China Co., Ltd One [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Outstanding amount of short-term bank loan under pledge contract							¥ 8,000,000

Related Party Transactions (Details)

12 Months Ended

Dec. 31, 2019

Cenntro Holding Limited [Member]

Under common control of Peter Zuguang Wang

Zhejiang Kangchen Biotechnology Co., Ltd. [Member]

Controlling shareholder of the Company

Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]

Under common control of Peter Zuguang Wang

Zhejiang Zhonggong Machinery Co., Ltd. [Member]

Under common control of Peter Zuguang Wang

Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]

Under common control of Peter Zuguang Wang

Jiuxin Investment Management Partnership (LP) [Member]

Under common control of Peter Zuguang Wang

Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]

Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai

^[1]

Under common control of Peter Zuguang Wang

[1]	Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.

Related Party Transactions (Details 1) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Sinomachinery Holding Limited [Member]

$ 3,481,984

$ 7,084,542

Zhejiang Kangchen Biotechnology Co., Ltd. [Member]

^[1]

1,775,869

Zhejiang Zhonggong Machinery Co., Ltd. [Member]

^[2]

64,505

65,567

Xinchang County Jiuxin Investment Management Partnership (LP) [Member]

^[3]

207,177

1,276,691

Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]

^[4]

160,337

Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]

^[5]

1,773,365

11,135

Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]

^[6]

1,981

20,399

Cenntro Holding Limited [Member]

^[7]

95,302