0001213900-21-041724 | 10-Q | XBRL Viewer | Greenland Technologies Holding Corp

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Greenland Technologies Holding Corporation, formerly known as Greenland Acquisition Corporation (“Greenland” or the “Company”), was incorporated on December 28, 2017 as a British Virgin Islands Company with limited liability. The Company was incorporated as a blank check Company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. On October 24, 2019, the Company acquired all of the outstanding shares of Zhongchai Holding (Hong Kong) Limited via a reverse capitalization and changed its name from Greenland Acquisition Corporation to Greenland Technologies Holding Corporation.

Greenland serves as the parent Company for the primary operating Company, Zhongchai Holding (Hong Kong) Limited, a holding Company formed under the laws of Hong Kong on April 23, 2009 (“Zhongchai Holding”). Through Zhongchai Holding and other subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machineries in PRC.

Greenland, through its subsidiaries, is:

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a leading developer and manufacturer of transmission products for material handling machineries in China; and

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since December 2020, a developer of electric industrial vehicles, and has launched its 1.8 tons electric loader vehicle (GEL1800), GEX-8000 electric excavator and GEF-series lithium powered electric vehicle forklift truck.

Greenland’s transmission products are key components for forklift trucks, used in manufacturing and logistic applications such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in logistics for many enterprises across different industries in the PRC and around the globe. Generally, industries with the largest demand for forklifts are transportation, warehousing logistics, electrical machinery, and automobile.

Greenland has experienced increased demand for forklifts in the manufacturing industry in the PRC, as its revenue increased from approximately $26.45 million for the six months ended June 30, 2020 to approximately $52.82 million for the six months ended June 30, 2021. Since late March 2020, the Company’s business operations have gradually recovered from the negative impacts due to the lockdown as a result of the COVID-19 pandemic, and part of the Company’s backlogged orders were processed during the six months ended June 30, 2021, which contributed to an increase in its revenues for the six months ended June 30, 2021.

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. For the six months ended June 30, 2021 and 2020, Greenland sold 79,032 and 45,380 sets of transmission products, respectively, to more than 100 forklift manufacturers in aggregate in PRC.

In December 2020, Greenland launched a new division to focus on the electric industrial vehicle market, a market that Greenland intends to develop to diversify its product offerings. Greenland has setup an assembly facility on the East Coast of the United States for final assembly of its newly developed electric vehicle. Greenland’s teams have completed full beta versions of the 1.8 tons electric loader vehicle (GEL1800), its first electric industry vehicle product, and its GEX-8000 electric excavator. Greenland expects to start deliveries of GEL 1800 and GEX-8000 electric excavator in the fourth quarter of 2021. Other models, such as electric loader vehicles with loading capacity of one and a half tons or five tons are currently under development. In July 2021, Greenland also launched an innovative new GEF-series lithium powered electric vehicle forklift truck, one of the industry’s first electric vehicle forklift trucks to use lithium power. Greenland will cooperate with global parts suppliers to utilize their matured supply chain, which will enable it to shorten its development cycle and make quicker market entrance.

The COVID-19 pandemic has significantly affected business and manufacturing activities within China, including travel restrictions, widespread mandatory quarantines, and suspension of business activities within China. Effective February 3, 2020, the Company announced the temporary closure of its operating offices in Zhejiang Province, including suspension of its manufacturing activities in response to the emergency measures imposed by the local government. The Company’s operating subsidiaries were temporary shut down until the end of February 2020. Moreover, pandemic has significantly limited suppliers’ ability to provide low-cost, high-quality parts and materials 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. As of the date of this report, Chinese industries have gradually resumed businesses as government officials started to ease the restrictive measures since April 2020. However, we remain cautious and prudent when assessing the future impact of COVID-19 on our business due to the current ongoing global pandemic.

The Company’s Shareholders

As of June 30, 2021, Cenntro Holding Limited owns 69.60% of Greenland’s outstanding ordinary shares. Cenntro Holding Limited is controlled and beneficially owned by Mr. Peter Zuguang Wang, chairman of the board of directors of the Company.

The Company’s Subsidiaries

Zhongchai Holding, the 100% owned subsidiary of the Company, owns 89.47% of Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”), 62.5% of Shanghai Hengyu Enterprise Management Consulting Co., Ltd. (“Hengyu”) and 100% of Hangzhou Greenland Energy Technologies Co., Ltd. (“Hangzhou Greenland”).

Zhejiang Zhongchai, the subsidiary of the Company, is the sole shareholder of Zhejiang Shengte Transmission Co., Ltd. (“Shengte”). It also owned 62.5% of Hengyu until transferred its ownership to Zhongchai Holding on July 15, 2019.

Zhejiang Zhongchai

Zhejiang Zhongchai, a limited liability Company registered on November 21, 2005, is 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 June 30, 2021, Zhongchai Holding owns approximately 89.47% of Zhejiang Zhongchai and Jiuxin owns approximately 10.53% of Zhejiang Zhongchai.

Through Zhejiang Zhongchai, the Company has been engaging in the manufacture and sale of transmission systems mainly for forklift trucks since 2006. These forklift trucks are used in manufacturing and logistics applications, such as factory, workshop, warehouse, fulfilment centers, shipyards and seaports. The transmission systems are the key components for the forklift trucks. The Company supplies transmission systems to forklift truck manufacturers. Its transmission systems fit for forklift trucks ranging from 1 to 15 tons, with either mechanical shift or automatic shift. All the products are currently manufactured at the Company’s facility in Xinchang, Zhejiang Province, PRC and are sold to both domestic and oversea markets. The Company has moved to its new factory in Meizhu, Xinchang, Zhejiang Province, PRC, in October of 2019.

Hengyu

Hengyu is a limited liability Company registered on September 10, 2015 in Shanghai Free Trade Zone, Shanghai, and PRC. Hengyu holds no assets other than an account receivable owed by Cenntro Holding Limited. Main business of Hengyu are investment management and consulting services.

Hangzhou Greenland

Hangzhou Greenland is a limited liability Company registered on August 9, 2019 in Hangzhou Sunking Plaza, Zhejiang, PRC. Hangzhou Greenland engages in the business of trading.

Greenland Tech

Greenland Technologies Corporation was incorporated in the state of Delaware on January 14, 2020 as a wholly owned subsidiary of Greenland (“Greenland Tech”). The Company aims to use it as its U.S. operation site for the assembly, marketing and sales of electric industrial vehicles for the North American market.

Details of the Company’s subsidiaries, which are included in these unaudited consolidated financial statements as of June 30, 2021, are as follows:

Name	Domicile and Date of Incorporation	Paid-in Capital		Percentage of Effective Ownership			Principal Activities
Zhongchai Holding (Hong Kong) Limited	Hong Kong April 23, 2009	HKD	10,000		100	%	Holding
Zhejiang Zhongchai Machinery Co., Ltd.	PRC November 21, 2005	RMB	20,000,000		89.47	%	Manufacture, sale of various transmission boxes.
Shanghai Hengyu Enterprise Management Consulting Co., Ltd.	PRC September 10, 2015	RMB	251,500,000		62.5	%	Investment management and consulting services.
Hangzhou Greenland Energy Technologies Co., Ltd.	PRC August 9, 2019	RMB	4,794,242		100	%	Trading.
Greenland Technologies Corporation	Delaware, USA January 14, 2020	USD	6,363,557		100	%	US operation and distribution of electric industrial vehicles for North American market

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

Principles of Consolidation

The consolidated financial statements include the accounts of Greenland Technologies Holding Corporation and its subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Intercompany accounts and transactions have been eliminated upon consolidation. Certain reclassifications to previously reported financial information have been made to conform to the current period presentation.

The Business Combination was accounted for as a reverse recapitalization (the “Recapitalization Transaction”) in accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations. For accounting and financial reporting purposes, Zhongchai Holding is considered the acquirer based on facts and circumstances, including the following:

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

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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,

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

As a result of Zhongchai Holding being the accounting acquirer, the financial reports filed with the SEC by the Company subsequent to the Business Combination are prepared “as if” Zhongchai Holding is the predecessor and legal successor to the Company. The historical operations of Zhongchai Holding are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Zhongchai Holding prior to the Business Combination; (ii) the combined results of the Company and Zhongchai Holding following the Business Combination in October 24, 2019; (iii) the assets and liabilities of Zhongchai Holding at their historical cost, and (iv) Greenland’s equity structure for all periods presented. Zhongchai Holding received 7,500,000 shares of Greenland in exchange for all the share capital, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. No step-up basis of intangible assets or goodwill was recorded in the Business Combination transaction consistent with the treatment of the transaction as a reverse capitalization of Zhongchai Holding.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. Actual results could differ from those estimates. Significant estimates in the six months ended June 30, 2021 and 2020 include allowance for doubtful accounts, reserve for inventories, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets and accruals for taxes due.

Non-controlling Interest

Non-controlling interests in the Company’s subsidiaries are recorded in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 810 Consolidation (“ASC 810”) and are reported as a component of equity, separate from the parent’s equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

Foreign Currency Translation

The accompanying consolidated financial statements are presented in United States dollars (“US$” or “$”). The functional currency of the Company is Renminbi (“RMB”). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations.

	For the six months ended June 30,
	2021		2020
Period end RMB: US$ exchange rate		6.4566		7.0851
Period average RMB: US$ exchange rate		6.4671		7.0307

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations.

Cash and Cash Equivalents

For financial reporting purposes, the Company considers all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. The Company maintains no bank account in the United States of America. The Company maintains its bank accounts in PRC and Hong Kong Special Administrative Region (“SAR”). Balances at financial institutions or state-owned banks within PRC and Hong Kong SAR are not covered by insurance.

Restricted Cash

Restricted cash represents amounts held by a bank as security for bank acceptance bills, as well as the financial product secured for the short-term bank loan and therefore is not available for the Company’s use until such time as the bank acceptance notes and bank loans have been fulfilled or expired, normally within a twelve-month period.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, to the financial instruments that are required to be carried at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy based upon observable and non-observable inputs that prioritizes the information used to develop our assumptions regarding fair value. Fair value measurements are separately disclosed by level within the fair value hierarchy.

●	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.

The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accounts payable, other payables and accrued liabilities, short-term bank loans, and notes payable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and liabilities approximate fair value because of the short-term nature of these items. The estimated fair values of short-term bank loans were not materially different from their carrying value as presented due to the short maturities and that the interest rates on the borrowing approximate those that would have been available for loans of similar remaining maturity and risk profile. As the carrying amounts are reasonable estimates of the fair value, these financial instruments are classified within Level 1 of the fair value hierarchy.

Accounts Receivable

Accounts receivable are carried at net realizable value. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, customer’s historical payment history, its current creditworthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to customers are within 60 days after customers received the purchased goods. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. Balance of allowance of doubtful accounts was $1.00 million and $1.08 million as of June 30, 2021 and December 31, 2020, respectively.

Inventories

Inventories are stated at the lower of cost or net realizable value, which is based on estimated selling prices less any further costs expected to be incurred for completion and disposal. Cost of raw materials is calculated using the weighted average method and is based on purchase cost. Work-in-progress and finished goods costs are determined using the weighted average method and comprise direct materials, direct labor and an appropriate proportion of overhead. As of June 30, 2021 and December 31, 2020, the Company had reserves for inventories of $0 million and $0 million, respectively. The Company records inventory reserves for excess or obsolete inventories based upon assumptions about our current and future demand forecasts.

Advance to Suppliers

Advance to suppliers represents interest-free cash paid in advance to suppliers for purchases of parts and/or raw materials. The balance of advance to suppliers was $0.73 million and $0.45 million as of June 30, 2021 and December 31, 2020.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation, and include expenditure that substantially increases the useful lives of existing assets. Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred.

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
Fixtures and decorations	5 years

When assets are sold or retired, their costs and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal is recognized in the period of disposition as an element of other income. The cost of maintenance and repairs is charged to income as incurred, whereas significant renewals and betterments are capitalized.

Land Use Rights

According to the PRC laws, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the Chinese government. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty years.

Impairment of Long-Lived Assets

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, “Property, Plant and Equipment”.

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

There was no impairment loss recognized for the six months ended June 30, 2021 and 2020.

Lease

ASC 842 supersedes the lease requirements in ASC 840 “Leases”, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases.

A sale-leaseback transaction occurs when an entity sells an asset it owns and immediately leases the asset back from the buyer. The seller then becomes the lessee and the buyer becomes the lessor. under ASC 842, both parties must assess whether the buyer-lessor has obtained control of the asset and a sale has occurred.

The Company has determined that the leaseback transaction that it newly entered in current year fails to qualify as a sale because control is not transferred to the buyer-lessor. Therefore, the Company has classified the lease portion of the transaction as a finance lease whereby the Company continues to depreciate the assets and recorded a financing obligation for the consideration received from the buyer-lessor, with an implicit interest rate of 4.0038%.

Statutory Reserve

In accordance with the PRC Regulations on Enterprises with Foreign Investment, an enterprise established in the PRC with foreign investment is required to provide for certain statutory reserves, namely (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. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. Appropriations to the Enterprise Expansion Fund and Staff Welfare and Bonus Fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

Revenue Recognition

In accordance with ASC Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations and (v) recognition of revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes its revenues net of value-added taxes (“VAT”). 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.

Revenues are recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the performance obligation is fulfilled, usually at the time of customers’ acceptance or consumption, at the net sales price (transaction price) and each of the criteria under ASC 606 have been met. Contract terms may require the Company to deliver the finished goods to the customers’ location or the customer may pick up the finished goods at the Company’s factory. International sales are recognized when shipment clears customs and leaves the port.

The Company has adopted ASC 606 on January 1, 2018, using the transition method of Modified-Retrospective Method (“MRM”). The adoption of ASC 606 had no impact on the Company’s beginning balance of retained earnings.

The Company’s contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

Contracts do not offer any price protection, but allow for the return of certain goods if quality problem, which is standard warranty. The Company product returns and recorded reserve for sales returns were minimal for the six months ended June 30, 2021 and 2020. The total rebates amount is accounting for around 0.19% and 0.43% of the total revenue of Greenland.

The following table sets forth disaggregation of revenue:

	For the three months ended June 30,				For the six months ended June 30,
Major Product	2021		2020		2021		2020
Transmission boxes for Forklift		24,844,007		14,489,369		46,393,363		24,361,426
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		3,360,300		2,086,976		6,421,838		2,086,986
Total		28,204,307		16,576,345		52,815,201		26,448,412

Cost of Goods Sold

Cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the production of products. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold.

Selling Expenses

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

General and Administrative Expenses

General and administrative expenses include management and office salaries and employee benefits, depreciation for office facility and office equipment, travel and entertainment, legal and accounting, consulting fees and other office expenses.

Research and Development

Research and development costs are expensed as incurred and totaled approximately $1,005,296 and $475,649 for the three months ended June 30, 2021 and 2020, respectively. Research and development costs are expensed as incurred and totaled approximately $1,964,841 and $1,039,947 for the six months ended June 30, 2021 and 2020, respectively.

Government subsidies

Government subsidies are recognized when there is reasonable assurance that the subsidy will be received and all attaching conditions will be complied with. When the subsidy relates to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that it is intended to compensate. Where the subsidy relates to an asset, it is recognized as other long-term liabilities and is released to the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset. Total government subsidies recorded in the other long-term liabilities were $2.24 million and $2.34 million at June 30, 2021 and December 31, 2020, respectively.

Income Taxes

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company also follows FASB ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. 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 recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2021 and December 31, 2020, the Company did not have a liability for unrecognized tax benefits. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company’s historical tax years will remain open for examination by the local authorities until the statute of limitations has passed.

Value-Added Tax

Enterprises or individuals, who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with PRC Laws. 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. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company’s finished products can be used to offset the VAT due on the sales of the finished products.

Statutory Reserve

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or benefit. Accumulated comprehensive income consists of foreign currency translation. The Company presents comprehensive income (loss) consists in accordance with ASC Topic 220, “Comprehensive Income”.

Earnings per share

The Company calculates earnings per share in accordance with ASC Topic 260 “Earnings per Share.” Basic earnings per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential ordinary shares equivalents had been issued and if the additional common shares were dilutive. On October 24, 2019, the Company completed a reverse merger with Greenland Acquisition Corporation whereby the Company received 7,500,000 shares in exchange for all the share capital, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. The per share amounts have been updated to show the effect of the exchange on earnings per share as if the exchange occurred at the beginning of both years for the annual financial statements of the Company. The impact of the stock exchange is also shown on the Company’s Statements of Shareholders’ Equity.

Pursuant to the Service Agreement entered into and by the Company and Chineseinvestors.com, Inc., an Indiana corporation (“CIIX”) on August 21, 2019 (the “Service Agreement”), CIIX were to provide certain investor relations services to the Company for a period of three months beginning on August 21, 2019. And later on February 24, 2020, the Company and CIIX entered into a termination agreement (the “CIIX Termination Agreement”) to terminate their respective obligations under the Service Agreement. Pursuant to the CIIX Termination Agreement, the Company agreed to issue 5,000 restricted ordinary shares, no par value (the “CIIX Termination Shares”) to CIIX.

Pursuant to the Investor Relations Consulting Agreement entered into and by the Company and Skyline Corporate Communication Group, LLC, a Massachusetts limited liability Company (“SCCG”) on August 15, 2019 (the “Consulting Agreement”), SCCG were to provide certain investor relations services to the Company for a period of twelve months beginning on August 15, 2019. And later on February 25, 2020, the Company and SCCG entered into a termination agreement (the “SCCG Termination Agreement”) to terminate their respective obligations under the Consulting Agreement. Pursuant to the SCCG Termination Agreement, the Company agreed to issue 10,000 restricted ordinary shares, no par value (the “SCCG Termination Shares”) to SCCG.

Pursuant to the CIIX Termination Agreement and the SCCG Termination Agreement, 5,000 and 10,000 restricted ordinary shares, no par value, were issued to CIIX and SCCG on March 12, 2020 and March 13, 2020, respectively, and will be utilized for calculating earnings per share for the six months ended June 30, 2021.

Segments and Related Information

ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. All of the Company’s operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

The Company is engaged in the business of manufacturing and selling various transmission boxes. The Company’s manufacturing process is essentially the same for the entire Company and is performed in-house at the Company’s facilities in PRC. The Company’s customers primarily consist of entities in the automotive, construction machinery or warehousing equipment industries. The distribution of the Company’s products is consistent across the entire Company. In addition, the economic characteristics of each customer arrangement are similar in that the Company maintains policies at the corporate level.

Commitments and contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s management has evaluated all such proceedings and claims that existed as of June 30, 2021 and December 31, 2020. Normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s management has evaluated all such proceedings and claims that existed as of June 30, 2021 and December 31, 2020.

Related Party

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm’s-length, favorable treatment, or the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent Company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.

Economic and Political Risks

The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy.

The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with state-owned banks within the PRC, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts. A portion of the Company’s sales are credit sales which are primarily to customers whose abilities to pay are dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk

Exchange Risk

The Company cannot guarantee that the current exchange rate will remain steady. Therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and yet, because of a fluctuating exchange rates, record higher or lower profit depending on exchange rate of PRC Renminbi (RMB) converted to U.S. dollars on the relevant dates. The exchange rate could fluctuate depending on changes in the political and economic environment without notice.

Recently Issued Accounting Pronouncements

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

In June 2016, the FASB issued ASU 2016-13,” Measurement of Credit Losses on Financial Instruments”, to require financial assets carried at amortized cost to be presented at the net amount expected to be collected based on historical experience, current conditions and forecasts. Subsequently, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, in April 2019. To clarify that receivables arising from operating leases are within the scope of lease accounting standards. In October 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842), which defers the effective date for public filers that are considered small reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Since the Company is a smaller reporting company, implementation is not needed until January 1, 2023. Adoption of the standard requires using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align existing credit loss methodology with the new standard. The Company is evaluating the impact of this standard on its consolidated financial statements, including accounting policies, processes, and systems, and expects the standard will have a minor impact on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04 (Topic 350) Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. As amended by ASU 2019-10, this ASU will be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company is evaluating the impact of the application of this standard and does not expect that the adoption of the ASU 2017-04 will have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13 Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted Topic 820 on January 1, 2020. The adoption of the ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

Concentration on Revenues and Cost of Goods Sold

6 Months Ended

Jun. 30, 2021

Concentration on Revenues and Cost of Goods Sold [Abstract]

CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

NOTE 3 – CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

Concentration of major customers and suppliers:

	For the six months ended June 30,
	2021				2020
Major customers representing more than 10% of the Company’s revenues
Company A	$	8,881,037	16.82	%	$	6,166,754	23.32	%
Company B		6,593,104	12.48	%		-	-
Total Revenues	$	15,474,141	29.30	%	$	6,166,754	23.32	%

	As of
	June 30, 2021				December 31, 2020
Major customers of the Company’s accounts receivable
Company A		1,990,033	9.70	%		2,002,275	14.95	%
Company B		1,498,188	7.30	%		1,955,113	14.60	%
Company C		1,456,398	7.10	%		1,359,607	10.15	%
Total	$	4,944,619	24.10	%	$	5,316,995	39.69	%

Accounts receivable from the Company’s major customers accounted for 24.10% and 39.69% of total accounts receivable balances as of June 30, 2021 and December 31, 2020, respectively.

There were no suppliers representing more than 10% of the Company’s total purchases for the six months ended June 30, 2021 and 2020, respectively.

Accounts Receivable

6 Months Ended

Jun. 30, 2021

Accounts Receivable [Abstract]

ACCOUNTS RECEIVABLE

NOTE 4 – ACCOUNTS RECEIVABLE

Accounts receivable is net of allowance for doubtful accounts.

	As of
	June 30, 2021			December 31, 2020
Accounts receivable	$	21,516,802		$	13,395,080
Less: allowance for doubtful accounts		(996,984	)		(986,532	)
Accounts receivable, net	$	20,519,818		$	12,408,548

Changes in the allowance for doubtful accounts are as follows:

	For the three months ended June 30,
	2021		2020
Beginning balance	$	986,532	$	1,037,797
Provision for doubtful accounts		10,452		111,947
Ending balance	$	996,984	$	1,149,744

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 – INVENTORIES

	As of
	June 30, 2021		December 31, 2020
Raw materials	$	6,789,961	$	5,682,382
Revolving material		928,567		742,437
Consigned processing material		62,249		51,290
Work-in-progress		2,226,541		2,015,677
Finished goods		7,724,097		6,888,277
Inventories, net	$	17,731,415	$	15,380,063

Notes Receivable

6 Months Ended

Jun. 30, 2021

Notes Receivable Disclosure [Abstract]

NOTES RECEIVABLE

NOTE 6 – NOTES RECEIVABLE

	As of
	June 30, 2021		December 31, 2020
Bank notes receivable:	$	33,088,948	$	30,803,772
Commercial notes receivable		24,781		-
Total	$	33,113,729	$	30,803,772

Bank notes and commercial notes are means of payment from customers for the purchase of the Company’s products and are issued by financial institutions or business entities, respectively, that entitle the Company to receive the full nominal amount from the issuer at maturity, which bears no interest and generally ranges from three to six months from the date of issuance. As of June 30, 2021, the Company pledged notes receivable for an aggregate amount of $21.83 million to Bank of Communications and Bank of Hangzhou as a means of security for issuance of bank acceptance notes for an aggregate amount of $26.49 million. As of December 31, 2020, the Company pledged notes receivable for an aggregate amount of $26.53 million to Bank of Communications as a means of security for issuance of bank acceptance notes for an aggregate amount of $23.70 million. The Company expects collection of notes receivable within 6 months.

Property, Plant and Equipment and Construction in Progress

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

(a) As of June 30, 2021 and December 31, 2020, property, plant and equipment consisted of the following:

	As of
	June 30, 2021			December 31, 2020
Buildings	$	14,412,596		$	12,453,285
Machinery		19,723,416			20,907,623
Motor vehicles		329,302			325,850
Electronic equipment		201,991			198,955
Total property plant and equipment, at cost		34,667,305			33,885,713

Less: accumulated depreciation		(15,227,047	)		(13,843,189	)
Property, plant and equipment, net	$	19,440,258		$	20,042,524
Construction in process		93,798			92,815
Total	$	19,534,056		$	20,135,339

For the six months ended June 30, 2021 and 2020, depreciation expense amounted to $1.20 million and $0.95 million, respectively, of which $0.77 million and $0.68 million, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense, research and development expenses, and other expenses.

For the six months ended June 30, 2021 and 2020, $0 and $430,581 of construction in progress were converted into fixed assets.

Restricted assets consist of the following:

	As of
	June 30, 2021		December 31, 2020
Buildings, net	$	11,167,710	$	11,050,641
Machinery, net		2,173,063		2,150,284
Total		13,340,773		13,200,925

As of June 30, 2021, the Company pledged its ownership in buildings for net book value of RMB72.11 million ($11.01 million) as security with ABC Xinchang and Rural commercial bank, for its loan facility with maximum exposure of RMB94.63 million.

As of December 31, 2020, the Company pledged its ownership in buildings for net book value of RMB72.11 million ($11.05 million) as security with ABC Xinchang and Rural commercial bank, for its loan facility with maximum exposure of RMB104.63 million.

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 May 12, 2020, the Company prepaid the financing lease obligations for aggregate payment of $1.34 million.

On April 26, 2019, the Company sold various 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. On April 30, 2020, the Company prepaid the financing lease obligations for aggregate payment of $0.94 million.

On May 27, 2020, the Company sold various equipment including the general assembly line and the differential assembly line to third parties for aggregate proceeds of $1.42 million (RMB10.00 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 that it did not relinquish control of the assets to the buyer-lessor. Therefore, the Company accounted for the transactions as failed sale-leaseback whereby the Company continues to depreciate the assets and recorded a financing obligation for the consideration received from the buyer-lessor.

Land Use Rights

6 Months Ended

Jun. 30, 2021

Land Use Rights [Abstract]

LAND USE RIGHTS

NOTE 8 – LAND USE RIGHTS

Land use rights consisted of the following:

	As of
	June 30, 2021			December 31, 2020
Land use rights, cost	$	4,765,140		$	4,715,188
Less: Accumulated amortization		(734,788	)		(679,934	)
Land use rights, net	$	4,030,352		$	4,035,254

As of June 30, 2021, there was land use rights with net book value of $4.03 million, which approximately were used as collateral for the Company’s short-term bank loans. As of December 31, 2020, there was land use rights with net book value of $4.04 million, which approximately were used as collateral for the Company’s short-term bank loans.

Estimated future amortization expense is as follows as of June 30, 2021:

Years ending June 30,	Amortization expense
2022	$	95,148
2023		95,148
2024		95,148
2025		95,148
2026		95,148
Thereafter		3,554,612
Total	$	4,030,352

Notes Payable

6 Months Ended

Jun. 30, 2021

Notes Payable Disclosure [Abstract]

NOTES PAYABLE

NOTE 9 – NOTES PAYABLE

	As of
	June 30, 2021		December 31, 2020
Bank acceptance notes	$	38,202,952	$	25,889,067
Total	$	38,202,952	$	25,889,067

The interest-free notes payable, ranging from nine months to one year from the date of issuance, were secured by $9.77 million and $2.24 million restricted cash, $33.11 million and $26.53 million notes receivable, and $4.03 million and $4.04 million land use rights, as of June 30, 2021 and December 31, 2020, respectively.

All the notes payable are subject to bank charges of 0.05% of the principal amount as commission, included in the financial expenses in the statement of operations, on each loan transaction. The interest charge of notes payable is free.

Accounts Payable

6 Months Ended

Jun. 30, 2021

Accounts Payable [Abstract]

ACCOUNTS PAYABLE

NOTE 10 – ACCOUNTS PAYABLE

Accounts payable are summarized as follow:

	As of
	June 30, 2021		December 31, 2020
Procurement of Materials	$	26,746,255	$	21,140,063
Infrastructure & Equipment		1,404,610		717,053
Freight fee		149,369		148,144
Total	$	28,300,234	$	22,005,260

Short Term Bank Loans

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

SHORT TERM BANK LOANS

NOTE 11 – SHORT TERM BANK LOANS

Short-term loans are summarized as follow:

	As of
	June 30, 2021		December 31, 2020
Collateralized bank loans	$	11,125,051	$	17,261,302
Guaranteed bank loans		774,401		1,226,054
Total	$	11,899,452	$	18,487,356

Short-term loans as of June 30, 2021 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		June 30, 2021
Sep.01, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	6,014,002
Sep.16, 2021	Operating Loans	Rural commercial bank of Xinchang		5.30	$	1,239,042
Sep.22, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	1,239,042
Sep.26, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	2,632,965
Jan.21, 2022	Operating Loans	Rural commercial bank of Xinchang		5.30	$	774,401
Total					$	11,899,452

Short-term loans as of December 31, 2020 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2020
Sep.01, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	5,950,958
Sep.06, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	6,252,874
Sep.16, 2021	Operating Loans	Rural commercial bank of Xinchang		5.30	$	1,226,053
Sep.22, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	1,226,053
Sep.26, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	2,605,364
Nov.11, 2021	Operating Loans	SPD Rural Bank of Xinchang		5.50		1,226,054
Total					$	18,487,356

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 4.5547% and 4.7467% for the six months ended June 30, 2021 and 2020, respectively. The Company was in compliance with its loan financial covenants at June 30, 2021 and December 31, 2020, respectively.

Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Other Current Liabilities [Abstract]

OTHER CURRENT LIABILITIES

NOTE 12 – OTHER CURRENT LIABILITIES

Other current liabilities are summarized as follow:

	As of
	June 30, 2021		December 31, 2020
Employee payables		135,782		483,922
Other tax payables		1,078,166		1,208,323
Borrowing from third party		261,142		520,080
Total	$	1,475,090	$	2,212,325

Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2021

Other Longterm Liabilities Disclosure [Abstract]

OTHER LONG-TERM LIABILITIES

NOTE 13 – OTHER LONG-TERM LIABILITIES

Other long-term liabilities are summarized as follow:

	As of
	June 30, 2021		December 31, 2020
Subsidy		2,240,949		2,342,648
Total	$	2,240,949	$	2,342,648

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. As of June 30, 2021, grant income decreased by $0.10 million, as compared to December 31, 2020. The change was mainly due to timing of incurring qualifying expenses.

Long Term Payables

6 Months Ended

Jun. 30, 2021

Long Term Payables [Abstract]

LONG TERM PAYABLES

NOTE 14 – LONG TERM PAYABLES

	As of
	June 30, 2021		December 31, 2020
Long-term payables current portion	$	584,003	$	797,179
Long-term payables– non-current portion		-		166,292
Total	$	584,003	$	963,471

On May 27, 2020, the Company sold various equipment including its general assembly line and the differential assembly line to third parties for aggregate proceeds of $1.42 million (RMB10.00 million). The Company also 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 that it did not relinquish control of the assets to the buyer-lessor. Therefore, the sale of the equipment 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

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDER'S EQUITY

NOTE 15 – 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. As of June 30, 2021 and December 31, 2020, 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. As of June 30, 2021 and December 31, 2020, there were 11,448,327 and 10,225,142 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 (“Chardan”).

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 ordinary shares 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 certain Finder Agreement with Hanyi Zhou, dated May 29, 2019, 50,000 newly issued ordinary shares were issued to Zhou Hanyi as the finder fee for the 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.

Pursuant to the Service Agreement entered into and by The Company and Chineseinvestors.com, Inc., an Indiana corporation (“CIIX”) on August 21, 2019 (the “Service Agreement”), CIIX were to provide certain investor relations services to the Company for a period of three months beginning on August 21, 2019. Pursuant to the Service Agreement, the Company were to pay CIIX fees consisting of three equal monthly instalments of $12,000 and 5,000 restricted ordinary shares, no par value, of the Company on a quarterly basis during the term of the Consulting Agreement. On February 24, 2020, Greenland and CIIX entered into a termination agreement (the “CIIX Termination Agreement”) to terminate their respective obligations under the Service Agreement. Pursuant to the CIIX Termination Agreement, the Company agreed to issue 5,000 restricted ordinary shares, no par value (the “CIIX Termination Shares”) to CIIX. Upon CIIX’s receipt of the CIIX Termination Shares, the Company will have fully satisfied its payment obligations under the Service Agreement.

Pursuant to the Investor Relations Consulting Agreement entered into and by The Company and Skyline Corporate Communication Group, LLC, a Massachusetts limited liability Company (“SCCG”) on August 15, 2019 (the “Consulting Agreement”), SCCG were to provide certain investor relations services to the Company for a period of twelve months beginning on August 15, 2019. Pursuant to the Consulting Agreement, the Company were to pay SCCG fees consisting of $5,000 per month and 1,250 restricted ordinary shares, no par value, of the Company on a quarterly basis during the term of the Consulting Agreement. On February 25, 2020, Greenland and SCCG entered into a termination agreement (the “SCCG Termination Agreement”) to terminate their respective obligations under the Consulting Agreement. Pursuant to the SCCG Termination Agreement, the Company agreed to issue 10,000 restricted ordinary shares, no par value (the “SCCG Termination Shares”) to SCCG. Upon SCCG’s receipt of the SCCG Termination Shares, the Company will have fully satisfied its payment obligations under the Consulting Agreement.

On November 10, 2020, the Company granted a total of 135,000 restricted ordinary shares to JING JIN.

On December 30, 2020, the Company granted a total of 69,000 restricted ordinary shares to RAYMOND Z. WANG.

On February 8, 2021, the Company granted a total of 51,000 restricted ordinary shares to RAYMOND Z. WANG.

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 Company’s 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).

As of June 30, 2021, all of the existing Rights were converted into 468,200 ordinary shares as a result of the Business Combination.

Warrants —The Company’s outstanding warrants held by CEDE & CO (“Public Warrants”) may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. 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, the holders may, 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 the 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.

Private warrants include (i) the 282,000 warrants underlying the units issued to the Sponsor and Chardan in a private placement in connection with our initial public offering (“Private Unit Warrants”), and (ii) 120,000 warrants held by Chardan upon the exercise of its unit purchase option to purchase 120,000 units in March 2021 (“Option Warrants”, together with Private Unit Warrants, the “Private Warrants”). 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.

As of June 30, 2021 there were total 4,682,000 Warrants outstanding, including 4,621,985 Public Warrants held by CEDE & CO, and 22,000 and 260,000 Private Warrants held by Chardan and the Sponsor, respectively.

Certain warrants were exercised in February of 2021 for the issuance of 221,985 newly issued ordinary shares. The Company received cash proceeds of $1,858,841 from the exercise of these 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 1933, as amended, 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. As of June 30, 2021, there was a unit purchase option outstanding to purchase 120,000 units.

Geographical Sales And Segments [Abstract]

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 16 – 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 ordinary shares 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. Pursuant to the CIIX Termination Agreement and the SCCG Termination Agreement, 5,000 and 10,000 restricted ordinary shares, no par value, were issued to CIIX and SCCG on March 12, 2020 and March 13, 2020 respectively.

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

	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020
Net income attributable to the Greenland Corporation and subsidiaries	$	2,780,753	$	1,259,097	$	4,909,321	$	1,515,761
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		10,498,127		10,006,142		10,225,142		10,006,142
Weighted average shares of restricted grants		-		15,000		-		15,000
Weighted average shares issued for exercise of warrants		950,200		-		1,223,185		-
Weighted average ordinary shares of common stock		10,814,479		10,021,142		10,574,223		10,015,203
Dilutive effect of stock options		—		—		—		—
Restricted stock vested not issued		—		—		—		—
ordinary shares and ordinary shares equivalents		10,814,479		10,021,142		10,574,223		10,015,203
Basic and diluted net income per share	$	0.26	$	0.13		0.46		0.15

Geographical Sales and Segments

6 Months Ended

Jun. 30, 2021

GEOGRAPHICAL SALES AND SEGMENTS

NOTE 17 – 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 three and six months ended June 30, 2021 and 2020 are as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020
Domestic Sales	$	28,106,861	$	16,510,295	$	52,607,900	$	26,374,148
International Sales		97,446		66,050		207,301		74,264
Total	$	28,204,307	$	16,576,345	$	52,815,201	$	26,448,412

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 18 – INCOME TAXES

Income tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for items which are considered discrete to the period.

The effective tax rates on income before income taxes for the six months ended June 30, 2021 was 14.08%. The effective tax rate for the six months ended June 30, 2021 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction.

The effective tax rates on income before income taxes for the six months ended June 30, 2020 was 7.46%. The effective tax rate for the six months ended June 30, 2020 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction. The effective tax rate is based on forecasted annual results and these amounts may fluctuate significantly through the rest of the year as a result of the unpredictable impact of COVID-19 on its operating activities.

The Company has recorded $0 unrecognized benefit as of June 30, 2021. On the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized benefit within the next 12 months.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

COMMITMENTS AND CONTINGENCIES

NOTE 19 – COMMITMENTS AND CONTINGENCIES

Guarantees and pledged collateral for bank loans to other parties:

(1) Pledged collateral for bank loans

On December 6, 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 6, 2019 to May 21, 2022. As of June 30, 2021 and December 31, 2020, outstanding amount of the short-term bank loan under this pledge contract was RMB38.83 million and RMB38.83 million.

On November 28, 2019, Zhejiang Zhongchai signed a maximum amount pledge contract with 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 December 26, 2022. As of June 30, 2021 and December 31, 2020, outstanding amount of the short-term bank loan under this pledge contract was RMB0 million and 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 16, 2019 to December 15, 2024. As of June 30, 2021 and December 31, 2020, outstanding amount of the short-term bank loan under this pledge contract was RMB17.00 million and RMB17.00 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 16, 2019 to December 15, 2024. As of June 30, 2021 and December 31, 2020, outstanding amount of the short-term bank loan under this Pledge Contract was RMB8.00 million and RMB8.00 million.

(2) Litigation

On September 19, 2019, a purported class action challenging the Business Combination was filed in the United States District Court for the District of Delaware (the “District Court”), captioned Wheby v. Greenland Acquisition Corporation, et al., Case No. 19-1758-MN (D. Del.) (the “Action”). The Action alleged certain violations of the Securities Exchange Act of 1934, as amended, and sought, among other things, to enjoin the Business Combination from closing (or, if consummated, to rescind the Business Combination or award rescissory damages), to require the Company to issue a separate proxy statement, and to receive an award of attorneys’ fees and costs.

On October 14, 2019, the plaintiff, the Company and all other named defendants 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. As of January 25, 2021, we have been settled with our counter party which paid into in total $65,000. As of June 30, 2021, those discussions have been completed.

Facility Leases

The Company entered into a failed sale-leaseback transaction on January 3, 2019 and April 26, 2019. See further discussion in NOTE 14 –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 June 30, 2021:

Years ending June 30,	Amount
2022		584,003
2023		-
Total	$	584,003

Related Party Transactions

6 Months Ended

Jun. 30, 2021

RELATED PARTY TRANSACTIONS

NOTE 20 – 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)		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
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Company
Greenland Asset Management Corporation		Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd		One of the directors of Hengyu

(b) Summary of Balances with Related Parties:

	As of
	June 30, 2021		December 31, 2020
Due to related parties:
Sinomachinery Holding Limited¹	$	1,775,869	$	1,775,869
Zhejiang Kangchen Biotechnology Co., Ltd²		-		64,505
Zhejiang Zhonggong Machinery Co., Ltd.³		481,915		538,166
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁴		-		-
Cenntro Smart Manufacturing Tech. Co., Ltd.⁵		2,866		3,602
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁶		242,508		514,365
Cenntro Holding Limited⁷		1,591,627		1,591,627
Peter Zuguang Wang⁷		-		25,000
Greenland Asset Management Corporation⁷		-		-
Xinchang County Jiuxin Investment Management Partnership (LP)⁷		3,619,645		4,347,985
Hangzhou Jiuru Economic Information Consulting Co. Ltd⁷		190,000		190,000
Total	$	7,904,430	$	9,051,119

The balance of due to related parties as of June 30, 2021 and December 31, 2020 consisted of:

Advance 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.;

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

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

Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and

Borrowings from related parties

	As of
	June 30, 2021		December 31, 2020
Due from related parties-current:
Cenntro Holding Limited	$	38,943,406	$	38,535,171
Cenntro Smart Manufacturing Tech. Co., Ltd.		3,097		-
Total	$	38,946,503	$	38,535,171

The balance of Due from related parties as of June 30, 2021 and December 31, 2020 consisted of:

Other receivable from Cenntro Holding Limited was $38.9 million and $38.5 million as of June 30, 2021 and December 31, 2020, respectively.

The Company expects the amount due from its equity holder, Cenntro Holding will be paid back on April 27, 2022, as the Company and Cenntro Holding Limited mutually agreed to an extension of repayment from the end of October 2020,the original maturity date.

(c) Summary of Related Party Funds Lending:

A summary of funds lending with related parties for the six months ended June 30, 2021 and 2020 are listed below:

Withdraw funds from related parties:	For the six months ended June 30,
	2021		2020
Zhejiang Zhonggong Machinery Co., Ltd.		77,314		354,736
Cenntro Smart Manufacturing Tech. Co., Ltd.		33,091		-
Peter Zuguang Wang		25,000		-
Xinchang County Jiuxin Investment Management Partnership (LP)		-		255,410
Cenntro Holding Limited		251,973		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		34,946		15,573
Total		422,324		625,719

Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		77,314		496,630
Xinchang County Jiuxin Investment Management Partnership (LP)		773,144		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		310,804		-
Cenntro Smart Manufacturing Tech. Co., Ltd.		33,864		-
Zhejiang Kangchen Biotechnology Co., Ltd		64,505		-
Peter Zuguang Wang		25,000		-
Total		1,284,631		496,630

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21 – SUBSEQUENT EVENTS

The management has evaluated subsequent events through the date of the report, and there was no material subsequent event requiring adjustments to the financial statements or disclosure.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2021

Principles of Consolidation

Basis of Presentation

Basis of Presentation

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 interests in the combined entity.

Use of Estimates

Use of Estimates

Non-controlling Interest

Non-controlling Interest

Foreign Currency Translation

Foreign Currency Translation

	For the six months ended June 30,
	2021		2020
Period end RMB: US$ exchange rate		6.4566		7.0851
Period average RMB: US$ exchange rate		6.4671		7.0307

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
Fixtures and decorations	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 six months ended June 30, 2021 and 2020.

Lease

Lease

Revenue Recognition

Revenue Recognition

The Company’s contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

The following table sets forth disaggregation of revenue:

	For the three months ended June 30,				For the six months ended June 30,
Major Product	2021		2020		2021		2020
Transmission boxes for Forklift		24,844,007		14,489,369		46,393,363		24,361,426
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		3,360,300		2,086,976		6,421,838		2,086,986
Total		28,204,307		16,576,345		52,815,201		26,448,412

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 (Loss)

Comprehensive Income (Loss)

Earnings per share

Earnings per share

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)

6 Months Ended

Jun. 30, 2021

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	Hong Kong April 23, 2009	HKD	10,000		100	%	Holding
Zhejiang Zhongchai Machinery Co., Ltd.	PRC November 21, 2005	RMB	20,000,000		89.47	%	Manufacture, sale of various transmission boxes.
Shanghai Hengyu Enterprise Management Consulting Co., Ltd.	PRC September 10, 2015	RMB	251,500,000		62.5	%	Investment management and consulting services.
Hangzhou Greenland Energy Technologies Co., Ltd.	PRC August 9, 2019	RMB	4,794,242		100	%	Trading.
Greenland Technologies Corporation	Delaware, USA January 14, 2020	USD	6,363,557		100	%	US operation and distribution of electric industrial vehicles for North American market

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of gain or loss on foreign currency transaction

	For the six months ended June 30,
	2021		2020
Period end RMB: US$ exchange rate		6.4566		7.0851
Period average RMB: US$ exchange rate		6.4671		7.0307

Schedule of estimated useful lives

Plant, buildings and improvements	20 years
Machinery and equipment	2~10 years
Motor vehicles	4 years
Office equipment	3~5 years
Fixtures and decorations	5 years

Schedule of sets forth disaggregation of revenue

	For the three months ended June 30,				For the six months ended June 30,
Major Product	2021		2020		2021		2020
Transmission boxes for Forklift		24,844,007		14,489,369		46,393,363		24,361,426
Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes		3,360,300		2,086,976		6,421,838		2,086,986
Total		28,204,307		16,576,345		52,815,201		26,448,412

Concentration on Revenues and Cost of Goods Sold (Tables)

6 Months Ended

Jun. 30, 2021

Concentration on Revenues and Cost of Goods Sold [Abstract]

Schedule of concentration of major customers and suppliers

	For the six months ended June 30,
	2021				2020
Major customers representing more than 10% of the Company’s revenues
Company A	$	8,881,037	16.82	%	$	6,166,754	23.32	%
Company B		6,593,104	12.48	%		-	-
Total Revenues	$	15,474,141	29.30	%	$	6,166,754	23.32	%

Schedule of major customers of accounts receivable

	As of
	June 30, 2021				December 31, 2020
Major customers of the Company’s accounts receivable
Company A		1,990,033	9.70	%		2,002,275	14.95	%
Company B		1,498,188	7.30	%		1,955,113	14.60	%
Company C		1,456,398	7.10	%		1,359,607	10.15	%
Total	$	4,944,619	24.10	%	$	5,316,995	39.69	%

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Accounts Receivable [Abstract]

Schedule of accounts receivable net

	As of
	June 30, 2021			December 31, 2020
Accounts receivable	$	21,516,802		$	13,395,080
Less: allowance for doubtful accounts		(996,984	)		(986,532	)
Accounts receivable, net	$	20,519,818		$	12,408,548

Schedule of allowance for doubtful accounts

	For the three months ended June 30,
	2021		2020
Beginning balance	$	986,532	$	1,037,797
Provision for doubtful accounts		10,452		111,947
Ending balance	$	996,984	$	1,149,744

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of inventories

	As of
	June 30, 2021		December 31, 2020
Raw materials	$	6,789,961	$	5,682,382
Revolving material		928,567		742,437
Consigned processing material		62,249		51,290
Work-in-progress		2,226,541		2,015,677
Finished goods		7,724,097		6,888,277
Inventories, net	$	17,731,415	$	15,380,063

Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Notes Receivable Disclosure [Abstract]

Schedule of notes receivable

	As of
	June 30, 2021		December 31, 2020
Bank notes receivable:	$	33,088,948	$	30,803,772
Commercial notes receivable		24,781		-
Total	$	33,113,729	$	30,803,772

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

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

	As of
	June 30, 2021			December 31, 2020
Buildings	$	14,412,596		$	12,453,285
Machinery		19,723,416			20,907,623
Motor vehicles		329,302			325,850
Electronic equipment		201,991			198,955
Total property plant and equipment, at cost		34,667,305			33,885,713

Less: accumulated depreciation		(15,227,047	)		(13,843,189	)
Property, plant and equipment, net	$	19,440,258		$	20,042,524
Construction in process		93,798			92,815
Total	$	19,534,056		$	20,135,339

Schedule of restricted assets

	As of
	June 30, 2021		December 31, 2020
Buildings, net	$	11,167,710	$	11,050,641
Machinery, net		2,173,063		2,150,284
Total		13,340,773		13,200,925

Land Use Rights (Tables)

6 Months Ended

Jun. 30, 2021

Land Use Rights [Abstract]

Schedule of land use rights

	As of
	June 30, 2021			December 31, 2020
Land use rights, cost	$	4,765,140		$	4,715,188
Less: Accumulated amortization		(734,788	)		(679,934	)
Land use rights, net	$	4,030,352		$	4,035,254

Schedule of estimated future amortization expense

Years ending June 30,	Amortization expense
2022	$	95,148
2023		95,148
2024		95,148
2025		95,148
2026		95,148
Thereafter		3,554,612
Total	$	4,030,352

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2021

Notes Payable Disclosure [Abstract]

Schedule of notes payable

	As of
	June 30, 2021		December 31, 2020
Bank acceptance notes	$	38,202,952	$	25,889,067
Total	$	38,202,952	$	25,889,067

Accounts Payable (Tables)

6 Months Ended

Jun. 30, 2021

Accounts Payable [Abstract]

Schedule of accounts Payable

	As of
	June 30, 2021		December 31, 2020
Procurement of Materials	$	26,746,255	$	21,140,063
Infrastructure & Equipment		1,404,610		717,053
Freight fee		149,369		148,144
Total	$	28,300,234	$	22,005,260

Short Term Bank Loans (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of short term bank loans

	As of
	June 30, 2021		December 31, 2020
Collateralized bank loans	$	11,125,051	$	17,261,302
Guaranteed bank loans		774,401		1,226,054
Total	$	11,899,452	$	18,487,356

Schedule of short term loans

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		June 30, 2021
Sep.01, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	6,014,002
Sep.16, 2021	Operating Loans	Rural commercial bank of Xinchang		5.30	$	1,239,042
Sep.22, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	1,239,042
Sep.26, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	2,632,965
Jan.21, 2022	Operating Loans	Rural commercial bank of Xinchang		5.30	$	774,401
Total					$	11,899,452

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2020
Sep.01, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	5,950,958
Sep.06, 2021	Operating Loans	Agricultural bank of PRC		4.44	$	6,252,874
Sep.16, 2021	Operating Loans	Rural commercial bank of Xinchang		5.30	$	1,226,053
Sep.22, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	1,226,053
Sep.26, 2021	Operating Loans	Rural commercial bank of Xinchang		4.35	$	2,605,364
Nov.11, 2021	Operating Loans	SPD Rural Bank of Xinchang		5.50		1,226,054
Total					$	18,487,356

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Other Current Liabilities [Abstract]

Schedule of other current liabilities

	As of
	June 30, 2021		December 31, 2020
Employee payables		135,782		483,922
Other tax payables		1,078,166		1,208,323
Borrowing from third party		261,142		520,080
Total	$	1,475,090	$	2,212,325

Other Long-Term Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Other Longterm Liabilities Disclosure [Abstract]

Schedule of Other long-term liabilities

	As of
	June 30, 2021		December 31, 2020
Subsidy		2,240,949		2,342,648
Total	$	2,240,949	$	2,342,648

Long Term Payables (Tables)

6 Months Ended

Jun. 30, 2021

Long Term Payables [Abstract]

Schedule of long term payables

	As of
	June 30, 2021		December 31, 2020
Long-term payables current portion	$	584,003	$	797,179
Long-term payables– non-current portion		-		166,292
Total	$	584,003	$	963,471

Schedule of basic and diluted earnings per share computation

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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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020
Net income attributable to the Greenland Corporation and subsidiaries	$	2,780,753	$	1,259,097	$	4,909,321	$	1,515,761
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		10,498,127		10,006,142		10,225,142		10,006,142
Weighted average shares of restricted grants		-		15,000		-		15,000
Weighted average shares issued for exercise of warrants		950,200		-		1,223,185		-
Weighted average ordinary shares of common stock		10,814,479		10,021,142		10,574,223		10,015,203
Dilutive effect of stock options		—		—		—		—
Restricted stock vested not issued		—		—		—		—
ordinary shares and ordinary shares equivalents		10,814,479		10,021,142		10,574,223		10,015,203
Basic and diluted net income per share	$	0.26	$	0.13		0.46		0.15

Geographical Sales and Segments (Tables)

6 Months Ended

Jun. 30, 2021

Geographical Sales And Segments [Abstract]

Schedule of revenues by major geographical area

	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020
Domestic Sales	$	28,106,861	$	16,510,295	$	52,607,900	$	26,374,148
International Sales		97,446		66,050		207,301		74,264
Total	$	28,204,307	$	16,576,345	$	52,815,201	$	26,448,412

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of non-cancellable future minimum lease payments

Years ending June 30,	Amount
2022		584,003
2023		-
Total	$	584,003

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

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)		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
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang
Peter Zuguang Wang		Chairman of the Company
Greenland Asset Management Corporation		Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd		One of the directors of Hengyu

Schedule of due to related parties

	As of
	June 30, 2021		December 31, 2020
Due to related parties:
Sinomachinery Holding Limited¹	$	1,775,869	$	1,775,869
Zhejiang Kangchen Biotechnology Co., Ltd²		-		64,505
Zhejiang Zhonggong Machinery Co., Ltd.³		481,915		538,166
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁴		-		-
Cenntro Smart Manufacturing Tech. Co., Ltd.⁵		2,866		3,602
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁶		242,508		514,365
Cenntro Holding Limited⁷		1,591,627		1,591,627
Peter Zuguang Wang⁷		-		25,000
Greenland Asset Management Corporation⁷		-		-
Xinchang County Jiuxin Investment Management Partnership (LP)⁷		3,619,645		4,347,985
Hangzhou Jiuru Economic Information Consulting Co. Ltd⁷		190,000		190,000
Total	$	7,904,430	$	9,051,119

Advance 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.;

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

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

Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and

Borrowings from related parties

Schedule of due from related parties

	As of
	June 30, 2021		December 31, 2020
Due from related parties-current:
Cenntro Holding Limited	$	38,943,406	$	38,535,171
Cenntro Smart Manufacturing Tech. Co., Ltd.		3,097		-
Total	$	38,946,503	$	38,535,171

Schedule of related party funds lending

Withdraw funds from related parties:	For the six months ended June 30,
	2021		2020
Zhejiang Zhonggong Machinery Co., Ltd.		77,314		354,736
Cenntro Smart Manufacturing Tech. Co., Ltd.		33,091		-
Peter Zuguang Wang		25,000		-
Xinchang County Jiuxin Investment Management Partnership (LP)		-		255,410
Cenntro Holding Limited		251,973		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		34,946		15,573
Total		422,324		625,719

Deposit funds with related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		77,314		496,630
Xinchang County Jiuxin Investment Management Partnership (LP)		773,144		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		310,804		-
Cenntro Smart Manufacturing Tech. Co., Ltd.		33,864		-
Zhejiang Kangchen Biotechnology Co., Ltd		64,505		-
Peter Zuguang Wang		25,000		-
Total		1,284,631		496,630

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Organization and Principal Activities (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 15, 2019	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Organization and Principal Activities (Details) [Line Items]
increased revenue amount (in Dollars)		$ 52,820	$ 26,450
Transmission product sale of sets		79,032	45,380
Percentage of outstanding ordinary shares		69.60%
Zhongchai Holding [Member]
Organization and Principal Activities (Details) [Line Items]
Percentage of outstanding ordinary shares	62.50%	100.00%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Organization and Principal Activities (Details) [Line Items]
Percentage of outstanding ordinary shares		89.47%
Subsidiaries, description		Company registered on November 21, 2005, is 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 June 30, 2021, Zhongchai Holding owns approximately 89.47% of Zhejiang Zhongchai and Jiuxin owns approximately 10.53% of Zhejiang Zhongchai
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Organization and Principal Activities (Details) [Line Items]
Percentage of outstanding ordinary shares		62.50%
Hangzhou Greenland [Member]
Organization and Principal Activities (Details) [Line Items]
Percentage of outstanding ordinary shares		100.00%

Organization and Principal Activities (Details) - Schedule of subsidiary of limited liability company	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 HKD ($)	Jun. 30, 2021 CNY (¥)
Zhongchai Holding (Hong Kong) Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Domicile and Date of Incorporation	Hong Kong April 23, 2009
Paid-in Capital \| $		$ 10,000
Percentage of Effective Ownership	100.00%	100.00%	100.00%
Principal Activities	Holding
Paid-in Capital, Currency	HKD
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Domicile and Date of Incorporation	PRC November 21, 2005
Paid-in Capital			¥ 20,000,000
Percentage of Effective Ownership	89.47%	89.47%	89.47%
Principal Activities	Manufacture, sale of various transmission boxes.
Paid-in Capital, Currency	RMB
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Domicile and Date of Incorporation	PRC September 10, 2015
Paid-in Capital			¥ 251,500,000
Percentage of Effective Ownership	62.50%	62.50%	62.50%
Principal Activities	Investment management and consulting services.
Paid-in Capital, Currency	RMB
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Domicile and Date of Incorporation	PRC August 9, 2019
Paid-in Capital			¥ 4,794,242
Percentage of Effective Ownership	100.00%	100.00%	100.00%
Principal Activities	Trading.
Paid-in Capital, Currency	RMB
Greenland Technologies Corporation (Member)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Domicile and Date of Incorporation	Delaware, USA January 14, 2020
Paid-in Capital \| $	$ 6,363,557
Percentage of Effective Ownership	100.00%	100.00%	100.00%
Principal Activities	US operation and distribution of electric industrial vehicles for North American market
Paid-in Capital, Currency	USD

Summary of Significant Accounting Policies (Details) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 13, 2020	Mar. 12, 2020	Feb. 25, 2020	Feb. 24, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Oct. 24, 2019	Dec. 31, 2017
Summary of Significant Accounting Policies (Textual)
Shares received (in Shares)											7,500,000
Allowance of doubtful accounts					$ 1,000,000.00		$ 1,000,000.00		$ 1,080,000.00
Reserves for inventories					0		0		0
Advance to suppliers					730,000		$ 730,000		450,000
Implicit interest rate							4.0038%
Owned foreign enterprise percentage							10.00%
Registered capital percentage							50.00%
Value added tax description							The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes its revenues net of value-added taxes (“VAT”). 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.Revenues are recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the performance obligation is fulfilled, usually at the time of customers’ acceptance or consumption, at the net sales price (transaction price) and each of the criteria under ASC 606 have been met. Contract terms may require the Company to deliver the finished goods to the customers’ location or the customer may pick up the finished goods at the Company’s factory. International sales are recognized when shipment clears customs and leaves the port. The Company has adopted ASC 606 on January 1, 2018, using the transition method of Modified-Retrospective Method (“MRM”). The adoption of ASC 606 had no impact on the Company’s beginning balance of retained earnings. The Company’s contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration. Contracts do not offer any price protection, but allow for the return of certain goods if quality problem, which is standard warranty. The Company product returns and recorded reserve for sales returns were minimal for the six months ended June 30, 2021 and 2020. The total rebates amount is accounting for around 0.19% and 0.43% of the total revenue of Greenland. The following table sets forth disaggregation of revenue: For the three months ended June 30, For the six months ended June 30, Major Product 2021 2020 2021 2020 Transmission boxes for Forklift 24,844,007 14,489,369 46,393,363 24,361,426 Transmission boxes for Non-Forklift (EV, etc.) and parts of transmission boxes 3,360,300 2,086,976 6,421,838 2,086,986 Total 28,204,307 16,576,345 52,815,201 26,448,412 Cost of Goods Sold Cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the production of products. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold. Selling Expenses Selling expenses include operating expenses such as payroll and traveling and transportation expenses. General and Administrative Expenses General and administrative expenses include management and office salaries and employee benefits, depreciation for office facility and office equipment, travel and entertainment, legal and accounting, consulting fees and other office expenses. Research and Development Research and development costs are expensed as incurred and totaled approximately $1,005,296 and $475,649 for the three months ended June 30, 2021 and 2020, respectively. Research and development costs are expensed as incurred and totaled approximately $1,964,841 and $1,039,947 for the six months ended June 30, 2021 and 2020, respectively. Government subsidies Government subsidies are recognized when there is reasonable assurance that the subsidy will be received and all attaching conditions will be complied with. When the subsidy relates to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that it is intended to compensate. Where the subsidy relates to an asset, it is recognized as other long-term liabilities and is released to the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset. Total government subsidies recorded in the other long-term liabilities were $2.24 million and $2.34 million at June 30, 2021 and December 31, 2020, respectively. Income Taxes The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. The Company also follows FASB ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. 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 recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2021 and December 31, 2020, the Company did not have a liability for unrecognized tax benefits. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company’s historical tax years will remain open for examination by the local authorities until the statute of limitations has passed. Value-Added Tax Enterprises or individuals, who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with PRC Laws. 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.
Total sales return, percentage							0.19%
Total revenue of Greenland								0.43%
Research and development costs					1,005,296	$ 475,649	$ 1,964,841	$ 1,039,947
Other long-term liabilities					$ 2,240,000		$ 2,240,000		$ 2,340,000
Restricted ordinary shares (in Shares)	10,000	5,000
Ownership percentage							10.00%
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.
Zhongchai Holding [Member]
Summary of Significant Accounting Policies (Textual)
Shares received (in Shares)										7,500,000
Chineseinvestors.com, Inc. [Member]
Summary of Significant Accounting Policies (Textual)
Restricted ordinary shares (in Shares)				5,000
Skyline Corporate Communication Group, LLC [Member]
Summary of Significant Accounting Policies (Textual)
Restricted ordinary shares (in Shares)			10,000

Summary of Significant Accounting Policies (Details) - Schedule of gain or loss on foreign currency transaction	Jun. 30, 2021	Jun. 30, 2020
Foreign Currency Translation [Abstract]
Period end RMB: US$ exchange rate	6.4566	7.0851
Period average RMB: US$ exchange rate	6.4671	7.0307

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives	6 Months Ended
	Jun. 30, 2021
Plant, buildings and improvements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	20 years
Motor vehicles [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	4 years
Fixtures and decorations [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	5 years
Minimum [Member] \| Machinery and equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	2 years
Minimum [Member] \| Office equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	3 years
Maximum [Member] \| Machinery and equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	10 years
Maximum [Member] \| Office equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details) - Schedule of sets forth disaggregation of revenue - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total	$ 28,204,307	$ 16,576,345	$ 52,815,201	$ 26,448,412
Transmission boxes for Forklift [Member]
Disaggregation of Revenue [Line Items]
Total	24,844,007	14,489,369	46,393,363	24,361,426
Transmission boxes for Non-Forklift (EV, etc.) [Member]
Disaggregation of Revenue [Line Items]
Total	$ 3,360,300	$ 2,086,976	$ 6,421,838	$ 2,086,986

Concentration on Revenues and Cost of Goods Sold (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounts Receivable [Member]
Concentration on Revenues and Cost of Goods Sold (Details) [Line Items]
Concentration risk, percentage	24.10%		39.69%
Supplier [Member]
Concentration on Revenues and Cost of Goods Sold (Details) [Line Items]
Concentration risk, percentage	10.00%	10.00%

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of concentration of major customers and suppliers - Revenues [Member] - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenue, Major Customer [Line Items]
Total Revenues	$ 15,474,141	$ 6,166,754
Customer percentage	29.30%	23.32%
Company A [Member]
Revenue, Major Customer [Line Items]
Total Revenues	$ 8,881,037	$ 6,166,754
Customer percentage	16.82%	23.32%
Company B [Member]
Revenue, Major Customer [Line Items]
Total Revenues	$ 6,593,104
Customer percentage	12.48%

Concentration on Revenues and Cost of Goods Sold (Details) - Schedule of major customers of accounts receivable - Accounts Receivable [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Accounts receivable, net	$ 4,944,619	$ 5,316,995
Percentage of Accounts receivable, net	24.10%	39.69%
Company A [Member]
Concentration Risk [Line Items]
Accounts receivable, net	$ 1,990,033	$ 2,002,275
Percentage of Accounts receivable, net	9.70%	14.95%
Company B [Member]
Concentration Risk [Line Items]
Accounts receivable, net	$ 1,498,188	$ 1,955,113
Percentage of Accounts receivable, net	7.30%	14.60%
Company C [Member]
Concentration Risk [Line Items]
Accounts receivable, net	$ 1,456,398	$ 1,359,607
Percentage of Accounts receivable, net	7.10%	10.15%

Accounts Receivable (Details) - Schedule of accounts receivable net - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of accounts receivable net [Abstract]
Accounts receivable	$ 21,516,802	$ 13,395,080
Less: allowance for doubtful accounts	(996,984)	(986,532)
Accounts receivable, net	$ 20,519,818	$ 12,408,548

Accounts Receivable (Details) - Schedule of allowance for doubtful accounts - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Schedule of allowance for doubtful accounts [Abstract]
Beginning balance	$ 986,532	$ 1,037,797
Provision for doubtful accounts	10,452	111,947
Ending balance	$ 996,984	$ 1,149,744

Inventories (Details) - Schedule of inventories - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of inventories [Abstract]
Raw materials	$ 6,789,961	$ 5,682,382
Revolving material	928,567	742,437
Consigned processing material	62,249	51,290
Work-in-progress	2,226,541	2,015,677
Finished goods	7,724,097	6,888,277
Inventories, net	$ 17,731,415	$ 15,380,063

Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Notes Receivable Disclosure [Abstract]
Notes receivable	$ 21,830	$ 26,530
Security for issuance	$ 26,490	$ 23,700
Notes receivable term	6 months

Notes Receivable (Details) - Schedule of notes receivable - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of notes receivable [Abstract]
Bank notes receivable:	$ 33,088,948	$ 30,803,772
Commercial notes receivable	24,781
Total	$ 33,113,729	$ 30,803,772

Property, Plant and Equipment and Construction in Progress (Details) ¥ in Thousands			1 Months Ended				6 Months Ended
	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)	May 27, 2020 USD ($)	May 27, 2020 CNY (¥)	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	May 12, 2020 USD ($)	Apr. 30, 2020 USD ($)
Property, Plant and Equipment and Construction in Progress (Details) [Line Items]
Ownership of buildings for net book value							$ 11,010,000.00		¥ 72,110	$ 11,050,000.00	¥ 72,110
Loan facility with maximum exposure (in Yuan Renminbi) \| ¥									¥ 94,630		¥ 104,630
Aggregate proceeds	$ 3,080,000.00	¥ 21,250	$ 1,420,000	¥ 10,000	$ 2,120,000	¥ 14,660
Initial term	3 years	3 years	2 years	2 years	2 years	2 years
Financial lease obligation												$ 1,340,000	$ 940,000
Property, Plant and Equipment [Member]
Property, Plant and Equipment and Construction in Progress (Details) [Line Items]
Depreciation expense amount							1,200,000	$ 950,000
Cost of revenue and inventories							770,000	680,000
Construction in progress fixed assets							$ 0	$ 430,581

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of property, plant and equipment - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of property, plant and equipment [Abstract]
Buildings	$ 14,412,596	$ 12,453,285
Machinery	19,723,416	20,907,623
Motor vehicles	329,302	325,850
Electronic equipment	201,991	198,955
Total property plant and equipment, at cost	34,667,305	33,885,713
Less: accumulated depreciation	(15,227,047)	(13,843,189)
Property, plant and equipment, net	19,440,258	20,042,524
Construction in process	93,798	92,815
Total	$ 19,534,056	$ 20,135,339

Property, Plant and Equipment and Construction in Progress (Details) - Schedule of restricted assets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of restricted assets [Abstract]
Buildings, net	$ 11,167,710	$ 11,050,641
Machinery, net	2,173,063	2,150,284
Total	$ 13,340,773	$ 13,200,925

Land Use Rights (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Land Use Rights [Abstract]
Land use rights, net	$ 4,030	$ 4,040

Land Use Rights (Details) - Schedule of land use rights - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of land use rights [Abstract]
Land use rights, cost	$ 4,765,140	$ 4,715,188
Less: Accumulated amortization	(734,788)	(679,934)
Land use rights, net	$ 4,030,352	$ 4,035,254

Land Use Rights (Details) - Schedule of estimated future amortization expense	Jun. 30, 2021 USD ($)
Schedule of estimated future amortization expense [Abstract]
2022	$ 95,148
2023	95,148
2024	95,148
2025	95,148
2026	95,148
Thereafter	3,554,612
Total	$ 4,030,352

Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Notes Payable (Details) [Line Items]
Interest-free notes payable, Term	6 months
Restricted cash	$ 9,770	$ 2,240
Notes receivable	33,110	26,530
Land use rights	$ 4,030	$ 4,040
Percentage of bank charges	0.05%
Minimum [Member]
Notes Payable (Details) [Line Items]
Interest-free notes payable, Term	9 months
Maximum [Member]
Notes Payable (Details) [Line Items]
Interest-free notes payable, Term	1 year

Notes Payable (Details) - Schedule of notes payable - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of notes payable [Abstract]
Bank acceptance notes	$ 38,202,952	$ 25,889,067
Total	$ 38,202,952	$ 25,889,067

Accounts Payable (Details) - Schedule of accounts Payable - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable (Details) - Schedule of accounts Payable [Line Items]
Accounts payable	$ 28,300,234	$ 22,005,260
Procurement of materials [Member]
Accounts Payable (Details) - Schedule of accounts Payable [Line Items]
Accounts payable	26,746,255	21,140,063
Infrastructure & Equipment [Member]
Accounts Payable (Details) - Schedule of accounts Payable [Line Items]
Accounts payable	1,404,610	717,053
Freight fee [Member]
Accounts Payable (Details) - Schedule of accounts Payable [Line Items]
Accounts payable	$ 149,369	$ 148,144

Short Term Bank Loans (Details)	6 Months Ended
Short Term Bank Loans (Details)	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Average annual interest rate	4.5547%	4.7467%

Short Term Bank Loans (Details) - Schedule of short term bank loans - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of short term bank loans [Abstract]
Collateralized bank loans	$ 11,125,051	$ 17,261,302
Guaranteed bank loans	774,401	1,226,054
Total	$ 11,899,452	$ 18,487,356

Short Term Bank Loans (Details) - Schedule of short term loans - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Total	Total
Total	$ 11,899,452	$ 18,487,356
Operating Loans [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Sep.01, 2021	Sep.01, 2021
Bank Name	Agricultural bank of PRC	Agricultural bank of PRC
Interest Rate per Annum (%)	4.44%	4.44%
Total	$ 6,014,002	$ 5,950,958
Operating Loans One [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Sep.16, 2021	Sep.16, 2021
Bank Name	Rural commercial bank of Xinchang	Rural commercial bank of Xinchang
Interest Rate per Annum (%)	5.30%	5.30%
Total	$ 1,239,042	$ 1,226,053
Operating Loans Two [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Sep.22, 2021	Sep.22, 2021
Bank Name	Rural commercial bank of Xinchang	Rural commercial bank of Xinchang
Interest Rate per Annum (%)	4.35%	4.35%
Total	$ 1,239,042	$ 1,226,053
Operating Loans Three [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Sep.26, 2021	Sep.26, 2021
Bank Name	Rural commercial bank of Xinchang	Rural commercial bank of Xinchang
Interest Rate per Annum (%)	4.35%	4.35%
Total	$ 2,632,965	$ 2,605,364
Operating Loans Four [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date	Jan.21, 2022	Nov.11, 2021
Bank Name	Rural commercial bank of Xinchang	SPD Rural Bank of Xinchang
Interest Rate per Annum (%)	5.30%	5.50%
Total	$ 774,401	$ 1,226,054
Operating Loans Five [Member]
Short Term Bank Loans (Details) - Schedule of short term loans [Line Items]
Maturity Date		Sep.06, 2021
Bank Name		Agricultural bank of PRC
Interest Rate per Annum (%)		4.44%
Total		$ 6,252,874

Other Current Liabilities (Details) - Schedule of other current liabilities - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of other current liabilities [Abstract]
Employee payables	$ 135,782	$ 483,922
Other tax payables	1,078,166	1,208,323
Borrowing from third party	261,142	520,080
Total	$ 1,475,090	$ 2,212,325

Other Long-Term Liabilities (Details) $ in Thousands	6 Months Ended
Other Long-Term Liabilities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Other Longterm Liabilities Disclosure [Abstract]
Grant income decreased	$ 100

Other Long-Term Liabilities (Details) - Schedule of Other long-term liabilities - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Other long-term liabilities [Abstract]
Subsidy	$ 2,240,949	$ 2,342,648
Total	$ 2,240,949	$ 2,342,648

Long Term Payables (Details) ¥ in Thousands, $ in Thousands			1 Months Ended
Long Term Payables (Details) ¥ in Thousands, $ in Thousands	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)	May 27, 2020 USD ($)	May 27, 2020 CNY (¥)	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	May 12, 2020 USD ($)	Apr. 30, 2020 USD ($)
Debt Disclosure [Abstract]
Aggregate proceeds	$ 3,080	¥ 21,250	$ 1,420	¥ 10,000	$ 2,120	¥ 14,660
Initial term	3 years	3 years	2 years	2 years	2 years	2 years
Financing lease obligations							$ 1,340	$ 940

Long Term Payables (Details) - Schedule of long term payables - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of long term payables [Abstract]
Long-term payables current portion	$ 584,003	$ 797,179
Long-term payables– non-current portion		166,292
Total	$ 584,003	$ 963,471

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Stockholder's Equity (Details) - USD ($)				1 Months Ended					6 Months Ended
Stockholder's Equity (Details) - USD ($)	Feb. 08, 2021	Nov. 10, 2020	Aug. 15, 2019	Feb. 28, 2021	Dec. 30, 2020	Aug. 21, 2019	May 29, 2019	Jul. 27, 2018	Jun. 30, 2021	Dec. 31, 2020	Feb. 25, 2020	Feb. 24, 2020
Stockholder's Equity (Details) [Line Items]
Ordinary shares, issued									11,448,327	10,225,142
Ordinary shares, outstanding									11,448,327	10,225,142
Newly issued ordinary shares				221,985
Ordinary shares, description									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.
Service fees (in Dollars)						$ 12,000
Private units warrants, description									(i) the 282,000 warrants underlying the units issued to the Sponsor and Chardan in a private placement in connection with our initial public offering (“Private Unit Warrants”), and (ii) 120,000 warrants held by Chardan upon the exercise of its unit purchase option to purchase 120,000 units in March 2021 (“Option Warrants”, together with Private Unit Warrants, the “Private Warrants”).
Warrants outstanding									4,682,000
Cash proceeds from exercise of warrants (in Dollars)				$ 1,858,841
Cash payment (in Dollars)									$ 100
Purchase units									120,000
Restricted Stock [Member]
Stockholder's Equity (Details) [Line Items]
Ordinary shares, issued												5,000
Newly issued ordinary shares						5,000
Greenland Asset Management Corporation [Member]
Stockholder's Equity (Details) [Line Items]
Issuance of private placement shares									282,000
Zhongchai Holding [Member]
Stockholder's Equity (Details) [Line Items]
Newly issued ordinary shares									7,500,000
Zhou Hanyi [Member]
Stockholder's Equity (Details) [Line Items]
Newly issued ordinary shares							50,000
JING JIN [Member]
Stockholder's Equity (Details) [Line Items]
Number of shares of restricted common stock		135,000
RAYMOND Z. WANG [Member]
Stockholder's Equity (Details) [Line Items]
Number of shares of restricted common stock	51,000				69,000
Chardan Capital Markets, LLC [Member]
Stockholder's Equity (Details) [Line Items]
Sale of unit purchase option price (in Dollars)								$ 100
Option to purchase shares exercisable								240,000
Unit exercise price (in Dollars per share)								$ 11.50
Aggregate exercise price (in Dollars)								$ 2,760,000
Consulting Agreement [Member]
Stockholder's Equity (Details) [Line Items]
Consulting fees per month (in Dollars)			$ 5,000
Consulting Agreement [Member] \| Restricted Stock [Member]
Stockholder's Equity (Details) [Line Items]
Ordinary shares, issued			1,250
Termination Agreement [Member] \| Restricted Stock [Member]
Stockholder's Equity (Details) [Line Items]
Ordinary shares, issued											10,000
IPO [Member]
Stockholder's Equity (Details) [Line Items]
Initial public offering								4,400,000
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.
Private Warrants [Member]
Stockholder's Equity (Details) [Line Items]
Description of warrant redemption									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.
Private Warrants [Member] \| Greenland Asset Management Corporation [Member]
Stockholder's Equity (Details) [Line Items]
Warrants outstanding									260,000
Private Warrants [Member] \| Chardan Capital Markets, LLC [Member]
Stockholder's Equity (Details) [Line Items]
Warrants outstanding									22,000
Public Warrants [Member] \| CEDE & CO [Member]
Stockholder's Equity (Details) [Line Items]
Warrants outstanding									4,621,985
Common Stock [Member]
Stockholder's Equity (Details) [Line Items]
Existing ordinary shares were converted									468,200

Earnings Per Share (Details) - shares	Mar. 13, 2020	Mar. 12, 2020
CIIX Termination Agreement [Member]
Earnings Per Share (Details) [Line Items]
Restricted ordinary shares		5,000
SCCG Termination Agreement [Member]
Earnings Per Share (Details) [Line Items]
Restricted ordinary shares	10,000

Earnings Per Share (Details) - Schedule of basic and diluted earnings per share computation - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of basic and diluted earnings per share computation [Abstract]
Net income attributable to the Greenland Corporation and subsidiaries	$ 2,780,753	$ 1,259,097	$ 4,909,321	$ 1,515,761
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization	10,498,127	10,006,142	10,225,142	10,006,142
Weighted average shares of restricted grants		15,000		15,000
Weighted average shares issued for exercise of warrants	950,200		1,223,185
Weighted average ordinary shares of common stock	10,814,479	10,021,142	10,574,223	10,015,203
Dilutive effect of stock options
Restricted stock vested not issued
ordinary shares and ordinary shares equivalents	$ 10,814,479	$ 10,021,142	$ 10,574,223	$ 10,015,203
Basic and diluted net income per share (in Dollars per share)	$ 0.26	$ 0.13	$ 0.46	$ 0.15

Geographical Sales and Segments (Details) - Schedule of revenues by major geographical area - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Geographical Sales and Segments (Details) - Schedule of revenues by major geographical area [Line Items]
Total	$ 28,204,307	$ 16,576,345	$ 52,815,201	$ 26,448,412
Domestic Sales [Member]
Geographical Sales and Segments (Details) - Schedule of revenues by major geographical area [Line Items]
Total	28,106,861	16,510,295	52,607,900	26,374,148
International Sales [Member]
Geographical Sales and Segments (Details) - Schedule of revenues by major geographical area [Line Items]
Total	$ 97,446	$ 66,050	$ 207,301	$ 74,264

Income Taxes (Details) - USD ($)	6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	14.08%	7.46%
PRC standard income tax rate	25.00%	25.00%
Unrecognized tax benefits (in Dollars)	$ 0

Commitments and Contingencies (Details) ¥ in Thousands		1 Months Ended				6 Months Ended	12 Months Ended
Commitments and Contingencies (Details) ¥ in Thousands	Dec. 06, 2019 CNY (¥)	Jan. 25, 2021 USD ($)	Dec. 18, 2019 CNY (¥)	Dec. 17, 2019 CNY (¥)	Nov. 28, 2019 CNY (¥)	Jun. 30, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Commitments and Contingencies (Details) [Line Items]
Settlement to counter party (in Dollars) \| $		$ 65,000
Agricultural Bank of PRC Co., Ltd. Xinchang [Member]
Commitments and Contingencies (Details) [Line Items]
Pledging land use rights for original book value	¥ 11,080
Property ownership for original book value	¥ 35,120
Outstanding amount of short-term bank loan under pledge contract						¥ 38,830	¥ 38,830
Agricultural Bank of PRC Co., Ltd. Xinchang [Member]
Commitments and Contingencies (Details) [Line Items]
Loan facility, description	loan facility with maximum exposure of RMB48.83 million during the period from December 6, 2019 to May 21, 2022.				loan facility with maximum exposure of RMB40.80 million during the period from November 28, 2019 to December 26, 2022.
Outstanding amount of short-term bank loan under pledge contract						0	40,800
Agricultural Bank of PRC Co., Ltd. Xinchang [Member]
Commitments and Contingencies (Details) [Line Items]
Pledging land use rights for original book value					¥ 9,840
Property ownership for original book value					¥ 27,820
Rural Commercial Bank of PRC Co., Ltd. [Member]
Commitments and Contingencies (Details) [Line Items]
Pledging land use rights for original book value			¥ 4,170	¥ 4,750
Property ownership for original book value				¥ 11,280
Loan facility, description				loan facility with maximum exposure of RMB16.95 million during the period from December 16, 2019 to December 15, 2024.
Outstanding amount of short-term bank loan under pledge contract						17,000	17,000
Rural Commercial Bank of PRC Co., Ltd. [Member]
Commitments and Contingencies (Details) [Line Items]
Loan facility, description			loan facility with maximum exposure of RMB8.00 million during the period from December 16, 2019 to December 15, 2024.
Outstanding amount of short-term bank loan under pledge contract						¥ 8,000	¥ 8,000

Commitments and Contingencies (Details) - Schedule of non-cancellable future minimum lease payments	Jun. 30, 2021 USD ($)
Schedule of non-cancellable future minimum lease payments [Abstract]
2022	$ 584,003
2023
Total	$ 584,003

Related Party Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Other receivables	$ 38.9	$ 38.5

Related Party Transactions (Details) - Schedule of names and relationship of related parties	6 Months Ended
	Jun. 30, 2021
Sinomachinery Holding Limited [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Cenntro Holding Limited [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Jiuxin Investment Management Partnership (LP) [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Under common control of Peter Zuguang Wang
Peter Zuguang Wang [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Chairman of the Company
Greenland Asset Management Corporation [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd [Member]
Related Party Transactions (Details) - Schedule of names and relationship of related parties [Line Items]
Existing Relationship with the Company	One of the directors of Hengyu

Related Party Transactions (Details) - Schedule of due to related parties - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Sinomachinery Holding Limited [Member]

$ 7,904,430

$ 9,051,119

Zhejiang Kangchen Biotechnology Co., Ltd. [Member]

^[1]

1,775,869

Zhejiang Zhonggong Machinery Co., Ltd. [Member]

^[2]

64,505

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

^[3]

481,915

538,166

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

^[4]

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

^[5]

2,866

3,602

Cenntro Holding Limited [Member]

^[6]

242,508

514,365

Peter Zuguang Wang [Member]

^[7]

1,591,627

Greenland Asset Management Corporation [Member]

^[7]

25,000

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

^[7]

Hangzhou Jiuru Economic Information Consulting Co. Ltd [Member]

^[7]

3,619,645

4,347,985