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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
reform and expand the Liangzhou Road, a commercial street in downtown Hanzhong City, with a total
length of 2,080 meters and a width of 30 meters and to resettle the existing residences in the Liangzhou road area. The government’s
original road construction budget was approximately $33 million in accordance with the Liangzhou Agreement. Green Giant Inc., in return, is
being compensated by the local government to have an exclusive right on acquiring at least 394.5 Mu land use rights in a specified location
of Hanzhong City. The Liangzhou Road Project’s road construction started at the end of 2013. In 2014, the original scope and budget
on the Liangzhou road reformation and expansion project was extended, because the local government included more area and resettlement
residences into the project, which resulted in additional investments from the Company. In return, the Company is authorized by the local
government to develop and manage the commercial and residential properties surrounding the Liangzhou Road project. Green Giant Inc. launched
the construction of the Liangzhou Road related projects in December 2020. As of September 30, 2022, the main Liangzhou road construction
is substantially
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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
expansion project was extended, because the local government included more area and resettlement
residences into the project, which resulted in additional investments from the Company. In return, the Company is authorized by the local
government to develop and manage the commercial and residential properties surrounding the Liangzhou Road project. Green Giant Inc. launched
the construction of the Liangzhou Road related projects in December 2020. As of September 30, 2022, the main Liangzhou road construction
is substantially completed.
F-21
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The
Company’s development cost incurred on Liangzhou Road
Project is treated as the Company’s deposit on purchasing the related land use rights, as agreed by the local government. As of
September 30, 2022, the actual costs incurred by the Company were approximately $173.3 million (September 30,
2021 - $180.4 million) and the incremental cost related to residence resettlements approved by the local government. Green Giant Inc.
determined that the Company’s Investment in the Liangzhou Road Project in exchange for interests in future land use rights is a
barter transaction with commercial substance.
(b)
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
agreed by the local government. As of
September 30, 2022, the actual costs incurred by the Company were approximately $173.3 million (September 30,
2021 - $180.4 million) and the incremental cost related to residence resettlements approved by the local government. Green Giant Inc.
determined that the Company’s Investment in the Liangzhou Road Project in exchange for interests in future land use rights is a
barter transaction with commercial substance.
(b)
In September 2012, the Company was approved by the Hanzhong local government to construct four municipal
roads with a total length of approximately 1,192 meters. The project was deferred and then restarted during the quarter ended June 30,
2014. As of September 30, 2021, the local government has not completed the budget for these projects therefore the delivery for these
projects for the government’s acceptance and related settlement were extended to 2022. Due to delays in the government approval
and slow development progress, in January 2021, the Company disposed of certain construction properties in the Beidajie project at carrying
value to Hanzhong Guangsha Real Estate Development Inc. (“Hanzhong Guangsha”) an entity
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
September 30, 2021, the local government has not completed the budget for these projects therefore the delivery for these
projects for the government’s acceptance and related settlement were extended to 2022. Due to delays in the government approval
and slow development progress, in January 2021, the Company disposed of certain construction properties in the Beidajie project at carrying
value to Hanzhong Guangsha Real Estate Development Inc. (“Hanzhong Guangsha”) an entity controlled by the Company’s
former chairman and Chief executive officer, Mr. Xiaojun Zhu to settle the payable of approximately $28.2 million related to Hanzhong
Guangsha in connection with the acquisition of the Hanzhong Nanyuan II Project disclosed below.
On January 20, 2021, the Company entered
into agreement with Hanzhong Guangsha, an entity controlled by Mr. Xiaojun Zhu, to acquire certain real estate under development in the
Hanzhong Nanyuan II Project in the amount of approximately $28.2 million, for the local government’s residence reallocation related
to the Liangzhou road and affiliated project. All the real estate property in Hanzhong Nanyuan
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
disclosed below.
On January 20, 2021, the Company entered
into agreement with Hanzhong Guangsha, an entity controlled by Mr. Xiaojun Zhu, to acquire certain real estate under development in the
Hanzhong Nanyuan II Project in the amount of approximately $28.2 million, for the local government’s residence reallocation related
to the Liangzhou road and affiliated project. All the real estate property in Hanzhong Nanyuan II project was completed and sold to the
local government for residence reallocation purposes by September 30, 2021.
(c)
Green Giant Inc. was engaged by the Yang County local government to construct the East 2nd Ring Road with a total length of 2.15 km. The local government is required to repay the Company’s project investment costs within 3 years with interest at the interest rate based on the commercial borrowing rate with the similar term published by the China Construction Bank (September 30, 2022 and 2021 - 4.75%). The local government has approved a refund to the Company by reducing local surcharges or taxes otherwise required in the real estate development. The road construction was substantially completed as of September 30, 2021 and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
. The local government is required to repay the Company’s project investment costs within 3 years with interest at the interest rate based on the commercial borrowing rate with the similar term published by the China Construction Bank (September 30, 2022 and 2021 - 4.75%). The local government has approved a refund to the Company by reducing local surcharges or taxes otherwise required in the real estate development. The road construction was substantially completed as of September 30, 2021 and is in process of the government’s review and approval. For the year ended September 30, 2022, the Company received the local government’s installment payments of approximately $2.1 million, which was included in the Company’s customer deposits as of September 30, 2022.
NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET
As of September 30, 2022 and 2021, property, plant
and equipment was as follows:
As of September 30,
2022
2021
Buildings
768,544
848,471
Automobiles
Total
768,544
848,471
Less: accumulated depreciation
(285,325
(290,385
Property, plant
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2022.
NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET
As of September 30, 2022 and 2021, property, plant
and equipment was as follows:
As of September 30,
2022
2021
Buildings
768,544
848,471
Automobiles
Total
768,544
848,471
Less: accumulated depreciation
(285,325
(290,385
Property, plant and equipment, net
483,219
558,086
Depreciation expense for the years ended
September 30, 2022 and 2021 was $24,201 and $43,510, respectively. For the year ended September 30, 2022, the Company disposed of the
automobile which was fully depreciated, with no gain or loss recognized.
F-22
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. RECEIVABLE FROM LOCAL GOVERNMENT
The reclassifications have been made to the prior
year financial statements to conform to the current year presentation. The reclassification increased "Due from local government
- property development completed" by
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2022, the Company disposed of the
automobile which was fully depreciated, with no gain or loss recognized.
F-22
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. RECEIVABLE FROM LOCAL GOVERNMENT
The reclassifications have been made to the prior
year financial statements to conform to the current year presentation. The reclassification increased "Due from local government
- property development completed" by $43,311,572 and decreased "Real estate property under development" by the same amount
on the previous years balance sheet and cash flow statements. The reclassification had no impact on previously reported net loss and comprehensive
loss.
NOTE 7. SECURITY DEPOSITS
As of September 30, 2022 and 2021, security deposits
were as follows:
As of September 30,
2022
2021
Security deposit for land use right (1)
1,771,019
1,955,202
(1)
In May 2011, the Company entered into a development agreement
with the Hanzhong local government. Pursuant to the agreement, the Company prepaid $1,771,019
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
POSITS
As of September 30, 2022 and 2021, security deposits
were as follows:
As of September 30,
2022
2021
Security deposit for land use right (1)
1,771,019
1,955,202
(1)
In May 2011, the Company entered into a development agreement
with the Hanzhong local government. Pursuant to the agreement, the Company prepaid $1,771,019 and $1,955,202 to Hanzhong Urban Construction
Investment Development Co., Ltd to acquire certain land use rights through public bidding as of September 30, 2022 and 2021, respectively.
Green Giant Inc. currently expects to make payment of the remaining development cost as the government’s work progresses.
NOTE 8. CONSTRUCTION LOANS
September 30,
2022
September 30,
2021
Loan A (i)
91,675,668
101,209,744
Loan C (ii)
16,690,683
18,426,478
108,366,351
119,636,222
(i)
On June 26, 2015 and March 10, 2016, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
development cost as the government’s work progresses.
NOTE 8. CONSTRUCTION LOANS
September 30,
2022
September 30,
2021
Loan A (i)
91,675,668
101,209,744
Loan C (ii)
16,690,683
18,426,478
108,366,351
119,636,222
(i)
On June 26, 2015 and March 10, 2016, the Company signed phase I and Phase II agreements with Hanzhong Urban Construction Investment Development Co., Ltd, a state-owned Company, to borrow up to approximately $118.8 million (RMB775,000,000) for a long term loan with interest at 4.75% to the develop Liangzhou Road Project. As of September 30, 2022, the Company borrowed $91,675,668 under this credit line (September 30, 2021 - $101,209,744). Due to the local government’s delay in the reallocation of residences in the Liangzhou Road Project and related area, the Hanzhong Urban Construction Investment Development Co., Ltd has not released all the funds available to the Company and additional withdrawals
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
75% to the develop Liangzhou Road Project. As of September 30, 2022, the Company borrowed $91,675,668 under this credit line (September 30, 2021 - $101,209,744). Due to the local government’s delay in the reallocation of residences in the Liangzhou Road Project and related area, the Hanzhong Urban Construction Investment Development Co., Ltd has not released all the funds available to the Company and additional withdrawals will be based on the project’s development progress and the Company expects the loan will be extended upon maturity. The loan is guaranteed by Hanzhong City Hantai District Municipal Government and pledged by the Company’s Yang County Yangzhou Palace project with a carrying value of $34,635,104 as of September 30, 2022 (September 30, 2021 - $42,995,377). For the year ended September 30, 2022, the interest was $6,066,302 (September 30, 2021 - $6,488,162), which was capitalized into the development cost of the Liangzhou Road Project.
(ii)
In December 2016, the Company signed a loan agreement with H
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
,635,104 as of September 30, 2022 (September 30, 2021 - $42,995,377). For the year ended September 30, 2022, the interest was $6,066,302 (September 30, 2021 - $6,488,162), which was capitalized into the development cost of the Liangzhou Road Project.
(ii)
In December 2016, the Company signed a loan agreement with Hantai District Urban Construction Investment Development Co., Ltd, a state-owned Company, to borrow up to approximately $18.4 million (RMB119,000,000) for the development of the Hanzhong City Liangzhou Road Project. The interest is 1.2% and due on June 20, 2031. Green Giant Inc. is required to repay the loan in equal annual principal repayments of approximately $3.3 million commencing from December 2027 through June 2031 with interest payable on an annual basis. Green Giant Inc. pledged the assets of the Liangzhou Road related projects with a carrying value of $173,289,941 as collateral for the loan. Total interest of $220,935 for the year ended September
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
.2% and due on June 20, 2031. Green Giant Inc. is required to repay the loan in equal annual principal repayments of approximately $3.3 million commencing from December 2027 through June 2031 with interest payable on an annual basis. Green Giant Inc. pledged the assets of the Liangzhou Road related projects with a carrying value of $173,289,941 as collateral for the loan. Total interest of $220,935 for the year ended September 30, 2022 was capitalized into the development cost of the Hanzhong City Liangzhou Road Project (September 30, 2021 - $224,700).
F-23
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Nil. Interest charges for the year ended September
30, 2022 and 2021 were $
NOTE 9. OTHER PAYABLES
The following table presents the other payables
balances as of September 30, 2022 and 2021.
As of September 30,
2022
2021
Accrued interest expense
7,790,654
1,747,755
Maintenance Funds
2,002,289
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
MENTS
Nil. Interest charges for the year ended September
30, 2022 and 2021 were $
NOTE 9. OTHER PAYABLES
The following table presents the other payables
balances as of September 30, 2022 and 2021.
As of September 30,
2022
2021
Accrued interest expense
7,790,654
1,747,755
Maintenance Funds
2,002,289
2,214,360
Others
3,785,770
2,468,877
Total
13,578,713
6,430,992
NOTE 10. CONTRACT LIABILITIES
The following table presents the contract balances
as of September 30, 2022 and 2021.
As of September 30,
2022
2021
Contract liabilities
1,989,898
1,886,075
Total
1,989,898
1,886,075
NOTE 11. CUSTOMER DEPOSITS
Customer deposits consist of amounts received
from customers for the pre-sale of residential units in the PRC. The details of customer deposits are as follows:
As of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
September 30, 2022 and 2021.
As of September 30,
2022
2021
Contract liabilities
1,989,898
1,886,075
Total
1,989,898
1,886,075
NOTE 11. CUSTOMER DEPOSITS
Customer deposits consist of amounts received
from customers for the pre-sale of residential units in the PRC. The details of customer deposits are as follows:
As of September 30,
2022
2021
Customer deposits by real estate projects:
Mingzhu Garden (Mingzhu Nanyuan and Mingzhu Beiyuan)
8,300,749
8,210,839
Oriental Pearl Garden
3,015,526
2,780,917
Liangzhou road related projects
186,968
617,686
Yang County Pearl Garden
731,206
827,426
Yang County East 2nd Ring Road
2,108,667
2,327,964
Yangzhou Palace
5,499,652
5,039,085
Total
19,842,768
19,803,917
Customer deposits are typically 10%
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
3,015,526
2,780,917
Liangzhou road related projects
186,968
617,686
Yang County Pearl Garden
731,206
827,426
Yang County East 2nd Ring Road
2,108,667
2,327,964
Yangzhou Palace
5,499,652
5,039,085
Total
19,842,768
19,803,917
Customer deposits are typically 10% - 20%
of the unit selling price for those customers who purchase properties in cash and 30%-50% of the unit selling price for those customers
who purchase properties with mortgages.
NOTE 12. TAXES
(A) Business sales tax and VAT
Green Giant Inc. is subject to a 5% VAT for its existing
real estate projects based on the local tax authority’s practice. As of September 30, 2022, the Company had business VAT tax payable
of $4,144,254 (September 30, 2021 - $5,660,149), which is expected to be paid when the projects are completed and assessed by the local
tax authority.
F-24
GREEN GIANT INC.
NOTES TO CONS
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Green Giant Inc. is subject to a 5% VAT for its existing
real estate projects based on the local tax authority’s practice. As of September 30, 2022, the Company had business VAT tax payable
of $4,144,254 (September 30, 2021 - $5,660,149), which is expected to be paid when the projects are completed and assessed by the local
tax authority.
F-24
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(B) Corporate income taxes (“CIT”)
Green Giant Inc.’s PRC subsidiary and VIE are
governed by the Income Tax Law of the People’s Republic of China concerning the privately run enterprises, which are generally subject
to income tax on income reported in the statutory financial statements after appropriate tax adjustments. Green Giant Inc.’s CIT rate
is 25% on taxable income. Although the possibility exists for reinterpretation of the application of the tax regulations by higher tax
authorities in the PRC, potentially overturning the decision made by the local tax authority, the Company has not experienced any reevaluation
of the income taxes for prior years. The PRC tax rules are different from the local tax rules and the Company is
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
to income tax on income reported in the statutory financial statements after appropriate tax adjustments. Green Giant Inc.’s CIT rate
is 25% on taxable income. Although the possibility exists for reinterpretation of the application of the tax regulations by higher tax
authorities in the PRC, potentially overturning the decision made by the local tax authority, the Company has not experienced any reevaluation
of the income taxes for prior years. The PRC tax rules are different from the local tax rules and the Company is required to comply with
local tax rules. The difference between the two tax rules will not be a liability of the Company. There will be no further tax payments
for the difference. As of September 30, 2022 and September 30, 2021, the Company’s total income tax payable amounted to $13,279,845
and $14,326,646, respectively, which included the income tax payable balances in the PRC of $9,714,844 and $10,761,646, respectively and
the Company expects to pay this income tax payable balance when the related real estate projects are completely sold.
The following table reconciles the statutory rates
to the Company’s effective tax rate for the years ended September 30, 202
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Company’s total income tax payable amounted to $13,279,845
and $14,326,646, respectively, which included the income tax payable balances in the PRC of $9,714,844 and $10,761,646, respectively and
the Company expects to pay this income tax payable balance when the related real estate projects are completely sold.
The following table reconciles the statutory rates
to the Company’s effective tax rate for the years ended September 30, 2022 and 2021:
For the years ended September 30,
2022
2021
Chinese statutory tax rate
25.0
25.0
Impairment
(18.2
)%
Valuation allowance change*
(2.1
)%
Net impact of tax exemption and other adjustments
(4.7
)%
3.1
Effective tax rate
28.1
Valuation allowance change for the year ended September 30, 2020 were primarily related to valuation allowance changes on historical losses. For years ended September 30, 2022 and 2021, the change in valuation allowance of $25,411,557 and $nil, respectively.
Income tax expense for the years ended September 30
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
)%
Net impact of tax exemption and other adjustments
(4.7
)%
3.1
Effective tax rate
28.1
Valuation allowance change for the year ended September 30, 2020 were primarily related to valuation allowance changes on historical losses. For years ended September 30, 2022 and 2021, the change in valuation allowance of $25,411,557 and $nil, respectively.
Income tax expense for the years ended September 30, 2022 and 2021
is summarized as follows:
For the years ended September 30,
2022
2021
Current tax provision
2,486,546
Deferred tax provision
Income tax expense
2,486,546
Recent U.S. federal tax legislation, commonly
referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform
significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax
rate from 35% to 21% for taxable years beginning after December 31, 2017;
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Recent U.S. federal tax legislation, commonly
referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform
significantly modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax
rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating
the U.S. to a territorial tax system with a one-time transition tax on a mandatory deemed repatriation of previously deferred foreign
earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends
from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition
tax over eight years or in a single lump sum. The U.S. Tax Reform also includes provisions for a new tax on Global Intangible Low-Taxed
Income (“GILTI”) effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose
a tax on foreign income in excess of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
tax on dividends
from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition
tax over eight years or in a single lump sum. The U.S. Tax Reform also includes provisions for a new tax on Global Intangible Low-Taxed
Income (“GILTI”) effective for tax years of foreign corporations beginning after December 31, 2017. The GILTI provisions impose
a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject
to the possible use of foreign tax credits and a deduction equal to 50 percent to offset the income tax liability, subject to some limitations.
As of September 30, 2022 and 2021, the Company’s GILTI tax payable was Nil.
For the year ended September 30, 2018, the Company
recognized a one-time transition toll tax of approximately $2.3 million that represented management’s estimate of the amount of
U.S. corporate income tax based on the deemed repatriation to the United States of the Company’s share of previously deferred earnings
of certain non-U.S. subsidiaries and VIE of the Company mandated by the U.S. Tax
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2021, the Company’s GILTI tax payable was Nil.
For the year ended September 30, 2018, the Company
recognized a one-time transition toll tax of approximately $2.3 million that represented management’s estimate of the amount of
U.S. corporate income tax based on the deemed repatriation to the United States of the Company’s share of previously deferred earnings
of certain non-U.S. subsidiaries and VIE of the Company mandated by the U.S. Tax Reform. Green Giant Inc.’s estimate of the onetime transition
toll Tax is subject to the finalization of management’s analysis related to certain matters, such as developing interpretations
of the provisions of the Tax Act and amounts related to the earnings and profits of certain foreign VIEs and the filing of our tax returns.
U.S. Treasury regulations, administrative interpretations or court decisions interpreting the Tax Act may require further adjustments
and changes in our estimates. As of September 30, 2022 and 2021, the Company provided an additional $0.8 million provision due to delinquent
U.S. tax return fillings.
F-25
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Composition of deferred tax assets and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
and the filing of our tax returns.
U.S. Treasury regulations, administrative interpretations or court decisions interpreting the Tax Act may require further adjustments
and changes in our estimates. As of September 30, 2022 and 2021, the Company provided an additional $0.8 million provision due to delinquent
U.S. tax return fillings.
F-25
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Composition of deferred tax assets and liabilities:
As of
September 30, 2022
Deferred tax assets
Impairment
19,722,369
Tax losses carried forward and other
7,308,802
27,031,171
Valuation allowance
(27,031,171
Total deferred tax assets
(C) Land appreciation tax (“LAT”)
Since January 1, 1994, LAT has been applicable
at progressive tax rates ranging from 30% to 60% on the appreciation of land values, which is calculated as the proceeds of sales of properties
less deductible expenditures including borrowing costs and all property development expenditures. LAT is exempted if the appreciation
values do not exceed certain thresholds specified in the relevant tax laws.
The
whole project must be
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Total deferred tax assets
(C) Land appreciation tax (“LAT”)
Since January 1, 1994, LAT has been applicable
at progressive tax rates ranging from 30% to 60% on the appreciation of land values, which is calculated as the proceeds of sales of properties
less deductible expenditures including borrowing costs and all property development expenditures. LAT is exempted if the appreciation
values do not exceed certain thresholds specified in the relevant tax laws.
The
whole project must be completed before the LAT obligation can be assessed. Accordingly, the Company should record the liability and the
total related expense at the completion of a project unless the tax authorities impose an assessment at an earlier date. The methods to
implement this tax law vary among different geographic areas. Hanzhong, where the projects Mingzhu Garden, Nan Dajie and Central Plaza
are located, implements this tax rule by requiring real estate companies prepay the LAT based upon customer deposits received. The
tax rate in Hanzhong is 1%. Yang County, where the Yangzhou Pearl Garden and Yangzhou Palace projects are located, has a tax rate of 0.5%.
As at September 30, 2022 and 2021, the outstanding
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
anzhong, where the projects Mingzhu Garden, Nan Dajie and Central Plaza
are located, implements this tax rule by requiring real estate companies prepay the LAT based upon customer deposits received. The
tax rate in Hanzhong is 1%. Yang County, where the Yangzhou Pearl Garden and Yangzhou Palace projects are located, has a tax rate of 0.5%.
As at September 30, 2022 and 2021, the outstanding
LAT payable balance was Nil with respect to completed real estate properties sold up to September 30, 2022 and 2021, respectively.
(D) Taxes payable consisted of the following:
September 30,
September 30,
2022
2021
CIT
13,279,845
14,326,646
Business tax
4,144,254
5,660,149
Other taxes and fees
2,556,259
2,967,216
Total taxes payables
19,980,358
22,954,011
NOTE 13. STOCKHOLDERS’ EQUITY
(a) Common stock
On August 19, 2020, the Company filed an Amendment
to the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
13,279,845
14,326,646
Business tax
4,144,254
5,660,149
Other taxes and fees
2,556,259
2,967,216
Total taxes payables
19,980,358
22,954,011
NOTE 13. STOCKHOLDERS’ EQUITY
(a) Common stock
On August 19, 2020, the Company filed an Amendment
to the Company’s Articles of Incorporation (the “Certificate of Amendment”) with the Florida Secretary of State to affect
a one-for-two reverse split of the Company’s authorized and issued and outstanding shares of common stock (the “Reverse Stock
Split”). The Reverse Stock Split became effective in accordance with the terms of the Certificate of Amendment on August 20, 2020
(the “Effective Time”). At the Effective Time, every two shares of the Company’s common stock authorized issued and
outstanding were automatically combined into one share of common stock, without any change in the par value per share. Green Giant Inc. will
not issue any fractional shares in connection with the Reverse Stock Split. Instead, fractional shares will be rounded up to the nearest
full share. Green Giant Inc. had a total
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
accordance with the terms of the Certificate of Amendment on August 20, 2020
(the “Effective Time”). At the Effective Time, every two shares of the Company’s common stock authorized issued and
outstanding were automatically combined into one share of common stock, without any change in the par value per share. Green Giant Inc. will
not issue any fractional shares in connection with the Reverse Stock Split. Instead, fractional shares will be rounded up to the nearest
full share. Green Giant Inc. had a total of 45,050,000 shares of common stock issued and outstanding prior to the Reverse Stock Split.
On April 19, 2021 (the “Closing Date”),
pursuant to the terms of the Equity Acquisition Agreement between the “Company and Shaanxi Tianhao Construction Engineer Co., Ltd
(“Shaanxi Tianhao”) (the “Purchaser”) (the “Equity Acquisition Agreement”), the Company issued 3,092,114
shares of common stock to the Purchaser in exchange for the settlement of its accounts payable balance. In accordance with the Equity
Acquisition Agreement, the Purchaser received on a pro rata basis the Company’s common stock equivalent consideration of approximately
$6.6 million (RMB
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
hao Construction Engineer Co., Ltd
(“Shaanxi Tianhao”) (the “Purchaser”) (the “Equity Acquisition Agreement”), the Company issued 3,092,114
shares of common stock to the Purchaser in exchange for the settlement of its accounts payable balance. In accordance with the Equity
Acquisition Agreement, the Purchaser received on a pro rata basis the Company’s common stock equivalent consideration of approximately
$6.6 million (RMB 43 million) based on a conversion price of $2.13 which was the average price of the Company’s stock during
the five (5) trading days preceding to the Closing Date.
F-26
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Warrants are exercisable at any time after
the six-month anniversary of the issuance date at an initial exercise price of $2.375 for cash (the “Warrant Shares”). The
Warrants may also be exercised cashlessly if at any time after the six-month anniversary of the issuance date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares. The Warrants shall expire five and a
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
IAL STATEMENTS
The Warrants are exercisable at any time after
the six-month anniversary of the issuance date at an initial exercise price of $2.375 for cash (the “Warrant Shares”). The
Warrants may also be exercised cashlessly if at any time after the six-month anniversary of the issuance date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares. The Warrants shall expire five and a
half years from its date of issuance. The Warrants are subject to customary anti-dilution provisions reflecting stock dividends and splits
or other similar transactions.
On January 14, 2022, the transaction contemplated
by the SPA closed.
On March 16, 2022, the Company entered into
a certain securities purchase agreement (the “SPA”) with certain purchasers whom are “non-U.S. Persons” (the “Investors”)
as defined in Regulation S of the Securities Act, pursuant to which the Company agreed to sell an aggregate of 4,600,000 shares (the “Shares”)
of common stock, par value $0.001 per share, for an aggregate purchase price of approximately $4.6 million (the “Offer
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2, the Company entered into
a certain securities purchase agreement (the “SPA”) with certain purchasers whom are “non-U.S. Persons” (the “Investors”)
as defined in Regulation S of the Securities Act, pursuant to which the Company agreed to sell an aggregate of 4,600,000 shares (the “Shares”)
of common stock, par value $0.001 per share, for an aggregate purchase price of approximately $4.6 million (the “Offering”).
On March 30, 2022, the transaction contemplated
by the SPA closed.
On September 25, 2012, our shareholders approved
the Company’s 2012 Omnibus Securities and Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the grant of
awards which are distribution equivalent rights, incentive stock options, non-qualified stock options, performance shares, performance
units, restricted shares of common stock, restricted stock units, stock appreciation rights (“SARs”), tandem stock appreciation
rights, unrestricted shares of common stock or any combination of the foregoing, to key management employees and nonemployee directors
of, and nonemployee consultants of, the Company or any of its subsidiaries (each a “participant
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2012 Plan provides for the grant of
awards which are distribution equivalent rights, incentive stock options, non-qualified stock options, performance shares, performance
units, restricted shares of common stock, restricted stock units, stock appreciation rights (“SARs”), tandem stock appreciation
rights, unrestricted shares of common stock or any combination of the foregoing, to key management employees and nonemployee directors
of, and nonemployee consultants of, the Company or any of its subsidiaries (each a “participant”). We have reserved a total
of 1,000,000 shares of common stock for issuance under the 2012 Plan. The number of shares of common stock for which awards which are
options or SARs may be granted to a participant under the 2012 Plan during any calendar year is limited to 500,000.
Green Giant Inc. awards common stocks to a director
and three consultants pursuant to the 2022 Equity Incentive Plan, which was registered on the Form S-8.. Compensation cost related to
such awards is measured based on the fair value of the instrument on the grant date. These common stocks are vested immediately after
granted.
On August 10, 2022, Board of directors of the
Company issued an aggregate of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
during any calendar year is limited to 500,000.
Green Giant Inc. awards common stocks to a director
and three consultants pursuant to the 2022 Equity Incentive Plan, which was registered on the Form S-8.. Compensation cost related to
such awards is measured based on the fair value of the instrument on the grant date. These common stocks are vested immediately after
granted.
On August 10, 2022, Board of directors of the
Company issued an aggregate of 5,990,000 registered common stock of the Company, par value $0.001 per share (“Common Stock’),
from the Company's current registration statement on Form S-8 (Form S-8), to the Consultants or their designees namely, Aizhen Wei, Jun
Liao and Youbing Li on the terms and conditions setforth in the Agreements, immediately vested upon grant. We record stock-based compensation
expense for non-employees at fair value on the grant date as the consideration for service received. On August 10, 2022 the grant date,
the Company’s share price closed at $3.23 per share, hence total share-based compensation is equal to $19,347,700;
On September 6, 2022
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, Jun
Liao and Youbing Li on the terms and conditions setforth in the Agreements, immediately vested upon grant. We record stock-based compensation
expense for non-employees at fair value on the grant date as the consideration for service received. On August 10, 2022 the grant date,
the Company’s share price closed at $3.23 per share, hence total share-based compensation is equal to $19,347,700;
On September 6, 2022, the Company awarded Jia
Zhang, one of the independent directors of the Board, of 10,000 common shares as annual compensation for his role with the Board immediately
vested upon the grant date. On September 6, 2022/the grant date, the Company’s share price closed at $2.27 per share,
hence total share-based compensation is equal to $22,700.
Total share-based compensation amounts to $19,370,400 for three individuals
plus the independent director.
(b) Statutory
surplus reserves
Green Giant Inc. is required to make appropriations
to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined
in accordance with generally accepted accounting principles of the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, the Company’s share price closed at $2.27 per share,
hence total share-based compensation is equal to $22,700.
Total share-based compensation amounts to $19,370,400 for three individuals
plus the independent director.
(b) Statutory
surplus reserves
Green Giant Inc. is required to make appropriations
to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined
in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”).
The discretionary surplus reserve may be used
to acquire fixed assets or to increase the working capital to expend on production and operations of the business. Green Giant Inc.’s
Board of Directors decided not to make an appropriation to this reserve for the years ended September 30, 2022 and 2021.
F-27
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14. CONTINGENCIES AND COMMITMENTS
From time to time, the Company is a party to various
legal actions arising in the ordinary course of business. Green Giant Inc. accrues costs associated with these matters when they become probable
and the amount can be reasonably estimated. Legal costs incurred in connection with loss conting
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
years ended September 30, 2022 and 2021.
F-27
GREEN GIANT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14. CONTINGENCIES AND COMMITMENTS
From time to time, the Company is a party to various
legal actions arising in the ordinary course of business. Green Giant Inc. accrues costs associated with these matters when they become probable
and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Green Giant Inc.’s
management does not believe the liability from the disposition of such claims and litigation individually or in the aggregate would have
a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.
As an industry practice, the Company provides
guarantees to PRC banks with respect to loans procured by the purchasers of the Company’s real estate properties for the total mortgage
loan amount until the buyer obtains the “Certificate of Ownership” of the properties from the government, which generally
takes six to twelve months. Because the banks provide loan proceeds without getting the “Certificate of Ownership” as loan
collateral during the six to twelve month period, the mortgage banks require the Company to maintain, as restricted
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, the Company provides
guarantees to PRC banks with respect to loans procured by the purchasers of the Company’s real estate properties for the total mortgage
loan amount until the buyer obtains the “Certificate of Ownership” of the properties from the government, which generally
takes six to twelve months. Because the banks provide loan proceeds without getting the “Certificate of Ownership” as loan
collateral during the six to twelve month period, the mortgage banks require the Company to maintain, as restricted cash of at least 5%
of the mortgage proceeds as security for the Company’s obligations under such guarantees. If a purchaser defaults on its payment
obligations, the mortgage bank may deduct the delinquent mortgage payment from the security deposit and require the Company to pay the
excess amount if the delinquent mortgage payments exceed the security deposit. If the delinquent mortgage payments exceed the security
deposit, the banks may require us to pay the excess amount. If multiple purchasers’ default on their payment obligations at around
the same time, we will be required to make significant payments to the banks to satisfy our guarantee obligations. If we are unable to
resell the properties underlying defaulted mortgages on a timely basis or at prices higher than the amounts of our guarantees
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
excess amount if the delinquent mortgage payments exceed the security deposit. If the delinquent mortgage payments exceed the security
deposit, the banks may require us to pay the excess amount. If multiple purchasers’ default on their payment obligations at around
the same time, we will be required to make significant payments to the banks to satisfy our guarantee obligations. If we are unable to
resell the properties underlying defaulted mortgages on a timely basis or at prices higher than the amounts of our guarantees and related
expenses, we will suffer financial losses. Green Giant Inc. has the required reserves in its restricted cash account to cover any potential
mortgage defaults as required by the mortgage lenders. Since inception through the release of this report, the Company has not experienced
any delinquent mortgage loans and has not experienced any losses related to these guarantees. As of September 30, 2022 and 2021, our outstanding
guarantees in respect of our customers’ mortgage loans amounted to approximately $24.87 million and $66 million, respectively. As
of September 30, 2022 and 2021, the amount of restricted cash reserved for these guarantees was approximately $3.0 million and $3.3 million,
respectively, and the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
mortgage loans and has not experienced any losses related to these guarantees. As of September 30, 2022 and 2021, our outstanding
guarantees in respect of our customers’ mortgage loans amounted to approximately $24.87 million and $66 million, respectively. As
of September 30, 2022 and 2021, the amount of restricted cash reserved for these guarantees was approximately $3.0 million and $3.3 million,
respectively, and the Company believes that such reserves are sufficient.
Green Giant Inc. has been named as a defendant in a
number of lawsuits arising in its ordinary course of business. As of the date of this annual report, the Company continues to use all
commercially reasonable efforts to defend itself in these proceedings and is undergoing on-going discussion with regulatory authorities.
1)
Case between the labor contract
dispute between Wangcang County Lexin Labor Service Co., Ltd. and Zhejiang Hongcheng Construction Group Co., Ltd., Zhejiang Hongcheng
Construction Group Co., Ltd. Xi 'an Branch and Shaanxi Guangsha Investment Development Group Co., Ltd. Hongcheng Company was judged to
compensate Lexin Company, and Shaanxi Guangsha Company was jointly and severally
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
and is undergoing on-going discussion with regulatory authorities.
1)
Case between the labor contract
dispute between Wangcang County Lexin Labor Service Co., Ltd. and Zhejiang Hongcheng Construction Group Co., Ltd., Zhejiang Hongcheng
Construction Group Co., Ltd. Xi 'an Branch and Shaanxi Guangsha Investment Development Group Co., Ltd. Hongcheng Company was judged to
compensate Lexin Company, and Shaanxi Guangsha Company was jointly and severally liable, with an execution amount of $3,373,867.
2)
Related to the above Case 1 disputes between Zhejiang Hongcheng Construction
Group Co., Ltd. and Shaanxi Guangsha Investment Development Group Co., Ltd. on the construction project contract. The execution target
of this case is $9,091,868 million inchuding $3,373,867 in Case 1.
3)
Case between Hantai District Commuity Center Hanzhong Urban Counsel and Shaanxi Guangsha Investment Development Group Co., Ltd., which was ordered by Hanzhong Hantai District Court to the settle the amount of $131,498 and it is still outstanding as at September 30, 2022..
4)
Case between
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
The execution target
of this case is $9,091,868 million inchuding $3,373,867 in Case 1.
3)
Case between Hantai District Commuity Center Hanzhong Urban Counsel and Shaanxi Guangsha Investment Development Group Co., Ltd., which was ordered by Hanzhong Hantai District Court to the settle the amount of $131,498 and it is still outstanding as at September 30, 2022..
4)
Case between Hanzhong City Puyang Plumber Agency Co., Ltd and Shaanxi Guangsha Investment Development Group Co., Ltd., was settled.
5)
Two individuals of property buyers Hanshen Lu & Xin Lu and Shaanxi Guangsha Investment Development Group Co., Ltd., was settled.
6)
Dispute between an disclosed property buyer and Shaanxi Guangsha Investment Development Group Co., Ltd., which was ordered by local court to pay the plaintiff of $127,979 which is still outstanding as at September 30, 2022.
Green Giant Inc. acrued $9,351,344 for the above six
cases in the current fiscal year as the contingency liabilities could not be quantified till nearby current fiscal year or within current
fiscal year as at September
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
was settled.
6)
Dispute between an disclosed property buyer and Shaanxi Guangsha Investment Development Group Co., Ltd., which was ordered by local court to pay the plaintiff of $127,979 which is still outstanding as at September 30, 2022.
Green Giant Inc. acrued $9,351,344 for the above six
cases in the current fiscal year as the contingency liabilities could not be quantified till nearby current fiscal year or within current
fiscal year as at September 30, 2022.
Note 15. Subsequent Events
On October 5, 2022, the Company entered
into a certain securities purchase agreement with certain purchasers whom are “non-U.S. Persons” as defined in Regulation
S of the Securities Act, pursuant to which the Company agreed to sell an aggregate of 9,288,339 units, each consisting of one share of
the common stock of the Company, par value $0.001 per share and a warrant to purchase three shares of Common Stock, for an aggregate purchase
price of approximately $5.2 million. On October 25, 2022, the transaction contemplated by the SPA closed.
On October 17, 2022,
the Board appointed Ms. Sh
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Act, pursuant to which the Company agreed to sell an aggregate of 9,288,339 units, each consisting of one share of
the common stock of the Company, par value $0.001 per share and a warrant to purchase three shares of Common Stock, for an aggregate purchase
price of approximately $5.2 million. On October 25, 2022, the transaction contemplated by the SPA closed.
On October 17, 2022,
the Board appointed Ms. Sheng (Dorothy) Liu as the Chief Operating Officer of the Company. Ms. Sheng (Dorothy) Liu does not have
a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company
during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
On November 2, 2022,
the Company entered into certain Management Services Agreement with Incrementum Management LLC (the “Consultant”), and Mr.
Junaid Ali (the “Executive”), pursuant to which the Company shall engage the management services of the Consultant and the
Executive to implement its plan to engage in the green energy or carbon free energy sector in the U.S. The Executive will be appointed
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the past two years that would require disclosure under Item 404(a) of Regulation S-K.
On November 2, 2022,
the Company entered into certain Management Services Agreement with Incrementum Management LLC (the “Consultant”), and Mr.
Junaid Ali (the “Executive”), pursuant to which the Company shall engage the management services of the Consultant and the
Executive to implement its plan to engage in the green energy or carbon free energy sector in the U.S. The Executive will be appointed
as Chief Executive Officer of the Company.
On January 12, 2023, the Company and FT Global
Capital Inc. (“FT Global”) entered into a settlement agreement (the “FT Global Settlement Agreement”), pursuant
to which FT Global has waived all claims and liabilities against the Company in connection with the Company’s private placement
in October 2022 and terminated the Exclusive Placement Agent Agreement entered by and between the Company and FT Global in May 2022. Under
the terms of the FT Global Settlement Agreement, the Company is obligated to pay to FT Global cash compensation of $40,000 and share compensation
of 40,000 shares of the Company’s restricted common stock.
F-28
GREEN GIANT INC.
SCHEDULE I- PARENT COMPANY
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
against the Company in connection with the Company’s private placement
in October 2022 and terminated the Exclusive Placement Agent Agreement entered by and between the Company and FT Global in May 2022. Under
the terms of the FT Global Settlement Agreement, the Company is obligated to pay to FT Global cash compensation of $40,000 and share compensation
of 40,000 shares of the Company’s restricted common stock.
F-28
GREEN GIANT INC.
SCHEDULE I- PARENT COMPANY BALANCE SHEETS
(UNAUDITED)
September 30,
2022
2021
ASSETS
Cash
1,074,440
Other assets
161,700
Prepayment for energy equipment
26,936,915
Amount due from related party
2,000
Investment in subsidiary and VIE
94,868,534
194,262,711
Total assets
123,043,589
194,262,711
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Accrued expenses
17,528
Other payables
15,391
Tax payable
3,565,000
3,565,000
Total liabilities
3,597,919
3,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2,000
Investment in subsidiary and VIE
94,868,534
194,262,711
Total assets
123,043,589
194,262,711
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Accrued expenses
17,528
Other payables
15,391
Tax payable
3,565,000
3,565,000
Total liabilities
3,597,919
3,565,000
Stockholders’ equity*:
Commons stock,$0.001 par value,200,000,000 shares authorized;46,464,929 and 25,617,807 shares outstanding as at September 30, 2022 and September 30,2021
46,464
25,617
Additional paid-in capital
184,821,771
136,535,303
Statutory surplus
11,095,939
11,095,939
Retained earnings
(67,432,727
40,691,955
Accumulated other comprehensive income (loss)
(9,085,777
2,348,897
Total stockholders’ equity
119,445,670
190,697,711
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2021
46,464
25,617
Additional paid-in capital
184,821,771
136,535,303
Statutory surplus
11,095,939
11,095,939
Retained earnings
(67,432,727
40,691,955
Accumulated other comprehensive income (loss)
(9,085,777
2,348,897
Total stockholders’ equity
119,445,670
190,697,711
Total Liabilities and Stockholders’ Equity
123,043,589
194,262,711
Adjusted to give retroactive effect to a one-for-two reverse
stock split effective on August 20, 2020.
The accompanying notes are integral part of Schedule
I
F-29
GREEN GIANT INC.
SCHEDULE I – PARENT COMPANY STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED SEPTEMBER 30,
2022 AND 2021
(UNAUDITED)
2022
2021
Equity in profit of subsidiary and VIE
(87,959,503
6,643,438
General and administrative expenses
(20,164,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
I
F-29
GREEN GIANT INC.
SCHEDULE I – PARENT COMPANY STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED SEPTEMBER 30,
2022 AND 2021
(UNAUDITED)
2022
2021
Equity in profit of subsidiary and VIE
(87,959,503
6,643,438
General and administrative expenses
(20,164,709
Interest expense
(470
(Loss) income before income taxes
(108,124,682
6,643,438
Provision for income taxes
268,000
Net (loss) income
(108,124,682
6,375,438
Other comprehensive loss
Foreign currency translation adjustment
(11,434,674
9,388,387
Comprehensive loss
(119,559,356
15,763,825
The accompanying notes are integral part of Schedule
I
F-30
GREEN GIANT INC.
SCHEDULE I -PARENT COMPANY STATEMENTS OF CASH
FLOWS
FOR THE YEARS ENDED SEPTEMBER 30,
2022 AND 2021
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
375,438
Other comprehensive loss
Foreign currency translation adjustment
(11,434,674
9,388,387
Comprehensive loss
(119,559,356
15,763,825
The accompanying notes are integral part of Schedule
I
F-30
GREEN GIANT INC.
SCHEDULE I -PARENT COMPANY STATEMENTS OF CASH
FLOWS
FOR THE YEARS ENDED SEPTEMBER 30,
2022 AND 2021
(UNAUDITED)
2022
2021
Cash flows from operating activities
Net (loss) income
(108,124,682
6,375,438
Adjustments to reconcile net income to net cash used in operating activities:
Share based compensation
19,370,400
Equity in profit of subsidiary and VIE
87,959,503
(6,643,438
Changes in assets and liabilities:
Taxes payable
268,000
Other assets
(161,700
Other payables
15,391
Accrued expenses
17,528
Interco
(2,000
Net cash used in operating activities
(925,560
Cash Flows from Investing Activities:
Prepayment for energy equipment
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
370,400
Equity in profit of subsidiary and VIE
87,959,503
(6,643,438
Changes in assets and liabilities:
Taxes payable
268,000
Other assets
(161,700
Other payables
15,391
Accrued expenses
17,528
Interco
(2,000
Net cash used in operating activities
(925,560
Cash Flows from Investing Activities:
Prepayment for energy equipment
(26,936,915
Net Cash Used in Investing Activities
(26,936,915
Cash flow from financing activities:
Proceeds from private placements
28,936,915
Net cash (used in) financing activities
28,936,915
Net increase (decrease) in cash
1,074,440
Cash, beginning of year
Cash, end of year
1,074,440
Supplemental disclosures of cash flow information:
Interest paid
Income taxes paid
The accompanying notes are integral part of Schedule
I
F-31
GREEN GIANT INC.
NOTES TO SCHEDULE I
NOTE 1. BASIS OF PRESENTATION
Certain information and footnote disclosures normally
included in financial statements
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
(decrease) in cash
1,074,440
Cash, beginning of year
Cash, end of year
1,074,440
Supplemental disclosures of cash flow information:
Interest paid
Income taxes paid
The accompanying notes are integral part of Schedule
I
F-31
GREEN GIANT INC.
NOTES TO SCHEDULE I
NOTE 1. BASIS OF PRESENTATION
Certain information and footnote disclosures normally
included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted.
Green Giant Inc.’s investment in subsidiary and variable interest entity (“VIE”) is stated at cost plus equity income (loss)
in undistributed earnings (loss) of subsidiaries and VIE.
NOTE 2. RESTRICTED ASSETS
Green Giant Inc.’s PRC VIE and subsidiary are
restricted in their ability to transfer a portion of their net assets to the Company. The payment of dividends by entities organized in
China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of
accumulated profits as determined in accordance with accounting standards and regulations in China. Green Giant Inc.’s subsidiary and
its VIE are also required to set aside at least
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
RESTRICTED ASSETS
Green Giant Inc.’s PRC VIE and subsidiary are
restricted in their ability to transfer a portion of their net assets to the Company. The payment of dividends by entities organized in
China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of
accumulated profits as determined in accordance with accounting standards and regulations in China. Green Giant Inc.’s subsidiary and
its VIE are also required to set aside at least 10% of their after-tax profit based on PRC accounting standards each year to their
statutory reserve accounts until the accumulated amount of such reserves reaches 50% of their respective registered capital. The aforementioned
reserves can only be used for specific purposes and are not distributable as cash dividends.
In addition, the Company’s operations and
revenues are conducted and generated in China, all of the Company’s revenues being earned and currency received are denominated
in RMB. RMB is subject to the foreign exchange control regulations in China, and, as a result, the Company may be unable to distribute
any dividends outside of China due to PRC foreign exchange control regulations that restrict the Company’s ability to convert RMB
into US Dollars.
Schedule I
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
distributable as cash dividends.
In addition, the Company’s operations and
revenues are conducted and generated in China, all of the Company’s revenues being earned and currency received are denominated
in RMB. RMB is subject to the foreign exchange control regulations in China, and, as a result, the Company may be unable to distribute
any dividends outside of China due to PRC foreign exchange control regulations that restrict the Company’s ability to convert RMB
into US Dollars.
Schedule I of Article 5-04 of Regulation
S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries
exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above
test, restricted net assets of consolidated subsidiaries and VIEs shall mean that amount of the registrant’s proportionate share
of net assets of consolidated subsidiaries and VIEs (after intercompany eliminations) which as of the end of the most recent fiscal year
may not be transferred to the parent company by subsidiaries and VIEs in the form of loans, advances or cash dividends without the consent
of a third party. The condensed parent company financial statements have been
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of the above
test, restricted net assets of consolidated subsidiaries and VIEs shall mean that amount of the registrant’s proportionate share
of net assets of consolidated subsidiaries and VIEs (after intercompany eliminations) which as of the end of the most recent fiscal year
may not be transferred to the parent company by subsidiaries and VIEs in the form of loans, advances or cash dividends without the consent
of a third party. The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I
of Regulation S-X as the restricted net assets of the Company’s PRC subsidiary and VIE exceed 25% of the consolidated net assets
of the Company.
NOTE 3. COMMITMENTS
Green Giant Inc. did not have any significant commitments
or long-term obligations as at September 30, 2022 and 2021.
F-32
Item 9. Changes and Disagreements with Accountants on Accounting
and Financial Disclosure
None.
Item 9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation
of our management, including our Chief Executive Officer and our Chief Financial Officer, we carried out
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Green Giant Inc. did not have any significant commitments
or long-term obligations as at September 30, 2022 and 2021.
F-32
Item 9. Changes and Disagreements with Accountants on Accounting
and Financial Disclosure
None.
Item 9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation
of our management, including our Chief Executive Officer and our Chief Financial Officer, we carried out an evaluation of the effectiveness
of our disclosure controls and procedures (as such term is defined in SEC Rules 13a-15(e) and 15d-15(e)) as of the end of the
period covered by this report. Based on such evaluation, our management, including our Chief Executive Officer and Chief Financial Officer,
has concluded that our disclosure controls and procedures were not effective as of September 30, 2022, because of the material weakness
in our internal control over financial reporting as described below.
(b) Management’s Report on Internal Control over Financial
Reporting
Green Giant Inc.’s management is responsible
for establishing and maintaining internal controls over financial reporting. Internal Control Over Financial Reporting is a process designed
by, and under the supervision of, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
management, including our Chief Executive Officer and Chief Financial Officer,
has concluded that our disclosure controls and procedures were not effective as of September 30, 2022, because of the material weakness
in our internal control over financial reporting as described below.
(b) Management’s Report on Internal Control over Financial
Reporting
Green Giant Inc.’s management is responsible
for establishing and maintaining internal controls over financial reporting. Internal Control Over Financial Reporting is a process designed
by, and under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar
functions, and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles and includes those policies and procedures that:
1.
Pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
2.
Provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of its management and board of directors; and
3.
Provide reasonable assurance
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
accepted accounting principles and includes those policies and procedures that:
1.
Pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
2.
Provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of its management and board of directors; and
3.
Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial
statements.
Because of its inherent limitations, internal
control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements
would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management, including our chief executive
officer and chief financial officer, has conducted a self-assessment, including attestation of the design and operational effectiveness
of the Company’s internal controls over financial reporting as of September 30,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
consolidated financial statements
would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management, including our chief executive
officer and chief financial officer, has conducted a self-assessment, including attestation of the design and operational effectiveness
of the Company’s internal controls over financial reporting as of September 30, 2022. In making its assessment, management used
the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (the “2013 COSO Framework”). The 2013 COSO Framework outlines the 17 underlying principles and
the following fundamental components of a company’s internal control: (i) control environment, (ii) risk assessment, (iii) control
activities, (iv) information and communication, and (v) monitoring. Our management has implemented and tested our internal control
over financial reporting based on these criteria and identified certain material weaknesses set forth below.
Based on this evaluation, our management concluded
that our internal control over financial reporting as of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the 17 underlying principles and
the following fundamental components of a company’s internal control: (i) control environment, (ii) risk assessment, (iii) control
activities, (iv) information and communication, and (v) monitoring. Our management has implemented and tested our internal control
over financial reporting based on these criteria and identified certain material weaknesses set forth below.
Based on this evaluation, our management concluded
that our internal control over financial reporting as of September 30, 2022 was ineffective.
57
A material weakness is a deficiency or a combination
of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement
of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis.
Management identified the following material weaknesses
in its assessment of the effectiveness of internal control over financial reporting as of September 30, 2022:
Lack of full-time accounting staffs in our accounting department
with sufficient knowledge of U.S. GAAP and SEC reporting experience and lack of internal audit function
Remediation Efforts to Address Significant Deficiencies
To remediate the material weaknesses described
above and to prevent similar deficiencies in the future, we are
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
or detected on a timely basis.
Management identified the following material weaknesses
in its assessment of the effectiveness of internal control over financial reporting as of September 30, 2022:
Lack of full-time accounting staffs in our accounting department
with sufficient knowledge of U.S. GAAP and SEC reporting experience and lack of internal audit function
Remediation Efforts to Address Significant Deficiencies
To remediate the material weaknesses described
above and to prevent similar deficiencies in the future, we are currently evaluating additional controls and procedures, which may include:
Provide more U.S. GAAP knowledge and SEC reporting training
for the accounting department and establish formal policies and procedures in internal audit function.
Implementation of an ongoing initiative and training in the
Company to ensure the importance of internal controls and compliance with established policies and procedures that are fully understood
throughout the organization and plans to provide continuous U.S. GAAP knowledge training to relevant employees involved to ensure the
performance of and compliance with those procedures and policies.
Any actions we have taken or may take to remediate
these material weaknesses are subject to continued management review supported by testing, as well as oversight by the Audit Committee
of our Board of Directors. We cannot assure you that these material weaknesses will not occur in the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
controls and compliance with established policies and procedures that are fully understood
throughout the organization and plans to provide continuous U.S. GAAP knowledge training to relevant employees involved to ensure the
performance of and compliance with those procedures and policies.
Any actions we have taken or may take to remediate
these material weaknesses are subject to continued management review supported by testing, as well as oversight by the Audit Committee
of our Board of Directors. We cannot assure you that these material weaknesses will not occur in the future and that we will be able to
remediate such weaknesses in a timely manner, which could impair our ability to accurately and timely report our financial position, results
of operations or cash flows. See the Risk Factor included in this Annual Report on Form 10-K.
(c) Changes in Internal Controls over Financial Reporting
The management is committed to improving the internal
controls over financial reporting and will undertake consistent improvements and enhancements on an ongoing basis. Except as described
above, there has been no change to our internal control over financial reporting during our most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
On October 5, 2022, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
(c) Changes in Internal Controls over Financial Reporting
The management is committed to improving the internal
controls over financial reporting and will undertake consistent improvements and enhancements on an ongoing basis. Except as described
above, there has been no change to our internal control over financial reporting during our most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
On October 5, 2022, the Company entered
into a certain securities purchase agreement with certain purchasers whom are “non-U.S. Persons” as defined in Regulation
S of the Securities Act, pursuant to which the Company agreed to sell an aggregate of 9,288,339 units, each consisting of one share of
the common stock of the Company, par value $0.001 per share and a warrant to purchase three shares of Common Stock, for an aggregate purchase
price of approximately $5.2 million. On October 25, 2022, the transaction contemplated by the SPA closed.
On October 17, 2022,
the Board appointed Ms. Sheng (Dorothy) Liu as the Chief Operating Officer of the Company. Ms. Sheng (Dorothy)
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
share of
the common stock of the Company, par value $0.001 per share and a warrant to purchase three shares of Common Stock, for an aggregate purchase
price of approximately $5.2 million. On October 25, 2022, the transaction contemplated by the SPA closed.
On October 17, 2022,
the Board appointed Ms. Sheng (Dorothy) Liu as the Chief Operating Officer of the Company. Ms. Sheng (Dorothy) Liu does not have
a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company
during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
On November 2, 2022,
the Company entered into certain Management Services Agreement with Incrementum Management LLC (the “Consultant”), and Mr.
Junaid Ali (the “Executive”), pursuant to which the Company shall engage the management services of the Consultant and the
Executive to implement its plan to engage in the green energy or carbon free energy sector in the U.S. The Executive will be appointed
as Chief Executive Officer of the Company.
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2022,
the Company entered into certain Management Services Agreement with Incrementum Management LLC (the “Consultant”), and Mr.
Junaid Ali (the “Executive”), pursuant to which the Company shall engage the management services of the Consultant and the
Executive to implement its plan to engage in the green energy or carbon free energy sector in the U.S. The Executive will be appointed
as Chief Executive Officer of the Company.
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
58
PART III
Item 10. Directors, Executive Officers and Corporate
Governance
Directors
The Board of Directors is presently composed of
five (5) members: Neng Chen, Rongrong Dai, Xinping Li, Jian Zhang, and Qingfeng Zhou Mr. Chen serves as Chairman of the Board
of Directors. The Board of Directors has determined that Xinping Li, Jian Zhang, and Qingfeng Zhou are independent directors within the
meaning set forth in the NASDAQ listing rules and as required by the rules and regulations of the SEC, as currently in effect.
Below you will find a tabular summary of our entire
Board, their age, the year they were each elected
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, Jian Zhang, and Qingfeng Zhou Mr. Chen serves as Chairman of the Board
of Directors. The Board of Directors has determined that Xinping Li, Jian Zhang, and Qingfeng Zhou are independent directors within the
meaning set forth in the NASDAQ listing rules and as required by the rules and regulations of the SEC, as currently in effect.
Below you will find a tabular summary of our entire
Board, their age, the year they were each elected, and the year in which their term ends.
Name
Age
Position
Director Since
Neng Chen
40
President, Chief Executive Officer and Chairman of the Board of Directors
2021
Rongrong Dai
28
Chief Financial Officer and Director
2022
Xinping Li
57
Director
2021
Jian Zhang
31
Director
2022
Qingfeng Zhou
54
Director
2022
The following paragraphs provide information about
each director, including all positions he or she holds, his or her principal occupation and business experience for the past five years,
and the names of other publicly-held companies of which he or she currently serves as a director or has served as a director during the
past five years
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2
Xinping Li
57
Director
2021
Jian Zhang
31
Director
2022
Qingfeng Zhou
54
Director
2022
The following paragraphs provide information about
each director, including all positions he or she holds, his or her principal occupation and business experience for the past five years,
and the names of other publicly-held companies of which he or she currently serves as a director or has served as a director during the
past five years.
Neng Chen, has severed as the President
and Chief Executive Officer of the Company since October, 2021. Mr. Chen is the founder of Hunan Qingqing Consulting Co., Ltd. and served
as its general manager from June 2019 to September 2021. From June 2012 to January 2019, Mr. Chen served as the general manager of Yiyang
Huamei Real Estate Development Co., Ltd. Mr. Chen graduated from the University of Regina in Canada with a bachelor’s degree in
economics.
Rongrong Dai, has severed as the Chief
Financial Officer of the Company and the director since April 2022. She has served as the manager of Hunan Chenyifang Clothing Co.,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2021. From June 2012 to January 2019, Mr. Chen served as the general manager of Yiyang
Huamei Real Estate Development Co., Ltd. Mr. Chen graduated from the University of Regina in Canada with a bachelor’s degree in
economics.
Rongrong Dai, has severed as the Chief
Financial Officer of the Company and the director since April 2022. She has served as the manager of Hunan Chenyifang Clothing Co., Ltd.
since January 2021. From July 2016 to December 2020, Ms. Rongrong Dai served as the Senior Auditor of Mazars Group in China. Ms. Dai graduated
from Hunan University of Finance and Economics in China with a bachelor’s degree in accounting.
Jian Zhang, has served as a director since
February 2022. He has served as the head of Greater China of Shanghai Branch of Standard International Bank of United States since December
2020. From November 2017 to December 2020, Mr. Zhang served as a vice president of China Industrial GuoXin Asset Management Co., Ltd...
From December 2015 to November 2017, Mr. Zhang served as a vice president of sub-branch
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
degree in accounting.
Jian Zhang, has served as a director since
February 2022. He has served as the head of Greater China of Shanghai Branch of Standard International Bank of United States since December
2020. From November 2017 to December 2020, Mr. Zhang served as a vice president of China Industrial GuoXin Asset Management Co., Ltd...
From December 2015 to November 2017, Mr. Zhang served as a vice president of sub-branch of Shanghai Branch of China Construction Bank.
From September 2013 to November 2015, Mr. Zhang served as an associate of Shanghai Branch of China Construction Bank. Mr. Zhang graduated
from ZhongNan University of Economics and Law in China with a Bachelor’s degree in Economics.
Xinping Li has served as a director
since November 2021. Dr. Li has served as the vice-dean of Shaoyang University’s School of Economics and Management since March
2005. From July 2002 to March 2005, Mr. Li served as a professor and researcher at Jiangxi Jiujiang University’s Business School.
Mr. Li graduated from Shaoyang University in China with a bachelor’s degree in mathematics. He later obtained
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
in Economics.
Xinping Li has served as a director
since November 2021. Dr. Li has served as the vice-dean of Shaoyang University’s School of Economics and Management since March
2005. From July 2002 to March 2005, Mr. Li served as a professor and researcher at Jiangxi Jiujiang University’s Business School.
Mr. Li graduated from Shaoyang University in China with a bachelor’s degree in mathematics. He later obtained a master’s degree
in investment economics from Guangxi Normal University’s School of Economics in China, and a doctoral degree in economics from Liaoning
University in China.
Qingfeng
Zhou has served as a director since January 2022. He has served as the owner of Cangze Consulting Co., Ltd. since
March 2018. Since April 2016 and March 2016, Mr. Zhou has served as an overseas director of Engas Australasia Pty. Co., Ltd. and a
supervisor of Sinuo Investment Management Ltd., respectively. From April 2015 to April 2019, Mr. Zhou served as the owner of Gold
Longrich Limited Hong Kong. Since February 1999, Mr.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
served as the owner of Cangze Consulting Co., Ltd. since
March 2018. Since April 2016 and March 2016, Mr. Zhou has served as an overseas director of Engas Australasia Pty. Co., Ltd. and a
supervisor of Sinuo Investment Management Ltd., respectively. From April 2015 to April 2019, Mr. Zhou served as the owner of Gold
Longrich Limited Hong Kong. Since February 1999, Mr. Zhou has served as the general manager and co-founder of Marquis Shanghai
Limited. Mr. Zhou graduated from Shanghai Jiaotong University in China with a Bachelor’s degree in Mechanics.
59
Family Relationships
No family relationships exist among our directors,
executive officers, or persons nominated or chosen by us to become directors or executive officers.
All directors hold office until the next annual
stockholders’ meeting or until their death, resignation, retirement, removal, disqualification, or until their successors have been
elected and are qualified. Our officers serve at the will of the Board of Directors.
Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors
or executive officers have been convicted in a criminal proceeding, excluding traffic violations or
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
persons nominated or chosen by us to become directors or executive officers.
All directors hold office until the next annual
stockholders’ meeting or until their death, resignation, retirement, removal, disqualification, or until their successors have been
elected and are qualified. Our officers serve at the will of the Board of Directors.
Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors
or executive officers have been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, or has been
a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining
the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation
of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our
discussion below in “Certain Relationships and Related Transactions,” none of our directors, director nominees or executive
officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are
required to be disclosed pursuant to the rules and regulations of the SEC.
Code of Ethics
The Board of Directors has adopted a
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of any violation
of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our
discussion below in “Certain Relationships and Related Transactions,” none of our directors, director nominees or executive
officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are
required to be disclosed pursuant to the rules and regulations of the SEC.
Code of Ethics
The Board of Directors has adopted a Code of Conduct
which sets forth the standards by which the Company’s employees, officers and directors should conduct themselves. Green Giant Inc. will
disclose any amendment to the Code of Conduct or waiver of a provision of the Code of Conduct that applies to the Company’s Chief
Executive Officer, Chief Financial Officer and any other principal financial officer, and any other person performing similar functions
and relates to certain elements of the Code of Conduct, including the name of the officer to whom the waiver was granted.
Insider Trading Policy
Effective October 25, 2022, we adopted a new insider
trading policy that applies to all our executive officers, directors and employees. The insider trading policy codifies the legal and
ethical principles that govern trading in our securities by persons associated with
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, Chief Financial Officer and any other principal financial officer, and any other person performing similar functions
and relates to certain elements of the Code of Conduct, including the name of the officer to whom the waiver was granted.
Insider Trading Policy
Effective October 25, 2022, we adopted a new insider
trading policy that applies to all our executive officers, directors and employees. The insider trading policy codifies the legal and
ethical principles that govern trading in our securities by persons associated with the Company that may possess material nonpublic information
relating to Green Giant Inc.
Committees of the Board of Directors
The Board of Directors has the following standing
committees: Audit, Compensation, and Nominating and Corporate Governance. The Board of Directors has adopted written charters for each
of these committees. All members of the committees appointed by the Board of Directors are non-employee directors and the Board of Directors
has determined that all such members are independent under the applicable rules and regulations of NASDAQ and the SEC, as currently
in effect. In addition, all directors who served on a committee during any portion of the fiscal year ended September 30, 2022 were independent
under the applicable rules and regulations of NASDAQ and the SEC
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
charters for each
of these committees. All members of the committees appointed by the Board of Directors are non-employee directors and the Board of Directors
has determined that all such members are independent under the applicable rules and regulations of NASDAQ and the SEC, as currently
in effect. In addition, all directors who served on a committee during any portion of the fiscal year ended September 30, 2022 were independent
under the applicable rules and regulations of NASDAQ and the SEC during such director’s period of service.
60
The following chart details the membership of
each standing committee as of September 30, 2022 and the number of meetings each committee held in fiscal year 2022
Nominating &
Corporate
Name of Director
Audit
Compensation
Governance
Xinping Li
Jian Zhang
Qingfeng Zhou
Number of Meetings in Fiscal 2022
M = Member C = Chair
Executive Officers
Our executive officers and their age as of September
30, 2022 are as follows:
Name
Ages
Position
Neng Chen *
40
President, Chief Executive Officer and Chairman of the Board of Directors
Rong Rong Dai**
33
Chief Financial Officer
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Audit
Compensation
Governance
Xinping Li
Jian Zhang
Qingfeng Zhou
Number of Meetings in Fiscal 2022
M = Member C = Chair
Executive Officers
Our executive officers and their age as of September
30, 2022 are as follows:
Name
Ages
Position
Neng Chen *
40
President, Chief Executive Officer and Chairman of the Board of Directors
Rong Rong Dai**
33
Chief Financial Officer
Mr. Chen’s background and business experience is
described above under “Directors”
*
Rongrong Dai has been the Chief Financial Officer of the Company since
April 2022. Prior to join GGE, Ms. Rongrong Dai has four years of experience as an audit manager and two years of CEO experience. As an
auditor,she has a profound professional audit technical background and a global vision. She also has a strong professional ability in
the auditing major and has a strong logical thinking ability. As the CEO, she led the company’s business planning, business policy
and operation form, and established and improved the company’s efficient organizational system and working mode. She received her
degree from Hunan University of Finance and Economics in
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of experience as an audit manager and two years of CEO experience. As an
auditor,she has a profound professional audit technical background and a global vision. She also has a strong professional ability in
the auditing major and has a strong logical thinking ability. As the CEO, she led the company’s business planning, business policy
and operation form, and established and improved the company’s efficient organizational system and working mode. She received her
degree from Hunan University of Finance and Economics in 2016 and a finalist of Association of Chartered Certified Accountants, UK.
Audit Committee
The Audit Committee oversees our accounting, financial
reporting and audit processes; appoints, determines the compensation of, and oversees, the Company’s independent registered public
accounting firm; pre-approves audit and non-audit services provided by the independent registered public accountants; reviews the results
and scope of audit and other services provided by the independent registered public accountants; reviews the accounting principles and
practices and procedures used in preparing our financial statements; and reviews our internal controls.
The Audit Committee works closely with management
and our independent registered public accountants. The Audit Committee also meets with our independent registered public accountants without
members of management present, on a quarterly
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
pre-approves audit and non-audit services provided by the independent registered public accountants; reviews the results
and scope of audit and other services provided by the independent registered public accountants; reviews the accounting principles and
practices and procedures used in preparing our financial statements; and reviews our internal controls.
The Audit Committee works closely with management
and our independent registered public accountants. The Audit Committee also meets with our independent registered public accountants without
members of management present, on a quarterly basis, following completion of our independent registered public accountants’ quarterly
reviews and annual audit and prior to our earnings announcements, to review the results of their work. The Audit Committee also meets
with our independent registered public accountants to approve the annual scope and fees for the audit and review services to be performed.
The Board of Directors has determined that Jian
Zhang is an “audit committee financial expert” as defined by SEC rules, as currently in effect.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act, requires
the executive officers and directors of the Company and every person who is directly or indirectly the beneficial owner of more than 10%
of any class of security of the Company to file reports of ownership
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
and review services to be performed.
The Board of Directors has determined that Jian
Zhang is an “audit committee financial expert” as defined by SEC rules, as currently in effect.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act, requires
the executive officers and directors of the Company and every person who is directly or indirectly the beneficial owner of more than 10%
of any class of security of the Company to file reports of ownership and changes in ownership with the SEC. Such persons also are required
to furnish our company with copies of all Section 16(a) forms they file.
Based solely on our review of copies of such forms
received by us, we believe that during the fiscal year 2022, the executive officers and directors of the Company and every person who
is directly or indirectly the beneficial owner of more than 10% of any class of security of the Company complied with the filing requirements
of Section 16(a) of the Exchange Act.
61
Item 11. Executive Compensation
Compensation of Executive Officers
Compensation Discussion and
Analysis
Our primary goal with respect to our compensation
programs has been to attract and retain the most talented and dedicated employees
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2, the executive officers and directors of the Company and every person who
is directly or indirectly the beneficial owner of more than 10% of any class of security of the Company complied with the filing requirements
of Section 16(a) of the Exchange Act.
61
Item 11. Executive Compensation
Compensation of Executive Officers
Compensation Discussion and
Analysis
Our primary goal with respect to our compensation
programs has been to attract and retain the most talented and dedicated employees in key positions in order to compete effectively in
the market place, successfully execute our growth strategies, and create lasting shareholder value. The Compensation Committee evaluates
both individual and Company performance when determining the compensation of our executives. Our executives’ overall compensation
is tied to the Company’s financial and operational performance, as measured by revenues and net income, as well as to accomplishing
strategic goals such as merger and acquisitions and fund raising. We apply our compensation policies consistently for determining compensation
of our Chief Executive Officer as we do with the other executives. The Compensation Committee assesses the performance of our Chief Executive
Officer annually and determines the base salary and incentive compensation of our Chief Executive Officer. Our Chief Executive Officer
is primarily responsible for the assessment of our other executive officers
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
financial and operational performance, as measured by revenues and net income, as well as to accomplishing
strategic goals such as merger and acquisitions and fund raising. We apply our compensation policies consistently for determining compensation
of our Chief Executive Officer as we do with the other executives. The Compensation Committee assesses the performance of our Chief Executive
Officer annually and determines the base salary and incentive compensation of our Chief Executive Officer. Our Chief Executive Officer
is primarily responsible for the assessment of our other executive officers’ performance.
Summary Compensation Table
The following identified persons (the “Named
Executive Officers”) of the Company received compensation in the amounts set forth in the chart below for the fiscal years ended
September 30, 2022 and 2021. All compensation listed is in US dollars. No other item of compensation was paid to any officer or director
of the Company other than reimbursement of expenses.
All Other
Name and Principal Position
Year
Salary ($)
Bonus ($)
Compensation ($)
Totals ($)
Neng Chen, Chief Executive Officer and Chairman of the Board (1)
2022
30,519
30,519
2021
Xiaojun Zhu, Former Chief Executive Officer and Chairman of the Board (1)
2022
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
US dollars. No other item of compensation was paid to any officer or director
of the Company other than reimbursement of expenses.
All Other
Name and Principal Position
Year
Salary ($)
Bonus ($)
Compensation ($)
Totals ($)
Neng Chen, Chief Executive Officer and Chairman of the Board (1)
2022
30,519
30,519
2021
Xiaojun Zhu, Former Chief Executive Officer and Chairman of the Board (1)
2022
2021
30,735
30,735
Rongrong Dai, Chief Financial Officer (2)
2022
2021
(1)
Mr. Chen became our Chief executive office on October 29, 2021, therefore
no compensation was paid to Mr. Chen for the year ended September 30, 2021. Our former chief executive officer, Mr. Xiaojun Zhu was paid
in Renminbi. His annual salary was RMB200,000 for fiscal 2021. The amounts reflected in this column have been converted to U.S. dollars
at the exchange rate of RMB6.5532 to the U.S. dollar for fiscal 2022 and RMB6.5072 to the U.S. dollar for
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
. Chen for the year ended September 30, 2021. Our former chief executive officer, Mr. Xiaojun Zhu was paid
in Renminbi. His annual salary was RMB200,000 for fiscal 2021. The amounts reflected in this column have been converted to U.S. dollars
at the exchange rate of RMB6.5532 to the U.S. dollar for fiscal 2022 and RMB6.5072 to the U.S. dollar for fiscal 2021.
Option Grants Table. There were no individual
grants of stock options to purchase our common stock made to the executive officers named in the Summary Compensation Table in fiscal
2022 and 2021.
Aggregated Option Exercises and Fiscal Year-End
Option Value Table. There were no stock options exercised during fiscal 2022 and 2021 by any executive officer named in the Summary Compensation
Table.
Long-Term Incentive Plan (“LTIP”) Awards Table. There were
no awards made to a Named Executive Officer in fiscal 2022 and 2021 under any LTIP.
Our executive officers are reimbursed by us for
any out-of-pocket expenses incurred in connection with activities conducted on our behalf. There is no limit on the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Value Table. There were no stock options exercised during fiscal 2022 and 2021 by any executive officer named in the Summary Compensation
Table.
Long-Term Incentive Plan (“LTIP”) Awards Table. There were
no awards made to a Named Executive Officer in fiscal 2022 and 2021 under any LTIP.
Our executive officers are reimbursed by us for
any out-of-pocket expenses incurred in connection with activities conducted on our behalf. There is no limit on the amount of these out-of-pocket
expenses and there will be no review of the reasonableness of such expenses by anyone other than our board of directors, which includes
persons who may seek reimbursement, or a court of competent jurisdiction if such reimbursement is challenged.
Employment Contracts and Termination of Employment
Green Giant Inc. is under a contract with Ms. Rongrong
Dai to serve as Chief Financial Officer of the Company for a term of two years, which automatically renews for additional one-year term
unless previously terminated on three months written notice by either party. Pursuant to the contract, Ms. Dai does not have an initial
base salary. Ms. Dai did not receive bonus or restricted stock for the years ended September 30, 202
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Termination of Employment
Green Giant Inc. is under a contract with Ms. Rongrong
Dai to serve as Chief Financial Officer of the Company for a term of two years, which automatically renews for additional one-year term
unless previously terminated on three months written notice by either party. Pursuant to the contract, Ms. Dai does not have an initial
base salary. Ms. Dai did not receive bonus or restricted stock for the years ended September 30, 2022 and 2021. We may terminate
the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, such as conviction or
plea of guilty to a felony or grossly negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties.
In such case, the executive officer will not be entitled to receive payment of any severance benefits or other amounts by reason of the
termination, and the executive officer’s right to all other benefits will terminate, except as required by any applicable law. We
may also terminate an executive officer’s employment without cause upon one-month advance written notice. In such case of termination
by us, we are required to provide compensation to the executive officer,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, or misconduct or a failure to perform agreed duties.
In such case, the executive officer will not be entitled to receive payment of any severance benefits or other amounts by reason of the
termination, and the executive officer’s right to all other benefits will terminate, except as required by any applicable law. We
may also terminate an executive officer’s employment without cause upon one-month advance written notice. In such case of termination
by us, we are required to provide compensation to the executive officer, including (1) a lump sum cash payment equal to 1 months of the
Executive’s base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of her target
annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the
Company’s health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion
of any outstanding equity awards held by Ms. Dai.
62
Outstanding Equity Awards at Fiscal 2022 Year
End
None.
Compensation of Directors
The following table provides information regarding
compensation earned by non-
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, if any; (3) payment of premiums for continued health benefits under the
Company’s health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion
of any outstanding equity awards held by Ms. Dai.
62
Outstanding Equity Awards at Fiscal 2022 Year
End
None.
Compensation of Directors
The following table provides information regarding
compensation earned by non-employee directors who served during fiscal 2022.
FISCAL 2022 DIRECTOR COMPENSATION
Nonqualified
Fees Earned
Non-Equity
Deferred
or Paid in
Stock
Option
Incentive Plan
Compensation
All Other
Name
Cash ($)
Awards ($)
Awards ($)
Compensation ($)
Earnings ($)
Compensation ($)
Total ($)
Xinping Li (1)
2,767
2,767
Qingfeng Zhou (2)
Jian Zhang (3)
Christy Young Shue, former director (4)
Yuankai Wen, former director (5)
Shenghui
Luo, former director (6)
John Chen (7)
18,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Name
Cash ($)
Awards ($)
Awards ($)
Compensation ($)
Earnings ($)
Compensation ($)
Total ($)
Xinping Li (1)
2,767
2,767
Qingfeng Zhou (2)
Jian Zhang (3)
Christy Young Shue, former director (4)
Yuankai Wen, former director (5)
Shenghui
Luo, former director (6)
John Chen (7)
18,000
18,000
These amounts reflect the value determined by
the Company for accounting purposes for these awards and do not reflect whether the recipient has actually realized a financial benefit
from the award (such as by exercising stock options). These amounts represent compensation expense for fiscal year 2022 and is based on
an exchange rate of RMB6.5532 to the U.S. dollar.
(1)
Effective on November 8, 2021, the Board appointed Dr. Xinping Li as an Independent Director of the Board and as the Chairman of the Nominating Committee and member of the Audit Committee and Compensation Committee of the Board to fill the vacancy created by the resignation of Ms. Christy Young Shue. Dr. Xingping Li’s annual compensation
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2022 and is based on
an exchange rate of RMB6.5532 to the U.S. dollar.
(1)
Effective on November 8, 2021, the Board appointed Dr. Xinping Li as an Independent Director of the Board and as the Chairman of the Nominating Committee and member of the Audit Committee and Compensation Committee of the Board to fill the vacancy created by the resignation of Ms. Christy Young Shue. Dr. Xingping Li’s annual compensation is $24,000.
(2)
Effective on January 24, 2022, the Board appointed Mr. Qingfeng Zhou as an Independent Director of the Board and as the Chairman of the Compensation Committee and member of the Audit Committee and Nominating Committee of the Board to fill the vacancy created by the resignation of Mr. Yuankai Wen. Mr. Qingfeng Zhou’s annual compensation is $12,000.
(3)
Effective on February 23, 2022, the Board appointed Mr. Jian Zhang as an Independent Director of the Board to fill the vacancy created by the resignation of Ms. Shenghui Luo. Effective on April 27, 2022, Mr. Jian Zhang was appointed to serve as the Chairman of the Audit
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Board to fill the vacancy created by the resignation of Mr. Yuankai Wen. Mr. Qingfeng Zhou’s annual compensation is $12,000.
(3)
Effective on February 23, 2022, the Board appointed Mr. Jian Zhang as an Independent Director of the Board to fill the vacancy created by the resignation of Ms. Shenghui Luo. Effective on April 27, 2022, Mr. Jian Zhang was appointed to serve as the Chairman of the Audit Committee and member of the Compensation Committee and Nominating Committee of the Board to fill the vacancy created by the resignation of Mr. John Chen. Mr. Jian Zhang’s annual compensation is $12,000.
(4)
Ms. Christy Young Shue resigned from her positions as an Independent Director of the Board and as the Chairwoman of the Nominating Committee, and member of the Audit Committee and Compensation Committee on November 8, 2021. Ms. Shue received annual compensation in the amount of $24,000 before her resignation.
(5)
Mr. Yuankai Wen resigned from his positions as an Independent Director of the Board and as the Chairman of the Compensation Committee, and member of the Audit Committee and Nominating Committee on January 24
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
as an Independent Director of the Board and as the Chairwoman of the Nominating Committee, and member of the Audit Committee and Compensation Committee on November 8, 2021. Ms. Shue received annual compensation in the amount of $24,000 before her resignation.
(5)
Mr. Yuankai Wen resigned from his positions as an Independent Director of the Board and as the Chairman of the Compensation Committee, and member of the Audit Committee and Nominating Committee on January 24, 2022. Mr. Wen received annual compensation in the amount of RMB 100,000 before his resignation.
(6)
Ms. Shenghui Luo resigned from her positions as an Independent Director of the Board on February 23, 2022.
(7)
Mr. John Chen resigned from his positions as an Independent Director of the Board and as the Chairman of the Audit Committee, and member of the Nominating Committee and Compensation Committee on April 25, 2022. Mr. Chen received annual compensation in the amount of $36,000 before his resignation.
63
Independent Director Agreements
Green Giant Inc. has entered into Independent Director
Agreements with Dr. Li, and Messrs. Zhou and Zhang pursuant to which
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
.
(7)
Mr. John Chen resigned from his positions as an Independent Director of the Board and as the Chairman of the Audit Committee, and member of the Nominating Committee and Compensation Committee on April 25, 2022. Mr. Chen received annual compensation in the amount of $36,000 before his resignation.
63
Independent Director Agreements
Green Giant Inc. has entered into Independent Director
Agreements with Dr. Li, and Messrs. Zhou and Zhang pursuant to which the Company has agreed to pay each of these directors annual
cash compensation in the amount of $24,000, $12,000 and $12,000, respectively. In addition, the Company has agreed to reimburse each director
for all reasonable, out-of-pocket expenses, subject to the advance approval of the Company incurred in connection with the performance
of Director’s duties.
Board Leadership Structure and Role in Risk Oversight
One person currently holds the positions of principal
executive officer and chairman of the Board of Company. The Board does not have a policy on whether or not the roles of the Chief Executive
Officer and Chairman should be separate. Instead, the Company’s By-Laws provide that the directors may designate a Chairman
of the Board from among any of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
subject to the advance approval of the Company incurred in connection with the performance
of Director’s duties.
Board Leadership Structure and Role in Risk Oversight
One person currently holds the positions of principal
executive officer and chairman of the Board of Company. The Board does not have a policy on whether or not the roles of the Chief Executive
Officer and Chairman should be separate. Instead, the Company’s By-Laws provide that the directors may designate a Chairman
of the Board from among any of the directors. Accordingly, the Board reserves the right to vest the responsibilities of the Chief
Executive Officer and Chairman in the same person or in two different individuals depending on what it believes is in the best interest
of the Company. The Board has determined that the consolidation of these roles is appropriate because it allows Mr. Chen
to bring a wider perspective to the deliberations of the Board on matters of corporate strategy and policy. The Board believes that
there is no single Board leadership structure that would be most effective in all circumstances and therefore retains the authority to
modify this structure to best address the Company’s and the Board’s then current circumstances as and when appropriate.
Green Giant Inc.’s management is responsible
for identifying, assessing and managing the material risks
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
consolidation of these roles is appropriate because it allows Mr. Chen
to bring a wider perspective to the deliberations of the Board on matters of corporate strategy and policy. The Board believes that
there is no single Board leadership structure that would be most effective in all circumstances and therefore retains the authority to
modify this structure to best address the Company’s and the Board’s then current circumstances as and when appropriate.
Green Giant Inc.’s management is responsible
for identifying, assessing and managing the material risks facing the business. The Board and, in particular, the Audit Committee are
responsible for overseeing the Company’s processes for assessing and managing risk. Each of the Chief Executive Officer and
Chief Financial Officer, with input as appropriate from other appropriate management members, report and provide relevant information
directly to either the Board and/or the Audit Committee on various types of identified material financial, reputational, legal, operational,
environmental and business risks to which the Company is or may be subject, as well as mitigation strategies for certain salient risks.
In accordance with NASDAQ requirements and as set forth in its charter, the Audit Committee periodically reviews and discusses the Company’s
business and financial risk management and risk assessment policies and procedures with senior management, the Company’s independent
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
relevant information
directly to either the Board and/or the Audit Committee on various types of identified material financial, reputational, legal, operational,
environmental and business risks to which the Company is or may be subject, as well as mitigation strategies for certain salient risks.
In accordance with NASDAQ requirements and as set forth in its charter, the Audit Committee periodically reviews and discusses the Company’s
business and financial risk management and risk assessment policies and procedures with senior management, the Company’s independent
auditor. The Audit Committee reports its risk assessment function to the Board. The roles of the Board and the Audit Committee
in the risk oversight process have not affected the Board leadership structure. Although the board has not formally designated a lead
independent director, Mr. Zhang, the chairman of the audit committee, has led the meetings of the audit committee which include at
least a majority of the independent directors and at which matters appropriate for consideration at executive sessions of the board of
directors were discussed.
Item 12. Security Ownership of Certain Beneficial Owners
and Management
The following table sets forth information regarding
the beneficial ownership of our common stock as of September 30, 2022 as to (i) each person
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
. Zhang, the chairman of the audit committee, has led the meetings of the audit committee which include at
least a majority of the independent directors and at which matters appropriate for consideration at executive sessions of the board of
directors were discussed.
Item 12. Security Ownership of Certain Beneficial Owners
and Management
The following table sets forth information regarding
the beneficial ownership of our common stock as of September 30, 2022 as to (i) each person who is known by us to own beneficially
more than 5% of our outstanding common stock, (ii) each of the executive officers and other persons named in the Summary Compensation
Table, (iii) each director and nominee for director, and (iv) all directors and executive officers as a group. Except as otherwise
indicated in the footnotes, all information with respect to share ownership and voting and investment power has been furnished to us by
the persons listed. Except as otherwise indicated in the footnotes, each person listed has sole voting power with respect to the shares
shown as beneficially owned. Unless otherwise indicated, the address of each listed shareholder is c/o Green Giant Inc., 6 Xinghan Road,
19th Floor,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
all directors and executive officers as a group. Except as otherwise
indicated in the footnotes, all information with respect to share ownership and voting and investment power has been furnished to us by
the persons listed. Except as otherwise indicated in the footnotes, each person listed has sole voting power with respect to the shares
shown as beneficially owned. Unless otherwise indicated, the address of each listed shareholder is c/o Green Giant Inc., 6 Xinghan Road,
19th Floor, Hanzhong City, Shaanxi Province, PRC 723000.
64
Amount and
Nature of
Beneficial
Percent of
Name and Address of Beneficial Owner
Ownership(1)
Class(2)
5% Holders:
Goldenmountain Solution Inc.
14,900,000
26.72
Liping Zhu
3,092,114
5.55
Directors and Officers
Qingfeng Zhou
Xinping Li
Jian Zhang
10,000
Rongrong Dai
Neng Chen
All directors
and executive officers as a group (5 persons)
10,000
Less than 1%
(1)
Except as indicated in the footnotes
to this table and pursuant to applicable
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Inc.
14,900,000
26.72
Liping Zhu
3,092,114
5.55
Directors and Officers
Qingfeng Zhou
Xinping Li
Jian Zhang
10,000
Rongrong Dai
Neng Chen
All directors
and executive officers as a group (5 persons)
10,000
Less than 1%
(1)
Except as indicated in the footnotes
to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power
with respect to all shares of common stock owned by such person. The number of shares beneficially owned includes common stock that such
individual has the right to acquire as of January 13, 2023 or within 60 days thereafter, including through the exercise of stock options.
(2)
Percentage of beneficial ownership is based upon 55,753,268 shares of common stock outstanding as of January 13, 2023. For each named person, this percentage includes comermon stock that the person has the right to acquire either currently or within 60 days of January 13, 2023, including through the exercise of an option; however, such common stock is not deemed outstanding
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2023 or within 60 days thereafter, including through the exercise of stock options.
(2)
Percentage of beneficial ownership is based upon 55,753,268 shares of common stock outstanding as of January 13, 2023. For each named person, this percentage includes comermon stock that the person has the right to acquire either currently or within 60 days of January 13, 2023, including through the exercise of an option; however, such common stock is not deemed outstanding for the purpose of computing the percentage owned by any other person.
Securities Authorized for Issuance Under Equity Compensation Plans
On September 25, 2012, our shareholders approved
the Company’s 2012 Omnibus Securities and Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the grant of
awards which are distribution equivalent rights, incentive stock options, non-qualified stock options, performance shares, performance
units, restricted shares of common stock, restricted stock units, stock appreciation rights (“SARs”), tandem stock appreciation
rights, unrestricted shares of common stock or any combination of the foregoing, to key management employees and nonemployee directors
of, and nonemployee consultants of, the Company or any of its subsidiaries (
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2 Plan”). The 2012 Plan provides for the grant of
awards which are distribution equivalent rights, incentive stock options, non-qualified stock options, performance shares, performance
units, restricted shares of common stock, restricted stock units, stock appreciation rights (“SARs”), tandem stock appreciation
rights, unrestricted shares of common stock or any combination of the foregoing, to key management employees and nonemployee directors
of, and nonemployee consultants of, the Company or any of its subsidiaries (each a “participant”). We have reserved a total
of 1,000,000 shares of common stock for issuance as or under awards to be made under the 2012 Plan. The number of shares of common stock
for which awards which are options or SARs may be granted to a participant under the 2012 Plan during any calendar year is limited to
500,000.
The following table summarizes information with
respect to shares of the Company’s common stock that may be issued under the Company’s existing equity compensation plans
as of September 30, 2022
Plan Category
Number of
securities
to be issued upon
exercise of
outstanding
options,
warrants and rights
Weighted-
average
exercise
price of
outstanding
options,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
be granted to a participant under the 2012 Plan during any calendar year is limited to
500,000.
The following table summarizes information with
respect to shares of the Company’s common stock that may be issued under the Company’s existing equity compensation plans
as of September 30, 2022
Plan Category
Number of
securities
to be issued upon
exercise of
outstanding
options,
warrants and rights
Weighted-
average
exercise
price of
outstanding
options,
warrants
and rights
Number of
securities
remaining
available for
future
issuance
under equity
compensation
plans
(excluding securities
reflected in
column (a))
Equity compensation plans approved by security holders
1,000,000
Total
1,000,000
For additional information concerning our equity
compensation plans, see the discussion in “Note 13— Stockholders’ Equity.”
65
Changes in Control
There are no arrangements known to us, including
any pledge by any person of our securities, the operation of which may at a subsequent date result in a change in control of the Company.
Item 13. Certain Relationships and Related Transactions, and Director
Independence
Certain Relationships and Related Transactions
The Audit
|
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