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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:
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 Committee is responsible for reviewing,
approving or ratifying all material transactions between us and any related person. Related persons can include any of our directors or
executive officers, certain of our shareholders, and any of their immediate family members. This obligation is set forth in our Audit
and Finance Committee Charter. Although we do not have a formal written policy with respect to our Audit Committee’s policies and
procedures for reviewing related party transactions, in evaluating such transactions, the Audit Committee members apply the same standards
of good faith and fiduciary duty they apply to their general responsibilities as a committee of the board and as individual directors.
In any transaction involving a related party, our Audit Committee considers all available material facts and circumstances of the transaction,
including: (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:
and Finance Committee Charter. Although we do not have a formal written policy with respect to our Audit Committee’s policies and
procedures for reviewing related party transactions, in evaluating such transactions, the Audit Committee members apply the same standards
of good faith and fiduciary duty they apply to their general responsibilities as a committee of the board and as individual directors.
In any transaction involving a related party, our Audit Committee considers all available material facts and circumstances of the transaction,
including: (i) the direct and indirect interests of the related party; (ii) if the related party is a director (or immediate
family member of a director or an entity with which a director is affiliated), the impact such transaction would have on the director’s
independence; (iii) the risks, costs and benefits to us; and (iv) whether any alternative transactions for comparable purposes
are available. Our Audit Committee then makes a determination as to whether the proposed terms of the transaction are in the best interests
of the Company and otherwise consistent with arm’s length dealings with unrelated third-parties.
Director Independence
The Board of Directors has determined that Xinping Li, Qingfeng Zhou,
and Jian Zhang are independent directors within the meaning set forth in the NASDAQ
|
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 risks, costs and benefits to us; and (iv) whether any alternative transactions for comparable purposes
are available. Our Audit Committee then makes a determination as to whether the proposed terms of the transaction are in the best interests
of the Company and otherwise consistent with arm’s length dealings with unrelated third-parties.
Director Independence
The Board of Directors has determined that Xinping Li, Qingfeng Zhou,
and Jian Zhang are independent directors within the meaning set forth in the NASDAQ listing rules, as currently in effect.
Item 14. Principal Accountant Fees and Services
Onestop Assurance PAC and Wei, Wei & Co.,
LLP shall serve as the Company’s independent registered public accounting firm for fiscal 2022 and 2021 respectively. Fees (excluding
reimbursements for out-of-pocket expenses) paid to our independent registered public accounting firm for services in fiscal 2022 and 2021
were as follows:
2022
2021
Audit Fees
250,000
265,000
Audit-Related Fees
Tax Fees
All Other Fees
Total
250,000
265,000
“Audit Fees” consisted of fees for
the audit of our annual financial statements, review of the financial statements included 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:
(excluding
reimbursements for out-of-pocket expenses) paid to our independent registered public accounting firm for services in fiscal 2022 and 2021
were as follows:
2022
2021
Audit Fees
250,000
265,000
Audit-Related Fees
Tax Fees
All Other Fees
Total
250,000
265,000
“Audit Fees” consisted of fees for
the audit of our annual financial statements, review of the financial statements included in our quarterly reports on Form 10-Q and
services that are normally provided by the independent registered public accountants in connection with statutory and regulatory filings
or engagements for those fiscal years. This category also includes advice on audit and accounting matters that arose during, or as a result
of, the audit or the review of interim financial statements, statutory audits required by non-U.S. jurisdiction, the preparation of an
annual “management letter” on internal control matters and assurance services provided in connection with the assessment and
testing of internal controls with respect to Section 404 of the Sarbanes-Oxley Act of 2002.
“Audit-Related Fees” consisted of assurance and related
services by Onestop Assurance PAC that are reasonably related to the performance 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:
of, the audit or the review of interim financial statements, statutory audits required by non-U.S. jurisdiction, the preparation of an
annual “management letter” on internal control matters and assurance services provided in connection with the assessment and
testing of internal controls with respect to Section 404 of the Sarbanes-Oxley Act of 2002.
“Audit-Related Fees” consisted of assurance and related
services by Onestop Assurance PAC that are reasonably related to the performance of the audit or review of our financial statements and
are not reported above under “Audit Fees.”
“Tax Fees” consisted of professional services rendered
by Onestop Assurance PAC for tax compliance and tax planning. The services for the fees disclosed under this category include tax return
preparation and technical tax advice.
The above amounts relate to services provided
in the indicated fiscal years, irrespective of when they were billed. The Audit Committee considered the compatibility of non-audit services
by Onestop Assurance PAC and Wei, Wei & Co., LLP respectively with the maintenance of that firm’s independence and determined,
in each case, that at all times, Onestop Assurance PAC and Wei Wei & Co., LLP remained independent.
The Audit Committee Charter establishes a policy
governing our use
|
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:
technical tax advice.
The above amounts relate to services provided
in the indicated fiscal years, irrespective of when they were billed. The Audit Committee considered the compatibility of non-audit services
by Onestop Assurance PAC and Wei, Wei & Co., LLP respectively with the maintenance of that firm’s independence and determined,
in each case, that at all times, Onestop Assurance PAC and Wei Wei & Co., LLP remained independent.
The Audit Committee Charter establishes a policy
governing our use of Onestop Assurance PAC for audit and non-audit services. Under the Charter, the Audit Committee is required to pre-approve
all audit and non-audit services performed by the Company’s independent registered public accountants in order to ensure that the
provision of such services does not impair the public accountants’ independence. The Audit Committee pre-approves certain audit
and audit-related services, subject to certain fee levels. Any proposed services that are not a type of service that has been pre-approved
or that exceed pre-approval cost levels require specific approval by the Audit Committee in advance. The Audit Committee has approved
all audit and audit-related services to be performed by Onestop Assurance PAC in 2022.
66
Part IV
ITEM
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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:
services does not impair the public accountants’ independence. The Audit Committee pre-approves certain audit
and audit-related services, subject to certain fee levels. Any proposed services that are not a type of service that has been pre-approved
or that exceed pre-approval cost levels require specific approval by the Audit Committee in advance. The Audit Committee has approved
all audit and audit-related services to be performed by Onestop Assurance PAC in 2022.
66
Part IV
ITEM 15 Exhibits and Financial Statement Schedules
Exhibit No.
Title of Document
3.1
Articles of Incorporation(1)
3.2
Articles of incorporation of the registrant as amended with the Secretary of State of Florida on October 8, 2009(2)
3.3
Bylaws(1)
3.4
Articles of Amendment to Articles of Incorporation to effect 1 share for 2 shares reverse split (18)
3.5
Articles of Amendment to Articles of Incorporation to change the name of the Company to “Green Giant Inc.” (19)
3.6
Articles of Amendment to Articles of Incorporation for the increase of the authorized shares of common stock (20)
4.1*
Description of
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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:
2009(2)
3.3
Bylaws(1)
3.4
Articles of Amendment to Articles of Incorporation to effect 1 share for 2 shares reverse split (18)
3.5
Articles of Amendment to Articles of Incorporation to change the name of the Company to “Green Giant Inc.” (19)
3.6
Articles of Amendment to Articles of Incorporation for the increase of the authorized shares of common stock (20)
4.1*
Description of Securities
10.1
Share
Exchange Agreement by and between the Company, China HGS Investment, Inc., and Rising Pilot, Inc. dated August 21,
2009 (3)
10.2
Entrusted
Management Agreement, dated as of September 18, 2009, by and among the Company, Mr. Xiaojun Zhu and his management staff
(English translation) (4)
10.3
Independent
Director Agreement between Green Giant Inc. (formerly “China HGS Real Estate Inc.”) and Yuankai Wen
(2)
10.4
Form of
Indemnification Agreement (2)
10.5
Form of
Nonstat
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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:
as of September 18, 2009, by and among the Company, Mr. Xiaojun Zhu and his management staff
(English translation) (4)
10.3
Independent
Director Agreement between Green Giant Inc. (formerly “China HGS Real Estate Inc.”) and Yuankai Wen
(2)
10.4
Form of
Indemnification Agreement (2)
10.5
Form of
Nonstatutory Stock Option Agreement (5)
10.6
Residential
Apartment Bulk Purchasing Agreement dated May 28, 2011 between Hanzhong Municipal Public Security Bureau and Shaanxi Guangsha
Investment and Development Group Co., Ltd. (English translation) (6)
10.7
Residential
Apartment Bulk Purchasing Agreement dated June 8, 2011 between Hanzhong Municipal Bureau of Justice and Shaanxi Guangsha Investment
and Development Group Co., Ltd. (English translation) (7)
10.8
USD
Shareholder Loan Agreement by and between the Company and Mr. Xiaojun Zhu dated July 28, 2011(English translation)
(8)
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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:
translation) (6)
10.7
Residential
Apartment Bulk Purchasing Agreement dated June 8, 2011 between Hanzhong Municipal Bureau of Justice and Shaanxi Guangsha Investment
and Development Group Co., Ltd. (English translation) (7)
10.8
USD
Shareholder Loan Agreement by and between the Company and Mr. Xiaojun Zhu dated July 28, 2011(English translation)
(8)
10.9
Land
Use Rights Transfer Agreement between Shaanxi Guangsha Investment and Development Group Co., Ltd. and Hanzhong Guangxia Real
Estate Development Limited dated March 16, 2011 (English translation) (9)
10.10
Loan
Agreement by and between Shaanxi Guangsha Investment and Development Group Co. and Mr. Xiaojun Zhu dated November 14, 2011
(English translation) (9)
10.11
Independent Director Agreement by and between Green Giant Inc. (formerly
“China HGS Real Estate Inc.”) and John Chen, dated August 22, 2012 (11)
10.12
Independent Director Agreement by and between Green Giant Inc
|
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:
10
Loan
Agreement by and between Shaanxi Guangsha Investment and Development Group Co. and Mr. Xiaojun Zhu dated November 14, 2011
(English translation) (9)
10.11
Independent Director Agreement by and between Green Giant Inc. (formerly
“China HGS Real Estate Inc.”) and John Chen, dated August 22, 2012 (11)
10.12
Independent Director Agreement by and between Green Giant Inc. (formerly
“China HGS Real Estate Inc.”) and Christy Young Shue, dated August 22, 2012 (12)
10.13
Labor
Contract by and between Shaanxi Guangsha Investment and Development Group Co., Ltd. and Wei (Samuel) Shen, dated May 28,
2012 (13)
10.14
Form of
Indemnification Agreement (14)
10.15
Loan Amendment Agreement by and between Green Giant Inc. (formerly “China
HGS Real Estate Inc.”) and Mr. Xiaojun Zhu, dated July 19, 2013 (15)
10.16
Loan
Agreement by and between Shaanxi Guangxia
|
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 Wei (Samuel) Shen, dated May 28,
2012 (13)
10.14
Form of
Indemnification Agreement (14)
10.15
Loan Amendment Agreement by and between Green Giant Inc. (formerly “China
HGS Real Estate Inc.”) and Mr. Xiaojun Zhu, dated July 19, 2013 (15)
10.16
Loan
Agreement by and between Shaanxi Guangxia Investment Development Group Co., Ltd. and China Construction Bank, dated August 23,
2013 (16)
10.17
Loan
Agreement between dated December 31, 2013 by and between Shaanxi Guangsha Investment and Development Group Co., Ltd and Mr. Xiaojun
Zhu (17)
14.1
Code
of Conduct (10)
14.2*
Insider Trading Policy
16.1
Letter from Wei, Wei & Co., LLP to the Securities and Exchange Commission dated August 8, 2022 (21)
21.1*
List of subsidiaries of Green Giant Inc.
23.1*
Consent of Onestop Assurance PAC
23.2*
Consent of Wei,
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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:
Ltd and Mr. Xiaojun
Zhu (17)
14.1
Code
of Conduct (10)
14.2*
Insider Trading Policy
16.1
Letter from Wei, Wei & Co., LLP to the Securities and Exchange Commission dated August 8, 2022 (21)
21.1*
List of subsidiaries of Green Giant Inc.
23.1*
Consent of Onestop Assurance PAC
23.2*
Consent of Wei, Wei & Co., LLP
31.1*
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2*
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1*
Section 1350 Certification of Chief Executive Officer
32.2*
Section 1350 Certification of Chief Financial Officer
101.INS*
Inline
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within the Inline XBRL document.
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
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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:
32.1*
Section 1350 Certification of Chief Executive Officer
32.2*
Section 1350 Certification of Chief Financial Officer
101.INS*
Inline
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded
within the Inline XBRL document.
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its
XBRL tags are embedded within the Inline XBRL document
Filed herewith
67
(1)
Incorporated herein by reference to the SB-2 Registration Statement filed on August 31, 2001.
(2)
Incorporated by reference to Exhibit 3.2 to registrant’s quarterly report on Form 10-Q filed on August 16, 2010
|
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:
File – The cover page interactive data file does not appear in the Interactive Data File because its
XBRL tags are embedded within the Inline XBRL document
Filed herewith
67
(1)
Incorporated herein by reference to the SB-2 Registration Statement filed on August 31, 2001.
(2)
Incorporated by reference to Exhibit 3.2 to registrant’s quarterly report on Form 10-Q filed on August 16, 2010.
(3)
Incorporated herein by reference to the current report on Form 8-K filed on August 21, 2009.
(4)
Incorporated herein by reference to the current report on Form 8-K filed on September 18, 2009.
(5)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on March 17, 2011.
(6)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on June 3, 2011.
(7)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on
|
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:
2009.
(5)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on March 17, 2011.
(6)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on June 3, 2011.
(7)
Incorporated herein by reference to Exhibit 10.1 to the current report on Form 8-K filed on June 14, 2011.
(8)
Incorporated herein by reference to registrant’s quarterly report on Form 10-Q filed August 15, 2011.
(9)
Incorporated herein by reference to the current report on Form 8-K filed on December 23, 2011.
(10)
Incorporated herein by reference to the current report on Form 8-K filed on January 22, 2010.
(11)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on August 22, 2012.
(12)
Incorporated by reference to Exhibit 10.2 to the current report on Form 8-K filed on
|
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:
-K filed on December 23, 2011.
(10)
Incorporated herein by reference to the current report on Form 8-K filed on January 22, 2010.
(11)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on August 22, 2012.
(12)
Incorporated by reference to Exhibit 10.2 to the current report on Form 8-K filed on August 22, 2012.
(13)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on May 29, 2012.
(14)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on March 15, 2013.
(15)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on July 22, 2013.
(16)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on October 15, 2013.
(17)
Incorporated by reference to Exhibit
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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:
1 to the current report on Form 8-K filed on March 15, 2013.
(15)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on July 22, 2013.
(16)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on October 15, 2013.
(17)
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on January 7, 2014.
(18)
Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed on September 1, 2020
(19)
Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed on March 23, 2022
(20)
Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed on July 11, 2022
(21)
Incorporated by reference to Exhibit 16.1 to the current report on Form
8-K filed on August 8, 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:
(19)
Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed on March 23, 2022
(20)
Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed on July 11, 2022
(21)
Incorporated by reference to Exhibit 16.1 to the current report on Form
8-K filed on August 8, 2022
68
ITEM 16 Form 10-K Summary
None.
69
SIGNATURES
Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Green Giant Inc.
(Formerly known as China HGS Real Estate Inc.)
Date:
January 13, 2023
By:
/s/ Neng
Chen
Neng Chen
President, Chief Executive Officer, and
Chairman of the Board of Directors
Date:
January 13, 2023
By:
/s/
Rongrong Dai
Rongrong Dai
|
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 be signed on its behalf by the undersigned,
thereunto duly authorized.
Green Giant Inc.
(Formerly known as China HGS Real Estate Inc.)
Date:
January 13, 2023
By:
/s/ Neng
Chen
Neng Chen
President, Chief Executive Officer, and
Chairman of the Board of Directors
Date:
January 13, 2023
By:
/s/
Rongrong Dai
Rongrong Dai
Chief Financial Officer
Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
Signature
Title
Date
/s/ Neng Chen
President, Chief Executive Officer,
and Chairman of the Board of Directors
January 13, 2023
Neng Chen
(Principal Executive Officer)
/s/ Rongrong Dai
Chief Financial Officer
January 13, 2023
Rongrong Dai
(Principal Financial and Accounting Officer)
/s/ Xinping Li
Director
January 13, 2023
Xinping Li
/s/ Qingfeng Zhou
Director
January
|
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:
/ Neng Chen
President, Chief Executive Officer,
and Chairman of the Board of Directors
January 13, 2023
Neng Chen
(Principal Executive Officer)
/s/ Rongrong Dai
Chief Financial Officer
January 13, 2023
Rongrong Dai
(Principal Financial and Accounting Officer)
/s/ Xinping Li
Director
January 13, 2023
Xinping Li
/s/ Qingfeng Zhou
Director
January 13, 2023
Qingfeng Zhou
/s/ Jian Zhang
Director
January 13, 2023
Jian Zhang
70
|
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-Q
Text:
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark
One)
☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period
ended March 31, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from_______ to ________
Commission File Number: 001-34864
GREEN GIANT INC.
(Exact Name of Registrant
as Specified in Its Charter)
Florida
33-0961490
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer
Identification Number)
6 Xinghan Road, 19th
Floor, Hanzhong City
Shaanxi Province, PRC 723000
(Address of Principal
Executive Offices, Zip Code)
+(86) 091 -
62622612
(Registrant’s Telephone
Number, including Area Code)
Securities registered
pursuant to Section 12(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-Q
Text:
33-0961490
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer
Identification Number)
6 Xinghan Road, 19th
Floor, Hanzhong City
Shaanxi Province, PRC 723000
(Address of Principal
Executive Offices, Zip Code)
+(86) 091 -
62622612
(Registrant’s Telephone
Number, including Area Code)
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value
GGE
The NASDAQ Capital Market
Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes ☒
No ☐
Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to 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-Q
Text:
has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes ☒
No ☐
Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). Yes ☒ No ☐
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
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-Q
Text:
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
The number of shares
outstanding of each of the issuer’s classes of common equity, as of May 3, 2023 is as follows:
Class of Securities
Shares Outstanding
Common Stock, $0.001
|
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-Q
Text:
Section 13(a) of the Exchange Act. ☐
Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
The number of shares
outstanding of each of the issuer’s classes of common equity, as of May 3, 2023 is as follows:
Class of Securities
Shares Outstanding
Common Stock, $0.001 par value
55,793,268
TABLE OF CONTENTS
Page
PART I
FINANCIAL INFORMATION
Item 1.
Unaudited Interim Financial Statements
Condensed Consolidated Balance Sheets at March 31, 2023 (unaudited) and September 30, 2022
Condensed
Unaudited Consolidated Statements of Income and Comprehensive Income for The Three and Six Months Ended March 31, 2023 and
2022
Condensed Unaudited Consolidated Statements of Changes in Stockholders’ Equity for The Three and Six Months Ended March 31, 2023 and 2022
Condensed Unaudited Consolidated Statements of Cash Flows for The Six Months Ended March 31,
|
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-Q
Text:
and September 30, 2022
Condensed
Unaudited Consolidated Statements of Income and Comprehensive Income for The Three and Six Months Ended March 31, 2023 and
2022
Condensed Unaudited Consolidated Statements of Changes in Stockholders’ Equity for The Three and Six Months Ended March 31, 2023 and 2022
Condensed Unaudited Consolidated Statements of Cash Flows for The Six Months Ended March 31, 2023 and 2022
Notes to Condensed Unaudited Consolidated Financial Statements
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
20
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
33
Item 4.
Controls and Procedures
34
PART II
OTHER INFORMATION
35
Item 1.
Legal Proceedings
35
Item 1A
Risk Factors
35
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
35
Item 3.
Defaults upon Senior Securities
35
Item 4.
Mine Safety Disclosures
35
Item 5.
Other Information
35
Item 6
Exhibits
36
Signatures
|
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-Q
Text:
Item 4.
Controls and Procedures
34
PART II
OTHER INFORMATION
35
Item 1.
Legal Proceedings
35
Item 1A
Risk Factors
35
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
35
Item 3.
Defaults upon Senior Securities
35
Item 4.
Mine Safety Disclosures
35
Item 5.
Other Information
35
Item 6
Exhibits
36
Signatures
37
PART I: FINANCIAL
INFORMATION
ITEM 1. INTERIM
FINANCIAL STATEMENTS
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
March 31,
September 30,
2023
2022
ASSETS
(Unaudited)
Cash
275,909
1,360,217
Restricted cash
3,000,478
3,007,960
Contract assets
7,600,292
7,628,770
Prepayment
32,291,315
26,936,915
Real estate property development completed
76,907,727
74,772,
|
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-Q
Text:
ETS
(Unaudited)
March 31,
September 30,
2023
2022
ASSETS
(Unaudited)
Cash
275,909
1,360,217
Restricted cash
3,000,478
3,007,960
Contract assets
7,600,292
7,628,770
Prepayment
32,291,315
26,936,915
Real estate property development completed
76,907,727
74,772,530
Other assets
4,176,104
3,767,190
Property, plant and equipment, net
488,974
483,219
Security deposits
1,834,432
1,771,019
Real estate property under development
153,153,112
145,300,588
Due from local governments for real estate property development completed
43,875,684
42,358,986
Total Assets
323,604,027
307,387,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Construction loans
112,246,496
108,366,351
Accounts payable
10,971,486
10,606,635
Other payables
16,798,944
|
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-Q
Text:
153,112
145,300,588
Due from local governments for real estate property development completed
43,875,684
42,358,986
Total Assets
323,604,027
307,387,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Construction loans
112,246,496
108,366,351
Accounts payable
10,971,486
10,606,635
Other payables
16,798,944
13,578,713
Construction deposits
3,138,041
3,029,565
Contract liabilities
2,051,785
1,989,898
Customer deposits
20,207,154
19,842,768
Accrued expenses
11,755,135
10,547,436
Taxes payable
20,158,468
19,980,358
Total liabilities
197,327,509
187,941,724
Commitments and Contingencies
Stockholders’ equity
Common stock, $0.001 par value, 200,000,000 shares authorized, 55,793,268 and 6,464,929 shares issued and outstanding at March 31,
|
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-Q
Text:
11,755,135
10,547,436
Taxes payable
20,158,468
19,980,358
Total liabilities
197,327,509
187,941,724
Commitments and Contingencies
Stockholders’ equity
Common stock, $0.001 par value, 200,000,000 shares authorized, 55,793,268 and 6,464,929 shares issued and outstanding at March 31, 2023 and September 30, 2022, respectively
55,793
46,464
Additional paid-in capital
190,119,912
184,821,771
Statutory surplus
11,095,939
11,095,939
Retained earnings
(69,311,528
(67,432,727
Accumulated other comprehensive income
(5,683,598
(9,085,777
Total stockholders’ equity
126,276,518
119,445,670
Total Liabilities and Stockholders’ Equity
323,604,027
307,387,394
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLID
|
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-Q
Text:
earnings
(69,311,528
(67,432,727
Accumulated other comprehensive income
(5,683,598
(9,085,777
Total stockholders’ equity
126,276,518
119,445,670
Total Liabilities and Stockholders’ Equity
323,604,027
307,387,394
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months ended
March 31,
Six months ended
March 31,
2023
2022
2023
2022
Real estate sales, net of sales tax
489,877
4,302,992
652,583
7,121,986
Cost of real estate sales
(403,370
(2,305,103
(533,662
(3,760,659
Gross profit
86,507
1,997,889
118,921
3,361,327
Operating expenses:
Selling and distribution expenses
62,431
29,871
102,861
249
|
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-Q
Text:
of sales tax
489,877
4,302,992
652,583
7,121,986
Cost of real estate sales
(403,370
(2,305,103
(533,662
(3,760,659
Gross profit
86,507
1,997,889
118,921
3,361,327
Operating expenses:
Selling and distribution expenses
62,431
29,871
102,861
249,658
General and administrative expenses
1,184,079
650,426
1,750,896
1,282,353
Total operating expenses
1,246,510
680,297
1,853,757
1,532,011
Operating income
(1,160,003
1,317,592
(1,734,836
1,829,316
Interest income, net
924
744
2,052
2,205
Other (expense)
(146,000
(251,201
(146,017
(251,201
(Loss)/Income before income taxes
(1,305,079
1,067,135
(1,878,801
1
|
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-Q
Text:
Operating income
(1,160,003
1,317,592
(1,734,836
1,829,316
Interest income, net
924
744
2,052
2,205
Other (expense)
(146,000
(251,201
(146,017
(251,201
(Loss)/Income before income taxes
(1,305,079
1,067,135
(1,878,801
1,580,320
Provision for income taxes
334,350
483,225
Net (loss)/income
(1,305,079
732,785
(1,878,801
1,097,095
Other comprehensive income (loss)
Foreign currency translation adjustment
414,271
1,038,059
3,402,179
3,205,460
Comprehensive (loss)/income
(890,808
1,770,844
1,523,378
4,302,555
Basic and diluted income per common share:
Basic
(0.02
0.02
(0.03
0.04
Diluted
(0.02
0.01
(0.
|
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-Q
Text:
currency translation adjustment
414,271
1,038,059
3,402,179
3,205,460
Comprehensive (loss)/income
(890,808
1,770,844
1,523,378
4,302,555
Basic and diluted income per common share:
Basic
(0.02
0.02
(0.03
0.04
Diluted
(0.02
0.01
(0.02
0.02
Weighted average common shares outstanding:
Basic
55,781,268
35,143,439
54,491,243
30,301,681
Diluted
77,016,371
56,524,453
75,726,347
50,321,940
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Accumulated
Additional
Other
Common Stock
Paid-in
Statutory
Retained
Comprehensive
Shares
Amount
Capital
|
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-Q
Text:
,726,347
50,321,940
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Accumulated
Additional
Other
Common Stock
Paid-in
Statutory
Retained
Comprehensive
Shares
Amount
Capital
Surplus
Earnings
Income (loss)
Total
Balance at September 30, 2020
22,525,000
22,525
129,930,330
10,458,395
34,954,061
(7,039,490
168,325,821
Net income for the period
2,512,824
2,512,824
Foreign currency translation adjustments
6,253,728
6,253,728
Balance at March 31, 2021 - unaudited
22,525,000
22,525
129,930,330
10,458,395
37,466,885
(785,762
177,092,373
Balance at 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-Q
Text:
168,325,821
Net income for the period
2,512,824
2,512,824
Foreign currency translation adjustments
6,253,728
6,253,728
Balance at March 31, 2021 - unaudited
22,525,000
22,525
129,930,330
10,458,395
37,466,885
(785,762
177,092,373
Balance at September 30, 2021
25,617,807
25,617
136,535,303
11,095,939
40,691,955
2,348,897
190,697,711
Private placements
14,847,122
14,847
28,922,068
28,936,915
Net income for the period
1,097,095
1,097,095
Foreign currency translation adjustments
3,205,460
3,205,460
Balance at March 31, 2022 - unaudited
40,464,929
40,464
165,457,371
11,095,939
41,789,050
5,554,357
223,937
|
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-Q
Text:
847
28,922,068
28,936,915
Net income for the period
1,097,095
1,097,095
Foreign currency translation adjustments
3,205,460
3,205,460
Balance at March 31, 2022 - unaudited
40,464,929
40,464
165,457,371
11,095,939
41,789,050
5,554,357
223,937,181
Balance as of September 30, 2022
46,464,929
46,464
184,821,771
11,095,939
(67,432,727
(9,085,777
119,445,670
Private placements
9,328,339
9,329
5,298,141
5,307,470
Net income for the period
(1,878,801
(1,878,801
Foreign currency translation adjustments
3,402,179
3,402,179
Balance as of March 31, 2023
55,793,268
55,793
190,119,912
11,095,939
(69,311,
|
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-Q
Text:
Private placements
9,328,339
9,329
5,298,141
5,307,470
Net income for the period
(1,878,801
(1,878,801
Foreign currency translation adjustments
3,402,179
3,402,179
Balance as of March 31, 2023
55,793,268
55,793
190,119,912
11,095,939
(69,311,528
(5,683,598
126,276,518
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
2023
2022
Cash flows from operating activities
Net (loss)/income
(1,878,801
1,097,095
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
11,367
12,450
Changes in operating assets and liabilities:
Contract assets
296,
|
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-Q
Text:
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
2023
2022
Cash flows from operating activities
Net (loss)/income
(1,878,801
1,097,095
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
11,367
12,450
Changes in operating assets and liabilities:
Contract assets
296,941
119,872
Real estate property development completed
533,662
3,766,754
Real estate property under development
(2,608,704
(8,113,047
Other current assets
(277,011
4,309,818
Accounts payables
(14,696
(5,897,638
Other payables
2,715,488
2,271,946
Contract liabilities
(9,218
(172,426
Customer deposits
(340,718
2,924,829
Accrued expenses
817,894
(581,968
Taxes payables
(403,283
269,649
Net cash provided by (used in) operating activities
(
|
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-Q
Text:
Accounts payables
(14,696
(5,897,638
Other payables
2,715,488
2,271,946
Contract liabilities
(9,218
(172,426
Customer deposits
(340,718
2,924,829
Accrued expenses
817,894
(581,968
Taxes payables
(403,283
269,649
Net cash provided by (used in) operating activities
(1,157,079
7,334
Cash flow from investing activities
Prepayment
(5,354,400
(18,461,700
Net cash used in investing activities
(5,354,400
(18,461,700
Cash flow from financing activities
Proceeds from private placements
5,307,470
28,936,915
Net cash provided by financing activities
5,307,470
28,936,915
Effect of changes of foreign exchange rate on cash and restricted cash
112,219
(356,551
Net increase (decrease) in cash and restricted cash
(1,091,790
10,125,998
Cash and restricted cash, beginning of period
4,368
|
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-Q
Text:
from financing activities
Proceeds from private placements
5,307,470
28,936,915
Net cash provided by financing activities
5,307,470
28,936,915
Effect of changes of foreign exchange rate on cash and restricted cash
112,219
(356,551
Net increase (decrease) in cash and restricted cash
(1,091,790
10,125,998
Cash and restricted cash, beginning of period
4,368,177
3,465,189
Cash and restricted cash, end of period
3,276,387
13,591,187
Supplemental disclosures of cash flow information:
Interest paid
Income taxes paid
Reconciliation of net cash:
Cash, end of period
275,909
10,310,540
Restricted, end of period
3,000,478
3,280,647
Total cash and restricted cash, end of period
3,276,387
13,591,187
Cash, beginning of period
1,360,217
170,001
Restricted, beginning of pe
3,007,960
3,295,188
Total cash and restricted cash, beginning of period
4,368,
|
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-Q
Text:
period
275,909
10,310,540
Restricted, end of period
3,000,478
3,280,647
Total cash and restricted cash, end of period
3,276,387
13,591,187
Cash, beginning of period
1,360,217
170,001
Restricted, beginning of pe
3,007,960
3,295,188
Total cash and restricted cash, beginning of period
4,368,177
3,465,189
Non-cash financing activities:
Reclassification of interest payable to other liabilities
3,444,532
Settlement of accounts payable with real estate property*
569,299
Settlement of accounts payable and accounts receivable*
2,758,731
Real estate sales for settlement in real estate property under development
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
AND BASIS OF PRESENTATION
Green Giant Inc., formerly
China HGS Real Estate Inc
|
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-Q
Text:
,731
Real estate sales for settlement in real estate property under development
The accompanying notes
are an integral part of these unaudited condensed consolidated financial statements.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
AND BASIS OF PRESENTATION
Green Giant Inc., formerly
China HGS Real Estate Inc. (“GGE” or the “Company” or “we”, “us”, “our”),
through its subsidiaries and the variable interest entity (the “VIE”), engages in real estate development, and the construction
and sales of residential apartments, parking spaces and commercial properties in Tier 3 and Tier 4 cities and counties in China. On March
23, 2022, the Company completed the change of its name from China HGS Real Estate Inc. to Green Giant Inc., effective immediately (the
“Name Change”).
The accompanying unaudited
condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission for interim
|
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
in Tier 3 and Tier 4 cities and counties in China. On March
23, 2022, the Company completed the change of its name from China HGS Real Estate Inc. to Green Giant Inc., effective immediately (the
“Name Change”).
The accompanying unaudited
condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly,
they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management,
all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating
results for the three and six months ended March 31, 2023 and 2022 are not necessarily indicative of the results that may be expected
for the full year. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis
of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the fiscal year ended September 30, 2022
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
. Operating
results for the three and six months ended March 31, 2023 and 2022 are not necessarily indicative of the results that may be expected
for the full year. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis
of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the SEC on January 13, 2023.
Liquidity
In recent years, the
Chinese government has implemented measures to control overheating residential and commercial property prices including but not limited
to restrictions on home purchase, increasing the down-payment requirement against speculative buying, development of low-cost rental housing
properties to help low-income groups while reducing the demand in the commercial housing market, increasing real estate property taxes
to discourage speculation, control of the land supply and slowdown the construction land auction process, etc. In addition, in December
2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly throughout China and worldwide, which has caused
significant volatility in the PRC and international markets. There is significant uncertainty around
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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.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
, development of low-cost rental housing
properties to help low-income groups while reducing the demand in the commercial housing market, increasing real estate property taxes
to discourage speculation, control of the land supply and slowdown the construction land auction process, etc. In addition, in December
2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly throughout China and worldwide, which has caused
significant volatility in the PRC and international markets. There is significant uncertainty around the breadth and duration of business
disruptions related to COVID-19, as well as its impact on the PRC and international economies. To reduce the spread of COVID-19, the Chinese
government has employed measures including city lockdowns, quarantines, travel restrictions, suspension of business activities and school
closures. Due to difficulties resulting from the COVID-19 pandemic, including, but not limited to, the temporary closure of the Company’s
facilities and operations beginning in early February through early March 2020, limited support from the Company’s employees, delayed
access to construction raw material supplies, reduced customer visits to the Company’s sales office, and inability to promote real
estate property sales to customers on a timely basis, Green Giant Inc. had real estate sales
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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.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
suspension of business activities and school
closures. Due to difficulties resulting from the COVID-19 pandemic, including, but not limited to, the temporary closure of the Company’s
facilities and operations beginning in early February through early March 2020, limited support from the Company’s employees, delayed
access to construction raw material supplies, reduced customer visits to the Company’s sales office, and inability to promote real
estate property sales to customers on a timely basis, Green Giant Inc. had real estate sales of approximately $0.7 million for the six months
ended March 31, 2023, decreased from $7.2 million in the same period of last year. Based on the assessment of the current economic environment,
customer demand and sales trends, we believe that consumer spending has been restored in the local real estate market and real estate
sales are expected to grow in the coming periods. On the other side, due to the negative impact from the COVID-19 pandemic and its variants,
the development period of real estate properties and our operating cycle has been extended and we may not be able to liquidate our large
balance of completed real estate properties within the short term as we originally expected. In addition, as of March 31, 2023, we had
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YOU are a financial analyst. You are reading a report of a company.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
spending has been restored in the local real estate market and real estate
sales are expected to grow in the coming periods. On the other side, due to the negative impact from the COVID-19 pandemic and its variants,
the development period of real estate properties and our operating cycle has been extended and we may not be able to liquidate our large
balance of completed real estate properties within the short term as we originally expected. In addition, as of March 31, 2023, we had
large construction loans payable of approximately $112.2 million and accounts payable of approximately $11.0 million to be paid to subcontractors.
The extent of the impact of COVID-19 on the Company’s future financial results will be dependent on future developments such as
the length and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and
the overall impact of the COVID-19 pandemic on the local economy and real estate markets, among many other factors, all of which remain
highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19
pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues. The
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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.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and
the overall impact of the COVID-19 pandemic on the local economy and real estate markets, among many other factors, all of which remain
highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19
pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues. The above-mentioned
facts raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of
this filing.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
AND BASIS OF PRESENTATION (continued)
NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation
The unaudited condensed
consolidated financial statements include the financial statements of the Company, China HGS Investment Inc. (“HGS Investment”),
Shaanxi HGS Management and Consulting Co., Ltd. (“Sh
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Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
ENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. ORGANIZATION
AND BASIS OF PRESENTATION (continued)
NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation
The unaudited condensed
consolidated financial statements include the financial statements of the Company, China HGS Investment Inc. (“HGS Investment”),
Shaanxi HGS Management and Consulting Co., Ltd. (“Shaanxi HGS”) and the VIE, Shaanxi Guangsha Investment and Development Group
Co., Ltd. (“Guangsha”). All inter-company transactions and balances between the Company and its subsidiaries and the VIE have
been eliminated upon consolidation.
Use of estimates
The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial
statements. Estimates are used for, but not limited to, the assumptions and estimates used by management in recognizing development revenue
under the percentage of completion method, the selection of the useful lives of property and equipment, provision necessary for contingent
li
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial
statements. Estimates are used for, but not limited to, the assumptions and estimates used by management in recognizing development revenue
under the percentage of completion method, the selection of the useful lives of property and equipment, provision necessary for contingent
liabilities, revenue recognition, taxes and budgeted costs. Management believes that the estimates utilized in preparing its consolidated
financial statements are reasonable and prudent. Actual results could differ from these estimates.
Fair value of financial
instruments
Green Giant Inc. follows the
provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
820, “Fair Value Measurements and Disclosures.” It clarifies the definition of fair value, prescribes methods for measuring
fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
Level 1 – Inputs
are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
GREEN GIANT INC.
(FORMERLY CHINA HGS
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
820, “Fair Value Measurements and Disclosures.” It clarifies the definition of fair value, prescribes methods for measuring
fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
Level 1 – Inputs
are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES (continued)
Level 2 – Inputs
are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities
in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable
market data.
Level 3 – Inputs
are unobservable inputs which reflect the reporting entity’s own assumptions or what assumptions the market participants would use
in pricing the asset or liability based on the best available information.
The carrying amounts
reported in the accompanying consolidated balance sheets for
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
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for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities
in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable
market data.
Level 3 – Inputs
are unobservable inputs which reflect the reporting entity’s own assumptions or what assumptions the market participants would use
in pricing the asset or liability based on the best available information.
The carrying amounts
reported in the accompanying consolidated balance sheets for cash, restricted cash and all other current assets, security deposits for
land use rights, loans and all current liabilities approximate their fair value based on the short-term maturity of these instruments.
The fair value of the customer, construction and security deposits approximate their carrying amounts because the deposits are received
in cash. It was impractical to estimate the fair value of the amount due from the local government and the other payables.
Revenue recognition
Green Giant Inc. follows FASB
ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). Under ASC 606, revenue is recognized in accordance
with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled
to for those goods and services. Green Giant Inc. determines revenue
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
received
in cash. It was impractical to estimate the fair value of the amount due from the local government and the other payables.
Revenue recognition
Green Giant Inc. follows FASB
ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). Under ASC 606, revenue is recognized in accordance
with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled
to for those goods and services. Green Giant Inc. determines revenue recognition through the following steps:
identification of the contract,
or contracts, with a customer;
identification of the performance
obligations in the contract;
determination of the transaction
price, including the constraint on variable consideration;
allocation of the transaction
price to the performance obligations in the contract; and
recognition of revenue when
(or as) the Company satisfies a performance obligation.
Most of the Company’s
revenue is derived from real estate sales of condominiums and commercial properties in the PRC. The majority of the Company’s contracts
contain a single performance obligation involving significant real estate development activities that are performed together to deliver
a real estate property to its customers. Revenues arising from real estate sales are recognized when or as the control of the asset is
trans
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
the contract; and
recognition of revenue when
(or as) the Company satisfies a performance obligation.
Most of the Company’s
revenue is derived from real estate sales of condominiums and commercial properties in the PRC. The majority of the Company’s contracts
contain a single performance obligation involving significant real estate development activities that are performed together to deliver
a real estate property to its customers. Revenues arising from real estate sales are recognized when or as the control of the asset is
transferred to the customer. The control of the asset may transfer over time or at a point in time. For the sales of individual condominium
units in a real estate development project, the Company has an enforceable right to payment for performance completed to date, revenue
is recognized over time by measuring the progress towards complete satisfaction of that performance obligation (“percentage completion
method”). Otherwise, revenue is recognized at a point in time when the customer obtains control of the asset. For the three and
six months ended March 31, 2023 and 2022, the Company did not have any construction in progress recognized under the percentage of completion
method.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSE
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
time by measuring the progress towards complete satisfaction of that performance obligation (“percentage completion
method”). Otherwise, revenue is recognized at a point in time when the customer obtains control of the asset. For the three and
six months ended March 31, 2023 and 2022, the Company did not have any construction in progress recognized under the percentage of completion
method.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Revenue recognition (continued)
Disaggregation of Revenue
Disaggregated revenues
are as follows:
For the three months ended March 31,
2023
2022
Revenue recognized for completed condominium real estate projects, net of sales tax
489,877
4,302,992
Revenue recognized for condominium real estate projects under development, net of sales tax
Total revenue, net of sales tax
489,877
4,302,992
For the six months ended March 31,
2023
2022
Revenue recognized for completed condominium real estate projects, net of sales tax
652
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
three months ended March 31,
2023
2022
Revenue recognized for completed condominium real estate projects, net of sales tax
489,877
4,302,992
Revenue recognized for condominium real estate projects under development, net of sales tax
Total revenue, net of sales tax
489,877
4,302,992
For the six months ended March 31,
2023
2022
Revenue recognized for completed condominium real estate projects, net of sales tax
652,583
7,121,986
Revenue recognized for condominium real estate projects under development, net of sales tax
Total revenue, net of sales tax
652,583
7,121,986
Contract balances
Timing of revenue recognition
may differ from the timing of billing and cash receipts from customers. Green Giant Inc. records a contract asset when revenue is recognized
prior to invoicing, or a contract liability when cash is received in advance of recognizing revenue. A contract asset is a right to consideration
that is conditional upon factors other than the passage of time. Contract assets include billed and billable receivables, which are the
Company’s unconditional rights to consideration other than the passage of time. Contract liabilities include cash collected in advance
and in excess of revenue recognized
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
billing and cash receipts from customers. Green Giant Inc. records a contract asset when revenue is recognized
prior to invoicing, or a contract liability when cash is received in advance of recognizing revenue. A contract asset is a right to consideration
that is conditional upon factors other than the passage of time. Contract assets include billed and billable receivables, which are the
Company’s unconditional rights to consideration other than the passage of time. Contract liabilities include cash collected in advance
and in excess of revenue recognized. Customer deposits are excluded from contract liabilities.
Green Giant Inc. immediately
expenses sales commissions (included under selling expenses) because sales commission are not expected to be recovered.
Green Giant Inc. provides
“mortgage loan guarantees” only with respect to buyers who make down-payments of 20%-50% of the total purchase price
of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receive
the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property
has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the
“Mortgage Loan Guarantee Period”). If, after investigation of
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cik:1158420
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50% of the total purchase price
of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receive
the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property
has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the
“Mortgage Loan Guarantee Period”). If, after investigation of the buyer’s income and other relevant factors, the bank
decides not to grant the mortgage loan, our mortgage-loan based sales contract terminates and there will be no guarantee obligation. If,
during the Mortgage Loan Guarantee Period, the buyer defaults on his or her monthly mortgage payment for three consecutive months,
we are required to return the loan proceeds back to the bank, although we have the right to keep the customer’s deposit and resell
the property to a third party. Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee
terminates. If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use
the proceeds to pay off the
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cik:1158420
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name:Green Giant Inc.
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Text:
payment for three consecutive months,
we are required to return the loan proceeds back to the bank, although we have the right to keep the customer’s deposit and resell
the property to a third party. Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee
terminates. If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use
the proceeds to pay off the loan. Green Giant Inc. is not liable for any shortfall that the bank may incur in this event. To date, no buyer
has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not returned any loan proceeds
pursuant to its mortgage loan guarantees.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Foreign currency translation
Green Giant Inc.’s financial
information is presented in U.S. dollars. The functional currency of the Company’s operating entity, the VIE, is Renminbi (“RMB”
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YOU are a financial analyst. You are reading a report of a company.
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Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
guarantees.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Foreign currency translation
Green Giant Inc.’s financial
information is presented in U.S. dollars. The functional currency of the Company’s operating entity, the VIE, is Renminbi (“RMB”),
the currency of the PRC. The consolidated financial statements of the Company have been translated into U.S. dollars in accordance with
ASC Topic 830-30 “Translation of Financial Statements”. The financial information is first prepared in RMB and then is translated
into U.S. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue, expenses and cash
flows. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign
currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.
For three months ended
For six months ended
March 31,
March 31,
September 30,
2023
2022
2023
2022
202
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue, expenses and cash
flows. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign
currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.
For three months ended
For six months ended
March 31,
March 31,
September 30,
2023
2022
2023
2022
2022
Period end RMB: USD exchange rate
6.8676
6.3393
6.8676
6.3393
7.1135
Period average RMB: USD exchange rate
6.8423
6.3914
6.9761
6.3694
6.5532
The RMB is not freely
convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation
is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
Real estate property
development completed and under development
Real estate property
consists of finished residential unit sites, commercial offices and residential unit sites under development.
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Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
.9761
6.3694
6.5532
The RMB is not freely
convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation
is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
Real estate property
development completed and under development
Real estate property
consists of finished residential unit sites, commercial offices and residential unit sites under development. Green Giant Inc. leases the land
for the residential unit sites under land use right leases with various terms from the PRC government. The cost of land use rights is
included in the development cost and allocated to each project. Real estate property development completed and real estate property under
development are stated at the lower of cost or fair value.
Expenditures for land
development, including cost of land use rights, deed tax, pre-development costs, and engineering costs, exclusive of depreciation, are
capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within
a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) multiplied
by the total cost of the
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
are stated at the lower of cost or fair value.
Expenditures for land
development, including cost of land use rights, deed tax, pre-development costs, and engineering costs, exclusive of depreciation, are
capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within
a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) multiplied
by the total cost of the project (or phase of the project).
Cost of amenities transferred
to buyers is allocated to specific units as a component of total construction cost. The amenity cost includes landscaping, road paving,
etc. Once the projects are completed, the amenities are under control of the property management companies.
Real estate property
development completed and under development are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment
loss is recognized only if the carrying amount of the assets is not recoverable and exceeds its fair value. The carrying amount is not
recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. Green Giant Inc. reviews all of its
real estate projects for future losses and impairment by comparing the estimated future undiscounted cash flows
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
.
Real estate property
development completed and under development are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment
loss is recognized only if the carrying amount of the assets is not recoverable and exceeds its fair value. The carrying amount is not
recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. Green Giant Inc. reviews all of its
real estate projects for future losses and impairment by comparing the estimated future undiscounted cash flows for each project to the
carrying value of such project. For the three and six months ended March 31, 2023 and 2022, the Company did not recognize any impairment
loss for its real estate properties.
GREEN GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Capitalization of Interest
Interest incurred during
and directly related to real estate development projects is capitalized to the related real estate property under development during the
active development period, which generally commences when borrowings are used to acquire real estate assets and ends when
|
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
CHINA HGS
REAL ESTATE INC.)
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Capitalization of Interest
Interest incurred during
and directly related to real estate development projects is capitalized to the related real estate property under development during the
active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties
are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific
borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest capitalized to real estate
properties under development is recorded as a component of the cost of real estate sales when related units are sold. All other interest
is expensed as incurred. For the three and six months ended March 31, 2023, the total interest capitalized for real estate property development
was $1,422,212 and $2,865,459, respectively. For the three and six months ended March 31, 2022, the total interest
capitalized in the real estate property development was $1
|
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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Text:
of the cost of real estate sales when related units are sold. All other interest
is expensed as incurred. For the three and six months ended March 31, 2023, the total interest capitalized for real estate property development
was $1,422,212 and $2,865,459, respectively. For the three and six months ended March 31, 2022, the total interest
capitalized in the real estate property development was $1,711,308 and $3,444,532, respectively.
Impairment of long-lived
assets
Green Giant Inc. reviews its
long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be
recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever
any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
Assets are grouped and
evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets.
Green Giant Inc. considers historical performance and future estimated results in its evaluation of potential impairment and then compares
the carrying amount of the
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YOU are a financial analyst. You are reading a report of a company.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
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the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever
any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
Assets are grouped and
evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets.
Green Giant Inc. considers historical performance and future estimated results in its evaluation of potential impairment and then compares
the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount
of the asset exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing
the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset’s expected
future discounted cash flows or market value. Green Giant Inc. estimates fair value of the assets based on certain assumptions such as budgets,
internal projections, and other available information as considered necessary. There was no impairment of long-lived assets
for the three and six months ended March 31, 2023 and 2022.
Income taxes
In accordance with FASB
ASC Topic 740 “Income Taxes
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cik:1158420
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. The estimation of fair value is generally determined by using the asset’s expected
future discounted cash flows or market value. Green Giant Inc. estimates fair value of the assets based on certain assumptions such as budgets,
internal projections, and other available information as considered necessary. There was no impairment of long-lived assets
for the three and six months ended March 31, 2023 and 2022.
Income taxes
In accordance with FASB
ASC Topic 740 “Income Taxes,” deferred tax assets and liabilities are for the expected future tax consequences of events that
have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
A valuation allowances is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized.
ASC 740-10-25 prescribes
a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax positions taken (or expected
to be taken) in a tax return. It also
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
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their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
A valuation allowances is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized.
ASC 740-10-25 prescribes
a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax positions taken (or expected
to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification of current
and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, years open for tax
examination, accounting for income taxes in interim periods and income tax disclosures. There are no material uncertain tax positions
as of March 31, 2023 and September 30, 2022.
Green Giant Inc. is a
corporation organized under the laws of the State of Florida. However, all of the Company’s operations are conducted solely by
its subsidiaries and the VIE in the PRC. No income is earned in the United States and the management does not repatriate any
earnings outside the PRC. As a result, the Company did not generate
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
no material uncertain tax positions
as of March 31, 2023 and September 30, 2022.
Green Giant Inc. is a
corporation organized under the laws of the State of Florida. However, all of the Company’s operations are conducted solely by
its subsidiaries and the VIE in the PRC. No income is earned in the United States and the management does not repatriate any
earnings outside the PRC. As a result, the Company did not generate any U.S. taxable income for the three and six months ended
March 31, 2023 and 2022. As of March 31, 2023, the Chinese entities’ income tax returns filed in China for the years
ended December 31, 2018, 2019, 2020, 2021 and 2022 are subject to examination by the Chinese taxing
authorities.
The parent Company, Green
Giant’s both U.S. federal tax returns and Florida state tax returns are delinquent since 2009. Its tax years ended September 30,
2009 through September 30, 2022 remain open for statutory examination by U.S. federal and state tax authorities.
10
GREEN
GIANT INC
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The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
2018, 2019, 2020, 2021 and 2022 are subject to examination by the Chinese taxing
authorities.
The parent Company, Green
Giant’s both U.S. federal tax returns and Florida state tax returns are delinquent since 2009. Its tax years ended September 30,
2009 through September 30, 2022 remain open for statutory examination by U.S. federal and state tax authorities.
10
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Income taxes (continued)
On December 22, 2017,
the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code.
Changes include, but are not limited to, a U.S. corporate tax rate decrease from 35% to 21% effective for tax years
beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system
|
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
(continued)
On December 22, 2017,
the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code.
Changes include, but are not limited to, a U.S. corporate tax rate decrease from 35% to 21% effective for tax years
beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system,
and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. Due to the
complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded accrued amounts
in our consolidated financial statements as of March 31, 2023 and September 30, 2022, including approximately $2.3 million
provision on the deemed repatriation of undistributed foreign earnings and an additional $1.3 million provision for delinquent
U.S. and State tax fillings. Green Giant Inc. plans to engage a tax professional to file its delinquent tax returns in 2022. Failure to furnish
any income tax and
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
in our consolidated financial statements as of March 31, 2023 and September 30, 2022, including approximately $2.3 million
provision on the deemed repatriation of undistributed foreign earnings and an additional $1.3 million provision for delinquent
U.S. and State tax fillings. Green Giant Inc. plans to engage a tax professional to file its delinquent tax returns in 2022. Failure to furnish
any income tax and information returns with respect to any foreign business entity required, within the time prescribed by the IRS, subjects
the Company to civil penalties.
Land appreciation
tax (“LAT”)
In accordance with the
relevant taxation laws in the PRC, the Company is subject to LAT based on progressive rates on the appreciation of land value, 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 records the liability and the total related expense
at the completion of a project unless the tax authorities impose an assessment at an earlier date
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Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
progressive rates on the appreciation of land value, 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 records 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%.
Comprehensive income
(loss)
In accordance with ASC
220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions
to owners. Green Giant Inc.’s only components of other comprehensive income (loss) for the three
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cik:1158420
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name:Green Giant Inc.
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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%.
Comprehensive income
(loss)
In accordance with ASC
220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions
to owners. Green Giant Inc.’s only components of other comprehensive income (loss) for the three and six months ended March 31, 2023
and 2022 were net income and foreign currency translation adjustments.
Basic and diluted
earnings (loss) per share
Green Giant Inc. computes
earnings (loss) per share (“EPS”) in accordance with the ASC 260, “Earnings per share”, which requires companies
to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding
for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares
(e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance
date, if later. Potential
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cik:1158420
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name:Green Giant Inc.
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filing_type:10-Q
Text:
260, “Earnings per share”, which requires companies
to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding
for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares
(e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance
date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss
per share) are excluded from the calculation of diluted EPS.
As of March 31, 2023,
there were outstanding warrants to purchase approximately 55,793,268 shares of the Company’s common stock (September 30,
2022 – 46,464,929), which resulted in 77,016,371 and 75,726,347 dilutive shares for the three and six months ended
March 31, 2023, respectively. There were no dilutive shares for the three and six months ended March 31, 2022.
11
GREEN
GIANT INC.
(FORMER
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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-Q
Text:
793,268 shares of the Company’s common stock (September 30,
2022 – 46,464,929), which resulted in 77,016,371 and 75,726,347 dilutive shares for the three and six months ended
March 31, 2023, respectively. There were no dilutive shares for the three and six months ended March 31, 2022.
11
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (continued)
Concentration risk
Green Giant Inc.’s
operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may
be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The
Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with
companies in North America. Green Giant Inc.’s results may be adversely affected by changes in governmental policies with respect
to laws and regulations
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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-Q
Text:
’s
operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may
be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The
Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with
companies in North America. Green Giant Inc.’s results may be adversely affected by changes in governmental policies with respect
to laws and regulations, anti-inflationary measures, currency conversion and remittances abroad, and rates and methods of taxation,
among other things. Financial instruments which potentially subject the Company to concentrations of credit risk consist principally
of cash and trade accounts receivable. Green Giant Inc.’s cash and restricted cash were on deposit at financial institutions in the
PRC, which the management believes are of high credit quality. In May, 2015, China’s new Deposit Insurance Regulation came
into effect, pursuant to which banking financial institutions, such as commercial banks, established in China are required to
purchase deposit insurance for deposits in RMB and in foreign currencies placed with them. Such Deposit Insurance Regulation would
not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are much
|
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-Q
Text:
were on deposit at financial institutions in the
PRC, which the management believes are of high credit quality. In May, 2015, China’s new Deposit Insurance Regulation came
into effect, pursuant to which banking financial institutions, such as commercial banks, established in China are required to
purchase deposit insurance for deposits in RMB and in foreign currencies placed with them. Such Deposit Insurance Regulation would
not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are much higher than
the compensation limit of RMB500,000 (approximately $78,000). However, the Company believes that the risk of failure of any of
these Chinese banks is remote. Bank failure is uncommon in China and the Company believes that the Chinese banks that hold the
Company’s cash and restricted cash are financially sound based on public available information. Green Giant Inc. has not
experienced any losses in its bank accounts.
For the three and six
months ended March 31, 2023 and 2022, the Company did not have any individual customer that accounted for more than 10% of the Company
real estate sales revenue for the related periods.
NOTE 3. PREPAYMENT
As of March 31, 2023, pre
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
hold the
Company’s cash and restricted cash are financially sound based on public available information. Green Giant Inc. has not
experienced any losses in its bank accounts.
For the three and six
months ended March 31, 2023 and 2022, the Company did not have any individual customer that accounted for more than 10% of the Company
real estate sales revenue for the related periods.
NOTE 3. PREPAYMENT
As of March 31, 2023, prepayments were as follows:
March 31,
September 30,
2023
2022
(Unaudited)
Energy equipment
26,936,915
26,936,915
Professional service
5,200,000
Supply of zorba scrap
154,400
Total
32,291,315
26,936,915
(A)
On March 23, 2023, Green Giant Energy Texas Inc. (“Green Giant Energy”), an indirect wholly owned subsidiary of Green Giant Inc., entered into a sales contract with AGR Enterprises Inc. (“AGR”), pursuant to which Green Giant Energy agreed to purchase, and AGR agreed to sell to Green Giant Energy, 80 MT Zorba Scrap, with the unit price of $1,930
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
400
Total
32,291,315
26,936,915
(A)
On March 23, 2023, Green Giant Energy Texas Inc. (“Green Giant Energy”), an indirect wholly owned subsidiary of Green Giant Inc., entered into a sales contract with AGR Enterprises Inc. (“AGR”), pursuant to which Green Giant Energy agreed to purchase, and AGR agreed to sell to Green Giant Energy, 80 MT Zorba Scrap, with the unit price of $1,930 per MT. Green Giant Energy prepaid $154,400 after both parties signed the agreement.
(B)
In 1st quarter of fiscal 2023, the Company made the prepayment in $5.2 million to Vocob Inc. for the consulting services on executing and performing acquisition of the renewable energy entities and C&I solar sites. The contract was signed on October 15, 2022. The agreement is subject to annual review by both parties, the company may declare the agreement is void, rescind the contract and reserves the right to take back the US$5.2 million if Vocob Inc. fails to refer appropriate projects to the Company at the anniversary date. Vocob Inc. will deduct its commission at 3% on gross amount of the deal
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cik:1158420
ticker:GGE
name:Green Giant Inc.
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filing_type:10-Q
Text:
acquisition of the renewable energy entities and C&I solar sites. The contract was signed on October 15, 2022. The agreement is subject to annual review by both parties, the company may declare the agreement is void, rescind the contract and reserves the right to take back the US$5.2 million if Vocob Inc. fails to refer appropriate projects to the Company at the anniversary date. Vocob Inc. will deduct its commission at 3% on gross amount of the deal on per successfully referred project basis from the prepayment; the Company is also entitled to have the remaining balance of prepayment back at the end of the contract terms.
(C)
In 4th quarter of fiscal 2022, the Company made the prepayment in $24.44 million to Golden Mainland Inc. and Golden Ocean Inc. for energy equipment purchase.
12
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 4. REAL ESTATE
PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT
The following summarizes
the components of real estate property development completed and under development as of March 31,
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YOU are a financial analyst. You are reading a report of a company.
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cik:1158420
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name:Green Giant Inc.
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filing_type:10-Q
Text:
44 million to Golden Mainland Inc. and Golden Ocean Inc. for energy equipment purchase.
12
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 4. REAL ESTATE
PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT
The following summarizes
the components of real estate property development completed and under development as of March 31, 2023 and September 30, 2022:
Balance as of
March 31,
2023
September 30,
2022
(Unaudited)
Development completed:
Hanzhong City Mingzhu Garden Phase II
21,412,510
20,672,000
Hanzhong City Oriental Pearl Garden
18,049,449
17,425,514
Yang County Yangzhou Pearl Garden Phase II
2,105,346
2,039,912
Yang County Yangzhou Palace
35,340,422
34,635,104
Real estate property development completed
76,907,727
74,772,530
Under development:
Hanzhong City Liangzhou Road and related projects (a
|
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The report is about the company's financial status.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
,672,000
Hanzhong City Oriental Pearl Garden
18,049,449
17,425,514
Yang County Yangzhou Pearl Garden Phase II
2,105,346
2,039,912
Yang County Yangzhou Palace
35,340,422
34,635,104
Real estate property development completed
76,907,727
74,772,530
Under development:
Hanzhong City Liangzhou Road and related projects (a)
181,335,658
173,289,941
Hanzhong City Hanfeng Beiyuan East (b)
815,132
786,954
Hanzhong City Beidajie (b)
33,330,687
31,144,446
Yang County East 2nd Ring Road
(c)
7,925,809
7,904,869
Real estate property under development
223,407,286
213,126,210
Impairment
(70,254,174
(67,825,622
Real estate property under development
153,153,112
145,300,588
(a)
In September 2013, the Company entered into an agreement (“L
|
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
144,446
Yang County East 2nd Ring Road
(c)
7,925,809
7,904,869
Real estate property under development
223,407,286
213,126,210
Impairment
(70,254,174
(67,825,622
Real estate property under development
153,153,112
145,300,588
(a)
In September 2013, the Company entered into an agreement (“Liangzhou Agreement”) with the Hanzhong local government on the Liangzhou Road reformation and expansion project (Liangzhou Road Project”). Pursuant to the agreement, the Company is contracted to 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
|
YOU are a financial analyst. You are reading a report of a company.
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cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-Q
Text:
anzhong 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 March 31, 2023, the main Liangzhou road construction is substantially completed.
The
Company’s development cost incurred for the Liangzhou Road Project is treated as the
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YOU are a financial analyst. You are reading a report of a company.
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cik:1158420
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filing_type:10-Q
Text:
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 March 31, 2023, the main Liangzhou road construction is substantially completed.
The
Company’s development cost incurred for the 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 March 31, 2023, the actual costs incurred by the Company
were approximately $181.3 million (September 30, 2022 - $173.3 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
|
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-Q
Text:
- $173.3 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 March 31, 2023, 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 March 2023.
(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 (March 31, 2023 and 2022 – 4.75%). The local government has
|
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-Q
Text:
extended to March 2023.
(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 (March 31, 2023 and 2022 – 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 March 31, 2023 and is in process of the government’s review and approval.
13
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 5. CONSTRUCTION
LOANS
March 31,
September 30,
2023
2022
(Unaudited)
Loan A
94,958,190
91,675,668
Loan B
17,288,306
16,690,683
Total
112,246,496
|
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-Q
Text:
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 5. CONSTRUCTION
LOANS
March 31,
September 30,
2023
2022
(Unaudited)
Loan A
94,958,190
91,675,668
Loan B
17,288,306
16,690,683
Total
112,246,496
108,366,351
(A)
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 $112.8 million
(RMB775,000,000) for a long-term loan with interest at 4.75% to develop the Liangzhou Road Project. As of March 31, 2023, the
Company borrowed approximately $95.0 million under this credit line (September 30, 2022 - $91.7 million). Due
to the local government’s delay in the relocation of residences
|
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-Q
Text:
up to approximately $112.8 million
(RMB775,000,000) for a long-term loan with interest at 4.75% to develop the Liangzhou Road Project. As of March 31, 2023, the
Company borrowed approximately $95.0 million under this credit line (September 30, 2022 - $91.7 million). Due
to the local government’s delay in the relocation 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. 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 $35,340,422 as of March 31, 2023 (September
30, 2022- $34,635,104). For the three and six months ended March 31, 2023, the interest was $851,453 and $1,708,111 (March
31, 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-Q
Text:
ong City Hantai District Municipal Government and pledged
by the Company’s Yang County Yangzhou Palace project with a carrying value of $35,340,422 as of March 31, 2023 (September
30, 2022- $34,635,104). For the three and six months ended March 31, 2023, the interest was $851,453 and $1,708,111 (March
31, 2022 - $1,571,441 and $3,164,722), respectively, which was capitalized into the development cost of the Liangzhou Road
Project.
(B)
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 $17.3 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 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-Q
Text:
District Urban Construction Investment Development Co., Ltd, a state-owned Company, to borrow up to approximately $17.3 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 approximately $181.3 million as collateral for the loan. Total interest of $52,175 and
$102,918 for the three and six months ended March 31, 2023 was capitalized into the development cost of the Hanzhong City Liangzhou
Road Project (March 31, 2022 - $56,612 and $113,256), respectively.
(C)
Additionally, in September 2017, the Urban Development Center
Co., Ltd. approved a construction loan for the Company in the amount of approximately $25.5
|
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-Q
Text:
and
$102,918 for the three and six months ended March 31, 2023 was capitalized into the development cost of the Hanzhong City Liangzhou
Road Project (March 31, 2022 - $56,612 and $113,256), respectively.
(C)
Additionally, in September 2017, the Urban Development Center
Co., Ltd. approved a construction loan for the Company in the amount of approximately $25.5 million (RMB175,000,000) with an
annual interest rate of 1.2% per year in connection with the Liangzhou Road and related Project. Green Giant Inc. is required to
repay the loan in equal annual principal repayment of approximately $5 million commencing from December 2027 through May 2031
with the interest payable on an annual basis. The amount of this loan is available to be drawn down as soon as the land use rights of
the Liangzhou Road Project are approved and the construction starts, which is expected to be completed before the end of 2023. Interest
charges for the three and six months ended March 31, 2023 were $76,729 and $151,350
|
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-Q
Text:
5 million commencing from December 2027 through May 2031
with the interest payable on an annual basis. The amount of this loan is available to be drawn down as soon as the land use rights of
the Liangzhou Road Project are approved and the construction starts, which is expected to be completed before the end of 2023. Interest
charges for the three and six months ended March 31, 2023 were $76,729 and $151,350 (March 31, 2022 - $83,255 and $166,554),
which was included in the construction capitalized costs.
14
GREEN
GIANT INC.
(FORMERLY CHINA HGS
REAL ESTATE INC.)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 6. CUSTOMER
DEPOSITS
Customer deposits consist
of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:
March 31,
September 30,
2023
2022
(Unaudited)
Customer deposits by real estate projects:
Mingzhu Garden (Mingzhu Nanyuan and Mingzhu
|
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-Q
Text:
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 6. CUSTOMER
DEPOSITS
Customer deposits consist
of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:
March 31,
September 30,
2023
2022
(Unaudited)
Customer deposits by real estate projects:
Mingzhu Garden (Mingzhu Nanyuan and Mingzhu Beiyuan)
8,602,097
8,300,749
Oriental Pearl Garden
3,123,500
3,015,526
Liangzhou road and related projects
186,382
186,968
Yangzhou Pearl Garden
757,679
731,206
Yang County East 2nd Ring Road
2,184,169
2,108,667
Yangzhou Palace
5,353,327
5,499,652
Total
20,207,154
19,842,768
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
|
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-Q
Text:
,679
731,206
Yang County East 2nd Ring Road
2,184,169
2,108,667
Yangzhou Palace
5,353,327
5,499,652
Total
20,207,154
19,842,768
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 7. 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 March 31, 2023, the
Company had business VAT tax payable of $4,021,992 (September 30, 2022 - $4,144,254), which is expected to be paid when the projects are
completed and assessed by the local tax authority.
(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 for privately run enterprises, which 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-Q
Text:
2023, the
Company had business VAT tax payable of $4,021,992 (September 30, 2022 - $4,144,254), which is expected to be paid when the projects are
completed and assessed by the local tax authority.
(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 for 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 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 March 31, 2023 and September
|
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