Planet Green Holdings Corp.
For the period ended Mar 31, 2025. Filed May 15, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
PLAG$0.37+6.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-15.
0001213900-24-098608
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001213900-25-044144
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 44 previous paragraphs and 61 current paragraphs.
18 unchanged; 11 reworded; 32 added; 13 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
Net cash used in investing activities was $2,456 for the three months ended March 31, 2025, compared to $4,758 for the same period in 2024, which was primarily cash used for purchase of equipment.
Current report
Our discussion and analysis of our financial condition and results of operations are based upon our unaudited condensed consolidated financial statements. These unaudited condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenues and expenses, to disclose contingent assets and liabilities on the date of the unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this annual report reflect the more significant judgments and estimates used in preparation of our unaudited condensed consolidated financial statements.
Current report
Use of Estimates
Current report
The unaudited condensed consolidated financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates estimates, including the allowance for credit losses of accounts receivable, amounts due from related parties and equity investments, the useful lives of our property and equipment, impairment of long-lived assets, long-term investments and goodwill, etc. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
Current report
Accounts Receivable, Net
Current report
Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the amount is not expected to be collected. Delinquent amount balances are written off against the allowance for doubtful amounts after the management has determined that the likelihood of collection is not probable.
Current report
Inventories, Net
Current report
Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. An annual impairment test will be performed on inventory, and any excess of the recoverable amount over the carrying amount will be recognized as impairment losses in the current period.
Current report
Advances to Suppliers, Net
Current report
We make advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. Wereview our payment to suppliers on a periodic basis and make general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to us or refund an advance.
Current report
Goodwill
Current report
Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. We conduct an annual assessment of our goodwill for impairment. If the carrying value of our goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to our operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.
Current report
Impairment of Long-lived Assets
Current report
We annually review our long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if we have inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.
Current report
If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.
Current report
Revenue Recognition
Current report
We adopted ASC 606 “Revenue Recognition.” We recognize revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.
Current report
We derive our revenues from selling high-grade synthetic fuel products, methylal, food products such as beef & mutton products and vegetables and tea products. We recognize product revenue at a point in time when the control of the products has been transferred to customers. We apply the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
Current report
Income Taxes
Current report
We account for income tax using an asset and liability approach and recognize deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before we can realize their benefits or uncertain future realization.
Current report
Fair Value Measurements of Financial Instruments
Current report
Our financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing our fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:
Current report
Equity Investments
Current report
We account for our equity investments in accordance with ASC 321. In accordance with ASC 321, equity investment which we have no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices with the changes in fair value recognized as unrealized gains or losses in earnings. Equity investments without readily determinable fair values are accounted for either at fair value or using the measurement alternative. Under the alternative measurement, the equity investments are measured at cost, less any impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The investments in equity securities are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value.
Current report
Commitments and Contingencies
Current report
From time to time, we are a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. We first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. We accrue costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, we disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. our management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on our consolidated financial position, results of operations and cash flows.
Current report
Recent Accounting Pronouncements
Current report
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance improves the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The amended guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. We are currently in the process of evaluating the impact this amended guidance may have on the footnotes to our consolidated financial statements.
Current report
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The amended guidance is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The guidance can be applied either prospectively or retrospectively. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Current report
In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This guidance amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. We are currently in the process of evaluating the impact this amended guidance may have on the footnotes to our consolidated financial statements.
Current report
In March 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. This Accounting Standards Update amends an SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 122. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Current report
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on our present or future financial statements.
Removed paragraphs (13)
Previous report
Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0.20 million, or 87%, to $0.03 million for the three months ended September 30, 2024 from $0.23 million for the three months ended September 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue. The selling and marketing expenses mainly come from transportation and storage cost and the sales staff salaries cost decline.
Previous report
Net Income
Previous report
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023.
Previous report
Net Revenues. Our net revenue for the nine months ended September 30, 2024 was $5.29 million, representing a decrease of approximately $10.16 million or 66% from the same period last year’s $15.44 million. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $6.85 million to $3.36 million during the current period, and a decline in food product sales from $8.14 million to $1.34 million.
Previous report
Gross Profit. Our gross profit for the nine months ended September 30, 2024 increased by $0.08 million, representing a 16% increase to $0.55 million compared to $0.47 million for the same period in 2023. The growth is primarily attributed to the significant increase in advertising revenue from the Fast branch, which operates at an approximate gross profit rate of 100%.
Previous report
Operating Expenses
Previous report
General and Administrative Expenses. Our general and administrative expenses for the nine months ended September 30, 2024 increased by $0.33 million, or 10%, to $3.58 million compared to the previous year’s $3.25 million for the same period. The decrease was primarily due to increase in allowance for doubtful accounts in the amount of $0.22 million.
Previous report
Our net loss for the nine months ended September 30, 2024 decreased by $10.78 million, or 73%, to $3.99 million from $14.76 million in the same period in 2023. This decrease was primarily attributed to the loss on disposal of equity investments.
Previous report
Net cash used in investing activities was $0.02 million for the nine months ended September 30, 2024, compared to $2.70 million provided by investing activities for the same period in 2023. This change is primarily due to a reduction in proceeds from disposal of equity method investments of $2.77 million compared to the nine months ended September 30, 2023.
Previous report
The preparation of financial statements in conformity with the United States generally accepted accounting principles requires our management to make assumptions, estimates, and judgments that affect the amounts reported in the financial statements, including the notes to that, and related disclosures of commitments contingencies, if any.
Previous report
We consider our critical accounting policies to require the more significant judgments and estimates in preparing financial statements, including those outlined in Note 2 to the financial statements included herein.
Previous report
The Company has evaluated the timing and the impact of the guidance above on the financial statements.
Previous report
As of September 30, 2024, there were no other recently issued accounting standards not yet adopted that would or could have a material effect on the Company’s consolidated financial statements.
Reworded paragraphs (11)
Previous wording
We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2024 and 2023, our primary business, which is carried out by Shandong Yunchu, Jingshan Sanhe, Jilin Chuangyuan, Fast Approach Inc and Xianning Bozhuang, is:
Current wording
We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2024 and 2023, our primary business, which is carried out by Shandong Yunchu, Jingshan Sanhe, Xianning Bozhuang and Fast Approach Inc, is:
Previous wording
*Net Revenues.*Our net revenues for the three months ended September 30, 2024 amounted to $1.81 million, which represents a decrease of approximately $1.71 million, or 49%, from $3.52 million for the three months ended September 30, 2023. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $2.57 million to $1.43 million during the current period, and a decline in beef products sales from $0.84 million to $0.34 million.
Current wording
*Net Revenues.*Our net revenues for the three months ended March 31, 2025 amounted to $0.84 million, which represents a decrease of approximately $0.66 million, or 44%, from $1.50 million for the three months ended March 31, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $1.12 million to $0.78 million during the current period, and a decline in advertising service revenue from $0.38 million to $nil.
Previous wording
*Cost of Revenues.*During the three months ended September 30, 2024, we experienced a decrease in cost of revenue of $1,69 million or 50%, in comparison to the three months ended September 30, 2023, from approximately $3.39 million to $1.70 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
Current wording
*Cost of Revenues.*During the three months ended March 31, 2025, we experienced a decrease in cost of revenue of $0.36 million or 32%, in comparison to the three months ended March 31, 2024, from approximately $1.15 million to $0.79 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
Previous wording
Gross Profit. Our gross profit for the three months ended September 30, 2024 decreased by $0.01 million, representing a 13% decrease to $0.12 million compared to $0.13 million for the same period in 2023. The decrease was attributed to a decrease in sales of revenue, as discussed above.
Current wording
Gross Profit. Our gross profit for the three months ended March 31, 2025 decreased by $0.30 million, representing a 84% decrease to $0.05 million compared to $0.35 million for the same period in 2024. The decrease was attributed to a decrease in sales of revenue, as discussed above.
Previous wording
*Selling and Marketing Expenses.*Our selling and marketing expenses decreased by $0.61 million, or 85%, to $0.11 million for the nine months ended September 30, 2024 from $0.72 million for the nine months ended September 30, 2023. This decrease was mainly due to the aforementioned reasons, attributable to a decrease in sales of revenue.
Current wording
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $7,000, or 233%, to $0.01 million for the three months ended March 31, 2025 from approximately $3,000 for the three months ended March 31, 2024. This increase was mainly due to the increase in business travel and meals expenses.
Previous wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended September 30, 2024 decreased slightly by $0.03 million, or 2%, to $1.15 million compared to the previous year’s $1.18 million for the same period.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended March 31, 2025 decreased by $0.17 million, or 19%, to $0.75 million compared to the previous year’s $0.92 million for the same period.
Previous wording
Our net loss for the three months ended September 30, 2024 decreased by $0.09 million, to $1.19 million from $1.28 million in the same period in 2023. This increase was primarily attributed to the decrease of selling and marketing expenses, as discussed above.
Current wording
Our net loss for the three months ended March 31, 2025 decreased by $0.28 million, to $0.80 million from $1.08 million in the same period in 2024. This increase was primarily attributed to the decrease of net loss from discontinuing operations.
Previous wording
As of September 30, 2024, we had cash and cash equivalents of $227,492 compared to $270,317 as of December 31, 2023. The debt to assets ratio was 63.0% and 54.4% as of September 30, 2024 and December 31, 2023, respectively. We expect to continue to finance our operations and working capital needs in 2024 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.
Current wording
As of March 31, 2025, we had cash and restricted cash of $1,146,802 compared to $195,145 as of December 31, 2024. The debt to assets ratio was 58.1% and 54.0% as of March 31, 2025 and December 31, 2024, respectively. We expect to continue to finance our operations and working capital needs in 2025 from cash generated from operations and, if needed, private financing. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditure as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.
Previous wording
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $4,342,017 from continuing operations for the nine months ended September 30, 2024. As of September 30, 2024 the Company had an accumulated deficit of $144,711,504, a working capital deficit of $8,938,115, its net cash provided by operating activities for the nine months ended September 30, 2024 was $48,461.
Current wording
The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss from continuing operations of $739,993 for the three months ended March 31, 2025. As of March 31, 2025 the Company had an accumulated deficit of $148,850,555, a working capital deficit of $6,688,448, its net cash used in operating activities from continuing operations for the three months ended March 31, 2025 was $346,698.
Previous wording
Net cash provided by operating activities was $0.05 million during the nine months ended September 30, 2024, compared to net cash used in operating activities of $4.18 million during the nine months ended September 30, 2023. This change was primarily due to increase in net operating assets and liabilities of $4.56 million and was partially offset by a decrease in cash provided by operating activities from discontinued operations of $0.16 million.
Current wording
Net cash used in operating activities was $0.35 million during the three months ended March 31, 2025, compared to net cash provided by operating activities of $0.43 million during the three months ended March 31, 2024. This change was primarily due to the decrease in net loss excluding non-cash expenses, gains and losses of $0.15 million, changes in net operating assets and liabilities of $0.63 million.
Previous wording
The net cash used in financing activities was $0.10 during the nine-month period ended September 30, 2024, compared to net cash provided by financing activities of $1.47 million for the same period in 2023. This change can be attributed to a rise in loan to related parties.
Current wording
The net cash provided by financing activities was $1.30 million for the three months ended March 31, 2025, compared to net cash used in financing activities of $0.32 million for the same period in 2024. This change can be attributed to a rise in loan to related parties.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The following discussion should be read in conjunction with the company’s audited consolidated financial statement for the nine months ended September 30, 2024, and 2023 and related notes to that.
Previous report — wording carried elsewhere
Cost of Revenues. During the nine months ended September 30, 2024, we experienced a decrease in cost of revenue of $10.23 million or 68%, in comparison to the nine months ended September 30, 2023, from approximately $14.97 million to $4.74 million. This change was mainly due to a decrease in revenue, as discussed above.