Planet Green Holdings Corp.
For the period ended Jun 30, 2025. Filed Aug 14, 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.
Jun 30, 2025 · Filed Aug 14, 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 2025-03-31; filed 2025-05-15.
0001213900-25-044144
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001213900-25-076667
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 61 previous paragraphs and 54 current paragraphs.
29 unchanged; 12 reworded; 8 added; 20 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 11 previous and 7 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 (8)
Current report
Gross Profit. Our gross profit for the three months ended June 30, 2025 was $9,000 compared to a gross loss of $0.04 million for the same period in 2024. The increase was attributed to a decrease in cost of revenue, as discussed above.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.
Current report
Operating Expenses
Current report
General and Administrative Expenses. Our general and administrative expenses for the six months ended June 30, 2025 decreased by $0.40 million, or 22%, to $1.41 million compared to the previous year’s $1.81 million for the same period. This decrease was mainly due to the decrease in legal and financial consulting fees.
Current report
Net Loss
Current report
Critical Accounting Policies and Estimates
Current report
In March 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this Update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Current report
In April 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This Update is issued to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this Update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Removed paragraphs (20)
Previous report
Critical Accounting Policies
Previous report
Use of Estimates
Previous 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.
Previous report
Accounts Receivable, Net
Previous 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.
Previous report
Inventories, Net
Previous 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.
Previous report
Advances to Suppliers, Net
Previous 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.
Previous report
Revenue Recognition
Previous 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.
Previous 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:
Previous report
Income Taxes
Previous 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.
Previous report
Fair Value Measurements of Financial Instruments
Previous 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:
Previous report
Equity Investments
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (12)
Previous 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.
Current wording
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $2,000, or 67%, to $5,000 for the three months ended June 30, 2025 from approximately $3,000 for the three months ended June 30, 2024. This increase was mainly due to the increase in business travel and meals expense.
Previous 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.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2025 decreased by $0.23 million, or 25%, to $0.67 million compared to the previous year’s $0.90 million for the same period. This decrease was mainly due to the decrease in decreased legal and financial consulting fees.
Previous 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.
Current wording
*Net Revenues.*Our net revenues for the six months ended June 30, 2025 amounted to $1.75 million, which represents a decrease of approximately $0.66 million, or 27%, from $2.41 million for the six months ended June 30, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $1.88 million to $1.68 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 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.
Current wording
*Cost of Revenues.*During the six months ended June 30, 2025, we experienced a decrease in cost of revenue of $0.41 million or 19%, in comparison to the six months ended June 30, 2024, from approximately $2.09 million to $1.68 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 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.
Current wording
Gross Profit. Our gross profit for the six months ended June 30, 2025 decreased by $0.26 million, representing an 80% decrease to $0.06 million compared to $0.32 million for the same period in 2024. The decrease was attributed to a decrease in sales of revenue, as discussed above.
Previous 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.
Current wording
Our net loss for the six months ended June 30, 2025 decreased by $1.23 million, to $1.57 million from $2.80 million in the same period in 2024. This increase was primarily attributed to the decrease of net loss from discontinuing operations.
Previous wording
In assessing our liquidity, we monitor and analyze our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating expenses, and capital expenditure obligations. In the reporting period at March 31, 2025, our primary sources of financing have been cash generated from operations and private placements.
Current wording
In assessing our liquidity, we monitor and analyze our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating expenses, and capital expenditure obligations. In the reporting period at June 30, 2025, our primary sources of financing have been cash generated from operations and bank loans.
Previous 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.
Current wording
As of June 30, 2025, we had cash and restricted cash of $456,100 compared to $195,145 as of December 31, 2024. The debt to assets ratio was 64.2% and 54.0% as of June 30, 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 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.
Previous 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.
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 $1,467,218 for the six months ended June 30, 2025. As of June 30, 2025 the Company had an accumulated deficit of $149,624,136), a working capital deficit of $7,488,762, its net cash used in operating activities from continuing operations for the six months ended June 30, 2025 was $2,026,665.
Previous 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.
Current wording
Net cash used in operating activities was $2.03 million during the six months ended June 30, 2025, compared to net cash used in operating activities of $0.51 million during the six months ended June 30, 2024. This change was primarily due to the decrease in net loss excluding non-cash expenses, gains and losses of $0.06 million, changes in net operating assets and liabilities of $1.57 million.
Previous wording
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 wording
Net cash used in investing activities was $2,463 for the six months ended June 30, 2025, compared to $6,116 for the same period in 2024, which was primarily cash used for purchase of equipment.
Previous 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.
Current wording
The net cash provided by financing activities was $2.50 million for the six months ended June 30, 2025, compared to $0.77 million for the same period in 2024. This change can be attributed to a rise in proceeds from bank loans and a decrease in loans to related parties.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
*Net Revenues.*Our net revenues for the three months ended June 30, 2025 amounted to $0.907 million, which represents an increase of approximately $3,000, from $0.904 million for the three months ended June 30, 2024. The increase in revenue can be attributed to the rebounded sales of high-grade synthetic fuel products, which increased from $0.76 million to $0.90 million during the current period, and a decline in advertising service revenue from $0.02 million to $nil.
Current report — wording carried from elsewhere
*Cost of Revenues.*During the three months ended June 30, 2025, we experienced a decrease in cost of revenue of $0.04 million or 4%, in comparison to the three months ended June 30, 2024, from approximately $0.94 million to $0.90 million. This change was mainly due to a decrease in cost of revenue from sales of high-grade synthetic fuel products.
Current report — wording carried from elsewhere
Our net loss for the three months ended June 30, 2025 decreased by $0.95 million, to $0.77 million from $1.72 million in the same period in 2024. This increase was primarily attributed to the decrease of net loss from discontinuing operations and the decrease in general and administrative expenses.
Current report — wording carried from elsewhere
The following discussion should be read in conjunction with the company’s unaudited condensed consolidated financial statement for the six months ended June 30, 2025, and 2024 and related notes to that.
Current report — wording carried from elsewhere
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $9,000, or 150%, to $0.02 million for the six months ended June 30, 2025 from approximately $6,000 for the six months ended June 30, 2024. This increase was mainly due to the increase in business travel and meals expense.