Planet Green Holdings Corp.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-14.
0001213900-25-076667
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001213900-25-110485
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 54 previous paragraphs and 46 current paragraphs.
24 unchanged; 20 reworded; 2 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 6 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 (2)
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024.
Current report
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This Update is issued to address challenges encountered when applying the guidance in Topic 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The amendments will be effective for annual reporting periods beginning after December 15, 2025, 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 its consolidated financial statements.
Removed paragraphs (10)
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024.
Previous report
Critical Accounting Policies and Estimates
Previous 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.
Previous report
Goodwill
Previous 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.
Previous report
Impairment of Long-lived Assets
Previous 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.
Previous 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.
Previous report
Commitments and Contingencies
Previous 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.
Reworded paragraphs (20)
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, Xianning Bozhuang and Fast Approach Inc, is:
Current wording
We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2025 and 2024, our primary business, which is carried out by Jingshan Sanhe, Xianning Bozhuang and Fast Approach Inc, includes the following operations:
Previous wording
*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 wording
*Net Revenues.*Our net revenues for the three months ended September 30, 2025 amounted to $0.77 million, which represents a decrease of approximately $0.69 million, from $1.46 million for the three months ended September 30, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $1.41 million to $0.77 million during the current period.
Previous wording
*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 wording
*Cost of Revenues.*During the three months ended September 30, 2025, we experienced a decrease in cost of revenue of $0.62 million or 46%, in comparison to the three months ended September 30, 2024, from approximately $1.37 million to $0.74 million. This change was mainly due to a decrease in cost of revenue from sales of high-grade synthetic fuel products.
Previous wording
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 wording
Gross Profit. Our gross profit for the three months ended September 30, 2025 was $0.03 million compared to a gross profit of $0.10 million for the same period in 2024. The decrease in gross profit was attributed to a decrease in revenue, as discussed above.
Previous 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.
Current wording
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $4,000, or 133%, to $7,000 for the three months ended September 30, 2025 from approximately $3,000 for the three months ended September 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 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.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended September 30, 2025 increased by $2.88 million, or 594%, to $3.36 million compared to the previous year’s $0.48 million for the same period. This increase was mainly due to the issuance of 1,450,000 shares of common stock under the 2025 Plan for a fair value of $2.80 million.
Previous wording
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 wording
Our net loss for the three months ended September 30, 2025 increased by $10.96 million, to $12.15 million from $1.19 million in the same period in 2024. This decrease was primarily attributed to the increase of net loss from discontinuing operations and the increase in general and administrative expenses.
Previous wording
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 wording
The following discussion should be read in conjunction with the company’s unaudited condensed consolidated financial statement for the nine months ended September 30, 2025, and 2024 and related notes to that.
Previous 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.
Current wording
*Net Revenues.*Our net revenues for the nine months ended September 30, 2025 amounted to $2.52 million, which represents a decrease of approximately $1.24 million, or 33%, from $3.75 million for the nine months ended September 30, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $3.29 million to $2.45 million during the current period, and a decline in advertising service revenue from $0.38 million to $644.
Previous 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.
Current wording
*Cost of Revenues.*During the nine months ended September 30, 2025, we experienced a decrease in cost of revenue of $0.88 million or 27%, in comparison to the nine months ended September 30, 2024, from approximately $3.31 million to $2.43 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 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.
Current wording
Gross Profit. Our gross profit for the nine months ended September 30, 2025 decreased by $0.36 million, representing an 79% decrease to $0.09 million compared to $0.45 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 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.
Current wording
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $0.01 million, or 144%, to $0.02 million for the nine months ended September 30, 2025 from approximately $9,000 for the nine months ended September 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 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 wording
General and Administrative Expenses. Our general andadministrative expenses for the nine months ended September 30, 2025 increased by $2.50 million, or 119%, to $4.59 million compared to the previous year’s $2.09 million for the same period. This increase was mainly due to the Company’s issuance of 1,450,000 shares of common stock under the 2025 Plan for a fair value of $2.80 million.
Previous 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.
Current wording
Our net loss for the nine months ended September 30, 2025 decreased by $9.73 million, to $13.72 million from $3.99 million in the same period in 2024. This decrease was primarily attributed to the increase of net loss from discontinuing operations and the increase in general and administrative expenses.
Previous 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.
Current wording
As of September 30, 2025, we had cash and restricted cash of $63,754 compared to $180,335 as of December 31, 2024. The debt to assets ratio was 104.7% and 54.0% as of September 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 $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.
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 $4,698,088 for the nine months ended September 30, 2025. As of September 30, 2025 the Company had an accumulated deficit of $161,772,429, a working capital deficit of $5,537,300, its net cash used in operating activities from continuing operations for the nine months ended September 30, 2025 was $1,329,176.
Previous wording
These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.
Current wording
These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop a plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.
Previous 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.
Current wording
Net cash used in operating activities was $1.33 million during the nine months ended September 30, 2025, compared to net cash provided by operating activities of $0.44 million during the nine months ended September 30, 2024. This change was primarily due to the decrease in net loss excluding non-cash expenses, gains and losses of $0.22 million, changes in net operating assets and liabilities of $1.54 million.
Previous 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.
Current wording
Net cash used in investing activities was $2,474 for the nine months ended September 30, 2025, compared to $6,169 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 $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.
Current wording
The net cash provided by financing activities was $1.20 million for the nine months ended September 30, 2025, compared to net cash used in financing activities of $0.41 million for the same period in 2024. This change can be attributed to a rise in proceeds from bank loans.