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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Jun. 29, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Greenland Technologies Holding Corp.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	000-26731
Entity Central Index Key	0001735041
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,021,142
Entity Incorporation State Country Code	D8

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 6,694,870	$ 2,123,485
Restricted cash	1,600,542	3,593,722
Notes receivables, net of allowance for notes receivables of $11,154 and $15,338, respectively	14,008,952	16,156,692
Accounts receivable, net of allowance for doubtful accounts of $1,078,664 and $1,037,797, respectively	12,393,086	11,971,889
Inventories (net of provision for slow moving inventory of $121,410 and $134,535, respectively)	12,102,779	9,972,877
Due from related parties-current	35,488,842	36,042,829
Advance to suppliers	58,548	50,664
Prepayments and Other current assets	216,585	327,555
Total Current Assets	82,564,204	80,239,713
Non-current asset
Property, plant, equipment and construction in progress, net	20,159,247	20,630,251
Land use rights, net	3,781,466	3,862,547
Other intangible assets	4,658	5,174
Due from related parties-non current	169,370	430,034
Deferred tax assets	553,110	513,805
Goodwill	3,890	3,890
Other non-current assets	670,703	798,429
Total non-current assets	25,342,444	26,244,130
TOTAL ASSETS	107,906,648	106,483,843
Current Liabilities
Short-term bank loans	19,848,697	16,861,615
Notes payable-bank acceptance notes	12,645,068	15,050,902
Accounts payable	17,819,509	14,713,008
Taxes payables	259,094	12,529
Customer deposits	263,092	132,194
Due to related parties	3,809,060	3,481,984
Other current liabilities	1,529,747	3,086,859
Long-term payable- current portion	2,562,321	2,654,230
Total current liabilities	58,736,588	55,993,321
Long-term liabilities
Long-term payables	811,222	1,349,850
Other long-term liabilities	2,331,591	2,178,548
Total long-term liabilities	3,142,813	3,528,398
TOTAL LIABILITIES	61,879,401	59,521,719
COMMITMENTS AND CONTINGENCIES
EQUITY
Ordinary shares, no par value: 10,021,142 and 10,006,142 shares issued and outstanding as of March 31, 2020 and December 31, 2019
Additional paid-in capital	15,269,485	15,226,685
Statutory reserves	3,926,827	3,866,574
Retained earnings	20,060,011	19,863,600
Accumulated other comprehensive loss	(965,975)	(360,981)
Total shareholders' equity	38,290,348	38,595,878
Non-controlling interest	7,736,899	8,366,246
TOTAL EQUITY	46,027,247	46,962,124
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 107,906,648	$ 106,483,843

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Notes receivables, net of allowance for notes receivables	$ 11,154	$ 15,338
Accounts receivable, net of allowance for doubtful accounts	1,078,664	1,037,797
Inventories net of provision for slow moving inventory	$ 121,410	$ 134,535
Ordinary shares, par value
Ordinary shares, issued	10,021,142	10,006,142
Ordinary shares, outstanding	10,021,142	10,006,142

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
REVENUES	$ 9,872,067	$ 15,811,488
COST OF GOODS SOLD	7,948,119	12,250,989
GROSS PROFIT	1,923,948	3,560,499
Selling expenses	216,841	386,080
General and administrative expenses	1,074,409	444,158
Research and development expenses	564,298	737,774
Total operating expenses	1,855,548	1,568,012
INCOME FROM OPERATIONS	68,400	1,992,487
Interest income	33,310	64,931
Interest expense	(321,692)	(356,544)
Other income	597,252	292,861
INCOME BEFORE INCOME TAX	377,270	1,993,735
INCOME TAX	49,187	265,183
NET INCOME	328,083	1,728,552
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	71,419	186,358
NET INCOME ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES	256,664	1,542,194
OTHER COMPREHENSIVE INCOME (LOSS):	(1,305,760)	883,088
Unrealized foreign currency translation income (loss) attributable to Greenland technologies holding corporation and subsidiaries	(604,994)	782,078
Unrealized foreign currency translation income (loss) attributable to Noncontrolling interest	(700,766)	101,010
Comprehensive income (loss)	(348,330)	2,324,272
Noncontrolling interest	(629,347)	287,368
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:
Basic and diluted	$ 10,012,131	$ 7,500,000
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic and diluted	$ 0.03	$ 0.21

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Ordinary Shares No Par Value	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(loss)	Statutory Reserve	Retained Earnings	Non-controlling Interest	Total
Balance at Dec. 31, 2018		$ 12,301,305	$ 173,881	$ 3,334,322	$ 15,931,196	$ 7,898,064	$ 39,638,868
Balance, shares at Dec. 31, 2018	7,500,000
Net income					1,542,194	186,358	1,728,552
Transfer to statutory reserve				164,296	(164,296)
Foreign currency translation adjustment			782,078			101,010	883,088
Balance at Mar. 31, 2019		12,301,305	955,959	3,498,618	17,309,194	8,185,432	42,250,508
Balance, shares at Mar. 31, 2019	7,500,000
Balance at Dec. 31, 2019		15,226,685	(360,981)	3,866,574	19,863,600		46,962,124
Balance, shares at Dec. 31, 2019	10,006,142
Restricted stock grants		42,800					42,800
Restricted stock grants, shares	15,000
Net income					256,664	71,419	328,083
Transfer to statutory reserve				60,253	(60,253)
Foreign currency translation adjustment			(604,994)			(700,766)	(1,305,760)
Balance at Mar. 31, 2020		$ 15,269,485	$ (965,975)	$ 3,926,827	$ 20,060,011	$ 7,736,899	$ 46,027,247
Balance, shares at Mar. 31, 2020	10,021,142

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 328,083	$ 1,728,552
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	562,048	507,758
Increase in allowance for doubtful accounts	57,258	73,896
Increase in allowance for notes receivable	(3,979)	(95,104)
Increase in provision for inventory	(11,143)	(86,949)
Deferred tax assets	(47,568)	47,157
Stock based compensation expense	42,800
Decrease (Increase) In:
Accounts receivable	(667,154)	(5,815,052)
Notes receivable	1,918,096	975,163
Inventories	(2,289,727)	1,540,885
Advance to suppliers	(8,730)	(132,558)
Other current and noncurrent assets	223,104	56,410
Increase (Decrease) In:
Accounts payable	3,510,842	1,408,588
Customer deposits	133,959	8,133
Other current liabilities	(328,334)	460,592
Income tax payable	248,669	27,291
Due to related parties	323,227	(10,449)
Long-term payables-Unamortized deferred financing costs	104,335	64,783
Other long-term liabilities	(54,791)	(154,444)
NET CASH PROVIDED BY OPERATING ACTIVITES	4,040,995	604,652
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of Long term assets	(384,624)	(110,137)
Proceeds from government grants for construction	242,763	331,902
Purchases of land use rights		(129,716)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(141,861)	92,049
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans	3,271,391	8,045,497
Repayments of short-term bank loans		(7,464,848)
Notes payable	(2,191,338)	(772,260)
Proceeds from related parties	620,183	1,119,503
Repayment of loans from related parties	(355,586)	(2,653,466)
Repayment of loans from third parties	(2,844,097)
Proceeds from third parties	1,498,686
Dividend paid		(164,257)
Proceeds received from financing lease obligation		3,731,677
Deposits for the financing lease obligation		(559,752)
Payment of principal on financing lease obligation	(677,734)	(397,721)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(678,495)	884,373
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	3,220,639	1,581,074
Effect of exchange rate changes on cash	(642,434)	157,851
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	5,717,207	8,968,177
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	8,295,412	10,707,102
Bank balances and cash	6,694,870	7,818,850
Bank balances and cash included in assets classified as restricted cash	1,600,542	2,888,252
Supplemental Disclosure Of Cash Flow Information
Income taxes paid	3,861	186,919
Interest paid	$ 298,337	$ 356,544

Organization and Principal Activities

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Greenland Technologies Holding Corporation, formerly known as Greenland Acquisition Corporation ("Greenland" or the "Company"), was incorporated on December 28, 2017 as a British Virgin Islands Company with limited liability. The Company was incorporated as a blank check Company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. On October 24 2019, the Company acquired all of the outstanding shares of Zhongchai Holding (Hong Kong) Limited via a reverse capitalization and changed its name from Greenland Acquisition Corporation to Greenland Technologies Holding Corporation.

Greenland serves as the parent Company for the primary operating Company, Zhongchai Holding (Hong Kong) Limited, a holding Company formed under the laws of Hong Kong on April 23, 2009 ("Zhongchai Holding"). Through Zhongchai Holding and other subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machineries in PRC, as well as develop models for robotic cargo carriers, which are expected to be produced in the near future in PRC.

The Company's Shareholders

As of March 31, 2020, Cenntro Holding Limited owns 74.842% of Greenland's outstanding ordinary shares. Cenntro Holding Limited is controlled and beneficially owned by Mr. Peter Zuguang Wang, chairman of the Company.

The Company's Subsidiaries

Zhongchai Holding, the 100% owned subsidiary of the Company, owned 89.47% of Zhejiang Zhongchai Machinery Co., Ltd. ("Zhejiang Zhongchai"), 62.5% of Shanghai Hengyu Enterprise Management Consulting Co., Ltd. ("Hengyu") and 100% of Hangzhou Greenland Robotic Co., Ltd ("Hangzhou Greenland").

Zhejiang Zhongchai, the subsidiary of the Company, is the sole shareholder of Zhejiang Shengte Transmission Co., Ltd. ("Shengte"). It also owned 62.5% of Hengyu until transferred its ownership to Zhongchai Holding on July 15, 2019.

Zhejiang Zhongchai

Zhejiang Zhongchai, a limited liability Company registered on November 21, 2005, is the direct operating subsidiary of Zhongchai Holding in PRC. On April 5, 2007, Usunco Automotive Limited ("Usunco"), a British Virgin Islands limited liability Company incorporated on April 24, 2006, invested $8,000,000 USD into Zhejiang Zhongchai for its approximately 75.47% interest. On December 16, 2009, Usunco agreed to transfer its 75.47% interest in Zhejiang Zhongchai to Zhongchai Holding. On April 26, 2010, Xinchang County Keyi Machinery Co., Ltd. transferred all its 24.528% interest in Zhejiang Zhongchai to Zhongchai Holding for a consideration of US$2.6 million. On November 1, 2017, Xinchang County Jiuxin Investment Management Partnership (LP) ("Jiuxin"), an entity controlled and beneficially owned by Mr. He Mengxing, president of Zhejiang Zhongchai, closed its investment of approximately RMB31,590,000 in Zhejiang Zhongchai for 10.53% of its interest. As of March 31, 2020, Zhongchai Holding owns approximately 89.47% of Zhejiang Zhongchai and Jiuxin owns approximately 10.53% of Zhejiang Zhongchai.

Through Zhejiang Zhongchai, the Company has been engaging in the manufacture and sale of transmission systems mainly for forklift trucks since 2006. These forklift trucks are used in manufacturing and logistics applications, such as factory, workshop, warehouse, fulfilment centers, shipyards and seaports. The transmission systems are the key components for the forklift trucks. The Company supplies transmission systems to forklift truck manufacturers. Its transmission systems fit for forklift trucks ranging from 1 to 15 tons, with either mechanical shift or automatic shift. All the products are currently manufactured at the Company's facility in Xinchang, Zhejiang Province, PRC and are sold to both domestic and oversea markets. The Company has moved to its new factory in Meizhu, Xinchang, Zhejiang Province, PRC, in October of 2019.

Shengte

Shengte is a limited liability Company registered on February 24, 2006 in Xinchang High-Tech Industrial Park, Zhejiang, PRC.

Shengte manufactures parts of transmission boxes for Zhejiang Zhongchai. All parts were manufactured in the Company's Xinchang facility and were sold internally to Zhejiang Zhongchai. In January 2019 Shengte has stopped its business and transferred its most assets to Zhejiang Zhongchai and only maintain its employee social benefit function in the local region.

Hengyu

Hengyu is a limited liability Company registered on September 10, 2015 in Shanghai Free Trade Zone, Shanghai, and PRC. Hengyu holds no assets other than an account receivable owed by Cenntro Holding Limited. Main business of Hengyu are investment management and consulting services.

Hangzhou Greenland

Hangzhou Greenland is a limited liability Company registered on August 9, 2019 in Hangzhou Sunking Plaza, Zhejiang, PRC. Hangzhou Greenland is designed to open robotic cargo carrier business based on a conceptual prototype of a robotic cargo carrier developed by our R&D team in 2018.

Greenland Tech

On January 14, 2020, Greenland established its wholly owned subsidiary in the state of Delaware named Greenland Technologies Corporation ("Greenland Tech"). The Company aims to use it as the US operation site of the Company and promotes sales of robotic products for the North American market in the near future. Greenland Tech currently does not conduct any business activities.

Details of the Company's subsidiaries, which are included in these unaudited consolidated financial statements as of March 31, 2020, are as follows:

Name

Domicile and Date
of Incorporation

Paid-in Capital

Percentage of
Effective
Ownership

Principal Activities

Zhongchai Holding (Hong Kong) Limited

Hong Kong
April 23, 2009

HKD

10,000

100

Holding

Zhejiang Zhongchai Machinery Co., Ltd.

PRC
November 21, 2005

USD

28,612,943

89.47

Manufacture, sale of various transmission boxes

Zhejiang Shengte Transmission Co., Ltd.

PRC
February 24, 2006

RMB

5,000,000

89.47

Manufacture and sale of parts of transmission box

Shanghai Hengyu Enterprise Management Consulting Co., Ltd.

PRC
September 10, 2015

RMB

251,500,000

62.5

Investment management and consulting services.

Hangzhou Greenland Robotic Technologies Co., Ltd.

PRC
August 9, 2019

RMB

252,862

100

Manufactures and sales carrier cargo robotics.

Greenland Technologies Corporation

Delaware, USA
January 14, 2020

USD 0

100

US operation and promote robotic enabled automated warehouse system for North American market

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Greenland Technologies Holding Corporation and its subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Intercompany accounts and transactions have been eliminated upon consolidation. Certain reclassifications to previously reported financial information have been made to conform to the current period presentation.

The Business Combination was accounted for as a reverse recapitalization (the "Recapitalization Transaction") in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations. For accounting and financial reporting purposes, Zhongchai Holding is considered the acquirer based on facts and circumstances, including the following:

●

Zhongchai Holding's operations comprise the ongoing operations of the combined entity;

●

The officers of the newly combined company consist of Zhongchai Holding's executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; and,

●

The former shareholders of Zhongchai Holding own a majority voting interests in the combined entity.

As a result of Zhongchai Holding being the accounting acquirer, the financial reports filed with the SEC by the Company subsequent to the Business Combination are prepared "as if" Zhongchai Holding is the predecessor and legal successor to the Company. The historical operations of Zhongchai Holding are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Zhongchai Holding prior to the Business Combination; (ii) the combined results of the Company and Zhongchai Holding following the Business Combination in October 24, 2019; (iii) the assets and liabilities of Zhongchai Holding at their historical cost, and (iv) Greenland's equity structure for all periods presented. Zhongchai Holding received 7,500,000 shares of Greenland in exchange for all the share capital, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. No step-up basis of intangible assets or goodwill was recorded in the Business Combination transaction consistent with the treatment of the transaction as a reverse capitalization of Zhongchai Holding.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. Actual results could differ from those estimates. Significant estimates in the three months ended March 31, 2020 and 2019 include allowance for doubtful accounts, reserve for inventories, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets and accruals for taxes due.

Non-controlling Interest

Non-controlling interests in the Company's subsidiaries are recorded in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification 810 Consolidation ("ASC 810") and are reported as a component of equity, separate from the parent's equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

Foreign Currency Translation

The accompanying consolidated financial statements are presented in United States dollars ("US$" or "$"). The functional currency of the Company is Renminbi ("RMB"). Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations.

	For the three months ended March 31,
	2020		2019
Period end RMB: US$ exchange rate		7.0851		6.7112
Period average RMB: US$ exchange rate		7.0307		6.6994

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations.

Revenue Recognition

In accordance with ASC Topic 606, "Revenue from Contracts with Customers", the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations and (v) recognition of revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes its revenues net of value-added taxes ("VAT"). The Company is subject to VAT which had been levied at the rate of 17% on the invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.

Revenues are recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the performance obligation is fulfilled, usually at the time of customers' acceptance or consumption, at the net sales price (transaction price) and each of the criteria under ASC 606 have been met. Contract terms may require the Company to deliver the finished goods to the customers' location or the customer may pick up the finished goods at the Company's factory. International sales are recognized when shipment clears customs and leaves the port.

The Company has adopted ASC 606 on January 1, 2018, using the transition method of Modified-Retrospective Method ("MRM"). The adoption of ASC 606 had no impact on the Company's beginning balance of retained earnings.

The Company's contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

Contracts do not offer any price protection, but allow for the return of certain goods if quality problem, which is standard warranty. The Company product returns and recorded reserve for sales returns were minimal for the three months ended March 31, 2020 and 2019. The total rebates amount is accounting for around 0.43% and 0.56% of the total revenue of Greenland.

The following table sets forth disaggregation of revenue:

	For the three months ended March 31,
Major Product	2020		2019
Transmission boxes for Forklift		9,872,057		15,624,890
Transmission boxes for Non-Forklift (EV, etc.)		10		186,598
Total		9,872,067		15,811,488

Cost of Goods Sold

Cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the production of products. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold.

Selling Expenses

Selling expenses include operating expenses such as payroll and traveling and transportation expenses.

General and Administrative Expenses

General and administrative expenses include management and office salaries and employee benefits, depreciation for office facility and office equipment, travel and entertainment, legal and accounting, consulting fees and other office expenses.

Research and Development

Research and development costs are expensed as incurred and totaled approximately $564,298 and $737,774 for the three months ended March 31, 2020 and December 31, 2019, respectively.

Government subsidies

Government subsidies are recognized when there is reasonable assurance that the subsidy will be received and all attaching conditions will be complied with. When the subsidy relates to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that it is intended to compensate. Where the subsidy relates to an asset, it is recognized as other long-term liabilities and is released to the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset. Total government subsidies recorded in the other long-term liabilities were $2.33 million and $2.18 million at March 31, 2020 and 2019, respectively.

Income Taxes

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 "Income Taxes". Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company also follows FASB ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of March 31, 2020 and December 31, 2019, the Company did not have a liability for unrecognized tax benefits. It is the Company's policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company's historical tax years will remain open for examination by the local authorities until the statute of limitations has passed.

Value-Added Tax

Enterprises or individuals, who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with PRC Laws. The VAT standard rate had been 17% of the gross sale price until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company's finished products can be used to offset the VAT due on the sales of the finished products.

Statutory Reserve

In accordance with the PRC Regulations on Enterprises with Foreign Investment, an enterprise established in the PRC with foreign investment is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A wholly-owned foreign enterprise is required to allocate at least 10% of its annual after-tax profit to the General Reserve Fund until the balance of such fund has reached 50% of its respective registered capital. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. Appropriations to the Enterprise Expansion Fund and Staff Welfare and Bonus Fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or benefit. Accumulated comprehensive income consists of foreign currency translation. The Company presents comprehensive income (loss) consists in accordance with ASC Topic 220, "Comprehensive Income".

Earnings per share

The Company calculates earnings per share in accordance with ASC Topic 260 "Earnings per Share." Basic earnings per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential ordinary shares equivalents had been issued and if the additional common shares were dilutive. On October 24, 2019, the Company completed a reverse merger with Greenland Acquisition Corporation whereby the Company received 7,500,000 shares in exchange for all the share capital, which is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods. The per share amounts have been updated to show the effect of the exchange on earnings per share as if the exchange occurred at the beginning of both years for the annual financial statements of the Company. The impact of the stock exchange is also shown on the Company's Statements of Shareholders' Equity.

Pursuant to the CIIX Termination Agreement and the SCCG Termination Agreement, 5,000 and 10,000 restricted ordinary shares, no par value, were issued to CIIX and SCCG on March 12, 2020 and March 13, 2020 respectively, and will be utilized for calculating earnings per share in three months ended March 31, 2020 .

Cash and Cash Equivalents

For financial reporting purposes, the Company considers all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. The Company maintains no bank account in the United States of America. The Company maintains its bank accounts in PRC and Hong Kong Special Administrative Region ("SAR"). Balances at financial institutions or state-owned banks within PRC and Hong Kong SAR are not covered by insurance.

Restricted Cash

Restricted cash represents amounts held by a bank as security for bank acceptance bills, as well as the financial product secured for the short-term bank loan and therefore is not available for the Company's use until such time as the bank acceptance notes and bank loans have been fulfilled or expired, normally within a twelve-month period.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, to the financial instruments that are required to be carried at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy based upon observable and non-observable inputs that prioritizes the information used to develop our assumptions regarding fair value. Fair value measurements are separately disclosed by level within the fair value hierarchy.

●

Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

●

Level 2—defined as inputs other than quoted prices in active markets, that are either directly or indirectly observable; and

●

Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company's financial instruments primarily consist of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accounts payable, other payables and accrued liabilities, short-term bank loans, and notes payable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and liabilities approximate fair value because of the short-term nature of these items. The estimated fair values of short-term bank loans were not materially different from their carrying value as presented due to the short maturities and that the interest rates on the borrowing approximate those that would have been available for loans of similar remaining maturity and risk profile. As the carrying amounts are reasonable estimates of the fair value, these financial instruments are classified within Level 1 of the fair value hierarchy.

Accounts Receivable

Accounts receivable are carried at net realizable value. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, customer's historical payment history, its current creditworthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to customers are within 90 days after customers received the purchased goods. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. Balance of allowance of doubtful accounts was $1.08 million and $1.04 million as of March 31, 2020 and December 31, 2019, respectively.

Inventories

Inventories are stated at the lower of cost or net realizable value, which is based on estimated selling prices less any further costs expected to be incurred for completion and disposal. Cost of raw materials is calculated using the weighted average method and is based on purchase cost. Work-in-progress and finished goods costs are determined using the weighted average method and comprise direct materials, direct labour and an appropriate proportion of overhead. As of March 31, 2020 and December 31, 2019, the Company had reserves for inventories of $0.12 million and $0.13 million, respectively. The Company records inventory reserves for excess or obsolete inventories based upon assumptions about our current and future demand forecasts.

Advance to Suppliers

Advance to suppliers represents interest-free cash paid in advance to suppliers for purchases of parts and/or raw materials. The balance of advance to suppliers was $0.06 million and $0.05 million as of March 31, 2020 and December 31, 2019.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation, and include expenditure that substantially increases the useful lives of existing assets. Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred.

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Plant, buildings and improvements			20 years
Machinery and equipment			2~10 years
Motor vehicles			4 years
Office Equipment			3~5 years
Fixed Assets decoration			5 years

When assets are sold or retired, their costs and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal is recognized in the period of disposition as an element of other income. The cost of maintenance and repairs is charged to income as incurred, whereas significant renewals and betterments are capitalized.

Land Use Rights

According to the PRC laws, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the Chinese government. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty years.

Impairment of Long-Lived Assets

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, "Property, Plant and Equipment".

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

There was no impairment loss recognized for the three months ended March 31, 2020 and 2019.

Segments and Related Information

ASC 280 "Segment reporting" establishes standards for reporting information on operating segments in interim and annual financial statements. All of the Company's operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

The Company is engaged in the business of manufacturing and selling various transmission boxes. The Company's manufacturing process is essentially the same for the entire Company and is performed in-house at the Company's facilities in PRC. The Company's customers primarily consist of entities in the automotive, construction machinery or warehousing equipment industries. The distribution of the Company's products is consistent across the entire Company. In addition, the economic characteristics of each customer arrangement are similar in that the Company maintains policies at the corporate level.

Commitments and contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company's management has evaluated all such proceedings and claims that existed as of March 31, 2020 and December 31, 2019. Normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company's management has evaluated all such proceedings and claims that existed as of March 31, 2020 and December 31, 2019.

Related Party

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm's-length, favorable treatment, or the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent Company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.

Economic and Political Risks

The Company's operations are conducted 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 economy.

The Company's operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, 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. All of the Company's cash is maintained with state-owned banks within the PRC, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts. A portion of the Company's sales are credit sales which are primarily to customers whose abilities to pay are dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk

Exchange Risk

The Company cannot guarantee that the current exchange rate will remain steady. Therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and yet, because of a fluctuating exchange rates, record higher or lower profit depending on exchange rate of PRC Renminbi (RMB) converted to U.S. dollars on the relevant dates. The exchange rate could fluctuate depending on changes in the political and economic environment without notice.

Recently Issued Accounting Pronouncements

Recent accounting pronouncements that the Company has adopted or may be required to adopt in the future are summarized below:

In June 2016, the FASB issued ASU 2016-13," Measurement of Credit Losses on Financial Instruments", to require financial assets carried at amortized cost to be presented at the net amount expected to be collected based on historical experience, current conditions and forecasts. Subsequently, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, in April 2019. To clarify that receivables arising from operating leases are within the scope of lease accounting standards. In October 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842), which defers the effective date for public filers that are considered small reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Since the Company is a smaller reporting company, implementation is not needed until January 1, 2023. Adoption of the standard requires using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align existing credit loss methodology with the new standard. The Company is evaluating the impact of this standard on its consolidated financial statements, including accounting policies, processes, and systems, and expects the standard will have a minor impact on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04 (Topic 350) Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU will be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company adopted ASU 2017-04 on January 1, 2020. The adoption of the ASU 2017-04 did not have a material impact on the Company's consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13 Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted Topic 820 on January 1, 2020. The adoption of the ASU 2018-13 did not have a material impact on the Company's consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes" (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

Concentration on Revenues and Cost of Goods Sold

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

NOTE 3 – CONCENTRATION ON REVENUES AND COST OF GOODS SOLD

Concentration of major customers and suppliers:

	For the three months ended March 31,
	2020				2019
Major customers representing more than 10% of the Company's revenues
Company A	$	2,307,990	23.38	%	$	2,303,804	14.57	%
Total Revenues	$	2,307,990	23.38	%	$	2,303,804	14.57	%

	As of
	March 31, 2020				December 31, 2019
Major customers of the Company's accounts receivable, net
Company A		1,804,651	14.56	%		1,662,078	13.88	%
Company B		1,378,830	11.13	%		1,106,955	9.25	%
Company C		911,084	7.35	%		1,061,972	8.87	%
Total	$	4,094,565	33.04	%	$	3,831,005	32.00	%

Accounts receivable from the Company's major customers accounted for 33.04% and 32.00% of total accounts receivable balances as of March 31, 2020 and December 31, 2019, respectively.

There were no suppliers representing more than 10% of the Company's total purchases for the three months ended March 31, 2020 and 2019, respectively.

Accounts Receivable

3 Months Ended

Mar. 31, 2020

Credit Loss [Abstract]

ACCOUNTS RECEIVABLE

NOTE 4 – ACCOUNTS RECEIVABLE

Accounts receivable is net of allowance for doubtful accounts.

	As of
	March 31, 2020			December 31, 2019
Accounts receivable	$	13,471,750		$	13,009,686
Less: allowance for doubtful accounts		(1,078,664	)		(1,037,797	)
Accounts receivable, net	$	12,393,086		$	11,971,889

Changes in the allowance for doubtful accounts are as follows:

	For the three months ended March 31,
	2020		2019
Beginning balance	$	1,037,797	$	906,138
Provision for doubtful accounts		40,867		94,289
Ending balance	$	1,078,664	$	1,000,427

Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 – INVENTORIES

	As of
	March 31, 2020			December 31, 2019
Raw materials	$	4,511,796		$	3,626,104
Revolving material		615,842			744,887
Consigned processing material		44,235			63,608
Work-in-progress		1,450,531			1,465,767
Finished goods		3,434,271			3,084,128
Goods in transit		2,167,514			1,122,918
Less: reserve for inventories		(121,410	)		(134,535	)
Inventories, net	$	12,102,779		$	9,972,877

Notes Receivable

3 Months Ended

Mar. 31, 2020

Notes Receivable [Abstract]

NOTES RECEIVABLE

NOTE 6 – NOTES RECEIVABLE

	As of
	March 31, 2020		December 31, 2019
Bank notes receivable:	$	13,797,029	$	15,865,267
Commercial notes receivable		211,923		291,425
Total	$	14,008,952	$	16,156,692

Bank notes and commercial notes are means of payment from customers for the purchase of the Company's products and are issued by financial institutions or business entities, respectively, that entitle the Company to receive the full nominal amount from the issuer at maturity, which bears no interest and generally ranges from three to six months from the date of issuance. As of March 31, 2020, the Company pledged notes receivable for an aggregate amount of $11.78 million to Bank of Communications and Bank of Hangzhou as a means of security for issuance of bank acceptance notes for an aggregate amount of $11.23 million. As of December 31, 2019, the Company pledged notes receivable for an aggregate amount of $11.17 million to Bank of Communications as a means of security for issuance of bank acceptance notes for an aggregate amount of $8.98 million. The Company expects collection of notes receivable within 6 months. Allowance for notes receivables as of March 31, 2020 and December 31, 2019 was $11,154 and $15,338 respectively, determined according to the collectability of commercial notes receivable.

Property, Plant and Equipment and Construction in Progress

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

(a) At March 31, 2020 and December 31, 2019, property, plant and equipment consisted of the following:

	As of
	March 31, 2019			December 31, 2019
Buildings	$	11,391,549		$	11,188,399
Machinery		19,121,793			19,416,746
Motor vehicles		250,545			254,456
Electronic equipment		177,491			177,153
Total property plant and equipment, at cost		30,941,378			31,036,754

Less: accumulated depreciation		(11,022,764	)		(10,650,893	)
Property, plant and equipment, net	$	19,918,614		$	20,385,861
Construction in process		240,633			244,390
Total	$	20,159,247		$	20,630,251

For the three months ended March 31, 2020 and 2019, depreciation expense amounted to $0.37 million and $0.69 million, respectively, of which $0.19 million and $0.51 million, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense and research and development expenses etc.

For the three months ended March 31, 2020 and 2019, $375,119 and $0 of construction in progress were converted into fixed assets.

Restricted assets consist of the following:

	As of
	March 31, 2020		December 31, 2019
Buildings, net	$	10,561,110	$	10,459,597
Machinery, net		8,608,059		9,066,066
Total		19,169,169		19,525,663

As of March 31, 2020, the Company pledged its buildings ownership of buildings for net book value of RMB74.83 million ($10.56 million) as security with ABC Xinchang and Rural commercial bank, for its loan facility with maximum exposure of RMB112.63 million.

As of December 31, 2019, the Company pledged its buildings ownership of buildings for net book value of RMB72.97 million ($10.46 million) as security with ABC Xinchang and Rural commercial bank, for its loan facility with maximum exposure of RMB112.63 million.

On January 3, 2019, the Company sold a set of manufacturing equipment to third parties for aggregate proceeds of $3.08 million (RMB21.25 million) and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 3 years. On April 26, 2019, the Company sold various equipment including the general assembly line and the differential assembly line to third parties for aggregate proceeds of $2.12 million (RMB14.66 million) and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 2 years. The Company determined it did not relinquish control of the assets to the buyer-lessor. Therefore, the Company accounted for the transaction as a failed sale-leaseback whereby the Company continues to depreciate the assets and recorded a financing obligation for the consideration received from the buyer-lessor.

Land Use Rights

3 Months Ended

Mar. 31, 2020

Land Use Rights [Abstract]

LAND USE RIGHTS

NOTE 8 – LAND USE RIGHTS

Land use rights consisted of the following:

	As of
	March 31, 2020			December 31, 2019
Land use rights, cost	$	4,342,437		$	4,410,224
Less: Accumulated amortization		(560,971	)		(547,677	)
Land use rights, net	$	3,781,466		$	3,862,547

As of March 31, 2020, there was land use rights with net book value of $3.78 million, which approximately were used as collateral for the Company's short-term bank loans. As of December 31, 2019, there was land use rights with net book value of $3.86 million, which approximately were used as collateral for the Company's short-term bank loans.

Estimated future amortization expense is as follows as of March 31, 2020:

Years ending March 31,	Amortization expense
2021	$	87,521
2022		87,521
2023		87,521
2024		87,521
2025		87,521
Thereafter		3,343,861
Total	$	3,781,466

Notes Payable

3 Months Ended

Mar. 31, 2020

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 9 – NOTES PAYABLE

	As of
	March 31, 2020		December 31, 2019
Bank acceptance notes	$	12,645,068	$	15,050,902
Total	$	12,645,068	$	15,050,902

The interest-free notes payable, ranging from nine months to one year from the date of issuance, were secured by $1.41 million and $3.59 million restricted cash, $11.78 million and $11.17 million notes receivable, and $0 million and $1.95 million land use rights, as of March 31, 2020 and December 31, 2019, respectively.

All the notes payable are subject to bank charges of 0.05% of the principal amount as commission, included in the financial expenses in the statement of operations, on each loan transaction. The interest charge of notes payable is free.

Accounts Payable

3 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE

NOTE 10 – ACCOUNTS PAYABLE

Accounts payable are summarized as follow:

	As of
	March 31, 2020		December 31, 2019
Procurement of Materials	$	17,363,431	$	14,248,095
Infrastructure& Equipment		400,696		381,843
Freight fee		206,598		83,070
Total	$	17,970,725	$	14,713,008

Short Term Bank Loans

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

SHORT TERM BANK LOANS

NOTE 11 – SHORT TERM BANK LOANS

Short-term loans are summarized as follow:

	As of
	March 31, 2020		December 31, 2019
Collateralized bank loans	$	17,308,155	$	16,144,892
Guaranteed bank loans		2,540,542		716,723
Total	$	19,848,697	$	16,861,615

Short-term loans as of March 31, 2020 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		March 31, 2020
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,758,565
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,891,928
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	2,117,119
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.40	$	1,129,130
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.80	$	705,706
Dec.15, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	1,411,413
Jan.10, 2021	Operating Loans	Bank of communications		4.79	$	705,706
Mar.16, 2021	Operating Loans	SPD Rural Bank of Xinchang		4.05	$	1,129,130
Total					$	19,848,697

Short-term loans as of December 31, 2019 are as follow:

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2019
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,848,455
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,999,513
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	2,150,168
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.40	$	1,146,756
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.80	$	716,723
Total					$	16,861,615

All short-term bank loans are obtained from local banks in PRC and are repayable within one year.

The average annual interest rate of the short-term bank loans was 4.7247% and 4.900% for the three months ended March 31, 2020 and 2019, respectively. The Company was in compliance with its loan financial covenants at March 31, 2020 and December 31, 2019, respectively.

Other Current Liabilities

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

NOTE 12 – OTHER CURRENT LIABILITIES

Other current liabilities are summarized as follow:

	As of
	March 31, 2020		December 31, 2019
Employee payables		155,703		476,859
Other tax payables		234,028		439,398
Borrowing from third party		217,483		1,576,790
Others		771,317		593,812
Total	$	1,378,531	$	3,086,859

Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2020

Other LongTerm Liabilitie [Abstract]

OTHER LONG-TERM LIABILITIES

NOTE 13 – OTHER LONG-TERM LIABILITIES

Other long-term liabilities are summarized as follow:

	As of
	March 31, 2020		December 31, 2019
Subsidy		2,331,591		2,178,548
Total	$	2,331,591	$	2,178,548

The subsidy mainly consists of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidy from the Chinese government. As of March 31, 2020, grant income increased by $0.15 million, as compared to December 31, 2019. The change was mainly due to timing of incurring qualifying expenses.

Long Term Payables

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

LONG TERM PAYABLES

NOTE 14 –LONG TERM PAYABLES

	As of
	March 31, 2020		December 31, 2019
Long-term payables current portion	$	2,562,321	$	2,654,230
Long-term payables– non-current portion		811,222		1,349,850
Total	$	3,373,543	$	4,004,080

On January 3, 2019, the Company sold a set of manufacturing equipment to third parties for aggregate proceeds of $3.08 million (RMB21.25 million) and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 3 years. On April 26, 2019, the Company sold its equipment including the general assembly line and the differential assembly line to third parties for aggregate proceeds of $2.12 million (RMB14.66) million and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 2 years. The Company determined it did not relinquish control of the assets to the buyer-lessor. Therefore, the sale of the goods does not qualify for sale-leaseback accounting. As a result, the aggregate proceeds have been recorded as a financing obligation and the assets related to the sold and leased manufacturing equipment remain on the Company's Consolidated Balance Sheet and continue to be depreciated. The current and long-term portions of the financing obligation are included within long-term payables-current portion and long-term payables-non-current portion, respectively.

Stockholder's Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDER'S EQUITY

NOTE 15 – STOCKHOLDER'S EQUITY

Preferred Shares — The Company is authorized to issue an unlimited number of no par value preferred shares, divided into five classes, Class A through Class E, each with such designation, rights and preferences as may be determined by a resolution of the Company's board of directors to amend the Memorandum and Articles of Association to create such designations, rights and preferences. The Company has five classes of preferred shares to give the Company flexibility as to the terms on which each Class is issued. All shares of a single class must be issued with the same rights and obligations. Accordingly, starting with five classes of preferred shares will allow the Company to issue shares at different times on different terms. At March 31, 2020 and December 31, 2019, there were no preferred shares designated, issued or outstanding.

Ordinary Shares — The Company is authorized to issue an unlimited number of no par value ordinary shares. Holders of the Company's ordinary shares are entitled to one vote for each share. At March 31, 2020 and December 31, 2019, there were 10,021,142 and 10,006,142 ordinary shares issued and outstanding.

On July 27, 2018, the Company consummated its initial public offering of 4,400,000 units, including a partial exercise by the underwriters of their over-allotment option in the amount of 400,000 units. Each unit consists of one ordinary share, no par value, one warrant to purchase one-half of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of its initial business combination.

Simultaneously with the consummation of its initial public offering, the Company completed a private placement of 282,000 units, issued to Greenland Asset Management Corporation (the "Sponsor") and Chardan Capital Markets, LLC.

In 2019, in connection with the Business Combination 3,875,458 redeemable shares have been redeemed and 81,400 redeemable shares have been converted into ordinary shares, 1,906,542 ordinary shares left upon consummation of the reverse recapitalization.

Pursuant to the Share Exchange Agreement, Greenland acquired from the Seller all of the issued and outstanding equity interests of Zhongchai Holding in exchange for 7,500,000 newly issued ordinary shares, no par value of Greenland, issued to the Seller (the "Exchange Shares"). As a result, the Seller became the controlling shareholder of Greenland, and Zhongchai Holding became a directly and wholly owned subsidiary of Greenland. The Business Combination was accounted for as a reverse merger effected by a share exchange, wherein Zhongchai Holding is considered the acquirer for accounting and financial reporting purposes. The recapitalization of the number of shares of common stock attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented. The impact of the stock exchange is also shown on the Company's Statements of Stockholders' Equity

Pursuant to certain Finder Agreement with Hanyi Zhou, dated May 29, 2019, 50,000 newly issued ordinary shares were issued to Zhou Hanyi as the finder fee for the business combination.

In connection with the Business Combination, all the outstanding rights of the Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into the underlying ordinary shares.

Pursuant to the Service Agreement entered into and by The Company and Chineseinvestors.com, Inc., an Indiana corporation ("CIIX") on August 21, 2019 (the "Service Agreement"), CIIX were to provide certain investor relations services to the Company for a period of three months beginning on August 21, 2019. Pursuant to the Service Agreement, the Company were to pay CIIX fees consisting of three equal monthly instalments of $12,000 and 5,000 restricted ordinary shares, no par value, of the Company on a quarterly basis during the term of the Consulting Agreement. On February 24, 2020, Greenland and CIIX entered into a termination agreement (the "CIIX Termination Agreement") to terminate their respective obligations under the Service Agreement. Pursuant to the CIIX Termination Agreement, the Company agreed to issue 5,000 restricted ordinary shares, no par value (the "CIIX Termination Shares") to CIIX. Upon CIIX's receipt of the CIIX Termination Shares, the Company will have fully satisfied its payment obligations under the Service Agreement.

Pursuant to the Investor Relations Consulting Agreement entered into and by The Company and Skyline Corporate Communication Group, LLC, a Massachusetts limited liability Company ("SCCG") on August 15, 2019 (the "Consulting Agreement"), SCCG were to provide certain investor relations services to the Company for a period of twelve months beginning on August 15, 2019. Pursuant to the Consulting Agreement, the Company were to pay SCCG fees consisting of $5,000 per month and 1,250 restricted ordinary shares, no par value, of the Company on a quarterly basis during the term of the Consulting Agreement. On February 25, 2020, Greenland and SCCG entered into a termination agreement (the "SCCG Termination Agreement") to terminate their respective obligations under the Consulting Agreement. Pursuant to the SCCG Termination Agreement, the Company agreed to issue 10,000 restricted ordinary shares, no par value (the "SCCG Termination Shares") to SCCG. Upon SCCG's receipt of the SCCG Termination Shares, the Company will have fully satisfied its payment obligations under the Consulting Agreement.

Rights — Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all Public Shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement provides for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert its rights in order to receive the 1/10 of one share underlying each right (without paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

As of December 31, 2019, all of the existing Rights were converted into 468,200 ordinary shares as a result of the Business Combination.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) July 24, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within 90 days from the consummation of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:

●

At any time while the Public Warrants are exercisable,

●

Upon not less than 30 days' prior written notice of redemption to each Public Warrant holder,

●

If, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and

●

If, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. Accordingly, the warrants may expire worthless.

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants and the ordinary shares issuable upon the exercise of the Private Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

As of March 31, 2020 there were total 4,682,000 Warrants outstanding, including 4,400,000 Public Warrants held by CEDE & CO, and 22,000 and 260,000 Private Warrants held by Chardan Capital Markets, LLC and Greenland Asset Management Corporation, respectively.

Unit Purchase Option

On July 27, 2018, the Company sold to Chardan (and its designees), for $100, an option to purchase up to 240,000 Units exercisable at $11.50 per Unit (or an aggregate exercise price of $2,760,000) commencing on the later of July 24, 2019 and the consummation of a Business Combination. The unit purchase option may be exercised for cash or on a cashless basis, at the holder's option, and expires July 24, 2023. The Units issuable upon exercise of the option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders' equity. The option and such units purchased pursuant to the option, as well as the ordinary shares underlying such units, the rights included in such units, the ordinary shares that are issuable for the rights included in such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g) (1) of FINRA's NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. The option grants to holders demand and "piggy back" rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company's recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price. As of March 31, 2020, there was no unit purchase option outstanding.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 16 – EARNINGS PER SHARE

The Company reports earnings per share in accordance with the provisions of the FASB's related accounting standard. This standard requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution, but includes vested restricted stocks and is computed by dividing income available to shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. On October 24, 2019, the Company completed a reverse merger with Zhongchai Holding. The recapitalization of the number of shares of common stock attributable to the purchase of Zhongchai Holding in connection with the Business Combination is reflected retroactively to December 31, 2017 and will be utilized for calculating earnings per share in all prior periods presented. Pursuant to the CIIX Termination Agreement and the SCCG Termination Agreement, 5,000 and 10,000 restricted ordinary shares, no par value, were issued to CIIX and SCCG on March 12, 2020 and March 13, 2020 respectively.

The following is a reconciliation of the basic and diluted earnings per share computation:

	Three months ended March 31,
	2020		2019
Net income attributable to the Greenland Corporation and subsidiaries	$	256,664	$	1,542,194
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		10,006,142		7,500,000
Restricted stock grants		15,000		-
Weighted average shares of common stock		10,009,198		-
Dilutive effect of stock options		-		-
Restricted stock vested not issued		-		-
Common stock and common stock equivalents		10,009,198		7,500,000
Basic and diluted net income per share	$	0.03	$	0.21

Geographical Sales and Segments

3 Months Ended

Mar. 31, 2020

Segments, Geographical Areas [Abstract]

GEOGRAPHICAL SALES AND SEGMENTS

NOTE 17 – GEOGRAPHICAL SALES AND SEGMENTS

All of the Company's operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment.

Information for the Company's sales by geographical area for the three months ended March 31, 2020 and 2019 are as follows:

	For the three months ended March 31,
	2020		2019
Domestic Sales	$	9,863,853	$	15,811,488
International Sales		8,214		-
Total	$	9,872,067	$	15,811,488

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

INCOME TAXES

NOTE 18 – INCOME TAXES

Income tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for items which are considered discrete to the period.

The effective tax rates on income before income taxes for the three months ended March 31, 2020 was 13.04%. The effective tax rate for the three months ended March 31, 2020 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction. The effective tax rate is based on forecasted annual results and these amounts may fluctuate significantly through the rest of the year as a result of the unpredictable impact of COVID-19 on its operating activities.

The effective tax rate on income before income taxes for the three months ended March 31, 2019 was 13.30%. The effective tax rate for the three months ended March 31, 2019 was lower than the PRC tax rate of 25.0% primarily due to the China Super R&D deduction.

The Company has recorded $0 unrecognized benefit as of March 31, 2020. On the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized benefit within the next 12 months.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 19 – COMMITMENTS AND CONTINGENCIES

Guarantees and pledged collateral for bank loans to other parties:

(1) Pledged collateral for bank loans

On December 6, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (ABC Xinchang), pledging its land use rights for original book value of RMB11.08 million and property ownership for original book value of RMB35.12 million as security with ABC Xinchang, for its loan facility with maximum exposure of RMB48.83 million during the period from December 6, 2019 to May 21, 2022. As of March 31, 2020 and December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB48.83 million and RMB48.83 million.

On November 28, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Agricultural Bank of PRC Co., Ltd. Xinchang County Sub-Branch (ABC Xinchang), pledging its land use rights for original book value of RMB9.84 million and property ownership for original book value of RMB27.82 million, as security with ABC Xinchang, for its loan facility with maximum exposure of RMB40.80 million during the period from November 28, 2019 to December 26, 2022. As of March 31, 2020 and December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB40.80 million and RMB40.80 million.

On December 17, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Rural Commercial Bank of PRC Co., Ltd., pledging its land use rights for original book value of RMB4.75 million and property ownership for original book value of RMB11.28 million as security, for its loan facility with maximum exposure of RMB16.95 million during the period from December 16, 2019 to December 15, 2024. As of March 31, 2020 and December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB15.00 million and RMB15.00 million.

On December 18, 2019, Zhejiang Zhongchai signed a Maximum Amount Pledge Contract with Rural Commercial Bank of PRC Co., Ltd., pledging its land use rights for original book value of RMB4.17 million as security, for its loan facility with maximum exposure of RMB8.00 million during the period from December 16, 2019 to December 15, 2024. As of March 31, 2020 and December 31, 2019, outstanding amount of the short-term bank loan under this Pledge Contract was RMB8.00 million and RMB8.00 million.

(2) Litigation

On October 14, 2019, the plaintiff, the Company and all other named defendants in the Action entered into a confidential memorandum of understanding (the "MOU"), pursuant to which a Stipulation and Order of Dismissal ("Stipulation of Dismissal") of the Action was filed on October 14, 2019. The Stipulation of Dismissal was approved and entered by the District Court on October 15, 2019. Among other things, the Stipulation of Dismissal acknowledged that the Definitive Proxy Statement mooted the plaintiff's claims regarding the sufficiency of disclosures, dismissed all claims asserted in the Action, with prejudice as to the plaintiff only, permits the plaintiff to seek an award of attorneys' fees in connection with the mooted claims, and reserves the defendants' rights to oppose such an award, if appropriate. Pursuant to the MOU, the parties have engaged in discussions regarding the amount of attorneys' fees, if any, to which the plaintiff's counsel is entitled in connection with the Action. As of March 31, 2020, those discussions remain ongoing.

Facility Leases

The Company entered into a failed sale-leaseback transaction on January 3, 2019 and April 26, 2019. See further discussion in NOTE 14 –LONG TERM PAYABLES.

Rent expense is recognized on a straight-line basis over the terms of the operating leases accordingly and the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability.

The following are the aggregate non-cancellable future minimum lease payments under operating and financing leases as of March 31, 2020:

Years ending March 31,	Amount
2021		2,661,866
2022		1,017,207
Total	$	3,679,073

Related Party Transactions

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS

NOTE 20 – RELATED PARTY TRANSACTIONS

(a) Names and Relationship of Related Parties:

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.		Under common control of Peter Zuguang Wang
Jiuxin Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang

(b) Summary of Balances with Related Parties:

	As of
	March 31, 2020		December 31, 2019
Due to related parties:
Sinomachinery Holding Limited¹	$	1,775,869	$	1,773,365
Zhejiang Kangchen Biotechnology Co., Ltd²		64,505		64,505
Zhejiang Zhonggong Machinery Co., Ltd.³		507,436		207,177
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁴		13,251		-
Cenntro Smart Manufacturing Tech. Co., Ltd.⁵		5,999		1,981
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁶		102,346		95,302
Cenntro Holding Limited⁷		1,339,654		1,339,654
Total	$	3,809,060	$	3,481,984

The balance of Due to related parties as of March 31, 2020 and December 31, 2019 consisted of:

Advance from Sinomachinery Holding Limited for certain purchase order;

Temporary borrowings from Zhejiang Kangchen Biotechnology Co., Ltd.;

Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

Unpaid balances for purchasing of materials from Zhejiang Zhonggong Agricultural Equipment Co., Ltd.;

Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.;

Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and

Borrowings from Cenntro Holding Limited

	As of
	March 31, 2020		December 31, 2019
Due from related parties-current:
Cenntro Holding Limited	$	35,488,842	$	36,042,829
Total	$	35,488,842	$	36,042,829
Due from related parties-non-current:
Xinchang County Jiuxin Investment Management Partnership (LP)		169,370		430,034
Total	$	169,370	$	430,034

The balance of Due from related parties as of March 31, 2020 and December 31, 2019 consisted of:

Other receivable from Cenntro Holding Limited was $35.5 million and $36.0 million as of March 31, 2020 and December 31, 2019, respectively. The Company expects the amount due from its equity holder, Cenntro Holding will pay back by the end of October 2020 in accordance with the original maturity date.

(c) Summary of Related Party Transactions:

A summary of trade transactions with related parties for the three months ended March 31, 2020 and 2019 are listed below:

		For the three months ended March 31,
		2020		2019
Purchases from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Purchase of materials and equipment		305,793		4,232
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.	Purchase of materials and equipment		13,354		-
Total			319,147		4,232

Sales to related parties:
Cenntro Smart Manufacturing Tech. Co., Ltd.	Provide service		29,191		40,577
Total			29,191		40,577

(d) Summary of Related Party Funds Lending:

A summary of funds lending with related parties for the three months ended March 31, 2020 and 2019 are listed below:

Proceeds from related parties:	For the three months ended March 31,
	2020		2019
Zhejiang Zhonggong Machinery Co., Ltd.		355,586		1,119,503
Xinchang County Jiuxin Investment Management Partnership (LP)		256,022		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		8,575		-
Total		620,183		1,119,503

Repayment of loans from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		355,586		1,119,503
Cenntro Holding Limited		-		1,310,062
Hangzhou Cenntro Autotech Co., Limited		-		223,901
Total		355,586		2,653,466

e) Summary of Related Party dividend payment:

A summary of dividend payment to related parties for the three months ended March 31, 2020 and 2019 are listed below:

	For the three months ended March 31,
	2020		2019
Dividend payment to related parties:
Xinchang County Jiuxin Investment Management Partnership (LP)		-		164,257

Dividend was declared during the year 2018 and paid during the three months ended March 31, 2019.

Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21 – SUBSEQUENT EVENTS

The management has evaluated subsequent events through the date of the report, and there was no material subsequent event requiring adjustments to the financial statements or disclosure.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

●

Zhongchai Holding's operations comprise the ongoing operations of the combined entity;

●

The officers of the newly combined company consist of Zhongchai Holding's executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; and,

●

The former shareholders of Zhongchai Holding own a majority voting interests in the combined entity.

Use of Estimates

Use of Estimates

Non-controlling Interest

Non-controlling Interest

Foreign Currency Translation

Foreign Currency Translation

	For the three months ended March 31,
	2020		2019
Period end RMB: US$ exchange rate		7.0851		6.7112
Period average RMB: US$ exchange rate		7.0307		6.6994

Revenue Recognition

Revenue Recognition

The Company's contracts are all short-term in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration.

The following table sets forth disaggregation of revenue:

	For the three months ended March 31,
Major Product	2020		2019
Transmission boxes for Forklift		9,872,057		15,624,890
Transmission boxes for Non-Forklift (EV, etc.)		10		186,598
Total		9,872,067		15,811,488

Cost of Goods Sold

Cost of Goods Sold

Selling Expenses

Selling Expenses

Selling expenses include operating expenses such as payroll and traveling and transportation expenses.

General and Administrative Expenses

General and Administrative Expenses

Research and Development

Research and Development

Research and development costs are expensed as incurred and totaled approximately $564,298 and $737,774 for the three months ended March 31, 2020 and 2019, respectively.

Government subsidies

Government subsidies

Income Taxes

Income Taxes

Value-Added Tax

Value-Added Tax

Statutory Reserve

Statutory Reserve

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Earnings per share

Earnings per share

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Restricted cash represents amounts held by a bank as security for bank acceptance bills, as well as the financial product secured for the short-term bank loan and therefore is not available for the Company's use until such time as the bank acceptance notes have been fulfilled or expired, normally within a twelve-month period. 

Fair Value of Financial Instruments

Fair Value of Financial Instruments

●

Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

●

Level 2—defined as inputs other than quoted prices in active markets, that are either directly or indirectly observable; and

●

Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Accounts Receivable

Accounts Receivable

Inventories

Inventories

Advance to Suppliers

Advance to Suppliers

Property, Plant, and Equipment

Property, Plant, and Equipment

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

Plant, buildings and improvements			20 years
Machinery and equipment			2~10 years
Motor vehicles			4 years
Office Equipment			3~5 years
Fixed Assets decoration			5 years

Land Use Rights

Land Use Rights

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

There was no impairment loss recognized for the three months ended March 31, 2020 and 2019.

Segments and Related Information

Segments and Related Information

Commitments and contingencies

Commitments and contingencies

Related Party

Related Party

Economic and Political Risks

Economic and Political Risks

Exchange Risk

Exchange Risk

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recent accounting pronouncements that the Company has adopted or may be required to adopt in the future are summarized below:

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes" (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company do not expect that the requirements of ASU 2019-12 will have a material impact on its consolidated financial statements.

Organization and Principal Activities (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of subsidiary of limited liability company

Name

Domicile and Date
of Incorporation

Paid-in Capital

Percentage of
Effective
Ownership

Principal Activities

Zhongchai Holding (Hong Kong) Limited

Hong Kong
April 23, 2009

HKD

10,000

100

Holding

Zhejiang Zhongchai Machinery Co., Ltd.

PRC
November 21, 2005

USD

28,612,943

89.47

Manufacture, sale of various transmission boxes

Zhejiang Shengte Transmission Co., Ltd.

PRC
February 24, 2006

RMB

5,000,000

89.47

Manufacture and sale of parts of transmission box

Shanghai Hengyu Enterprise Management Consulting Co., Ltd.

PRC
September 10, 2015

RMB

251,500,000

62.5

Investment management and consulting services.

Hangzhou Greenland Robotic Technologies Co., Ltd.

PRC
August 9, 2019

RMB

252,862

100

Manufactures and sales carrier cargo robotics.

Greenland Technologies Corporation

Delaware, USA
January 14, 2020

USD 0

100

US operation and promote robotic enabled automated warehouse system for North American market

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of gains and losses from foreign currency transactions are included in net income

	For the three months ended March 31,
	2020		2019
Period end RMB: US$ exchange rate		7.0851		6.7112
Period average RMB: US$ exchange rate		7.0307		6.6994

Schedule of sets forth disaggregation of revenue

	For the three months ended March 31,
	2020		2019
Major Product
Transmission boxes for Forklift		9,872,057		15,624,890
Transmission boxes for Non-Forklift (EV, etc.)		10		186,598
Total		9,872,067		15,811,488

Schedule of estimated useful lives

Plant, buildings and improvements			20 years
Machinery and equipment			2~10 years
Motor vehicles			4 years
Office Equipment			3~5 years
Fixed Assets decoration			5 years

Concentration on Revenues And Cost of Goods Sold (Tables)

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Schedule of revenue by major customers by reporting segments

	For the three months ended March 31,
	2020				2019
Major customers representing more than 10% of the Company's revenues
Company A	$	2,307,990	23.38	%	$	2,303,804	14.57	%
Total Revenues	$	2,307,990	23.38	%	$	2,303,804	14.57	%

Schedules of concentration of risk, by risk factor

	As of
	March 31, 2020				December 31, 2019
Major customers of the Company's accounts receivable, net
Company A		1,804,651	14.56	%		1,662,078	13.88	%
Company B		1,378,830	11.13	%		1,106,955	9.25	%
Company C		911,084	7.35	%		1,061,972	8.87	%
Total	$	4,094,565	33.04	%	$	3,831,005	32.00	%

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Credit Loss [Abstract]

Schedule of accounts receivable net

	As of
	March 31, 2020			December 31, 2019
Accounts receivable	$	13,471,750		$	13,009,686
Less: allowance for doubtful accounts		(1,078,664	)		(1,037,797	)
Accounts receivable, net	$	12,393,086		$	11,971,889

Schedule of allowance for doubtful accounts

	For the three months ended March 31,
	2020		2019
Beginning balance	$	1,037,797	$	906,138
Provision for doubtful accounts		40,867		94,289
Ending balance	$	1,078,664	$	1,000,427

Inventories (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule of inventories

	As of
	March 31, 2020			December 31, 2019
Raw materials	$	4,511,796		$	3,626,104
Revolving material		615,842			744,887
Consigned processing material		44,235			63,608
Work-in-progress		1,450,531			1,465,767
Finished goods		3,434,271			3,084,128
Goods in transit		2,167,514			1,122,918
Less: reserve for inventories		(121,410	)		(134,535	)
Inventories, net	$	12,102,779		$	9,972,877

Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Notes Receivable [Abstract]

Schedual of notes receivable

	As of
	March 31, 2020		December 31, 2019
Bank notes receivable:	$	13,797,029	$	15,865,267
Commercial notes receivable		211,923		291,425
Total	$	14,008,952	$	16,156,692

Property, Plant and Equipment and Construction in Progress (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

	As of
	March 31, 2019			December 31, 2019
Buildings	$	11,391,549		$	11,188,399
Machinery		19,121,793			19,416,746
Motor vehicles		250,545			254,456
Electronic equipment		177,491			177,153
Total property plant and equipment, at cost		30,941,378			31,036,754

Less: accumulated depreciation		(11,022,764	)		(10,650,893	)
Property, plant and equipment, net	$	19,918,614		$	20,385,861
Construction in process		240,633			244,390
Total	$	20,159,247		$	20,630,251

Schedule of restricted assets

	As of
	March 31, 2020		December 31, 2019
Buildings, net	$	10,561,110	$	10,459,597
Machinery, net		8,608,059		9,066,066
Total		19,169,169		19,525,663

Land Use Rights (Tables)

3 Months Ended

Mar. 31, 2020

Land Use Rights [Abstract]

Schedule of land use rights

	As of
	March 31, 2020			December 31, 2019
Land use rights, cost	$	4,342,437		$	4,410,224
Less: Accumulated amortization		(560,971	)		(547,677	)
Land use rights, net	$	3,781,466		$	3,862,547

Schedule of estimated future amortization expense

Years ending March 31,	Amortization expense
2021	$	87,521
2022		87,521
2023		87,521
2024		87,521
2025		87,521
Thereafter		3,343,861
Total	$	3,781,466

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2020

Notes Payable [Abstract]

Schedule of note payable

	As of
	March 31, 2020		December 31, 2019
Bank acceptance notes	$	12,645,068	$	15,050,902
Total	$	12,645,068	$	15,050,902

Accounts Payable (Tables)

3 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Schedule of account Payable

	As of
	March 31, 2020		December 31, 2019
Procurement of Materials	$	17,363,431	$	14,248,095
Infrastructure& Equipment		400,696		381,843
Freight fee		206,598		83,070
Total	$	17,970,725	$	14,713,008

Short Term Bank Loans (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of short term loans

	As of
	March 31, 2020		December 31, 2019
Collateralized bank loans	$	17,308,154	$	16,144,892
Guaranteed bank loans		2,540,543		716,723
Total	$	19,848,697	$	16,861,615

Schedule of short term loans

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		March 31, 2020
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,758,565
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,891,928
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	2,117,119
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.40	$	1,129,130
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.80	$	705,706
Dec.15, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	1,411,413
Jan.10, 2021	Operating Loans	Bank of communications		4.79	$	705,706
Mar.16, 2021	Operating Loans	SPD Rural Bank of Xinchang		4.05	$	1,129,130
Total					$	19,848,697

Maturity Date	Type	Bank Name	Interest Rate per Annum (%)		December 31, 2019
Nov.26, 2020	Operating Loans	Agricultural bank of PRC		4.57	$	5,848,455
Dec.24, 2020	Operating Loans	Agricultural bank of PRC		4.70	$	6,999,513
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		5.45	$	2,150,168
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.40	$	1,146,756
Dec.16, 2020	Operating Loans	Rural commercial bank of Xinchang		4.80	$	716,723
Total					$	16,861,615

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Schedule of other current liabilities

	As of
	March 31, 2020		December 31, 2019
Employee payables		155,703		476,859
Other tax payables		234,028		439,398
Borrowing from third party		217,483		1,576,790
Others		771,317		593,812
Total	$	1,378,531	$	3,086,859

Other Long-Term Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Other LongTerm Liabilitie [Abstract]

Schedule of other long-term liabilities

	As of
	March 31, 2020		December 31, 2019
Subsidy		2,331,591		2,178,548
Total	$	2,331,591	$	2,178,548

Long Term Payables (Tables)

3 Months Ended

Mar. 31, 2020

Long-term Payables [Abstract]

Schedule of long term payables

	As of
	March 31, 2020		December 31, 2019
Long-term payables current portion	$	2,562,321	$	2,654,230
Long-term payables– non-current portion		811,222		1,349,850
Total	$	3,373,543	$	4,004,080

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted (loss) earnings per share computation

	Three months ended March 31,
	2020		2019
Net income attributable to the Greenland Corporation and subsidiaries	$	256,664	$	1,542,194
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization		10,006,142		7,500,000
Restricted stock grants		15,000		-
Weighted average shares of common stock		10,009,198		-
Dilutive effect of stock options		-		-
Restricted stock vested not issued		-		-
Common stock and common stock equivalents		10,009,198		7,500,000
Basic and diluted net income per share	$	0.03	$	0.21

Geographical Sales and Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segments, Geographical Areas [Abstract]

Schedule of revenues by major geographical area

	For the three months ended March 31,
	2020		2019
Domestic Sales	$	9,863,853	$	15,811,488
International Sales		8,214		-
Total	$	9,872,067	$	15,811,488

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Schedule of Income tax provision (benefit)

	For the three months ended March 31,
	2020			2019
Current:
Federal		-			-
State		-			-
Foreign		96,755			218,026
		96,755			218,026
Deferred:
Federal		-			-
State		-			-
Foreign		(47,568	)		47,157
		(47,568	)		47,157
Provision for income taxes	$	49,187		$	265,183

Schedule of deferred tax assets and liabilities

	For the three months ended March 31,
	2020			2019

Deferred tax assets:
Allowance for doubtful accounts		182,050			164,950
Inventories		18,212			20,180
Loss carried forward		11,592			7,851
Deferred Income		349,739			326,782
Total deferred tax assets		561,593			519,763
Deferred tax liabilities:
Others		-			-
Total deferred tax liabilities		-			-
Less: Valuation Allowance		(8,483	)		(5,958	)
Net deferred tax assets	$	553,110		$	513,805

Schedule of reconciliations of the statutory income tax rate to the effective income tax rate

	For the three months ended March 31, 2020
	Rate			Amount
profit before taxation					377,270
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25.00	%		94,318
Non-deductible expenses		2.35	%		8,854
R&D Super-deduction		(16.83	)%		(63,484	)
Under-accrued CIT for previous year		0.00	%		-
Effect of differing tax rates in different jurisdictions		3.91	%		14,763
Addition to Valuation Allowance		0.67	%		2,525
Others		(2.06	)%		(7,789	)
Effective tax rate		13.04	%		49,187

	For the three months ended March 31, 2019
	Rate			Amount
profit before taxation					1,993,735
PRC Statutory tax rate					25	%
Expected taxation at statutory tax rate		25	%		498,434
Non-deductible expenses		0.47	%		9,338
R&D Super-deduction		(4.16	)%		(83,000	)
Under-accrued CIT for previous year		0.00	%		-
Effect of differing tax rates in different jurisdictions		(10.41	)		(207,572	)
Addition to Valuation Allowance		(0.71	)%		(14,171	)
Others		3.12	%		62,154
Effective tax rate		13.3	%		265,183

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of non-cancellable future minimum lease payments

Years ending March 31,	Amount
2021		2,661,866
2022		1,017,207
Total	$	3,679,073

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of names and relationship of related parties

		Existing Relationship with the Company
Sinomachinery Holding Limited		Under common control of Peter Zuguang Wang
Cenntro Holding Limited		Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd.		Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd.		Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.		Under common control of Peter Zuguang Wang
Jiuxin Investment Management Partnership (LP)		Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited		Under common control of Peter Zuguang Wang

Schedule of due to related parties

	As of
	March 31, 2020		December 31, 2019
Due to related parties:
Sinomachinery Holding Limited¹	$	1,775,869	$	1,773,365
Zhejiang Kangchen Biotechnology Co., Ltd²		64,505		64,505
Zhejiang Zhonggong Machinery Co., Ltd.³		507,436		207,177
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.⁴		13,251		-
Cenntro Smart Manufacturing Tech. Co., Ltd.⁵		5,999		1,981
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)⁶		102,346		95,302
Cenntro Holding Limited⁷		1,339,654		1,339,654
Total	$	3,809,060	$	3,481,984

The balance of Due to related parties as of March 31, 2020 and December 31, 2019 consisted of:

Advance from Sinomachinery Holding Limited for certain purchase order;

Temporary borrowings from Zhejiang Kangchen Biotechnology Co., Ltd.;

Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;

Unpaid balances for purchasing of materials from Zhejiang Zhonggong Agricultural Equipment Co., Ltd.;

Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.;

Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and

Borrowings from Cenntro Holding Limited

Schedule of due from related parties

	As of
	March 31, 2020		December 31, 2019
Due from related parties-current:
Cenntro Holding Limited	$	35,488,842	$	36,042,829
Total	$	35,488,842	$	36,042,829
Due from related parties-non-current:
Xinchang County Jiuxin Investment Management Partnership (LP)		169,370		430,034
Total	$	169,370	$	430,034

Schedule of related party transactions

		For the three months ended March 31,
		2020		2019
Purchases from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.	Purchase of materials and equipment		305,793		4,232
Zhejiang Zhonggong Agricultural Equipment Co., Ltd.	Purchase of materials and equipment		13,354		-
Total			319,147		4,232

Sales to related parties:
Cenntro Smart Manufacturing Tech. Co., Ltd.	Provide service		29,191		40,577
Total			29,191		40,577

Schedule of related party funds lending

Proceeds from related parties:	For the three months ended March 31,
	2020		2019
Zhejiang Zhonggong Machinery Co., Ltd.		355,586		1,119,503
Xinchang County Jiuxin Investment Management Partnership (LP)		256,022		-
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)		8,575		-
Total		620,183		1,119,503

Repayment of loans from related parties:
Zhejiang Zhonggong Machinery Co., Ltd.		355,586		1,119,503
Cenntro Holding Limited		-		1,310,062
Hangzhou Cenntro Autotech Co., Limited		-		223,901
Total		355,586		2,653,466

Schedule of dividend payment to related parties

	For the three months ended March 31,
	2020		2019
Dividend payment to related parties:

Xinchang County Jiuxin Investment Management Partnership (LP)		-		164,257

Organization and Principal Activities (Details)	3 Months Ended
Organization and Principal Activities (Details)	Mar. 31, 2020 USD ($)
Zhongchai Holding (Hong Kong) Limited [Member]
Date of Incorporation	Apr. 23, 2009
Domicile	Hong Kong
Principal Activities	Holding
Zhongchai Holding (Hong Kong) Limited [Member] \| HONG KONG [Member]
Paid-in Capital	$ 10,000
Percentage of Effective Ownership	100.00%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Date of Incorporation	Nov. 21, 2005
Domicile	PRC
Paid-in Capital	$ 28,612,943
Percentage of Effective Ownership	89.47%
Principal Activities	Manufacture, sale of various transmission boxes
Zhejiang Shengte Transmission Co., Ltd. [Member]
Date of Incorporation	Feb. 24, 2006
Domicile	PRC
Principal Activities	Manufacture and sale of parts of transmission box
Zhejiang Shengte Transmission Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital	$ 5,000,000
Percentage of Effective Ownership	89.47%
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Date of Incorporation	Sep. 10, 2015
Domicile	PRC
Principal Activities	Investment management and consulting services.
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital	$ 251,500,000
Percentage of Effective Ownership	62.50%
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member]
Date of Incorporation	Aug. 09, 2019
Domicile	PRC
Principal Activities	Manufactures and sales carrier cargo robotics.
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member] \| RMB [Member]
Paid-in Capital	$ 252,862
Percentage of Effective Ownership	100.00%
Greenland Technologies Corporation (Member)
Date of Incorporation	Jan. 14, 2020
Domicile	Delaware, USA
Principal Activities	US operation and promote robotic enabled automated warehouse system for North American market
Greenland Technologies Corporation (Member) \| RMB [Member]
Paid-in Capital	$ 0
Percentage of Effective Ownership	100.00%

Organization and Principal Activities (Details Textual)	3 Months Ended
Organization and Principal Activities (Details Textual)	Mar. 31, 2020
Organization and Principal Activities (Textual)
Outstanding ordinary shares	74.842%
Zhongchai Holding [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	100.00%
Zhejiang Zhongchai Machinery Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	89.47%
Subsidiaries description	The direct operating subsidiary of Zhongchai Holding in PRC. On April 5, 2007, Usunco Automotive Limited ("Usunco"), a British Virgin Islands limited liability Company incorporated on April 24, 2006, invested $8,000,000 USD into Zhejiang Zhongchai for its approximately 75.47% interest. On December 16, 2009, Usunco agreed to transfer its 75.47% interest in Zhejiang Zhongchai to Zhongchai Holding. On April 26, 2010, Xinchang County Keyi Machinery Co., Ltd. transferred all its 24.528% interest in Zhejiang Zhongchai to Zhongchai Holding for a consideration of US$2.6 million. On November 1, 2017, Xinchang County Jiuxin Investment Management Partnership (LP) ("Jiuxin"), an entity controlled and beneficially owned by Mr. He Mengxing, president of Zhejiang Zhongchai, closed its investment of approximately RMB31,590,000 in Zhejiang Zhongchai for 10.53% of its interest. As of March 31, 2020, Zhongchai Holding owns approximately 89.47% of Zhejiang Zhongchai and Jiuxin owns approximately 10.53% of Zhejiang Zhongchai.
Hangzhou Greenland Robotic Technologies Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	100.00%
Shanghai Hengyu Enterprise Management Consulting Co., Ltd. [Member]
Organization and Principal Activities (Textual)
Outstanding ordinary shares	62.50%

Summary of Significant Accounting Policies (Details)	Mar. 31, 2020	Dec. 31, 2019
Foreign Currency Translation [Abstract]
Period end RMB: US$ exchange rate	7.0851	6.7112
Period average RMB: US$ exchange rate	7.0307	6.6994

Summary of Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Major Product [Abstract]
Total	$ 9,872,067	$ 15,811,488
Transmission boxes for Forklift [Member]
Major Product [Abstract]
Total	9,872,057	15,624,890
Transmission boxes for Non-Forklift (EV, etc.) [Member]
Major Product [Abstract]
Total	$ 10	$ 186,598

Summary of Significant Accounting Policies (Details 2)	3 Months Ended
Summary of Significant Accounting Policies (Details 2)	Mar. 31, 2020
Plant, buildings and improvements [Member]
Estimated useful lives	20 years
Machinery and Equipment [Member] \| Maximum [Member]
Estimated useful lives	10 years
Machinery and Equipment [Member] \| Minimum [Member]
Estimated useful lives	2 years
Motor vehicles [Member]
Estimated useful lives	4 years
Office Equipment [Member] \| Maximum [Member]
Estimated useful lives	5 years
Office Equipment [Member] \| Minimum [Member]
Estimated useful lives	3 years
Fixed Assets decoration [Member]
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details Textual) - USD ($)			3 Months Ended
	Mar. 13, 2020	Mar. 12, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Oct. 24, 2019
Summary of Significant Accounting Policies (Textual)
Value added tax description			The Company is subject to VAT which had been levied at the rate of 17% on the invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.
Research and development costs			$ 564,298	$ 737,774
Allowance of doubtful accounts			1,080,000	$ 1,000,427	$ 1,040,000
Reserves for inventories			120,000		130,000
Advance to suppliers			$ 60,000		$ 50,000
Statutory Reserve, description			(i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A wholly-owned foreign enterprise is required to allocate at least 10% of its annual after-tax profit to the General Reserve Fund until the balance of such fund has reached 50% of its respective registered capital.
Related party, description			A principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity.
Accounting for around percentage			0.43%	0.56%
Other long-term liabilities			$ 2,330,000	$ 2,180,000
Asset and lease liability			$ 0
Shares received						7,500,000
Restricted ordinary shares	10,000	5,000
Zhongchai Holding [Member]
Summary of Significant Accounting Policies (Textual)
Shares received			7,500,000
PRC [Member]
Summary of Significant Accounting Policies (Textual)
Value added tax description			The VAT standard rate had been 17% of the gross sale price until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019.

Concentration on Revenues and Cost of Goods Sold (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Customer Percentage	23.38%	14.57%
Total Revenues	$ 2,307,990		$ 2,303,804
Company A [Member]
Customer Percentage	23.38%	14.57%
Total Revenues	$ 2,307,990	$ 2,303,804

Concentration on Revenues and Cost of Goods Sold (Details 1) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Percentage of revenues	23.38%	14.57%
Accounts Receivable [Member]
Percentage of revenues	33.04%		32.00%
Accounts receivable, net	$ 4,094,565		$ 3,831,005
Company A [Member]
Percentage of revenues	23.38%	14.57%
Company A [Member] \| Accounts Receivable [Member]
Percentage of revenues	14.56%		13.88%
Accounts receivable, net	$ 1,804,651		$ 1,662,078
Company B [Member] \| Accounts Receivable [Member]
Percentage of revenues	11.13%		9.25%
Accounts receivable, net	$ 1,378,830		$ 1,106,955
Company C [Member] \| Accounts Receivable [Member]
Percentage of revenues	7.35%		8.87%
Accounts receivable, net	$ 911,084		$ 1,061,972

Concentration on Revenues and Cost of Goods Sold (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Concentration on Revenues and Cost of Goods Sold (Textual)
Total accounts receivable	33.04%		32.00%
Concentration Risk, Percentage	23.38%	14.57%
Supplier [Member]
Concentration on Revenues and Cost of Goods Sold (Textual)
Concentration Risk, Percentage	10.00%	10.00%

Accounts Receivable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Accounts receivable	$ 13,471,750	$ 13,009,686
Less: allowance for doubtful accounts	(1,078,664)	(1,037,797)
Accounts receivable, net	$ 12,393,086	$ 11,971,889

Accounts Receivable (Details 1) - USD ($)	3 Months Ended
Accounts Receivable (Details 1) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Credit Loss [Abstract]
Beginning balance	$ 1,037,797	$ 906,138
Provision for doubtful accounts	40,867	94,289
Ending balance	$ 1,080,000	$ 1,000,427

Inventories (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 4,511,796	$ 3,626,104
Revolving material	615,842	744,887
Consigned processing material	44,235	63,608
Work-in-progress	1,450,531	1,465,767
Finished goods	3,434,271	3,084,128
Goods in transit	2,167,514	1,122,918
Less: reserve for inventories	(121,410)	(134,535)
Inventories, net	$ 12,102,779	$ 9,972,877

Notes Receivable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Notes Receivable [Abstract]
Bank notes receivable	$ 13,797,029	$ 15,865,267
Commercial notes receivable	211,923	291,425
Total	$ 14,008,952	$ 16,156,692

Notes Receivable (Details Textual) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Notes Receivable (Textual)
Notes receivable	$ 11,780,000	$ 11,170,000
Security for issuance	$ 11,230,000	8,980,000
Bank interest, percentage	0.05%
Allowance for notes receivables	$ 11,154	$ 15,338

Property, Plant and Equipment and Construction in Progress (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Buildings	$ 11,391,549	$ 11,188,399
Machinery	19,121,793	19,416,746
Motor vehicles	250,545	254,456
Electronic equipment	177,491	177,153
Total property plant and equipment, at cost	30,941,378	31,036,754
Less: accumulated depreciation	(11,022,764)	(10,650,893)
Property, plant and equipment, net	19,918,614	20,385,861
Construction in process	240,633	244,390
Total	$ 20,159,247	$ 20,630,251

Property, Plant and Equipment and Construction in Progress (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Buildings, net	$ 10,561,110	$ 10,459,597
Machinery, net	8,608,059	9,066,066
Restricted assets Total	$ 19,169,169	$ 19,525,663

Property, Plant and Equipment and Construction in Progress (Details Textual)					3 Months Ended
	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CNY (¥)
Property, Plant and Equipment and Construction in Progress (Textual)
Ownership of buildings for net book value					$ 10,560,000			$ 10,460,000
Cost of revenue					7,948,119	$ 12,250,989
Aggregate proceeds	$ 2,120,000		$ 3,080,000
Initial term	2 years	2 years	3 years	3 years
Property, Plant and Equipment [Member]
Property, Plant and Equipment and Construction in Progress (Textual)
Depreciation expense amount					370,000	690,000
Construction in progress					375,119,000,000	0
Cost of revenue					190,000	510,000
Inventories					$ 190,000	$ 510,000
RMB [Member]
Property, Plant and Equipment and Construction in Progress (Textual)
Ownership of buildings for net book value \| ¥							¥ 74,830,000		¥ 72,970,000
Loan facility with maximum exposure \| ¥							¥ 112,630,000		¥ 112,630,000
Aggregate proceeds \| ¥		¥ 14,660,000		¥ 21,250,000

Land Use Rights (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Land Use Rights [Abstract]
Land use rights, cost	$ 4,342,437	$ 4,410,224
Less: Accumulated amortization	(560,971)	(547,677)
Land use rights, net	$ 3,780,000	$ 3,862,547	$ 3,860,000

Land Use Rights (Details 1)	Mar. 31, 2020 USD ($)
Land Use Rights [Abstract]
2021	$ 87,521
2022	87,521
2023	87,521
2024	87,521
2025	87,521
Thereafter	3,343,861
Total	$ 3,781,466

Land Use Rights (Details Textual) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Land use rights (Textual)
Land use rights	$ 3,780,000	$ 3,862,547	$ 3,860,000

Notes Payable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Notes Payable [Abstract]
Bank acceptance notes	$ 12,645,068	$ 15,050,902
Total	$ 12,645,068	$ 15,050,902

Notes Payable (Details Textual) - USD ($)	3 Months Ended
Notes Payable (Details Textual) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Notes Payable (Textual)
Restricted cash	$ 1,600,542	$ 3,593,722	$ 2,888,252
Notes receivable	$ 11,780,000	11,170,000
Percentage of bank charges	5.00%
Land Use Rights[Member]
Notes Payable (Textual)
Land use rights		$ 1,950,000	$ 0

Accounts Payable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounts payable	$ 17,819,509	$ 14,713,008
Procurement of Materials [Member]
Accounts payable	17,363,431	14,248,095
Infrastructure& Equipment [Member]
Accounts payable	400,696	381,843
Freight fee [Member]
Accounts payable	$ 206,598	$ 83,070

Short Term Bank Loans (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Collateralized bank loans	$ 17,308,154	$ 16,144,892
Guaranteed bank loans	2,540,543	716,723
Total	$ 19,848,697	$ 16,861,615

Short Term Bank Loans (Details 1) - USD ($)	3 Months Ended	12 Months Ended
Short Term Bank Loans (Details 1) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Total	$ 19,848,697	$ 16,861,615
Operating Loans [Member]
Maturity Date	Nov. 26, 2020	Nov. 26, 2020
Bank Name	Agricultural bank of PRC	Agricultural bank of PRC
Interest Rate per Annum (%)	4.57%	4.57%
Total	$ 5,758,565	$ 5,848,455
Operating Loans One [Member]
Maturity Date	Dec. 24, 2020	Dec. 24, 2020
Bank Name	Agricultural bank of PRC	Agricultural bank of PRC
Interest Rate per Annum (%)	4.70%	4.70%
Total	$ 6,891,928	$ 6,999,513
Operating Loans Two [Member]
Maturity Date	Dec. 16, 2020
Bank Name	Rural commercial bank of XinChang
Interest Rate per Annum (%)	5.45%	5.45%
Total	$ 2,117,119	$ 2,150,168
Operating Loans Three [Member]
Maturity Date	Dec. 16, 2020	Dec. 16, 2020
Bank Name	Rural commercial bank of XinChang	Rural commercial bank of XinChang
Interest Rate per Annum (%)	4.40%	4.40%
Total	$ 1,129,130	$ 1,146,756
Operating Loans Four [Member]
Maturity Date	Dec. 16, 2020	Dec. 16, 2020
Bank Name	Rural commercial bank of XinChang	Rural commercial bank of XinChang
Interest Rate per Annum (%)	4.80%	4.80%
Total	$ 705,706	$ 716,723
Operating Loans Five [Member]
Maturity Date	Dec. 15, 2020
Bank Name	Rural commercial bank of XinChang
Interest Rate per Annum (%)	5.45%
Total	$ 1,411,413
Operating Loans Six [Member]
Maturity Date	Jan. 10, 2021
Bank Name	Bank of communications
Interest Rate per Annum (%)	4.79%
Total	$ 705,706
Operating Loans Seven [Member]
Maturity Date	Mar. 16, 2021
Bank Name	SPD Rural Bank of Xinchang
Interest Rate per Annum (%)	4.05%
Total	$ 1,129,130

Short Term Bank Loans (Details Textual)	3 Months Ended
Short Term Bank Loans (Details Textual)	Mar. 31, 2020	Mar. 31, 2019
Short Term Bank Loans (Textual)
Average annual interest rate	4.7247%	4.90%

Other Current Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Other Current Liabilities
Employee payables	$ 155,703	$ 476,859
Other tax payables	234,028	439,398
Borrowing from third party	217,483	1,576,790
Others	1,529,747	3,086,859
Total	$ 58,736,588	$ 55,993,321

Other Long-Term Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Other LongTerm Liabilitie [Abstract]
Subsidy	$ 2,331,591	$ 2,178,548
Total	$ 2,331,591	$ 2,178,548

Other Long-Term Liabilities (Details Textual)	3 Months Ended
Other Long-Term Liabilities (Details Textual)	Mar. 31, 2020 USD ($)
Other Long-Term Liabilities (Textual)
Grant income increased	$ 150,000

Long Term Payables (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Long-term payables current portion	$ 2,562,321	$ 2,654,230
Long-term payables - non-current portion	811,222	1,349,850
Total	$ 3,373,543	$ 4,004,080

Long Term Payables (Details Textual)	Apr. 26, 2019 USD ($)	Apr. 26, 2019 CNY (¥)	Jan. 03, 2019 USD ($)	Jan. 03, 2019 CNY (¥)
Long Term Payables (Textual)
Aggregate proceeds \| $	$ 2,120,000		$ 3,080,000
Initial term	2 years	2 years	3 years	3 years
RMB [Member]
Long Term Payables (Textual)
Aggregate proceeds \| ¥		¥ 14,660,000		¥ 21,250,000

Stockholder's Equity (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
Stockholder's Equity (Details) - USD ($)	Aug. 15, 2019	Aug. 21, 2019	Jul. 27, 2018	Mar. 31, 2020	Mar. 29, 2020	Dec. 31, 2019	Feb. 25, 2020	Feb. 24, 2020
Stockholder's Equity (Textuals)
Ordinary shares, issued				10,021,142		10,006,142	10,000	5,000
Ordinary shares, outstanding				10,021,142		10,006,142
Aggregate exercise price				$ 240,000
Fee payment	$ 5,000	$ 12,000
Ordinary shares redeemed, description				The Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into the underlying ordinary shares.
Warrants outstanding				4,682,000
Common Stock [Member]
Stockholder's Equity (Textuals)
Existing ordinary shares were converted						468,200
Restricted Stock [Member]
Stockholder's Equity (Textuals)
Newly issued ordinary shares	1,250	5,000
Chardan [Member]
Stockholder's Equity (Textuals)
Proceeds from issuance of stock			$ 100
Unit exercise price			$ 11.50
Aggregate exercise price			$ 2,760,000
Zhongchai Holding [Member]
Stockholder's Equity (Textuals)
Newly issued ordinary shares				7,500,000
Zhou Hanyi [Member]
Stockholder's Equity (Textuals)
Newly issued ordinary shares					50,000
Private Warrants [Member]
Stockholder's Equity (Textuals)
Warrant term				5 years
Exercise price of warrants				$ 0.01
Description of warrant redemption				● at any time while the Public Warrants are exercisable, ● upon not less than 30 days' prior written notice of redemption to each Public Warrant holder, ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
Warrants outstanding				260,000
IPO [Member]
Stockholder's Equity (Textuals)
Fee payment				$ 100
Initial public offering			4,400,000	282,000
Over-allotment option amount			400,000
Ordinary shares redeemed, description				In 2019, in connection with the Business Combination 3,875,458 redeemable shares have been redeemed and 81,400 redeemable shares have been converted into ordinary shares, 1,906,542 ordinary shares left upon consummation of the reverse recapitalization.
Public Warrants [Member]
Stockholder's Equity (Textuals)
Warrants outstanding				4,400,000
Public Warrants [Member] \| Chardan [Member]
Stockholder's Equity (Textuals)
Warrants outstanding				22,000

Earnings Per Share (Details) - USD ($)	3 Months Ended
Earnings Per Share (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to the Greenland Corporation and subsidiaries	$ 256,664	$ 1,542,194
Weighted average basic and diluted computation shares outstanding:
Shares issued in reverse recapitalization	10,006,142	7,500,000
Restricted stock grants	15,000
Weighted average shares of common stock	10,009,198
Dilutive effect of stock options
Restricted stock vested not issued
Common stock and common stock equivalents	$ 10,009,198	$ 7,500,000
Basic and diluted net income per share	$ 0.03	$ 0.21

Earnings Per Share (Details Textual) - shares	Mar. 13, 2020	Mar. 12, 2020
Earnings Per Share (Textual)
Restricted ordinary shares	10,000	5,000

Geographical Sales and Segments (Details) - USD ($)	3 Months Ended
Geographical Sales and Segments (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Total	$ 9,872,067	$ 15,811,488
Domestic Sales [Member]
Total	9,863,853	15,811,488
International Sales [Member]
Total	$ 8,214

Geographical Sales and Segments (Details Textual)	3 Months Ended
Geographical Sales and Segments (Details Textual)	Mar. 31, 2020 Segments
Geographical Sales and Segments (Textual)
Number of business segments	1

Income Taxes (Details) - USD ($)	1 Months Ended	3 Months Ended
Income Taxes (Details) - USD ($)	Dec. 22, 2017	Mar. 31, 2020
Income Taxes (Textual)
Net unrecognized tax benefits		$ 0
Minimum [Member]
Income Taxes (Textual)
PRC standard income tax rate	21.00%
Maximum [Member]
Income Taxes (Textual)
PRC standard income tax rate	35.00%
Zhejiang Zhongchai and Hengyu [Member]
Income Taxes (Textual)
Wholly owned subsidiary, percent		62.50%
Zhongchai Holding Incorporated [Member]
Income Taxes (Textual)
PRC standard income tax rate		10.00%
Shengte [Member]
Income Taxes (Textual)
Retained earnings at PRC subsidiary		$ 600,000
Hengyu [Member]
Income Taxes (Textual)
Retained earnings at PRC subsidiary		$ 10,000
Hong Kong Limited [Member]
Income Taxes (Textual)
Income tax for locally earned income		16.50%

Commitments and Contingencies (Details)	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 2,661,866
2022	1,017,207
Total	$ 3,679,073

Commitments and Contingencies (Details Textual) - CNY (¥)		1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 06, 2019	Dec. 18, 2019	Dec. 17, 2019	Nov. 28, 2019	Mar. 31, 2020	Dec. 31, 2019
Agricultural Bank of PRC Co, Ltd. Xinchang [Member]
Commitments and Contingencies (Textual)
Loan facility, description	Loan facility with maximum exposure of RMB48.83 million during the period from December 6, 2019 to May 21, 2022.			Loan facility with maximum exposure of RMB40.80 million during the period from November 28, 2019 to December 26, 2022.
Agricultural Bank of PRC Co, Ltd. Xinchang [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Pledging land use rights for original book value	¥ 11,080,000			¥ 9,840,000
Property ownership for original book value	¥ 35,120,000			¥ 27,820,000
Outstanding amount of short-term bank loan under pledge contract					¥ 48,830,000	¥ 48,830,000
Agricultural Bank of PRC Co, Ltd. Xinchang One [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Outstanding amount of short-term bank loan under pledge contract					40,800,000	40,800,000
Rural Commercial Bank of ChinaPRC Co, Ltd [Member]
Commitments and Contingencies (Textual)
Loan facility, description		Loan facility with maximum exposure of RMB8.00 million during the period from December 18, 2019 to December 17, 2022.	Loan facility with maximum exposure of RMB16.95 million during the period from December 16, 2019 to December 15, 2024.
Rural Commercial Bank of ChinaPRC Co, Ltd [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Pledging land use rights for original book value		¥ 4,170,000	¥ 4,750,000
Property ownership for original book value			¥ 11,280,000
Outstanding amount of short-term bank loan under pledge contract					15,000,000	15,000,000
Rural Commercial Bank of China Co., Ltd One [Member] \| RMB [Member]
Commitments and Contingencies (Textual)
Outstanding amount of short-term bank loan under pledge contract					¥ 8,000,000	¥ 8,000,000

Related Party Transactions (Details)

3 Months Ended

Mar. 31, 2020

Sinomachinery Holding Limited [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Cenntro Holding Limited [Member]

Existing Relationship with the Company

Controlling shareholder of the Company

Zhejiang Kangchen Biotechnology Co., Ltd. [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Zhejiang Zhonggong Machinery Co., Ltd. [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Jiuxin Investment Management Partnership (LP) [Member]

Existing Relationship with the Company

Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai

^[1]

Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

Hangzhou Cenntro Autotech Co., Limited [Member]

Existing Relationship with the Company

Under common control of Peter Zuguang Wang

[1]	Zhuhai Hengzhong paid audit fee on behalf of Zhongchai Holding

Related Party Transactions (Details 1) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Total

$ 3,809,060

$ 3,481,984

Sinomachinery Holding Limited [Member]

Total

^[1]

1,775,869

1,773,365

Zhejiang Kangchen Biotechnology Co., Ltd. [Member]

Total

^[2]

64,505

Zhejiang Zhonggong Machinery Co., Ltd. [Member]

Total

^[3]

507,436

207,177

Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]

Total

^[4]

13,251

Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]

Total

^[5]

5,999

1,981

Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]

Total

^[6]

102,346

95,302

Cenntro Holding Limited [Member]

Total

^[7]

$ 1,339,654

[1]	Overpayment from Sinomachinery Holding Limited for certain purchase order;
[2]	Temporary borrowings from Zhejiang Kangchen Biotechnology Co., Ltd.,
[3]	Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;
[4]	Unpaid balances for purchasing of materials from Zhejiang Zhonggong Agricultural Equipment Co., Ltd.;;
[5]	Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.
[6]	Zhuhai Hengzhong paid audit fee on behalf of Zhongchai Holding
[7]	Dividends declared but unpaid to Cenntro Holding Limited

Related Party Transactions (Details 2) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Due from related parties-current:
Total	$ 35,488,842	$ 36,042,829
Due from related parties-non-current:
Total	169,370	430,034
Cenntro Holding Limited [Member]
Due from related parties-current:
Total	35,488,842	36,042,829
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Due from related parties-non-current:
Total	$ 169,370	$ 430,034

Related Party Transactions (Details 3) - USD ($)	3 Months Ended
Related Party Transactions (Details 3) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Purchases from related parties	$ 319,147	$ 4,232
Sales to related parties	29,191	40,577
Zhejiang Zhonggong Machinery Co., Ltd. [Member]
Purchases from related parties	305,793	4,232
Zhejiang Zhonggong Agricultural Equipment Co., Ltd. [Member]
Purchases from related parties	13,354
Cenntro Smart Manufacturing Tech. Co., Ltd. [Member]
Sales to related parties	$ 29,191	$ 40,577

Related Party Transactions (Details 4) - USD ($)	3 Months Ended
Related Party Transactions (Details 4) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Proceeds from related parties	$ 620,183	$ 1,119,503
Repayment of loans from related parties	355,586	2,653,466
Zhejiang Zhonggong Machinery Co., Ltd. [Member]
Proceeds from related parties	355,586	1,119,503
Repayment of loans from related parties	355,586	1,119,503
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Proceeds from related parties	256,022
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) [Member]
Proceeds from related parties	8,575
Cenntro Holding Limited [Member]
Repayment of loans from related parties		1,310,062
Hangzhou Cenntro Automobile Technology Co., Ltd [Member]
Repayment of loans from related parties		$ 223,901

Related Party Transactions (Details 5) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Xinchang County Jiuxin Investment Management Partnership (LP) [Member]
Dividend payment to related parties:
Total		$ 164,257

Related Party Transactions (Details Textual) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Cenntro Holding Limited [Member]
Related Party Transactions (Textual)
Other receivable	$ 35,500,000	$ 36,000,000