What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2022-03-31 compared with 2021-03-31 · 61 added, 277 removed, 0 unchanged (100% of the section changed)

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

for our Common Stock

common stock is quoted on the NYSE American (formerly known as the American Stock Exchange, the NYSE Amex Equities Exchange and

the NYSE MKT) under the symbol “PLAG”.

Number of Holders of Our Common Stock

of March 29, 2021, there were 341 stockholders of record of our common stock.

This does not include the holders whose shares are

held in a depository trust in “street”

have not declared or paid cash dividends other than the payment of a dividend in April 2007 in connection with our reverse merger.

Any future decisions regarding dividends will be made by our Board of Directors.

We currently intend to retain and use any future

earnings for the development and expansion of our business and do not anticipate paying any cash dividends in the foreseeable

of Unregistered Securities

February 10, 2020, the Company entered into a Securities Purchase Agreement, pursuant to which two individuals residing in the

People’s Republic of China agreed to purchase an aggregate of 1,350,000 shares of the Company’s common stock, par

value $0.001 per share, for an aggregate purchase price of $3,510,000, representing a purchase price of $2.60 per share.

The transaction

was closed on February 28, 2020.

June 5, 2020, the Company has entered into a Share Exchange Agreement with Fast Approach Inc.

and each shareholder of Fast

Pursuant to the Share Exchange Agreement, the Company will acquire all outstanding equity interests of Target.

The acquisition

closed on June 5, 2020.

At the closing, the Company issued an aggregate of 1,800,000 shares of common stock of the Company to

the original shareholders of Fast Approach in exchange for the transfer of all of the equity interests of the Fast Approach to

Authorized for Issuance under Equity Compensation Plans

November 24, 2020, shareholders approved the 2020 Equity Incentive Plan, under which there is 1,654,165 shares of common available

for issuance.

On December 30, 2020, Company issued 782,165 common shares to its employees under the 2020 Equity Incentive Plan.

SELECTED FINANCIAL DATA

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

are headquartered in Flushing, NY.

For the fiscal year 2020, our primary business, which is carried out by Fast Approach Inc and

Xianning Bozhuang, is:

tea product cultivation, packaging, and sales;

design and online advertising services;

Reorganization

May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin

On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company incorporated in

Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai,

PRC, on August 29, 2012 (“Shanghai Xunyang”).

May 9, 2019, the Company entered into a share exchange agreement to acquire Xianning Bozhuang Tea Products Co., Ltd, Then the

Company’s business activities added the production line of green tea and black tea and sales of tea products, of which business

activities are carried out in Xianning City, Hubei Province, China.

August 12, 2019, through Lucky Sky Holdings Corporations (H.K.) Limited, formerly known as JianShi Technology Holding Limited,

Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in

Xianning City, Hubei Province, China.

December 20, 2019, The Lucky Sky Holdings Corporations (H.K.) Limited sold 100% of equity interest in Shanghai Xunyang.

On May 29, 2020, the Planet Green Holdings

Corporation (BVI) incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong.

On June 5, 2020, the Company issued an aggregate

of 1,800,000 shares of our common stock to acquire all of the outstanding equity interest of Fast Approach Inc.

As a result, the

Planet Green Holdings Corporation (BVI) acquired all of the outstanding equity interests of Fast Approach Inc.

It was incorporated

under Canada’s laws and the business of operation of a demand-side platform targeting the Chinese education market in North

America, besides, Shanghai Shuning Advertising Co., Ltd, a PRC entity as the subsidiary of Fast Approach Inc, conducted the multimedia

design, advertising, import, and export business in China.

June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky

Sky Planet Green Holdings Co., Limited (H.K.).

August 10, 2020, Planet Green Holdings Corporation (BVI) transferred its 100% equity interest in Lucky Sky Holdings Corporations

(H.K.) Limited to Rui Tang, an unrelated party, at nominal price.

On September 15, 2020, Lucky Sky Petrochemical

terminated the VIE agreements with Shenzhen Lorain and Taishan Muren.

December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.

changed its name to Jiayi Technologies (Xianning) Co.,

January 4, 2021, the Company and Jiayi Technologies (Xianning) Co., Ltd.

(the “Subsidiary”), a subsidiary of the Company,

entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Jingshan Sanhe Luckysky New Energy Technologies

(“Target”), and each of shareholders of the Target (collectively, the “Sellers”), pursuant to

which, among other things and subject to the terms and conditions contained therein, the Subsidiary agreed to effect an acquisition

of the Target by acquiring from the Sellers 85% of the outstanding equity interests of the Target (the “Acquisition”).

Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd, engaged in researching, manufacturing, and selling high-grade synthetic

fuel products.

Jingshan Sanhe has four production lines on an 11,000-square-meter facility and capacities to complete manufacturing,

labeling, and packaging.

It is the primary facility for Green Energy products.

Besides, this facility also serves research and

sales purpose with an office space of 3,400 square meters.

On January 4, 2021, the Company closed the Acquisition.

March 9, 2021, Planet Green Holdings Corp.

(the “Company”) and Jiayi Technologies (Xianning) Co., Ltd.

(the “Subsidiary”),

a subsidiary of the Company, entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Jilin Chuangyuan

Chemical Co., Ltd.

(“Target”).

Each of shareholders of the Target (collectively, the “Sellers”), under

which, among other things and subject to the terms and conditions contained therein, the subsidiary agreed to effect an acquisition

of the Target by acquiring from the Sellers 75% of the outstanding equity interests of the Target (the “Acquisition”).

Jilin Chuangyuan Chemical Co., Ltd’s main products are formaldehyde, urea-formaldehyde glue, methylal, and clean fuel oil;

it has two formaldehyde production lines, eight rubber production lines methylal production line, and one clean fuel oil production

There are 367 sets of leading production equipment, the entire plant covering an area of 43,661 square meters, construction

area of 16,090 square meters.

On March 10, 2021, the Company closed the acquisition.

that, through Jiayi Technologies (Xianning) Co., Ltd, the Company entered into a new variable interest entity agreement.

Sanhe Luckysky New Energy Technologies Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd became the Company’s new contractually

controlled affiliate.

The New VIE Agreements allow us to:

effective control over Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd and Jilin

Chuangyuan Chemical Co., Ltd;

receive 85% of the economic benefits of Jingshan Sanhe Luckysky New Energy

Technologies Co., Ltd and receive 75% of the economic benefits of Jilin Chuangyuan Chemical Co., Ltd substantially;

an exclusive option to purchase all or part of the equity interests in Jingshan Sanhe

Luckysky New Energy Technologies Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd when

and to the extent permitted by the laws of the PRC;

a result of the New VIE Agreements, The Company has become the primary beneficiary of Jingshan Sanhe Luckysky New Energy Technologies

Co., Ltd and Jilin Chuangyuan Chemical Co., Ltd;

They treat these above entities as its variable interest entity under U.S.

The Company will continue to consolidate the financial results of Xianning Bozhuang Tea Products Co., Ltd in our consolidated

financial statements following U.S.

table below illustrates the business the Company conduct through our subsidiaries and consolidated affiliated entities:

Attributable equity

Name of Company

Principal Business

incorporation

Shanghai Shuning Advertising Co., Ltd

Multimedia design, advertising, import, and export business

Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd

Manufacturing and sales of Synthetic fuel products

Jilin Chuangyuan Chemical Co., Ltd

Production and sales of formaldehyde products, vehicles gasoline and diesel products

Xianning Bozhuang Tea Products Co., Ltd.

Tea product cultivation, packaging, and sales

Fast Approach Inc.

Multiple media design and online advertising

above reorganization which occurred during the subsequent period after December 31, 2020 does not affect the Company’s consolidated

financial statements for the current period.

(COVID-19) Update

an ongoing outbreak of a novel strain of coronavirus (COVID-19) was first identified in China and has since spread rapidly globally.

The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities globally

for the past few months.

In March 2020, the World Health Organization declared the COVID-19 as a pandemic.

Given the rapidly expanding

nature of the COVID-19 pandemic, and because substantially all of our business operations and workforce are concentrated in China,

our business, results of operations, and financial condition have been and will continue to be adversely affected.

Potential impact

to the results of our operations will also depend on future developments and new information that may emerge regarding the duration

and severity of the COVID-19 and the actions taken by government authorities and other entities to contain the COVID-19 or mitigate

its impact, almost all of which are beyond our control.

impacts of COVID-19 on our business, financial condition, and results of operations include,

but are not limited to, the following:

temporally closed our offices and production facilities to adhere to the policy from

February 2020 until April 2020, as required by relevant PRC regulatory authorities.

offices are slowly reopening pursuant to local guidelines.

During the past 12 months

in the fiscal year 2020, the COVID-19 outbreak had caused disruptions in our manufacturing

operations, which had resulted in delays in the shipment of products to certain of our

of our employees were in mandatory self-quarantine from January 2020 to April 2020.

customers have been negatively impacted by the outbreak, which may reduce the demand

for our products.

As a result, our revenue and income have been being negatively impacted

The situation may worsen if the COVID-19 pandemic continues.

We will continue to closely monitor our collections throughout 2021.

prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery, and assembly process within

any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs,

and reduced revenue.

cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of

If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition

may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and national

economic growth, weakened liquidity, and financial condition of our customers or other factors that we cannot foresee.

these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties

in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely

impact our business, financial condition and results of operations.

of Operations

following discussion should be read in conjunction with the company’s audited consolidated financial statement for the years

ended December 31, 2020, and 2019 and related notes to that.

Cost of revenues

Operating expenses:

Selling and marketing expenses

General and administrative expenses

Total operating expenses

Operating loss

Interest income (expenses), net.

Other income (expenses), net.

Impairment of goodwill

Write off receivables from the disposal of former subsidiaries

Total other (expenses) income

Loss before taxes

Discontinued Operations:

Income (loss) from continuing operations

Net income(loss)from discontinuing operations

Net income(loss)

Ended December 31, 2020, Compared to Year Ended December 31, 2019

Net Revenues .

Our net revenues amounted

to $3.64 million in 2020, representing an increase of approximately $2.53 million, from 2019, in which our net revenue was $1.11 million.

This increase was attributable to the fact that the Company has acquired Xianning Bozhuang Tea Products Co., Ltd in May 2019 and expanded

enterprise sales distribution channel in the fiscal year 2020.

Cost of Revenues.

In 2020, we experienced an increase in the cost of revenues of $1.91 million compared to 2019, from approximately $0.46 million to $2.37

This soaring in cost of goods sold was in line with the increase in sales in the fiscal year 2020.

Gross Profit.

gross profit increased by $0.63 million, or 98%, to $1.27 million in 2020 from $0.64 million in 2019, For the years ended December 31,

2020, and 2019, our overall gross margin was 35% and 58%, respectively.

The decrease in gross margin was primarily due to the reshaping

of the brand and the adjustment of the product lines.

and Marketing Expenses.

Our selling and marketing expenses increased by $0.12 million or 300%, to $0.16 million in 2020, compared

to $0.04 million in 2019.

The increase in our selling and marketing expenses is mainly due to the development of new sales channels;

it includes the adjustment of promotion strategies, marketing strategies, and Channel strategies.

Specifically, in the fiscal

year 2020, the Company began to engage in online wholesales business.

General and Administrative Expenses.

experienced an increase in general and administrative expenses of $2.99 million from $0.90 million to approximately $3.90 million in 2020,

compared to 2019.

The increase was mainly because the Company incurred approximately $1.75million on stock compensation expense concerning

our ordinary shares issued to the management.

the 12 months ended December 31, 2020, our net loss amounted to approximately $11 million, comparing approximately 3 million net

income in the fiscal year 2019.

This decrease in net income was attributable to the outbreak of COVID-19 and the disposal of certain

and Capital Resources

assessing our liquidity, we monitor and analyze our cash-on-hand and our operating and capital expenditure commitments.

Our liquidity

needs are to meet our working capital requirements, operating expenses, and capital expenditure obligations.

In the reporting

period in the fiscal year 2020, our primary sources of financing have been cash generated from operations and private placements.

February 10, 2020, we entered into a securities purchase agreement with Mengru Xu and Zhichao Du, pursuant to which Mr.

Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of our common

stock, representing a purchase price of approximately $2.60 per share.

anticipates that our existing capital resources and anticipated cash flows from operations are adequate to satisfy our liquidity

requirements for the next 12 months.

Our primary capital needs have been to fund our working capital requirements.

our primary sources of financing have been cash generated from operations and financing activities.

As of December 31, 2020, we had cash and cash

equivalents (including restricted cash) of $3.42 million compared to $7.4 million as of December 31, 2019.

The debt to assets ratio was

16.7% and 19.9% as of December 31, 2020, and 2019.

We expect to continue to finance our operations and working capital needs in 2021 from

cash generated from operations and, if needed, private financings.

If available liquidity is not sufficient to meet our operating and

loan obligations as they come due.

In that case, our plans include pursuing alternative financing arrangements or reducing expenditures

as necessary to meet our cash requirements.

there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed.

cannot be sure of the availability or terms of any alternative financing arrangements.

following table provides detailed information about our net cash flow for all financial statement periods presented in this report.

For the year ended December 31,

(In thousands of U.S.

Net cash flows used in operating activities

Net cash flows used in investing activities

Net cash flows provided by financing activities

For the year ended December 31, 2020, net cash

used in operating activities was $3.5 million, which consisted primarily of net loss of $11.1 million, and was adjusted by depreciation

and amortization of $0.4 million, write off receivables of $6.1 million, impairment of goodwill of $2.3 million and exchange loss of $1.8

The Company had an increase of $1.5 million in

accounts and other receivables, an increase of $4.1 million in prepayments and other current assets and an increase of $0.9 million in

payables and other current liabilities.

For the year ended December 31, 2019, net cash

used in operating activities was $5.4 million, which consisted primarily of net income of $8.5 million, and was adjusted by depreciation

and amortization of $0.2 million, gain from disposal of investment and subsidiaries of $8.8 million.

The Company had an increase of $1.5 million in

prepayments and other current assets and a reduction of $3.5 million in payables and other current liabilities.

Net cash used in investing

activities for 2020 was $0.9 million, representing an increase of $0.4 million in net cash used in investing activities from $0.5 million

for the same period of 2019.

This is mainly due to the purchasing of plant and equipment and intangible assets.

Net cash provided by financing activities for

the year ended December 31, 2020, was $0.2million, representing a decrease of $13.0 million in net cash provided by financing activities

from $13.2 million for the same period of 2019.

This is mainly due to repayment to related party and decrease from proceed from issuance

of common stock.

Accounting Policies

preparation of financial statements in conformity with the United States generally accepted accounting principles requires our

management to make assumptions, estimates, and judgments that affect the amounts reported in the financial statements, including

the notes to that, and related disclosures of commitments contingencies, if any.

consider our critical accounting policies to require the more significant judgments and estimates in the preparation of financial

statements, including those outlined in Note 2 to the financial statements included herein.

Company has evaluated the timing and the impact of the guidance above on the financial statements.

of December 31, 2020, there were no other recently issued accounting standards not yet adopted that would or could have a material

effect on the Company’s consolidated financial statements.

Sheet Arrangements

do not have any off-balance arrangements.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL DATA

full text of our audited consolidated financial statements as of December 31, 2020, begins on page F-1 of this annual report on

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER

MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market for our Common Stock

Our common stock is quoted on the NYSE American under the symbol “PLAG”.

Approximate Number of Holders of Our Common Stock

As of March 29, 2022, there were 346 stockholders of record of our

common stock.

This does not include the holders whose shares are held in a depository trust in “street” name.

We have not declared or paid cash dividends other than the payment

of a dividend in April 2007 in connection with our reverse merger.

Any future decisions regarding dividends will be made by our Board

of Directors.

We currently intend to retain and use any future earnings for the development and expansion of our business and do not

anticipate paying any cash dividends in the foreseeable future.

Issuances of Unregistered Securities

On May 9, 2019, we and Shanghai Xunyang entered into a share exchange

agreement with Xianning Bozhuang and each of the original shareholders of Xianning Bozhuang.

Such transaction closed on May 14, 2019.

Pursuant to the share exchange agreement, we issued an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in

exchange for the transfer of all of the equity interest of Xianning Bozhuang to Shanghai Xunyang.

On June 17, 2019, the Company entered into a securities purchase agreement,

pursuant to which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the Company’s common

stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price of $4.20 per share.

transaction closed on June 19, 2019.

On January 26, 2021, the Company entered into a securities purchase

agreement, pursuant to which three individuals residing in the PRC agreed to purchase an aggregate of 2,700,000 shares of the Company’s

common stock, par value $0.001 per share, for an aggregate purchase price of $6,750,000, representing a purchase price of $2.50 per share.

The transaction closed on January 29, 2021.

On March 9, 2021, the Company entered into a share exchange agreement

with Jilin Chuangyuan and each of the original shareholders of Jilin Chuangyuan.

Pursuant to the share exchange agreement, we issued

an aggregate of 3,300,000 shares of common stock of the Company to the Sellers in exchange for the transfer of 75% of the equity interest

of Jilin Chuangyuan.

On April 24, 2021, the Company entered into a securities purchase

agreement, pursuant to which three individuals residing in the PRC agreed to purchase an aggregate of 4,000,000 shares of the Company’s

common stock, par value $0.001 per share, for an aggregate purchase price of $7,600,000, representing a purchase price of $1.90 per share.

The transaction closed on May 20, 2021.

On July 15, 2021, the Company entered into a share exchange agreement

with Anhui Ansheng and each of the original shareholders of Anhui Ansheng.

Pursuant to the share exchange agreement, we issued an aggregate

of 4,800,000 shares of common stock of the Company to the Sellers in exchange for the transfer of 66% of the equity interest of Anhui

On November 30, 2021, the Company entered into a share purchase agreement

with Yongsheng Chen, a shareholder of Jilin Chuangyuan.

Pursuant to the share purchase agreement, the Company agreed to purchase from

the Seller the remaining 25% of the outstanding equity interests of Jilin Chuangyuan.

Pursuant to the terms of the Agreement, the Company

agreed to pay to the Seller an aggregate of U.S.

$4,750,000 in exchange for the 25% of the issued and outstanding shares of Jinlin.

to completion of the acquisition of the Seller’s shares, the Company owned 75% equity interest of Jilin through the Purchaser.

As a result of the completion of the transaction, the Company owns 100% of Jinline through the Purchaser.

The parties completed the transaction

on November 30, 2021.

On December 9, 2021, the Company entered into a share exchange agreement

with Shandong Yunchu and each of the original shareholders of Shandong Yunchu.

Pursuant to the share exchange agreement, we issued an

aggregate of 5,800,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest

of Anhui Ansheng.

Securities Authorized for Issuance under Equity Compensation

We have issue 870,000 shares under our equity compensation plan in

the fiscal year of 2021.

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity