Kenongwo Group US, Inc.

CIK:0001797762|SEC Filings

Audited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 7,639,624	$ 542,845
Cost of revenues	5,460,592	954,310
Gross profit	2,179,032	(411,465)
Operating expenses
Selling and marketing expenses	207,232	302,156
General and administrative expenses	1,012,953	672,340
Total operating expenses	1,220,185	974,496
Income (loss) from operations	958,847	(1,385,961)
Other income (expenses):
Interest income
Interest expenses	(32,243)	(29,719)
Other income	9,945	21,835
Other expenses	(1,395)	(7,563)
Total other (expenses) income	(23,693)	(15,447)
Income (loss) before income taxes	935,154	(1,401,408)
Provision for income taxes
Net income (loss)	935,154	(1,401,408)
Other comprehensive income (loss):
Foreign currency translation adjustment	163,875	(28,457)
Comprehensive income (loss)	$ 1,099,029	$ (1,429,865)
Income (Loss) per share – Basic and diluted (in Dollars per share)	$ 0.01	$ (0.74)
Basic and diluted weighted average shares outstanding (in Shares)	101,882,485	1,882,485

Audited Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Audited Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 935,154	$ (1,401,408)
Depreciation and amortization	223,218	75,023
Allowance for credit losses	257,906
Gain on disposal of PPE	(1,083)
Changes in operating assets and liabilities:
Accounts receivable	(1,642,060)	17,947
Other receivables	(69,768)	(107,970)
Inventories	(334,408)	(120,883)
Advances and prepayments	109,096	78,619
Accounts and other payables and accruals	630,224	1,197,844
Advances from customers	34,624
Net cash (used in) provided by operating activities	142,903	(260,828)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in plant and equipment	(53,423)	(1,319,101)
Intangible assets	(4,846)	(1,069)
Purchase of CIP	(9,714)
Proceeds from disposal of equipment	1,338	1,470
Net cash used in investing activities	(66,645)	(1,318,700)
Advances from related party	56,497	1,210,725
Advances from director	105,282
Repayments of related party loan		(54,251)
Long-term loans		465,008
Repayment of loans		(31,001)
Net cash provided by financing activities	161,779	1,590,481
EFFECT OF EXCHANGE RATE ON CASH	(13,522)	(7,461)
NET INCREASE IN CASH	224,515	3,492
CASH, BEGINNING OF PERIOD	9,533	6,041
CASH, END OF PERIOD	234,048	9,533
Cash paid during the period for:
Cash paid for interest expense, net of capitalized interest	32,243	29,719
Cash paid for income tax

Audited Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 234,048	$ 9,533
Accounts receivable, net	1,517,700	166,293
Other receivables, net	189,118	164,354
Inventories	571,658	271,674
Advances and prepayments to suppliers	34,475	152,750
Total Current Assets	2,546,999	764,604
Investment
Plant and equipment, net	1,818,210	2,099,684
Construction in progress, net	96,249	94,892
Intangible assets, net	44,345	52,505
Total Non-current Assets	1,958,804	2,247,081
Total Assets	4,505,803	3,011,685
Current Liabilities:
Accounts payable	912,608	844,588
Accrued expenses and other payables	1,074,183	609,112
Taxes payable	7,584	986
Advances from customers	33,510	78
Amount due to shareholder	234,849	3,070,210
Due to related parties	54,562
Total Current Liabilities	2,317,296	4,524,974
Non-Current Liabilities
Long-term loans	430,750	470,537
Total Liabilities	2,748,046	4,995,511
Stockholders’ Equity:
Common Stock, $0.0001 par value, 110,000,000 shares authorized; 101,882,485 shares issued and outstanding as of December 31, 2022, 1,882,485 shares issued and outstanding as of December 31, 2021, respectively	10,188	188
Paid in capital	3,126,612	494,058
Accumulated deficit	(1,501,803)	(2,436,957)
Accumulated other comprehensive income (loss)	122,760	(41,115)
Total Stockholders’ Equity	1,757,757	(1,983,826)
Total Liabilities and Stockholders’ Equity	$ 4,505,803	$ 3,011,685