$QLUNF

Qilun Group Inc.

CIK:0001951378|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue – third parties	$ 6,708,321	$ 1,249,542
Revenue – related parties	352,175	269,724
Cost of revenue - third parties	493,777	251,644
Cost of revenue – related parties	1,365,231	159,646
Gross profit	5,201,488	1,107,976
Salaries and benefits	1,085,422	329,989
Research and development expenses	122,948
Office supplies	388,189	164,346
Utilities expenses	23,936	12,661
Rentals and leases	235,859	103,542
Advertising and promotion expenses	870,270	144,384
Depreciation	135,967	20,582
Professional fees	968,059
Total operating expenses	3,830,650	775,504
Earnings from operations before other income and income taxes	1,370,838	332,472
Interest income	47,896
Other income	114,026	175,427
Other expense	(89,069)
Earnings from operations before income taxes	1,443,691	507,899
Provision for income taxes	406,791	23,520
Net income	1,036,900	484,379
Comprehensive income:
Foreign currency translation adjustment	(103,706)	6,884
Comprehensive income	$ 933,194	$ 491,263
Basic and diluted earnings per share	$ 0.009	$ 0.005
Weighted average number of shares outstanding	116,550,000	100,000,000	100,000,000

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income	$ 1,036,900	$ 484,379
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	135,967	20,582
Amortization on ROU asset	155,164	93,652
Gain on bargain purchase		(156,452)
Changes in operating assets and liabilities:
Account receivables - third parties	(1,199,394)
Account receivables - related parties	2,604	(2,604)
Prepayments	(134,885)	(159,506)
Inventories	(412,991)	(102,593)
Other receivables and deposit	(137,102)	(32,165)
Accounts payable – third parties	220,794	70,469
Accounts payable – related parties	285,210
Deposits received – third parties	5,009,401	955,238
Deposits received – related parties	436,856	12,450
Payroll payable	(75,241)	152,004
Other payables	446,377	(15,500)
Tax payable	349,355	71,378
Net cash provided by operating activities	6,119,015	1,391,332
Cash Flows from Investing Activities
Acquisition of subsidiary net of cash acquired		11,559
Purchase of plant and equipment	(289,534)	(190,503)
Payment of amounts due from related parties	(775,492)
Net cash used in investing activities	(1,065,026)	(178,944)
Cash Flows from financing activities
Payments for operating lease	(149,219)	(93,652)
Amounts advanced to related parties	618,649	623,548
Payments for dividends	(267,523)
Issuance of common stocks	3,310,000
Shareholders contribution	1,915,793
Net cash provided by financing activities	5,427,700	529,896
Effect of exchange rate fluctuation on cash and cash equivalents	(299,975)	24,758
Net increase in cash and cash equivalents	10,181,714	1,767,042
Cash and cash equivalents, beginning of year	1,767,042
Cash and cash equivalents, end of year	11,948,756	1,767,042
Supplemental disclosure of cash flow information
Cash paid for income taxes	$ (406,791)	$ (23,520)

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash	$ 11,948,756	$ 1,767,042
Prepayments	296,753	169,318
Inventories	583,358	185,012
Account receivables, net - third parties	1,170,020
Account receivables, net - related parties		2,604
Amount due from related parties – non-trade	763,700	7,200
Other receivables and deposit	178,704	46,018
Total current assets	14,941,291	2,177,194
Plant and equipment, net	321,639	176,147
Right-of-use assets	80,449	139,441
Total assets	15,343,379	2,492,782
Current Liabilities:
Accounts payable– third parties	285,106	71,470
Accounts payable– related parties	278,225
Deposits received – third parties	2,286,017	968,812
Deposits received – related parties	438,302	12,450
Amount due to related parties	1,153,624	572,373
Tax payable	411,418	72,392
Payroll payable	77,397	154,581
Other payable	435,445
Operating lease liabilities, current	72,439	119,045
Total current liabilities	5,437,973	1,971,123
Operating lease liabilities, less current portion	13,809	20,396
Deposits received – third parties, non current	3,545,788
Total liabilities	8,997,570	1,991,519
Shareholders’ equity
Common stock; $0.0001 par value, 500,000,000 shares authorized; 116,550,000 and 100,000,000 shares issued and outstanding at December 31, 2022 and 2021, respectively	11,655	10,000
Additional paid-in capital	5,177,220
Statutory reserve	155,296	33,259
Retained earnings	1,098,460	451,120
Other comprehensive (loss)/income	(96,822)	6,884
Total Shareholders’ equity	6,345,809	501,263
Total liabilities and Shareholders’ equity	$ 15,343,379	$ 2,492,782