Revenue and Sales Performance - Organic fertilizers accounted for approximately 90.1% of total revenue for the six months ended June 30, 2021[173]. - Total revenue for fertilizer decreased from $3,214,184 for the three months ended June 30, 2020, to $2,336,367 for the three months ended June 30, 2021, representing a decrease of $877,817, or approximately negative 27.31%[212]. - Total revenue for fertilizer for the six months ended June 30, 2021, was $3,721,181, a decrease of $251,210, or approximately negative 6.32%, compared to the same period in 2020[220]. - The company expects a trend of improving sales as the economy recovers from the pandemic[212]. Profitability and Expenses - Gross profit decreased from $1,398,474 for the three months ended June 30, 2020, to $1,055,348 for the three months ended June 30, 2021, with a gross margin decrease from 43.51% to 41.18%[214]. - Gross profit increased from $1,703,577 for the six months ended June 30, 2020 to $1,723,594 for the six months ended June 30, 2021, with a gross margin decrease from 42.03% to 41.72%[223]. - Net income was $538,525 for the three months ended June 30, 2021, compared with net income of $727,815 for the same period in 2020, representing a decrease of $189,290[217]. - Net income rose to $799,029 for the six months ended June 30, 2021, compared to $471,086 for the same period in 2020, representing an increase of $327,943[226]. - Total operating expenses for the three months ended June 30, 2021, were $518,448, a decrease of $36,451, or 6.57%, compared to the same period in 2020[215]. - General and administrative expenses for the three months ended June 30, 2021, were $380,564, a decrease of $71,773, or 15.87%, compared to the same period in 2020[215]. - Total selling, general and administrative expenses decreased by $100,732, or 9.88%, for the six months ended June 30, 2021 compared to the same period in 2020[224]. Cash Flow and Financial Position - Net cash provided by operating activities was $3,618,813 for the six months ended June 30, 2021, compared to $2,031,345 for the same period in 2020[230]. - Net cash used in financing activities was $3,974,127 for the six months ended June 30, 2021, primarily due to repayment of short-term loans[233]. - Current net assets (working capital) increased from $5,145,436 at December 31, 2020 to $6,093,004 at June 30, 2021[227]. - The company anticipates needing additional funding in the near future to meet ongoing obligations and fund operations[234]. Production and Operational Developments - The company plans to enhance production technology for organic fertilizers, aiming to increase production capacity by adopting advanced automatic control technology and shifting to powdered fertilizer production[173]. - The company has two integrated factories in Weihai City, Shandong Province, operational since August 2015, for organic fertilizer production[173]. - The company plans to expand its agricultural product offerings, including apples, as orchards mature in the coming years[174]. - The acquisition of Viagoo Pte Ltd is anticipated to reduce delivery costs by 30% and improve logistics efficiency[179]. - Viagoo platform is expected to launch in the China market in April 2021, providing logistics services to shippers and carriers[179]. - Revenue from logistics-related services is charged to carriers based on a percentage of freight charges, with additional revenue from monthly subscriptions for enterprise services[198]. Tax and Obligations - The company has a 25% enterprise income tax rate applicable to its operations in producing and selling fertilizers in China[199]. - The company has contractual obligations totaling $1,441,897, all due within one year[236]. - There were no non-cancelable commitments for capital expenditure as of June 30, 2021[238]. - There were no cash flows from investing activities for the six months ended June 30, 2021 and 2020[232].

Organic Fertilizers - Organic fertilizers accounted for approximately 95.82% and 94.5% of total revenue for the fiscal years ended December 31, 2020, and 2019, respectively[16] - The company generated approximately 94.5% and 91.3% of its total revenue from organic fertilizers for the fiscal years ended December 31, 2020 and 2019, respectively[42] - The demand for organic fertilizers in China is projected to increase to 180 million tons by 2020 and potentially reach over 500 million tons by 2030[37] - The company’s organic fertilizers are designed to improve soil fertility and nutrient absorption, contributing to sustainable agricultural practices[44] - Viagoo's organic fertilizer has a 50% higher effectiveness compared to conventional organic fertilizers, with a quick disposal time of three hours[80] - The company plans to produce 1 million tons of organic fertilizer in Heilongjiang Province, with an initial target of 70,000 tons in 2021[71] Production and Processing Facilities - The company is constructing a processing plant in Yunnan Province with a capacity to slaughter 200,000 black goats per year, expected to start generating revenue in 2021[18] - The company has invested over $2 million in land use rights and the black goat processing plant in Chuxiong City, Yunnan Province[19] - The company is investing in a goat slaughtering and processing factory with a capacity of 200,000 black goats per year, expected to start generating revenue in Q3 2021[46] - The company is constructing a slaughtering and processing plant for black goats in Yunnan Province, expected to start operations in June 2021 and generate revenue in Q3 2021[72] - The company operates two integrated factories in Weihai City, Shandong Province, which have been in operation since August 2015[16] Technology and Innovation - The company plans to enhance production technology by adopting advanced automatic control technology and manufacturing powdered organic fertilizers, which is expected to increase production capacity[16] - The company has a significant focus on reducing air pollution and improving soil quality through its patented technology for processing crop straw into organic fertilizers[15] - The company has developed a technology platform, VES, which enhances operational efficiency and reduces costs for logistics and transport management[53] - Viagoo's technology allows for continuous operation and environmental protection through closed systems, minimizing pollution and maximizing efficiency[81] - The innovative "microwave induced catalytic hydrolysis treatment sludge" patent has been recognized as advanced at the international level by the Chinese Academy of Sciences[84] - The company holds 12 patents and 5 registered trademarks in China related to sludge and straw technology, indicating a strong intellectual property portfolio[84] - The company has a diverse range of patents, including methods for preparing fuel oil from activated sludge and treating heavy metals from activated sludge[87] Financial Performance and Investments - The sale of a factory in Shanghai achieved a price of RMB 74,515,000 (approximately $10.8 million), with proceeds expected to improve cash position[20] - The company has undergone a reorganization, consolidating its subsidiaries to streamline operations and enhance efficiency[22] - The company has entered into a Share Exchange Agreement to acquire 100% equity interest in Viagoo Pte Ltd for an aggregate purchase price of $2,830,800[32] Logistics and Market Trends - The global last mile delivery market is estimated to reach USD 53.4 billion by 2027, with China's market expected to reach USD 9.3 billion, representing a CAGR of 7.1% from 2020 to 2027[41] - The company’s last mile delivery platform aims to optimize delivery costs through route optimization and tracking technologies[41] - The Southeast Asia eCommerce market is projected to exceed USD 200 billion by 2025, driven by a population of 630 million and 163 million households with discretionary spending capacity[58] - The third-party logistics market in Southeast Asia was valued at USD 36.4 billion in 2017 and is projected to grow at a CAGR of 5.5% to reach USD 55.7 billion by 2025[76] - The Chinese smart logistics industry was valued at USD 37 billion in 2017 and is expected to grow to USD 135 billion by 2024[74] Workforce and Employee Benefits - The company has a total of 135 full-time employees, with 65 working in the factory, highlighting a significant operational workforce[90] - The employee distribution includes 16 in senior management, 26 in sales, technical and procurement, and 11 in IT development and solutions[90] - The company provides comprehensive social insurance for employees, including pension, medical, unemployment, work injury, maternity insurance, and housing provident fund[90] Brand Development and Recognition - NEXG Pte Ltd registered the trademark FleetnexG in February 2016 in Singapore, indicating ongoing brand development efforts[84] - Viagoo plans to register its technology trademark in Q1 2021 in Singapore and China, reflecting future branding strategies[84] - The company is recognized as a pilot company for technology in Jinshan District, Shanghai, enhancing its competitive position in the industry[84] - The company’s focus on innovative technology positions it well for future market expansion and potential partnerships[84]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Muliang Viagoo Technology, Inc. as of September 30, 2020, and for the three and nine-month periods then ended [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities increased as of September 30, 2020, with the company's working capital deficit improving from year-end 2019 Condensed Consolidated Balance Sheet Highlights (in USD) | Account | Sep 30, 2020 (Unaudited) | Dec 31, 2019 (Audited) | | :--- | :--- | :--- | | **Total Current Assets** | $13,801,503 | $8,475,278 | | **Total Assets** | **$32,427,467** | **$26,733,566** | | **Total Current Liabilities** | $18,945,822 | $14,688,418 | | **Total Liabilities** | $20,319,189 | $16,543,712 | | **Total Stockholders' Equity** | $12,108,278 | $10,189,854 | - Goodwill of **$685,080** was recognized as of September 30, 2020, which was not present at the end of 2019, resulting from the acquisition of Viagoo[9](index=9&type=chunk)[41](index=41&type=chunk) [Condensed Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the nine months ended September 30, 2020, revenues and net income declined year-over-year, while the third quarter showed relative stability compared to the prior year Income Statement Summary (in USD) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Revenues | $7,201,853 | $9,677,359 | | Gross Profit | $3,125,304 | $3,967,664 | | Income from Operations | $1,462,363 | $2,634,365 | | Net Income | $1,101,798 | $2,266,282 | | EPS (Basic and Diluted) | $0.03 | $0.04 | Q3 Income Statement Summary (in USD) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Revenues | $3,148,722 | $3,209,235 | | Gross Profit | $1,421,727 | $1,301,115 | | Net Income | $630,712 | $645,444 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Total stockholders' equity increased as of September 30, 2020, primarily due to net income, common stock issuance, and foreign currency translation adjustments - During the first nine months of 2020, the company issued **1,061,000 shares** of common stock, contributing **$534,949** to additional paid-in capital[16](index=16&type=chunk) - Net income of **$1,096,583** was added to retained earnings (reducing the accumulated deficit), and a foreign currency translation gain of **$282,157** was recorded in other comprehensive income[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased for the nine months ended September 30, 2020, while significant cash was used in financing activities, resulting in a slight overall decrease in the cash balance Cash Flow Summary (in USD) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,021,694 | $1,503,482 | | Net cash used in investing activities | ($42,579) | ($289,783) | | Net cash used in financing activities | ($2,080,739) | ($1,148,859) | | **Net (decrease) in cash** | **($11,795)** | **($6,476)** | | **Cash, end of period** | **$92,073** | **$6,302** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's operations, accounting policies, and financial items, including the Viagoo acquisition, a going concern warning, and a planned property sale to address liquidity - The company's core business is developing, manufacturing, and selling organic fertilizers in China, with recent expansion into logistics technology by acquiring Viagoo Pte Ltd[18](index=18&type=chunk)[39](index=39&type=chunk) - The company reported a working capital deficit of **$5.1 million** and a cash balance of only **$92,073** as of September 30, 2020, raising substantial doubt about its ability to continue as a going concern[45](index=45&type=chunk) - Subsequent to the reporting period, the company arranged for the sale of a factory property in Shanghai for approximately **$10.8 million** via a court-organized auction, with proceeds expected to settle debts and provide working capital[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the business overview, recent developments including COVID-19 and the Viagoo acquisition, and analyzes financial results, addressing liquidity challenges and plans for asset sales [Business Overview and Recent Developments](index=30&type=section&id=Business%20Overview%20and%20Recent%20Developments) The company's core business is organic fertilizer manufacturing in PRC, with recent diversification into logistics technology via the Viagoo acquisition and recovery from COVID-19 impacts - The company's core business involves processing crop straw into organic fertilizer, which reduces air pollution from straw burning[161](index=161&type=chunk) - On June 19, 2020, the company acquired **100%** of Viagoo Pte Ltd. for an aggregate price of **$2,830,800**, paid in **1,011,000 shares** of restricted common stock[186](index=186&type=chunk) - The COVID-19 outbreak adversely affected business in the first quarter of 2020, but operations gradually resumed and reached full capacity by April 2020[183](index=183&type=chunk)[184](index=184&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) For the nine months ended September 30, 2020, total revenue and net income significantly declined year-over-year, primarily due to COVID-19, though the third quarter showed signs of stabilization Results of Operations for the Nine Months Ended September 30 | Metric | 2020 | 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $7,201,853 | $9,677,359 | -25.58% | | Gross Profit | $3,125,304 | $3,967,664 | -21.23% | | Income from Operations | $1,462,363 | $2,634,365 | -44.49% | | Net Income | $1,101,798 | $2,266,282 | -51.38% | Results of Operations for the Three Months Ended September 30 | Metric | 2020 | 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $3,148,722 | $3,209,235 | -1.89% | | Gross Profit | $1,421,727 | $1,301,115 | +9.27% | | Income from Operations | $778,178 | $897,491 | -13.29% | | Net Income | $630,712 | $645,444 | -2.61% | - The significant decrease in net income for the nine-month period was mainly due to an **$842,360** decrease in gross profit and a **$329,642** increase in operating expenses, both resulting from the impact of COVID-19[227](index=227&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2020, the company faced a working capital deficit and insufficient cash reserves, necessitating additional funding, with a planned property sale expected to improve liquidity - The company had a working capital deficit of **$5,144,319** as of September 30, 2020[234](index=234&type=chunk) Cash Flow Summary for Nine Months Ended September 30 (in USD) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,021,694 | $1,503,482 | | Net cash used in investing activities | ($42,579) | ($289,783) | | Net cash used in financing activities | ($2,080,739) | ($1,148,859) | - Management anticipates that current cash reserves are not sufficient to fund operations for the next twelve months and that additional funding will be required[241](index=241&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - Disclosure is not applicable because the company qualifies as a smaller reporting company[245](index=245&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures.) As of September 30, 2020, disclosure controls and procedures were deemed effective, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[246](index=246&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[247](index=247&type=chunk) [PART II – OTHER INFORMATION](index=46&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings.) The company discloses two civil proceedings against its subsidiary, Shanghai Zongbao, which are expected to be resolved through the court-supervised sale of a mortgaged property - There are two ongoing civil proceedings against the subsidiary Shanghai Zongbao: one for a loan default with Agricultural Bank of China and another for a construction contract default[250](index=250&type=chunk) - The company expects to resolve these proceedings by selling the mortgaged asset, which was auctioned on Taobao's platform for **RMB 74,515,000** (approx. **$10.8 million**), with proceeds expected to cover the debts[250](index=250&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors.) This section is not applicable as the company qualifies as a smaller reporting company - Disclosure is not applicable because the company qualifies as a smaller reporting company[251](index=251&type=chunk) [Unregistered Sales of Equity Securities](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities) No unregistered sales of equity securities occurred during the three months ended September 30, 2020, that were not previously disclosed - No unregistered sales of equity securities occurred during the three months ended September 30, 2020, that were not previously disclosed[251](index=251&type=chunk) [Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reports no material defaults in the payment of principal or interest on any of its indebtedness - There have been no material defaults with respect to any indebtedness of the Company[252](index=252&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This section is not applicable to the company - This item is not applicable[252](index=252&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information.) No other information required disclosure under this item - No other information required disclosure under this item[252](index=252&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications and XBRL data files - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32.1, 32.2) and XBRL interactive data files (101 series)[254](index=254&type=chunk)

Revenue Performance - Organic fertilizers accounted for approximately 98% and 91% of total revenue for the six months ended June 30, 2020 and 2019, respectively [161]. - Total revenue for fertilizer decreased from $5,903,721 for the six months ended June 30, 2019, to $3,972,391 for the six months ended June 30, 2020, representing a decrease of approximately 32.71% [201]. - Revenue from agricultural products decreased from $564,403 for the six months ended June 30, 2019, to $80,740 for the six months ended June 30, 2020, representing a decrease of approximately 85.69% [202]. - Total revenue for fertilizer decreased from $3,987,748 in Q2 2019 to $3,214,184 in Q2 2020, a decrease of approximately 19.40% due to COVID-19 impacts [214]. Profitability - Gross profit for organic fertilizer decreased from $2,661,847 for the six months ended June 30, 2019, to $1,711,291 for the six months ended June 30, 2020, with a gross margin decrease from 45.09% to 43.08% [206]. - Gross profit for organic fertilizer decreased from $1,770,811 in Q2 2019 to $1,398,474 in Q2 2020, with a gross margin decline from 44.41% to 43.51% [217]. - Net income was $471,086 for the six months ended June 30, 2020, compared with net income of $1,620,838 for the same period in 2019, representing a decrease of $1,149,752 [210]. - Net income decreased from $1,175,251 in Q2 2019 to $727,815 in Q2 2020, a decrease of $447,436 attributed to lower gross profit and increased operating expenses [220]. - The agriculture food products sales maintained a negative gross margin due to a decline in sales [207]. Operating Expenses - Total operating expenses increased by $89,717, or 9.65%, for the six months ended June 30, 2020, compared to the same period in 2019 [208]. - Selling expenses decreased by $211,744, while general and administrative expenses increased by $301,461 for the six months ended June 30, 2020 [208]. - Total selling, general and administrative expenses increased by $143,780, or 34.97%, from Q2 2019 to Q2 2020 [218]. Cash Flow and Capital - Net cash provided by operating activities was $2,031,345 for the six months ended June 30, 2020, compared to $1,451,009 for the same period in 2019 [223]. - Net cash used in financing activities was $2,126,617 for the six months ended June 30, 2020, compared to $1,178,070 for the same period in 2019 [226]. - The company has a working capital deficit of $6,827,375 as of June 30, 2020, compared to $6,213,140 at December 31, 2019 [173]. - The working capital deficit increased from $6,213,140 at December 31, 2019 to $6,827,375 at June 30, 2020 [222]. - The company anticipates needing additional funding in the near future to meet ongoing obligations and fund operations [228]. - Total contractual obligations as of June 30, 2020 amounted to $5,553,576, with $5,293,392 due within one year [230]. Future Plans and Developments - The company plans to enhance production technology by adopting advanced automatic control technology and shifting to powdered organic fertilizer production, which is expected to increase production capacity [161]. - The company plans to commence processing and distribution of black goat products in Q3 2021, with a slaughterhouse capacity of 200,000 black goats per year [163]. - The company expects to generate more revenue from apple sales as orchards mature, although apple sales currently account for less than 1% of total revenue [162]. - The company is monitoring the impacts of COVID-19 on its operations and has resumed production at full capacity since April 2020 [167]. - The decrease in revenue was mainly due to the impact of COVID-19, with some large customers suspending purchases during the anti-epidemic period [201]. Acquisitions - The company entered into a Share Exchange Agreement to acquire 100% equity interest in Viagoo Pte Ltd. for an aggregate purchase price of $2,830,800, payable in shares [170].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-201360 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 333-201360 MULIANG AGRITECH, INC. (Exact name of registrant as specified in its charter) Nevada 90-1137640 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-201360 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|------------------ ...

Revenue and Sales Performance - Organic fertilizers accounted for approximately 91.3% and 99.1% of total revenue for the fiscal years ended December 31, 2018 and 2017, respectively[154]. - Total revenue for fertilizer decreased from $5,398,429 for the three months ended June 30, 2018, to $3,987,748 for the three months ended June 30, 2019, representing a decrease of approximately 26.13%[189]. - Revenue from agricultural products increased from $169,024 for the three months ended June 30, 2018, to $255,008 for the three months ended June 30, 2019, representing an increase of approximately 50.87%[188]. - The company expects to generate more revenue from apple sales as the orchards mature in the coming years, although apple sales accounted for less than 1% of total revenue in 2018 and 2017[155]. - Sales from agricultural food products accounted for around 9% of total sales as of June 30, 2019, indicating a new revenue stream for the company[188]. - Fertilizer revenue decreased by $682,728, or approximately 10.37%, from $6,586,449 in H1 2018 to $5,903,721 in H1 2019 due to customer loss[200]. - Agricultural products revenue increased significantly by $395,379, or 233.92%, from $169,024 in H1 2018 to $564,403 in H1 2019[200]. Production and Operational Developments - The company plans to enhance production technology by adopting advanced automatic control technology and shifting to powdered organic fertilizer, which is expected to increase production capacity[154]. - The company is constructing a deep-processing slaughterhouse and processing plant in Yunnan Province, with an investment exceeding $2 million[157]. - The company plans to start generating revenue from black goat products in 2020, with a processing plant expected to have a capacity of slaughtering 200,000 black goats per year[156]. - The company has two integrated factories in Weihai City, Shandong Province, operational since August 2015, for organic fertilizer production[154]. Financial Position and Performance - The company has a working capital deficit of $4,281,118 as of June 30, 2019, compared to $7,119,118 at December 31, 2018[164]. - The company had a net accumulated deficit of $10,159,983 as of June 30, 2019, down from $11,773,401 at December 31, 2018[164]. - Net income was $1,175,251 for the three months ended June 30, 2019, compared to $2,147,182 for the same period in 2018, representing a decrease of 45.27%[197]. - Net income decreased by $574,215, or 26.16%, from $2,195,053 in H1 2018 to $1,620,838 in H1 2019, primarily due to decreased gross profit and increased operating expenses[208]. - Net cash provided by operating activities was $1,451,009 in H1 2019, down from $1,984,753 in H1 2018[211]. - The company anticipates needing additional funding in the near future to meet ongoing obligations and fund operations[217]. Cost and Expense Management - Gross profit for organic fertilizer decreased from $2,613,483 for the three months ended June 30, 2018, to $1,770,811 for the three months ended June 30, 2019, with a gross margin decrease from 48.41% to 44.41%[193]. - Cost of sales for fertilizer decreased from $2,784,946 for the three months ended June 30, 2018, to $2,216,937 for the three months ended June 30, 2019, representing a decrease of approximately 20.40%[191]. - Total operating expenses slightly decreased by $8,950, or 2.13%, for the three months ended June 30, 2019, compared to the same period in 2018[195]. - Total operating expenses increased by $93,779, or 11.22%, from $835,896 in H1 2018 to $929,675 in H1 2019[206]. - Selling expenses increased by $157,351, or 95.71%, from $164,402 in H1 2018 to $321,753 in H1 2019, while general and administrative expenses decreased by $63,572[206]. - Interest expense decreased from $115,988 for the three months ended June 30, 2018, to $87,919 for the three months ended June 30, 2019, representing a decrease of approximately 24.20%[196]. Market Conditions and Future Outlook - The decrease in gross margin was mainly due to increasingly fierce market competition[193]. - The company expects to increase sales significantly in the second half of 2019, as it is typically the peak sales season for fertilizer products[189]. - The company underwent a 5 to 1 reverse stock split and changed its name to "Muliang Agritech Inc." effective May 7, 2019[159].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nevada NA (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered N/A Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissio ...