Financial Performance - Revenues decreased by 52.46% to $0.13 million for the first half of 2021, down from $0.28 million in the same period of 2020[2] - Gross loss was $0.18 million for the first half of 2021, compared to a gross profit of $0.07 million for the same period of the prior year[3] - Operating loss increased by 20.23% to $1.17 million for the first half of 2021, compared to $0.97 million for the same period of 2020[3] - Net loss attributable to common stockholders was $0.94 million, or loss per share of $0.02, for the first half of 2021, compared to a net loss of $0.60 million, or loss per share of $0.01, for the same period of the prior year[3] - The company reported a comprehensive loss of $(1,013,225) for the six months ended June 30, 2021, compared to $(509,668) for the same period in 2020[27] - Basic loss per common share attributable to TDH Holdings, Inc. for the six months ended June 30, 2021, was $(0.02), compared to $(0.01) for the same period in 2020[27] - The company reported a net loss of $942,773 for the period ended June 30, 2021, compared to a net loss of $604,008 for the same period in 2020[30] Sales Performance - Domestic sales decreased by 48.20% to $0.12 million for the first half of 2021, down from $0.22 million in the same period of 2020[5] - E-commerce sales increased by 100% to $0.02 million for the first half of 2021, compared to $0 million for the same period of the prior year[5] Operating Expenses - Total operating expenses increased by 10.17% to $0.99 million for the first half of 2021, compared to $0.90 million for the same period of the prior year[10] - Total operating expenses for the six months ended June 30, 2021, were $990,195, an increase of 10.2% from $898,754 in the same period of 2020[27] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash increased to $7.39 million as of June 30, 2021, compared to $6.75 million at December 31, 2020[14] - Net cash used in operating activities was $4.84 million for the first half of 2021, compared to $0.81 million for the same period of the prior year[15] - Cash and cash equivalents as of June 30, 2021, were $5,975,713, down from $6,566,549 as of December 31, 2020[24] - Cash, cash equivalents, and restricted cash at the end of the period totaled $7,392,772, up from $1,370,395 at the end of the previous year[31] Assets and Liabilities - Total current assets as of June 30, 2021, were $12,177,548, an increase from $10,516,955 as of December 31, 2020[24] - Total liabilities as of June 30, 2021, were $12,982,464, a decrease from $19,345,690 as of December 31, 2020[24] - Total stockholders' equity (deficit) as of June 30, 2021, was $823,995, an improvement from $(892,780) as of December 31, 2020[24] Investment Activities - The company generated net cash provided by investing activities of $5,813,826, a turnaround from a net cash used of $4,482,418 in the previous year[30] - Proceeds from the auction of property, plant, and equipment amounted to $4,434,580, contributing to the positive cash flow from investing activities[30] Financing Activities - The company received approximately $8.2 million net proceeds from a registered direct offering closed on September 30, 2021[16] - The company raised $2,730,000 from the issuance of common shares during the financing activities[30] - Interest paid increased to $203,550 from $37,640 in the previous year, indicating higher financing costs[30] Other Financial Metrics - The company experienced a fair value change of short-term investments resulting in a loss of $1,617,467, compared to a loss of $879,520 in the prior year[30] - The company reported a significant loss on judicial auctions related to litigations, totaling $964,266 for the period[30] - The company’s accounts receivable increased to $151,852 from a negative $32,902, indicating improved collection efforts[30]

Financial Performance - The company experienced a significant revenue decline of 93.6%, amounting to $11.8 million in 2020 compared to 2019 due to COVID-19 and operational challenges [225]. - Revenue in fiscal year 2020 decreased by approximately 93.6%, or $11.8 million, compared to fiscal year 2019, primarily due to COVID-19 impacts [250]. - Total revenue for the year ended December 31, 2020, was $815,225, a decrease of $11,833,030 or 93.55% compared to 2019 [267]. - The company's revenue decreased by approximately $11.83 million from approximately $12.65 million in 2019 to approximately $0.82 million in 2020, representing a decline of 93.55% [290]. - Domestic sales in 2020 were $574,921, a decline of 79% from $2,711,445 in 2019 [268]. - Sales to China in 2020 were $713,257, down 73% from $2,662,247 in 2019 [275]. - E-commerce sales in 2020 were $16,708, accounting for 2% of total revenue, a significant drop from 16% in 2018, indicating a need for market expansion [254]. Operational Challenges - Total production capacity decreased by 32.5%, from 8.0 tons per day in 2019 to 5.4 tons per day as of December 31, 2020 [226]. - The COVID-19 pandemic significantly disrupted supply chains and sales activities, contributing to decreased revenue [269]. - The company is facing 57 pending lawsuits related to non-payment of invoices, with total claims amounting to RMB13.86 million (approximately $2.12 million) [231]. - The company faced 57 lawsuits from suppliers and vendors since November 2019, impacting its credit and operational costs [261]. - The company has not made loan repayments totaling RMB20 million (approximately $3.18 million) to Qingdao Lingang Real Estate Co., Ltd. and anticipates potential bankruptcy proceedings if obligations are not settled [232]. - A court ruling mandated the company to repay RMB19.93 million (approximately $3.08 million) to China Construction Bank, with property auctioned for $5,098,461 (RMB33.14 million) to partially settle this debt [233]. - The company has not repaid RMB4.85 million (approximately $0.75 million) to Shanghai Pudong Development Bank, with potential bankruptcy risks if obligations remain unsettled [235]. - Labor arbitration claims from former employees total RMB 3.68 million ($0.56 million), with 98 cases initiated, of which 6 have been settled [239]. Financial Position - The company reported a working capital deficit of approximately $8.55 million as of December 31, 2020, compared to $7.3 million as of December 31, 2019 [290]. - Cash used in operating activities for the year ended December 31, 2020, totaled $2,628,255, primarily due to a net loss and changes in working capital [296]. - The company recorded a net cash inflow of $244,486 for the year ended December 31, 2020, compared to a net cash inflow of $3,804,073 in 2019 [8]. - The company was in default on substantially all outstanding loans, with total contractual obligations of $9,917,382 due by the end of 2025 [9]. - The company anticipates incurring additional costs related to compliance with the Sarbanes-Oxley Act, which may require seeking additional financing [307]. - As of December 31, 2020, total current liabilities increased by 32% to $19,070,896 from $14,461,900 as of December 31, 2019 [1]. Investment and Financing - The company raised approximately $2.73 million from the sale of 9,100,000 common shares at $0.30 per share to accredited investors [241]. - The company entered into subscription agreements for the sale of 9,100,000 common shares at $0.30 per share, raising approximately $2.73 million [294]. - Net cash provided by investing activities for the year ended December 31, 2020 was $3,355,189, including proceeds from the sale of short-term investments of $42,146,183 [297]. - Net cash used in financing activities for the year ended December 31, 2020 was $589,358, with repayments of short-term loans totaling $746,437 [300]. Future Outlook - The company is committed to developing new products and expanding its customer base to recover from operational challenges and improve financial performance [227]. - Future growth will require significant capital investments and effective management of operational challenges to ensure sustainability [230]. - The company plans to improve profitability and generate sufficient cash flow while exploring strategic acquisition opportunities to enhance operations [294]. - The company is closely monitoring COVID-19 developments and expects the negative impact to gradually mitigate as the outbreak is controlled in China [225]. - There is substantial doubt about the company's ability to continue as a going concern for the next 12 months due to ongoing financial challenges [295]. Cost and Expenses - Cost of revenues for 2020 was $857,060, down 93.87% from $13,992,499 in 2019 [266]. - General and administrative expenses were $1,766,109 in 2020, a reduction of 52.29% from $3,702,035 in 2019 [266]. - Operating expenses decreased by $3,551,514 or 65.34% from $5,435,616 in 2019 to $1,884,102 in 2020, but the ratio of operating expenses as a percentage of revenue increased to 231.11% [280]. - Research and Development expenses were $0 in 2020, compared to $1,062,582 in 2018, indicating a shift in strategy [265]. Assets and Liabilities - Total current assets increased by 46% from $7,192,890 in 2019 to $10,516,955 in 2020 [314]. - Cash and cash equivalents rose by 28% from $5,114,175 in 2019 to $6,566,549 in 2020 [314]. - Accounts receivable, net increased significantly by 678% from $21,657 in 2019 to $168,499 in 2020 [314]. - Total assets increased by 22% from $15,087,210 in 2019 to $18,452,910 in 2020 [314]. - Short-term loans outstanding increased from $7,624,061 as of December 31, 2019 to $8,391,323 as of December 31, 2020 [306]. - Inventory decreased by 47.75% to $247,245 from $473,216 as of December 31, 2019 due to reduced sales orders and rising raw material prices [4]. - Accounts payable decreased by $227,176 to $3,209,763 as of December 31, 2020, reflecting a reduction in material purchases due to a shortage of sales orders [7].

Financial Performance - The company expects revenues for the first five months of 2020 to be approximately 93% lower compared to the same period last year, estimated at $0.32 million[230]. - The company anticipates a net loss of approximately $0.65 million for the first five months of 2020, which is about 66% lower than the same period last year[230]. - Net revenues for 2019 were $12,455,414, a decrease of 43.78% from $22,154,506 in 2018, and a decline of 22.19% from $28,473,016 in 2017[276]. - Total revenues for the year ended December 31, 2019, were $12,648,255, a decrease of 46.6% compared to $23,674,037 in 2018[278]. - Revenue decreased by approximately $11 million from $23.6 million in 2018 to $12.6 million in 2019, indicating a significant decline in sales[312]. - The company reported a net loss of $8,625,427 for the year ended December 31, 2019, a decrease from the net loss of $14,219,265 in 2018, reflecting improvements in gross margin and reduced operating expenses[309]. - The loss from operations was $6,958,496 for 2019, compared to $14,043,772 in 2018, with operating loss as a percentage of total revenues improving from negative 59.32% in 2018 to negative 55.02% in 2019[306]. Operational Challenges - The company is currently facing monthly losses exceeding RMB3 million (approximately $0.43 million) due to market conditions[234]. - The company has temporarily suspended manufacturing activities in November 2019 due to operational inefficiencies, which adversely affected sales and cash flows[312]. - The company has been involved in 48 lawsuits related to non-payment of invoices, with estimated mediation and judgment costs of approximately RMB11.8 million (USD1.69 million)[237]. - Labor arbitration claims from former employees total approximately RMB4.8 million (USD0.69 million) due to layoffs and related obligations[245]. - The company has outstanding loans totaling RMB20 million related to the purchase of the Lingang facility, which need to be renewed for continued operations[236]. Market Conditions - The price of chicken breasts has increased by more than 35% from less than RMB15 per kilogram in early 2019 to nearly RMB20 per kilogram, impacting production costs and gross profit margins[234]. - The company operates in a highly competitive pet food market, facing pricing pressures and competition from larger firms with greater resources[259]. - The company has suspended its overseas e-commerce business in 2019 due to continuous losses but plans to expand its domestic e-commerce efforts in the near future[254]. - E-commerce sales in 2019 were $83,779, accounting for only 1% of total revenue, a significant drop from 20% in 2017[261]. - E-commerce sales saw a dramatic decline of 98%, dropping from $3,800,668 in 2018 to $83,779 in 2019[278]. Financial Position - As of December 31, 2019, the company had cash and cash equivalents of approximately $6.5 million, with total notes payable and loans amounting to approximately $9.5 million[313]. - The company had a working capital deficit of approximately $7.3 million as of December 31, 2019, an improvement from a deficit of approximately $11.3 million in 2018[312]. - Total assets decreased to $15,087,210 as of December 31, 2019, from $17,429,406 as of December 31, 2018, a decline of 13%[341]. - Total liabilities decreased to $14,749,811 as of December 31, 2019, from $19,365,973 as of December 31, 2018, a reduction of 24%[341]. - Accounts receivable, net, significantly dropped to $21,657 as of December 31, 2019, from $845,800 as of December 31, 2018, a decrease of 97%[341]. Future Outlook - The company plans to improve profitability and generate sufficient cash flow to meet operating needs, while exploring additional financing options[315]. - There is substantial doubt about the company's ability to continue as a going concern for the next 12 months due to ongoing financial challenges and the impact of COVID-19[317]. - The company plans to incur additional R&D expenses in the coming years to diversify product offerings and maintain competitive advantage[303]. Compliance and Regulatory Issues - The company expects to incur additional costs related to compliance with the Sarbanes-Oxley Act, which may require seeking additional financing sources[333]. - The company successfully obtained investment approval from the Ministry of Commerce for proceeds from its IPO during 2017[338]. - The company does not have any off-balance sheet arrangements that require disclosure under SEC regulations[358].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...