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Notes receivable - related parties, current

3,803,826

8,117,686

Other current assets

4,374,338

1,230,970

TOTAL CURRENT ASSETS

151,419,617

59,042,764

Property and equipment, net

37,538,147

22,650,021

Security deposits-related parties

591,380

Long-term notes receivable - related parties

423,263

Operating lease right-of-use assets

17,155,584

Long-term investments

2,296,276

Intangible assets, net

186,687,950

Goodwill

406,703,348

^[1]

Deferred tax assets

78,993

117,933

Other long-term assets

372,499

242,426

TOTAL ASSETS

802,843,794

82,476,407

CURRENT LIABILITIES:

Bank overdraft

14,952,510

Lines of credit

41,268,554

8,194,146

Accounts payable

39,689,911

17,474,206

Accounts payable - related parties

4,521,356

3,923,120

Accrued expenses and other payables

2,683,696

2,376,498

Current portion of long-term debt, net

2,726,981

1,455,441

Current portion of obligations under finance leases

280,243

164,894

Current portion of obligations under operating leases

4,322,503

TOTAL CURRENT LIABILITIES

110,445,754

33,588,305

Long-term debt, net

18,535,016

13,109,854

Obligations under finance leases, non-current

1,053,166

120,705

Obligations under operating leases, non-current

12,833,081

Deferred tax liabilities

52,320,045

1,196,061

TOTAL LIABILITIES

195,187,062

48,014,925

SHAREHOLDERS’ EQUITY:

Preferred Stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively

Common Stock, $0.0001 par value, 100,000,000 shares authorized, 53,050,211 shares issued, and 52,145,096 shares outstanding as of December 31, 2019, and 30,000,000 shares authorized, 22,167,486 shares issued and outstanding as of December 31, 2018

5,305

2,217

Treasury Stock, at cost, 905,115 shares as of December 31, 2019, and - 0 - shares at December 31, 2018

(12,038,030)

Additional paid-in capital

599,617,009

22,920,603

Retained earnings

15,823,661

10,433,984

Total shareholders’ equity attributable to HF Foods Group, Inc.

603,407,945

33,356,804

Noncontrolling interest

4,248,787

1,104,678

TOTAL SHAREHOLDERS’ EQUITY

607,656,732

34,461,482

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 802,843,794

$ 82,476,407

[1]	There are no accumulated impairment losses.

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, authorized (in shares)	1,000,000	1,000,000
Preferred Stock, issued (in shares)	0	0
Preferred Stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	30,000,000
Common stock, shares issued (in shares)	53,050,211	22,167,486
Common stock, shares outstanding (in shares)	52,145,096	22,167,486
Treasury stock, shares (in shares)	905,115	0

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 388,162,281	$ 291,006,698
Cost of revenue	324,953,758	241,441,149
GROSS PROFIT	63,208,523	49,565,549
DISTRIBUTION, SELLING AND ADMINISTRATIVE EXPENSES	54,931,157	41,039,438
INCOME FROM OPERATIONS	8,277,366	8,526,111
Other Income (Expenses)
Interest income	418,530	493,358
Interest expense and bank charges	(1,661,454)	(1,372,508)
Other income	532,336	671,389
Total Other Income (Expenses), net	(184,988)	317,839
INCOME BEFORE INCOME TAX PROVISION	8,092,378	8,843,950
PROVISION FOR INCOME TAXES	2,197,092	2,490,255
NET INCOME	5,895,286	6,353,695
Less: net income attributable to noncontrolling interest	505,609	67,240
NET INCOME ATTRIBUTABLE TO HF FOODS GROUP INC.	$ 5,389,677	$ 6,286,455
Earnings per common share – basic and diluted (in dollars per share)	$ 0.22	$ 0.30
Weighted average shares – basic and diluted (in shares)	27,113,288	20,991,004
Third Parties [Member]
Revenue	$ 368,809,865	$ 272,859,695
Cost of revenue	306,370,972	223,694,206
Related Parties [Member]
Revenue	19,352,416	18,147,003
Cost of revenue	18,582,786	17,746,943
Other Income (Expenses)
Rental income – related parties	$ 525,600	$ 525,600

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net Income	$ 5,895,286	$ 6,353,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	6,754,508	2,134,832
Gain from disposal of equipment	65,624
Allowance for doubtful accounts	72,359	90,996
Allowance for inventory	(16,928)
Deferred tax expenses (benefit)	(250,705)	641,916
(Income) from equity method investment	(6,886)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,758,186)	203,381
Accounts receivable - related parties, net	1,483,211	(705,731)
Inventories	1,112,728	493,456
Advances to suppliers - related parties, net	781,347	1,721,827
Other current assets	(271,098)	(513,940)
Other long-term assets	142,426	1,193,186
Accounts payable	(2,668,541)	198,721
Accounts payable - related parties	(929,903)	(152,807)
Operating lease liabilities	(1,601,678)
Income tax payable		(453,492)
Accrued expenses and other payables	(1,137,036)	747,426
Net cash provided by operating activities	4,666,528	11,953,466
Cash flows from investing activities:
Purchase of property and equipment	(4,835,929)	(3,075,385)
Proceeds from disposal of equipment	286,831
Cash received from long-term notes receivable	290,071
Cash paid for issuance of long-term notes receivable	(108,750)	(3,039,333)
Cash received from long-term notes receivable to related parties	386,358
Cash paid for issuance of long-term notes receivable to related parties	(260,933)	(1,680,893)
Net cash provided by (used in) investing activities	2,775,115	(6,365,313)
Cash flows from financing activities:
Proceeds from bank overdraft	2,870,416
Proceeds from lines of credit	144,045,699	3,900,000
Repayment of lines of credit	(146,661,467)	(7,600,000)
Proceeds from long-term debt	8,378,467	2,250,350
Repayment of long-term debt	(6,338,525)	(3,119,747)
Repayment of obligations under finance leases	(384,851)	(453,951)
Cash distribution paid to shareholders	(302,500)	(1,161,445)
Net cash provided by (used in) financing activities	1,607,239	(6,184,793)
Net increase (decrease) in cash	9,048,882	(596,640)
Cash at beginning of the year	5,489,404	6,086,044
Cash at end of the year	14,538,286	5,489,404
Atlantic [Member]
Cash flows from investing activities:
Cash received from business combination		1,430,298
B & R [Member]
Cash flows from investing activities:
Cash received from business combination	$ 7,017,467

Consolidated Statements of Changes In Shareholders' Equity - USD ($)	Common Stock Outstanding [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2017	19,969,831
Balance at Dec. 31, 2017	$ 1,997		$ 21,549,703	$ 4,255,213	$ 25,806,913	$ 1,091,199	$ 26,898,112
Acquisitions (in shares)	2,197,655
Acquisitions	$ 220		1,370,900		1,371,120		1,371,120
Net Income				6,286,455	6,286,455	67,240	6,353,695
Distribution to shareholders				(107,684)	(107,684)	(53,761)	(161,445)
Balance (in shares) at Dec. 31, 2018	22,167,486
Balance at Dec. 31, 2018	$ 2,217		22,920,603	10,433,984	33,356,804	1,104,678	34,461,482
Acquisitions (in shares)	30,700,000
Acquisitions	$ 3,070		576,696,424		576,699,494	2,941,000	579,640,494
Net Income				5,389,677	5,389,677	505,609	5,895,286
Distribution to shareholders						(302,500)	(302,500)
Exercise of Stock Options (in shares)	182,725
Exercise of Stock Options	$ 18		(18)
Exercise of Stock Options, adjustment
Buyback of common stock from a shareholder in exchange for notes receivable (in shares)	(905,115)
Buyback of common stock from a shareholder in exchange for notes receivable		(12,038,030)			(12,038,030)		(12,038,030)
Balance (in shares) at Dec. 31, 2019	52,145,096
Balance at Dec. 31, 2019	$ 5,305	$ (12,038,030)	$ 599,617,009	$ 15,823,661	$ 603,407,945	$ 4,248,787	$ 607,656,732

Note 1 - Organization and Business Description

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE

ORGANIZATION AND BUSINESS DESCRIPTION

Organization and General

HF Foods Group Inc. (“HF Group”, or the “Company”) markets and distributes fresh produces, frozen and dry food, and non- food products to primarily Asian restaurants and other foodservice customers throughout the Southeast, Pacific and Mountain West regions region of the United States.

The Company was originally incorporated in Delaware on

May 19, 2016

as a special purpose acquisition company under the name Atlantic Acquisition Corp. (“Atlantic”), in order to acquire, through a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with

one

or more businesses or entities.

Reorganization of HF Holding

HF Group Holding Corporation (“HF Holding”) was incorporated in the State of North Carolina on

October 11, 2017.

Effective

January 1, 2018,

HF Holding entered into a Share Exchange Agreement (the “Agreement”) whereby the controlling shareholders of the following

entities contributed their respective stocks to HF Holding in exchange for all of HF Holding’s outstanding shares. Upon completion of the share exchanges, these entities became either wholly-owned or majority-owned subsidiaries of HF Holding.

●

Han Feng, Inc. (“Han Feng”)

●

Truse Trucking, Inc. (“TT”)

●

Morning First Delivery, Inc. (“MFD”)

●

R&N Holdings, LLC (“R&N Holdings”)

●

R&N Lexington, LLC (“R&N Lexington”)

●

Kirnsway Manufacturing Inc. (“Kirnsway”)

●

Chinesetg, Inc. (“Chinesetg”)

●

New Southern Food Distributors, Inc. (“NSF”)

●

B&B Trucking Services, Inc. (“BB”)

●

Kirnland Food Distribution, Inc. (“Kirnland”)

●

HG Realty LLC (“HG Realty”)

In accordance with Accounting Standards Codification (“ASC”)

805

25,

the transaction consummated through the Agreement has been accounted for as a transaction among entities under common control since the same shareholders controlled all these

entities prior to the execution of the Agreement. The consolidated financial statements of the Company have been prepared to report results of operations for the period in which the transfer occurred as though the transfer of net assets or exchange of equity interests had occurred at the beginning of the period presented, in this case

January 1, 2018.

Results of operations for the period presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period. By eliminating the effects of intra-entity transactions in determining the results of operations for the period before the combination, those results will be on substantially the same basis as the results of operations for the period after the date of combination. The effects of intra-entity transactions on current assets, current liabilities, revenue, and cost of sales for periods presented and on retained earnings at the beginning of the periods presented are eliminated to the extent possible. Furthermore, ASC

805

indicates that the financial statements and financial information presented for prior years also shall be retrospectively adjusted to furnish comparative information.

In accordance with ASC

805

when accounting for a transfer of assets or exchange of shares between entities under common control, the entity that receives the net assets or the equity interests should initially recognize the assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of the transfer. If the carrying amounts of the assets and liabilities transferred differ from the historical cost of the parent of the entities under common control, then the financial statements of the receiving entity should reflect the transferred assets and liabilities at the historical cost of the parent of the entities under common control. Accordingly, the Company has recorded the assets and liabilities transferred from the above entities at their carrying amount.

The following table summarizes the entities under HF Foods Group Inc. after the above-mentioned reorganization:

Name	Date of incorporation	State of incorporation	Percentage of legal ownership by HF Group	Principal activities
Parent:
HF Holding	October 11, 2017	North Carolina	100%	Holding Company

Subsidiaries:
Han Feng	January 14, 1997	North Carolina	100%	Distributing food and related products
TT	August 6, 2002	North Carolina	100%	Trucking service
MFD	April 15, 1999	North Carolina	100%	Trucking service
R&N Holdings	November 21, 2002	North Carolina	100%	Real estate holding
R&N Lexington	May 27, 2010	North Carolina	100%	Real estate holding
R&N Charlotte	June xx, 2019	North Carolina	100%	Real estate holding
Kirnsway	May 24, 2006	North Carolina	100%	Design and printing services
Chinesetg	July 12, 2011	North Carolina	100%	Design and printing services
NSF	December 17, 2008	Florida	100%	Distributing food and related products
BB	September 12, 2001	Florida	100%	Trucking service
Kirnland	April 11, 2006	Georgia	66.7%	Distributing food and related products
HG Realty	May 11, 2012	Georgia	100%	Real estate holding

Reverse Acquisition of HF Holding

Effective

August 22, 2018,

Atlantic consummated the transactions contemplated by a merger agreement (the “Atlantic Merger Agreement”), dated as of

March 28, 2018,

by and among Atlantic, HF Group Merger Sub Inc., a Delaware subsidiary formed by Atlantic, HF Holding, the stockholders of HF Holding, and Zhou Min Ni, as representative of the stockholders of HF Holding. Pursuant to the Atlantic Merger Agreement, HF Holding merged with HF Merger Sub and HF Holding became the surviving entity (the “Atlantic Merger”) and a wholly-owned subsidiary of Atlantic (the “Atlantic Acquisition”). Additionally, upon the closing of the transactions contemplated by the Atlantic Merger Agreement (the “Atlantic Closing”), (i) the stockholders of HF Holding became the holders of a majority of the shares of common stock of Atlantic, and (ii) Atlantic changed its name to HF Foods Group Inc. (Collectively, these transactions are referred to as the “Atlantic Transactions”).

At closing on

August 22, 2018,

Atlantic issued the HF Holding stockholders an aggregate of

19,969,831

shares of its common stock, equal to approximately

88.5%

of the aggregate issued and outstanding shares of Atlantic’s common stock. The pre- Transaction stockholders of Atlantic owned the remaining

11.5%

of the issued and outstanding shares of common stock of the combined entity.

Following the consummation of the Atlantic Transactions on

August 22, 2018,

there were

22,167,486

shares of common stock issued and outstanding, consisting of (i)

19,969,831

shares issued to HF Holding’s stockholders pursuant to the Atlantic Merger Agreement, (ii)

400,000

shares redeemed by

one

of Atlantic’s shareholders in conjunction with the Atlantic Transactions, (iii)

10,000

restricted shares issued to

one

of Atlantic’s shareholders in conjunction with the Atlantic Transactions, and (iv)

2,587,655

shares originally issued to the pre-Transactions stockholders of Atlantic.

The Atlantic Acquisition was treated as a reverse acquisition under the acquisition method of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). For accounting purposes, HF Holding was considered to be acquiring Atlantic in this transaction. Therefore, the aggregate consideration paid in connection with the business combination was allocated to Atlantic’s tangible and intangible assets and liabilities based on their fair market values. The assets and liabilities and results of operations of Atlantic were consolidated into the results of operations of HF Holding as of the completion of the business combination.

Business Combination with B&R Global

Effective

November 4, 2019,

HF Group consummated the transactions contemplated by a merger agreement (the “B&R Merger Agreement”), dated as of

June 21, 2019,

by and among the Company, B&R Merger Sub Inc., a Delaware corporation (“Merger Sub”), B&R Global, the stockholders of B&R Global (the ”B&R Global Stockholders”), and Xiao Mou Zhang, as representative of the stockholders (the “Business Combination”). Upon the closing of the transactions contemplated by the B&R Merger Agreement (the “Closing”), Merger Sub merged with and into B&R Global, resulting in B&R Global becoming a wholly owned subsidiary of HF Group. HF Group acquired

100%

of the controlling interest of B&R Global, in exchange for

30,700,000

shares of HF Group Common Stock. The aggregate fair value of the consideration paid by HF Group in the business combination is approximately

$576,699,494

and is based on the closing share price of the Company’s common stock at the date of Closing.

Founded in

1999,

B&R Global supplies approximately

6,800

restaurants across

Western states, and combined with HF Group, creates what we believe is the largest food distributors to Asian restaurants in the United States. The combined entity now has

distribution centers strategically located in

nine

states across the East and West Coasts of the United States and a fleet of over

340

refrigerated vehicles. With

960

employees supported by

two

call centers in China, HF Group now serves over

10,000

restaurants in

states and provides round-the-clock sales and service support to its customers, who mainly converse in Mandarin or Chinese dialects.

The following table summarizes the entities under B&R Global in the Business Combination:

Name	Date of formation / incorporation	Place of formation / incorporation	Percentage of legal ownership by B&R Global	Principal activities
Parent:
B&R Global	January 3, 2014	Delaware, USA	—	Holding Company
Subsidiaries:
Rongcheng Trading, LLC (“RC”)	January 31, 2006	California, USA	100%	Food distribution
Capital Trading, LLC (“UT”)	March 10, 2003	Utah, USA	100%	Food distribution
Win Woo Trading, LLC (‘WW”)	January 23, 2004	California, USA	100%	Food distribution
Mountain Food, LLC (“MF”)	May 2, 2006	Colorado, USA	100%	Food distribution
R & C Trading L.L.C. (“RNC”)	November 26, 2007	Arizona, USA	100%	Food distribution
Great Wall Seafood LA, LLC (“GW”)	March 7, 2014	California, USA	100%	Food distribution
B&L Trading, LLC (“BNL”)	July 18, 2013	Washington, USA	100%	Food distribution
Min Food, Inc. (“MIN”)	May 29, 2014	California, USA	60.25%	Food distribution
B&R Group Logistics Holding, LLC (“BRGL”)	July 17, 2014	Delaware, USA	100%	Food distribution
Ocean West Food Services, LLC (“OW”)	December 22, 2011	California, USA	67.5%	Food distribution
Monterey Food Service, LLC (“MS”)	September 14, 2017	California, USA	65%	Food distribution
Irwindale Poultry, LLC (“IP”)	December 27, 2017	California, USA	100%	Poultry processing
Best Choice Trucking, LLC (“BCT”)	January 1, 2011	California, USA	100%	Logistics solutions
KYL Group, Inc. (“KYL”)	April 18, 2014	Nevada, USA	100%	Logistics solutions
American Fortune Foods Inc. (“AF”)	February 19, 2014	California, USA	100%	Logistics solutions and importer
Happy FM Group, Inc. (“HFM”)	April 9, 2014	California, USA	100%	Logistics solutions
GM Food Supplies, Inc. (“GM”)	March 22, 2016	California, USA	100%	Logistics solutions
Lin’s Distribution, Inc., Inc. (“LIN”)	February2, 2010	Utah, USA	100%	Logistics solutions
Lin’s Farms, LLC (“LNF”)	July 2, 2014	Utah, USA	100%	Poultry processing
New Berry Trading, LLC (“NBT”)	September 5, 2012	California, USA	100%	Logistics solutions
Hayward Trucking, Inc. (“HRT”)	September 5, 2012	California, USA	100%	Logistics solutions
Fuso Trucking Corp. (“FUSO”)	January 20, 2015	California, USA	VIE*	Logistics solutions
Yi Z Service LLC (“YZ”)	October2, 2017	California, USA	100%	Logistics solutions
Golden Well Inc. (“GWT”)	November 8, 2011	California, USA	100%	Logistics solutions
Kami Trading Inc. (“KAMI”)	November 20, 2013	California, USA	100%	Importer
Royal Trucking Services, Inc. (“RTS”)	May 19, 2015	Washington, USA	100%	Logistics solutions
Royal Service Inc. (“RS”)	December 29, 2014	Oregon, USA	100%	Logistics solutions
MF Food Services Inc. (“MFS”)	December 21, 2017	California, USA	100%	Logistics solutions

*At the acquisition date and as of

December 31, 2019,

B&R Global consolidates FUSO, which is considered as variable interest entity (“VIE”) under accounting principles generally accepted in the United States of America (“U.S. GAAP”), due to its pecuniary and contractual interest in this entity as a result of the funding arrangements outlined in the entity.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Significant Accounting Policies [Text Block]

NOTE

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements include the financial statements of HF Group, its subsidiaries and the VIE. The VIE has been accounted for at historical cost and prepared on the basis as if common control had been established as of the beginning of the

first

period presented in the accompanying consolidated financial statements. All inter-company balances and transactions have been eliminated upon consolidation.

U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or

not

the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (

) has power to direct the activities that most significantly affect the economic performance of the VIE, and (

) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.

As of

December 31, 2019

and

2018,

FUSO is considered to be a VIE. FUSO was established solely to provide exclusive services to the Company. The entity lacks sufficient equity to finance its activities without additional subordinated financial support from the Company, and the Company has the power to direct the VIEs’ activities. In addition, the Company receives the economic benefits from the entity and has concluded that the Company is a primary beneficiary.

The carrying amounts of the assets, liabilities, the results of operations and cash flows of the VIE is included in the Company’s consolidated balance sheets, statements of income and statements of cash flows are as follows:

	December 31, 2019		December 31, 2018
Current assets	$	158,184	$	-
Non-current assets		301,803		-
Total assets	$	459,987	$	-
Current liabilities	$	805,666	$	-
Non-current liabilities		69,321		-
Total liabilities	$	874,987	$	-

	For the year ended December 31
	2019		2018
Net revenue	$	420,163	$	-
Net income	$	68,449	$	-

	For the year ended December 31
	2019			2018
Net cash provided by operating activities	$	201,885		$	-
Net cash used in financing activities		(207,159	)		-
Net decrease in cash and cash equivalents	$	(5,274	)	$	-

Noncontrolling Interests

U.S. GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of a company’s balance sheet. In addition, the amounts attributable to the net income (loss) of those subsidiaries are reported separately in the consolidated statements of income.

As of

December 31, 2019

and

2018,

noncontrolling interest consisted of the following:

Name of Entity	Percentage of Ownership of noncontrolling interest			December 31, 2019		December 31, 2018
Kirnland		33.30	%		1,292,623		1,104,678
OW		32.50	%		1,600,058		-
MS		35.00	%		459,126		-
MIN		39.70	%		896,980		-
Total					4,248,787		1,104,678

Uses of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are

not

limited to, allowance for doubtful accounts, useful lives of property and equipment, lease assumptions, impairment of long-lived assets, long-term investments, goodwill, the purchase price allocation and fair value of noncontrolling interests with respect to business combinations, realization of deferred tax assets, and uncertain income tax positions.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of

three

or fewer months to be cash equivalents. As of

December 31, 2019

and

2018,

the Company had

cash equivalents.

Accounts Receivable

Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do

not

bear interest. Receivables are presented net of the allowance for doubtful accounts in the accompanying consolidated balance sheets. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for doubtful accounts based on a combination of factors. When the Company is aware of a customer’s inability to meet its financial obligation, a specific allowance for doubtful accounts is recorded, reducing the receivable to the net amount the Company reasonably expects to collect. In addition, allowances are recorded for all other receivables based on historic collection trends, write-offs and the aging of receivables. The Company uses specific criteria to determine uncollectible receivables to be written off, including, e.g., bankruptcy filings, the referral of customer accounts to outside parties for collection, and the length that accounts remain past due. As of

December 31, 2019

and

2018,

the allowances for doubtful accounts were

$623,970

and

$658,104,

respectively.

Inventories

The Company’s inventories, consisting mainly of food and other food service-related products, are primarily considered as finished goods. Inventory costs, including the purchase price of the product and freight charges to deliver it to the Company’s warehouses, are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. Inventories are stated at the lower of cost or net realizable value using the

first

-in,

first

-out (FIFO) method. As of

December 31, 2019

and

2018,

the valuation allowance was

$16,928

and

nil,

respectively.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Following are the estimated useful lives of the Company’s property and equipment:

	Estimated useful lives (years)
Buildings and improvements	7	-	39
Machinery and equipment	3	-	15
Motor vehicles	5	-	7

Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of income in other income or expenses.

Business Combinations

The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC

805

(“ASC

805”

), “

Business Combinations

”. The purchase method of accounting requires that the consideration transferred be allocated to the assets, including separately identifiable assets and liabilities the Company acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over, (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings.

The Company estimates the fair value of assets acquired and liabilities assumed in a business combination. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. Significant estimates in valuing certain intangible assets include, but are

not

limited to future expected revenues and cash flows, useful lives, discount rates, and selection of comparable companies. Although the Company believes the assumptions and estimates it has made in the past have been reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired companies and are inherently uncertain. During the measurement period, which

may

be up to

one

year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. On the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income.

Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expenses in the Company’s consolidated statements of income. The results of operations of the businesses that HF Group acquired are included in the Company’s consolidated financial statements from the date of acquisition.

Goodwill

The Company early adopted ASU

No.

2017

04,

Intangibles - Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment. The standard simplifies the subsequent measurement of goodwill by removing Step

of the current goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new standard, an impairment loss will be recognized in the amount by which a reporting unit's carrying value exceeds its fair value,

not

to exceed the carrying amount of goodwill.

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company tests goodwill for impairment at least annually, in the

fourth

quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired.

The Company reviews the carrying values of goodwill and identifiable intangibles whenever events or changes in circumstances indicate that such carrying values

may

not

be recoverable and annually for goodwill and indefinite lived intangible assets as required by ASC Topic

350,

Intangibles — Goodwill and Other

. This guidance provides the option to

first

assess qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than

not

that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative analysis. If the quantitative analysis indicates the carrying value of a reporting unit exceeds its fair value, the Company measures any goodwill impairment losses as the amount by which the carrying amount of a reporting unit exceeds its fair value,

not

to exceed the total amount of goodwill allocated to that reporting unit.

Intangible Assets

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of its intangible assets by measuring the expected cash flows of acquired assets. The estimated useful lives of intangible assets are as follows:

		Estimated useful lives (years)
Tradenames		10
Customer relationships		20

Long term investments

The Company’s investments in unconsolidated entities consist of equity investments without readily determinable fair value.

The Company follows ASC

321,

using the measurement alternative to measure investments in investees that do

not

have readily determinable fair value and over which the Company does

not

have significant influence at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC Topic

820,

Fair Value Measurements and Disclosures. If the fair value is less than the investment’s carrying value, the entity has to recognize an impairment loss in net income equal to the difference between the carrying value and fair value.

Investments in entities in which the Company can exercise significant influence but does

not

own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC

323

(“ASC

323”

), “Investments-Equity Method and Joint Ventures”. Under the equity method, the Company initially records its investment at cost and the difference between the cost and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The equity method goodwill is

not

subsequently amortized and is

not

tested for impairment under ASC

350.

The Company subsequently adjusts the carrying amount of the investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investments for impairment under ASC

323.

An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

The Company did

not

record any impairment loss on its long term investments as of

December 31, 2019

and

2018.

Impairment of Long-lived Assets other than goodwill

The Company assesses its long-lived assets such as property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset

may

not

be recoverable. Factors which

may

indicate potential impairment include a significant underperformance related to the historical or projected future operating results or a significant negative industry or economic trend. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If property and equipment, and intangible assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds their fair value. The Company did

not

record any impairment loss on its long-lived assets as of

December 31, 2019

and

2018.

Revenue Recognition

The Company recognizes revenue from the sale of products when title and risk of loss passes and the customer accepts the goods, which occurs at delivery. Sales taxes invoiced to customers and remitted to government authorities are excluded from net sales.

January 1, 2018

the Company adopted Accounting Standards Update (“ASU”)

2014

Revenue from Contracts with Customers (FASB ASC Topic

606

) using the modified retrospective method for contracts that were

not

completed as of

January 1, 2018.

The results of applying Topic

606

using the modified retrospective approach were insignificant and did

not

have a material impact on the Company’s consolidated financial condition, results of operations, cash flows, business process, controls or systems.

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The majority of the Company’s contracts have

one

single performance obligation as the promise to transfer the individual goods is

not

separately identifiable from other promises in the contracts and is, therefore,

not

distinct. The Company’s revenue streams are recognized at a specific point in time.

The contract assets and contract liabilities are recorded on the consolidated balance sheets as accounts receivable and advance payments from customers as of

December 31, 2019

and

2018.

For the years ended

December 31, 2019

and

2018,

revenue recognized from performance obligations related to prior periods was insignificant.

Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. The following table summarizes disaggregated revenue from contracts with customers by geographic locations:

	For the Years Ended
	December 31, 2019		December 31, 2018
North Carolina	$	145,756,172	$	138,790,263
Florida		91,173,814		88,670,044
Georgia		65,173,052		63,546,391
Arizona		7,196,217		-
California		54,877,209		-
Colorado		6,658,931		-
Utah		8,249,684		-
Washington		9,077,202		-
Total	$	388,162,281	$	291,006,698

Shipping and Handling Costs

Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in distribution, selling and administrative expenses. Shipping and handling costs were

$4,443,967

and

$5,205,673

for the years ended

December 31, 2019

and

2018,

respectively.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than

not

to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC

740

on the basis of a

two

-step process in which (

) the Company determines whether it is more likely than

not

that the tax positions will be sustained on the basis of the technical merits of the position and (

) for those tax positions that meet the more-likely-than-

not

recognition threshold, the Company recognizes the largest amount of tax benefit that is more than

percent likely to be realized upon ultimate settlement with the related tax authority. The Company does

not

believe that there were any uncertain tax positions at

December 31, 2019

and

2018.

Leases

January 1, 2019,

the Company adopted Accounting Standards Update (“ASU”)

2016

02.

For all leases that were entered into prior to the effective date of ASC

842,

the Company elected to apply the package of practical expedients. Based on this guidance the Company will

not

reassess the following: (

) whether any expired or existing contracts are or contain leases; (

) the lease classification for any expired or existing leases; and (

) initial direct costs for any existing leases. The new standard was adopted in the current quarter and did

not

have a material impact on the Company’s consolidated balance sheets or on its consolidated income statements.

The adoption of Topic

842

resulted in the presentation of

$21.2

million of operating lease assets and operating lease liabilities on the consolidated balance sheet as of

January 1, 2019.

See Note

for additional information.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating leases, and obligations under operating leases, non-current on the Company’s consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of finance lease liabilities, and finance lease liabilities, non-current on the consolidated balance sheets.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do

not

provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms

may

include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with ASC

260,

“Earnings per Share” (“ASC

260”

). ASC

260

requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti- dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There is

anti-dilutive effect for the years ended

December 31, 2019

and

2018.

Fair Value of Financial Instruments

The Company follows the provisions of FASB ASC

820,

Fair Value Measurements and Disclosures. ASC

820

clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level

- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level

- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are

not

active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level

- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information.

The carrying amounts reported in the balance sheets for cash, accounts receivable, advances to suppliers, notes receivable - current, other current assets, accounts payable, bank overdraft, income tax payable, advances from customers, current portion of long-term debt, current portion of obligations under capital and operating leases, and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.

Concentrations and Credit Risk

Credit risk

Accounts receivable are typically unsecured and derived from revenue earned from customers, and thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.

Concentration risk

There were

receivables from any

one

customer representing more than

10%

of the Company’s consolidated gross accounts receivable at

December 31, 2019

and

2018.

For the years ended

December 31, 2019

and

2018,

supplier accounted for more than

10%

of the total cost of revenue. As of

December 31, 2019,

two

suppliers accounted for

34%

and

15%

of total advance payments outstanding and these

two

suppliers accounted for

70%

and

30%

of advance payments to related parties, respectively. As of

December 31, 2018,

three

suppliers accounted for

55%,

18%

and

12%

of total advance payments outstanding and these

three

suppliers accounted for

65%,

22%

and

14%

of advance payments to related parties, respectively.

Recent Accounting Pronouncements

June 2016,

the FASB issued ASU

2016

13,

“Measurement of Credit Losses on Financial Instruments (Topic

326

): Measurement of Credit Losses on Financial Instruments” (“ASU

2016

13”

). ASU

2016

requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU

was further amended in

November 2019

in “Codification Improvements to Topic

326,

Financial Instruments-Credit losses”. This guidance is effective for fiscal years beginning after

December 15, 2019,

including those interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does

not

expect the adoption of this guidance to have a material impact on its consolidated financial statements.

August 2018,

the FASB issued ASU

2018

13,

“Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU

2018

13”

). ASU

2018

removes, modifies and adds certain disclosure requirements in Topic

820

“Fair Value Measurement”. ASU

2018

eliminates certain disclosures related to transfers and the valuations process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level

fair value measurements. ASU

2018

is effective for the Company for annual and interim reporting periods beginning

January 1, 2020.

The Company is currently evaluating the impact ASU

2018

will have on its consolidated financial statements.

December 2019,

the FASB issued ASU

No.

2019

12,

“Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes” (“ASU

2019

12”

), which is intended to simplify various aspects related to accounting for income taxes. ASU

2019

removes certain exceptions to the general principles in Topic

740

and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after

December

15,

2020,

with early adoption permitted. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does

not

expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Note 3 - Accounts Receivable, Net

12 Months Ended

Dec. 31, 2019

Financing Receivables [Text Block]

NOTE

- ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following:

	As of December 31, 2019			As of December 31, 2018
Accounts receivable	$	50,651,104		$	15,064,580
Less: allowance for doubtful accounts		(623,970	)		(658,104	)
Accounts receivable, net	$	50,027,134		$	14,406,476

Movement of allowance for doubtful accounts is as follows:

	For the Years Ended
	December 31, 2019			December 31, 2018
Beginning balance	$	658,104		$	567,108
Provision for doubtful accounts		(4,515	)		119,329
Less: write off/recovery		(29,619	)		(28,333	)
Ending balance	$	623,970		$	658,104

Note 4 - Notes Receivable	12 Months Ended
Note 4 - Notes Receivable	Dec. 31, 2019
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 4 - NOTES RECEIVABLE On September 30, 2018, the Company entered into a line of credit promissory note agreement with Feilong Trading, Inc, which is a supplier to the Company. Pursuant to the promissory note agreement, Feilong Trading, Inc. was permitted to borrow up to $4,000,000 from time to time. The note bore interest at the rate of 5% per annum on the unpaid balance, compounded monthly. On September 30, 2019, the entire outstanding balance of $3,622,505 was sold to Mr. Zhou Min Ni in exchange for 272,369 shares of common stock of the Company, which shares were received and recorded as treasury stock by the Company as of September 30, 2019. In connection with the sale of this note receivable, the Company also required 89,882 additional shares of common stock of the Company owned by Mr. Ni to be placed in an escrow account for a period of one year (the “Escrow Period”), which will be delivered to the Company in part or in full, if the weighted average closing price of the Company’s common stock for the 250 -trading-day period immediately preceding the expiration of the Escrow Period is less than $13.30.

Note 5 - Long-term Investments

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

– LONG TERM INVESTMENTS

Long term investments consisted of the following:

	Ownership as of December 31, 2019	As of December 31, 2019		As of December 31, 2018
Pt. Tamron Akuatik Produk Industri	12%	$	1,800,000	$	-
Asahi Food, Inc.	49%		496,276		-
Long term investments		$	2,296,276	$	-

The investment in Pt. Tamron Akuatik Produk Industri is accounted for using the measurement alternative under

ASC321,

which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi Food, Inc. is accounted for under the equity method due to the fact that the Company has significant influence but does

not

exercise full control over this investee. The Company believes there was

impairment as of

December 31, 2019

and

2018

for these investments.

Note 6 - Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment Disclosure [Text Block]

NOTE

- PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	As of December 31, 2019			As of December 31, 2018
Land	$	2,010,253		$	1,608,647
Buildings and improvements		26,903,528			18,784,628
Machinery and equipment		13,412,961			10,160,205
Motor vehicles		23,841,730			10,267,095
Subtotal		66,168,472			40,820,575
Less: accumulated depreciation		(28,630,325	)		(18,170,554	)
Property and equipment, net	$	37,538,147		$	22,650,021

Depreciation expense was

$3,251,162

and

$2,134,832

for the years ended

December 31, 2019

and

2018,

respectively.

Note 7 - Business Combination With B&R Global

12 Months Ended

Dec. 31, 2019

Business Combination Disclosure [Text Block]

NOTE

– BUSINESS COMBINATION WITH B&R GLOBAL

Effective

November 4, 2019,

HF Group acquired

100%

of the controlling interest of B&R Global, in exchange for

30,700,000

shares of HF Group Common Stock. HF Group is considered at both the legal and accounting acquirer based on the fact that there was

change of control in connection with this business combination. The aggregate fair value of the consideration paid by HF Group in the business combination is

$576,699,494

and is based on the closing share price of the Company’s common stock at the date of Closing.

The information included herein has been prepared based on the allocation of the purchase price using estimates of the fair value of assets acquired and liabilities assumed which were determined with the assistance of independent valuations using quoted market prices, discounted cash flow, and estimates made by management. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets and liabilities acquired are fully evaluated by the Company,

not

to exceed

one

year as permitted under ASC

805,

Business Combinations.

The following table presents the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:

Cash	$	7,017,467
Accounts receivable, net		30,934,831
Accounts receivable - related parties, net		3,393,930
Inventories, net		56,451,885
Other current assets		2,332,063
Other current assets - related parties		498,211
Advances to suppliers, net		97,964
Property and equipment, net		11,042,601
Deposit		281,282
Deposit – related parties		591,380
Long-term investments		2,289,389
Right-of-use assets		17,791,681
TANGIBLE ASSETS ACQUIRED		132,722,684

Lines of credit	$	35,567,911
Accounts payable		24,884,247
Accounts payable - related parties		1,528,139
Bank overdraft		12,082,094
Accrued expenses		778,779
Other payables		185,938
Other payables – related party		733,448
Customer deposits		38,510
Long-term debt		3,284,159
Lease liabilities		17,791,680
Deferred tax liabilities arising from acquired intangible assets		51,413,633
TANGIBLE LIABILITIES ASSUMED		148,288,538
NET TANGIBLE LIABILITIES ASSUMED		(15,565,854	)

Identifiable intangible assets		188,503,000
Goodwill		406,703,348
INTANGIBLE ASSETS ACQUIRED		595,206,348

Noncontrolling interests		2,941,000
Total consideration		576,699,494
	$	579,640,494

The Company recorded acquired intangible assets of

$188,503,000.

These intangible assets include tradenames of

$29,303,000

and customer relationships of

$159,200,000.

The associated goodwill and intangible assets are

not

deductible for tax purposes.

The amounts of revenue and earnings of B&R Global included in the Company’s consolidated statement of income from the acquisition date to

December 31, 2019

are as follows:

	From acquisition date to December 31, 2019

Net Revenue	$	86,059,243

Net Income	$	1,355,343

The following table presents the Company’s unaudited pro forma results for the years ended

December 31, 2019

and

2018,

respectively, as if the B&R Global Acquisition had occurred on

January 1, 2018.

The unaudited pro forma financial information presented includes the effects of adjustments related to the amortization of acquired intangible assets, and excludes other non-recurring transaction costs directly associated with the acquisition such as legal and other professional service fees. Statutory rates were used to calculate income taxes.

	Year ended December 31,
	2019			2018
Pro forma Net revenue	$	828,045,703		$	817,981,204
Pro forma Net income		6,799,694	(1)		16,114,247	(1)
Pro forma Net income attributable to HF Group		5,662,499	(1)		15,774,413	(1)

Pro forma earnings per common share - basic and diluted	$	0.11		$	0.31

Weighted average shares - basic and diluted		53,293,566			51,232,829

(

)

Includes intangibles asset amortization expense of

$10,890,300

for the years ended

December 31, 2019

and

December 31, 2018,

respectively.

Note 8 - Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE

GOODWILL AND ACQUIRED INTANGIBLE ASSETS

Goodwill

The changes in HF Group’s carrying amount of goodwill by segment are presented below:

	HF Group		B&R Global		Total
Balance at January 1 and December 31, 2018		-		-		-
B&R Global Acquisition		-		406,703,348		406,703,348
Balance at December 31, 2019 (1)	$	-	$	406,703,348	$	406,703,348

(

)

There are

accumulated impairment losses.

Acquired Intangible Assets

In connection with the Business Acquisition, HF Group acquired

$188,503,000

of intangible assets, primarily representing tradenames and customer relationships, which have an estimated weighted-average amortization period of approximately

years and

years respectively. The components of the intangible assets are as follows:

At December 31,	2019							2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Tradenames	$	29,303,000	$	(488,383	)		28,814,617	$	-	$	-		-
Customer relationships		159,200,000		(1,326,667	)		157,873,333		-		-
Total	$	188,503,000	$	(1,815,050	)		186,687,950	$	-	$	-		-

HF Group’s amortization expense for intangible assets was

$1,815,050

2019

and

nil

2018,

respectively. Estimated future amortization expense for intangible assets is presented below:

Twelve months ending December 31,
2020	$	10,890,300
2021		10,890,300
2022		10,890,300
2023		10,890,300
2024		10,890,300
Thereafter		132,236,450
Total	$	186,687,950

Note 9 - Lines of Credit	12 Months Ended
Note 9 - Lines of Credit	Dec. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 9 - LINES OF CREDIT On July 1, 2016, Han Feng, HF Group’s main operating entity, entered into a line of credit agreement with East West Bank. The line of credit agreement provided for a revolving credit of $14,500,000. The line of credit was secured by virtually all assets of Han Feng, the premises and an adjoining undeveloped parcel of land owned by R&N Holding, and premises owned by R&N Lexington. The principal and all accrued unpaid interest were originally due in May 2018 and then extended to May 27, 2019, in order to provide an uninterrupted credit facility while the renewal of the line of credit is being reviewed by the bank. Interest was based on the prime rate less 0.15%, but in no event less than 3.25% per annum, and was payable monthly. On April 18, 2019, this $5,156,018 obligation was repaid in full with proceeds from the Credit Agreement with East West Bank entered into on April 18, 2019, as described below. On November 14, 2012, NSF, another operating entity, entered into a line of credit agreement with Bank of America. The line of credit agreement provided for a revolving credit of $4,000,000. The line of credit was secured by three real properties owned by NSF, and guaranteed by the two shareholders of the Company, as well as BB, a subsidiary of the Company. The maximum borrowings were determined by certain percentages of eligible accounts receivable and inventories. The principal and all accrued unpaid interest were originally due in January 2018 and subsequently extended to February 2020. Interest was based on the LIBOR rate plus 2.75%. On April 18, 2019, this $954,984 obligation was paid off in full with proceeds from the Credit Agreement with East West Bank entered into on April 18, 2019, as described below. On April 18, 2019, the Company, Han Feng, NSF and Kirnland entered into a Credit Agreement (the “Credit Agreement”) with East West Bank. The Credit Agreement provided for a $25 million secured line of credit facility available to be used in one or more revolving loans to the Company’s domestic subsidiaries that were parties to the Credit Agreement for working capital and general corporate purposes. Han Feng, NSF and Kirnland (the “Borrower Subsidiaries”) were the borrowers and the Company and each of its other material subsidiaries were guarantors of all the obligations under the Credit Agreement. The original maturity of the line of credit was August 18, 2021. Contemporaneously with the execution of the Credit Agreement, existing senior debt of the Borrower Subsidiaries in the amount of $6,111,692 was paid from revolving loans drawn on the line of credit. Under the Credit Agreement, the Borrower subsidiaries were to pay interest on the principal amounts drawn on the line of credit at a rate per annum equal to (a) 0.375% below the Prime Rate in effect from time to time, or (b) 2.20% above the LIBOR Rate in effect from time to time, depending on the rate elected at the time a borrowing request is made, but in no event would the interest rate of any revolving loan at any time be less than 4.214% per annum ( 4.625% at September 30, 2019). The outstanding balance on the line of credit at September 30, 2019 was $11,864,481. The Credit Agreement contained certain financial covenants which, among other things, required Han Feng to maintain certain financial ratios. On November 4, 2019, the line of credit was paid off from borrowings under the Amended and Restated Credit Agreement entered into in connection with the closing of the merger with B&R Global as described below. The outstanding balance paid off, including accrued interest, was $13,864,481. On November 4, 2019, the Company entered into an Amended and Restated Credit Agreement with JP Morgan Chase Bank, N.A. (“JP Morgan”). The Amended and Restated Credit Agreement provides for a $100 million asset-secured revolving credit facility maturing on November 4, 2022, with an option to renew at the bank’s discretion. The line of credit is collateralized by all assets of the Company and is also guaranteed by B&R Group Realty Holding, LLC (“B&R Group Realty”) and its subsidiaries (“B&R Realty Subsidiaries”), which are related parties of the Company. The Amended and Restated Credit Agreement contains financial covenants requiring the Company on a consolidated basis to maintain a Fixed Charge Coverage Ratio of 1.10 to 1.00, determined as of the end of each fiscal quarter for the four fiscal quarter periods then ended. As of December 31, 2019, the Company was in compliance with the covenants under the credit agreement. The outstanding principal balance on the line of credit as of December 31, 2019 was $41.6 million.

Note 10 - Long-term Debt

12 Months Ended

Dec. 31, 2019

Long-term Debt [Text Block]

NOTE

- LONG-TERM DEBT

Long-term debt at

December 31, 2019

and

2018

is as follows:

Bank name	Maturity	Interest rate at December 31, 2019			As of December 31, 2019			As of December 31, 2018
East West Bank – (a)	August 2027 - September 2029	3.94%	-	4.25%	$	6,989,016		$	5,053,539
Capital Bank – (b)	October 2027		3.85%			4,967,075			5,138,988
Bank of America – (c)	April 2021 – December 2029	3.9%		5.51%		4,263,663			1,363,211
J.P. Morgan Chase (d)	February 2023 – December 2023		3.07%			2,702,371			-
BMO Harris Bank – (e)	April 2022 - January 2024	5.87%	-	5.99%		508,564			2,256,724
Peoples United Bank – (e)	April 2020 – January 2023	5.75%		7.53%		1,114,993
Other finance companies – (e)	January 2020 – March 2024	3.9%	-	6.14%		716,315			752,833
Total debt						21,261,997			14,565,295
Less: current portion						(2,726,981	)		(1,455,441	)
Long-term debt					$	18,535,016		$	13,109,854

The terms of the various loan agreements related to long-term bank borrowings contain certain restrictive financial covenants which, among other things, require the Company to maintain specified ratios of debt to tangible net assets and debt service coverage. As of

December 31, 2019

and

2018,

the Company was in compliance with such covenants.

The loans outstanding were guaranteed by the following properties, entities or individuals, or otherwise secured as shown:

(a)

Guaranteed by

two

shareholders of the Company, as well as

five

subsidiaries of the Company, Han Feng, TT, MFD, R&N Holding and R&N Lexington. Also secured by assets of Han Feng and R&N Lexington and R&N Holding,

two

real properties of R&N Holding, and a parcel of real property owned by R&N Lexington. Balloon payment of

$2,293,751

is due in

2027

and another balloon payments of

$3,007,239

is due in

2029.

(b)	Guaranteed by two shareholders, as well as Han Feng, a subsidiary of the Company. Also secured by a real property owned by HG Realty. Balloon payment for this debt is $3,116,687.

(c)	Guaranteed by two shareholders, as well as two subsidiaries of the Company, NSF and BB. Secured by real property, equipment and fixtures, inventories, receivables and all other personal property owned by NSF. Balloon payment for this long-term debt is $1,382,046.

(d)	Secured by specific vehicles and equipment as defined in loan agreements.

(e)	Secured by vehicles.

The future maturities of long-term debt as of

December

31,2019

are as follows:

Twelve months ending December 31,
2020	$	2.726.981
2021		2,498,578
2022		2,169,861
2023		1,202,845
2024		684,129
Thereafter		11,979,603
Total	$	21,261,997

Note 11 - Leases

12 Months Ended

Dec. 31, 2019

Lessee, Operating and Finance Leases [Text Block]

NOTE

- LEASES

January 1, 2019,

the Company adopted Accounting Standards Update (“ASU”)

2016

02.

For all leases that were entered into prior to the effective date of ASC

842,

the Company elected to apply the package of practical expedients. The Company leases office space and warehouses under non-cancelable operating leases, with terms typically ranging from

one

five

years, as well as operating and finance leases for vehicles and delivery trucks, forklifts and computer equipment with various expiration dates through

2021.

The Company determines whether an arrangement is or includes an embedded lease at contract inception.

Operating lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, the Company also recognizes a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization of the lease payment.

Operating Leases

The components of lease expense were as follows:

	For the Year Ended
	December 31, 2019
Operating lease cost	$	1,601,678

Weighted Average Remaining Lease Term (Months)
Operating leases			51

Weighted Average Discount Rate
Operating leases			4.0	%

Finance Leases

The components of lease expense were as follows:

	For the Year Ended
	December 31, 2019		December 31, 2018
Finance leases cost:
Amortization of right-of-use assets	$	571,130	$	275,163
Interest on lease liabilities		110,274		51,637
Total finance leases cost	$	681,404	$	326,800

Supplemental cash flow information related to finance leases was as follows:

	For the Year Ended
	December 31, 2019		December 31, 2018

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		110,274		51,537

Supplemental balance sheet information related to leases was as follows:

	December 31 2019			December 31, 2018

Finance Leases
Property and equipment, at cost	$	2,793,731		$	1,484,911
Accumulated depreciation		(1,293,130	)		(810,753	)
Property and equipment, net	$	1,500,601		$	674,158

Weighted Average Remaining Lease Term (Months)
Finance leases		54			27

Weighted Average Discount Rate
Finance leases		7.51	%		8.05	%

Maturities of lease liabilities were as follows

Twelve months ending December 31,	Operating Leases			Finance Leases
2020	$	4,956,356		$	373,715
2021		4,423,554			362,024
2022		3,860,092			334,223
2023		3,330,372			313,160
2024		2,184,500			227,788
Total Lease Payments		18,754,874			1,610,910
Less Imputed Interest		(1,599,290	)		(277,501	)
Total	$	17,155,584		$	1,333,409

July 2, 2018,

AnHeart entered into

two

separate leases for

two

buildings located in Manhattan, New York, at

273

Fifth Avenue and

275

Fifth Avenue, for

years and

years, respectively, which are net leases, meaning that AnHeart is required to pay all costs associated with the buildings, including utilities, maintenance and repairs. HF Holding provided a guaranty for all rent and related costs of the leases, including costs associated with the construction of a

two

-story structure at

273

Fifth Avenue and rehabilitation of the building at

275

Fifth Avenue.

February 23, 2019,

HF Group executed an agreement to transfer all of its ownership interest in AnHeart to Jianping An, a resident of New York, for a sum of

$20,000.

The transfer of ownership was completed on

May 2, 2019.

However, the transfer of ownership does

not

release HF Holding’s guaranty of AnHeart’s obligations or liabilities under the original lease agreements. Under the terms of the sale to Ms. An, AnHeart executed provided a security interest in all AnHeart assets and a covenant that the Company will be assigned the leases if AnHeart defaults. Further, AnHeart has tendered an unconditional guaranty of all AnHeart liabilities arising from the leases, in favor of the Company, executed by Minsheng Pharmaceutical Group Company, Ltd., a Chinese manufacturer and distributor of herbal medicines.

Note 12 - Supplemental Cash Flows Information

12 Months Ended

Dec. 31, 2019

Cash Flow, Supplemental Disclosures [Text Block]

NOTE

– SUPPLEMENTAL CASH FLOWS INFORMATION

Supplemental cash flow disclosures and noncash investing and financing activities are as follows:

	For the Years Ended
	December 31, 2019		December 31, 2018
Supplemental disclosure of cash flow data:
Cash paid for interest	$	1,520,545	$	1,344,750
Cash paid for income taxes	$	2,677,205	$	2,065,000
Supplemental disclosure of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease liabilities	$	767,323	$	-
Property and equipment obtained in exchange for finance lease liabilities	$	1,432,662	$	-
Property and equipment purchases from notes payable	$	1,080,153	$	-
Notes receivable sold to shareholder in exchange of common stock	$	12,038,030	$	-
Common Stock issued for consideration of acquisition of B&R Global*	$	576,699,494	$	-

*See Note

for details of assets acquired and liabilities assumed under the B&R Acquisition.

Note 13 - Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Text Block]

NOTE

- TAXES

Corporate Income

Taxes

(“CIT”)

Prior to

January 1, 2018,

Han Feng, TT, MFD, Kirnsway, Chinesetg, NSF and BB had elected under the Internal Revenue Code to be S corporations. R&N Holdings, R&N Lexington and HG realty were formed as limited liability companies taxed as partnerships. An S corporation or partnership is considered a flow-through entity and is generally

not

subject to federal or state income tax at the entity level. In lieu of corporate income taxes, the stockholders and members of these entities are taxed on their proportionate share of the entities’ taxable income. Kirnland did

not

elect to be treated as an S corporation and was the only entity that is subject to corporate income taxes under this report.

Effective

January 1, 2018,

all of the above-listed S corporation and partnership entities were converted to C corporations and will be taxed at the entity level going forward. Accordingly, the Company shall account for income taxes of all these entities under ASC

740.

The Company has recognized the impact on deferred income tax assets and liabilities from the conversion of the above-mentioned S corporations and partnership entities to C corporations in the consolidated financial statements as of

December 31, 2018.

December 22, 2017,

the U.S. enacted the Tax Cuts and Jobs Act (the “Act”), which significantly changed U.S. tax law. The Act lowered the Company’s U.S. statutory federal income tax rate from

35%

21%

effective

January 1, 2018,

while also imposing a deemed repatriation tax on deferred foreign income. The Act also created a new minimum tax on certain future foreign earnings. The Company expects the new federal income tax rate will significantly lower the Company’s income tax expenses going forward. The Company does

not

expect the repatriation tax and new minimum tax on certain future foreign earnings to have any impact on the Company’s operations since it currently has

foreign income and does

not

expect to generate any foreign income in the future.

(i)

The provision for income taxes of the Company for the years ended

December 31, 2019

and

2018

consists of

the following:

	For the Years Ended
	December 31, 2019			December 31, 2018
Current:
Federal	$	1,907,309		$	1,474,467
State		540,488			373,871
Current income taxes		2,447,797			1,848,338
Deferred:
Federal		(156,892	)		520,163
State		(93,813	)		121,754
Deferred income taxes		(250,705	)		641,917
Total provision for income taxes	$	2,197,092		$	2,490,255

(ii)

Temporary

differences and carryforwards of the Company that created significant deferred tax assets and liabilities

are

as follows:

	As of December 31, 2019			As of December 31, 2018
Deferred tax assets:
Allowance for doubtful accounts	$	373,438		$	165,083
Inventories		594,628			113,730
Federal NOL		228,637			-
State NOL		80,514			-
Section 481(a) adjustment		-			40,317
Accrued expenses		80,100			46,750
Total deferred tax assets		1,357,317			365,880
Deferred tax liabilities:
Property and equipment		(3,270,536	)		(1,444,008	)
Intangibles assets		(50,327,833	)		-
Total deferred tax liabilities		(53,598,369	)		(1,444,008	)
Net deferred tax liabilities	$	(52,241,052	)	$	(1,078,128	)

The net deferred tax liabilities presented in the Company's Consolidated Balance Sheets were as follows：

	As of December 31, 2019			As of December 31, 2018
Deferred tax assets	$	78,993		$	117,933
Deferred tax liabilities		(52,320,045	)		(1,196,061	)
Net deferred tax liabilities	$	(52,241,052	)	$	(1,078,128	)

(iii)

Reconciliations of the statutory income tax rate to the effective income tax rate

are

follows:

	For the Years Ended
	December 31, 2019			December 31, 2018
Federal statutory tax rate		21.0	%		21.0	%
State statutory tax rate		4.0	%		4.4	%
U.S. permanent difference		1.0	%		1.0	%
Other		1.2	%		1.7	%
Effective tax rate		27.2	%		28.1	%

Note 14 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

NOTE

– RELATED PARTY TRANSACTIONS

The Company records transactions with various related parties. The related party transactions as of

December 31, 2019

and

2018

and for the years ended

December 31, 2019

and

2018

are identified as follows:

Related party balances:

a.	Accounts receivable - related parties, net

Below is a summary of accounts receivable with related parties as of

December 31, 2019

and

2018,

respectively:

		As of December 31		As of December 31,
Name of Related Party		2019		2018
(a)	Allstate Trading Company Inc.	$	11,322	$	1,000
(b)	Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)		348,833		255,412
(c)	Eagle Food Service LLC		979,591		817,275
(d)	Fortune One Foods Inc.		53,862		130,314
(e)	Eastern Fresh LLC		1,511,075		784,836
(f)	Enson Trading LLC		341,200		170,633
(g)	Hengfeng Food Service Inc.		477,541		83,654
(h)	N&F Logistic, Inc.		119,241		-
(i)	ABC Trading, LLC		238,513		-
	Others		121,692		49,027

Total		$	4,202,870	$	2,292,151

(a)	Mr. Zhou Min Ni, the Chairman and Co-Chief Executive Officer of the Company, owns a 40% equity interest in this entity;
(b)	Mr. Zhou Min Ni owns a 50% equity interest in this entity.
(c)	Tina Ni, one of Mr. Zhou Min Ni’s family members, owns a 50% equity interest in this entity.
(d)	Mr. Zhou Min Ni owns a 17.5% equity interest in this entity.
(e)	Mr. Zhou Min Ni owns a 30% equity interest in this entity.
(f)	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
(g)	Mr. Zhou Min Ni owns a 45% equity interest in this entity.
(h)	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
(i)	Mr. Peter Zhang, Co-Chief Executive Officer and Chief Financial Officer of the Company, owns 10.38% equity interest in this entity.

All accounts receivable from these related parties are current and considered fully collectible.

allowance is deemed necessary.

b.	Advances to suppliers - related parties, net

The Company periodically provides purchase advances to various vendors, including the related party suppliers. These advances are made in the normal course of business and are considered fully realizable.

Below is a summary of advances to related party suppliers as of

December 31, 2019

and

December 31, 2018,

respectively:

	As of		As of
Name of Related Party	December 31, 2019		December 31, 2018
(1) Ocean Pacific Seafood Group	$	223,303	$	208,960
(2) Revolution Industry, LLC		521,832		329,394
(3) First Choice Seafood Inc.		-		988,128

Total	$	745,135	$	1,526,482

( 1 )	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
( 2 )	The son of Mr. Zhou Min N, Raymond Ni, owns 100% of Revolution Industry, LLC.
( 3 )	First Choice Seafood is owned by Enson Seafood GA Inc., of which Mr. Zhou Min Ni owns a 50% equity interest.

c.	Notes receivable - related parties

The Company had previously made advances or loans to certain entities that are either owned by the controlling shareholders of the Company or family members of the controlling shareholders.

As of

December 30, 2019,

and

December 31, 2018,

the outstanding loans to various related parties consist of the following:

Name of Related Party	As of December 31, 2019		As of December 31, 2018
Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)	$	-	$	1,987,241
Han Feng Global Inc., t/a NSG International Inc. (“NSG”) (1)		-		6,092,397
Revolution Automotive, LLC (“Revolution Automotive”) (2)		-		461,311
Total	$	-	$	8,540,949
Less: Current portion	$	-	$	8,117,686
Total	$	-	$	423,263

( 1 )	Mr. Zhou Min Ni owns a 30% equity interest in this entity.
( 2 )	The son of Mr. Zhou Min Ni, Raymond Ni, owns 100% of Revolution Automotive LLC.

January 1, 2018,

the Company entered into a promissory note agreement with Enson Seafood. Pursuant to the promissory note agreement, the outstanding balances of

$550,000

due from Enson Seafood as of

December 31, 2017

were converted into promissory notes bearing annual interest of

commencing

January 1, 2018.

The principal plus interest was due

later than

December 31, 2019.

Interest was computed on the outstanding balance on the basis of the actual number of days elapsed in a year of

360

days.

September 30, 2018,

the Company signed a promissory note agreement with Enson Seafood in the principal amount of

$2,000,000.

The note accrued interest at the rate of

per annum on the unpaid balance, compounded monthly. The principal plus all accrued and unpaid interest was initially due

later than

September 30, 2019,

with an option to renew, and required Enson Seafood to make monthly payments of

$171,215

for

twelve

months. On

March 1, 2019,

the Company and Enson Seafood extended the expiration date of the note until

February

29,

2024

and Mr. Zhou Min Ni agreed to personally guarantee the note.

January 1, 2018,

the Company signed a promissory note agreement with NSG. Pursuant to the promissory note agreement, the outstanding balances of

$5,993,552

due from NSG as of

December 31, 2017

were converted into promissory notes bearing annual interest of

commencing

January 1, 2018.

The principal plus interest was required to be paid off

later than

December 31, 2019.

Interest was computed on the outstanding balance on the basis of the actual number of days elapsed in a year of

360

days.

March 1, 2019,

the Company entered into a new

five

year-term promissory note agreement with NSG that comprised a restatement and novation and superseded the note dated

January 1, 2018.

Pursuant to the new promissory note agreement, the outstanding balance of

$5,941,031

together with interest at the rate of

per annum became payable in monthly installments until principal and accrued interest was paid in full on or before

March 1, 2024.

March 1, 2018,

the Company entered into a promissory note agreement by which Revolution Automotive was loaned

$483,628.

Pursuant to this promissory note agreement, Revolution Automotive was required to make monthly payments of

$5,000

for

months, including interest, with final payment of

$284,453.

The loan bore interest of

per annum. Interest was computed on the outstanding balance on the basis of the actual number of days elapsed in a year of

360

days. The principal plus interest was to be paid off

later than

April 30, 2023.

March 1, 2019,

the Company and each of Enson Seafood and NSG agreed to extend the expiration date of their notes payable until

February

29,

2024,

and Mr. Zhou Min Ni agreed to personally guarantee these notes.

September 30, 2019,

the entire outstanding balance of all the above notes of

$8,415,525

was sold to Mr. Zhou Min Ni in exchange for

632,746

shares of common stock of the Company, which shares were received and recorded in treasury stock by the Company as of

September 30, 2019.

In connection with the sale of the above notes, the Company also required

208,806

additional shares of common stock of the Company owned by Mr. Ni to be placed in an escrow account for a period of

one

year (the “Escrow Period”), which will be delivered to the Company in part or in full, if the volume weighted average closing price of the Company’s common stock for the

250

-trading-day period immediately preceding the expiration of the Escrow Period is less than

$13.30.

Accounts payable - related parties

As of

December 31, 2019,

and

December 31, 2018,

the Company had a total accounts payable balance of

$4,521,356

and

$3,923,120

due to various related parties, respectively. All these accounts payable to related parties occurred in the ordinary course of business and are payable upon demand without interest.

Advances from customers - related parties

The Company also periodically receives advances from its related parties for business purposes. These advances are interest free and due upon demand. There were

advances from customers involving related parties at

December 31, 2019

and

$166,490

as of

December 31, 2018.

Security deposit - related parties

The Company made deposits to its related parties for warehouse rental purposes. These deposits are expected to be returned upon termination of the respective leases. Total deposits to related parties amounted to

$591,380

as of

December 31, 2019

and there were

deposits as of

December 31, 2018.

Term Loan guaranty - related parties

B&R Global Group Realty and its subsidiaries have a mortgage-secured Term Loan in the amount of

$55.4

million as of

December 31, 2019.

The term loan is collateralized by all assets of the Company.

Lease Agreements with Related Parties:

A subsidiary of the Company, R&N Holding, leases a facility to a related party under an operating lease agreement expiring in

2024.

The cost of the leased building is

$400,000

December 31, 2019

and

2018,

and the accumulated depreciation of the leased building is

$78,282

and

$100,000

December 31, 2019

and

December 31, 2018,

respectively. Rental income for the year ended

December 31, 2019

and

December 31, 2018

was

$45,600

and

$45,600,

respectively.

2017,

a subsidiary of the Company, HG Realty, leased a warehouse to a related party under an operating lease agreement expiring on

September 21, 2027.

The cost of the leased building is

$3,223,745

December 31, 2019

and

December 31, 2018,

and the accumulated depreciation of the leased building is

$516,626

and

$433,966

as of

December 31, 2019

and

December 31, 2018,

respectively. Rental income for the year ended

December 31, 2019

and

December 31, 2018

was

$480,000

and

$480,000,

respectively.

B&R Global leased warehouses from related parties owned by the majority shareholder of B&R Global. Rent incurred to the related parties was

$751,000

for the year ended on

December 31, 2019.

2019,

a subsidiary of the Company, Kirnland, leased a warehouse from a related party under an operating lease agreement expiring on

December 31, 2019.

Rent incurred to the related party was

$120,000

for the year ended

December 31, 2019.

Related party sales and purchases transactions:

The Company makes regular sales to and purchases from various related parties during the normal course of business. The total sales to related parties were

$19,352,408

and

$18,147,003

for the years ended

2019

and

2018,

respectively. The total purchases made from related parties were

$40,388,000

and

$31,676,828

for the year ended

December 31, 2019

and

2018,

respectively.

Note 15 - Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting Disclosure [Text Block]

NOTE

- SEGMENT REPORTING

ASC

280,

“Segment Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision makers, reviews operation results by the revenue of different products. After acquiring the business of B&R Global, the Company distinguishes revenues, costs and expenses between HF Group and B&R Global in its internal reporting, and reports costs and expenses by nature in different operating segments. As a result, the Company has

two

reportable segments, including HF Group and B&R Global, and has re-presented the segment reporting for the year ended

December 31, 2018

as follows.

The following table presents net sales by segment for the years ended

December 31, 2019

and

2018,

respectively:

	For the Year Ended
	December 31, 2019		December 31, 2018
Net revenue
HF	$	302,103,038	$	291,006,698
B&R Global		86,059,243		-
Total	$	388,162,281	$	291,006,698

All the Company’s revenue was generated from its business operations in the U.S.

	For the Year Ended December 31, 2019
	HF		B&R Global		Total
Revenue	$	302,103,038	$	86,059,243	$	388,162,281
Cost of revenue		252,078,738		72,875,020		324,953,758
Gross profit		50,024,300		13,184,223		63,208,523
Depreciation and amortization		5,487,027		1,267,481		6,754,508
Total capital expenditures	$	4,681,404	$	154,525	$	4,835,929

	For the Year Ended December 31, 2018
	HF		B&R Global		Total
Revenue	$	291,006,698	$	-	$	291,006,698
Cost of revenue		241,441,149		-		241,441,149
Gross profit		49,565,549		-		49,565,549
Depreciation and amortization	$	2,134,832	$	-	$	2,134,832

	As of December 31, 2019		As of December 31, 2018
Total assets:
HF	$	80,514,529	$	82,476,407
B&R Global		722,329,265		-
Total Assets	$	802,843,794	$	82,476,407

All of the Company’s long-lived assets are located in the US.

Note 16 - Commitment and Contingency	12 Months Ended
Note 16 - Commitment and Contingency	Dec. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 16 – COMMITMENT AND CONTINGENCY Various labor and employment lawsuits were filed by former employees against FUSO, NBT, and HRT, alleging these entities failed to provide proper meal and rest breaks, as well as other related violations. These entities deny all the allegations. Management believes there is no merit to the cases and will vigorously defend the cases. Therefore, the Company did not accrue any loss contingency for this matter on its consolidated financial statements as of December 31, 2019 and 2018.

Note 17 - Subsequent Events	12 Months Ended
Note 17 - Subsequent Events	Dec. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 17 – SUBSEQUENT EVENTS On January 17, 2020, the Company, its wholly-owned subsidiary, B&R Global, and certain of the wholly-owned subsidiaries and affiliates of the Company, as borrowers, and certain material subsidiaries of the Company as guarantors, entered into a Second Amended and Restated Credit Agreement (the “Second Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as Administrative Agent, and certain lender parties thereto, including Comerica Bank. The Second Amended Credit Agreement provides for (a) a $100 million asset-secured revolving credit facility maturing on November 4, 2022 ( the “Facility”), and (b) mortgage-secured Term Loans of $75.6 million. On January 17, 2020, the Company completed the transactions contemplated by that certain member interest purchase agreement dated the same date (the “Purchase Agreement”) by and among its subsidiary B&R Global, B&R Group Realty, and nine subsidiary limited liability companies wholly owned by B&R Group Realty (the “B&R Realty Subsidiaries”) (the “Acquisition”). The total purchase price for the Acquisition was around $101 million. Consideration for the Acquisition was funded by (i) $75.6 million in mortgage-backed term loans financed under the Second Amended Credit Agreement, (ii) issuance by B&R Global and the Company of a $7.0 million Unsecured Subordinated Promissory Note to B&R Group Realty, and (iii) payment of $18.7 million from funds drawn from the Company’s revolving credit facility. Upon completion of this acquisition, B&R Realty Subsidiaries became wholly-owned subsidiaries of the Company.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

first

period presented in the accompanying consolidated financial statements. All inter-company balances and transactions have been eliminated upon consolidation.

not

the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (

) has power to direct the activities that most significantly affect the economic performance of the VIE, and (

) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.

As of

December 31, 2019

and

2018,

	December 31, 2019		December 31, 2018
Current assets	$	158,184	$	-
Non-current assets		301,803		-
Total assets	$	459,987	$	-
Current liabilities	$	805,666	$	-
Non-current liabilities		69,321		-
Total liabilities	$	874,987	$	-

	For the year ended December 31
	2019		2018
Net revenue	$	420,163	$	-
Net income	$	68,449	$	-

	For the year ended December 31
	2019			2018
Net cash provided by operating activities	$	201,885		$	-
Net cash used in financing activities		(207,159	)		-
Net decrease in cash and cash equivalents	$	(5,274	)	$	-

Consolidation, Policy [Policy Text Block]

Noncontrolling Interests

As of

December 31, 2019

and

2018,

noncontrolling interest consisted of the following:

Name of Entity	Percentage of Ownership of noncontrolling interest			December 31, 2019		December 31, 2018
Kirnland		33.30	%		1,292,623		1,104,678
OW		32.50	%		1,600,058		-
MS		35.00	%		459,126		-
MIN		39.70	%		896,980		-
Total					4,248,787		1,104,678

Use of Estimates, Policy [Policy Text Block]

Uses of Estimates

not

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of

three

or fewer months to be cash equivalents. As of

December 31, 2019

and

2018,

the Company had

cash equivalents.

Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block]

Accounts Receivable

Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do

not

December 31, 2019

and

2018,

the allowances for doubtful accounts were

$623,970

and

$658,104,

respectively.

Inventory, Policy [Policy Text Block]

Inventories

first

-in,

first

-out (FIFO) method. As of

December 31, 2019

and

2018,

the valuation allowance was

$16,928

and

nil,

respectively.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

	Estimated useful lives (years)
Buildings and improvements	7	-	39
Machinery and equipment	3	-	15
Motor vehicles	5	-	7

Business Combinations Policy [Policy Text Block]

Business Combinations

The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC

805

(“ASC

805”

), “

Business Combinations

not

may

be up to

one

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

The Company early adopted ASU

No.

2017

04,

Intangibles - Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment. The standard simplifies the subsequent measurement of goodwill by removing Step

not

to exceed the carrying amount of goodwill.

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company tests goodwill for impairment at least annually, in the

fourth

quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired.

The Company reviews the carrying values of goodwill and identifiable intangibles whenever events or changes in circumstances indicate that such carrying values

may

not

be recoverable and annually for goodwill and indefinite lived intangible assets as required by ASC Topic

350,

Intangibles — Goodwill and Other

. This guidance provides the option to

first

assess qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than

not

to exceed the total amount of goodwill allocated to that reporting unit.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

		Estimated useful lives (years)
Tradenames		10
Customer relationships		20

Equity Method Investments [Policy Text Block]

Long term investments

The Company’s investments in unconsolidated entities consist of equity investments without readily determinable fair value.

The Company follows ASC

321,

using the measurement alternative to measure investments in investees that do

not

have readily determinable fair value and over which the Company does

not

820,

Investments in entities in which the Company can exercise significant influence but does

not

own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC

323

(“ASC

323”

not

subsequently amortized and is

not

tested for impairment under ASC

350.

323.

An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

The Company did

not

record any impairment loss on its long term investments as of

December 31, 2019

and

2018.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-lived Assets other than goodwill

The Company assesses its long-lived assets such as property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset

may

not

be recoverable. Factors which

may

not

record any impairment loss on its long-lived assets as of

December 31, 2019

and

2018.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

January 1, 2018

the Company adopted Accounting Standards Update (“ASU”)

2014

Revenue from Contracts with Customers (FASB ASC Topic

606

) using the modified retrospective method for contracts that were

not

completed as of

January 1, 2018.

The results of applying Topic

606

using the modified retrospective approach were insignificant and did

not

have a material impact on the Company’s consolidated financial condition, results of operations, cash flows, business process, controls or systems.

one

single performance obligation as the promise to transfer the individual goods is

not

separately identifiable from other promises in the contracts and is, therefore,

not

distinct. The Company’s revenue streams are recognized at a specific point in time.

The contract assets and contract liabilities are recorded on the consolidated balance sheets as accounts receivable and advance payments from customers as of

December 31, 2019

and

2018.

For the years ended

December 31, 2019

and

2018,

revenue recognized from performance obligations related to prior periods was insignificant.

	For the Years Ended
	December 31, 2019		December 31, 2018
North Carolina	$	145,756,172	$	138,790,263
Florida		91,173,814		88,670,044
Georgia		65,173,052		63,546,391
Arizona		7,196,217		-
California		54,877,209		-
Colorado		6,658,931		-
Utah		8,249,684		-
Washington		9,077,202		-
Total	$	388,162,281	$	291,006,698

Shipping and Handling Expense [Policy Text Block]

Shipping and Handling Costs

$4,443,967

and

$5,205,673

for the years ended

December 31, 2019

and

2018,

respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than

not

The Company records uncertain tax positions in accordance with ASC

740

on the basis of a

two

-step process in which (

) the Company determines whether it is more likely than

not

that the tax positions will be sustained on the basis of the technical merits of the position and (

) for those tax positions that meet the more-likely-than-

not

recognition threshold, the Company recognizes the largest amount of tax benefit that is more than

percent likely to be realized upon ultimate settlement with the related tax authority. The Company does

not

believe that there were any uncertain tax positions at

December 31, 2019

and

2018.

Lessee, Leases [Policy Text Block]

Leases

January 1, 2019,

the Company adopted Accounting Standards Update (“ASU”)

2016

02.

For all leases that were entered into prior to the effective date of ASC

842,

the Company elected to apply the package of practical expedients. Based on this guidance the Company will

not

reassess the following: (

) whether any expired or existing contracts are or contain leases; (

) the lease classification for any expired or existing leases; and (

) initial direct costs for any existing leases. The new standard was adopted in the current quarter and did

not

have a material impact on the Company’s consolidated balance sheets or on its consolidated income statements.

The adoption of Topic

842

resulted in the presentation of

$21.2

million of operating lease assets and operating lease liabilities on the consolidated balance sheet as of

January 1, 2019.

See Note

for additional information.

not

may

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with ASC

260,

“Earnings per Share” (“ASC

260”

). ASC

260

anti-dilutive effect for the years ended

December 31, 2019

and

2018.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The Company follows the provisions of FASB ASC

820,

Fair Value Measurements and Disclosures. ASC

820

clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level

- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level

- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are

not

active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations and Credit Risk

Credit risk

Concentration risk

There were

receivables from any

one

customer representing more than

10%

of the Company’s consolidated gross accounts receivable at

December 31, 2019

and

2018.

For the years ended

December 31, 2019

and

2018,

supplier accounted for more than

10%

of the total cost of revenue. As of

December 31, 2019,

two

suppliers accounted for

34%

and

15%

of total advance payments outstanding and these

two

suppliers accounted for

70%

and

30%

of advance payments to related parties, respectively. As of

December 31, 2018,

three

suppliers accounted for

55%,

18%

and

12%

of total advance payments outstanding and these

three

suppliers accounted for

65%,

22%

and

14%

of advance payments to related parties, respectively.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

June 2016,

the FASB issued ASU

2016

13,

“Measurement of Credit Losses on Financial Instruments (Topic

326

): Measurement of Credit Losses on Financial Instruments” (“ASU

2016

13”

). ASU

2016

was further amended in

November 2019

in “Codification Improvements to Topic

326,

Financial Instruments-Credit losses”. This guidance is effective for fiscal years beginning after

December 15, 2019,

including those interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does

not

expect the adoption of this guidance to have a material impact on its consolidated financial statements.

August 2018,

the FASB issued ASU

2018

13,

“Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU

2018

13”

). ASU

2018

removes, modifies and adds certain disclosure requirements in Topic

820

“Fair Value Measurement”. ASU

2018

fair value measurements. ASU

2018

is effective for the Company for annual and interim reporting periods beginning

January 1, 2020.

The Company is currently evaluating the impact ASU

2018

will have on its consolidated financial statements.

December 2019,

the FASB issued ASU

No.

2019

12,

“Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes” (“ASU

2019

12”

), which is intended to simplify various aspects related to accounting for income taxes. ASU

2019

removes certain exceptions to the general principles in Topic

740

and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after

December

15,

2020,

with early adoption permitted. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does

not

expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Note 1 - Organization and Business Description (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Name	Date of incorporation	State of incorporation	Percentage of legal ownership by HF Group	Principal activities
Parent:
HF Holding	October 11, 2017	North Carolina	100%	Holding Company

Subsidiaries:
Han Feng	January 14, 1997	North Carolina	100%	Distributing food and related products
TT	August 6, 2002	North Carolina	100%	Trucking service
MFD	April 15, 1999	North Carolina	100%	Trucking service
R&N Holdings	November 21, 2002	North Carolina	100%	Real estate holding
R&N Lexington	May 27, 2010	North Carolina	100%	Real estate holding
R&N Charlotte	June xx, 2019	North Carolina	100%	Real estate holding
Kirnsway	May 24, 2006	North Carolina	100%	Design and printing services
Chinesetg	July 12, 2011	North Carolina	100%	Design and printing services
NSF	December 17, 2008	Florida	100%	Distributing food and related products
BB	September 12, 2001	Florida	100%	Trucking service
Kirnland	April 11, 2006	Georgia	66.7%	Distributing food and related products
HG Realty	May 11, 2012	Georgia	100%	Real estate holding

Name	Date of formation / incorporation	Place of formation / incorporation	Percentage of legal ownership by B&R Global	Principal activities
Parent:
B&R Global	January 3, 2014	Delaware, USA	—	Holding Company
Subsidiaries:
Rongcheng Trading, LLC (“RC”)	January 31, 2006	California, USA	100%	Food distribution
Capital Trading, LLC (“UT”)	March 10, 2003	Utah, USA	100%	Food distribution
Win Woo Trading, LLC (‘WW”)	January 23, 2004	California, USA	100%	Food distribution
Mountain Food, LLC (“MF”)	May 2, 2006	Colorado, USA	100%	Food distribution
R & C Trading L.L.C. (“RNC”)	November 26, 2007	Arizona, USA	100%	Food distribution
Great Wall Seafood LA, LLC (“GW”)	March 7, 2014	California, USA	100%	Food distribution
B&L Trading, LLC (“BNL”)	July 18, 2013	Washington, USA	100%	Food distribution
Min Food, Inc. (“MIN”)	May 29, 2014	California, USA	60.25%	Food distribution
B&R Group Logistics Holding, LLC (“BRGL”)	July 17, 2014	Delaware, USA	100%	Food distribution
Ocean West Food Services, LLC (“OW”)	December 22, 2011	California, USA	67.5%	Food distribution
Monterey Food Service, LLC (“MS”)	September 14, 2017	California, USA	65%	Food distribution
Irwindale Poultry, LLC (“IP”)	December 27, 2017	California, USA	100%	Poultry processing
Best Choice Trucking, LLC (“BCT”)	January 1, 2011	California, USA	100%	Logistics solutions
KYL Group, Inc. (“KYL”)	April 18, 2014	Nevada, USA	100%	Logistics solutions
American Fortune Foods Inc. (“AF”)	February 19, 2014	California, USA	100%	Logistics solutions and importer
Happy FM Group, Inc. (“HFM”)	April 9, 2014	California, USA	100%	Logistics solutions
GM Food Supplies, Inc. (“GM”)	March 22, 2016	California, USA	100%	Logistics solutions
Lin’s Distribution, Inc., Inc. (“LIN”)	February2, 2010	Utah, USA	100%	Logistics solutions
Lin’s Farms, LLC (“LNF”)	July 2, 2014	Utah, USA	100%	Poultry processing
New Berry Trading, LLC (“NBT”)	September 5, 2012	California, USA	100%	Logistics solutions
Hayward Trucking, Inc. (“HRT”)	September 5, 2012	California, USA	100%	Logistics solutions
Fuso Trucking Corp. (“FUSO”)	January 20, 2015	California, USA	VIE*	Logistics solutions
Yi Z Service LLC (“YZ”)	October2, 2017	California, USA	100%	Logistics solutions
Golden Well Inc. (“GWT”)	November 8, 2011	California, USA	100%	Logistics solutions
Kami Trading Inc. (“KAMI”)	November 20, 2013	California, USA	100%	Importer
Royal Trucking Services, Inc. (“RTS”)	May 19, 2015	Washington, USA	100%	Logistics solutions
Royal Service Inc. (“RS”)	December 29, 2014	Oregon, USA	100%	Logistics solutions
MF Food Services Inc. (“MFS”)	December 21, 2017	California, USA	100%	Logistics solutions

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Variable Interest Entities [Table Text Block]

	December 31, 2019		December 31, 2018
Current assets	$	158,184	$	-
Non-current assets		301,803		-
Total assets	$	459,987	$	-
Current liabilities	$	805,666	$	-
Non-current liabilities		69,321		-
Total liabilities	$	874,987	$	-

	For the year ended December 31
	2019		2018
Net revenue	$	420,163	$	-
Net income	$	68,449	$	-

	For the year ended December 31
	2019			2018
Net cash provided by operating activities	$	201,885		$	-
Net cash used in financing activities		(207,159	)		-
Net decrease in cash and cash equivalents	$	(5,274	)	$	-

Redeemable Noncontrolling Interest [Table Text Block]

Name of Entity	Percentage of Ownership of noncontrolling interest			December 31, 2019		December 31, 2018
Kirnland		33.30	%		1,292,623		1,104,678
OW		32.50	%		1,600,058		-
MS		35.00	%		459,126		-
MIN		39.70	%		896,980		-
Total					4,248,787		1,104,678

Useful Lives of Property, Plant, and Equipment [Table Text Block]

	Estimated useful lives (years)
Buildings and improvements	7	-	39
Machinery and equipment	3	-	15
Motor vehicles	5	-	7

Schedule of Finite-lived Intangible Assets, Useful Life

		Estimated useful lives (years)
Tradenames		10
Customer relationships		20

Disaggregation of Revenue [Table Text Block]

	For the Years Ended
	December 31, 2019		December 31, 2018
North Carolina	$	145,756,172	$	138,790,263
Florida		91,173,814		88,670,044
Georgia		65,173,052		63,546,391
Arizona		7,196,217		-
California		54,877,209		-
Colorado		6,658,931		-
Utah		8,249,684		-
Washington		9,077,202		-
Total	$	388,162,281	$	291,006,698

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Note 3 - Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	As of December 31, 2019			As of December 31, 2018
Accounts receivable	$	50,651,104		$	15,064,580
Less: allowance for doubtful accounts		(623,970	)		(658,104	)
Accounts receivable, net	$	50,027,134		$	14,406,476

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	For the Years Ended
	December 31, 2019			December 31, 2018
Beginning balance	$	658,104		$	567,108
Provision for doubtful accounts		(4,515	)		119,329
Less: write off/recovery		(29,619	)		(28,333	)
Ending balance	$	623,970		$	658,104

Note 5 - Long-term Investments (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments [Table Text Block]

	Ownership as of December 31, 2019	As of December 31, 2019		As of December 31, 2018
Pt. Tamron Akuatik Produk Industri	12%	$	1,800,000	$	-
Asahi Food, Inc.	49%		496,276		-
Long term investments		$	2,296,276	$	-

Note 6 - Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Table Text Block]

	As of December 31, 2019			As of December 31, 2018
Land	$	2,010,253		$	1,608,647
Buildings and improvements		26,903,528			18,784,628
Machinery and equipment		13,412,961			10,160,205
Motor vehicles		23,841,730			10,267,095
Subtotal		66,168,472			40,820,575
Less: accumulated depreciation		(28,630,325	)		(18,170,554	)
Property and equipment, net	$	37,538,147		$	22,650,021

Note 7 - Business Combination With B&R Global (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash	$	7,017,467
Accounts receivable, net		30,934,831
Accounts receivable - related parties, net		3,393,930
Inventories, net		56,451,885
Other current assets		2,332,063
Other current assets - related parties		498,211
Advances to suppliers, net		97,964
Property and equipment, net		11,042,601
Deposit		281,282
Deposit – related parties		591,380
Long-term investments		2,289,389
Right-of-use assets		17,791,681
TANGIBLE ASSETS ACQUIRED		132,722,684

Lines of credit	$	35,567,911
Accounts payable		24,884,247
Accounts payable - related parties		1,528,139
Bank overdraft		12,082,094
Accrued expenses		778,779
Other payables		185,938
Other payables – related party		733,448
Customer deposits		38,510
Long-term debt		3,284,159
Lease liabilities		17,791,680
Deferred tax liabilities arising from acquired intangible assets		51,413,633
TANGIBLE LIABILITIES ASSUMED		148,288,538
NET TANGIBLE LIABILITIES ASSUMED		(15,565,854	)

Identifiable intangible assets		188,503,000
Goodwill		406,703,348
INTANGIBLE ASSETS ACQUIRED		595,206,348

Noncontrolling interests		2,941,000
Total consideration		576,699,494
	$	579,640,494

Business Acquisition, Pro Forma Information [Table Text Block]

	From acquisition date to December 31, 2019

Net Revenue	$	86,059,243

Net Income	$	1,355,343

	Year ended December 31,
	2019			2018
Pro forma Net revenue	$	828,045,703		$	817,981,204
Pro forma Net income		6,799,694	(1)		16,114,247	(1)
Pro forma Net income attributable to HF Group		5,662,499	(1)		15,774,413	(1)

Pro forma earnings per common share - basic and diluted	$	0.11		$	0.31

Weighted average shares - basic and diluted		53,293,566			51,232,829

Note 8 - Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Goodwill [Table Text Block]

	HF Group		B&R Global		Total
Balance at January 1 and December 31, 2018		-		-		-
B&R Global Acquisition		-		406,703,348		406,703,348
Balance at December 31, 2019 (1)	$	-	$	406,703,348	$	406,703,348

Schedule of Finite-Lived Intangible Assets [Table Text Block]

At December 31,	2019							2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Tradenames	$	29,303,000	$	(488,383	)		28,814,617	$	-	$	-		-
Customer relationships		159,200,000		(1,326,667	)		157,873,333		-		-
Total	$	188,503,000	$	(1,815,050	)		186,687,950	$	-	$	-		-

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Twelve months ending December 31,
2020	$	10,890,300
2021		10,890,300
2022		10,890,300
2023		10,890,300
2024		10,890,300
Thereafter		132,236,450
Total	$	186,687,950

Note 10 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Long-term Debt Instruments [Table Text Block]

Bank name	Maturity	Interest rate at December 31, 2019			As of December 31, 2019			As of December 31, 2018
East West Bank – (a)	August 2027 - September 2029	3.94%	-	4.25%	$	6,989,016		$	5,053,539
Capital Bank – (b)	October 2027		3.85%			4,967,075			5,138,988
Bank of America – (c)	April 2021 – December 2029	3.9%		5.51%		4,263,663			1,363,211
J.P. Morgan Chase (d)	February 2023 – December 2023		3.07%			2,702,371			-
BMO Harris Bank – (e)	April 2022 - January 2024	5.87%	-	5.99%		508,564			2,256,724
Peoples United Bank – (e)	April 2020 – January 2023	5.75%		7.53%		1,114,993
Other finance companies – (e)	January 2020 – March 2024	3.9%	-	6.14%		716,315			752,833
Total debt						21,261,997			14,565,295
Less: current portion						(2,726,981	)		(1,455,441	)
Long-term debt					$	18,535,016		$	13,109,854

Schedule of Maturities of Long-term Debt [Table Text Block]

Twelve months ending December 31,
2020	$	2.726.981
2021		2,498,578
2022		2,169,861
2023		1,202,845
2024		684,129
Thereafter		11,979,603
Total	$	21,261,997

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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+ Details

Note 11 - Leases (Tables)

12 Months Ended

Dec. 31, 2019

Lease, Cost [Table Text Block]

	For the Year Ended
	December 31, 2019
Operating lease cost	$	1,601,678

Weighted Average Remaining Lease Term (Months)
Operating leases			51

Weighted Average Discount Rate
Operating leases			4.0	%

	For the Year Ended
	December 31, 2019		December 31, 2018
Finance leases cost:
Amortization of right-of-use assets	$	571,130	$	275,163
Interest on lease liabilities		110,274		51,637
Total finance leases cost	$	681,404	$	326,800

Operating and Finance Leases, Supplemental Cash Flow Information [Table Text Block]

	For the Year Ended
	December 31, 2019		December 31, 2018

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		110,274		51,537

Operating and Finance Leases, Supplemental Balance Sheet Information [Table Text Block]

	December 31 2019			December 31, 2018

Finance Leases
Property and equipment, at cost	$	2,793,731		$	1,484,911
Accumulated depreciation		(1,293,130	)		(810,753	)
Property and equipment, net	$	1,500,601		$	674,158

Weighted Average Remaining Lease Term (Months)
Finance leases		54			27

Weighted Average Discount Rate
Finance leases		7.51	%		8.05	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Twelve months ending December 31,	Operating Leases			Finance Leases
2020	$	4,956,356		$	373,715
2021		4,423,554			362,024
2022		3,860,092			334,223
2023		3,330,372			313,160
2024		2,184,500			227,788
Total Lease Payments		18,754,874			1,610,910
Less Imputed Interest		(1,599,290	)		(277,501	)
Total	$	17,155,584		$	1,333,409

Note 12 - Supplemental Cash Flows Information (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	For the Years Ended
	December 31, 2019		December 31, 2018
Supplemental disclosure of cash flow data:
Cash paid for interest	$	1,520,545	$	1,344,750
Cash paid for income taxes	$	2,677,205	$	2,065,000
Supplemental disclosure of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease liabilities	$	767,323	$	-
Property and equipment obtained in exchange for finance lease liabilities	$	1,432,662	$	-
Property and equipment purchases from notes payable	$	1,080,153	$	-
Notes receivable sold to shareholder in exchange of common stock	$	12,038,030	$	-
Common Stock issued for consideration of acquisition of B&R Global*	$	576,699,494	$	-

Note 13 - Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Federal Income Tax Note [Table Text Block]

	For the Years Ended
	December 31, 2019			December 31, 2018
Current:
Federal	$	1,907,309		$	1,474,467
State		540,488			373,871
Current income taxes		2,447,797			1,848,338
Deferred:
Federal		(156,892	)		520,163
State		(93,813	)		121,754
Deferred income taxes		(250,705	)		641,917
Total provision for income taxes	$	2,197,092		$	2,490,255

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31, 2019			As of December 31, 2018
Deferred tax assets:
Allowance for doubtful accounts	$	373,438		$	165,083
Inventories		594,628			113,730
Federal NOL		228,637			-
State NOL		80,514			-
Section 481(a) adjustment		-			40,317
Accrued expenses		80,100			46,750
Total deferred tax assets		1,357,317			365,880
Deferred tax liabilities:
Property and equipment		(3,270,536	)		(1,444,008	)
Intangibles assets		(50,327,833	)		-
Total deferred tax liabilities		(53,598,369	)		(1,444,008	)
Net deferred tax liabilities	$	(52,241,052	)	$	(1,078,128	)

	As of December 31, 2019			As of December 31, 2018
Deferred tax assets	$	78,993		$	117,933
Deferred tax liabilities		(52,320,045	)		(1,196,061	)
Net deferred tax liabilities	$	(52,241,052	)	$	(1,078,128	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended
	December 31, 2019			December 31, 2018
Federal statutory tax rate		21.0	%		21.0	%
State statutory tax rate		4.0	%		4.4	%
U.S. permanent difference		1.0	%		1.0	%
Other		1.2	%		1.7	%
Effective tax rate		27.2	%		28.1	%

Note 14 - Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Accounts Receivable With Related Parties [Table Text Block]

		As of December 31		As of December 31,
Name of Related Party		2019		2018
(a)	Allstate Trading Company Inc.	$	11,322	$	1,000
(b)	Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)		348,833		255,412
(c)	Eagle Food Service LLC		979,591		817,275
(d)	Fortune One Foods Inc.		53,862		130,314
(e)	Eastern Fresh LLC		1,511,075		784,836
(f)	Enson Trading LLC		341,200		170,633
(g)	Hengfeng Food Service Inc.		477,541		83,654
(h)	N&F Logistic, Inc.		119,241		-
(i)	ABC Trading, LLC		238,513		-
	Others		121,692		49,027

Total		$	4,202,870	$	2,292,151

	As of		As of
Name of Related Party	December 31, 2019		December 31, 2018
(1) Ocean Pacific Seafood Group	$	223,303	$	208,960
(2) Revolution Industry, LLC		521,832		329,394
(3) First Choice Seafood Inc.		-		988,128

Total	$	745,135	$	1,526,482

Schedule of Outstanding Loans to Various Related Parties [Table Text Block]

Name of Related Party	As of December 31, 2019		As of December 31, 2018
Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)	$	-	$	1,987,241
Han Feng Global Inc., t/a NSG International Inc. (“NSG”) (1)		-		6,092,397
Revolution Automotive, LLC (“Revolution Automotive”) (2)		-		461,311
Total	$	-	$	8,540,949
Less: Current portion	$	-	$	8,117,686
Total	$	-	$	423,263

Note 15 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	For the Year Ended
	December 31, 2019		December 31, 2018
Net revenue
HF	$	302,103,038	$	291,006,698
B&R Global		86,059,243		-
Total	$	388,162,281	$	291,006,698

Revenue from External Customers by Geographic Areas [Table Text Block]

	For the Year Ended December 31, 2019
	HF		B&R Global		Total
Revenue	$	302,103,038	$	86,059,243	$	388,162,281
Cost of revenue		252,078,738		72,875,020		324,953,758
Gross profit		50,024,300		13,184,223		63,208,523
Depreciation and amortization		5,487,027		1,267,481		6,754,508
Total capital expenditures	$	4,681,404	$	154,525	$	4,835,929

	For the Year Ended December 31, 2018
	HF		B&R Global		Total
Revenue	$	291,006,698	$	-	$	291,006,698
Cost of revenue		241,441,149		-		241,441,149
Gross profit		49,565,549		-		49,565,549
Depreciation and amortization	$	2,134,832	$	-	$	2,134,832

Schedule Of Assets By Reporting Segments [Table Text Block]

	As of December 31, 2019		As of December 31, 2018
Total assets:
HF	$	80,514,529	$	82,476,407
B&R Global		722,329,265		-
Total Assets	$	802,843,794	$	82,476,407

Note 1 - Organization and Business Description (Details Textual)	Nov. 04, 2019 USD ($) shares	Aug. 22, 2018 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares	Jan. 01, 2018
Number of Subsidiaries					11
Common Stock, Shares, Issued, Total		22,167,486	53,050,211	22,167,486
Common Stock, Shares, Outstanding, Ending Balance		22,167,486	52,145,096	22,167,486
Number of Shares Redeemed by Pre-Transaction Shareholders		400,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross		10,000
Stock Issued During Period, Shares, Issued to the Pre-transaction Stockholders		2,587,655
Number of States in which Entity Operates			21
Number of Distribution Centers			14
Number of States With Distribution Centers			9
Number of Refrigerated Vehicles			340
Entity Number of Employees			960
Number of Restaurants Served			10,000
CHINA
Number of Call Centers			2
B & R [Member]
Number of Restaurants	6,800
Number of States in which Entity Operates	11
B & R [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	30,700,000
Business Combination, Consideration Transferred, Total \| $	$ 576,699,494
HF Holding [Member]
Stock Issued During Period, Shares, New Issues		19,969,831
Aggregate Issued and Outstanding Shares, Percentage		88.50%

Note 1 - Organization and Business Description - Schedule of Entities (Details)	12 Months Ended
	Dec. 31, 2019
Han Feng [Member]
Date of incorporation	Jan. 14, 1997
Principal activities	Distributing food and related products
Percentage of legal ownership by HF Holding	100.00%
TT [Member]
Date of incorporation	Aug. 06, 2002
Principal activities	Trucking service
Percentage of legal ownership by HF Holding	100.00%
MFD [Member]
Date of incorporation	Apr. 15, 1999
Principal activities	Trucking service
Percentage of legal ownership by HF Holding	100.00%
R&N Holdings [Member]
Date of incorporation	Nov. 21, 2002
Principal activities	Real estate holding
Percentage of legal ownership by HF Holding	100.00%
R&N Lexington [Member]
Date of incorporation	May 27, 2010
Principal activities	Real estate holding
Percentage of legal ownership by HF Holding	100.00%
R&N Charlotte [Member]
Principal activities	Real estate holding
Percentage of legal ownership by HF Holding	100.00%
Kirnsway [Member]
Date of incorporation	May 24, 2006
Principal activities	Design and printing services
Percentage of legal ownership by HF Holding	100.00%
Chinesetg [Member]
Date of incorporation	Jul. 12, 2011
Principal activities	Design and printing services
Percentage of legal ownership by HF Holding	100.00%
NSF [Member]
Date of incorporation	Dec. 17, 2008
Principal activities	Distributing food and related products
Percentage of legal ownership by HF Holding	100.00%
BB [Member]
Date of incorporation	Sep. 12, 2001
Principal activities	Trucking service
Percentage of legal ownership by HF Holding	100.00%
Kirnland [Member]
Date of incorporation	Apr. 11, 2006
Principal activities	Distributing food and related products
Percentage of legal ownership by HF Holding	66.70%
HG Realty [Member]
Date of incorporation	May 11, 2012
Principal activities	Real estate holding
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Rongcheng Trading, LLC [Member]
Date of incorporation	Jan. 31, 2006
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Capital Trading, LLC [Member]
Date of incorporation	Mar. 10, 2003
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Win Woo Trading, LLC [Member]
Date of incorporation	Jan. 23, 2004
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Mountain Food, LLC [Member]
Date of incorporation	May 02, 2006
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| R&C Trading, L.L.C. [Member]
Date of incorporation	Nov. 26, 2007
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Great Wall Seafood LA, LLC [Member]
Date of incorporation	Mar. 07, 2014
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| B&L Trading, LLC [Member]
Date of incorporation	Jul. 18, 2013
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Min Food, Inc. [Member]
Date of incorporation	May 29, 2014
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	60.25%
B&R Global [Member] \| B&R Group Logistic Holdings, LLC [Member]
Date of incorporation	Jul. 17, 2014
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Ocean West Food Services, LLC [Member]
Date of incorporation	Dec. 22, 2011
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	67.50%
B&R Global [Member] \| Monterey Food Services, LLC [Member]
Date of incorporation	Sep. 14, 2017
Principal activities	Food distribution
Percentage of legal ownership by HF Holding	65.00%
B&R Global [Member] \| Irwindale Poultry, LLC [Member]
Date of incorporation	Dec. 27, 2017
Principal activities	Poultry processing
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Best Choice Trucking, LLC [Member]
Date of incorporation	Jan. 01, 2011
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| KYL Group, Inc. [Member]
Date of incorporation	Apr. 18, 2014
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| American Fortune Foods, Inc. [Member]
Date of incorporation	Feb. 19, 2014
Principal activities	Logistics solutions and importer
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Happy FM Group, Inc. [Member]
Date of incorporation	Apr. 09, 2014
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| GM Food Supplies, Inc. [Member]
Date of incorporation	Mar. 22, 2016
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Lin's Distribution Inc. [Member]
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Lin's Farm, LLC [Member]
Date of incorporation	Jul. 02, 2014
Principal activities	Poultry processing
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| New Berry Trading LLC [Member]
Date of incorporation	Sep. 05, 2012
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Hayward Trucking, Inc. [Member]
Date of incorporation	Sep. 05, 2012
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Fuso Trucking, Corp. [Member]
Date of incorporation	Jan. 20, 2015
Principal activities	Logistics solutions
B&R Global [Member] \| Yi Z Services, LLC [Member]
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Golden Well, Inc. [Member]
Date of incorporation	Nov. 08, 2011
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Kami Trading, Inc. [Member]
Date of incorporation	Nov. 20, 2013
Principal activities	Importer
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Royal Trucking Services, Inc. [Member]
Date of incorporation	May 19, 2015
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| Royal Service, Inc. [Member]
Date of incorporation	Dec. 29, 2014
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
B&R Global [Member] \| MF Food Services, Inc. [Member]
Date of incorporation	Dec. 21, 2017
Principal activities	Logistics solutions
Percentage of legal ownership by HF Holding	100.00%
HF Holding [Member]
Date of incorporation	Oct. 11, 2017
Principal activities	Holding Company
B&R Global [Member] \| B&R Global [Member]
Date of incorporation	Jan. 03, 2014
Principal activities	Holding Company

Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Jan. 01, 2019 USD ($)	Dec. 31, 2017 USD ($)
Cash Equivalents, at Carrying Value, Total	$ 0	$ 0
Accounts Receivable, Allowance for Credit Loss, Current	623,970	658,104		$ 567,108
Inventory Valuation Reserves, Ending Balance	16,928	0
Equity Method Investment, Other than Temporary Impairment	0	0
Impairment of Long-Lived Assets Held-for-use	0	0
Unrecognized Tax Benefits, Ending Balance	0	0
Operating Lease, Right-of-Use Asset	$ 17,155,584
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	0	0
Operating Lease, Liability, Total	$ 17,155,584
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member]
Number of Major Suppliers	2	3
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member] \| Supplier One [Member]
Concentration Risk, Percentage	34.00%	55.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	15.00%	18.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member] \| Supplier Three [Member]
Concentration Risk, Percentage		12.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member]
Number of Major Suppliers	2	3
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member] \| Supplier One [Member]
Concentration Risk, Percentage	70.00%	65.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	30.00%	22.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member] \| Supplier Three [Member]
Concentration Risk, Percentage		14.00%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 21,200,000
Operating Lease, Liability, Total			$ 21,200,000
Selling, General and Administrative Expenses [Member]
Cost of Goods and Services Sold, Total	$ 4,443,967	$ 5,205,673

Note 2 - Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current assets	$ 151,419,617	$ 59,042,764
Total assets	802,843,794	82,476,407
Current liabilities	110,445,754	33,588,305
Total liabilities	195,187,062	48,014,925
Net revenue	388,162,281	291,006,698
Net income	5,895,286	6,353,695
Net cash provided by operating activities	4,666,528	11,953,466
Net cash used in financing activities	1,607,239	(6,184,793)
Net decrease in cash and cash equivalents	9,048,882	(596,640)
Variable Entity [Member]
Current assets	158,184
Non-current assets	301,803
Total assets	459,987
Current liabilities	805,666
Non-current liabilities	69,321
Total liabilities	874,987
Net revenue	420,163
Net income	68,449
Net cash provided by operating activities	201,885
Net cash used in financing activities	(207,159)
Net decrease in cash and cash equivalents	$ (5,274)

Note 2 - Summary of Significant Accounting Policies - Noncontrolling Interest (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling interest	$ 4,248,787	$ 1,104,678
Kirnland [Member]
Percent of ownership of noncontrolling interest	33.30%
Noncontrolling interest	$ 1,292,623	1,104,678
OW [Member]
Percent of ownership of noncontrolling interest	32.50%
Noncontrolling interest	$ 1,600,058
MS [Member]
Percent of ownership of noncontrolling interest	35.00%
Noncontrolling interest	$ 459,126
MIN [Member]
Percent of ownership of noncontrolling interest	39.70%
Noncontrolling interest	$ 896,980

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Building and Building Improvements [Member] \| Minimum [Member]
Estimated useful lives of property and equipment (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Estimated useful lives of property and equipment (Year)	39 years
Machinery and Equipment [Member] \| Minimum [Member]
Estimated useful lives of property and equipment (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Estimated useful lives of property and equipment (Year)	15 years
Vehicles [Member] \| Minimum [Member]
Estimated useful lives of property and equipment (Year)	5 years
Vehicles [Member] \| Maximum [Member]
Estimated useful lives of property and equipment (Year)	7 years

Note 2 - Summary of Significant Accounting Policies - Useful Lives of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2019
Trade Names [Member]
Finite-lived intangible asset, useful life (Year)	10 years
Customer Relationships [Member]
Finite-lived intangible asset, useful life (Year)	20 years

Note 2 - Summary of Significant Accounting Policies - Summary of Disaggregated Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 388,162,281	$ 291,006,698
NORTH CAROLINA
Revenue	145,756,172	138,790,263
FLORIDA
Revenue	91,173,814	88,670,044
GEORGIA
Revenue	65,173,052	63,546,391
ARIZONA
Revenue	7,196,217
CALIFORNIA
Revenue	54,877,209
COLORADO
Revenue	6,658,931
UTAH
Revenue	8,249,684
WASHINGTON
Revenue	$ 9,077,202

Note 3 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable	$ 50,651,104	$ 15,064,580
Less: allowance for doubtful accounts	(623,970)	(658,104)	$ (567,108)
Accounts receivable, net	$ 50,027,134	$ 14,406,476

Note 3 - Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Beginning balance	$ 658,104	$ 567,108
Provision for doubtful accounts	(4,515)	119,329
Less: write off/recovery	(29,619)	(28,333)
Ending balance	$ 623,970	$ 658,104

Note 4 - Notes Receivable (Details Textual) - Promissory Note Agreement [Member] - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Feilong Trading, Inc, [Member]
Promissory Note Receivable, Maximum Borrowing Capacity		$ 4,000,000
Note Receivable, Interest Rate		5.00%
Note Receivable Sold, Original Amount	$ 3,622,505
Mr Zhou Min Ni [Member]
Treasury Stock Shares Exchanged for Note Receivable	272,369
Restricted Shares, Held in Escrow	89,882

Note 5 - Long-term Investments (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0

Note 5 - Long-term Investments - Long-term Investments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Ownership, value	$ 2,296,276
Pt. Tamron Akuatik Produk Industri [Member]
Ownership, percent	12.00%
Ownership, value	$ 1,800,000
Asahi Food, Inc. [Member]
Ownership, percent	49.00%
Ownership, value	$ 496,276

Note 6 - Property and Equipment, Net (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Depreciation, Total	$ 3,251,162	$ 2,134,832

Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property and equipment, gross	$ 66,168,472	$ 40,820,575
Less: accumulated depreciation	(28,630,325)	(18,170,554)
Property and equipment, net	37,538,147	22,650,021
Land [Member]
Property and equipment, gross	2,010,253	1,608,647
Building and Building Improvements [Member]
Property and equipment, gross	26,903,528	18,784,628
Machinery and Equipment [Member]
Property and equipment, gross	13,412,961	10,160,205
Vehicles [Member]
Property and equipment, gross	$ 23,841,730	$ 10,267,095

Note 7 - Business Combination With B&R Global (Details Textual) - B & R [Member] - USD ($)		12 Months Ended
	Nov. 04, 2019	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	30,700,000
Business Combination, Consideration Transferred, Total	$ 576,699,494
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	188,503,000
Business Combination, Pro Forma Information, Amortization Expense		$ 10,890,300	$ 10,890,300
Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	29,303,000
Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 159,200,000

Note 7 - Business Combination With B&R Global - Assets Acquired and Liabilities Assumed (Details) - USD ($)

Nov. 04, 2019

Dec. 31, 2019

^[1]

Dec. 31, 2018

Goodwill

$ 406,703,348

B & R [Member]

Cash

$ 7,017,467

Accounts receivable, net

30,934,831

Accounts receivable - related parties, net

3,393,930

Inventories, net

56,451,885

Other current assets

2,332,063

Other current assets - related parties

498,211

Advances to suppliers, net

97,964

Property and equipment, net

11,042,601

Deposit

281,282

Deposit – related parties

591,380

Long-term investments

2,289,389

Right-of-use assets

17,791,681

TANGIBLE ASSETS ACQUIRED

132,722,684

Lines of credit

35,567,911

Accounts payable

24,884,247

Accounts payable - related parties

1,528,139

Bank overdraft

12,082,094

Accrued expenses

778,779

Other payables

185,938

Other payables – related party

733,448

Customer deposits

38,510

Long-term debt

3,284,159

Lease liabilities

17,791,680

Deferred tax liabilities arising from acquired intangible assets

51,413,633

TANGIBLE LIABILITIES ASSUMED

148,288,538

NET TANGIBLE LIABILITIES ASSUMED

(15,565,854)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

188,503,000

Goodwill

406,703,348

INTANGIBLE ASSETS ACQUIRED

595,206,348

Noncontrolling interests

2,941,000

Total consideration

576,699,494

$ 579,640,494

[1]	There are no accumulated impairment losses.

Note 7 - Business Combination With B&R Global - Proforma Information (Details) - B & R [Member] - USD ($)

2 Months Ended

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Net Revenue

$ 86,059,243

Net Income

$ 1,355,343

Pro forma Net revenue

$ 828,045,703

$ 817,981,204

Pro forma Net income

^[1]

6,799,694

16,114,247

Pro forma Net income attributable to HF Group

^[1]

$ 5,662,499

$ 15,774,413

Pro forma earnings per common share - basic and diluted (in dollars per share)

$ 0.11

$ 0.31

Weighted average shares - basic and diluted (in shares)

53,293,566

51,232,829

[1]	Includes intangibles asset amortization expense of $10,890,300 for the years ended December 31, 2019 and December 31, 2018, respectively.

Note 8 - Goodwill and Acquired Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 1,815,050	$ 0
B & R [Member]
Finite-lived Intangible Assets Acquired	$ 188,503,000
B & R [Member] \| Trade Names [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
B & R [Member] \| Customer Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years

Note 8 - Goodwill and Acquired Intangible Assets - Goodwill (Details)

12 Months Ended

Dec. 31, 2019

USD ($)

B&R Global Acquisition

406,703,348

406,703,348

^[1]

HF Foods [Member]

B&R Global Acquisition

^[1]

B&R Global [Member]

B&R Global Acquisition

406,703,348

$ 406,703,348

^[1]

[1]	There are no accumulated impairment losses.

Note 8 - Goodwill and Acquired Intangible Assets- Intangible Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Gross carrying amount	$ 188,503,000
Accumulated amortization	(1,815,050)
Net carrying amount	186,687,950
Trade Names [Member]
Gross carrying amount	29,303,000
Accumulated amortization	(488,383)
Net carrying amount	28,814,617
Customer Relationships [Member]
Gross carrying amount	159,200,000
Accumulated amortization	(1,326,667)
Net carrying amount	$ 157,873,333

Note 8 - Goodwill and Acquired Intangible Assets - Futue Amortization Expense (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
2020	$ 10,890,300
2021	10,890,300
2022	10,890,300
2023	10,890,300
2024	10,890,300
Thereafter	132,236,450
Total	$ 186,687,950

Note 9 - Lines of Credit (Details Textual)				1 Months Ended
Note 9 - Lines of Credit (Details Textual)	Nov. 04, 2019 USD ($)	Apr. 18, 2019 USD ($)	Jul. 01, 2016 USD ($)	Jan. 31, 2018	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Nov. 14, 2012 USD ($)
East West Bank [Member]
Repayments of Senior Debt, Total		$ 6,111,692
East West Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000,000
Repayments of Long-term Lines of Credit	$ 13,864,481
Long-term Line of Credit, Total						$ 11,864,481
East West Bank [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Interest Rate at Period End		4.214%				4.625%
East West Bank [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		(0.375%)
East West Bank [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.20%
JP Morgan [Member] \| Amended and Restated Credit Agreement [Member] \| Mortgage-Secured Term Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Long-term Line of Credit, Total					$ 41,600,000
Fixed Charge Coverage Ratio Required	1.1
Han Feng, Inc. ("Han Feng") [Member] \| Line of Credit Agreement [Member] \| East West Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 14,500,000
Repayments of Long-term Lines of Credit		$ 5,156,018
Han Feng, Inc. ("Han Feng") [Member] \| Line of Credit Agreement [Member] \| East West Bank [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage			3.25%
Han Feng, Inc. ("Han Feng") [Member] \| Line of Credit Agreement [Member] \| East West Bank [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.15%
New Southern Food Distributors, Inc. ("NSF") [Member] \| Line of Credit Agreement [Member] \| Bank of America [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 4,000,000
Repayments of Long-term Lines of Credit		$ 954,984
New Southern Food Distributors, Inc. ("NSF") [Member] \| Line of Credit Agreement [Member] \| Bank of America [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				2.75%

Note 10 - Long-term Debt (Details Textual)	Dec. 31, 2019 USD ($)
East West Bank [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 2,293,751
East West Bank [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	3,007,239
Capital Bank [Member]
Debt Instrument, Collateral Amount	3,116,687
Bank of America [Member]
Debt Instrument, Collateral Amount	$ 1,382,046

Note 10 - Long-term Debt - Long-term Debt (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

$ 21,261,997

$ 14,565,295

Less: current portion

(2,726,981)

(1,455,441)

Long-term debt

18,535,016

13,109,854

East West Bank [Member]

East West Bank [Member] | Minimum [Member]

^[1]

$ 6,989,016

5,053,539

East West Bank [Member] | Maximum [Member]

^[1]

3.94%

^[1]

4.25%

Capital Bank [Member]

^[2]

3.85%

^[2]

$ 4,967,075

5,138,988

Bank of America [Member]

Bank of America [Member] | Minimum [Member]

^[3]

$ 4,263,663

1,363,211

Bank of America [Member] | Maximum [Member]

^[3]

3.90%

^[3]

5.51%

JP Morgan [Member]

^[4]

3.07%

Bank of Montreal [Member]

^[4]

$ 2,702,371

Bank of Montreal [Member] | Minimum [Member]

^[5]

$ 508,564

2,256,724

Bank of Montreal [Member] | Maximum [Member]

^[5]

5.87%

Peoples United Bank [Member]

^[5]

5.99%

Peoples United Bank [Member] | Minimum [Member]

^[5]

$ 1,114,993

Peoples United Bank [Member] | Maximum [Member]

^[5]

5.75%

Other Finance Companies [Member]

^[5]

7.53%

Other Finance Companies [Member] | Minimum [Member]

^[5]

$ 716,315

$ 752,833

Other Finance Companies [Member] | Maximum [Member]

^[5]

3.90%

Cash paid for income taxes

^[5]

6.14%

[1]	Guaranteed by two shareholders of the Company, as well as five subsidiaries of the Company, Han Feng, TT, MFD, R&N Holding and R&N Lexington. Also secured by assets of Han Feng and R&N Lexington and R&N Holding, two real properties of R&N Holding, and a parcel of real property owned by R&N Lexington. Balloon payment of $2,293,751 is due in 2027 and another balloon payments of $3,007,239 is due in 2029.
[2]	Guaranteed by two shareholders, as well as Han Feng, a subsidiary of the Company. Also secured by a real property owned by HG Realty. Balloon payment for this debt is $3,116,687.
[3]	Guaranteed by two shareholders, as well as two subsidiaries of the Company, NSF and BB. Secured by real property, equipment and fixtures, inventories, receivables and all other personal property owned by NSF. Balloon payment for this long-term debt is $1,382,046.
[4]	Secured by specific vehicles and equipment as defined in loan agreements.
[5]	Secured by vehicles.

Note 10 - Long-term Debt - Future Maturities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
2021	$ 2,498,578
2022	2,169,861
2023	1,202,845
2024	684,129
Thereafter	11,979,603
Total	$ 21,261,997	$ 14,565,295

Note 11 - Leases (Details Textual) - USD ($)	Feb. 23, 2019	Dec. 31, 2019	Jul. 02, 2018
Jianping An [Member] \| AnHeart [Member]
Ownership Interest, Transferred, Transfer Price	$ 20,000
Building [Member] \| Lease for 273 Fifth Avenue, Manhattan,New York [Member]
Lessee, Operating Lease, Term of Contract			30 years
Building [Member] \| Lease for 275 Fifth Avenue, Manhattan,New York [Member]
Lessee, Operating Lease, Term of Contract			15 years
Minimum [Member]
Lessee, Operating Lease, Term of Contract		1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract		5 years

Note 11 - Leases - Components of Operating and Finance Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating lease cost	$ 1,601,678
Operating leases, weighted average remaining lease term (Month)	4 years 90 days
Operating leases, weighted average discount rate	4.00%
Amortization of right-of-use assets	$ 571,130	$ 275,163
Interest on lease liabilities	110,274	51,637
Total finance leases cost	$ 681,404	$ 326,800

Note 11 - Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating cash flows from finance leases	$ 110,274	$ 51,537

Note 11 - Leases - Balance Sheet (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property and equipment, gross	$ 66,168,472	$ 40,820,575
Less: accumulated depreciation	(28,630,325)	(18,170,554)
Property and equipment, net	$ 37,538,147	$ 22,650,021
Finance leases, Weighted Average Remaining Lease Term (Year)	54 years	27 years
Finance leases, Weighted Average Discount Rate	7.51%	8.05%
Finance Lease [Member]
Property and equipment, gross	$ 2,793,731	$ 1,484,911
Less: accumulated depreciation	(1,293,130)	(810,753)
Property and equipment, net	$ 1,500,601	$ 674,158

Note 11 - Leases - Maturities of Lease Liabilities (Details)	Dec. 31, 2019 USD ($)
Operating Leases, 2020	$ 4,956,356
Finance Leases, 2020	373,715
Operating Leases, 2021	4,423,554
Finance Leases, 2021	362,024
Operating Leases, 2022	3,860,092
Finance Leases, 2022	334,223
Operating Leases, 2023	3,330,372
Finance Leases, 2023	313,160
Operating Leases, 2024	2,184,500
Finance Leases, 2024	227,788
Operating Leases, Total Lease Payments	18,754,874
Finance Leases, Total Lease Payments	1,610,910
Operating Leases, Less Imputed Interest	(1,599,290)
Finance Leases, Less Imputed Interest	(277,501)
Operating Leases, Total	17,155,584
Finance Leases, Total	$ 1,333,409

Note 12 - Supplemental Cash Flows Information (Details) - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Cash paid for interest

$ 1,520,545

$ 1,344,750

2,677,205

2,065,000

Right of use assets obtained in exchange for operating lease liabilities

767,323

Property and equipment obtained in exchange for finance lease liabilities

1,432,662

Property and equipment purchases from notes payable

1,080,153

Notes receivable sold to shareholder in exchange of common stock

12,038,030

Common Stock issued for consideration of acquisition of B&R Global*

^[1]

$ 576,699,494

[1]	See Note 7 for details of assets acquired and liabilities assumed under the B&R Acquisition.

Note 13 - Taxes (Details Textual)	12 Months Ended
Note 13 - Taxes (Details Textual)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%

Note 13 - Taxes - Income Tax Provision (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 1,907,309	$ 1,474,467
State	540,488	373,871
Current income taxes	2,447,797	1,848,338
Deferred:
Federal	(156,892)	520,163
State	(93,813)	121,754
Deferred income taxes	(250,705)	641,917
Total provision for income taxes	$ 2,197,092	$ 2,490,255

Note 13 - Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for doubtful accounts	$ 373,438	$ 165,083
Inventories	594,628	113,730
Federal NOL	228,637
State NOL	80,514
Section 481(a) adjustment		40,317
Accrued expenses	80,100	46,750
Total deferred tax assets	1,357,317	365,880
Deferred tax liabilities:
Property and equipment	(3,270,536)	(1,444,008)
Intangibles assets	(50,327,833)
Total deferred tax liabilities	(53,598,369)	(1,444,008)
Net deferred tax liabilities	(52,241,052)	(1,078,128)
Deferred tax assets	78,993	117,933
Deferred tax liabilities	(52,320,045)	(1,196,061)
Net deferred tax liabilities	$ (52,241,052)	$ (1,078,128)

Note 13 - Taxes - Reconciliation of Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal statutory tax rate	21.00%	21.00%	35.00%
State statutory tax rate	4.00%	4.40%
U.S. permanent difference	1.00%	1.00%
Other	1.20%	1.70%
Effective tax rate	27.20%	28.10%

Note 14 - Related Party Transactions (Details Textual) - USD ($)					12 Months Ended
	Sep. 30, 2019	Mar. 01, 2019	Sep. 30, 2018	Mar. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Notes Receivable, Related Parties						$ 8,540,949
Accounts Payable, Related Parties, Current					4,521,356	3,923,120
Contract with Customer, Liability, Current					0	166,490
Related Party, Deposit Assets					591,380
Property, Plant and Equipment, Net, Ending Balance					37,538,147	22,650,021
Depreciation, Total					3,251,162	2,134,832
Revenue from Contract with Customer, Including Assessed Tax					388,162,281	291,006,698
Related Party Transaction, Purchases from Related Party					40,388,000	31,676,828
Promissory Note Agreements, January 2018 to September 2019 [Member] \| Mr Zhou Min Ni [Member]
Note Receivable Sold, Original Amount	$ 8,415,525
Treasury Stock Shares Exchanged for Note Receivable	632,746
Restricted Shares, Held in Escrow	208,806
NSG International Inc [Member]
Notes Receivable, Related Parties		$ 5,941,031						$ 5,993,552
R&N Holdings [Member] \| Building [Member]
Property, Plant and Equipment, Net, Ending Balance					400,000	400,000
Depreciation, Total					78,282	100,000
Rental Income, Nonoperating					45,600	45,600
HG Realty [Member] \| Building [Member]
Property, Plant and Equipment, Net, Ending Balance					3,223,745	3,223,745
Depreciation, Total					516,626	433,966
Rental Income, Nonoperating					480,000	480,000
B & R [Member] \| Building [Member]
Rental Income, Nonoperating					751,000
Kirnland [Member] \| Building [Member]
Rental Income, Nonoperating					120,000
Related Parties [Member]
Revenue from Contract with Customer, Including Assessed Tax					19,352,408	$ 18,147,003
Promissory Note Agreement [Member] \| Enson Seafood GA Inc [Member]
Notes Payable, Total			$ 2,000,000				$ 550,000
Debt Instrument, Interest Rate, Stated Percentage			5.00%			5.00%
Debt Instrument, Periodic Payment, Total			$ 171,215
Debt Instrument, Term			1 year
Promissory Note Agreement [Member] \| NSG International Inc [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%					5.00%
Debt Instrument, Term		5 years
Promissory Note Agreement [Member] \| Revolution Automotive LLC [Member]
Notes Payable, Total				$ 483,628
Debt Instrument, Interest Rate, Stated Percentage				5.00%
Debt Instrument, Periodic Payment, Total				$ 5,000
Debt Instrument, Term				5 years
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid				$ 284,453
Deposits for Warehouse Rentals [Member]
Related Party, Deposit Assets					591,380	$ 0
Mortgage-secured Term Loan [Member] \| B&R Group Realty [Member]
Due from Related Parties, Total					$ 55,400,000
Allstate Trading Company Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					40.00%
Enson Seafood GA Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					50.00%
Eagle Food Service LLC [Member] \| Tina Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					50.00%
Fortune One Foods Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					17.50%
Eastern Fresh LLC [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					30.00%
Enson Trading LLC [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
Hengfeng Food Service Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					45.00%
Enson Philadelphia Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
ABC Trading, LLC [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					10.38%
Ocean Pacific Seafood Group [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
Revolution Industry LLC [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					100.00%
First Choice Seafood [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					50.00%
NSG International Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					30.00%
Revolution Automotive LLC [Member] \| Raymond Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					100.00%

Note 14 - Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Allstate Trading Company Inc [Member]

$ 4,202,870

$ 2,292,151

Enson Seafood GA Inc [Member]

^[1]

11,322

1,000

Eagle Food Service LLC [Member]

^[2]

348,833

255,412

Fortune One Foods Inc [Member]

^[3]

979,591

817,275

Eastern Fresh LLC [Member]

^[4]

53,862

130,314

Enson Trading LLC [Member]

^[5]

1,511,075

784,836

Hengfeng Food Service Inc [Member]

^[6]

341,200

170,633

^[7]

477,541

83,654

N&F [Member]

ABC Trading, LLC [Member]

^[8]

119,241

Other Related Parties [Member]

^[9]

238,513

$ 121,692

$ 49,027

[1]	Mr. Zhou Min Ni, the Chairman and Co-Chief Executive Officer of the Company, owns a 40% equity interest in this entity;
[2]	Mr. Zhou Min Ni owns a 50% equity interest in this entity.
[3]	Tina Ni, one of Mr. Zhou Min Ni's family members, owns a 50% equity interest in this entity.
[4]	Mr. Zhou Min Ni owns a 17.5% equity interest in this entity.
[5]	Mr. Zhou Min Ni owns a 30% equity interest in this entity.
[6]	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
[7]	Mr. Zhou Min Ni owns a 45% equity interest in this entity.
[8]	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
[9]	Mr. Zhou Min Ni owns a 25% equity interest in this entity.

Note 14 - Related Party Transactions - Summary of Advances to Related Party Suppliers (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Ocean Pacific Seafood Group [Member]

$ 745,135

$ 1,526,482

Revolution Industry LLC [Member]

^[1]

223,303

208,960

First Choice Seafood [Member]

^[2]

521,832

329,394

^[3]

$ 988,128

[1]	Mr. Zhou Min Ni owns a 25% equity interest in this entity.
[2]	The son of Mr. Zhou Min N, Raymond Ni, owns 100% of Revolution Industry LLC.
[3]	First Choice Seafood is owned by Enson Seafood GA Inc. of which Mr. Zhou Min Ni owns a 50% equity interest.

Note 14 - Related Party Transactions - Outstanding Loans to Various Partners (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Enson Seafood GA Inc [Member]

$ 8,540,949

Less: Current portion

8,117,686

Total

423,263

1,987,241

Han Feng [Member]

Revolution Automotive LLC [Member]

^[1]

6,092,397