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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2020	May 15, 2020
Document Information [Line Items]
Entity Registrant Name	HF Foods Group Inc.
Entity Central Index Key	0001680873
Trading Symbol	hffg
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		52,145,096
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

CURRENT ASSETS:

Cash

$ 12,690,265

$ 14,538,286

Accounts receivable, net

26,210,460

50,027,134

Accounts receivable - related parties, net

5,987,632

4,202,870

Inventories, net

75,704,474

77,531,854

Advances to suppliers - related parties, net

864,816

745,135

Other current assets

3,872,326

4,374,338

TOTAL CURRENT ASSETS

125,329,973

151,419,617

Property and equipment, net

139,941,393

37,538,147

Security deposits-related parties

591,380

Operating lease right-of-use assets

883,552

17,155,584

Long-term investments

2,331,337

2,296,276

Intangible assets, net

183,965,375

186,687,950

Goodwill

68,511,941

^[1]

406,703,348

Deferred tax assets

69,236

78,993

Other long-term assets

379,599

372,499

TOTAL ASSETS

521,412,406

802,843,794

CURRENT LIABILITIES:

Bank overdraft

13,474,772

14,952,510

Lines of credit

43,101,338

41,268,554

Accounts payable

32,456,258

39,689,911

Accounts payable - related parties

3,738,202

4,521,356

Advances from customers - related parties

213,354

Current portion of long-term debt, net

6,941,738

2,726,981

Current portion of obligations under finance leases

288,101

280,243

Current portion of obligations under operating leases

333,180

4,322,503

Accrued expenses and other liabilities

2,960,084

2,683,696

TOTAL CURRENT LIABILITIES

103,507,027

110,445,754

Long-term debt, net

90,151,208

18,535,016

Promissory note payable - related party

7,000,000

Obligations under finance leases, non-current

979,782

1,053,166

Obligations under operating leases, non-current

550,372

12,833,081

Deferred tax liabilities

51,378,817

52,320,045

TOTAL LIABILITIES

253,567,206

195,187,062

SHAREHOLDERS’ EQUITY:

Preferred Stock, $0.0001 par value, 1,000,000 shares authorized , no shares issued and outstanding as of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019, respectively

5,305

Treasury Stock, at cost, 905,115 shares as of March 31, 2020 and December 31, 2019, respectively

(12,038,030)

Additional paid-in capital

599,617,009

Retained earnings (accumulated deficit)

(324,060,281)

15,823,661

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

263,524,003

603,407,945

Noncontrolling interest

4,321,197

4,248,787

TOTAL SHAREHOLDERS’ EQUITY

267,845,200

607,656,732

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 521,412,406

$ 802,843,794

[1]	There are no accumulated impairment losses.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	100,000,000
Common stock, shares issued (in shares)	53,050,211	52,145,096
Common stock, shares outstanding (in shares)	53,050,211	52,145,096
Treasury stock, shares (in shares)	905,115	905,115

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 175,803,336	$ 74,801,022
Cost of revenue	146,828,291	62,094,166
Gross profit	28,975,045	12,706,856
DISTRIBUTION, SELLING AND ADMINISTRATIVE EXPENSES	29,406,593	10,365,172
INCOME (LOSS) FROM OPERATIONS	(431,548)	2,341,684
Other Income (Expenses)
Interest income	131	151,949
Interest expense and bank charges	(1,951,569)	(336,958)
Goodwill impairment loss	(338,191,407)
Other income	405,650	284,535
Total Other Income (Expenses), net	(339,737,195)	99,526
INCOME (LOSS) BEFORE INCOME TAX PROVISION	(340,168,743)	2,441,210
PROVISION (BENEFIT) FOR INCOME TAXES	(482,211)	647,639
NET INCOME (LOSS)	(339,686,532)	1,793,571
Less: net income attributable to noncontrolling interest	197,410	120,758
NET INCOME (LOSS) ATTRIBUTABLE TO HF FOODS GROUP INC.	$ (339,883,942)	$ 1,672,813
Earnings (loss) per common share - basic and diluted (in dollars per share)	$ (6.52)	$ 0.08
Weighted average shares - basic and diluted (in shares)	52,145,096	22,167,486
Third Parties [Member]
Revenue	$ 170,640,014	$ 70,303,911
Cost of revenue	141,904,237	57,725,355
Related Parties [Member]
Revenue	5,163,322	4,497,111
Cost of revenue	$ 4,924,054	$ 4,368,811

Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - 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, 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
Net Income (loss)				1,672,813	1,672,813	120,759	1,793,571
Balance (in shares) at Mar. 31, 2019	22,167,486
Balance at Mar. 31, 2019	$ 2,217		22,920,603	12,106,797	35,029,617	1,225,437	36,255,054
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
Net Income (loss)				(339,883,942)	(339,883,942)	197,410	(339,686,532)
Distribution to shareholders						(125,000)	(125,000)
Balance (in shares) at Mar. 31, 2020	52,145,096
Balance at Mar. 31, 2020	$ 5,305	$ (12,038,030)	$ 599,617,009	$ (324,060,281)	$ 263,524,003	$ 4,321,197	$ 267,845,200

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net Income (loss)	$ (339,686,532)	$ 1,793,571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,526,277	872,148
Goodwill impairment loss	338,191,407
Gain from disposal of equipment	(20,349)	(39,609)
Allowance for doubtful accounts	154,365	(103,051)
Allowance for inventories	46,687
Deferred tax expenses (benefit)	(931,471)	115,769
Income from equity method investment	(35,061)
Changes in operating assets and liabilities:
Accounts receivable, net	23,477,270	(867,080)
Accounts receivable - related parties, net	(1,784,762)	147,090
Inventories	1,780,693	(1,501,368)
Advances to suppliers - related parties, net	(119,681)	364,892
Other current assets	540,443	331,891
Security deposit - related parties	58,880
Other long-term assets	(15,900)	44,366
Accounts payable	(7,319,101)	2,266,388
Accounts payable - related parties	(783,154)	(1,099,978)
Advance from customers - related parties	213,354	(46,543)
Operating lease liability	(102,088)	(164,752)
Income tax payable		296,773
Accrued expenses	436,529	110,871
Net cash provided by operating activities	18,627,806	2,521,378
Cash flows from investing activities:
Purchase of property and equipment	(160,252)	(1,344,555)
Proceeds from disposal of equipment	90,879	176,800
Payment made for notes receivable		(108,750)
Proceeds from long-term notes receivable to related parties		13,750
Payment made for long-term notes receivable to related parties		(117,732)
Payment made for acquisition of B&R Realty	(94,004,068)
Net cash used in investing activities	(94,073,441)	(1,380,487)
Cash flows from financing activities:
Repayment of bank overdraft	(1,477,738)
Proceeds from lines of credit	174,101,782	1,500,000
Repayment of lines of credit	(172,301,798)	(2,600,000)
Proceeds from long-term debt	75,600,000	2,144,555
Repayment of long-term debt	(1,346,136)	(594,985)
Repayment of long-term debt - related parties	(730,998)
Repayment of obligations under finance leases	(122,498)	(182,511)
Cash distribution to shareholders	(125,000)
Net cash provided by financing activities	73,597,614	267,059
Net increase (decrease) in cash	(1,848,021)	1,407,950
Cash at beginning of the period	14,538,286	5,489,404
Cash at end of the period	$ 12,690,265	$ 6,897,354

Note 1 - Organization and Business Description

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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 in 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 Financial Accounting Standards Board’s (“FASB) 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 were 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.

July 10, 2019,

the Company, through its subsidiary Han Feng, Inc., formed a new real estate holding company, R & N Charlotte, LLC (“R&N Charlotte”). R&N Charlotte owns a

4.66

acre tract of land with appurtenant

115,570

square foot office/warehouse/industrial facility located in Charlotte, North Carolina.

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

Name	Date of formation / incorporation	Place of formation / 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%	Food service distributor
TT	August 6, 2002	North Carolina	100%	Logistic service provider
MFD	April15, 1999	North Carolina	100%	Logistic service provider
R&N Holdings	November 21, 2002	North Carolina	100%	Real estate holding company
R&N Lexington	May 27, 2010	North Carolina	100%	Real estate holding company
R&N Charlotte	July 10, 2019	North Carolina	100%	Real estate holding company
Kirnsway	May 24, 2006	North Carolina	100%	Design and printing services provider
Chinesetg	July 12, 2011	North Carolina	100%	Design and printing services provider
NSF	December 17, 2008	Florida	100%	Food service distributor
BB	September 12, 2001	Florida	100%	Logistic service provider
Kirnland	April 11, 2006	Georgia	66.7%	Food service distributor
HG Realty	May 11, 2012	Georgia	100%	Real estate holding company

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. Pursuant to the B&R Merger Agreement, the aggregate fair value of the consideration paid by HF Group in the business combination was

$576,699,494,

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

*At the acquisition date and as of

March 31, 2020,

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

Acquisition of Real Estate Companies

January 17, 2020,

the Company completed the transactions contemplated by that certain membership interest purchase agreement dated the same date (the “Purchase Agreement”) by and among its subsidiary B&R Global, B&R Group Realty Holding, LLC ("B&R Group Realty"), and

nine

subsidiary limited liability companies wholly owned by B&R Group Realty (the “B&R Realty Subsidiaries”) (the “Realty Acquisition”). Pursuant to the Purchase Agreement, B&R Global acquired all equity membership interests in the B&R Realty Subsidiaries, which own warehouse facilities that were being leased by the Company for its operations in California, Arizona, Utah, Colorado, Washington, and Montana for purchase consideration of

$101,269,706.

Consideration for the Acquisition was funded by (i)

$75.6

million in mortgage-backed term loans financed under the Second Amended Credit Agreement (Note

), (ii) issuance by B&R Global of a

$7.0

million Unsecured Subordinated Promissory Note (the “Note”) to B&R Group Realty, and (iii) payment of

$18.7

million from funds drawn from the Company’s revolving credit facility.

The following table summarizes B&R Global’s additional wholly owned subsidiaries as a result of Realty Acquisition:

Name	Date of formation / incorporation	Place of formation / incorporation	Percentage of legal ownership by B&R Global	Principal activities
A & Kie, LLC	March 26, 2020	Arizona	100%	Real estate holding company
B & R Realty, LLC	August 28, 2013	California	100%	Real estate holding company
Big Sea Realty, LLC	April 3, 2013	Washington	100%	Real estate holding company
Fortune Liberty, LLC	November 22, 2006	Utah	100%	Real estate holding company
Genstar Realty, LLC	February 27, 2012	California	100%	Real estate holding company
Hardin St Properties, LLC	December 5, 2012	Montana	100%	Real estate holding company
Lenfa Food, LLC	February 14, 2002	Colorado	100%	Real estate holding company
Lucky Realty, LLC	September 3, 2003	California	100%	Real estate holding company
Murray Properties, LLC	February 27, 2013	Utah	100%	Real estate holding company

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The unaudited condensed 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 unaudited condensed 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

March 31, 2020

and

December 31, 2019,

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:

	March 31, 2020		December 31, 2019
Current assets	$	211,641	$	158,184
Non-current assets		262,009		301,803
Total assets	$	473,650	$	459,987
Current liabilities	$	765,080	$	805,666
Non-current liabilities		58,792		69,321
Total liabilities	$	823,872	$	874,987

	For the three months ended March 31
	2020		2019
Net revenue	$	666,428	$	-
Net income	$	64,778	$	-

	For the three months ended March 31
	2020			2019
Net cash provided by operating activities	$	314,224		$	-
Net cash used in financing activities		(222,137	)		-
Net increase in cash and cash equivalents	$	92,087		$	-

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 operations.

As of

March 31, 2020

and

December 31, 2019,

noncontrolling interest consisted of the following:

Name of Entity	Percentage of noncontrolling interest		Ownership	March 31, 2020		December 31, 2019
Kirnland		33.30	%	$	1,333,963	$	1,292,623
OW		32.50	%		1,581,654		1,600,058
MS		35.00	%		487,005		459,126
MIN		39.75	%		918,575		896,980
Total				$	4,321,197	$	4,248,787

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 unaudited condensed 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

March 31, 2020

and

December 31, 2019,

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 unaudited condensed 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

March 31, 2020

and

December 31, 2019,

the allowances for doubtful accounts were

$819,807

and

$623,970,

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

March 31, 2020,

and

December 31, 2019,

the valuation allowance was

$316,368

and

$16,928,

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 unaudited condensed consolidated statements of operations in other income or expenses.

Business Combinations

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

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 noncontrolling 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 operations.

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 operations. The results of operations of the businesses that the Company acquired are included in the Company’s consolidated financial statements from the date of acquisition.

Goodwill

The Company opted to early adoption of Accounting Standards Update (“ASU”)

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

(“ASC

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 investment and investment without readily determinable fair value.

The Company follows ASC Topic

321

(“ASC

321”

Investments – Equity Securities

, 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

(“ASC

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 Topic

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

March 31, 2020

and

December 31, 2019.

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

March 31, 2020

and

December 31, 2019.

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.

The Company follows ASU

2014

Revenue from Contracts with Customers (“ASC Topic

606”

)

. The Company recognizes revenue that represents 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 requires 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 transfer 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 advances from customers as of

March 31, 2020

and

December 31, 2019.

For

three

months ended

March 31, 2020

and

2019,

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 Three Months Ended
	March 31, 2020		March 31, 2019
North Carolina	$	29,717,516	$	35,259,767
Florida		19,085,809		23,130,742
Georgia		14,102,255		16,410,513
Arizona		10,011,749		-
California		67,664,956		-
Colorado		8,908,993		-
Utah		14,998,375		-
Washington		11,313,683		-
Total	$	175,803,336	$	74,801,022

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

$2,558,233

and

$1,051,120

for the

three

months ended

March 31, 2020

and

2019,

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

(“ASC

740”

Income Taxes

, 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

March 31, 2020

and

December 31, 2019.

Leases

January 1, 2019,

the Company adopted ASU

2016

02,

Leases (Topic

842

)

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

842,

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

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 adoption of Topic

842

did

not

have a material impact on the Company’s consolidated statements of operations.

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 Topic

260

(“ASC

260”

Earnings per Share

. 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

three

months ended

March 31, 2020

and

2019.

Fair Value of Financial Instruments

The Company follows the provisions of ASC Topic

820

(“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 unaudited condensed consolidated balance sheets for cash, accounts receivable, advances to suppliers, other current assets, accounts payable, bank overdraft, income tax payable, advances from customers – related parties, current portion of long-term debt, current portion of obligations under finance 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

March 31, 2020

and

December 31, 2019.

For the

three

months ended

March 31, 2020

and

2019,

supplier accounted for more than

10%

of the total cost of revenue. As of

March 31, 2020,

two

suppliers accounted for

56%

and

15%

of total advance payments outstanding and these

two

suppliers accounted for

79%

and

21%

of advance payments to related parties, respectively. 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.

Recent Accounting Pronouncements

June 2016,

the FASB issued ASU

2016

(“ASU

2016

13”

Measurement of Credit Losses on Financial Instruments (Topic

326

): Measurement of Credit Losses on Financial Instruments”

. 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. For emerging growth companies, the effective date is has been extended to fiscal years beginning after

December 31, 2022.

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

(“ASU

2018

13”

Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

. 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 adopted ASU

2018

January 1, 2020

and the adoption did

not

have any material impact on its consolidated financial statements.

December 2019,

the FASB issued ASU

2019

(“ASU

2019

12”

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes

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

2019

removes certain exceptions to the general principles in ASC

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

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Financing Receivables [Text Block]

NOTE

- ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	As of March 31, 2020			As of December 31, 2019
Accounts receivable	$	27,030,267		$	50,651,104
Less: allowance for doubtful accounts		(819,807	)		(623,970	)
Accounts receivable, net	$	26,210,460		$	50,027,134

Movement of allowance for doubtful accounts is as follows:

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Beginning balance	$	623,970		$	658,104
Provision for doubtful accounts		231,274			(99,678	)
Less: write off/recovery		(35,437	)		(3,373	)
Ending balance	$	819,807		$	555,053

Note 4 - Notes Receivable	3 Months Ended
Note 4 - Notes Receivable	Mar. 31, 2020
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

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

– LONG-TERM INVESTMENTS

Long-term investments consisted of the following:

	Ownership as of March 31, 2020		As of March 31, 2020		As of December 31, 2019
Pt. Tamron Akuatik Produk Industri		12%	$	1,800,000	$	1,800,000
Asahi Food, Inc.		49%		531,337		496,276
Long-term investments			$	2,331,337	$	2,296,276

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

321,

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

March 31, 2020

and

December 31, 2019

for these investments.

Note 6 - Property and Equipment, Net

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE

- PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	As of March 31, 2020			As of December 31, 2019
Land	$	50,744,295		$	2,010,253
Buildings and improvements		80,690,964			26,903,528
Machinery and equipment		14,431,258			13,412,961
Motor vehicles		24,235,114			23,841,730
Subtotal		170,101,631			66,168,472
Less: accumulated depreciation		(30,160,238	)		(28,630,325	)
Property and equipment, net	$	139,941,393		$	37,538,147

The Company acquired

$102,331,567

of property and equipment from acquisition of assets from B&R Realty Group on

January 17, 2020.

See Note

for additional information.

Depreciation expense was

$1,651,505

and

$707,396

for the

three

months ended

March 31, 2020

and

2019,

respectively.

Note 7 - Business Combination With B&R Global

3 Months Ended

Mar. 31, 2020

B&R Global [Member]

Notes to Financial Statements

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 as 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.

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	$	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 for the

three

months ended

March 31, 2020

are as follows:

	For the three months ended March 31, 2020

Net Revenue	$	112,897,756

Net Income	$	(340,298,022	)

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

three

months ended

March 31, 2019,

as if the Business Combination had occurred on

January 1, 2019.

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.

	For the three months ended March 31,
	2019
Pro forma Net revenue	$	208,955,366
Pro forma Net income		2,924,375	(1)
Pro forma Net income attributable to HF Group		2,678,359	(1)

Pro forma earnings per common share - basic and diluted	$	0.05

Pro forma weighted average shares - basic and diluted		52,867,486

(

)

Includes intangibles asset amortization expense of

$2,722,575

for the

three

months ended

March 31, 2019.

Note 8 - Acquisition of B&R Realty Subsidiaries

3 Months Ended

Mar. 31, 2020

B & R Realty, LLC [Member]

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE

– ACQUISITION OF B&R REALTY SUBSIDIARIES

January 17, 2020,

B&R Global acquired all equity membership interests in the B&R Realty subsidiaries, which own warehouse facilities that were being leased by B&R Global for its operations in California, Arizona, Utah, Colorado, Washington, and Montana. Co-CEO of the Company, Xiao Mou Zhang, managed and owned an

8.91%

interest in B&R Group Realty. The total purchase price for the acquisition was

$101,269,706,

which is based on fair market value appraisals of the properties owned by the B&R Realty subsidiaries.

The Company notes that substantially all of the fair value of the gross assets acquired is concentrated in a group of similar assets (land and buildings in which the buildings are all used for warehousing and distribution purposes). As such, the acquisition of Selling B&R Global Realty Subsidiaries would be deemed an asset acquisition under ASC

805

55,

and the total purchase price is allocated on a relative fair value basis to the net assets acquired.

Consideration for the acquisition was funded by (i)

$75.6

million in mortgage-backed term loans financed under the Second Amended Credit Agreement (see Note

for additional information), (ii) issuance by B&R Global of a

$7.0

million Unsecured Subordinated Promissory Note to B&R Group Realty maturing on

January 17, 2030,

and (iii) payment of

$18.7

million from funds drawn from the Company’s revolving credit facility. The reissuance of the mortgage-backed term loans released B&R Group Realty from its obligations to the lenders under the First Amended Credit Agreement (See Note

for additional information) and predecessor financing arrangements.

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

Cash	$	265,639
Automobile		33,690
Prepaids		39,193
Land		48,734,042
Buildings		53,563,835
ASSETS ACQUIRED		102,636,399

Accounts payable and Accrued Expenses		1,366,693
LIABILITIES ASSUMED		1,366,693
NET ASSETS ACQUIRED	$	101,269,706

Note 9 - Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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 December 31, 2019	$	-	$	406,703,348	$	406,703,348
Balance at March 31, 2020 (1)	$	-	$	68,511,941	$	68,511,941

The Company had booked approximately

$406.7

million of goodwill from business combination with B&R Global on

December 31, 2019.

The Company tests goodwill for impairment annually in the

fourth

quarter, or more frequently if events or circumstances indicate it could be impaired. Potential impairment indicators include (but are

not

limited to) macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, specific events affecting the reporting unit or sustained decrease in share price.

During the

first

quarter of fiscal

2020,

as a result of significant declines in the Company’s business due to COVID-

pandemic, the Company determined that B&R Global reporting unit was very sensitive to these declines and that it was more likely than

not

that an impairment

may

exist. The Company, therefore, performed an analysis of the fair value of B&R Global reporting unit as of

March 31, 2020

using a discounted cash flow for goodwill impairment testing purposes. Based on this analysis, the Company determined that the carrying value of its B&R Global reporting unit exceeded its fair value by

$338.2

million. As a result, the company recorded the amount as impairment charges during the

first

quarter of fiscal

2020.

The Company estimated the fair values of B&R Global reporting unit using the income approach, discounting projected future cash flows based on management’s expectations of the current and future operating environment. The calculation of the impairment charge includes substantial fact-based determinations and estimates including weighted average cost of capital (WACC), future revenue, profitability, perpetual growth rates and fair values of assets and liabilities. The fair value conclusions as of

March 31, 2020

for the reporting unit are highly sensitive to changes in the WACC, which considered observable data about guideline publicly traded companies, an estimated market participant’s expectations about capital structure and risk premiums. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling to its enterprise value and market capitalization. The Company also observed the WACC applied on

March 31, 2020

increased from the

one

on acquisition date, mainly driven by the increased risk and volatility observed in the market. Volatility has primarily been due to concerns about demand for food distribution services, as restaurant activity in much of the country has been reduced to takeout and delivery offerings. Furthermore, increased uncertainty about the unwinding of these restrictions and levels of consumer spending are driving the uncertainty and subsequent volatility.

In addition, the fair value of the goodwill is sensitive to the changes in the assumptions used in the projected cash flows, which include forecasted revenues, perpetual growth rates, among others, all of which require significant judgments by management. The company has used recent historical performance, current forecasted financial information, and broad-based industry and economic statistics as a basis to estimate the key assumptions utilized in the discounted cash flow model. These key assumptions are inherently uncertain and require a high degree of estimation and judgment and are subject to change based on future changes, industry and global economic and geo-political conditions, and the timing and success of the implementation of current strategic initiatives. The impact of the COVID-

pandemic on estimated future cash flows is uncertain and will largely depend on the outcome of future events, which could result in further goodwill impairments going forward. The company will complete its annual impairment test in the

fourth

quarter of fiscal

2020.

Acquired Intangible Assets

In connection with the Business Acquisition of B&R Global, 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 March 31, 2020							At December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Tradenames	$	29,303,000	$	(1,220,958	)		28,082,042	$	29,303,000	$	(488,383	)		28,814,617
Customer relationships		159,200,000		(3,316,667	)		155,883,333		159,200,000		(1,326,667	)		157,873,333
Total	$	188,503,000	$	(4,537,625	)		183,965,375	$	188,503,000	$	(1,815,050	)		186,687,950

Since COVID-

has had a adverse impact on the Company’s customers, which was a triggering event, the Company performed interim long-lived asset quantitative impairment tests as of

March 30, 2020.

All intangible assets were tested for recoverability at the asset group level. ASC

360

defines the recoverability of these assets as measured by comparison of their (or asset group) carrying amounts to future undiscounted cash flows the assets (or asset group) are expected to generate. Based on the test for recoverability using undiscounted cash flows attributable to the asset (or asset group), the sum of the undiscounted cash flows exceeded the carrying value of the measured asset (or asset group). As such,

impairment was recorded for the finite lived assets.

HF Group’s amortization expense for intangible assets was

$2,722,575

for the

three

months ended

March 31, 2020

and

nil

for the

three

months ended

March 31, 2019,

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

Twelve months ending March 31,
2021	$	10,890,300
2022		10,890,300
2023		10,890,300
2024		10,890,300
2025		10,890,300
Thereafter		129,513,875
Total	$	183,965,375

Note 10 - Lines of Credit	3 Months Ended
Note 10 - Lines of Credit	Mar. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 10 - 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 and 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 March 31, 2020, the Company was in compliance with the covenants under the credit agreement. 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 (collectively with the Company, the “Borrowers”), 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. The Second Amended Credit Agreement amends and restates the existing $55.0 million of real estate term loans evidenced by that certain Amended and Restated Credit Agreement, dated as of November 4, 2019, among the Company, B&R Global, its affiliates and JP Morgan Chase Bank, N.A., as Administrative Agent and sole lender (the “First Amended Credit Agreement”). As of January 17, 2020, the existing balance of revolving debt under the First Amended Credit Agreement, $41.2 million, was rolled over, and an additional $18.7 million available to the Company under the Facility was drawn. The Company and B&R used the $75.6 million in mortgage-secured term loans and $18.7 million drawn from the revolving credit facility to fund in part the acquisition of 10 warehouse facilities owned by the Selling B&R Group Realty Subsidiaries, which the Company has been leasing for its operations in California, Arizona, Utah, Colorado, Washington, and Montana. The outstanding principal balance on the line of credit as of March 31, 2020 was $43.1 million.

Note 11 - Long-term Debt

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

- LONG-TERM DEBT

Long-term debt at

March 31, 2020

and

December 31, 2019

is as follows:

Bank name	Maturity	Interest rate at March 31, 2020			As of March 31, 2020			As of December 31, 2019
East West Bank – (a)	August 2027 - September 2029	3.83%	-	4.25%	$	6,942,702		$	6,989,016
Capital Bank – (b)	October 2027		3.85%			4,919,094			4,967,075
Bank of America – (c)	April 2021 – December 2029	3.75%	-	5.51%		5,696,670			4,263,663
J.P. Morgan Chase (d)	February 2023 – January 2030		3.46%			77,516,030			2,702,371
BMO Harris Bank – (e)	April 2022 - January 2024	5.87%	-	5.99%		397,378			508,564
Peoples United Bank – (e)	April 2020 – January 2023	6.69%	-	7.53%		981,749			1,114,993
Other finance companies – (e)	May 2020 – March 2024	3.9%	-	6.14%		639,323			716,315
Total debt						97,092,946			21,261,997
Less: current portion						(6,941,738	)		(2,726,981	)
Long-term debt					$	90,151,208		$	18,535,016

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

March 31, 2020,

and

December 31, 2019,

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)

Real estate term loan with a principal balance of

$75,007,690

is secured by assets held by

nine

subsidiaries of the Company, AK, BRR, BSR, FL, GSR, HP, LF, LR, and MP. Equipment term loan with a principal balance of

$2,508,340

is secured by specific vehicles and equipment as defined in loan agreements.

(e)	Secured by vehicles.

The future maturities of long-term debt as of

March

31,2020

are as follows:

Twelve months ending March 31,
2021	$	6,941,738
2022		5,597,456
2023		5,128,522
2024		4,020,194
2025		3,698,486
Thereafter		71,706,550
Total	$	97,092,946

Note 12 - Leases

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

NOTE

- LEASES

January 1, 2019,

the Company adopted ASU

2016

02,

Leases (ASC Topic

842

)

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

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 Three Months Ended
	March 31, 2020			March 31, 2019
Operating lease cost	$	503,057		$	164,752

Weighted Average Remaining Lease Term (Months)
Operating leases		36			31

Weighted Average Discount Rate
Operating leases		4.1	%		5.1	%

Finance Leases

The components of lease expense were as follows:

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Finance leases cost:
Amortization of right-of-use assets	$	139,687	$	145,879
Interest on lease liabilities		27,903		32,327
Total finance leases cost	$	167,590	$	178,206

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

	For the Three Months Ended
	March 31, 2020		March 31, 2019

Operating cash flows from finance leases		27,903		32,327

Supplemental balance sheet information related to leases was as follows:

	March 31, 2020			December 31, 2019

Finance Leases
Property and equipment, at cost	$	2,793,731		$	2,793,731
Accumulated depreciation		(1,432,817	)		(1,293,130	)
Property and equipment, net	$	1,360,914		$	1,500,601

Weighted Average Remaining Lease Term (Months)
Finance leases		51			54

Weighted Average Discount Rate
Finance leases		7.52	%		7.51	%

Maturities of lease liabilities were as follows

Twelve months ending March 31,	Operating Leases			Finance Leases
2021	$	395,354		$	373,715
2022		288,902			352,151
2023		245,773			334,224
2024		78,784			295,250
2025		-			162,142
Total Lease Payments		1,008,813			1,517,482
Less Imputed Interest		(125,261	)		(249,599	)
Total	$	883,552		$	1,267,883

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 of AnHeart stock to Ms. An, and in consideration of the Company’s ongoing guaranty of AnHeart’s performance of the lease obligations, AnHeart granted to the Company a security interest in all AnHeart assets, together with a covenant that the Company will be assigned the leases, to be exercised 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 13 - Supplemental Cash Flows Information

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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 Three Months Ended
	March 31, 2020		March 31, 2019
Supplemental disclosure of cash flow data:
Cash paid for interest	$	814,077	$	379,969
Cash paid for income taxes	$	93,315		-
Supplemental disclosure of non-cash investing and financing activities
Issuance of promissory note for the acquisition of B&R Realty Subsidiaries	$	7,000,000	$	-

Note 14 - Taxes

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

- TAXES

Corporate Income Taxes (“CIT”)

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

three

months ended

March 31, 2020

and

2019

consists of the following:

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Current income taxes:
Federal	$	359,600		$	392,484
State		89,660			139,386
Current income taxes		449,260			531,870
Deferred income taxes (benefit):
Federal		(723,342	)		103,060
State		(208,129	)		12,709
Deferred income taxes (benefit)		(931,471	)		115,769
Total provision (benefit) for income taxes	$	(482,211	)	$	647,639

(ii)

Temporary differences and carryforwards of the Company that created significant deferred tax assets and liabilities are as follows:

	As of March 31, 2020			As of December 31, 2019
Deferred tax assets:
Allowance for doubtful accounts	$	405,255		$	373,438
Inventories		590,255			594,628
Federal NOL		228,637			228,637
State NOL		86,383			80,514
Basis in intangible assets		52,467			-
Accrued expenses		128,082			80,100
Total deferred tax assets		1,491,079			1,357,317
Deferred tax liabilities:
Property and equipment		(3,177,207	)		(3,270,536	)
Intangibles assets		(49,623,453	)		(50,327,833	)
Total deferred tax liabilities		(52,800,660	)		(53,598,369	)
Net deferred tax liabilities	$	(51,309,581	)	$	(52,241,052	)

The net deferred tax liabilities presented in the Company's unaudited condensed consolidated balance sheets were as follows：

	As of March 31, 2020			As of December 31, 2019
Deferred tax assets	$	69,236		$	78,993
Deferred tax liabilities		(51,378,817	)		(52,320,045	)
Net deferred tax liabilities	$	(51,309,581	)	$	(52,241,052	)

(iii)

Reconciliations of the statutory income tax rate to the effective income tax rate are as follows:

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Federal statutory tax rate		21.0	%		21.0	%
State statutory tax rate		-			5.2	%
Impact of goodwill impairment loss – permanent difference		(20.8	)%		0.3	%
Effective tax rate		0.2	%		26.5	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 15 - Related Party Transactions

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

NOTE

– RELATED PARTY TRANSACTIONS

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

March 31, 2020

and

December 31, 2019

and for the

three

months ended

March 31, 2020

and

2019

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

March 31, 2020

and

December 31, 2019,

respectively:

		As of March 31		As of December 31,
Name of Related Party		2020		2019
(a)	Allstate Trading Company Inc.	$	19,382	$	11,322
(b)	Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)		439,108		348,833
(c)	Eagle Food Service LLC		1,494,220		979,591
(d)	Fortune One Foods Inc.		166,379		53,862
(e)	Eastern Fresh LLC		1,948,403		1,511,075
(f)	Enson Trading LLC		346,497		341,200
(g)	Hengfeng Food Service Inc.		849,022		477,541
(h)	N&F Logistic, Inc.		-		119,241
(i)	ABC Trading, LLC		448,917		238,513
(j)	UGO USA Inc.		71,587		-
(k)	Best Food Services, LLC		72,761		-
	Others		131,356		121,692
Total		$	5,987,632	$	4,202,870

(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. Xiaomou Zhang, Co-Chief Executive Officer of the Company, owns 10.38% equity interest in this entity.
(j)	Mr. Zhou Min Ni owns a 30% equity interest in this entity.
(k)	Mr. Xiaomou Zhang 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

March 31, 2020

and

December 31, 2019,

respectively:

	As of		As of
Name of Related Party	March 31, 2020		December 31, 2019
(1) Ocean Pacific Seafood Group	$	181,775	$	223,303
(2) Revolution Industry, LLC		683,041		521,832
Total	$	864,816	$	745,135

( 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.

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.

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.

d.	Accounts payable - related parties

As of

March 31, 2020,

and

December 31, 2019,

the Company had a total accounts payable balance of

$3,738,202

and

$4,521,356

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.

e.	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. The balance for advances from customers involving related parties was

$213,354

March 31, 2020

and there were

advances from customers involving related parties at

December 31, 2019.

f.	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

December 31, 2019.

As a result of the Realty Acquisition referenced in Footnote

rent deposits previously classified as related party became intercompany balances and were eliminated as of

March 31, 2020.

There was

related party rent deposit as of

March 31, 2020.

g.	Term Loan guaranty - related parties

B&R Global issued a

$7.0

million Unsecured Subordinated Promissory Note to B&R Group Realty. The note bears an interest rate of

per annum that matures in

January 2030.

March 31, 2020,

accrued interest payable was

$87,500.

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

March 31, 2020

and

December 31, 2019,

and the accumulated depreciation of the leased building is

$80,102

and

$78,282

March 31, 2020

and

December 31, 2019,

respectively. Rental income for the

three

months ended

March 31, 2020

and

2019

was

$11,400

and

$11,400,

respectively.

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

2022.

Rental income for the

three

months ended

March 31, 2020

and

2019

was

$10,500

and

$10,500,

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

March 31, 2020

and

December 31, 2019,

and the accumulated depreciation of the leased building is

$537,291

and

$516,626

as of

March 31, 2020

and

December 31, 2019,

respectively. Rental income for the

three

months ended

March 31, 2020

and

2019

was

$120,000

and

$120,000,

respectively.

B&R Global leased warehouses from related parties owned by the majority shareholder of B&R Global prior to Realty Acquisition on

January 17, 2020.

Rent incurred to the related parties from

January 1, 2020

January 16, 2020

was

$187,750.

2020,

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

December 31, 2020.

Rent incurred to the related party was

$30,000

and

$30,000

for the

three

months ended

March 31, 2020

and

2019,

respectively.

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

$5,163,322

and

$4,497,111

for the

three

months ended

March 31, 2020

and

2019,

respectively. The total purchases made from related parties were

$10,492,252

and

$8,932,217

for the

three

months ended

March 31, 2020

and

2019,

respectively.

Note 16 - Segment Reporting

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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

three

months ended

March 31, 2019

as follows.

The following table presents net sales by segment for the

three

months ended

March 31, 2020

and

2019,

respectively:

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Net revenue
HF	$	62,905,580	$	74,801,022
B&R Global		112,897,756		-
Total	$	175,803,336	$	74,801,022

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

	For the Three Months Ended March 31, 2020
	HF		B&R Global		Total
Revenue	$	62,905,580	$	112,897,756	$	175,803,336
Cost of revenue		51,350,288		95,478,003		146,828,291
Gross profit		11,555,292		17,419,753		28,975,045
Depreciation and amortization		755,642		3,770,635		4,526,277
Total capital expenditures	$	21,459	$	138,793	$	160,252

	For the Three Months Ended March 31, 2019
	HF		B&R Global		Total
Revenue	$	74,801,022	$	-	$	74,801,022
Cost of revenue		62,094,166		-		62,094,166
Gross profit		12,706,856		-		12,706,856
Depreciation and amortization		872,148		-		872,148
Total capital expenditures	$	1,344,555	$	-	$	1,344,555

	As of March 31, 2020		As of December 31, 2019
Total assets:
HF	$	69,878,489	$	80,514,529
B&R Global		451,533,917		722,329,265
Total Assets	$	521,412,406	$	802,843,794

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
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+ Details

Note 17 - Commitment and Contingency	3 Months Ended
Note 17 - Commitment and Contingency	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 17 – 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 March 31, 2020 and 2019. On March 29, 2020, plaintiff Jesus Mendoza (“Mendoza”) filed a putative shareholder securities class action lawsuit (the “Mendoza Lawsuit”) in the United States District Court for the Central District of California against the Company and certain of its present and former officers (collectively, the “Mendoza Defendants”) styled Mendoza v. HF Foods Group Inc., et al., Civil Action No. 2:20 -CV- 2929 -ODW-JPR (C.D. Cal.). On April 30, 2020, plaintiff Walter Ponce-Sanchez (“Ponce-Sanchez”) filed a substantially similar putative shareholder securities class action lawsuit (the “Ponce-Sanchez Lawsuit”) in the United States District Court for the Central District of California against the same defendants named in the Mendoza Lawsuit (collectively, the “Ponce-Sanchez Defendants” and with the Mendoza Defendants, the “Defendants”) styled Ponce-Sanchez v. HF Foods Group Inc., et al., Civil Action No. 2:20 -CV- 3967 -PA-GJS (C.D. Cal.). The complaints in the Mendoza Lawsuit and the Ponce-Sanchez Lawsuit both allege that the Defendants made materially false and/or misleading statements that caused losses to investors. Additionally, Mendoza and Ponce-Sanchez both allege that the Defendants failed to disclose in public statements that the Company engaged in certain related party transactions, that insiders and related parties were enriching themselves by misusing shareholder funds, and that the Company masked the true number of free-floating shares. Neither the Mendoza Lawsuit nor the Ponce-Sanchez Lawsuit quantifies any alleged damages, but, in addition to attorneys’ fees and costs, they seek to recover damages on behalf of themselves and other persons who purchased or otherwise acquired Company stock during the putative class period from August 23, 2018 through March 23, 2020 at allegedly inflated prices and purportedly suffered financial harm as a result. The Company disputes these allegations and intends to defend the Mendoza Lawsuit and the Ponce-Sanchez Lawsuit vigorously. At this stage, the Company is unable to determine whether a future loss will be incurred due to this litigation, or estimate a range of loss, if any, and accordingly, no amounts have been accrued in the Company’s financial statements.

Note 18 - Subsequent Events	3 Months Ended
Note 18 - Subsequent Events	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 18 – SUBSEQUENT EVENTS Starting Mid- March 2020 when, federal, state and local governments throughout the United States issued shelter-in-place orders related to the COVID- 19 pandemic. Many of the Company’s customers, including those in the restaurant segments, ceased operating due to governmental requirements for closures to help curb the spread of COVID- 19, and there are no assurances as to how long these closures may remain in effect. Furthermore, even after reopening, there can be no assurance as to the time required to regain operations and sales volume at prior levels. Given the uncertain nature of this situation, the Company cannot reasonably estimate the further impacts of COVID- 19 on its financial condition, results of operations or cash flows for the foreseeable future. However, the Company expects the COVID- 19 pandemic will have a material and adverse impact on future revenue growth, as well as overall profitability, and may lead to higher bad debt expense, higher inventory allowance, additional impairment of goodwill, intangible assets or fixed assets.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

first

period presented in the accompanying unaudited condensed 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

March 31, 2020

and

December 31, 2019,

	March 31, 2020		December 31, 2019
Current assets	$	211,641	$	158,184
Non-current assets		262,009		301,803
Total assets	$	473,650	$	459,987
Current liabilities	$	765,080	$	805,666
Non-current liabilities		58,792		69,321
Total liabilities	$	823,872	$	874,987

	For the three months ended March 31
	2020		2019
Net revenue	$	666,428	$	-
Net income	$	64,778	$	-

	For the three months ended March 31
	2020			2019
Net cash provided by operating activities	$	314,224		$	-
Net cash used in financing activities		(222,137	)		-
Net increase in cash and cash equivalents	$	92,087		$	-

Consolidation, Policy [Policy Text Block]

Noncontrolling Interests

As of

March 31, 2020

and

December 31, 2019,

noncontrolling interest consisted of the following:

Name of Entity	Percentage of noncontrolling interest		Ownership	March 31, 2020		December 31, 2019
Kirnland		33.30	%	$	1,333,963	$	1,292,623
OW		32.50	%		1,581,654		1,600,058
MS		35.00	%		487,005		459,126
MIN		39.75	%		918,575		896,980
Total				$	4,321,197	$	4,248,787

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

March 31, 2020

and

December 31, 2019,

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

March 31, 2020

and

December 31, 2019,

the allowances for doubtful accounts were

$819,807

and

$623,970,

respectively.

Inventory, Policy [Policy Text Block]

Inventories

first

-in,

first

-out (FIFO) method. As of

March 31, 2020,

and

December 31, 2019,

the valuation allowance was

$316,368

and

$16,928,

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 Topic

805

(“ASC

805”

Business Combinations

not

may

be up to

one

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

Goodwill

The Company opted to early adoption of Accounting Standards Update (“ASU”)

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

(“ASC

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 investment and investment without readily determinable fair value.

The Company follows ASC Topic

321

(“ASC

321”

Investments – Equity Securities

, 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

(“ASC

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 Topic

323

(“ASC

323”

Investments-Equity Method and Joint Ventures

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

March 31, 2020

and

December 31, 2019.

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

March 31, 2020

and

December 31, 2019.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

The Company follows ASU

2014

Revenue from Contracts with Customers (“ASC Topic

606”

)

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 advances from customers as of

March 31, 2020

and

December 31, 2019.

For

three

months ended

March 31, 2020

and

2019,

The following table summarizes disaggregated revenue from contracts with customers by geographic locations:

	For the Three Months Ended
	March 31, 2020		March 31, 2019
North Carolina	$	29,717,516	$	35,259,767
Florida		19,085,809		23,130,742
Georgia		14,102,255		16,410,513
Arizona		10,011,749		-
California		67,664,956		-
Colorado		8,908,993		-
Utah		14,998,375		-
Washington		11,313,683		-
Total	$	175,803,336	$	74,801,022

Shipping and Handling Expense [Policy Text Block]

Shipping and Handling Costs

$2,558,233

and

$1,051,120

for the

three

months ended

March 31, 2020

and

2019,

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

(“ASC

740”

Income Taxes

, 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

March 31, 2020

and

December 31, 2019.

Lessee, Leases [Policy Text Block]

Leases

January 1, 2019,

the Company adopted ASU

2016

02,

Leases (Topic

842

)

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

842,

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

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 adoption of Topic

842

did

not

have a material impact on the Company’s consolidated statements of operations.

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 Topic

260

(“ASC

260”

Earnings per Share

. ASC

260

anti-dilutive effect for the

three

months ended

March 31, 2020

and

2019.

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

Fair Value of Financial Instruments

The Company follows the provisions of ASC Topic

820

(“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

March 31, 2020

and

December 31, 2019.

For the

three

months ended

March 31, 2020

and

2019,

supplier accounted for more than

10%

of the total cost of revenue. As of

March 31, 2020,

two

suppliers accounted for

56%

and

15%

of total advance payments outstanding and these

two

suppliers accounted for

79%

and

21%

of advance payments to related parties, respectively. 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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

June 2016,

the FASB issued ASU

2016

(“ASU

2016

13”

Measurement of Credit Losses on Financial Instruments (Topic

326

): Measurement of Credit Losses on Financial Instruments”

. 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. For emerging growth companies, the effective date is has been extended to fiscal years beginning after

December 31, 2022.

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

(“ASU

2018

13”

Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

. 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 adopted ASU

2018

January 1, 2020

and the adoption did

not

have any material impact on its consolidated financial statements.

December 2019,

the FASB issued ASU

2019

(“ASU

2019

12”

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes

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

2019

removes certain exceptions to the general principles in ASC

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)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

Name	Date of formation / incorporation	Place of formation / 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%	Food service distributor
TT	August 6, 2002	North Carolina	100%	Logistic service provider
MFD	April15, 1999	North Carolina	100%	Logistic service provider
R&N Holdings	November 21, 2002	North Carolina	100%	Real estate holding company
R&N Lexington	May 27, 2010	North Carolina	100%	Real estate holding company
R&N Charlotte	July 10, 2019	North Carolina	100%	Real estate holding company
Kirnsway	May 24, 2006	North Carolina	100%	Design and printing services provider
Chinesetg	July 12, 2011	North Carolina	100%	Design and printing services provider
NSF	December 17, 2008	Florida	100%	Food service distributor
BB	September 12, 2001	Florida	100%	Logistic service provider
Kirnland	April 11, 2006	Georgia	66.7%	Food service distributor
HG Realty	May 11, 2012	Georgia	100%	Real estate holding company

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

Name	Date of formation / incorporation	Place of formation / incorporation	Percentage of legal ownership by B&R Global	Principal activities
A & Kie, LLC	March 26, 2020	Arizona	100%	Real estate holding company
B & R Realty, LLC	August 28, 2013	California	100%	Real estate holding company
Big Sea Realty, LLC	April 3, 2013	Washington	100%	Real estate holding company
Fortune Liberty, LLC	November 22, 2006	Utah	100%	Real estate holding company
Genstar Realty, LLC	February 27, 2012	California	100%	Real estate holding company
Hardin St Properties, LLC	December 5, 2012	Montana	100%	Real estate holding company
Lenfa Food, LLC	February 14, 2002	Colorado	100%	Real estate holding company
Lucky Realty, LLC	September 3, 2003	California	100%	Real estate holding company
Murray Properties, LLC	February 27, 2013	Utah	100%	Real estate holding company

Note 2 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Schedule of Variable Interest Entities [Table Text Block]

	March 31, 2020		December 31, 2019
Current assets	$	211,641	$	158,184
Non-current assets		262,009		301,803
Total assets	$	473,650	$	459,987
Current liabilities	$	765,080	$	805,666
Non-current liabilities		58,792		69,321
Total liabilities	$	823,872	$	874,987

	For the three months ended March 31
	2020		2019
Net revenue	$	666,428	$	-
Net income	$	64,778	$	-

	For the three months ended March 31
	2020			2019
Net cash provided by operating activities	$	314,224		$	-
Net cash used in financing activities		(222,137	)		-
Net increase in cash and cash equivalents	$	92,087		$	-

Redeemable Noncontrolling Interest [Table Text Block]

Name of Entity	Percentage of noncontrolling interest		Ownership	March 31, 2020		December 31, 2019
Kirnland		33.30	%	$	1,333,963	$	1,292,623
OW		32.50	%		1,581,654		1,600,058
MS		35.00	%		487,005		459,126
MIN		39.75	%		918,575		896,980
Total				$	4,321,197	$	4,248,787

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 Three Months Ended
	March 31, 2020		March 31, 2019
North Carolina	$	29,717,516	$	35,259,767
Florida		19,085,809		23,130,742
Georgia		14,102,255		16,410,513
Arizona		10,011,749		-
California		67,664,956		-
Colorado		8,908,993		-
Utah		14,998,375		-
Washington		11,313,683		-
Total	$	175,803,336	$	74,801,022

- 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)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

	As of March 31, 2020			As of December 31, 2019
Accounts receivable	$	27,030,267		$	50,651,104
Less: allowance for doubtful accounts		(819,807	)		(623,970	)
Accounts receivable, net	$	26,210,460		$	50,027,134

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

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Beginning balance	$	623,970		$	658,104
Provision for doubtful accounts		231,274			(99,678	)
Less: write off/recovery		(35,437	)		(3,373	)
Ending balance	$	819,807		$	555,053

Note 5 - Long-term Investments (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Equity Method Investments [Table Text Block]

	Ownership as of March 31, 2020		As of March 31, 2020		As of December 31, 2019
Pt. Tamron Akuatik Produk Industri		12%	$	1,800,000	$	1,800,000
Asahi Food, Inc.		49%		531,337		496,276
Long-term investments			$	2,331,337	$	2,296,276

Note 6 - Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	As of March 31, 2020			As of December 31, 2019
Land	$	50,744,295		$	2,010,253
Buildings and improvements		80,690,964			26,903,528
Machinery and equipment		14,431,258			13,412,961
Motor vehicles		24,235,114			23,841,730
Subtotal		170,101,631			66,168,472
Less: accumulated depreciation		(30,160,238	)		(28,630,325	)
Property and equipment, net	$	139,941,393		$	37,538,147

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

3 Months Ended

Mar. 31, 2020

Notes Tables

Business Acquisition, Pro Forma Information [Table Text Block]

	For the three months ended March 31, 2020

Net Revenue	$	112,897,756

Net Income	$	(340,298,022	)

	For the three months ended March 31,
	2019
Pro forma Net revenue	$	208,955,366
Pro forma Net income		2,924,375	(1)
Pro forma Net income attributable to HF Group		2,678,359	(1)

Pro forma earnings per common share - basic and diluted	$	0.05

Pro forma weighted average shares - basic and diluted		52,867,486

B&R Global [Member]

Notes Tables

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	$	579,640,494

Note 8 - Acquisition of B&R Realty Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2020

B & R Realty, LLC [Member]

Notes Tables

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

Cash	$	265,639
Automobile		33,690
Prepaids		39,193
Land		48,734,042
Buildings		53,563,835
ASSETS ACQUIRED		102,636,399

Accounts payable and Accrued Expenses		1,366,693
LIABILITIES ASSUMED		1,366,693
NET ASSETS ACQUIRED	$	101,269,706

Note 9 - Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]

	HF Group		B&R Global		Total
Balance at December 31, 2019	$	-	$	406,703,348	$	406,703,348
Balance at March 31, 2020 (1)	$	-	$	68,511,941	$	68,511,941

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

	At March 31, 2020							At December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Tradenames	$	29,303,000	$	(1,220,958	)		28,082,042	$	29,303,000	$	(488,383	)		28,814,617
Customer relationships		159,200,000		(3,316,667	)		155,883,333		159,200,000		(1,326,667	)		157,873,333
Total	$	188,503,000	$	(4,537,625	)		183,965,375	$	188,503,000	$	(1,815,050	)		186,687,950

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

Twelve months ending March 31,
2021	$	10,890,300
2022		10,890,300
2023		10,890,300
2024		10,890,300
2025		10,890,300
Thereafter		129,513,875
Total	$	183,965,375

Note 11 - Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

Bank name	Maturity	Interest rate at March 31, 2020			As of March 31, 2020			As of December 31, 2019
East West Bank – (a)	August 2027 - September 2029	3.83%	-	4.25%	$	6,942,702		$	6,989,016
Capital Bank – (b)	October 2027		3.85%			4,919,094			4,967,075
Bank of America – (c)	April 2021 – December 2029	3.75%	-	5.51%		5,696,670			4,263,663
J.P. Morgan Chase (d)	February 2023 – January 2030		3.46%			77,516,030			2,702,371
BMO Harris Bank – (e)	April 2022 - January 2024	5.87%	-	5.99%		397,378			508,564
Peoples United Bank – (e)	April 2020 – January 2023	6.69%	-	7.53%		981,749			1,114,993
Other finance companies – (e)	May 2020 – March 2024	3.9%	-	6.14%		639,323			716,315
Total debt						97,092,946			21,261,997
Less: current portion						(6,941,738	)		(2,726,981	)
Long-term debt					$	90,151,208		$	18,535,016

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

Twelve months ending March 31,
2021	$	6,941,738
2022		5,597,456
2023		5,128,522
2024		4,020,194
2025		3,698,486
Thereafter		71,706,550
Total	$	97,092,946

- 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
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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-Name Accounting Standards Codification
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-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 12 - Leases (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Operating lease cost	$	503,057		$	164,752

Weighted Average Remaining Lease Term (Months)
Operating leases		36			31

Weighted Average Discount Rate
Operating leases		4.1	%		5.1	%

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Finance leases cost:
Amortization of right-of-use assets	$	139,687	$	145,879
Interest on lease liabilities		27,903		32,327
Total finance leases cost	$	167,590	$	178,206

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

	For the Three Months Ended
	March 31, 2020		March 31, 2019

Operating cash flows from finance leases		27,903		32,327

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

	March 31, 2020			December 31, 2019

Finance Leases
Property and equipment, at cost	$	2,793,731		$	2,793,731
Accumulated depreciation		(1,432,817	)		(1,293,130	)
Property and equipment, net	$	1,360,914		$	1,500,601

Weighted Average Remaining Lease Term (Months)
Finance leases		51			54

Weighted Average Discount Rate
Finance leases		7.52	%		7.51	%

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

Twelve months ending March 31,	Operating Leases			Finance Leases
2021	$	395,354		$	373,715
2022		288,902			352,151
2023		245,773			334,224
2024		78,784			295,250
2025		-			162,142
Total Lease Payments		1,008,813			1,517,482
Less Imputed Interest		(125,261	)		(249,599	)
Total	$	883,552		$	1,267,883

Note 13 - Supplemental Cash Flows Information (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Supplemental disclosure of cash flow data:
Cash paid for interest	$	814,077	$	379,969
Cash paid for income taxes	$	93,315		-
Supplemental disclosure of non-cash investing and financing activities
Issuance of promissory note for the acquisition of B&R Realty Subsidiaries	$	7,000,000	$	-

Note 14 - Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Federal Income Tax Note [Table Text Block]

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Current income taxes:
Federal	$	359,600		$	392,484
State		89,660			139,386
Current income taxes		449,260			531,870
Deferred income taxes (benefit):
Federal		(723,342	)		103,060
State		(208,129	)		12,709
Deferred income taxes (benefit)		(931,471	)		115,769
Total provision (benefit) for income taxes	$	(482,211	)	$	647,639

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

	As of March 31, 2020			As of December 31, 2019
Deferred tax assets:
Allowance for doubtful accounts	$	405,255		$	373,438
Inventories		590,255			594,628
Federal NOL		228,637			228,637
State NOL		86,383			80,514
Basis in intangible assets		52,467			-
Accrued expenses		128,082			80,100
Total deferred tax assets		1,491,079			1,357,317
Deferred tax liabilities:
Property and equipment		(3,177,207	)		(3,270,536	)
Intangibles assets		(49,623,453	)		(50,327,833	)
Total deferred tax liabilities		(52,800,660	)		(53,598,369	)
Net deferred tax liabilities	$	(51,309,581	)	$	(52,241,052	)

	As of March 31, 2020			As of December 31, 2019
Deferred tax assets	$	69,236		$	78,993
Deferred tax liabilities		(51,378,817	)		(52,320,045	)
Net deferred tax liabilities	$	(51,309,581	)	$	(52,241,052	)

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

	For the Three Months Ended
	March 31, 2020			March 31, 2019
Federal statutory tax rate		21.0	%		21.0	%
State statutory tax rate		-			5.2	%
Impact of goodwill impairment loss – permanent difference		(20.8	)%		0.3	%
Effective tax rate		0.2	%		26.5	%

Note 15 - Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

		As of March 31		As of December 31,
Name of Related Party		2020		2019
(a)	Allstate Trading Company Inc.	$	19,382	$	11,322
(b)	Enson Seafood GA Inc. (formerly “GA-GW Seafood, Inc.”)		439,108		348,833
(c)	Eagle Food Service LLC		1,494,220		979,591
(d)	Fortune One Foods Inc.		166,379		53,862
(e)	Eastern Fresh LLC		1,948,403		1,511,075
(f)	Enson Trading LLC		346,497		341,200
(g)	Hengfeng Food Service Inc.		849,022		477,541
(h)	N&F Logistic, Inc.		-		119,241
(i)	ABC Trading, LLC		448,917		238,513
(j)	UGO USA Inc.		71,587		-
(k)	Best Food Services, LLC		72,761		-
	Others		131,356		121,692
Total		$	5,987,632	$	4,202,870

	As of		As of
Name of Related Party	March 31, 2020		December 31, 2019
(1) Ocean Pacific Seafood Group	$	181,775	$	223,303
(2) Revolution Industry, LLC		683,041		521,832
Total	$	864,816	$	745,135

Note 16 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Net revenue
HF	$	62,905,580	$	74,801,022
B&R Global		112,897,756		-
Total	$	175,803,336	$	74,801,022

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

	For the Three Months Ended March 31, 2020
	HF		B&R Global		Total
Revenue	$	62,905,580	$	112,897,756	$	175,803,336
Cost of revenue		51,350,288		95,478,003		146,828,291
Gross profit		11,555,292		17,419,753		28,975,045
Depreciation and amortization		755,642		3,770,635		4,526,277
Total capital expenditures	$	21,459	$	138,793	$	160,252

	For the Three Months Ended March 31, 2019
	HF		B&R Global		Total
Revenue	$	74,801,022	$	-	$	74,801,022
Cost of revenue		62,094,166		-		62,094,166
Gross profit		12,706,856		-		12,706,856
Depreciation and amortization		872,148		-		872,148
Total capital expenditures	$	1,344,555	$	-	$	1,344,555

Schedule Of Assets By Reporting Segments [Table Text Block]

	As of March 31, 2020		As of December 31, 2019
Total assets:
HF	$	69,878,489	$	80,514,529
B&R Global		451,533,917		722,329,265
Total Assets	$	521,412,406	$	802,843,794

Note 1 - Organization and Business Description (Details Textual)	Jan. 17, 2020 USD ($)	Nov. 04, 2019 USD ($) shares	Aug. 22, 2018 shares	Mar. 31, 2020 shares	Dec. 31, 2019 shares	Jul. 10, 2019 ft² a	Jan. 01, 2018
Number of Subsidiaries							11
Common Stock, Shares, Issued, Total (in shares)			22,167,486	53,050,211	52,145,096
Number of Shares Redeemed by Pre-Transaction Shareholders (in shares)			400,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)			10,000
Stock Issued During Period, Shares, Issued to the Pre-transaction Stockholders (in shares)			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
Common Stock, Shares, Outstanding, Ending Balance (in shares)			22,167,486	53,050,211	52,145,096
CHINA
Number of Call Centers					2
B & R [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		30,700,000
Business Combination, Consideration Transferred, Total \| $		$ 576,699,494
Number of Restaurants		6,800
Number of States in which Entity Operates		11
B & R Realty, LLC [Member]
Business Combination, Consideration Transferred, Total \| $	$ 101,269,706
B & R Realty, LLC [Member] \| Revolving Credit Facility [Member]
Business Combination, Consideration Transferred, Liabilities Incurred \| $	18,700,000
B & R Realty, LLC [Member] \| Mortgage-secured Term Loan [Member]
Business Combination, Consideration Transferred, Liabilities Incurred \| $	75,600,000
B & R Realty, LLC [Member] \| Unsecured Subordinated Promissory Note [Member]
Business Combination, Consideration Transferred, Liabilities Incurred \| $	$ 7,000,000
HF Holding [Member]
Stock Issued During Period, Shares, New Issues (in shares)			19,969,831
Aggregate Issued and Outstanding Shares, Percentage			88.50%
Office/warehouse/industrial Facility Located in Charlotte, North Carolina [Member]
Area of Land (Acre) \| a						4.66
Area of Real Estate Property (Square Foot) \| ft²						115,570

Note 1 - Organization and Business Description - Schedule of Entities (Details)	3 Months Ended
	Mar. 31, 2020
HF Holding [Member]
Date of incorporation	Oct. 11, 2017
Principal activities	Holding company
Han Feng [Member]
Date of incorporation	Jan. 14, 1997
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
TT [Member]
Date of incorporation	Aug. 06, 2002
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
MFD [Member]
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
R&N Holdings [Member]
Date of incorporation	Nov. 21, 2002
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
R&N Lexington [Member]
Date of incorporation	May 27, 2010
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
R&N Charlotte [Member]
Date of incorporation	Jul. 10, 2019
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
Kirnsway [Member]
Date of incorporation	May 24, 2006
Principal activities	Design and printing services provider
Percentage of legal ownership	100.00%
Chinesetg [Member]
Date of incorporation	Jul. 12, 2011
Principal activities	Design and printing services provider
Percentage of legal ownership	100.00%
NSF [Member]
Date of incorporation	Dec. 17, 2008
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
BB [Member]
Date of incorporation	Sep. 12, 2001
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
Kirnland [Member]
Date of incorporation	Apr. 11, 2006
Principal activities	Food service distributor
Percentage of legal ownership	66.70%
HG Realty [Member]
Date of incorporation	May 11, 2012
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| B&R Global [Member]
Date of incorporation	Jan. 03, 2014
Principal activities	Holding Company
B&R Global [Member] \| A & Kie, LLC [Member]
Date of incorporation	Mar. 26, 2020
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| B & R Realty, LLC [Member]
Date of incorporation	Aug. 28, 2013
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Rongcheng Trading, LLC [Member]
Date of incorporation	Jan. 31, 2006
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Big Sea Realty, LLC [Member]
Date of incorporation	Apr. 03, 2013
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Capital Trading, LLC [Member]
Date of incorporation	Mar. 10, 2003
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Fortune Liberty, LLC [Member]
Date of incorporation	Nov. 22, 2006
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Win Woo Trading, LLC [Member]
Date of incorporation	Jan. 23, 2004
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Genstar Realty, LLC [Member]
Date of incorporation	Feb. 27, 2012
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Mountain Food, LLC [Member]
Date of incorporation	May 02, 2006
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Hardin St Properties, LLC [Member]
Date of incorporation	Dec. 05, 2012
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| R&C Trading, L.L.C. [Member]
Date of incorporation	Nov. 26, 2007
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Lenfa Food, LLC [Member]
Date of incorporation	Feb. 14, 2002
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Great Wall Seafood LA, LLC [Member]
Date of incorporation	Mar. 07, 2014
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Lucky Realty, LLC [Member]
Date of incorporation	Sep. 03, 2003
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| B&L Trading, LLC [Member]
Date of incorporation	Jul. 18, 2013
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Murray Properties, LLC [Member]
Date of incorporation	Feb. 27, 2013
Principal activities	Real estate holding company
Percentage of legal ownership	100.00%
B&R Global [Member] \| Min Food, Inc. [Member]
Date of incorporation	May 29, 2014
Principal activities	Food service distributor
Percentage of legal ownership	60.25%
B&R Global [Member] \| B&R Group Logistic Holdings, LLC [Member]
Date of incorporation	Jul. 17, 2014
Principal activities	Food service distributor
Percentage of legal ownership	100.00%
B&R Global [Member] \| Ocean West Food Services, LLC [Member]
Date of incorporation	Dec. 22, 2011
Principal activities	Food service distributor
Percentage of legal ownership	67.50%
B&R Global [Member] \| Monterey Food Services, LLC [Member]
Date of incorporation	Sep. 14, 2017
Principal activities	Food service distributor
Percentage of legal ownership	65.00%
B&R Global [Member] \| Irwindale Poultry, LLC [Member]
Date of incorporation	Dec. 27, 2017
Principal activities	Poultry processing
Percentage of legal ownership	100.00%
B&R Global [Member] \| Best Choice Trucking, LLC [Member]
Date of incorporation	Jan. 01, 2011
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| KYL Group, Inc. [Member]
Date of incorporation	Apr. 18, 2014
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| American Fortune Foods, Inc. [Member]
Date of incorporation	Feb. 19, 2014
Principal activities	Logistic and import service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Happy FM Group, Inc. [Member]
Date of incorporation	Apr. 09, 2014
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| GM Food Supplies, Inc. [Member]
Date of incorporation	Mar. 22, 2016
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Lin's Distribution Inc. [Member]
Principal activities	Logistic service provider
Percentage of legal ownership	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	100.00%
B&R Global [Member] \| New Berry Trading LLC [Member]
Date of incorporation	Sep. 05, 2012
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Hayward Trucking, Inc. [Member]
Date of incorporation	Sep. 05, 2012
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Fuso Trucking, Corp. [Member]
Date of incorporation	Jan. 20, 2015
Principal activities	Logistic service provider
B&R Global [Member] \| Yi Z Services, LLC [Member]
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Golden Well, Inc. [Member]
Date of incorporation	Nov. 08, 2011
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Kami Trading, Inc. [Member]
Date of incorporation	Nov. 20, 2013
Principal activities	Import service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Royal Trucking Services, Inc. [Member]
Date of incorporation	May 19, 2015
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| Royal Service, Inc. [Member]
Date of incorporation	Dec. 29, 2014
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%
B&R Global [Member] \| MF Food Services, Inc. [Member]
Date of incorporation	Dec. 21, 2017
Principal activities	Logistic service provider
Percentage of legal ownership	100.00%

Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash Equivalents, at Carrying Value, Total	$ 0		$ 0
Accounts Receivable, Allowance for Credit Loss, Current	819,807	$ 555,053	623,970		$ 658,104
Inventory Valuation Reserves, Ending Balance	316,368		16,928
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	883,552		$ 17,155,584
Operating Lease, Liability, Total	$ 883,552
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares	0	0
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member]
Number of Major Suppliers	2		2
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member] \| Supplier One [Member]
Concentration Risk, Percentage	56.00%		34.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments Outstanding [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	15.00%		15.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member]
Number of Major Suppliers	2		2
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member] \| Supplier One [Member]
Concentration Risk, Percentage	79.00%		70.00%
Cost of Goods and Service Benchmark [Member] \| Advance Payments to Related Parties [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	21.00%		30.00%
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	$ 2,558,233	$ 1,051,120

Note 2 - Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Current assets	$ 125,329,973		$ 151,419,617
Total assets	521,412,406		802,843,794
Current liabilities	103,507,027		110,445,754
Total liabilities	253,567,206		195,187,062
Net revenue	175,803,336	$ 74,801,022
Net income	(339,686,532)	1,793,571
Net cash provided by operating activities	18,627,806	2,521,378
Net cash used in financing activities	73,597,614	267,059
Net increase in cash and cash equivalents	(1,848,021)	1,407,950
Variable Interest Entity, Primary Beneficiary [Member]
Current assets	211,641		158,184
Non-current assets	262,009		301,803
Total assets	473,650		459,987
Current liabilities	765,080		805,666
Non-current liabilities	58,792		69,321
Total liabilities	823,872		$ 874,987
Net revenue	666,428
Net income	64,778
Net cash provided by operating activities	314,224
Net cash used in financing activities	(222,137)
Net increase in cash and cash equivalents	$ 92,087

Note 2 - Summary of Significant Accounting Policies - Noncontrolling Interest (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Noncontrolling interest	$ 4,321,197	$ 4,248,787
Kirnland [Member]
Percent of ownership of noncontrolling interest	33.30%
Noncontrolling interest	$ 1,333,963	1,292,623
OW [Member]
Percent of ownership of noncontrolling interest	32.50%
Noncontrolling interest	$ 1,581,654	1,600,058
MS [Member]
Percent of ownership of noncontrolling interest	35.00%
Noncontrolling interest	$ 487,005	459,126
MIN [Member]
Percent of ownership of noncontrolling interest	39.75%
Noncontrolling interest	$ 918,575	$ 896,980

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	3 Months Ended
	Mar. 31, 2020
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)	3 Months Ended
	Mar. 31, 2020
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 ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 175,803,336	$ 74,801,022
NORTH CAROLINA
Revenue	29,717,516	35,259,767
FLORIDA
Revenue	19,085,809	23,130,742
GEORGIA
Revenue	14,102,255	16,410,513
ARIZONA
Revenue	10,011,749
CALIFORNIA
Revenue	67,664,956
COLORADO
Revenue	8,908,993
UTAH
Revenue	14,998,375
WASHINGTON
Revenue	$ 11,313,683

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable	$ 27,030,267	$ 50,651,104
Less: allowance for doubtful accounts	(819,807)	(623,970)	$ (555,053)	$ (658,104)
Accounts receivable, net	$ 26,210,460	$ 50,027,134

Note 3 - Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Beginning balance	$ 623,970	$ 658,104
Provision for doubtful accounts	231,274	(99,678)
Less: write off/recovery	(35,437)	(3,373)
Ending balance	$ 819,807	$ 555,053

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 (in shares)	272,369
Restricted Shares, Held in Escrow (in shares)	89,882
Treasury Stock Shares Exchanged for Note Receivable, Per Share (in dollars per share)	$ 13.30

Note 5 - Long-term Investments (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0

Note 5 - Long-term Investments - Long-term Investments (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Ownership, value	$ 2,331,337	$ 2,296,276
Pt. Tamron Akuatik Produk Industri [Member]
Ownership, percent	12.00%
Ownership, value	$ 1,800,000	1,800,000
Asahi Food, Inc. [Member]
Ownership, percent	49.00%
Ownership, value	$ 531,337	$ 496,276

Note 6 - Property and Equipment, Net (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 17, 2020
Depreciation, Total	$ 1,651,505	$ 707,396
B&R Group Realty [Member]
Depreciation, Total			$ 102,331,567

Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property and equipment, gross	$ 170,101,631	$ 66,168,472
Less: accumulated depreciation	(30,160,238)	(28,630,325)
Property and equipment, net	139,941,393	37,538,147
Land [Member]
Property and equipment, gross	50,744,295	2,010,253
Building and Building Improvements [Member]
Property and equipment, gross	80,690,964	26,903,528
Machinery and Equipment [Member]
Property and equipment, gross	14,431,258	13,412,961
Vehicles [Member]
Property and equipment, gross	$ 24,235,114	$ 23,841,730

Note 7 - Business Combination With B&R Global (Details Textual) - B&R Global [Member] - USD ($)		3 Months Ended
	Nov. 04, 2019	Mar. 31, 2019
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in 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		$ 2,722,575
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 ($)

Mar. 31, 2020

^[1]

Dec. 31, 2019

Nov. 04, 2019

Goodwill, Ending Balance

$ 68,511,941

$ 406,703,348

B&R Global [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

Depreciation, Total

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, Ending Balance

406,703,348

INTANGIBLE ASSETS ACQUIRED

595,206,348

Noncontrolling interests

2,941,000

Total consideration

$ 579,640,494

[1]	There are no accumulated impairment losses.

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

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net Revenue

$ 112,897,756

Net Income

$ (340,298,022)

Pro forma Net revenue

$ 208,955,366

Pro forma Net income

^[1]

2,924,375

Pro forma Net income attributable to HF Group

^[1]

$ 2,678,359

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

$ 0.05

Pro forma weighted average shares - basic and diluted (in shares)

52,867,486

[1]	Includes intangibles asset amortization expense of $2,722,575 for the three months ended March 31, 2019.

Note 8 - Acquisition of B&R Realty Subsidiaries (Details Textual)	Jan. 17, 2020 USD ($)
B & R Realty, LLC [Member]
Business Combination, Consideration Transferred, Total	$ 101,269,706
B & R Realty, LLC [Member] \| Revolving Credit Facility [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	18,700,000
B & R Realty, LLC [Member] \| Mortgage-secured Term Loan [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	75,600,000
B & R Realty, LLC [Member] \| Unsecured Subordinated Promissory Note [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 7,000,000
Co-Chief Executive Officer [Member] \| B&R Group Realty [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	8.91%

Note 8 - Acquisition of B&R Realty - Assets Acquired and Liabilities Assumed (Details) - B & R Realty, LLC [Member]	Jan. 17, 2020 USD ($)
Cash	$ 265,639
Automobile	33,690
Prepaids	39,193
Land	48,734,042
Buildings	53,563,835
ASSETS ACQUIRED	102,636,399
Accounts payable and Accrued Expenses	1,366,693
LIABILITIES ASSUMED	1,366,693
NET ASSETS ACQUIRED	$ 101,269,706

Note 9 - Goodwill and Acquired Intangible Assets (Details Textual) - USD ($)

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Goodwill, Ending Balance

$ 68,511,941

^[1]

$ 406,703,348

Goodwill, Impairment Loss

338,191,407

Amortization of Intangible Assets, Total

2,722,575

$ 0

B & R [Member]

Goodwill, Impairment Loss

338,200,000

B & R [Member]

Goodwill, Ending Balance

$ 406,700,000

Finite-lived Intangible Assets Acquired

$ 188,503,000

B & R [Member] | Trade Names [Member]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

10 years

B & R [Member] | Customer Relationships [Member]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

20 years

[1]	There are no accumulated impairment losses.

Note 9 - Goodwill and Acquired Intangible Assets - Goodwill (Details) - USD ($)

Mar. 31, 2020

^[1]

Dec. 31, 2019

Balance

$ 68,511,941

$ 406,703,348

$ 68,511,941

$ 406,703,348

[1]	There are no accumulated impairment losses.

Note 9 - Goodwill and Acquired Intangible Assets- Intangible Assets (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Gross carrying amount	$ 188,503,000	$ 188,503,000
Accumulated amortization	(4,537,625)	(1,815,050)
Net carrying amount	183,965,375	186,687,950
Trade Names [Member]
Gross carrying amount	29,303,000	29,303,000
Accumulated amortization	(1,220,958)	(488,383)
Net carrying amount	28,082,042	28,814,617
Customer Relationships [Member]
Gross carrying amount	159,200,000	159,200,000
Accumulated amortization	(3,316,667)	(1,326,667)
Net carrying amount	$ 155,883,333	$ 157,873,333

Note 9 - Goodwill and Acquired Intangible Assets - Futue Amortization Expense (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
2021	$ 10,890,300
2022	10,890,300
2023	10,890,300
2024	10,890,300
2025	10,890,300
Thereafter	129,513,875
Total	$ 183,965,375	$ 186,687,950

Note 10 - Lines of Credit (Details Textual)					1 Months Ended	3 Months Ended
Note 10 - Lines of Credit (Details Textual)	Jan. 17, 2020 USD ($)	Nov. 04, 2019 USD ($)	Apr. 18, 2019 USD ($)	Jul. 01, 2016 USD ($)	Jan. 31, 2018	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Nov. 14, 2012 USD ($)
Long-term Debt, Total						$ 97,092,946		$ 21,261,997
Proceeds from Lines of Credit, Total						174,101,782	$ 1,500,000
Mortgage-secured Term Loan [Member] \| B & R Realty, LLC [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 75,600,000
Revolving Credit Facility [Member] \| B & R Realty, LLC [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	18,700,000
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
Fixed Charge Coverage Ratio Required		1.1
JP Morgan [Member] \| Second Amended Credit Agreement [Member] \| Mortgage-secured Term Loan [Member]
Long-term Debt, Total	75,600,000
Long-term Debt, Total		$ 55,000,000
JP Morgan [Member] \| Revolving Credit Facility [Member] \| Second Amended Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000
Long-term Line of Credit, Total	41,200,000					$ 43,100,000
Proceeds from Lines of Credit, Total	$ 18,700,000
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 11 - Long-term Debt (Details Textual)	Mar. 31, 2020 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
JP Morgan [Member] \| Assets Held by Subsidiaries [Member]
Debt Instrument, Collateral Amount	75,007,690
JP Morgan [Member] \| Vehicles and Equipment [Member]
Debt Instrument, Collateral Amount	$ 2,508,340

Note 11 - Long-term Debt - Long-term Debt (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Total debt

$ 97,092,946

$ 21,261,997

Less: current portion

(6,941,738)

(2,726,981)

Long-term debt

90,151,208

18,535,016

East West Bank [Member]

Total debt

^[1]

$ 6,942,702

6,989,016

East West Bank [Member] | Minimum [Member]

Interest rate

^[1]

3.83%

East West Bank [Member] | Maximum [Member]

Interest rate

^[1]

4.25%

Capital Bank [Member]

Interest rate

^[2]

3.85%

Total debt

^[2]

$ 4,919,094

4,967,075

Bank of America [Member]

Total debt

^[3]

$ 5,696,670

4,263,663

Bank of America [Member] | Minimum [Member]

Interest rate

^[3]

3.75%

Bank of America [Member] | Maximum [Member]

Interest rate

^[3]

5.51%

JP Morgan [Member]

Interest rate

^[4]

3.46%

Total debt

^[4]

$ 77,516,030

2,702,371

Bank of Montreal [Member]

Total debt

^[5]

$ 397,378

508,564

Bank of Montreal [Member] | Minimum [Member]

Interest rate

^[5]

5.87%

Bank of Montreal [Member] | Maximum [Member]

Interest rate

^[5]

5.99%

Peoples United Bank [Member]

Total debt

^[5]

$ 981,749

1,114,993

Peoples United Bank [Member] | Minimum [Member]

Interest rate

^[5]

6.69%

Peoples United Bank [Member] | Maximum [Member]

Interest rate

^[5]

7.53%

Other Finance Companies [Member]

Total debt

^[5]

$ 639,323

$ 716,315

Other Finance Companies [Member] | Minimum [Member]

Interest rate

^[5]

3.90%

Other Finance Companies [Member] | Maximum [Member]

Interest rate

^[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]	Real estate term loan with a principal balance of $75,007,690 is secured by assets held by nine subsidiaries of the Company, AK, BRR, BSR, FL, GSR, HP, LF, LR, and MP. Equipment term loan with a principal balance of $2,508,340 is secured by specific vehicles and equipment as defined in loan agreements.
[5]	Secured by vehicles.

Note 11 - Long-term Debt - Future Maturities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
2021	$ 6,941,738
2022	5,597,456
2023	5,128,522
2024	4,020,194
2025	3,698,486
Thereafter	71,706,550
Total	$ 97,092,946	$ 21,261,997

Note 12 - Leases (Details Textual) - USD ($)	Feb. 23, 2019	Mar. 31, 2020	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 (Year)			30 years
Building [Member] \| Lease for 275 Fifth Avenue, Manhattan,New York [Member]
Lessee, Operating Lease, Term of Contract (Year)			15 years
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)		1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)		5 years

Note 12 - Leases - Components of Operating and Finance Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease cost	$ 503,057	$ 164,752
Weighted Average Remaining Lease Term, Operating leases (Month)	3 years	2 years 210 days
Weighted Average Discount Rate, Operating leases	4.10%	5.10%
Amortization of right-of-use assets	$ 139,687	$ 145,879
Interest on lease liabilities	27,903	32,327
Total finance leases cost	$ 167,590	$ 178,206

Note 12 - Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating cash flows from finance leases	$ 27,903	$ 32,327

Note 12 - Leases - Balance Sheet (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property and equipment, gross	$ 170,101,631	$ 66,168,472
Less: accumulated depreciation	(30,160,238)	(28,630,325)
Property and equipment, net	$ 139,941,393	$ 37,538,147
Finance leases, Weighted Average Remaining Lease Term (Year)	51 years	54 years
Finance leases, Weighted Average Discount Rate	7.52%	7.51%
Finance Lease [Member]
Property and equipment, gross	$ 2,793,731	$ 2,793,731
Less: accumulated depreciation	(1,432,817)	(1,293,130)
Property and equipment, net	$ 1,360,914	$ 1,500,601

Note 12 - Leases - Maturities of Lease Liabilities (Details)	Mar. 31, 2020 USD ($)
Operating Leases, 2021	$ 395,354
Finance Leases, 2021	373,715
Operating Leases, 2022	288,902
Finance Leases, 2022	352,151
Operating Leases, 2023	245,773
Finance Leases, 2023	334,224
Operating Leases, 2024	78,784
Finance Leases, 2024	295,250
Operating Leases, 2025
Finance Leases, 2025	162,142
Operating Leases, Total Lease Payments	1,008,813
Finance Leases, Total Lease Payments	1,517,482
Operating Leases, Less Imputed Interest	(125,261)
Finance Leases, Less Imputed Interest	(249,599)
Operating Leases, Total	883,552
Finance Leases, Total	$ 1,267,883

Note 13 - Supplemental Cash Flows Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for interest	$ 814,077	$ 379,969
Cash paid for income taxes	93,315
Issuance of promissory note for the acquisition of B&R Realty Subsidiaries	$ 7,000,000

Note 14 - Taxes (Details Textual)	3 Months Ended		12 Months Ended
Note 14 - Taxes (Details Textual)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	35.00%

Note 14 - Taxes - Income Tax Provision (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Current income taxes:
Federal	$ 359,600	$ 392,484
State	89,660	139,386
Current income taxes	449,260	531,870
Deferred income taxes (benefit):
Federal	(723,342)	103,060
State	(208,129)	12,709
Deferred income taxes (benefit)	(931,471)	115,769
Total provision (benefit) for income taxes	$ (482,211)	$ 647,639

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 14 - Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for doubtful accounts	$ 405,255	$ 373,438
Inventories	590,255	594,628
Federal NOL	228,637	228,637
State NOL	86,383	80,514
Basis in intangible assets	52,467
Accrued expenses	128,082	80,100
Total deferred tax assets	1,491,079	1,357,317
Deferred tax liabilities:
Property and equipment	(3,177,207)	(3,270,536)
Intangibles assets	(49,623,453)	(50,327,833)
Total deferred tax liabilities	(52,800,660)	(53,598,369)
Net deferred tax liabilities	(51,309,581)	(52,241,052)
Deferred tax assets	69,236	78,993
Deferred tax liabilities	(51,378,817)	(52,320,045)
Net deferred tax liabilities	$ (51,309,581)	$ (52,241,052)

Note 14 - Taxes - Reconciliation of Income Tax Rate (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal statutory tax rate	21.00%	21.00%	21.00%	35.00%
State statutory tax rate		5.20%
Impact of goodwill impairment loss – permanent difference	(20.80%)	0.30%
Effective tax rate	0.20%	26.50%

Note 15 - Related Party Transactions (Details Textual) - USD ($)					3 Months Ended		12 Months Ended
	Sep. 30, 2019	Mar. 01, 2019	Sep. 30, 2018	Mar. 01, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accounts Payable, Related Parties, Current					$ 3,738,202		$ 4,521,356
Contract with Customer, Liability, Current					213,354		0
Related Party, Deposit Assets							591,380
Property, Plant and Equipment, Net, Ending Balance					139,941,393		37,538,147
Depreciation, Total					1,651,505	$ 707,396
Revenue from Contract with Customer, Including Assessed Tax					175,803,336	74,801,022
Related Party Transaction, Purchases from Related Party					10,492,252	8,932,217
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 (in shares)	632,746
Restricted Shares, Held in Escrow (in shares)	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					80,102		78,282
Rental Income, Nonoperating					11,400	11,400
R&N Holdings [Member] \| Facility [Member]
Rental Income, Nonoperating					10,500	10,500
HG Realty [Member] \| Building [Member]
Property, Plant and Equipment, Net, Ending Balance					3,223,745		3,223,745
Depreciation, Total					537,291		516,626
Rental Income, Nonoperating					120,000	120,000
B&R Global [Member] \| Building [Member]
Rental Income, Nonoperating					187,750
Kirnland [Member] \| Building [Member]
Rental Income, Nonoperating					30,000	30,000
Related Parties [Member]
Revenue from Contract with Customer, Including Assessed Tax					5,163,322	$ 4,497,111
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 (Month)			1 year
Promissory Note Agreement [Member] \| NSG International Inc [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%							5.00%
Debt Instrument, Term (Month)		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 (Month)				5 years
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid				$ 284,453
Deposits for Warehouse Rentals [Member]
Related Party, Deposit Assets					$ 0		$ 591,380
Mortgage-Secured Term Loans [Member] \| B&R Group Realty [Member]
Debt Instrument, Interest Rate, Stated Percentage					6.00%
Due from Related Parties, Total					$ 7,000,000
Interest Payable					$ 87,500
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%
N&F [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
ABC Trading, LLC [Member] \| Mr. Peter Zhang [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					10.38%
UGO USA Inc [Member] \| Mr Zhou Min Ni [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					30.00%
Best Food Services, 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%

Note 15 - Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Accounts receivable

$ 5,987,632

$ 4,202,870

Allstate Trading Company Inc [Member]

Accounts receivable

^[1]

19,382

11,322

Enson Seafood GA Inc [Member]

Accounts receivable

^[2]

439,108

348,833

Eagle Food Service LLC [Member]

Accounts receivable

^[3]

1,494,220

979,591

Fortune One Foods Inc [Member]

Accounts receivable

^[4]

166,379

53,862

Eastern Fresh LLC [Member]

Accounts receivable

^[5]

1,948,403

1,511,075

Enson Trading LLC [Member]

Accounts receivable

^[6]

346,497

341,200

Hengfeng Food Service Inc [Member]

Accounts receivable

^[7]

849,022

477,541

N&F [Member]

Accounts receivable

^[6]

119,241

ABC Trading, LLC [Member]

Accounts receivable

^[8]

448,917

238,513

UGO USA Inc [Member]

Accounts receivable

^[5]

71,587

Best Food Services, LLC [Member]

Accounts receivable

^[9]

72,761

Other Related Parties [Member]

Accounts receivable

$ 131,356

$ 121,692

[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. Peter Zhang, Co-Chief Executive Officer and Chief Financial Officer of the Company, owns 10.38% equity interest in this entity.
[9]	Mr. Peter Zhang owns 10.38% equity interest in this entity

Note 15 - Related Party Transactions - Summary of Advances to Related Party Suppliers (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Advances to suppliers

$ 864,816

$ 745,135

Ocean Pacific Seafood Group [Member]

Advances to suppliers

^[1]

181,775

223,303

Revolution Industry LLC [Member]

Advances to suppliers

^[2]

$ 683,041

$ 521,832

[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.

Note 16 - Segment Reporting (Details Textual)	3 Months Ended
Note 16 - Segment Reporting (Details Textual)	Mar. 31, 2020
Number of Operating Segments	2

Note 16 - Segment Reporting - Net Sales by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net revenue	$ 175,803,336	$ 74,801,022
HF Foods [Member]
Net revenue	62,905,580	74,801,022
B&R Global [Member]
Net revenue	$ 112,897,756

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 16 - Segment Reporting - Revenue by Business Operation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 175,803,336	$ 74,801,022
Cost of revenue	146,828,291	62,094,166
Gross profit	28,975,045	12,706,856
Depreciation and amortization	4,526,277	872,148
Total capital expenditures	160,252	1,344,555
HF Foods [Member]
Revenue	62,905,580	74,801,022
Cost of revenue	51,350,288	62,094,166
Gross profit	11,555,292	12,706,856
Depreciation and amortization	755,642	872,148
Total capital expenditures	21,459	1,344,555
B&R Global [Member]
Revenue	112,897,756
Cost of revenue	95,478,003
Gross profit	17,419,753
Depreciation and amortization	3,770,635
Total capital expenditures	$ 138,793

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 16 - Segment Reporting - Assets by Segment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Total assets	$ 521,412,406	$ 802,843,794
HF Foods [Member]
Total assets	69,878,489	80,514,529
B&R Global [Member]
Total assets	$ 451,533,917	$ 722,329,265

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details