ANYTRANSLATION CORP

On 10 December 2020, the Company was informed that there was a possible claim against Able Lead for short swing profits under Section 16(b) of the Securities Exchange Act of 1934. Meanwhile, the Board is reviewing the said issue and considering any follow-up measures.

General and administrative expenses were decreased by $503,938, or 47.9% to $547,678 in the FY2019 from $1,051,616 in the Comparable Year. The decrease is primarily due to the decreased from inventory provision of $Nil in the FY2019 compared to $230,372 in the Comparable Year, the salary and payroll expenses of $55,665 in the FY2019 compared to $162,917 in the Comparable Year, the depreciation and amortization of $169,698 in the FY2019 compared to $258,801 in the Comparable Year. All general and administrative expense items were decreased except the increase of provision for doubtful debts of $103,009 in the FY2019 from $43,922 in Comparable Year. Excluding these factors, there was a decrease of $136,298 for the rest four items compared to the Comparable Year.

On January 20, 2020, with the approval of the Company, the subsidiary company, Shanxi Green Biotechnology Industry Company Limited (“the Shanxi Subsidiary”) has resolved to dispose the non-current assets which were lying idle for the production. The plant and equipment have been listed to be disposed with the total cost of RMB 2,974,442.  The Shanxi Subsidiary also resolved to carry out its future production via sub-contracting the production and goods assessment procedure, and its operations will remain unchanged.

Section 16(a) of the Securities Exchange Act of 1934 requires our Directors and executive officers and persons who beneficially own more than ten percent of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of change in ownership of common stock and other equity securities of the Company. Officers, Directors and greater than ten percent shareholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file. The filings required undersection 16(a) have been made.

Revenue is recognized in accordance with the following five steps: when merchandise is purchased by the customer which identifies the contract (step 1) and performance obligations in the contract (step 2) with Customers. When the Company confirmed the price and collectability is reasonably assured which indicates that the transaction price is determined (step 3) and allocated to the performance obligations in the contract (step 4). When the merchandise is delivered to the customer, the performance obligation is satisfied (step 5). Revenue from wholesale distribution agent is recognized after goods delivered, amount fixed or determined and collectability is reasonably assured when the above mentioned five steps are completed.