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although the forward-looking statements in this report reflect the good faith judgment of our management , such statements can only be based on facts and factors currently known by them . consequently , and because forward-looking statements are inherently subject to risks and uncertainties , the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements . you are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business , financial condition , and results of operations and prospects . overview code chain new continent limited ( formerly known as tmsr holding company limited and jm global holding company , the “ company ” or “ ccnc ” ) , through its subsidiaries and controlled entities , focuses its business in two segments : ( 1 ) coal wholesales and sales of coke , steels , construction materials , mechanical equipment and steel scrap ; and ( 2 ) the research , development and application of internet of things ( iot ) and electronic tokens . the company 's coal and coke wholesale business is carried out by jiangsu rong hai electric power fuel co. , ltd. ( “ rong hai ” ) , an entity contractually controlled by the company . the company 's iot business is carried out wuge network games co. , ltd. ( “ wuge ” ) , an entity contractually controlled by the company . on june 30 , 2020 , the company entered into a share purchase agreement with jiazhen li , former ceo of the company ( the “ buyer ” ) , long liao and chunyong zheng , who are former shareholders of wuhan host , to sell all the equity interest the company held in china sunlong . shengrong wfoe and wuhan host are indirect subsidiaries of china sunlong . as a result , as of june 30 , 2020 , operations of shengrong wfoe and wuhan host have been designated as discontinued operations . 44 key factors that affect operating results our operating subsidiaries are incorporated , and our operations and assets are primarily located , in china . accordingly , our results of operations , financial condition and prospects are affected by china 's economic and regulation conditions in the following factors : ( a ) an economic downturn in china or any regional market in china ; ( b ) economic policies and initiatives undertaken by the chinese government ; ( c ) changes in the chinese or regional business or regulatory environment affecting our customers ; and ( e ) changes in the chinese government policy on industrial solid waste . unfavorable changes could affect demand for services that we provide and could materially and adversely affect the results of operations . although the company has generally benefited from china 's economic growth and the policies to encourage the improvement of reducing of solid waste discharge , the company is also affected by the complexity , uncertainties and changes in the chinese economic conditions and regulations governing the mining industry . our fuel materials , mainly coal , operations are largely affected by the following aspects . first , the prc 's macroeconomic growth is not as fast as expected ; the slowdown of economic growth will affect the demand of the market , and the reduction of coal consumption by enterprises will affect the sales of coal and directly affect our earnings . second , the coal market price fluctuation will also affect our sales revenue ; because jiangsu rong hai has long-term and stable customers , the price fluctuations will affect the cost of purchasing coal and thus affect our revenue . third , the risk of price fluctuation in the shipping industry . the fluctuation of shipping price will also directly affect the fluctuation of coal market price , thus affecting our income . fourth , we have long-term and stable customers and continues to rely on a small number of customers from 2009 to 2019. losing our major customers will have a significant impact on our results of operations . in addition , the payment situation of these customers will be affected by abnormal market changes , which will have a negative impact on our business recovery accounts and cash flow . as a result of the novel coronavirus ( covid-19 ) outbreak , we have seen a slowdown in revenue growth in first quarter 2020 as our businesses have been negatively impacted by the covid-19 . these impacts of covid-19 on our business , financial condition , and results of operations include , but are not limited to , the following : ● we temporally closed our offices and production facilities to adhere to the policy beginning in february 2020 , as required by relevant prc regulatory authorities . our offices are slowly reopening pursuant to local guidelines . ● our customers could potentially be negatively impacted by the outbreak , which may reduce the demand of our products . as a result , our revenue and income may be negatively impacted in 2020 . ● the situation may worsen if the covid-19 outbreak continues . we will continue to closely monitor our collections throughout 2020. because of the significant uncertainties surrounding the covid-19 outbreak , the extent of the continued business disruption and the related financial impact can not be reasonably estimated at this time . 45 results of operations year ended december 31 , 2020 as compared to the year ended december 31 , 2019 replace_table_token_2_th revenues the company 's revenue consists of fuel materials revenue and others revenue . story_separator_special_tag agent arrangements , where the entity simply arranges but does not control the goods or services being transferred to the customer , will result in the recognition of the net amount the entity is entitled to retain in the exchange
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"44 key factors that affect operating results our operating subsidiaries are incorporated , and our operations and assets are primarily located , in china .",
"accordingly , our results of operations , financial condition and prospects are affected by china 's economic and regulation conditions in the following factors : ( a ) an economic downturn in china or any regional market in china ; ( b ) economic policies and initiatives undertaken by the chinese government ; ( c ) changes in the chinese or regional business or regulatory environment affecting our customers ; and ( e ) changes in the chinese government policy on industrial solid waste .",
"as a result of the novel coronavirus ( covid-19 ) outbreak , we have seen a slowdown in revenue growth in first quarter 2020 as our businesses have been negatively impacted by the covid-19 .",
"fourth , we have long-term and stable customers and continues to rely on a small number of customers from 2009 to 2019. losing our major customers will have a significant impact on our results of operations .",
"as a result , our revenue and income may be negatively impacted in 2020 ."
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. revenue from equipment and systems , revenue from coating and fuel materials , and revenue from trading and others are recognized at the date of goods delivered and title passed to customers , when a formal arrangement exists , the price is fixed or determinable , the company has no other significant obligations and collectability is reasonably assured . such revenues are recognized at a point in time after all performance obligations are satisfied under the new five-step model . in addition , training service revenues are recognized when the services are rendered and the company has no other obligations , and collectability is reasonably assured . these revenues are recognized at a point in time . prior to january 1 , 2018 , the company allowed its customers to retain 5 % to 10 % of the contract price as retainage during the warranty period of 12 months to guarantee product quality . retainage is considered as a payment term included as a part of the contract price , and was recognized as revenue upon the shipment of products . due to nature of the retainage , the company 's policy is to record revenue the full value of the contract without vat , including any retainage , since the company has experienced insignificant warranty claims historically . due to the infrequent and insignificant amount of warranty claims , the ability to collect retainage was reasonably assured and was recognized at the time of shipment . on january 1 , 2018 , upon the adoption of asu 2014-09 ( asc 606 ) , revenues from product warranty are recognized over the warranty period over 12 months . payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits . gross versus net revenue reporting starting from july 2016 , in the normal course of the company 's trading of industrial waste materials business , the company directly purchases the processed industrial waste materials from the company 's suppliers under the company 's specifications and drop ships the materials directly to the company 's customers . the company would inspect the materials at its customers ' site , during which inspection it temporarily assumes legal title to the materials , and after which inspection legal title is transferred to its customers . in these situations , the company generally collects the sales proceed directly from the company 's customers and pay for the inventory purchases to the company 's suppliers separately . the determination of whether revenues should be reported on a gross or net basis is based on the company 's assessment of whether it is the principal or an agent in the transaction . in determining whether the company is the principal or an agent , the company follows the new accounting guidance for principal-agent considerations . since the company is the primary obligor and is responsible for ( i ) fulfilling the processed industrial waste materials delivery , ( ii ) controlling the inventory by temporarily assume legal title to the materials after inspecting the products from our vendors before passing the materials to our customers , and ( iii ) bearing the back-end risk of inventory loss with respect to any product return from the company 's customers , the company has concluded that it is the principal in these arrangements , and therefore report revenues and cost of revenues on a gross basis . 50 recently issue accounting pronouncements in february 2018 , the fasb issued asu 2018-02 , income statement - reporting comprehensive income ( topic 220 ) : reclassification of certain tax effects from accumulated other comprehensive income . the amendments in this update affect any entity that is required to apply the provisions of topic 220 , income statement – reporting comprehensive income , and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by gaap . the amendments in this update are effective for all entities for fiscal years beginning after december 15 , 2018 , and interim periods within those fiscal years . early adoption of the amendments in this update is permitted , including adoption in any interim period , ( 1 ) for public business entities for reporting periods for which financial statements have not yet been issued and ( 2 ) for all other entities for reporting periods for which financial statements have not yet been made available for issuance . the amendments in this update should be applied either in the period of adoption or retrospectively to each period ( or periods ) in which the effect of the change in the u.s. federal corporate income tax rate in the tax cuts and jobs act is recognized . we do not believe the adoption of this asu would have a material effect on our consolidated financial statements . we do not believe other recently issued but not yet effective accounting standards , if currently adopted , would have a material effect on our consolidated balance sheets , statements of income and comprehensive income and statements of cash flows . story_separator_special_tag needs . liquidity risk is controlled by the application of financial position analysis and monitoring procedures . when necessary , the company will turn to other financial institutions and the owners to obtain short-term funding to meet the liquidity shortage . inflation risk the company is also exposed to inflation risk inflationary factors , such as increases in raw material and overhead costs , could impair our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in
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"when necessary , the company will turn to other financial institutions and the owners to obtain short-term funding to meet the liquidity shortage .",
"payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits .",
"prior to january 1 , 2018 , the company allowed its customers to retain 5 % to 10 % of the contract price as retainage during the warranty period of 12 months to guarantee product quality .",
"on january 1 , 2018 , upon the adoption of asu 2014-09 ( asc 606 ) , revenues from product warranty are recognized over the warranty period over 12 months .",
"inflation risk the company is also exposed to inflation risk inflationary factors , such as increases in raw material and overhead costs , could impair our operating results .",
"liquidity risk is controlled by the application of financial position analysis and monitoring procedures ."
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Liquidity
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