Current Report Filing (8-k)
July 02 2018 - 11:58AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): June 27, 2018
Kiwa
Bio-Tech Products Group Corporation
(Exact
Name of Registrant as Specified in Charter)
Nevada
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000-33167
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77-0632186
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(State
or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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3200
Guasti Road, Suite 100
Ontario,
CA
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91761
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (626) 715-5855
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)
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Item
1.01 Entry into a Material Definitive Agreement.
Starting
in March 2018, the Company began to use a supply chain financing model, pursuant to which the Company’s customers engage
with third party financing companies to advance funding on their behalf for the purchase of Company products, without recourse
to the Company. In effect, the Company’s customers are required to purchase an insurance product to cover the risk of bad
weather or any other reason which they are not able to harvest crops and to realize profits which could affect the customer’s
ability to pay after harvesting crops. From the Company’s standpoint, it guarantees the fulfillment of the purchase agreement
with the customer. By utilizing this facility, the Company achieves collection on these sales sooner than the prior 3 to 9 months
payment scheme.
On
June 21, 2018, Shandong Ronghua Bio-Tech Co., Ltd. entered into a Purchase Agreement with Huinong Wanjia Hebei Agricultural Technology
Service Co., Ltd, wherein the purchaser agreed to purchase 5,000 units of Kiwa Bio-Tech Products Group Corporation’s Bio-Organic
fertilizer at the unit price of US$114.33 dollars (RMB 740.00), for an aggregate purchase amount of US$571,667 dollars (RMB 3,700,000)
utilizing the supply chain financing model. This arrangement was supported by the Company’s guarantee that the supplier
would fulfill all terms specified in the purchase agreement.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
None
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated:
July 2, 2018
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Kiwa Bio-Tech Products Group Corporation
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/s/
Yvonne Wang
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By:
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Yvonne Wang
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Title:
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Chief Executive Officer
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