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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 65,419,389 $ 53,802,946
Restricted cash 28,609,307 9,910,957
Short-term investments 21,807,000 0
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2017 and 2018 1,180,598 700,558
Notes receivable 8,111,044 20,778,855
Prepaid expenses and other current assets 10,335,501 6,689,623
Advances to suppliers 3,327,951 1,575,118
Inventories 15,449,367 15,683,490
Amount due from related parties 815,035 5,799
Current assets associated with discontinued operations 5,013,615 33,215,204
Total current assets 160,068,807 142,362,550
Property, plant and equipment, net 611,616,459 485,466,417
Prepaid land use rights, net 22,249,251 24,076,516
Deferred tax assets 821,137 714,068
Investment in an affiliate 649,839 687,074
Non-current assets associated with discontinued operations 59,523,588 95,474,608
TOTAL ASSETS 854,929,081 748,781,233
Current liabilities:    
Short-term bank borrowings, including current portion of long-term bank borrowings 38,205,864 73,784,258
Accounts payable 9,195,467 19,311,691
Notes payable 29,209,130 14,798,268
Advances from customers – short-term portion 10,213,940 16,377,524
Payables for purchases of property, plant and equipment 27,220,943 21,736,058
Accrued expenses and other current liabilities 9,417,702 10,821,785
Amount due to related parties – short-term portion 2,260,007 1,837,120
Income tax payable 5,454,951 13,191,205
Current liabilities associated with discontinued operations 18,675,930 44,653,470
Total current liabilities 149,853,934 216,511,379
Long-term bank borrowings 133,312,370 111,436,292
Advances from customers – long-term portion 7,269,000 0
Deferred government subsidies 21,462,621 23,306,729
Amount due to related parties – long-term portion 15,991,800 0
Deferred tax liabilities 1,184,644 0
Non-current liabilities associated with discontinued operations 723,035 2,998,766
Total liabilities 329,797,404 354,253,166
Commitments and contingencies (Note 17)
Ordinary shares;    
$0.0001 par value 500,000,000 shares authorized as of December 31, 2017 and 2018; 279,214,103 shares issued and 270,918,702 shares outstanding as of December 31, 2017; 351,823,578 shares issued and 332,029,752 shares outstanding as of December 31, 2018 33,439 27,328
Additional paid-in capital 368,681,449 247,076,428
Retained earnings 171,398,185 133,273,480
Accumulated other comprehensive income (loss) (13,232,560) 13,107,187
Treasury shares, at cost (4,643,150 shares as of December 31, 2017 and 2018) (1,748,836) (1,748,836)
Total shareholders' equity 525,131,677 391,735,587
Non-controlling interest 0 2,792,480
Total equity 525,131,677 394,528,067
TOTAL LIABILITIES AND EQUITY $ 854,929,081 $ 748,781,233