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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 273,540 $ 449,670
Pledged deposits 17,249,722 17,239,823
Trade accounts and bills receivable, net 15,120,696 21,751,032
Inventories 8,710,308 9,622,361
Prepayments and other receivables 5,257,837 7,143,454
Prepaid land use rights, current portion 163,653 163,352
Total current assets 46,775,756 56,369,692
Property, plant and equipment, net 42,806,024 38,908,503
Construction in progress 21,527,038 25,001,813
Prepaid land use rights, non-current 7,214,361 7,282,765
Intangible assets, net 18,037 20,869
Total assets 118,341,216 127,583,642
Current liabilities    
Current maturities of long-term bank loans 10,998,206 3,659,324
Other short-term loans 12,850,656 14,147,801
Trade accounts and bills payable 42,054,907 52,495,063
Accrued expenses and other payables 19,814,543 18,201,351
Payables to former subsidiaries, net 2,850,674 4,301,646
Deferred government grants, current 144,040 143,775
Total current liabilities 88,713,026 92,948,960
Long-term bank loans, net of current maturities 9,776,183 20,614,194
Deferred government grants, non-current 4,249,219 4,313,289
Product warranty provision 2,286,382 2,250,615
Long term tax payable 7,142,426 7,129,285
Total liabilities 112,167,236 127,256,343
Commitments and contingencies
Shareholders' equity (deficit)    
Common stock $0.001 par value; 500,000,000 authorized ; 26,791,684 issued and 26,647,478 outstanding as of December 31, 2018, 37,095,629 issued and 36,951,423 outstanding as of June 30, 2019 37,096 26,792
Donated shares 14,101,689 14,101,689
Additional paid-in capital 166,884,602 155,931,770
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (170,514,666) (165,409,890)
Accumulated other comprehensive loss (1,560,074) (1,498,940)
Stockholders' equity (deficit) before Treasury Stock 10,179,158 4,381,932
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders' equity 6,112,548 315,322
Non-controlling interests 61,432 11,977
Total equity 6,173,980 327,299
Total liabilities and shareholder's equity $ 118,341,216 $ 127,583,642