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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 1,299,013 $ 1,612,957
Pledged deposits 6,603,422 5,520,991
Trade accounts and bills receivable, net 18,829,832 7,952,420
Inventories 3,619,532 8,666,714
Prepayments and other receivables 4,354,800 4,735,913
Total current assets 34,706,599 28,488,995
Property, plant and equipment, net 44,644,938 38,177,565
Construction in progress 15,454,225 21,707,624
Right-of-use assets 7,253,386 7,194,195
Intangible assets, net 12,007 15,178
Total assets 102,071,155 95,583,557
Current liabilities    
Current maturities of long-term bank loans 20,721,649 10,844,463
Short-term bank borrowings 5,876,289 5,730,289
Other short-term loans 5,269,367 7,351,587
Trade accounts and bills payable 19,278,113 15,072,108
Notes payable 1,614,583 2,846,736
Accrued expenses and other payables 13,961,339 15,527,589
Payables to former subsidiaries, net 1,676,333 1,483,352
Deferred government grants, current 3,091,153 142,026
Total current liabilities 71,488,826 58,998,150
Long-term bank loans, net of current maturities 9,519,029
Deferred government grants, non-current 4,114,515 4,118,807
Product warranty provision 2,207,374 2,246,933
Long term tax payable 7,222,018 7,042,582
Total liabilities 85,032,733 81,925,501
Commitments and contingencies
Shareholders' equity    
Common stock $0.001 par value; 500,000,000 authorized ; 53,220,902 issued and 53,076,696 outstanding as of December 31, 2019, 65,293,896 issued and 65,149,690 outstanding as of September 30, 2020 65,294 53,222
Donated shares 14,101,689 14,101,689
Additional paid-in capital 186,512,941 180,208,610
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (179,690,362) (176,177,413)
Accumulated other comprehensive loss (1,168,448) (1,744,730)
Stockholders' equity (deficit) before Treasury Stock 21,051,625 17,671,889
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders' equity 16,985,015 13,605,279
Non-controlling interests 53,407 52,777
Total equity 17,038,422 13,658,056
Total liabilities and shareholders' equity $ 102,071,155 $ 95,583,557