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Loans (Tables)
 12 Months Ended
Dec. 31, 2020
Loans [Abstract]  
Schedule of bank borrowings

   December 31,   December 31, 
   2019   2020 
Current maturities of long-term bank loans  $16,574,752   $13,739,546 
Long-term bank borrowings   9,519,029    - 
   $26,093,781   $13,739,546 

 
Schedule of facilities secured by the company's assets
   December 31,   December 31, 
   2019   2020 
Pledged deposits (note 3)  $4,021,255   $8,791,499 
Right-of-use assets (note 10)   7,194,195    7,500,780 
Buildings   17,683,961    16,721,178 
Machinery and equipment   7,196,810    4,926,886 
   $36,096,221   $37,940,343 
Schedule of other short-term loan

      December 31,   December 31, 
   Note  2019   2020 
Advance from related parties             
– Mr. Xiangqian Li, the Company's Former CEO  (a)  $100,000   $100,000 
– Mr. Yunfei Li  (b)   212,470    278,739 
– Shareholders  (c)   86,679    92,446 
       399,149    471,185 
Advances from unrelated third party             
– Mr. Wenwu Yu  (d)   30,135    16,823 
– Ms. Longqian Peng  (d)   646,273    689,275 
– Mr. Shulin Yu  (e)   517,018    - 
– Jilin Province Trust Co. Ltd  (f)   5,687,204    - 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd  (g)   71,808    76,586 
       6,952,438    782,684 
      $7,351,587   $1,253,869 

 

(a) Advances from Mr. Xiangqian Li, the Company's former CEO, was unsecured, non-interest bearing and repayable on demand.

 

(b) Advances from Mr. Yunfei Li, the Company's CEO, was unsecured, non-interest bearing and repayable on demand.

 

(c)

The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.

 

In 2019, according to the investment agreements and agreed by the investors, the Company returned partial earnest money of $966,579 (approximately RMB6.7 million) to these investors.

 

On October 14, 2019, the Company entered into a cancellation agreement with Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen (the creditors). Pursuant to the terms of the cancellation agreement, Mr. Shangdong Liu, Mr. Shibin Mao, Ms. Lijuan Wang and Mr. Ping Shen agreed to cancel and convert the Fifth Debt (note 1) and the Unpaid Earnest Money in exchange for 528,053, 3,536,068, 2,267,798 and 2,267,798 shares of common stock of the Company, respectively, at an exchange price of $0.6 per share. Upon receipt of the shares, the creditors will release the Company from any claims, demands and other obligations relating to the Fifth Debt and the Unpaid Earnest Money.

 

As of December 31, 2020, earnest money of $92,446 remained outstanding.

 

(d) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

 

(e) On June 25, 2019, the Company entered into a loan agreement with Mr. Shulin Yu, an unrelated party, to loan RMB3.6 million (approximately $0.5 million) for a term of one year, bearing annual interest of 10% and the repayment was guaranteed by Mr. Yunfei Li (the Company's CEO) and Mr. Wenwu Wang (the Company's former CFO). On June 22, 2020, the Company and Mr. Shulin Yu entered into a supplemental agreement to extend the loan for one year to June 24, 2021. The Company fully repaid the loan principal and accrued interests in October 2020.

 

(f)

In January 2019, the Company obtained one-year term facilities from Jilin Province Trust Co. Ltd. with a maximum amount of RMB40.0 million (approximately $5.8 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed a total of RMB39.6 million ($5.7 million) in 2019, bearing annual interest from 11.3% to 11.6%. The Company fully repaid the loan principal and accrued interests in March 2020.

 

In March 2020, the Company obtained additional one-year term facilities from Jilin Province Trust Co., Ltd with a maximum amount of RMB40.0 million (approximately $5.9 million), which was secured by land use rights and buildings of Eodos Liga Energy Co., Ltd. Under the facilities, the Company borrowed RMB24.2 million ($3.6 million) on March 13, 2020, bearing annual interest of 13.5%. The Company fully repaid the loan principal and accrued interests in December 2020.

 

(g) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2020, loan amount of RMB0.5 million ($76,586) remained outstanding.