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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 7,357,875 $ 11,681,750
Pledged deposits 18,996,749 8,989,748
Trade and bills receivable, net 49,907,129 29,571,274
Inventories 30,133,340 5,252,845
Prepayments and other receivables 12,746,990 7,439,544
Receivables from former subsidiary 2,263,955
Amount due from non-controlling interest, current 125,883
Amount due from related party, current 472,061
Income tax recoverable 47,189
Investment in sales-type lease, net 790,516 235,245
Total current assets 122,841,687 63,170,406
Property, plant and equipment, net 90,042,773 41,040,370
Construction in progress 27,343,092 30,193,309
Non-marketable equity securities 712,930
Prepaid land use rights 13,797,230 7,500,780
Intangible assets, net 1,961,739 11,807
Operating lease right-of-use assets, net 1,968,032
Investment in sales-type lease, net 838,528 850,407
Amount due from non-controlling interest, non-current 62,941
Deferred tax assets, net 1,403,813
Goodwill 1,645,232
Total assets 262,617,997 142,767,079
Liabilities    
Trade and bills payable 65,376,212 28,352,292
Short-term bank borrowings 8,811,820
Current maturities of long-term bank loans 13,739,546
Other short-term loans 4,679,122 1,253,869
Accrued expenses and other payables 22,963,700 11,645,459
Payables to former subsidiaries, net 326,507 626,990
Deferred government grants, current 3,834,481 151,476
Product warranty provisions 127,837 155,888
Warrants liability 5,846,000 17,783,000
Operating lease liability, current 801,797
Total current liabilities 112,767,476 73,708,520
Deferred government grants, non-current 6,189,196 7,304,832
Product warranty provisions 1,900,429 1,835,717
Long term tax payable 7,511,182
Operating lease liability, non-current 876,323
Total liabilities 121,733,424 90,360,251
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 79,310,249 issued and 79,166,043 outstanding as of December 31, 2020; and 88,849,222 issued and 88,705,016 outstanding as of December 31, 2021 88,849 79,310
Donated shares 14,101,689 14,101,689
Additional paid-in capital 241,946,362 225,278,113
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (122,498,259) (183,984,311)
Accumulated other comprehensive loss 2,489,017 (239,609)
Stockholders' equity (deficit) before Treasury Stock 137,358,169 56,465,703
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 133,291,559 52,399,093
Non-controlling interests 7,593,014 7,735
Total equity 140,884,573 52,406,828
Total liabilities and shareholder’s equity $ 262,617,997 $ 142,767,079