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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 5,608,465 $ 7,357,875
Pledged deposits 25,142,097 18,996,749
Trade accounts and bills receivable, net 50,265,784 49,907,129
Inventories 41,871,149 30,133,340
Prepayments and other receivables 14,516,068 12,746,990
Receivables from former subsidiary 1,134,585 2,263,955
Amount due from non-controlling interest, current 126,161 125,883
Amount due from related party, current 473,104 472,061
Income tax recoverable 47,295 47,189
Investment in sales-type lease, net 792,262 790,516
Total current assets 139,976,970 122,841,687
Property, plant and equipment, net 88,532,811 90,042,773
Construction in progress 28,410,293 27,343,092
Non-marketable equity securities 714,504 712,930
Prepaid land use rights 13,737,871 13,797,230
Intangible assets, net 1,834,351 1,961,739
Operating lease right-of-use assets, net 1,659,214 1,968,032
Investment in sales-type lease, net 714,933 838,528
Amount due from related party, non-current 63,081 62,941
Deferred tax assets, net 1,500,564 1,403,813
Goodwill 1,650,629 1,645,232
Total assets 278,795,221 262,617,997
Liabilities    
Trade accounts and bills payable 79,270,001 65,376,212
Short-term bank borrowings 14,674,721 8,811,820
Other short-term loans 746,699 4,679,122
Accrued expenses and other payables 24,477,309 22,963,700
Payables to former subsidiaries, net 325,624 326,507
Deferred government grants, current 2,270,463 3,834,481
Product warranty provisions 104,122 127,837
Warrants liability 4,214,000 5,846,000
Operating lease liability, current 711,034 801,797
Total current liabilities 126,793,973 112,767,476
Deferred government grants, non-current 7,207,728 6,189,196
Product warranty provisions 1,923,542 1,900,429
Operating lease liability, non-current 837,930 876,323
Total liabilities 136,763,173 121,733,424
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 88,849,222 issued and 88,705,016 outstanding as of December 31, 2021 and March 31, 2022 88,849 88,849
Donated shares 14,101,689 14,101,689
Additional paid-in capital 241,981,141 241,946,362
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (122,053,806) (122,498,259)
Accumulated other comprehensive loss 2,880,201 2,489,017
Stockholders' equity (deficit) before Treasury Stock 138,228,585 137,358,169
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 134,161,975 133,291,559
Non-controlling interests 7,870,073 7,593,014
Total equity 142,032,048 140,884,573
Total liabilities and shareholder’s equity $ 278,795,221 $ 262,617,997