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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 4,380,742 $ 7,357,875
Pledged deposits 37,117,785 18,996,749
Trade accounts and bills receivable, net 26,056,836 49,907,129
Inventories 55,305,909 30,133,340
Prepayments and other receivable 7,543,259 12,746,990
Receivables from former subsidiary 5,670,336 2,263,955
Amount due from non-controlling interest, current 119,414 125,883
Amount due from related party, current 223,901 472,061
Income tax recoverable 47,189
Investment in sales-type lease, net 859,348 790,516
Total current assets 137,277,530 122,841,687
Property, plant and equipment, net 84,705,053 90,042,773
Construction in progress 28,860,353 27,343,092
Non-marketable equity securities 676,292 712,930
Prepaid land use rights 12,918,119 13,797,230
Intangible assets, net 1,594,057 1,961,739
Operating lease right-of-use assets, net 527,622 1,968,032
Investment in sales-type lease, net 492,605 838,528
Amount due from related party, non-current 59,707 62,941
Deferred tax assets, net 1,308,051 1,403,813
Goodwill 1,562,349 1,645,232
Total assets 269,981,738 262,617,997
Current liabilities    
Trade accounts and bills payable 80,511,194 65,376,212
Short-term bank borrowings 16,875,223 8,811,820
Other short-term loans 707,602 4,679,122
Accrued expenses and other payables 22,697,848 22,963,700
Income tax payable 31,093
Payables to former subsidiaries, net 346,539 326,507
Deferred government grants, current 2,149,033 3,834,481
Product warranty provisions 106,053 127,837
Warrants liability 2,083,000 5,846,000
Operating lease liability, current 215,439 801,797
Total current liabilities 125,723,024 112,767,476
Deferred government grants, non-current 6,284,983 6,189,196
Product warranty provisions 1,913,083 1,900,429
Operating lease liability, non-current 128,129 876,323
Total liabilities 134,049,219 121,733,424
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 89,135,064 issued and 88,990,858 outstanding as of June 30, 2022 89,135 88,849
Donated shares 14,101,689 14,101,689
Additional paid-in capital 241,991,981 241,946,362
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (121,248,616) (122,498,259)
Accumulated other comprehensive income (loss) (4,240,719) 2,489,017
Stockholders' equity (deficit) before Treasury Stock 131,923,981 137,358,169
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 127,857,371 133,291,559
Non-controlling interests 8,075,148 7,593,014
Total equity 135,932,519 140,884,573
Total liabilities and shareholder’s equity $ 269,981,738 $ 262,617,997