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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 6,519,212 $ 7,357,875
Pledged deposits 30,836,864 18,996,749
Trade and bills receivable, net 27,413,575 49,907,129
Inventories 49,446,291 30,133,340
Prepayments and other receivables 5,915,080 12,746,990
Receivables from former subsidiary 5,518,052 2,263,955
Amount due from non-controlling interest, current 125,883
Amount due from related party, current 472,061
Income tax recoverable 57,934 47,189
Investment in sales-type lease, net 790,516
Total current assets 125,707,008 122,841,687
Property, plant and equipment, net 90,004,527 90,042,773
Construction in progress 9,954,202 27,343,092
Long-term investments, net 945,237 712,930
Prepaid land use rights 12,361,163 13,797,230
Intangible assets, net 1,309,058 1,961,739
Operating lease right-of-use assets, net 1,264,560 1,968,032
Investment in sales-type lease, net 838,528
Amount due from non-controlling interest, non-current 62,941
Deferred tax assets, net 2,486,979 1,403,813
Goodwill 1,645,232
Total assets 244,032,734 262,617,997
Liabilities    
Trade and bills payable 67,491,435 65,376,212
Short-term bank borrowings 14,907,875 8,811,820
Other short-term loans 689,096 4,679,122
Accrued expenses and other payables 25,605,661 22,963,700
Payable to a former subsidiary, net 358,067 326,507
Deferred government grants, current 1,299,715 3,834,481
Product warranty provisions 26,215 127,837
Warrants liability 136,000 5,846,000
Operating lease liability, current 575,496 801,797
Finance lease liability, current 844,297
Total current liabilities 111,933,857 112,767,476
Deferred government grants, non-current 5,577,020 6,189,196
Product warranty provisions 450,613 1,900,429
Operating lease liability, non-current 607,222 876,323
Accrued expenses and other payables, non-current 1,085,525
Total liabilities 119,654,237 121,733,424
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 December 31, 2022 89,135 88,849
Donated shares 14,101,689 14,101,689
Additional paid-in capital 246,240,998 241,946,362
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (131,946,705) (122,498,259)
Accumulated other comprehensive loss (8,153,644) 2,489,017
Stockholders' equity (deficit) before Treasury Stock 121,561,984 137,358,169
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 117,495,374 133,291,559
Non-controlling interests 6,883,123 7,593,014
Total equity 124,378,497 140,884,573
Total liabilities and shareholder’s equity $ 244,032,734 $ 262,617,997