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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 3,449,446 $ 6,519,212
Pledged deposits 40,189,167 30,836,864
Trade and bills receivable, net 29,322,723 27,413,575
Inventories 41,818,660 49,446,291
Prepayments and other receivable 5,267,046 5,915,080
Receivables from former subsidiary, net 323,973 5,518,052
Income tax recoverable 55,182 57,934
Total current assets 120,426,197 125,707,008
Property, plant and equipment, net 88,084,125 90,004,527
Construction in progress 25,945,637 9,954,202
Long-term investments, net 900,334 945,237
Prepaid land use rights 11,616,881 12,361,163
Intangible assets, net 1,017,171 1,309,058
Operating lease right-of-use assets, net 1,082,209 1,264,560
Deferred tax assets, net 3,101,858 2,486,979
Total assets 252,174,412 244,032,734
Current liabilities    
Trade and bills payable 75,570,051 67,491,435
Short-term bank borrowings 26,813,901 14,907,875
Other short-term loans 352,482 689,096
Accrued expenses and other payables 27,869,385 25,605,661
Payables to former subsidiaries, net 387,263 358,067
Deferred government grants, current 367,271 1,299,715
Product warranty provisions 23,355 26,215
Warrants liability 15,000 136,000
Operating lease liability, current 366,391 575,496
Finance lease liability, current 114,884 844,297
Total current liabilities 131,879,983 111,933,857
Deferred government grants, non-current 5,129,127 5,577,020
Product warranty provisions 451,739 450,613
Operating lease liability, non-current 539,742 607,222
Accrued expenses and other payables, non-current   1,085,525
Total liabilities 138,000,591 119,654,237
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 89,135,064 issued and 88,990,858 outstanding as of December 31, 2022 and 89,151,731 issued and 89,007,525 outstanding as of June 30, 2023 89,151 89,135
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,070,345 246,240,998
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (135,962,050) (131,946,705)
Accumulated other comprehensive income (loss) (13,798,697) (8,153,644)
Stockholders' equity (deficit) before Treasury Stock 112,730,949 121,561,984
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 108,664,339 117,495,374
Non-controlling interests 5,509,482 6,883,123
Total equity 114,173,821 124,378,497
Total liabilities and shareholder’s equity $ 252,174,412 $ 244,032,734