XML 13 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 3,176,249 $ 6,519,212
Pledged deposits 42,511,872 30,836,864
Trade and bills receivable, net 45,564,242 27,413,575
Inventories 37,451,597 49,446,291
Prepayments and other receivable 7,266,257 5,915,080
Receivables from former subsidiary, net 323,973 5,518,052
Income tax recoverable 57,934
Total current assets 136,294,190 125,707,008
Property, plant and equipment, net 93,587,460 90,004,527
Construction in progress 35,605,326 9,954,202
Long-term investments, net 897,635 945,237
Prepaid land use rights 11,503,787 12,361,163
Intangible assets, net 936,062 1,309,058
Deposit paid for acquisition of long-term investments 3,669,851
Operating lease right-of-use assets, net 949,192 1,264,560
Deferred tax assets, net 3,397,566 2,486,979
Total assets 286,841,069 244,032,734
Current liabilities    
Trade and bills payable 88,176,563 67,491,435
Short-term bank borrowings 33,190,571 14,907,875
Other short-term loans 338,581 689,096
Accrued expenses and other payables 38,481,174 25,605,661
Payables to former subsidiaries, net 389,250 358,067
Deferred government grants, current 366,171 1,299,715
Product warranty provisions 23,285 26,215
Warrants liability 136,000
Operating lease liability, current 366,391 575,496
Finance lease liability, current 844,297
Total current liabilities 161,331,986 111,933,857
Deferred government grants, non-current 5,022,216 5,577,020
Product warranty provisions 471,384 450,613
Operating lease liability, non-current 462,323 607,222
Accrued expenses and other payables, non-current 1,085,525
Total liabilities 167,287,909 119,654,237
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 89,611,396 issued and 89,467,190 outstanding as of September 30, 2023 89,611 89,135
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,200,355 246,240,998
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (129,627,258) (131,946,705)
Accumulated other comprehensive loss (14,330,746) (8,153,644)
Stockholders' equity (deficit) before Treasury Stock 118,664,162 121,561,984
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 114,597,552 117,495,374
Non-controlling interests 4,955,608 6,883,123
Total equity 119,553,160 124,378,497
Total liabilities and shareholder’s equity $ 286,841,069 $ 244,032,734