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Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net (loss) income $ 9,572,474 $ (2,204,482)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,231,605 2,185,763
Provision for (reversal of) doubtful accounts and bad debts written off (116,248) 116,014
Amortization of operating lease right-of-use assets 297,613 131,474
Write-down of inventories 538,883 979,633
Share-based compensation 116,582 4,897
Share of loss of equity investees 18,824
Impairment charge on goodwill (85,000)
Changes in operating assets and liabilities:    
Trade and bills receivable (8,188,661) (601,557)
Inventories 4,085,626 (2,025,827)
Prepayments and other receivables (82,300) (312,927)
Trade and bills payable (2,015,325) 9,917,436
Accrued expenses and other payables and product warranty provisions (460,200) (1,753,004)
Operating lease liabilities 361,498 (158,824)
Trade receivable from and payables to a former subsidiary 37,966 3,729,807
Income tax payable 1,048,832
Deferred tax assets (402,883)
Net cash provided by operating activities 7,447,169 9,520,520
Cash flows from investing activities    
Deposit paid for acquisition of long-term investment (4,934,830)
Purchases of property, plant and equipment and construction in progress (7,901,180) (7,216,890)
Net cash used in investing activities (12,836,010) (7,216,890)
Cash flows from financing activities    
Borrowings from banks 20,801,840 13,153,472
Repayment of bank borrowings (16,700,355) (9,499,730)
Borrowings from a shareholder 199,942
Repayment of borrowings to a shareholder (72,052)
Repayment of borrowings from a unrelated party (219,225)
Proceeds from finance lease 1,115,216
Principal payments of finance leases (717,223) (370,489)
Placement of term deposits (20,891,913)
Net cash provided by financing activities (16,392,435) 3,191,918
Effect of exchange rate changes on cash and cash equivalents and restricted cash (784,780) 285,423
Net increase (decrease) in cash and cash equivalents and restricted cash (22,566,056) 5,780,971
Cash and cash equivalents and restricted cash at the beginning of period 58,822,816 37,356,076
Cash and cash equivalents and restricted cash at the end of period 36,256,760 43,137,047
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 1,132,046 414,210
Lease liabilities arising from obtaining right-of-use assets 2,348,281
Cash paid during the year for:    
Income taxes
Interest, net of amounts capitalized $ 159,549 $ 66,446