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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 9,709,059 $ 4,643,267
Pledged deposits 10,418,508 54,179,549
Short-term deposits 34,342,812
Trade and bills receivable, net 32,710,720 28,653,047
Inventories 31,226,831 33,413,422
Prepayments and other receivables 5,017,982 7,459,254
Receivables from a former subsidiary, net 12,620 74,946
Total current assets 123,438,532 128,423,485
Property, plant and equipment, net 86,966,492 91,628,832
Construction in progress 36,086,788 37,797,862
Long-term investments, net 2,256,386 2,565,005
Prepaid land use rights 11,281,490 11,712,704
Intangible assets, net 599,350 841,360
Deposit paid for acquisition of long-term investments 15,934,172 7,101,492
Operating lease right-of-use assets, net 3,053,819 1,084,520
Total assets 279,617,029 281,155,260
Current liabilities    
Trade and bills payable 71,644,150 82,429,575
Short-term bank borrowings 35,077,469 32,587,676
Other short-term loans 338,623 339,552
Accrued expenses and other payables 33,431,784 41,992,540
Payables to a former subsidiary, net 418,499 411,111
Deferred government grants, current 482,714 375,375
Product warranty provisions 17,888 23,870
Operating lease liability, current 994,562 691,992
Finance lease liability, current 1,424,535 1,643,864
Income tax payable 798,715
Total current liabilities 144,628,939 160,495,555
Deferred government grants, non-current 5,700,353 6,203,488
Product warranty provisions 434,724 522,574
Operating lease liability, non-current 2,326,064 475,302
Total liabilities 153,090,080 167,696,919
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 and 90,083,396 issued and 89,939,190 outstanding as of June 30, 2024 90,083 90,063
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,674,563 247,465,817
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (118,113,850) (134,395,762)
Accumulated other comprehensive loss (14,326,079) (11,601,403)
Stockholders' equity (deficit) before Treasury Stock 130,656,917 116,890,915
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 126,590,307 112,824,305
Non-controlling interests (63,358) 634,036
Total equity 126,526,949 113,458,341
Total liabilities and shareholder’s equity $ 279,617,029 $ 281,155,260