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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 10,448,362 $ 4,643,267
Pledged deposits 37,415,946 54,179,549
Short-term deposits 13,788,170
Trade and bills receivable, net 34,910,784 28,653,047
Inventories 23,938,925 33,413,422
Prepayments and other receivables 9,950,350 7,459,254
Receivables from a former subsidiary, net 7,580 74,946
Total current assets 130,460,117 128,423,485
Property, plant and equipment, net 89,365,457 91,628,832
Construction in progress 38,993,618 37,797,862
Long-term investments, net 2,336,537 2,565,005
Prepaid land use rights 11,601,078 11,712,704
Intangible assets, net 507,113 841,360
Deposit paid for acquisition of long-term investments 16,500,192 7,101,492
Operating lease right-of-use assets, net 3,713,242 1,084,520
Total assets 293,477,354 281,155,260
Current liabilities    
Trade and bills payable 89,472,191 82,429,575
Short-term bank borrowings 25,708,098 32,587,676
Other short-term loans 337,147 339,552
Accrued expenses and other payables 35,144,908 41,992,540
Payables to a former subsidiary, net 407,560 411,111
Deferred government grants, current 499,861 375,375
Product warranty provisions 17,099 23,870
Operating lease liability, current 1,527,829 691,992
Finance lease liability, current 762,694 1,643,864
Income tax payable 343,856
Total current liabilities 154,221,243 160,495,555
Deferred government grants, non-current 5,778,875 6,203,488
Product warranty provisions 410,350 522,574
Operating lease liability, non-current 2,683,772 475,302
Total liabilities 163,094,240 167,696,919
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 September 30, 2024 90,083 90,063
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,732,612 247,465,817
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (118,096,203) (134,395,762)
Accumulated other comprehensive loss (9,826,023) (11,601,403)
Stockholders' equity (deficit) before Treasury Stock 135,232,669 116,890,915
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 131,166,059 112,824,305
Non-controlling interests (782,945) 634,036
Total equity 130,383,114 113,458,341
Total liabilities and shareholder’s equity $ 293,477,354 $ 281,155,260