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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 6,724,360 $ 4,643,267
Pledged deposits 54,061,642 54,179,549
Term deposits 4,237,090
Trade and bills receivable, net 32,938,918 28,653,047
Inventories 22,851,027 33,413,422
Prepayments and other receivables 20,004,966 7,459,254
Receivables from former subsidiary 12,399 74,946
Income tax recoverable 566,458
Total current assets 141,396,860 128,423,485
Property, plant and equipment, net 85,486,829 91,628,832
Construction in progress 42,526,859 37,797,862
Long-term investments, net 2,246,494 2,565,005
Prepaid land use rights 11,075,973 11,712,704
Intangible assets, net 382,962 841,360
Deposit paid for acquisition of long-term investments 15,864,318 7,101,492
Operating lease right-of-use assets, net 3,237,849 1,084,520
Total assets 302,218,144 281,155,260
Current liabilities    
Trade and bills payable 84,724,386 82,429,575
Short-term bank borrowings 26,087,350 32,587,676
Other short-term loans 335,715 339,552
Accrued expenses and other payables 58,285,635 41,992,540
Payable to a former subsidiary, net 419,849 411,111
Deferred government grants, current 556,214 375,375
Product warranty provisions 23,426 23,870
Warrants liability
Operating lease liability, current 1,268,405 691,992
Finance lease liability, current 1,643,864
Total current liabilities 171,700,980 160,495,555
Deferred government grants, non-current 7,580,255 6,203,488
Product warranty provisions 420,688 522,574
Operating lease liability, non-current 2,449,056 475,302
Total liabilities 182,150,979 167,696,919
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 December 31, 2024 90,083 90,063
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,842,445 247,465,817
Statutory reserves 1,230,511 1,230,511
Accumulated deficit (122,605,730) (134,395,762)
Accumulated other comprehensive loss (14,919,345) (11,601,403)
Stockholders' equity (deficit) before Treasury Stock 125,739,653 116,890,915
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 121,673,043 112,824,305
Non-controlling interests (1,605,878) 634,036
Total equity 120,067,165 113,458,341
Total liabilities and shareholder’s equity $ 302,218,144 $ 281,155,260