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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 12,728,783 $ 8,414,044
Restricted cash 1,600,000
Trade receivables 4,939,568 5,468,911
Withholding taxes receivables 690,487
Other current assets 1,275,981 1,584,884
Inventories 1,387,549 495,081
Amount due from related parties 26,007 373,268
Total current assets 21,957,888 17,026,675
Restricted cash 1,525,028 1,715,866
Property, plant and equipment 9,897,301 7,884,354
Right-of-use assets 2,364,993 4,190,351
Intangible assets, net 164,316 223,408
Goodwill 329,534
Withholding taxes receivable, net 3,531,953 3,534,552
Deferred tax assets, net 1,635,638 1,038,346
Other non-current assets 345,586 361,275
Total non-current assets 19,794,349 18,948,152
Total assets 41,752,237 35,974,827
Liabilities and equity    
Trade and other payables 1,028,721 1,540,411
Borrowings 933,110 494,994
Borrowings from related parties 13,506,184
Current portion of operating lease liabilities 2,366,045 2,211,984
Current portion of finance lease liabilities, net 619,301 632,105
Other current liabilities 1,824,635 1,249,106
Income tax payables 284,627
Amount due to related parties 2,217,752 1,670,469
Total current liabilities 22,495,748 8,083,696
Borrowings 859,120 993,869
Operating lease liabilities 2,106,429
Borrowings from related parties 5,332,803 19,085,812
Finance lease liabilities, net 666,455 1,023,366
Other non-current liabilities 54,000
Provision for employee benefits 5,819,132 6,841,673
Total non-current liabilities 12,731,510 30,051,149
Total liabilities 35,227,258 38,134,845
Equity    
Ordinary shares – par value $0.003 authorized 300,000,000 shares, issued and outstanding 21,201,842 shares at December 31, 2021; par value $0.003 authorized 100,000,000 shares, issued and outstanding 17,356,090* shares at December 31, 2020 63,606 52,069
Subscription receivable (50,000) (50,000)
Additional paid in capital 15,379,595 2,082,795
Legal reserve 223,500 223,500
Warrants reserve 251,036
Retained earnings (Deficit) (10,204,220) (4,722,294)
Accumulated other comprehensive income 821,527 204,249
Capital & reserves attributable to equity holders of the Company 6,485,044 (2,209,681)
Non-controlling interests 39,935 49,663
Total equity (deficit) 6,524,979 (2,160,018)
Total liabilities and equity (deficit) $ 41,752,237 $ 35,974,827