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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 16,295,695 $ 11,062,590
Restricted cash 3,433,361 6,738,302
Short Term Investment 7,800,723 2,105,938
Notes receivable 28,748,879 37,551,121
Accounts receivable, net of allowance for doubtful accounts of $762,325 and $859,319, respectively 14,337,760 15,915,002
Inventories 23,096,382 25,803,474
Due from related parties-current 36,669,907 39,679,565
Advance to suppliers 412,766 434,893
Prepayments and other current assets 1,568,687 14,518
Total Current Assets 132,364,160 139,305,403
Non-current asset    
Property, plant, equipment and construction in progress, net 15,585,214 18,957,553
Land use rights, net 3,639,067 4,035,198
Other intangible assets 147,465
Long term investment 250,000
Deferred tax assets 219,207 141,623
Goodwill 3,890
Operating lease right-of-use assets 2,627,110 80,682
Other non-current assets 283,118 44,093
Total non-current assets 22,751,181 23,263,039
TOTAL ASSETS 155,115,341 162,568,442
Current Liabilities    
Short-term bank loans 8,986,255 8,760,945
Notes payable-bank acceptance notes 28,272,472 42,093,061
Accounts payable 24,817,165 29,064,132
Taxes payables 192,478 108,058
Customer deposits 227,432 387,919
Due to related parties 1,693,315 3,619,459
Other current liabilities 1,547,390 1,198,427
Current portion of operating lease liabilities 472,182 33,308
Lease obligations - current 197,915
Long term operating lease liabilities 66,208,689 85,463,224
Long-term liabilities    
Long term operating lease liabilities 2,176,130 47,614
Other long-term liabilities 1,812,759 2,212,938
Total long-term liabilities 3,988,889 2,260,552
TOTAL LIABILITIES 70,197,578 87,723,776
COMMITMENTS AND CONTINGENCIES
EQUITY    
Ordinary shares, no par value, 12,978,504 shares authorized; 12,978,504 and 11,329,530 shares issued and outstanding as of December 31, 2022 and December 31, 2021.
Additional paid-in capital 32,955,927 23,759,364
Statutory reserves 3,842,331 3,842,331
Retained earnings 37,228,261 33,668,696
Accumulated other comprehensive income (loss) (2,831,419) 1,014,399
Total shareholders’ equity 71,195,100 62,284,790
Non-controlling interest 13,722,663 12,559,876
TOTAL EQUITY 84,917,763 74,844,666
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 155,115,341 $ 162,568,442