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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,616,695 $ 7,268,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,436,114 2,511,996
Loss on disposal of property and equipment 1,511 (1,785)
Increase in allowance for doubtful accounts (32,316) (149,172)
Increase in provision for inventory 359,534 23,536
Deferred tax assets (90,259) 20,398
Increase (Decrease) In:    
Accounts receivable 406,963 (3,025,758)
Notes receivable 6,074,159 (5,945,558)
Inventories 400,982 (9,970,187)
Advance to suppliers (11,187) 23,463
Other current and noncurrent assets (7,795,981) (1,424,031)
Increase (Decrease) In:    
Accounts payable (2,080,206) 6,461,841
Customer deposits (133,803) 12,994
Other current liabilities 2,115,816 (867,079)
Income tax payables 94,634 106,887
Due to related parties 183,066 (405,732)
Long-term payables - unamortized deferred financing costs (186,800) (3,945)
Other long-term liabilities (1,045,677) (392,029)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,313,245 (5,755,940)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of Long-term assets (525,128) (897,385)
Proceeds from government grants for construction 808,821 255,405
Proceeds from sale of property, plant and equipment 3,570
Investment in a joint venture (250,000)
NET CASH USED BY INVESTING ACTIVITES 33,693 (638,980)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 11,697,621 8,666,025
Repayments of short-term bank loans (10,786,753) (18,724,388)
Notes payable (10,847,677) 15,416,006
Proceeds from related parties 281,406 419,311
Repayment of loans from related parties (2,159,416) (4,045,048)
Repayment of loans from third parties (1,481,087) (310,443)
Proceeds from third parties 155,222
Payment of principal on financing lease obligation (185,136) (776,108)
Proceeds from equity and debt financing 9,196,563 8,209,897
Proceeds from NCI's Investment 5,386,307
Restricted stock grant 66,200
NET CASH PROVIDED/(USED) IN FINANCING ACTIVITES (4,284,479) 14,462,981
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 3,062,459 8,068,061
Effect of exchange rate changes on cash (1,134,295) 329,778
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 17,800,892 9,403,053
Supplemental Disclosure of Cash Flow Information    
Income taxes paid 695,315 1,631,703
Interest paid 405,174 637,967
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 19,729,056 17,800,892
Bank balances and cash 16,295,695 11,062,590
Bank balances and cash included in assets classified as restricted cash $ 3,433,361 $ 6,738,302