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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash $ 1,101,443 $ 251,100
Restricted cash 3,771 3,835
Accounts receivable, net 2,615,458 1,428,738
Inventory, net 2,645,488 4,562,366
Prepayments 311,402 236,567
Other receivables and other current assets 127,313 111,294
Total current assets 6,804,875 6,593,900
NON-CURRENT ASSETS    
Property, plant and equipment, net 4,724,105 5,525,639
Construction in progress 962,338 971,884
Land use rights, net 1,030,982 1,072,415
Operating lease right-of-use assets, net 87,380 18,240
Security deposits 9,030 9,030
Deferred financing costs 0 218,354
Total non-current assets 6,813,835 7,815,562
TOTAL ASSETS 13,618,710 14,409,462
CURRENT LIABILITIES    
Bank borrowings - current 5,689,721 6,988,757
Operating lease liabilities, current 31,413 18,240
Accounts and other payables and accruals 4,538,322 4,726,727
Taxes payable 608,679 70,276
Unearned revenue 1,084,484 287
Amounts due to related parties 302,943 184,060
Obligation under secured borrowing arrangement 599,664  
Total current liabilities 12,855,226 11,988,347
Bank borrowings – non-current 124,905 133,677
Operating lease liabilities, – non-current 55,967  
Convertible notes, net   313,699
Total non-current liabilities 180,872 447,376
TOTAL LIABILITIES 13,036,098 12,435,723
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, $0.001 par value, 400,000,000 shares authorized, 21,380,000 and 20,000,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively* [1] 21,380 20,000
Subscription receivable (25,000) (25,000)
Additional paid-in capital 6,671,016 925,000
(Accumulated deficits)/ Retained earnings (5,313,943) 1,818,630
Accumulated other comprehensive loss (775,841) (769,891)
Total stockholders' equity 582,612 1,973,739
OTAL LIABILITIES AND STOCKHOLDERS' EQUITY 13,618,710 14,409,462
Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, 100,000,000 shares authorized – Series A, $0.001 par value, 20,000,000 shares designated, 5,000,000 shares issued and outstanding as of December 31, 2023 and 2022* [1] $ 5,000 $ 5,000
[1] Retrospectively restated for the effect of 2-for-1 reverse stock split. (Note 18)