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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash $ 23,963,861 $ 14,279,797
Accounts receivable, net 11,926,835 16,049,453
Inventories 402,050 203,778
Due from related parties 76,619 71,884
Prepaid expenses and other current assets 228,443 283,269
TOTAL CURRENT ASSETS 36,597,808 30,888,181
Property, plant and equipment, net 9,491,195 9,867,584
Intangible assets, net 974,696 989,052
TOTAL ASSETS 47,063,699 41,744,817
CURRENT LIABILITIES    
Short-term bank loans 430,923
Accounts payable 891,848 795,480
Due to related parties 529,060 5,000,803
Income tax payable 107,137 642,967
Accrued expenses and other current liabilities 503,455 2,340,858
Deferred grants 245,211 229,826
TOTAL CURRENT LIABILITIES 2,276,711 9,440,857
Deferred grants-non current 433,206 635,851
TOTAL LIABILITIES 2,709,917 10,076,708
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value, 300,000,000 shares authorized, 31,500,693 and 28,000,000 issued and outstanding as of December 31, 2020 and 2019, respectively [1] 31,501 28,000
Additional paid in capital 1,072,932 14,034
Statutory reserve 3,062,159 2,003,569
Retained earnings 39,229,282 31,357,494
Accumulated other comprehensive income (loss) 957,908 (1,734,988)
TOTAL STOCKHOLDERS' EQUITY 44,353,782 31,668,109 [1]
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 47,063,699 $ 41,744,817
[1] Retrospectively restated for effect of recapitalization, see Note 1