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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash $ 46,163,704 $ 23,963,861
Accounts receivable, net 7,991,037 11,926,835
Inventories 244,381 402,050
Due from related parties 76,619
Prepaid expenses and other current assets 2,445,894 228,443
TOTAL CURRENT ASSETS 56,845,016 36,597,808
Property, plant and equipment, net 11,833,302 9,491,195
Intangible assets, net 974,696
TOTAL ASSETS 68,678,318 47,063,699
CURRENT LIABILITIES    
Accounts payable 800,586 891,848
Due to related parties 34,669 529,060
Income tax payable 65,463 107,137
Accrued expenses and other current liabilities 310,407 503,455
Deferred grants 245,211
Convertible promissory notes payable 2,030,550
TOTAL CURRENT LIABILITIES 3,241,675 2,276,711
Deferred grants-non current 433,206
Common stock purchase warrants liability 1,128,635
TOTAL LIABILITIES 4,370,310 2,709,917
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value, 300,000,000 shares authorized, 31,811,523 and, 31,500,693 issued and outstanding as of December 31, 2021 and 2020, respectively* [1] 31,812 31,501
Additional paid in capital 2,333,621 1,072,932
Statutory reserve 5,067,243 3,062,159
Retained earnings 54,610,164 39,229,282
Accumulated other comprehensive income 2,265,168 957,908
TOTAL STOCKHOLDERS’ EQUITY 64,308,008 44,353,782
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 68,678,318 $ 47,063,699
[1] Retrospectively restated for effect of recapitalization, see Note 1