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SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Parent Only Financial Information - Condensed Balance Sheets |
Parent |  | As of December 31,
|  | 2023 |  | 2022
Current Assets |  |  |  |  |  |  |  |
Prepayments and deposits |  | $ | — |  |  | $ | — |
Total Current Assets |  |  | — |  |  |  | — |
Non-Current Assets |  |  |  |  |  |  |  |
Interests in subsidiaries |  |  | 144,749,406 |  |  |  | 210,790,285 |
Amounts due from group companies |  |  | 62,288,744 |  |  |  | 62,642,639 |
Total non-current assets |  |  | 207,038,150 |  |  |  | 273,432,924 |
Total Assets |  | $ | 207,038,150 |  |  | $ | 273,432,924 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Other payables and accrued expenses |  | $ | 185,042 |  |  | $ | 209,908 |
Amounts due to related parties |  |  | 1,462,110 |  |  |  | 1,462,110 |
Amounts due to group companies |  |  | 142,702 |  |  |  | 142,701 |
Total Current Liability |  |  | 1,789,854 |  |  |  | 1,814,719 |
Total Liabilities |  | $ | 1,789,854 |  |  | $ | 1,814,719 |
Stockholders’ Equity |  |  |  |  |  |  |  |
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding |  | $ | — |  |  | $ | — |
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 11,012,754 and 10,717,754 shares issued; and 10,726,924 and 10,431,924 shares outstanding as of December 31, 2023 and December 31, 2022 |  |  | 24,623 |  |  |  | 24,476 |
Treasury stock; 285,830 shares as of December 31, 2023and December 31, 2022 at cost |  |  | (1,372,673 | ) |  |  | (1,372,673 | )
Additional paid-in capital |  |  | 101,688,262 |  |  |  | 101,237,059 |
Retained earnings unappropriated |  |  | 96,294,256 |  |  |  | 158,089,535 |
Retained earnings appropriated |  |  | 26,667,097 |  |  |  | 26,667,097 |
Cumulative translation adjustment |  |  | (18,053,269 | ) |  |  | (13,027,289 | )
Total Stockholders’ Equity |  |  | 205,248,296 |  |  |  | 271,618,205 |
Total Liabilities and Stockholders’ Equity |  | $ | 207,038,150 |  |  | $ | 273,432,924 |
Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss |
|  | Years Ended December 31,
|  | 2023 |  | 2022
OPERATING EXPENSES |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (780,379 | ) |  | $ | (1,057,893 | )
TOTAL OPERATING EXPENSES |  |  | (780,379 | ) |  |  | (1,057,893 | )
OTHER EXPENSES |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |
TOTAL OTHER EXPENSES |  |  | — |  |  |  | — |
TOTAL EXPENSES |  |  | (780,379 | ) |  |  | (1,057,893 | )
Equity in net Loss of subsidiaries |  |  | (61,014,900 | ) |  |  | 11,117,343 |
LOSS BEFORE INCOME TAXES |  |  | (61,795,279 | ) |  |  | 10,059,450 |
INCOME TAXES |  |  | — |  |  |  | — |
NET LOSS |  | $ | (61,795,279 | ) |  | $ | 10,059,450 |
Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows |
|  | Years Ended December 31,
|  | 2023 |  | 2022
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Loss |  | $ | (61,795,279 | ) |  | $ | 10,059,450 |
Adjustments to reconcile net Loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity Loss in unconsolidated subsidiaries |  |  | 61,014,900 |  |  |  | 11,117,343 |
Stock-based compensation expense-options |  |  | 451,350 |  |  |  | 668,000 |
Shares issued from treasury stock for services |  |  | — |  |  |  | — |
Changes in assets and liabilities: |  |  |  |  |  |  |  |
Other payables and accrued expenses |  |  | (23,152 | ) |  |  | (869,375 | )
Net cash used in operating activities |  |  | (352,181 | ) |  |  | (1,259,268 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Advances from group companies |  |  | 352,181 |  |  |  | 1,259,268 |
Net cash provided by financing activities |  |  | 352,181 |  |  |  | 1,259,268 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - END OF YEAR |  | $ | — |  |  | $ | — |

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