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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 72,223,894 $ 108,226,214
Accounts receivable, net 4,865,696 5,363,166
Inventories, net 577,229 1,598,572
Prepayments and deposits 8,395,290 4,236,782
Other receivables 7,482 637
Total current assets 86,069,591 119,425,371
Non-Current Assets    
Property, plant and equipment, net 122,188,023 149,916,766
Finance lease right-of use assets 83,115 163,868
Operating lease right-of-use assets 6,699,784 8,098,427
Prepaid land leases, net of current portion 9,772,170 9,508,001
Deferred tax assets, net 1,859,025 5,318,909
Total non-current assets 140,602,117 173,005,971
Total Assets 226,671,708 292,431,342
Current Liabilities    
Accounts payable and accrued expenses 8,833,936 7,823,722
Taxes payable-current 475,630 699,563
Advance from customer 42,705
Amount due to related parties 2,586,658 2,605,694
Finance lease liability, current portion 172,625 213,346
Operating lease liabilities, current portion 473,653 433,440
Total current liabilities 12,585,207 11,775,765
Non-Current Liabilities    
Finance lease liability, net of current portion 1,312,950 1,461,721
Operating lease liabilities, net of current portion 7,525,255 7,575,651
Total non-current liabilities 8,838,205 9,037,372
Total Liabilities 21,423,412 20,813,137
Commitment and Contingencies
Stockholders’ Equity    
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 2022 24,623 24,476
Treasury stock; 285,830  shares as of December 31, 2023 and 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
Accumulated other comprehensive loss (18,053,269) (13,027,289)
Total Stockholders’ Equity 205,248,296 271,618,205
Total Liabilities and Stockholders’ Equity $ 226,671,708 $ 292,431,342