XML 65 R45.htm IDEA: XBRL DOCUMENT v3.24.3
SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Parent Only Financial Information - Condensed Balance Sheets
                 
   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  $   $