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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash $ 10,075,162 $ 72,223,894
Accounts receivable, net 564,523 4,865,696
Inventories, net 315,371 577,229
Prepayments and deposits 6,376,656 8,395,290
Amount due from related parties 25,040
Other receivables 94,074 7,482
Total current assets 17,450,826 86,069,591
Non-Current Assets    
Property, plant and equipment, net 136,143,177 122,188,023
Finance lease right-of use assets 76,868 83,115
Operating lease right-of-use assets 6,169,855 6,699,784
Prepaid land leases, net of current portion 9,615,269 9,772,170
Deferred tax assets, net 1,859,025
Total non-current assets 152,005,169 140,602,117
Total Assets 169,455,995 226,671,708
Current Liabilities    
Accounts payable and accrued expenses 14,323,458 8,833,936
Taxes payable-current 113,999 475,630
Advance from customer 42,705
Amount due to related parties 2,584,808 2,586,658
Finance lease liability, current portion 217,743 172,625
Operating lease liabilities, current portion 491,850 473,653
Total current liabilities 17,731,858 12,585,207
Non-Current Liabilities    
Finance lease liability, net of current portion 1,075,865 1,312,950
Operating lease liabilities, net of current portion 6,941,602 7,525,255
Total non-current liabilities 8,017,467 8,838,205
Total Liabilities 25,749,325 21,423,412
Commitment and Contingencies
Stockholders’ Equity    
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 11,012,754 and 11,012,754 shares issued; and 10,726,924 and 10,726,924 shares outstanding as of December 31, 2024 and 2023 24,623 24,623
Treasury stock; 285,830 shares as of December 31, 2024 and 2023 at cost (1,372,673) (1,372,673)
Additional paid-in capital 101,688,262 101,688,262
Share to be issued 194,700
Retained earnings unappropriated 37,358,804 96,294,256
Retained earnings appropriated 26,667,097 26,667,097
Accumulated other comprehensive loss (20,854,143) (18,053,269)
Total Stockholders’ Equity 143,706,670 205,248,296
Total Liabilities and Stockholders’ Equity $ 169,455,995 $ 226,671,708