XML 12 R2.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash and cash equivalents $ 961,277 $ 1,186,587
Restricted cash 976,622 1,273,940
Banker's acceptances 51,424 20,579
Trade accounts receivable, less allowance for doubtful accounts of $18,295,892 and $17,815,075, respectively 845,401 916,931
Other receivables, less allowance for doubtful accounts of $7,187 and $34,884, respectively 225,010 170,098
Advances to suppliers 108,454 47
Inventory 4,934,248 5,054,975
Prepaid expenses 118,701 123,759
Total Current Assets 8,221,137 8,746,916
Advances for purchases of intangible assets 17,490,101 17,069,587
Property and equipment, net 19,067,032 19,294,379
Operating lease right of use asset 212,587
Intangible assets, net 250,266 266,443
TOTAL ASSETS 45,241,123 45,377,325
Current Liabilities:    
Trade accounts payable 1,093,182 1,060,934
Accrued expenses 117,241 310,804
Other payables 2,838,847 3,065,508
Advances from customers 526,247 525,647
Other payables - related parties 1,518,756 1,633,263
Operating lease liability, current portion 91,597
Current portion of construction loan facility 2,086,092 2,181,360
Bankers' acceptance notes payable 976,622 1,273,940
Total Current Liabilities 9,248,584 10,051,456
Non-current Liabilities:    
Construction loan facility 4,470,197 4,362,720
Operating lease liability, net of current portion 122,229
Deferred tax liability 783,204 764,374
Total Liabilities 14,624,214 15,178,550
Stockholders' Equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 95,000,000 shares authorized; 43,579,557 shares and 43,579,557 shares outstanding, respectively 43,580 43,580
Additional paid-in capital 23,590,204 23,590,204
Accumulated deficit (5,688,089) (5,270,358)
Accumulated other comprehensive income 12,671,214 11,835,349
Total Stockholders' Equity 30,616,909 30,198,775
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 45,241,123 $ 45,377,325