XML 14 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash and cash equivalents $ 1,074,979 $ 1,186,587
Restricted cash 109,908 1,273,940
Banker's acceptances 45,756 20,579
Trade accounts receivable, less allowance for doubtful accounts of $17,575,100 and $17,815,075, respectively 635,371 916,931
Other receivables, less allowance for doubtful accounts of $22,729 and $34,884, respectively 46,643 170,098
Advances to suppliers 404 47
Inventory 3,588,824 5,054,975
Prepaid expenses 77,120 123,759
Total Current Assets 5,579,005 8,746,916
Advances for purchases of intangible assets 17,069,587
Property, plant and equipment, net 16,313,827 19,294,379
Operating lease right of use asset 136,779
Intangible assets, net 205,611 266,443
TOTAL ASSETS 22,235,222 45,377,325
Current Liabilities:    
Trade accounts payable 1,366,330 1,060,934
Accrued expenses 189,880 310,804
Other payables 3,560,332 3,065,508
Advances from customers 505,398 525,647
Other payables - related parties 2,071,986 1,633,263
Operating lease liability, current portion 91,306
Current portion of construction loan facility 2,150,168 2,181,360
Bankers' acceptance notes payable 109,908 1,273,940
Total Current Liabilities 10,045,308 10,051,456
Non-current Liabilities:    
Construction loan facility 2,150,168 4,362,720
Operating lease liability, net of current portion 48,701
Deferred tax liability 753,444 764,374
Total Liabilities 12,997,621 15,178,550
Commitments and Contingencies (Note 9)
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
Retained (deficit) earnings (25,972,402) (5,270,358)
Accumulated other comprehensive income 11,576,219 11,835,349
Total Stockholders' Equity 9,237,601 30,198,775
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 22,235,222 $ 45,377,325