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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 1,754,868 $ 957,653
Banker’s acceptances 53,736
Trade accounts receivable, less allowance for doubtful accounts of $18,316,990 and $18,150,493, respectively 409,675 501,892
Other receivables, less allowance for doubtful accounts of $30,142 and $22,320, respectively 63,770 27,652
Advances to suppliers 2,963 2,238
Inventory 2,978,060 3,705,119
Prepaid expenses 54,034 73,668
Total Current Assets 5,263,370 5,321,958
Property, plant and equipment, net 14,346,122 15,564,200
Operating lease right of use asset 169,807 49,687
Intangible assets, net 164,942 182,146
TOTAL ASSETS 19,944,241 21,117,991
Current Liabilities:    
Trade accounts payable 687,052 1,234,594
Accrued expenses 332,393 177,359
Other payables 3,051,694 2,748,208
Advances from customers 525,579 719,786
Borrowings from related parties 2,824,019 2,134,428
Operating lease liability 83,707 52,070
Construction loan facility 2,167,149 2,298,886
Current portion of lines of credit 2,523,181 2,038,345
Total Current Liabilities 12,194,774 11,403,676
Non-current Liabilities:    
Lines of credit, net of current portion 325,072 904,228
Operating lease liability, net of current portion 86,186  
Deferred tax liability 813,636 805,556
Total Liabilities 13,419,668 13,113,460
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; 45,579,557 shares and 45,579,557 shares issued and outstanding, respectively 45,580 45,580
Additional paid-in capital 24,452,684 24,452,684
Retained deficit (30,431,267) (28,839,179)
Accumulated other comprehensive income 12,457,576 12,345,446
Total Stockholders' Equity 6,524,573 8,004,531
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 19,944,241 $ 21,117,991