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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 3,714,810 $ 4,859,059
Banker’s acceptances 14,146 91,362
Trade accounts receivable, less allowance for doubtful accounts of $18,384,642 and $18,312,707, respectively 418,650 714,475
Other receivables, less allowance for doubtful accounts of $30,716 and $32,210, respectively 39,019 29,564
Advances to suppliers 473 471
Inventory 3,906,394 3,339,686
Prepaid expenses 71,788 58,792
Total Current Assets 8,165,280 9,093,409
Property, plant and equipment, net 12,632,038 13,280,559
Operating lease right of use asset 107,094 127,958
Intangible assets, net 138,798 147,841
TOTAL ASSETS 21,043,210 22,649,767
Current Liabilities:    
Trade accounts payable 927,350 926,749
Accrued expenses 138,221 298,452
Other payables 1,757,061 1,884,161
Advances from customers 136,099 210,028
Borrowings from related parties 2,557,039 2,779,690
Operating lease liability 86,672 85,282
Construction loan facility  
Current portion of lines of credit 4,300,432 4,328,936
Total Current Liabilities 9,902,874 10,513,298
Non-current Liabilities:    
Convertible, redeemable note payable 4,950,000 5,250,000
Lines of credit, net of current portion  
Operating lease liability, net of current portion 22,318 44,181
Deferred tax liability 827,978 824,407
Total Liabilities 15,703,170 16,631,886
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; 48,299,971 shares and 47,339,557 shares issued and outstanding, respectively 48,300 47,340
Additional paid-in capital 25,944,407 25,645,367
Retained deficit (33,268,145) (32,238,655)
Accumulated other comprehensive income 12,615,478 12,563,829
Total Stockholders’ Equity 5,340,040 6,017,881
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 21,043,210 $ 22,649,767