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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 2,244,962 $ 4,859,059
Banker’s acceptances 10,758 91,362
Trade accounts receivable, less allowance for doubtful accounts of $17,384,884 and $18,312,707, respectively 318,638 714,475
Other receivables, less allowance for doubtful accounts of $29,574 and $32,210, respectively 55,925 29,564
Advances to suppliers 8,672 471
Inventory 3,530,462 3,339,686
Prepaid expenses 89,935 58,792
Total Current Assets 6,259,352 9,093,409
Property, plant and equipment, net 11,455,931 13,280,559
Operating lease right of use asset 81,039 127,958
Intangible assets, net 122,127 147,841
TOTAL ASSETS 17,918,449 22,649,767
Current Liabilities:    
Trade accounts payable 397,543 926,749
Accrued expenses 110,387 298,452
Other payables 1,896,339 1,884,161
Advances from customers 138,238 210,028
Borrowings from related parties 2,501,819 2,779,690
Operating lease liability 82,959 85,282
Lines of credit 3,233,305 4,328,936
Total Current Liabilities 8,360,590 10,513,298
Non-current Liabilities:    
Convertible, redeemable note payable 4,750,000 5,250,000
Operating lease liability, net of current portion 44,181
Deferred tax liability 783,171 824,407
Total Liabilities 13,893,761 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; 49,310,072 shares and 47,339,557 shares issued and outstanding, respectively 49,310 47,340
Additional paid-in capital 26,143,397 25,645,367
Retained deficit (34,156,539) (32,238,655)
Accumulated other comprehensive income 11,988,520 12,563,829
Total Stockholders’ Equity 4,024,688 6,017,881
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 17,918,449 $ 22,649,767