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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 1,166,947 $ 2,029,971
Banker’s acceptances 34,772 13,784
Trade accounts receivable, less allowance for doubtful accounts of $16,955,959 and $16,739,527, respectively 549,127 421,531
Other receivables, less allowance for doubtful accounts of $27,388 and $27,149, respectively 107,254 29,139
Advances to suppliers 359,580 444,637
Inventory 3,760,480 2,947,787
Prepaid expenses 102,774 77,697
Total Current Assets 6,080,934 5,964,546
Property, plant and equipment, net 9,429,590 9,973,065
Operating lease right of use asset 19,787 39,046
Intangible assets, net 1,825,929 1,807,486
TOTAL ASSETS 17,356,240 17,784,143
Current Liabilities:    
Trade accounts payable 848,908 667,082
Accrued expenses 113,750 404,807
Other payables 2,171,352 2,390,063
Advances from customers 136,681 520,295
Borrowings from related parties 2,497,437 2,475,840
Operating lease liability 20,617 40,445
Current portion of lines of credit 2,983,250 2,440,915
Convertible, redeemable note payable, net of issue discount 3,150,000 3,800,000
Total Current Liabilities 11,921,995 12,739,447
Non-current Liabilities:    
Deferred tax liability 764,901 754,698
Total Liabilities 12,686,896 13,494,145
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; 500,000,000 shares authorized; 8,449,925 shares and 7,490,896 shares issued and outstanding, respectively 84,500 74,909
Additional paid-in capital 29,493,929 28,853,520
Retained deficit (36,687,472) (36,211,496)
Accumulated other comprehensive income 11,778,387 11,573,065
Total Stockholders’ Equity 4,669,344 4,289,998
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 17,356,240 $ 17,784,143