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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 901,910 $ 2,029,971
Banker’s acceptances 80,406 13,784
Trade accounts receivable, less allowance for doubtful accounts of $16,125,255 and $16,739,527, respectively
Other receivables, less allowance for doubtful accounts of $29,592 and $27,149, respectively 275,244 421,531
Receivables total 91,753 29,139
Advances to suppliers 146,036 444,637
Inventory 3,913,564 2,947,787
Prepaid expenses 117,979 77,697
Total Current Assets 5,526,892 5,964,546
Property, plant and equipment, net 8,340,840 9,973,065
Operating lease right of use asset 152,401 39,046
Intangible assets, net 1,684,176 1,807,486
TOTAL ASSETS 15,704,309 17,784,143
Current Liabilities:    
Trade accounts payable 414,084 667,082
Accrued expenses 120,563 404,807
Other payables 2,238,303 2,390,063
Advances from customers 61,334 520,295
Borrowings from related parties 2,450,523 2,475,840
Operating lease liability 74,850 40,445
Current portion of lines of credit 2,837,056 2,440,915
Convertible, redeemable note payable, net of issue discount 2,350,000 3,800,000
Total Current Liabilities 10,546,713 12,739,447
Non-current Liabilities:    
Operating lease liability, net of current portion 77,551
Deferred tax liability 727,417 754,698
Total Liabilities 11,351,681 13,494,145
Commitments and Contingencies (Note 13)
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 87,474 74,909
Additional paid-in capital 30,290,955 28,853,520
Retained deficit (37,280,501) (36,211,496)
Accumulated other comprehensive income 11,254,700 11,573,065
Total Stockholders’ Equity 4,352,628 4,289,998
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 15,704,309 $ 17,784,143