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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 1,423,838 $ 2,029,971
Banker’s acceptances 65,915 13,784
Trade accounts receivable, less allowance for doubtful accounts of $13,786,074 and $16,739,527, respectively 504,448 421,531
Other receivables, less allowance for doubtful accounts of $27,017 and $27,149, respectively 157,944 29,139
Advances to suppliers 2,013 444,637
Inventory 3,732,517 2,947,787
Prepaid expenses 110,258 77,697
Total Current Assets 5,996,933 5,964,546
Property, plant and equipment, net 7,100,425 9,973,065
Operating lease right of use asset 116,610 39,046
Intangible assets, net 3,255,232 1,807,486
TOTAL ASSETS 16,469,200 17,784,143
Current Liabilities:    
Trade accounts payable 966,420 667,082
Accrued expenses 298,829 404,807
Other payables 2,282,692 2,390,063
Advances from customers 90,507 520,295
Operating lease liability 77,727 40,445
Current portion of lines of credit 1,030,680 2,440,915
Convertible, redeemable note payable, net of issue discount 940,000 3,800,000
Total Current Liabilities 6,820,664 12,739,447
Non-current Liabilities:    
Operating lease liability, net of current portion 39,910
Lines of credit, net of current portion 1,411,891
Deferred tax liability 742,114 754,698
Total Liabilities 9,014,579 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; 10,625,788 shares and 1,498,180 shares issued and outstanding, respectively 10,625 1,498
Additional paid-in capital 35,282,256 28,926,931
Retained deficit (39,290,314) (36,211,496)
Accumulated other comprehensive income 11,452,054 11,573,065
Total Stockholders’ Equity 7,454,621 4,289,998
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 16,469,200 17,784,143
Related Party    
Current Liabilities:    
Borrowings from related parties $ 1,133,809 $ 2,475,840