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Condensed Consolidated Balance Sheets (Unaudited)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Current Assets:    
Cash and cash equivalents $ 838,881 $ 1,423,838
Banker’s acceptances 65,915
Trade accounts receivable, less allowance for doubtful accounts of $13,759,993 and $13,786,074, respectively 358,765 504,448
Other receivables, less allowance for doubtful accounts of $27,083 and $27,017, respectively 32,220 157,944
Advances to suppliers 11,339 2,013
Inventories 3,679,065 3,732,517
Prepaid expenses 203,999 110,258
Total Current Assets 5,124,269 5,996,933
Property, plant and equipment, net 6,450,692 7,100,425
Right-of-use assets 97,006 116,610
Intangible assets, net 4,518,482 3,255,232
TOTAL ASSETS 16,190,449 16,469,200
Current Liabilities:    
Trade accounts payable 647,828 966,420
Accrued expenses 114,636 298,829
Other payables 2,117,222 2,282,692
Advances from customers 112,357 90,507
Lease liabilities 78,284 77,727
Current portion of lines of credit 1,028,894 1,030,680
Convertible, redeemable note payable, net of issue discount 490,000 940,000
Total Current Liabilities 5,728,016 6,820,664
Non-current Liabilities:    
Lines of credit, net of current portion 1,409,443 1,411,891
Deferred tax liability 740,828 742,114
Lease liabilities 20,008 39,910
Total Liabilities 7,898,295 9,014,579
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; 14,816,865 shares and 10,625,788 shares issued and outstanding, respectively 14,816 10,625
Additional paid-in capital 37,093,065 35,282,256
Accumulated deficit (40,246,206) (39,290,314)
Accumulated other comprehensive income 11,430,479 11,452,054
Total Stockholders’ Equity 8,292,154 7,454,621
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 16,190,449 16,469,200
Related Party    
Current Liabilities:    
Borrowings from related parties $ 1,138,795 $ 1,133,809