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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 739,337 $ 1,423,838
Banker’s acceptances 15,435 65,915
Trade accounts receivable, less allowance for doubtful accounts of $13,706,077 and $13,786,074, respectively 254,850 504,448
Other receivables, less allowance for doubtful accounts of $27,929 and $27,017, respectively 28,660 157,944
Advances to suppliers 161 2,013
Inventories 2,818,925 3,732,517
Prepaid expenses 115,610 110,258
Total Current Assets 3,972,978 5,996,933
Property, plant and equipment, net 5,817,379 7,100,425
Right-of-use assets 77,259 116,610
Intangible assets, net 4,393,617 3,255,232
TOTAL ASSETS 14,261,233 16,469,200
Current Liabilities:    
Trade accounts payable 141,036 966,420
Accrued expenses 208,831 298,829
Other payables 1,606,991 2,282,692
Advances from customers 101,056 90,507
Lease liabilities 78,628 77,727
Current portion of lines of credit 1,024,303 1,030,680
Convertible, redeemable note payable, net of issue discount 410,415 940,000
Total Current Liabilities 4,712,035 6,820,664
Non-current Liabilities:    
Lines of credit, net of current portion 1,403,154 1,411,891
Deferred tax liability 737,522 742,114
Lease liabilities 39,910
Total Liabilities 6,852,711 9,014,579
Commitments and Contingencies (Note 14)
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; 17,162,771 shares and 10,625,788 shares issued and outstanding, respectively 17,162 10,625
Additional paid-in capital 37,690,719 35,282,256
Accumulated deficit (41,684,336) (39,290,314)
Accumulated other comprehensive income 11,384,977 11,452,054
Total Stockholders’ Equity 7,408,522 7,454,621
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 14,261,233 16,469,200
Related Party    
Current Liabilities:    
Borrowings from related parties $ 1,140,775 $ 1,133,809