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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 718,691 $ 1,423,838
Banker’s acceptances 26,943 65,915
Trade accounts receivable, less allowance for doubtful accounts of $13,935,643 and $13,786,074, respectively 333,371 504,448
Other receivables, less allowance for doubtful accounts of $30,704 and $27,017, respectively 46,553 157,944
Advances to suppliers 366 2,013
Inventories 2,498,851 3,732,517
Prepaid expenses 114,202 110,258
Total Current Assets 3,738,977 5,996,933
Property, plant and equipment, net 5,305,709 7,100,425
Right-of-use assets 58,931 116,610
Intangible assets, net 4,361,993 3,255,232
TOTAL ASSETS 13,465,610 16,469,200
Current Liabilities:    
Trade accounts payable 390,239 966,420
Accrued expenses 82,613 298,829
Other payables 1,678,718 2,282,692
Advances from customers 24,920 90,507
Lease liabilities 60,241 77,727
Current portion of lines of credit 1,041,756 1,030,680
Convertible, redeemable note payable, net of issue discount 315,428 940,000
Total Current Liabilities 4,760,209 6,820,664
Non-current Liabilities:    
Lines of credit, net of current portion 1,427,063 1,411,891
Deferred tax liability 750,089 742,114
Lease liabilities 39,910
Total Liabilities 6,937,361 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; 17,859,635 shares and 10,625,788 shares issued and outstanding, respectively 17,859 10,625
Additional paid-in capital 37,790,022 35,282,256
Accumulated deficit (42,802,247) (39,290,314)
Accumulated other comprehensive income 11,522,615 11,452,054
Total Stockholders’ Equity 6,528,249 7,454,621
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 13,465,610 16,469,200
Related Party    
Current Liabilities:    
Borrowings from related parties $ 1,166,294 $ 1,133,809