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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 626,879 $ 1,423,838
Banker’s acceptances 18,642 65,915
Trade accounts receivable, less allowance for credit losses of $13,587,182 and $13,786,074, respectively 232,140 504,448
Other receivables, less allowance for doubtful accounts of $28,447 and $27,017, respectively 30,286 157,944
Advances to suppliers 14,960 2,013
Inventories 2,266,154 3,732,517
Prepaid expenses 81,328 110,258
Total Current Assets 3,270,389 5,996,933
Property, plant and equipment, net 4,883,401 7,100,425
Right-of-use assets 38,298 116,610
Intangible assets, net 6,695,436 3,255,232
TOTAL ASSETS 14,887,524 16,469,200
Current Liabilities:    
Trade accounts payable 225,106 966,420
Accrued expenses 247,159 298,829
Other payables 2,182,982 2,282,692
Contract liabilities 162,208 90,507
Borrowings from related party 1,144,985 1,133,809
Lease liabilities 39,323 77,727
Current portion of lines of credit 1,015,525 1,030,680
Convertible, redeemable note payable, net of issue discount   940,000
Total Current Liabilities 5,017,288 6,820,664
Non-current Liabilities:    
Lines of credit, net of current portion 1,391,130 1,411,891
Deferred tax liabilities 731,202 742,114
Lease liabilities 39,910
Total Liabilities 7,139,620 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; 32,619,109 shares and 10,625,788 shares issued and outstanding, respectively 32,618 10,625
Additional paid-in capital 40,602,323 35,282,256
Securities purchase agreement receivable (180,000)
Accumulated deficit (44,026,679) (39,290,314)
Accumulated other comprehensive income 11,319,642 11,452,054
Total Stockholders’ Equity 7,747,904 7,454,621
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 14,887,524 $ 16,469,200