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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 412,688 $ 626,879
Banker’s acceptances 18,642
Trade accounts receivable, less allowance for credit losses of $13,605,157 and $13,587,182, respectively 328,901 232,140
Other receivables, less allowance for doubtful accounts of $28,497 and $28,447, respectively 39,046 30,286
Advances to suppliers 8,854 14,960
Inventories 1,978,918 2,266,154
Prepaid expenses 82,469 81,328
Total Current Assets 2,850,876 3,270,389
Property, plant and equipment, net 4,777,100 4,883,401
Right-of-use assets 19,176 38,298
Intangible assets, net 6,569,921 6,695,436
TOTAL ASSETS 14,217,073 14,887,524
Current Liabilities:    
Trade accounts payable 548,257 225,106
Accrued expenses 195,264 247,159
Other payables 2,150,648 2,182,982
Contract liabilities 114,435 162,208
Borrowings from related parties 1,153,324 1,144,985
Lease liabilities 19,776 39,323
Current portion of lines of credit 940,173 1,015,525
Total Current Liabilities 5,121,877 5,017,288
Non-current Liabilities:    
Lines of credit, net of current portion 1,393,107 1,391,130
Deferred tax liability 732,241 731,202
Total Liabilities 7,247,225 7,139,620
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; 3,261,911 shares and 3,261,911 shares issued and outstanding, respectively 3,262 3,262
Additional paid-in capital 40,631,679 40,631,679
Securities purchase agreement receivable (180,000) (180,000)
Accumulated deficit (44,812,251) (44,026,679)
Accumulated other comprehensive income 11,327,158 11,319,642
Total Stockholders’ Equity 6,969,848 7,747,904
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 14,217,073 $ 14,887,524