XML 20 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash $ 138,813,673 $ 152,011,887
VAT receivable 173,589 189,622
Prepaid expenses 31,923 34,872
Operating lease right-of-use assets, net 62,177
Other receivables 49,690 880,612
Total current assets 139,131,052 153,116,993
NON-CURRENT ASSETS    
Long term deposit 17,192
Operating lease right-of-use assets, net 132,549
Fixed assets, net 4,653 5,728
Total non-current assets 4,653 155,469
TOTAL ASSETS 139,135,705 153,272,462
CURRENT LIABILITIES    
Accounts payable 71,271 77,854
Taxes payable 3,681,352 3,075,233
Accrued interest on notes 261,035 333,443
Notes payable, net of unamortized OID of $31,250 and $225,605, respectively 5,697,727 6,741,444
Accrued liabilities and other payables 2,776,414 632,808
Operating lease liability 62,178 67,920
Due to related parties 27,357
Payable for purchase of 10% equity interest of Zhonghong 430,750 470,537
Interest payable on entrusted loans 347,249 379,323
Entrusted loan payable 11,055,911 12,077,105
Total current liabilities 24,383,887 23,883,024
NONCURRENT LIABILITIES    
Income tax payable 3,958,625 4,566,625
Operating lease liability 64,628
Total noncurrent liabilities 3,958,625 4,631,253
Total liabilities 28,342,512 28,514,277
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 7,391,996 and 7,044,408 shares issued and outstanding as of December 31, 2022 and 2021, respectively 7,392 7,044
Additional paid in capital 163,663,305 161,531,565
Statutory reserve 15,168,003 15,180,067
Accumulated other comprehensive income (8,318,564) 3,321,189
Accumulated deficit (59,726,943) (55,281,680)
Total Company stockholders’ equity 110,793,193 124,758,185
TOTAL LIABILITIES AND EQUITY $ 139,135,705 $ 153,272,462