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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash $ 456,155 $ 138,813,673
VAT receivable 167,314 173,589
Advance to supplier 66,111,614 31,923
Operating lease right-of-use assets, net 30,334 62,177
Short term loan receivables 67,120,596
Other receivables 53,872 49,690
Total current assets 133,939,885 139,131,052
NON-CURRENT ASSET    
Fixed assets, net 4,484 4,653
Total non-current assets 4,484 4,653
TOTAL ASSETS 133,944,369 139,135,705
CURRENT LIABILITIES    
Accounts payable 68,695 71,271
Taxes payable 3,724,312 3,681,352
Accrued interest on notes 59,188 261,035
Notes payable, net of unamortized OID of $0 and $31,250, respectively 5,400,906 5,697,727
Accrued liabilities and other payables 2,587,975 2,776,414
Operating lease liability 30,334 62,178
Payable for purchase of 10% equity interest of Zhonghong 415,179 430,750
Interest payable on entrusted loans 334,697 347,249
Entrusted loan payable 10,656,260 11,055,911
Total current liabilities 23,277,546 24,383,887
NONCURRENT LIABILITY    
Income tax payable 3,958,625 3,958,625
Total noncurrent liability 3,958,625 3,958,625
Total liabilities 27,236,171 28,342,512
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 7,788,006 and 7,391,996 shares issued and outstanding 7,788 7,392
Additional paid in capital 164,407,308 163,663,305
Statutory reserve 15,185,889 15,168,003
Accumulated other comprehensive loss (12,810,612) (8,318,564)
Accumulated deficit (60,082,175) (59,726,943)
Total Company stockholders’ equity 106,708,198 110,793,193
TOTAL LIABILITIES AND EQUITY $ 133,944,369 $ 139,135,705