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Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash $ 68,577,267 $ 32,370
VAT receivable 170,398 170,694
Advance to supplier 67,326,017 67,440,761
Short term loan receivables 68,773,208
Other receivables 53,569 48,519
Total current assets 136,127,251 136,465,552
NON-CURRENT ASSETS    
Operating lease right-of-use assets, net 168,156
Plant and equipment, net 3,987 3,994
Total non-current assets 172,143 3,994
TOTAL ASSETS 136,299,394 136,469,546
CURRENT LIABILITIES    
Accounts payable 69,961 70,083
Taxes payable 4,291,295 4,277,091
Accrued interest on notes 3,305 2,290
Notes payable 5,025,767 5,222,743
Accrued liabilities and other payables 2,620,828 2,664,461
Operating lease liability 30,898  
Payable for purchase of 10% equity interest of Zhonghong 422,833 423,567
Interest payable on entrusted loans 340,868 341,459
Entrusted loan payable 10,852,713 10,871,560
Total current liabilities 23,658,468 23,873,254
NONCURRENT LIABILITIES    
Income tax payable 3,350,625 3,350,625
Operating lease liability 121,809  
Total noncurrent liabilities 3,472,434 3,350,625
Total liabilities 27,130,902 27,223,879
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 8,128,525 and 7,963,444 shares issued and outstanding 8,128 7,963
Additional paid in capital 165,191,103 164,870,025
Statutory reserve 15,191,676 15,191,645
Accumulated other comprehensive loss (10,445,216) (10,326,595)
Accumulated deficit (60,777,199) (60,497,371)
Total Company stockholders’ equity 109,168,492 109,245,667
TOTAL LIABILITIES AND EQUITY $ 136,299,394 $ 136,469,546