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Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash $ 68,102,052 $ 32,370
VAT receivable 169,638 170,694
Advance to supplier 67,024,680 67,440,761
Short term loan receivables 68,773,208
Other receivables 46,882 48,519
Total current assets 135,343,252 136,465,552
NON-CURRENT ASSETS    
Right-of-use asset 152,357
Plant and equipment, net 3,970 3,994
Total non-current assets 156,327 3,994
TOTAL ASSETS 135,499,579 136,469,546
CURRENT LIABILITIES    
Accounts payable 69,649 70,083
Accrued liabilities and other payables 2,707,419 2,664,461
Taxes payable 4,277,024 4,277,091
Accrued interest on notes 103,545 2,290
Notes payable 5,025,767 5,222,743
Operating lease liability 61,520
Payable for purchase of 10% equity interest of Zhonghong 420,946 423,567
Interest payable on entrusted loans 339,346 341,459
Entrusted loan payable 10,804,288 10,871,560
Total current liabilities 23,809,504 23,873,254
NONCURRENT LIABILITIES    
Income tax payable 3,350,625 3,350,625
Operating lease liability 90,838  
Total noncurrent liabilities 3,441,463 3,350,625
Total liabilities 27,250,967 27,223,879
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 8,516,357 and 7,963,444 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 8,516 7,963
Additional paid in capital 165,329,781 164,870,025
Statutory reserve 15,191,645 15,191,645
Accumulated other comprehensive loss (11,094,405) (10,326,595)
Accumulated deficit (61,186,925) (60,497,371)
Total Company stockholders’ equity 108,248,612 109,245,667
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 135,499,579 $ 136,469,546