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Consolidated Balance Sheets
¥ in Millions
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
CURRENT ASSETS    
Cash $ 69,117,942 $ 32,370
VAT receivable 172,528 170,694
Advance to supplier 68,166,554 67,440,761
Short term loan receivables 68,773,208
Other receivables 53,938 48,519
Total current assets 137,510,962 136,465,552
NON-CURRENT ASSETS    
Operating lease right-of-use assets, net 139,604
Plant and equipment, net 4,037 3,994
Total non-current assets 143,641 3,994
TOTAL ASSETS 137,654,603 136,469,546
CURRENT LIABILITIES    
Accounts payable 70,836 70,083
Accrued liabilities and other payables 2,853,424 2,664,461
Taxes payable 4,277,431 4,277,091
Accrued interest on notes 74,174 2,290
Notes payable 4,904,647 5,222,743
Operating lease liability 61,394
Payable for purchase of 10% equity interest of Zhonghong 428,119 423,567
Interest payable on entrusted loans 345,128 341,459
Entrusted loan payable 10,988,384 10,871,560
Total current liabilities 24,003,537 23,873,254
NONCURRENT LIABILITIES    
Income tax payable 3,350,625 3,350,625
Operating lease liability 62,568
Total non-current liabilities 3,413,193 3,350,625
Total liabilities 27,416,730 27,223,879
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 8,765,857 and 7,963,444 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 8,766 7,963
Additional paid in capital 165,581,526 164,870,025
Statutory reserve 15,191,645 15,191,645
Accumulated other comprehensive loss (9,094,408) (10,326,595)
Accumulated deficit (61,449,656) (60,497,371)
Total Company stockholders’ equity 110,237,873 109,245,667
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 137,654,603 $ 136,469,546