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Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash $ 131,114,964 $ 25,341
VAT receivable 168,767 165,629
Advance to supplier 65,214,994
Short term loan receivables 55,660,132
Other receivables 56,519 49,747
Total current assets 131,340,250 121,115,843
NON-CURRENT ASSETS    
Operating lease right-of-use assets, net 88,692 115,068
Fixed assets, net 778,981 3,875
Total non-current assets 867,673 118,943
TOTAL ASSETS 132,207,923 121,234,786
CURRENT LIABILITIES    
Accounts payable 119,330 68,003
Contract liabilities 62,818
Taxes payable 4,275,621 4,276,597
Accrued interest on notes 37,776 69,103
Notes payable, net of unamortized OID of $0 and $31,250, respectively 4,419,334 4,705,696
Accrued liabilities and other payables 2,999,144 3,166,486
Operating lease liability 59,638 58,529
Payable for purchase of 10% equity interest of Zhonghong 418,784 410,998
Interest payable on entrusted loans 347,591 341,129
Total current liabilities 12,740,036 13,096,541
NONCURRENT LIABILITIES    
Income tax payable 3,350,625 3,350,625
Operating Lease liability 29,054 56,539
Total noncurrent liabilities 3,379,679 3,407,164
Total liabilities 16,119,715 16,503,705
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 24,491,069 and 7,391,996 shares issued and outstanding 25,305 9,161
Additional paid in capital 177,209,736 165,959,857
Statutory reserve 15,191,645 15,191,645
Accumulated other comprehensive loss (12,152,819) (14,373,199)
Accumulated deficit (64,185,659) (62,056,383)
Total stockholders’ equity 116,088,208 104,731,081
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 132,207,923 $ 121,234,786