XML 9 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and bank balances $ 1,134,371 $ 8,474,809
Restricted cash 3,642,616
Accounts receivable (net of allowance for doubtful accounts of $64,739 and $58,707 as of June 30, 2019 and December 2018, respectively) 3,172,277 2,876,632
Inventories 5,795,685 2,923,516
Prepayments and other current assets 6,245,313 6,241,299
Total current assets 16,347,646 24,158,872
Property, plant, and equipment, net 160,394,499 167,829,716
Value-added tax recoverable 2,731,423 2,810,331
Deferred tax asset non-current 9,503,459 8,277,091
Other non-current assets 46,578,883
Total Assets 235,555,910 203,076,010
Current Liabilities    
Short-term bank loans 6,545,740 11,802,075
Current portion of long-term loans from credit union 320,014 2,491,549
Accounts payable 1,122,764 629,054
Advance from customers 100,635
Notes payable 3,642,616
Due to related parties 573,744 413,336
Accrued payroll and employee benefits 251,826 213,536
Other payables and accrued liabilities 52,874,954 10,222,796
Income taxes payable 667,085 219,305
Total current liabilities 62,456,762 29,634,267
Loans from credit union 6,894,846 4,706,259
Loans from a related party 2,181,913 2,185,569
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $68,802,820 and $34,008,908 as of June 30, 2019 and December 31, 2018, respectively) 71,533,521 36,526,095
Commitments and Contingencies  
Stockholders' Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 22,022,316 shares issued 22,360 22,360
Additional paid-in capital 51,137,319 51,137,319
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (3,518,955) (3,263,952)
Retained earnings 110,301,091 112,573,614
Total stockholders' equity 164,022,389 166,549,915
Total Liabilities and Stockholders' Equity $ 235,555,910 $ 203,076,010