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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and bank balances $ 5,837,745 $ 8,474,809
Restricted cash 3,642,616
Accounts receivable (net of allowance for doubtful accounts of $59,922 and $58,707 as of December 31, 2019 and December 2018, respectively) 3,119,311 2,876,632
Inventories 1,607,463 2,923,516
Prepayments and other current assets 11,613,241 6,241,299
Due from related parties 1,863,479  
Total current assets 24,041,239 24,158,872
Prepayment on property, plant and equipment 1,433,445  
Property, plant, and equipment, net 151,616,852 167,829,716
Value-added tax recoverable 2,621,841 2,810,331
Deferred tax asset non-current 10,485,053 8,277,091
Total Assets 190,198,430 203,076,010
LIABILITIES AND STOCKHOLDERS' EQUITY    
Short-term bank loans 6,163,814 11,802,075
Current portion of long-term loans from credit union 1,605,459 2,491,549
Accounts payable 250,486 629,054
Advance from customers 98,311  
Notes payable   3,642,616
Due to related parties 539,985 413,336
Accrued payroll and employee benefits 291,924 213,536
Other payables and accrued liabilities 6,503,010 10,222,796
Income taxes payable 1,382,471 219,305
Total current liabilities 16,835,460 29,634,267
Loans from credit union 7,367,908 4,706,259
Loans from a related party   2,185,569
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $19,460,257 and $34,008,908 as of December 31, 2019 and 2018, respectively) 24,203,368 36,526,095
Commitments and Contingencies
Stockholders' Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 22,054,816 shares issued 22,685 22,360
Additional paid-in capital 51,154,544 51,137,319
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (6,057,537) (3,263,952)
Retained earnings 114,794,796 112,573,614
Total stockholders' equity 165,995,062 166,549,915
Total Liabilities and Stockholders' Equity $ 190,198,430 $ 203,076,010