XML 78 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and bank balances $ 11,712,152 $ 5,837,745
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $36,645 and $59,922 as of March 31, 2020 and December 2019, respectively) 1,795,671 3,119,311
Inventories 1,951,376 1,607,463
Prepayments and other current assets 6,054,096 11,613,241
Due from related parties 120,744 1,863,479
Total current assets 21,634,039 24,041,239
Prepayment on property, plant and equipment 1,411,413 1,433,445
Property, plant, and equipment, net 145,805,724 151,616,852
Value-added tax recoverable 2,547,211 2,621,841
Deferred tax asset non-current 10,857,911 10,485,053
Total Assets 182,256,298 190,198,430
Current Liabilities    
Short-term bank loans 6,069,075 6,163,814
Current portion of long-term loans from credit union 1,580,782 1,605,459
Accounts payable 205,769 250,486
Advance from customers 151,016 98,311
Notes payable
Due to related parties 617,433 539,985
Accrued payroll and employee benefits 225,993 291,924
Other payables and accrued liabilities 5,182,548 6,503,010
Income taxes payable 1,382,471
Total current liabilities 14,032,616 16,835,460
Loans from credit union 7,254,661 7,367,908
Loans from a related party
Other long-term payable
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,342,512 and $19,460,257 as of March 31, 2020 and December 31, 2019, respectively) 21,287,277 24,203,368
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 22,685
Additional paid-in capital 51,154,544 51,154,544
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (8,647,291) (6,057,537)
Retained earnings 112,358,509 114,794,796
Total stockholders’ equity 160,969,021 165,995,062
Total Liabilities and Stockholders’ Equity $ 182,256,298 $ 190,198,430