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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and bank balances $ 12,828,030 $ 5,837,745
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $57,531 and $59,922 as of June 30, 2020 and December 31, 2019, respectively) 3,164,142 3,119,311
Inventories 5,852,472 1,607,463
Prepayments and other current assets 5,874,642 11,613,241
Due from related parties 85,526 1,863,479
Total current assets 27,804,812 24,041,239
Prepayment on property, plant and equipment 1,412,529 1,433,445
Property, plant, and equipment, net 142,422,375 151,616,852
Value-added tax recoverable 2,444,304 2,621,841
Deferred tax asset non-current 11,348,246 10,485,053
Total Assets 185,432,266 190,198,430
Current Liabilities    
Short-term bank loans 6,073,875 6,163,814
Current portion of long-term loans from credit union 3,658,450 1,605,459
Accounts payable 848,390 250,486
Advance from customers 184,132 98,311
Notes payable
Due to related parties 657,433 539,985
Accrued payroll and employee benefits 251,868 291,924
Other payables and accrued liabilities 4,518,691 6,503,010
Income taxes payable 399,051 1,382,471
Total current liabilities 16,591,890 16,835,460
Loans from credit union 5,183,982 7,367,908
Derivative liability 717,070  
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,746,095 and $19,460,257 as of June 30, 2020 and December 31, 2019, respectively) 22,492,942 24,203,368
Commitments and Contingencies
Stockholders' Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 28,514,816 and 22,054,816 shares issued 28,515 22,055
Additional paid-in capital 53,974,869 51,155,174
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (8,523,112) (6,057,537)
Retained earnings 111,378,478 114,794,796
Total stockholders' equity 162,939,324 165,995,062
Total Liabilities and Stockholders' Equity $ 185,432,266 $ 190,198,430