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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and bank balances $ 8,209,905 $ 5,837,745
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $64,435 and $59,922 as of September 30, 2020 and December 2019, respectively) 3,472,374 3,119,311
Inventories 8,582,912 1,607,463
Prepayments and other current assets 9,930,262 11,613,241
Due from related parties 215,192 1,863,479
Total current assets 30,410,645 24,041,239
Prepayment on property, plant and equipment 2,936,814 1,433,445
Finance lease right-of-use assets, net 2,336,399
Property, plant, and equipment, net 142,783,813 151,616,852
Value-added tax recoverable 2,497,129 2,621,841
Deferred tax asset non-current 12,365,164 10,485,053
Total Assets 193,329,964 190,198,430
Current Liabilities    
Short-term bank loans 6,314,151 6,163,814
Current portion of long-term loans from credit union 3,803,175 1,605,459
Lease liability 168,546
Accounts payable 308,611 250,486
Advance from customers 179,491 98,311
Due to related parties 657,433 539,985
Accrued payroll and employee benefits 254,887 291,924
Other payables and accrued liabilities 4,573,972 6,503,010
Income taxes payable 599,782 1,382,471
Total current liabilities 16,860,048 16,835,460
Loans from credit union 5,389,054 7,367,908
Deferred gain on sale-leaseback 406,767
Lease liability - non-current 385,650
Derivative liability 1,199,585
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,636,464 and $19,558,568 as of September 30, 2020 and December 31, 2019, respectively) 24,241,104 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 and outstanding as of September 30, 2020 and December, 31,2019, respectively 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 (1,852,602) (6,057,537)
Retained earnings 110,857,504 114,794,796
Total stockholders’ equity 169,088,860 165,995,062
Total Liabilities and Stockholders’ Equity $ 193,329,964 $ 190,198,430