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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and bank balances $ 4,142,437 $ 5,837,745
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $34,391 and $59,922 as of December 31, 2020 and December 2019, respectively) 2,389,057 3,119,311
Inventories 1,233,801 1,607,463
Prepayments and other current assets 7,051,515 11,613,241
Due from related parties 92,795 1,863,479
Total current assets 14,909,605 24,041,239
Prepayment on property, plant and equipment 21,149,749 1,433,445
Finance lease right-of-use assets, net 2,397,653
Property, plant, and equipment, net 145,142,642 151,616,852
Value-added tax recoverable 2,566,195 2,621,841
Deferred tax asset non-current 13,708,630 10,485,053
Total Assets 199,874,474 190,198,430
Current Liabilities    
Short-term bank loans 6,435,348 6,163,814
Current portion of long-term loans from credit union 4,996,245 1,605,459
Lease liability 182,852
Accounts payable 592,391 250,486
Advance from customers 82,625 98,311
Due to related parties 727,433 539,985
Accrued payroll and employee benefits 224,930 291,924
Other payables and accrued liabilities 4,838,601 6,503,010
Income taxes payable 259,649 1,382,471
Total current liabilities 18,340,074 16,835,460
Loans from credit union 4,597,772 7,367,908
Deferred gain on sale-leaseback 387,087
Lease liability - non-current 354,107
Derivative liability 1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,950,224 and $19,558,568 as of December 31, 2020 and 2019, respectively) 24,794,300 24,203,368
Commitments and Contingencies
Stockholders' Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 28,535,816 and 22,054,816 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 28,536 22,055
Additional paid-in capital 53,989,548 51,155,174
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive income (loss) 5,740,722 (6,057,537)
Retained earnings 109,240,794 114,794,796
Total stockholders' equity 175,080,174 165,995,062
Total Liabilities and Stockholders' Equity $ 199,874,474 $ 190,198,430