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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and bank balances $ 37,440,991 $ 4,142,437
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $85,637 and $34,391 as of March 31, 2021 and December 2020, respectively) 5,211,806 2,389,057
Inventories 7,431,502 1,233,801
Prepayments and other current assets 10,655,539 7,051,515
Due from related parties 400,650 92,795
Total current assets 61,140,488 14,909,605
Prepayment on property, plant and equipment 21,000,411 21,149,749
Finance lease right-of-use assets, net 2,340,142 2,397,653
Property, plant, and equipment, net 140,109,827 145,142,642
Value-added tax recoverable 2,502,526 2,566,195
Deferred tax asset non-current 14,194,939 13,708,630
Total Assets 241,288,333 199,874,474
Current Liabilities    
Short-term bank loans 6,389,908 6,435,348
Current portion of long-term loans from credit union 4,960,967 4,996,245
Lease liability 188,723 182,852
Accounts payable 2,355,798 592,391
Advance from customers 82,042 82,625
Due to related parties 727,433 727,433
Accrued payroll and employee benefits 308,838 224,930
Other payables and accrued liabilities 4,715,970 4,838,601
Income taxes payable 482,209 259,649
Total current liabilities 20,211,888 18,340,074
Loans from credit union 4,565,307 4,597,772
Deferred gain on sale-leaseback 347,158 387,087
Lease liability - non-current 301,654 354,107
Derivative liability 11,581,027 1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $19,683,842 and $17,950,224 as of March 31, 2021 and December 31, 2020, respectively) 37,007,034 24,794,300
Commitments and Contingencies
Stockholders’ Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 99,049,900 and 28,535,816 shares issued and outstanding as of March 31, 2021 and December, 31,2020, respectively 99,050 28,536
Additional paid-in capital 88,927,786 53,989,548
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive income 4,271,952 5,740,722
Retained earnings 104,901,937 109,240,794
Total stockholders’ equity 204,281,299 175,080,174
Total Liabilities and Stockholders’ Equity $ 241,288,333 $ 199,874,474