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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current Assets    
Cash and bank balances $ 30,273,543 $ 4,142,437
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $87,876 and $34,391 as of June 30, 2021 and December 31, 2020, respectively) 5,593,270 2,389,057
Inventories 11,671,350 1,233,801
Prepayments and other current assets 15,247,108 7,051,515
Due from related parties 955,526 92,795
Total current assets 63,740,797 14,909,605
Prepayment on property, plant and equipment 21,361,898 21,149,749
Finance lease right-of-use assets, net 2,339,145 2,397,653
Property, plant, and equipment, net 138,564,893 145,142,642
Value-added tax recoverable 2,537,704 2,566,195
Deferred tax asset non-current 10,076,731 13,708,630
Total Assets 238,621,168 199,874,474
Current Liabilities    
Short-term bank loans 6,422,501 6,435,348
Current portion of long-term loans from credit union 3,142,366 4,996,245
Lease liability 199,544 182,852
Accounts payable 742,720 592,391
Advance from customers 83,454 82,625
Due to related parties 727,433 727,433
Accrued payroll and employee benefits 314,223 224,930
Other payables and accrued liabilities 4,867,038 4,838,601
Income taxes payable 688,441 259,649
Total current liabilities 17,187,720 18,340,074
Loans from credit union 6,547,886 4,597,772
Deferred gain on sale-leaseback 315,298 387,087
Lease liability - non-current 254,029 354,107
Derivative liability 7,072,020 1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $18,427,033 and $17,950,224 as of June 30, 2021 and December 31, 2020, respectively) 31,376,953 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 June 30, 2021 and December, 31,2020, respectively 99,050 28,536
Additional paid-in capital 88,927,787 53,989,548
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive income 7,688,114 5,740,722
Retained earnings 104,448,690 109,240,794
Total stockholders’ equity 207,244,215 175,080,174
Total Liabilities and Stockholders’ Equity $ 238,621,168 $ 199,874,474