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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current Assets    
Cash and bank balances $ 26,575,582 $ 4,142,437
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $54,668 and $34,391 as of September 30, 2021 and December 31 2020, respectively) 4,121,781 2,389,057
Inventories 7,621,405 1,233,801
Prepayments and other current assets 22,997,609 7,051,515
Due from related parties 935,534 92,795
Total current assets 62,251,911 14,909,605
Prepayment on property, plant and equipment 32,072,039 21,149,749
Finance lease right-of-use assets, net 2,288,902 2,397,653
Property, plant, and equipment, net 127,063,147 145,142,642
Value-added tax recoverable 2,437,669 2,566,195
Deferred tax asset non-current 10,564,650 13,708,630
Total Assets 236,678,318 199,874,474
Current Liabilities    
Short-term bank loans 6,320,350 6,435,348
Current portion of long-term loans from credit union 5,134,610 4,996,245
Lease liability 206,606 182,852
Accounts payable 354,247 592,391
Advance from customers 40,075 82,625
Due to related parties 749,717 727,433
Accrued payroll and employee benefits 318,276 224,930
Other payables and accrued liabilities 5,121,243 4,838,601
Income taxes payable 439,686 259,649
Total current liabilities 18,684,810 18,340,074
Loans from credit union 4,517,840 4,597,772
Deferred gain on sale-leaseback 176,563 387,087
Lease liability - non-current 198,352 354,107
Derivative liability 5,133,147 1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,764,728 and $17,950,224 as of September 30, 2021 and December 31, 2020, respectively) 28,710,712 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 September 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 6,868,929 5,740,722
Retained earnings 105,991,266 109,240,794
Total stockholders’ equity 207,967,606 175,080,174
Total Liabilities and Stockholders’ Equity $ 236,678,318 $ 199,874,474