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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and bank balances $ 11,201,612 $ 4,142,437
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $69,053 and $34,391 as of December 31, 2021 and December 31, 2020, respectively) 4,868,934 2,389,057
Inventories 5,844,895 1,233,801
Prepayments and other current assets 25,796,640 7,051,515
Due from related parties 7,804,068 92,795
Total current assets 55,516,149 14,909,605
Prepayment on property, plant and equipment 43,446,210 21,149,749
Finance lease right-of-use assets, net 2,286,459 2,397,653
Property, plant, and equipment, net 126,587,428 145,142,642
Value-added tax recoverable 2,430,277 2,566,195
Deferred tax asset non-current 11,268,679 13,708,630
Total Assets 241,535,202 199,874,474
Current Liabilities    
Short-term bank loans 5,958,561 6,435,348
Current portion of long-term loans from credit union 6,838,465 4,996,245
Lease liability 210,161 182,852
Accounts payable 10,255 592,391
Advance from customers 39,694 82,625
Due to related parties 727,433 727,433
Accrued payroll and employee benefits 291,206 224,930
Other payables and accrued liabilities 5,250,539 4,838,601
Income taxes payable 1,108,038 259,649
Total current liabilities 20,434,352 18,340,074
Loans from credit union 2,980,065 4,597,772
Deferred gain on sale-leaseback 155,110 387,087
Lease liability - non-current 152,233 354,107
Derivative liability 2,063,534 1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,924,475 and $17,950,224 as of December 31, 2021 and 2020, respectively) 25,785,294 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 December 31, 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 10,496,168 5,740,722
Retained earnings 110,146,329 109,240,794
Total stockholders' equity 215,749,908 175,080,174
Total Liabilities and Stockholders' Equity $ 241,535,202 $ 199,874,474