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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets    
Cash and bank balances $ 15,358,443 $ 11,201,612
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $73,563 and $69,053 as of March 31, 2022 and December 31, 2021, respectively) 4,984,738 4,868,934
Inventories 4,354,676 5,844,895
Prepayments and other current assets 23,025,189 25,796,640
Due from related parties 892,743 7,804,068
Total current assets 48,615,789 55,516,149
Prepayment on property, plant and equipment   43,446,210
Finance lease right-of-use assets, net 2,254,357 2,286,459
Property, plant, and equipment, net 174,077,916 126,587,428
Value-added tax recoverable 2,396,938 2,430,277
Deferred tax asset non-current 11,666,488 11,268,679
Total Assets 239,011,488 241,535,202
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Short-term bank loans 5,984,374 5,958,561
Current portion of long-term loans from credit union 6,868,089 6,838,465
Lease liability 228,051 210,161
Accounts payable 72,616 10,255
Advance from customers 39,866 39,694
Due to related parties 727,433 727,433
Accrued payroll and employee benefits 278,287 291,206
Other payables and accrued liabilities 5,739,631 5,250,539
Income taxes payable   1,108,038
Total current liabilities 19,938,347 20,434,352
Loans from credit union 2,992,974 2,980,065
Deferred gain on sale-leaseback 131,185 155,110
Lease liability - non-current 84,204 152,233
Derivative liability 1,676,946 2,063,534
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,240,190 and $17,924,475 as of March 31, 2022 and December 31, 2021, respectively) 24,823,656 25,785,294
Commitments and Contingencies
Stockholders’ Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 99,049,900 shares issued and outstanding as of March 31, 2022 and December, 31,2021. 99,050 99,050
Additional paid-in capital 88,927,787 88,927,787
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive income 11,422,306 10,496,168
Retained earnings 107,658,115 110,146,329
Total stockholders’ equity 214,187,832 215,749,908
Total Liabilities and Stockholders’ Equity $ 239,011,488 $ 241,535,202