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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and bank balances $ 14,344,077 $ 11,201,612
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $51,319 and $69,053 as of June 30, 2022 and December 31, 2021, respectively) 3,820,123 4,868,934
Inventories 6,629,657 5,844,895
Prepayments and other current assets 22,807,300 25,796,640
Due from related parties 844,431 7,804,068
Total current assets 48,445,588 55,516,149
Prepayment on property, plant and equipment 43,446,210
Finance lease right-of-use assets, net 2,092,625 2,286,459
Property, plant, and equipment, net 161,195,384 126,587,428
Value-added tax recoverable 2,226,703 2,430,277
Deferred tax asset non-current 11,501,093 11,268,679
Total Assets 225,461,393 241,535,202
Current Liabilities    
Short-term bank loans 5,958,518 5,958,561
Current portion of long-term loans from credit union 4,410,406 6,838,465
Lease liability 224,219 210,161
Accounts payable 17,098 10,255
Advance from customers 37,709 39,694
Due to related parties 727,433 727,433
Accrued payroll and employee benefits 228,624 291,206
Other payables and accrued liabilities 5,507,880 5,250,539
Income taxes payable 219,307 1,108,038
Total current liabilities 17,331,194 20,434,352
Loans from credit union 4,917,007 2,980,065
Deferred gain on sale-leaseback 100,820 155,110
Lease liability - non-current 20,299 152,233
Derivative liability 716,901 2,063,534
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,668,603 and $17,924,475 as of June 30, 2022 and December 31, 2021, respectively) 23,086,221 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 June 30, 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 (loss) income (102,441) 10,496,168
Retained earnings 107,370,202 110,146,329
Total stockholders’ equity 202,375,172 215,749,908
Total Liabilities and Stockholders’ Equity $ 225,461,393 $ 241,535,202