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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and bank balances $ 16,017,403 $ 11,201,612
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $61,270 and $69,053 as of September 30, 2022 and December 31, 2021, respectively) 4,236,299 4,868,934
Inventories 4,441,390 5,844,895
Prepayments and other current assets 22,795,907 25,796,640
Due from related parties 938,803 7,804,068
Total current assets 48,429,802 55,516,149
Prepayment on property, plant and equipment 1,266,120 43,446,210
Operating lease right-of-use assets, net 659,912  
Finance lease right-of-use assets, net 1,940,586 2,286,459
Property, plant, and equipment, net 149,535,243 126,587,428
Value-added tax recoverable 2,066,239 2,430,277
Deferred tax asset non-current 11,239,637 11,268,679
Total Assets 215,137,539 241,535,202
Current Liabilities    
Short-term bank loans 5,632,553 5,958,561
Current portion of long-term loans from credit union 4,175,620 6,838,465
Lease liability 272,147 210,161
Accounts payable 144,213 10,255
Advance from customers 35,646 39,694
Due to related parties 727,856 727,433
Accrued payroll and employee benefits 221,530 291,206
Other payables and accrued liabilities 5,635,813 5,250,539
Income taxes payable 746,694 1,108,038
Total current liabilities 17,592,072 20,434,352
Loans from credit union 4,692,235 2,980,065
Deferred gain on sale-leaseback 73,311 155,110
Lease liability - non-current 568,952 152,233
Derivative liability 1,334,271 2,063,534
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,417,813 and $17,924,475 as of September 30, 2022 and December 31, 2021, respectively) 24,260,841 25,785,294
Commitments and Contingencies
Stockholders’ Equity    
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 11,415,920 and 9,915,920 shares issued and outstanding as of September 30, 2022 and December, 31, 2021, respectively. 11,416 9,916
Additional paid-in capital 90,575,421 89,016,921
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive (loss) income (11,273,597) 10,496,168
Retained earnings 105,482,884 110,146,329
Total stockholders’ equity 190,876,698 215,749,908
Total Liabilities and Stockholders’ Equity $ 215,137,539 $ 241,535,202