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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and bank balances $ 16,750,940 $ 9,524,868
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $647,787 and $881,878 as of March 31, 2023 and December 31, 2022, respectively) 2,231,924  
Inventories 5,969,604 2,872,622
Prepayments and other current assets 18,734,461 27,207,127
Due from related parties 7,795,442 7,561,858
Total current assets 51,482,371 47,166,475
Prepayment on property, plant and equipment 881,878 1,031,502
Operating lease right-of-use assets, net 681,817 672,722
Finance lease right-of-use assets, net 1,927,390 1,939,970
Property, plant, and equipment, net 149,822,883 151,569,898
Value-added tax recoverable 2,053,290 2,066,666
Deferred tax asset non-current
Total Assets 206,849,629 204,447,233
Current Liabilities    
Short-term bank loans 5,673,996 5,598,311
Current portion of long-term loans 5,265,073 4,835,884
Lease liability 171,768 224,497
Accounts payable 5,025
Due to related parties 730,387 727,462
Accrued payroll and employee benefits 295,024 165,986
Other payables and accrued liabilities 5,993,904 5,665,558
Income taxes payable   417,906
Total current liabilities 18,130,152 17,640,629
Long-term loans 6,513,672 4,204,118
Deferred gain on sale-leaseback 30,298 52,314
Lease liability - non-current 587,838 579,997
Derivative liability 494,186 646,283
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $19,412,310 and $16,784,878 as of March 31, 2023 and December 31, 2022, respectively) 25,756,146 23,123,341
Commitments and Contingencies
Stockholders’ Equity    
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of March 31, 2023 and December, 31, 2022. 10,066 10,066
Additional paid-in capital 89,172,771 89,172,771
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (5,011,784) (7,514,540)
Retained earnings 90,841,856 93,575,021
Total stockholders’ equity 181,093,483 181,323,892
Total Liabilities and Stockholders’ Equity $ 206,849,629 $ 204,447,233