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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and bank balances $ 3,918,938 $ 9,524,868
Restricted cash 472,983
Accounts receivable (net of allowance for doubtful accounts of $11,745 and $881,878 as of December 31, 2023 and December 31, 2022, respectively) 575,526
Inventories 3,555,235 2,872,622
Prepayments and other current assets 18,981,290 27,207,127
Total current assets 28,357,901 47,166,475
Prepayment on property, plant and equipment 1,031,502
Operating lease right-of-use assets, net 528,648 672,722
Finance lease right-of-use assets, net 1,939,970
Property, plant, and equipment, net 163,974,022 151,569,898
Value-added tax recoverable 1,883,078 2,066,666
Deferred tax asset non-current
Total Assets 194,743,649 204,447,233
Current Liabilities    
Short-term bank loans 423,567 5,598,311
Current portion of long-term loans 6,874,497 4,835,884
Lease liability 100,484 224,497
Accounts payable 4,991 5,025
Advance from customers 136,167
Accrued payroll and employee benefits 237,842 165,986
Other payables and accrued liabilities 12,912,517 5,665,558
Income taxes payable 417,906
Total current liabilities 21,418,934 17,640,629
Long-term loans 4,503,932 4,204,118
Deferred gain on sale-leaseback 52,314
Lease liability - non-current 483,866 579,997
Derivative liability 54 646,283
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $20,084,995 and $16,784,878 as of December 31, 2023 and 2022, respectively) 26,406,786 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 December 31, 2023 and 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 (10,555,534) (7,514,540)
Retained earnings 83,628,986 93,575,021
Total stockholders’ equity 168,336,863 181,323,892
Total Liabilities and Stockholders’ Equity 194,743,649 204,447,233
Related Party    
Current Assets    
Due from related parties 853,929 7,561,858
Current Liabilities    
Due to related parties $ 728,869 $ 727,462