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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and bank balances $ 4,514,020 $ 3,918,938
Restricted cash 903,540 472,983
Accounts receivable (net of allowance for doubtful accounts of $48,697 and $11,745 as of March 31, 2024 and December 31, 2023, respectively) 2,386,177 575,526
Inventories 3,492,364 3,555,235
Prepayments and other current assets 17,677,417 18,981,290
Total current assets 30,014,832 28,357,901
Prepayment on property, plant and equipment
Operating lease right-of-use assets, net 503,221 528,648
Property, plant, and equipment, net 160,205,120 163,974,022
Value-added tax recoverable 1,872,931 1,883,078
Deferred tax asset non-current
Total Assets 192,596,104 194,743,649
Current Liabilities    
Short-term bank loans 845,666 423,567
Current portion of long-term loans 8,116,984 6,874,497
Lease liability 102,154 100,484
Accounts payable 241,779 4,991
Advance from customers 110,787 136,167
Notes payable 246,501
Accrued payroll and employee benefits 310,687 237,842
Other payables and accrued liabilities 13,869,095 12,912,517
Total current liabilities 24,573,748 21,418,934
Long-term loans 3,241,720 4,503,932
Lease liability - non-current 491,908 483,866
Derivative liability 20 54
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $21,648,803 and $20,084,995 as of March 31, 2024 and December 31, 2023, respectively) 28,307,396 26,406,786
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, 2024 and December, 31, 2023. 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 (10,857,153) (10,555,534)
Retained earnings 79,882,450 83,628,986
Total stockholders’ equity 164,288,708 168,336,863
Total Liabilities and Stockholders’ Equity 192,596,104 194,743,649
Related Party    
Current Assets    
Due from related parties 1,041,314 853,929
Current Liabilities    
Due to related parties $ 730,095 $ 728,869