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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and bank balances $ 5,144,414 $ 3,918,938
Restricted cash 899,508 472,983
Accounts receivable (net of allowance for doubtful accounts of $61,000 and $11,745 as of June 30, 2024 and December 31, 2023, respectively) 2,638,219 575,526
Inventories 5,282,420 3,555,235
Prepayments and other current assets 18,246,164 18,981,290
Total current assets 33,430,278 28,357,901
Operating lease right-of-use assets, net 476,771 528,648
Property, plant, and equipment, net 155,624,752 163,974,022
Value-added tax recoverable 1,830,425 1,883,078
Deferred tax asset non-current
Total Assets 191,362,226 194,743,649
Current Liabilities    
Short-term bank loans 841,893 423,567
Current portion of long-term loans 6,817,927 6,874,497
Lease liability 103,568 100,484
Accounts payable 4,991
Advance from customers 73,386 136,167
Notes payable 429,451
Accrued payroll and employee benefits 369,565 237,842
Other payables and accrued liabilities 13,135,687 12,912,517
Income taxes payable 415,635
Total current liabilities 22,918,598 21,418,934
Long-term loans 4,490,094 4,503,932
Lease liability - non-current 498,718 483,866
Derivative liability 5 54
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $21,006,676 and $20,084,995 as of June 30, 2024 and December 31, 2023, respectively) 27,907,415 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 June 30, 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 (11,613,303) (10,555,534)
Retained earnings 79,804,703 83,628,986
Total stockholders’ equity 163,454,811 168,336,863
Total Liabilities and Stockholders’ Equity 191,362,226 194,743,649
Related Party    
Current Assets    
Due from related parties 1,219,553 853,929
Current Liabilities    
Due to related parties $ 731,486 $ 728,869