XML 28 R3.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and bank balances $ 5,916,373 $ 3,918,938
Restricted cash 1,034,203 472,983
Accounts receivable (net of allowance for doubtful accounts of $53,111 and $11,745 as of December 31, 2024 and December 31, 2023, respectively) 287,576 575,526
Inventories 2,351,876 3,555,235
Prepayments and other current assets 17,951,267 18,981,290
Total current assets 28,461,303 28,357,901
Operating lease right-of-use assets, net 421,868 528,648
Property, plant, and equipment, net 146,911,883 163,974,022
Value-added tax recoverable 1,751,732 1,883,078
Deferred tax asset non-current
Total Assets 177,546,786 194,743,649
Current Liabilities    
Short-term bank loans 4,451,616 423,567
Current portion of long-term loans 3,559,902 6,874,497
Lease liability 245,604 100,484
Accounts payable 1 4,991
Advance from customers 11,773 136,167
Accrued payroll and employee benefits 207,508 237,842
Other payables and accrued liabilities 11,545,990 12,912,517
Income taxes payable 80,905
Total current liabilities 20,146,767 21,418,934
Long-term loans 1,112,904 4,503,932
Lease liability - non-current 231,147 483,866
Derivative liability 5,651 54
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,976,765 and $20,084,995 as of December 31, 2024 and 2023, respectively) 21,496,469 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 December 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 (12,998,986) (10,555,534)
Retained earnings 73,785,892 83,628,986
Total stockholders’ equity 156,050,317 168,336,863
Total Liabilities and Stockholders’ Equity 177,546,786 194,743,649
Related Party    
Current Assets    
Due from related parties 920,008 853,929
Current Liabilities    
Due to related parties $ 43,468 $ 728,869