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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and bank balances $ 6,470,481 $ 5,916,373
Restricted cash 1,038,874 1,034,203
Accounts receivable (net of allowance for doubtful accounts of $85,010 and $53,111 as of June 30, 2025 and December 31, 2024, respectively) 1,841,007 287,576
Inventories 5,094,810 2,351,876
Prepayments and other current assets 17,282,492 17,951,267
Total current assets 32,644,518 28,461,303
Prepayment on property, plant and equipment 8,382
Operating lease right-of-use assets, net 371,545 421,868
Property, plant, and equipment, net 140,435,446 146,911,883
Value-added tax recoverable 1,702,671 1,751,732
Total Assets 175,162,562 177,546,786
Current Liabilities    
Short-term bank loans 5,056,855 4,451,616
Current portion of long-term loans 3,574,721 3,559,902
Lease liability 110,903 245,604
Accounts payable 1
Advance from customers 11,822 11,773
Accrued payroll and employee benefits 353,558 207,508
Other payables and accrued liabilities 12,053,116 11,545,990
Income taxes payable 80,905
Total current liabilities 21,341,552 20,146,767
Long-term loans 1,117,537 1,112,904
Lease liability - non-current 385,599 231,147
Derivative liability 303 5,651
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $18,094,307 and $16,976,765 as of June 30, 2025 and December 31, 2024, respectively) 22,844,991 21,496,469
Commitments and Contingencies
Stockholders’ Equity    
Common stock $0.001 par value per share; Authorized: 50,000,000 shares; Issued and outstanding: 16,965,420 shares as of June 30, 2025 and 10,065,920 shares as of December, 31, 2024, respectively. 16,965 10,066
Additional paid-in capital 90,228,996 89,172,771
Statutory earnings reserve 6,080,574 6,080,574
Accumulated other comprehensive loss (12,339,245) (12,998,986)
Retained earnings 68,330,281 73,785,892
Total stockholders’ equity 152,317,571 156,050,317
Total Liabilities and Stockholders’ Equity 175,162,562 177,546,786
Related Party    
Current Assets    
Due from related parties 916,854 920,008
Current Liabilities    
Due to related parties $ 180,577 $ 43,468