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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 1,576,632 $ 1,300,855
Advances to suppliers 12,838,970 12,015,810
Prepaid expenses 103,243 349,558
Inventories, net 6,317,173 1,250,567
Other current assets 727,584 1,640,070
TOTAL CURRENT ASSETS 29,488,146 25,250,915
Property, equipment and software, net 5,554,328 6,677,484
Long-term investments 86,271 86,889
Other assets, non-current, net 811,026
TOTAL ASSETS 35,128,745 32,826,314
CURRENT LIABILITIES    
Short-term bank loans 2,086,723 8,547,509
Accrued payroll and benefits 884,949 626,151
Other payables and accrued expenses 4,292,657 5,224,225
Income tax payable 3,197 55,262
Convertible note payable 449,215
TOTAL CURRENT LIABILITIES 13,458,318 20,063,017
Long-term bank loans 5,801,096
TOTAL LIABILITIES 19,259,414 20,063,017
EQUITY    
Ordinary shares, 2024 and 2023: par $0; authorized capital 100,000,000 shares; shares issued and outstanding, 2024: 13,384,088 shares; 2023: 2,891,822 shares*; [1] 170,757,735 165,115,938
Additional paid-in capital 22,447,083 22,603,523
Reserve 10,209,086 10,209,086
Accumulated deficit (210,571,935) (208,752,548)
Accumulated other comprehensive income 23,027,362 23,587,298
Total equity of the Company 15,869,331 12,763,297
Non-controlling interest
TOTAL EQUITY 15,869,331 12,763,297
TOTAL LIABILITIES AND EQUITY 35,128,745 32,826,314
Nonrelated Party [Member]    
CURRENT ASSETS    
Accounts receivable-related parties, net 7,881,089 8,063,280
CURRENT LIABILITIES    
Accounts payable 993,103 832,436
Advances from customers-related parties 3,435,512 1,199,732
Related Party [Member]    
CURRENT ASSETS    
Accounts receivable-related parties, net 43,455 630,775
CURRENT LIABILITIES    
Advances from customers-related parties 37,044 90,880
Amounts due to related parties $ 1,725,133 $ 3,037,607
[1] On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company’s issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.