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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and cash equivalents $ 43,144,049 $ 37,119,195
Restricted cash 422,832 220,109
Accounts receivable, net 44,962,926 34,410,597
Inventories, net 1,069,698 671,251
Due from a related party 10,354,051  
Advances to suppliers, net 3,420,628 6,854,461
Advances to suppliers - related party 0 1,533,000
Prepaid taxes 1,609,466 1,046,667
Prepaid expenses and other receivables, net 824,239 45,467
Total Current Assets 105,807,889 81,900,747
Property, plant and equipment, net 2,103,947 2,477,912
Other Assets    
Manufacturing rebate receivable   5,755,237
Intangible assets, net 205,971 664,033
Right of use assets 313,172  
Long-term Investment 26,096,079 25,497,316
Total Other Assets 26,615,222 31,916,586
Total Assets (Note 3 at VIE) 134,527,058 116,295,245
Current Liabilities    
Short-term bank loans 4,719,552 5,564,790
Bank acceptance notes payable 0 1,753,109
Accounts payable 1,563,787 1,543,994
Due to related parties 1,847,421 2,019,087
Customer deposits 3,580,622 3,183,088
Taxes payable 823,701 571,354
Loan payable to third parties 7,002,385 306,600
Lease liabilities-current 115,330  
Accrued liabilities and other payables 2,114,258 1,861,835
Total Current Liabilities 21,767,056 16,803,857
Lease liabilities non-current 223,291  
Total Liabilities 21,990,347 16,803,857
Stockholders' Equity    
Common stock, $0.01 par value, 60,000,000 shares authorized, 6,399,460 and 3,589,409 shares issued and outstanding as of December 31, 2021 and 2020, respectively [1] 63,995 35,894
Additional paid-in capital 69,566,786 48,392,181
Statutory reserves 6,874,614 6,437,506
Retained earnings 36,684,794 45,480,031
Accumulated other comprehensive income (loss) 1,071,149 (1,493,070)
Total Stockholders' Equity attributable to the Company 114,261,338 98,852,542
Noncontrolling interest (1,724,627) 638,846
Total Stockholders' Equity 112,536,711 99,491,388
Total Liabilities and Stockholders' Equity $ 134,527,058 $ 116,295,245
[1] Retroactively restated for one-for-ten reverse split with effective date of February 25, 2022.