Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 4,643,267	$ 6,519,212
Pledged deposits	54,179,549	30,836,864
Trade and bills receivable, net	28,653,047	27,413,575
Inventories	33,413,422	49,446,291
Prepayments and other receivables	7,459,254	5,915,080
Receivables from former subsidiary	74,946	5,518,052
Income tax recoverable		57,934
Total current assets	128,423,485	125,707,008
Property, plant and equipment, net	91,628,832	90,004,527
Construction in progress	37,797,862	9,954,202
Long-term investments, net	2,565,005	945,237
Prepaid land use rights	11,712,704	12,361,163
Intangible assets, net	841,360	1,309,058
Deposit paid for acquisition of long-term investments	7,101,492
Operating lease right-of-use assets, net	1,084,520	1,264,560
Deferred tax assets, net		2,486,979
Total assets	281,155,260	244,032,734
Current liabilities
Trade and bills payable	82,429,575	67,491,435
Short-term bank borrowings	32,587,676	14,907,875
Other short-term loans	339,552	689,096
Accrued expenses and other payables	41,992,540	25,605,661
Payable to a former subsidiary, net	411,111	358,067
Deferred government grants, current	375,375	1,299,715
Product warranty provisions	23,870	26,215
Warrants liability		136,000
Operating lease liability, current	691,992	575,496
Finance lease liability, current	1,643,864	844,297
Total current liabilities	160,495,555	111,933,857
Deferred government grants, non-current	6,203,488	5,577,020
Product warranty provisions	522,574	450,613
Operating lease liability, non-current	475,302	607,222
Accrued expenses and other payables, non-current		1,085,525
Total liabilities	167,696,919	119,654,237
Commitments and contingencies
Shareholders’ equity
Common stock $0.001 par value; 500,000,000 authorized; 89,135,064 issued and 88,990,858 outstanding as of December 31, 2022; and 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023	90,063	89,135
Donated shares	14,101,689	14,101,689
Additional paid-in capital	247,465,817	246,240,998
Statutory reserves	1,230,511	1,230,511
Accumulated deficit	(134,395,762)	(131,946,705)
Accumulated other comprehensive loss	(11,601,403)	(8,153,644)
Stockholders' equity (deficit) before Treasury Stock	116,890,915	121,561,984
Less: Treasury shares	(4,066,610)	(4,066,610)
Total shareholders’ equity	112,824,305	117,495,374
Non-controlling interests	634,036	6,883,123
Total equity	113,458,341	124,378,497
Total liabilities and shareholder’s equity	$ 281,155,260	$ 244,032,734