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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and bank balances $ 9,437,941 $ 9,524,868
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $56,674 and $881,878 as of September 30, 2023 and December 31, 2022, respectively) 2,794,437
Inventories 5,364,777 2,872,622
Prepayments and other current assets 20,049,101 27,207,127
Total current assets 41,061,071 47,166,475
Prepayment on property, plant and equipment 877,462 1,031,502
Operating lease right-of-use assets, net 562,612 672,722
Finance lease right-of-use assets, net 1,939,970
Property, plant, and equipment, net 144,603,052 151,569,898
Value-added tax recoverable 1,893,510 2,066,666
Deferred tax asset non-current
Total Assets 188,997,707 204,447,233
Current Liabilities    
Short-term bank loans 835,678 5,598,311
Current portion of long-term loans 4,707,652 4,835,884
Lease liability 96,746 224,497
Accounts payable 104,146 5,025
Advance from customers 18,751
Accrued payroll and employee benefits 299,908 165,986
Other payables and accrued liabilities 4,858,444 5,665,558
Income taxes payable 417,906
Total current liabilities 12,024,642 17,640,629
Long-term loans 6,562,401 4,204,118
Deferred gain on sale-leaseback 52,314
Lease liability - non-current 465,866 579,997
Derivative liability 263 646,283
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $12,010,014 and $16,784,878 as of September 30, 2023 and December 31, 2022, respectively) 19,053,172 23,123,341
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 September 30, 2023 and December, 31, 2022. 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 (12,931,871) (7,514,540)
Retained earnings 87,612,995 93,575,021
Total stockholders’ equity 169,944,535 181,323,892
Total Liabilities and Stockholders’ Equity 188,997,707 204,447,233
Related Party    
Current Assets    
Due from related parties 3,414,815 7,561,858
Current Liabilities    
Due to related parties $ 1,103,317 $ 727,462