v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and bank balances $ 4,034,428 $ 5,916,373
Restricted cash 1,035,932 1,034,203
Accounts receivable (net of allowance for doubtful accounts of $90,730 and $53,111 as of March 31, 2025 and December 31, 2024, respectively) 2,127,629 287,576
Inventories 4,642,056 2,351,876
Prepayments and other current assets 16,744,643 17,951,267
Total current assets 29,499,038 28,461,303
Prepayment on property, plant and equipment 8,359
Operating lease right-of-use assets, net 396,418 421,868
Property, plant, and equipment, net 143,575,368 146,911,883
Value-added tax recoverable 1,724,947 1,751,732
Deferred tax asset non-current
Total Assets 175,204,130 177,546,786
Current Liabilities    
Short-term bank loans 5,043,047 4,451,616
Current portion of long-term loans 3,564,961 3,559,902
Lease liability 108,604 245,604
Accounts payable 1
Advance from customers 11,790 11,773
Accrued payroll and employee benefits 327,022 207,508
Other payables and accrued liabilities 11,823,467 11,545,990
Income taxes payable 80,905
Total current liabilities 20,933,963 20,146,767
Long-term loans 1,114,486 1,112,904
Lease liability - non-current 377,603 231,147
Derivative liability 1,098 5,651
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,753,460 and $16,976,765 as of March 31, 2025 and December 31, 2024, respectively) 22,427,150 21,496,469
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 March 31, 2025 and December, 31, 2024. 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 (12,768,538) (12,998,986)
Retained earnings 70,282,107 73,785,892
Total stockholders’ equity 152,776,980 156,050,317
Total Liabilities and Stockholders’ Equity 175,204,130 177,546,786
Related Party    
Current Assets    
Due from related parties 914,350 920,008
Current Liabilities    
Due to related parties $ 55,072 $ 43,468