v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 4,052,010 $ 6,724,360
Pledged deposits 43,482,693 54,061,642
Term deposits 5,530,030 4,237,090
Trade and bills receivable, net 40,835,093 32,938,918
Inventories 30,803,486 22,851,027
Prepayments and other receivables 17,991,265 20,004,966
Receivables from former subsidiary 9,011 12,399
Income tax recoverable 455,342 566,458
Total current assets 143,158,930 141,396,860
Property, plant and equipment, net 84,283,683 85,486,829
Construction in progress 51,527,443 42,526,859
Long-term investments, net 2,313,725 2,246,494
Prepaid land use rights 11,056,715 11,075,973
Intangible assets, net 268,398 382,962
Deposit paid for acquisition of long-term investments 15,949,095 15,864,318
Operating lease right-of-use assets, net 2,906,652 3,237,849
Total assets 311,464,641 302,218,144
Liabilities    
Trade and bills payable 93,398,948 84,724,386
Short-term bank borrowings 29,301,628 26,087,350
Other short-term loans 335,905 335,715
Accrued expenses and other payables 50,305,373 58,285,635
Payable to a former subsidiary, net 418,211 419,849
Deferred government grants, current 559,186 556,214
Product warranty provisions 23,000 23,426
Operating lease liability, current 1,159,373 1,268,405
Total current liabilities 175,501,624 171,700,980
Long-term bank borrowings 4,131,890
Deferred government grants, non-current 10,272,610 7,580,255
Product warranty provisions 417,565 420,688
Operating lease liability, non-current 2,397,859 2,449,056
Total liabilities 192,721,548 182,150,979
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 90,083,396 issued and 89,939,190 outstanding as of December 31, 2024; and 90,083,868 issued and 89,939,662 outstanding as of March 31, 2025 90,083 90,083
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,869,511 247,842,445
Statutory reserves 3,042,602 1,230,511
Accumulated deficit (125,997,055) (122,605,730)
Accumulated other comprehensive loss (14,248,434) (14,919,345)
Stockholders' equity (deficit) before Treasury Stock 124,858,396 125,739,653
Less: Treasury shares (4,066,610) (4,066,610)
Total shareholders’ equity 120,791,786 121,673,043
Non-controlling interests (2,048,693) (1,605,878)
Total equity 118,743,093 120,067,165
Total liabilities and shareholder’s equity $ 311,464,641 $ 302,218,144