v3.26.1
Restatement - Schedule of Condensed Balance Sheet (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current Assets      
Cash $ 10,075,162 $ 72,223,894  
Accounts receivable, net 564,523 4,865,696  
Inventories, net 315,371 577,229  
Prepayments and deposits 6,376,656 8,395,290  
Other receivables 94,074 7,482  
Total Current Assets 17,450,826 86,069,591  
Non-Current Assets      
Property, plant and equipment, net 89,431,050 112,227,512  
Finance lease right-of-use assets 45,155,288 10,043,626  
Operating lease right-of-use assets 6,169,855 6,699,784  
Prepaid land leases, net of current portion 9,615,269 9,772,170  
Deferred tax assets, net 1,859,025  
Total non-current assets 150,371,462 140,602,117  
Total Assets 167,822,288 226,671,708  
Current Liabilities      
Other payables and accrued expenses 6,445,277 8,833,936  
Taxes payable-current 113,999 475,630  
Advance from customer 42,705  
Amount due to related parties 2,584,808 2,586,658  
Finance lease liability, current portion 3,342,293 172,625  
Operating lease liabilities, current portion 491,850 473,653  
Total Current Liabilities 12,978,227 12,585,207  
Non-Current Liabilities      
Finance lease liability, net of current portion 5,089,884 1,312,950  
Operating lease liabilities, net of current portion 6,941,602 7,525,255  
Total non-current liabilities 12,031,486 8,838,205  
Total Liabilities 25,009,713 21,423,412  
Commitment and Contingencies  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
Preferred stock, par value $ 0.001 $ 0.001  
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred stock, shares outstanding 0 0  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, [1] $ 560 $ 560  
Common stock, par value $ 0.0005 $ 0.0005  
Common stock, shares authorized 80,000,000 80,000,000  
Common stock, shares issued 1,120,145 1,120,145  
Common stock, shares outstanding 1,091,562 1,091,562  
Treasury stock; 28,583 shares as of December 31, 2024 at cost $ (1,372,673) $ (1,372,673)  
Treasury stock, shares 28,583 28,583  
Additional paid-in capital [1] $ 101,712,325 $ 101,712,325  
Retained earnings unappropriated 36,393,884 96,294,256  
Retained earnings appropriated 26,667,097 26,667,097  
Accumulated other comprehensive loss (20,783,318) (18,053,269)  
Total Stockholders’ Equity 142,812,575 205,248,296 $ 271,618,205
Total Liabilities and Stockholders’ Equity 167,822,288 226,671,708  
Amount due from related parties 25,040  
Share to be issued 194,700  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost 1,372,673 1,372,673  
Parent Company      
Current Assets      
Prepayments and deposits  
Total Current Assets  
Non-Current Assets      
Total non-current assets 144,804,555 207,038,150  
Total Assets 144,804,555 207,038,150  
Current Liabilities      
Other payables and accrued expenses 387,168 185,042  
Total Current Liabilities 1,991,980 1,789,854  
Non-Current Liabilities      
Total Liabilities 1,991,980 1,789,854  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
Preferred stock, par value $ 0.001 $ 0.001  
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred stock, shares outstanding 0 0  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, $ 560 $ 560  
Common stock, par value $ 0.0005 $ 0.0005  
Common stock, shares authorized 80,000,000 80,000,000  
Common stock, shares issued 1,120,145 1,120,145  
Common stock, shares outstanding 1,091,562 1,091,562  
Treasury stock; 28,583 shares as of December 31, 2024 at cost $ 1,372,673 $ 1,372,673  
Treasury stock, shares 28,583 28,583  
Additional paid-in capital $ 101,712,325 $ 101,712,325  
Retained earnings unappropriated 36,393,884 96,294,256  
Retained earnings appropriated 26,667,097 26,667,097  
Accumulated other comprehensive loss (20,783,318) (18,053,269)  
Total Stockholders’ Equity 142,812,575 205,248,296  
Total Liabilities and Stockholders’ Equity 144,804,555 207,038,150  
Share to be issued 194,700  
Interests in subsidiaries 82,861,465 144,749,406  
Amounts due from group companies 61,943,090 62,288,744  
Deferred tax assets, net  
Amounts due to related parties 1,462,110 1,462,110  
Amounts due to group companies 142,702 142,702  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost (1,372,673) (1,372,673)  
Accumulated other comprehensive loss   (18,053,269)  
As Previously Reported      
Current Assets      
Cash 10,075,162 72,223,894  
Accounts receivable, net 564,523 4,865,696  
Inventories, net 315,371 577,229  
Prepayments and deposits 6,376,656 8,395,290  
Other receivables 94,074 7,482  
Total Current Assets 17,450,826 86,069,591  
Non-Current Assets      
Property, plant and equipment, net 136,143,177 122,188,023  
Finance lease right-of-use assets 76,868 83,115  
Operating lease right-of-use assets 6,169,855 6,699,784  
Prepaid land leases, net of current portion 9,615,269 9,772,170  
Deferred tax assets, net 1,859,025  
Total non-current assets 152,005,169 140,602,117  
Total Assets 169,455,995 226,671,708  
Current Liabilities      
Other payables and accrued expenses 14,323,458 8,833,936  
Taxes payable-current 113,999 475,630  
Advance from customer   42,705  
Amount due to related parties 2,584,808 2,586,658  
Finance lease liability, current portion 217,743 172,625  
Operating lease liabilities, current portion 491,850 473,653  
Total Current Liabilities 17,731,858 12,585,207  
Non-Current Liabilities      
Finance lease liability, net of current portion 1,075,865 1,312,950  
Operating lease liabilities, net of current portion 6,941,602 7,525,255  
Total non-current liabilities 8,017,467 8,838,205  
Total Liabilities 25,749,325 21,423,412  
Commitment and Contingencies  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, 24,623 24,623  
Treasury stock; 28,583 shares as of December 31, 2024 at cost (1,372,673) (1,372,673)  
Additional paid-in capital 101,688,262 101,688,262  
Retained earnings unappropriated 37,358,804 96,294,256  
Retained earnings appropriated 26,667,097 26,667,097  
Accumulated other comprehensive loss (20,854,143) (18,053,269)  
Total Stockholders’ Equity 143,706,670 205,248,296 271,618,205
Total Liabilities and Stockholders’ Equity 169,455,995 226,671,708  
Amount due from related parties 25,040    
Share to be issued 194,700    
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost 1,372,673 1,372,673  
As Previously Reported | Parent Company      
Current Assets      
Prepayments and deposits  
Total Current Assets  
Non-Current Assets      
Total non-current assets 153,576,831 207,038,150  
Total Assets 153,576,831 207,038,150  
Current Liabilities      
Other payables and accrued expenses 8,265,349 185,042  
Total Current Liabilities 9,870,161 1,789,854  
Non-Current Liabilities      
Total Liabilities 9,870,161 1,789,854  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
Preferred stock, par value $ 0.001 $ 0.001  
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred stock, shares outstanding 0 0  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, $ 24,623 $ 24,623  
Common stock, par value $ 0.0005 $ 0.0005  
Common stock, shares authorized 80,000,000 80,000,000  
Common stock, shares issued 1,120,145 1,120,145  
Common stock, shares outstanding 1,091,562 1,091,562  
Treasury stock; 28,583 shares as of December 31, 2024 at cost $ 1,372,673 $ 1,372,673  
Treasury stock, shares 28,583 28,583  
Additional paid-in capital $ 101,688,262 $ 101,688,262  
Retained earnings unappropriated 37,358,804 96,294,256  
Retained earnings appropriated 26,667,097 26,667,097  
Accumulated other comprehensive loss (20,854,143)    
Total Stockholders’ Equity 143,706,670 205,248,296  
Total Liabilities and Stockholders’ Equity 153,576,831 207,038,150  
Share to be issued 194,700  
Interests in subsidiaries 83,755,560 144,749,406  
Amounts due from group companies 69,821,271 62,288,744  
Deferred tax assets, net  
Amounts due to related parties 1,462,110 1,462,110  
Amounts due to group companies 142,702 142,702  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost (1,372,673) (1,372,673)  
Accumulated other comprehensive loss   (18,053,269)  
Restatement      
Current Assets      
Cash  
Accounts receivable, net  
Inventories, net  
Prepayments and deposits  
Other receivables  
Total Current Assets  
Non-Current Assets      
Property, plant and equipment, net (46,712,127) (9,960,511)  
Finance lease right-of-use assets 45,078,420 9,960,511  
Operating lease right-of-use assets  
Prepaid land leases, net of current portion  
Deferred tax assets, net  
Total non-current assets (1,633,707)  
Total Assets (1,633,707)  
Current Liabilities      
Other payables and accrued expenses (7,878,181)  
Taxes payable-current  
Advance from customer    
Amount due to related parties  
Finance lease liability, current portion 3,124,550  
Operating lease liabilities, current portion  
Total Current Liabilities (4,753,631)  
Non-Current Liabilities      
Finance lease liability, net of current portion 4,014,019  
Operating lease liabilities, net of current portion  
Total non-current liabilities 4,014,019  
Total Liabilities (739,612)  
Commitment and Contingencies  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, (24,063) (24,063)  
Treasury stock; 28,583 shares as of December 31, 2024 at cost  
Additional paid-in capital 24,063 24,063  
Retained earnings unappropriated (964,920)  
Retained earnings appropriated  
Accumulated other comprehensive loss 70,825  
Total Stockholders’ Equity (894,095)
Total Liabilities and Stockholders’ Equity (1,633,707)  
Amount due from related parties    
Share to be issued    
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost  
Restatement | Parent Company      
Current Assets      
Prepayments and deposits  
Total Current Assets  
Non-Current Assets      
Total non-current assets (8,772,276)  
Total Assets (8,772,276)  
Current Liabilities      
Other payables and accrued expenses (7,878,181)  
Total Current Liabilities (7,878,181)  
Non-Current Liabilities      
Total Liabilities (7,878,181)  
Stockholders’ Equity      
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding  
Preferred stock, par value $ 0.001 $ 0.001  
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred stock, shares outstanding 0 0  
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,120,145 shares issued; and 1,091,562 shares outstanding as of December 31, $ (24,063) $ (24,063)  
Common stock, par value $ 0.0005 $ 0.0005  
Common stock, shares authorized 80,000,000 80,000,000  
Common stock, shares issued 1,120,145 1,120,145  
Common stock, shares outstanding 1,091,562 1,091,562  
Treasury stock; 28,583 shares as of December 31, 2024 at cost  
Treasury stock, shares 28,583 28,583  
Additional paid-in capital $ 24,063 $ 24,063  
Retained earnings unappropriated (964,920)  
Retained earnings appropriated  
Accumulated other comprehensive loss 70,825    
Total Stockholders’ Equity (894,095)  
Total Liabilities and Stockholders’ Equity (8,772,276)  
Share to be issued  
Interests in subsidiaries (894,095)  
Amounts due from group companies (7,878,181)  
Deferred tax assets, net  
Amounts due to related parties  
Amounts due to group companies  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost  
Accumulated other comprehensive loss    
[1] The shares and per share data are presented on a retroactive basis to reflect the stock split.