v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (43,920,231) $ (59,900,372)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization on capital lease 239,508 200,025
Depreciation and amortization 13,137,016 15,819,827
Deferred tax asset 1,632,978
Stock-based compensation expense 930,800 194,700
Bad debt expense (13,735) 1,669,002
Impairment of inventory 293,586 989,035
Impairment of property plant and equipment 30,068,794 6,772,500
Amortization of operating lease right-of-use asset 875,201 877,809
Amortization of finance lease right-of-use asset 3,124,602 3,045,602
Accrued liabilities 4,017,859
 Loss on disposal of long-lived assets 2,008,853 29,169,008
Gain on disposal of subsidiary (674,776)
Accrued interest receivable (192,066)
Changes in assets and liabilities    
Accounts receivable (2,635,370) 4,264,140
Inventories (530,033) (733,302)
Prepayment and deposits 1,042,593 248,817
Advance from customers (42,471)
Other receivables 93,518 (87,515)
Accounts and Other payable and accrued expenses 460,716 (2,191,652)
Taxes payable 302,423 (357,954)
Lease liabilities (826,761) (894,351)
Net cash provided by operating activities 7,802,497 675,826
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (8,848,156) (28,923,642)
Interest-free loan repaid by related parties 2,800
Interest-free loan lent to related parties (25,275)
Proceeds from disposal of subsidiary 207,604
Loans to third parties (13,934,085)
Net cash used in investing activities (22,571,837) (28,948,917)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long-term borrowing 2,307,186
Proceeds from short-term borrowing 2,799,983
Repayment of finance leases obligation (262,778) (31,866,665)
Proceeds from interest-free loan from a related party 14,854
Net cash provided by / (used in) financing activities 4,844,391 (31,851,811)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (146,420) (2,023,830)
NET DECREASE IN CASH AND CASH EQUIVALENTS (10,071,369) (62,148,732)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 10,075,162 72,223,894
CASH AND CASH EQUIVALENTS - END OF YEAR 3,793 10,075,162
Cash paid during the year for:    
Paid for taxes 2,343,895 1,520,292
Interest paid $ 466,720 $ 200,025