v3.26.3
SCHEDULE OF CONSOLIDATED BALANCE SHEET (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Assets      
Cash $ 3,793 $ 10,075,162  
Accounts receivable, net 3,269,420 564,523  
Inventories, net 562,817 315,371  
Prepayments and deposits 3,940,045 6,376,656  
Amount due from related parties 22,763 25,040  
Other receivables 16,771,928 94,074  
Total current assets 24,570,766 17,450,826  
Non-Current Assets      
Property, plant and equipment, net 61,944,100 89,431,050  
Finance lease right-of-use assets 41,140,331 45,155,288  
Operating lease right-of-use assets 5,669,794 6,169,855  
Prepaid land leases, net of current portion 406,819 9,615,269  
Deferred tax assets, net  
Total non-current assets 109,161,044 150,371,462  
Total Assets 133,731,810 167,822,288  
Current Liabilities      
Accounts payable and accrued expenses 1,882,367 6,445,277  
Taxes payable-current 365,499 113,999  
Amount due to related parties 1,896,831 2,584,808  
Finance lease liability, current portion 228,918 3,342,293  
Operating lease liabilities, current portion 523,847 491,850  
Total current liabilities 8,242,550 12,978,227  
Non-Current Liabilities      
Finance lease liability, net of current portion 5,175,628 5,089,884  
Operating lease liabilities, net of current portion 6,491,100 6,941,602  
Total non-current liabilities 14,011,338 12,031,486  
Total Liabilities 22,253,888 25,009,713  
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, 2024, and 2023 [1] 784 560  
Treasury stock; 28,583 shares as of December 31, 2024 at cost (1,372,673) (1,372,673)  
Additional paid-in capital [1] 105,927,142 101,712,325  
Share to be issued   194,700  
Retained earnings unappropriated (7,526,347) 36,393,884  
Retained earnings appropriated 26,667,097 26,667,097  
Accumulated other comprehensive loss (12,218,081) (20,783,318)  
Total Stockholders’ Equity 111,477,922 142,812,575 $ 205,248,296
Total Liabilities and Stockholders’ Equity $ 133,731,810 167,822,288  
Previously Reported [Member]      
Current Assets      
Cash   10,075,162  
Accounts receivable, net   564,523  
Inventories, net   315,371  
Prepayments and deposits   6,376,656  
Amount due from related parties   25,040  
Other receivables   94,074  
Total current assets   17,450,826  
Non-Current Assets      
Property, plant and equipment, net   136,143,177  
Finance lease right-of-use assets   76,868  
Operating lease right-of-use assets   6,169,855  
Prepaid land leases, net of current portion   9,615,269  
Deferred tax assets, net    
Total non-current assets   152,005,169  
Total Assets   169,455,995  
Current Liabilities      
Accounts payable and accrued expenses   14,323,458  
Taxes payable-current   113,999  
Amount due to related parties   2,584,808  
Finance lease liability, current portion   217,743  
Operating lease liabilities, current portion   491,850  
Total current liabilities   17,731,858  
Non-Current Liabilities      
Finance lease liability, net of current portion   1,075,865  
Operating lease liabilities, net of current portion   6,941,602  
Total non-current liabilities   8,017,467  
Total Liabilities   25,749,325  
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, 2024, and 2023   24,623  
Treasury stock; 28,583 shares as of December 31, 2024 at cost   (1,372,673)  
Additional paid-in capital   101,688,262  
Share to be issued   194,700  
Retained earnings unappropriated   37,358,804  
Retained earnings appropriated   26,667,097  
Accumulated other comprehensive loss   (20,854,143)  
Total Stockholders’ Equity   143,706,670 $ 205,248,296
Total Liabilities and Stockholders’ Equity   169,455,995  
Revision of Prior Period, Reclassification, Adjustment [Member]      
Current Assets      
Cash    
Accounts receivable, net    
Inventories, net    
Prepayments and deposits    
Amount due from related parties    
Other receivables    
Total current assets    
Non-Current Assets      
Property, plant and equipment, net [2]   (46,712,127)  
Finance lease right-of-use assets [2]   45,078,420  
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      
Accounts payable and accrued expenses [3]   (7,878,181)  
Taxes payable-current    
Amount due to related parties    
Finance lease liability, current portion [3]   3,124,550  
Operating lease liabilities, current portion    
Total current liabilities   (4,753,631)  
Non-Current Liabilities      
Finance lease liability, net of current portion [3]   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, 2024, and 2023 [4]   (24,063)  
Treasury stock; 28,583 shares as of December 31, 2024 at cost    
Additional paid-in capital [4]   24,063  
Share to be issued    
Retained earnings unappropriated [5]   (964,920)  
Retained earnings appropriated    
Accumulated other comprehensive loss [6]   70,825  
Total Stockholders’ Equity   (894,095)  
Total Liabilities and Stockholders’ Equity   $ (1,633,707)  
[1] The shares and per share data are presented on a retroactive basis to reflect the stock split.
[2] As of December 31, 2024, in the fixed assets, the original value of the buildings subject to reclassification amounted to $68,476,868, The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment, with an original value of $3,507,367. The leased portion was reclassified as finance lease right-of use assets, with an original value of $64,189,590, accumulated amortization of $19,111,170, and a net value of $45,078,420.
[3] The amount of $7,878,181 in accounts payable and accrued expenses was reclassified as finance lease liability relating to the salt pans. The finance lease liabilities including the current portion of $3,124,550 and the non-current portion of $4,014,019.
[4] The change in common stock and additional paid-in capital is due to the company’s 1-for-10 reverse stock split on October 27, 2025.
[5] Regarding the decrease in retained earnings unappropriated, the main reason was that general and administrative expenses increased by $964,920. The increase in general and administrative expenses was due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.
[6] The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.