v3.26.3
SCHEDULE OF RESTATEMENT OF PARENT COMPANY BALANCE SHEET (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Assets      
Prepayments and deposits $ 3,940,045 $ 6,376,656  
Total Current Assets 24,570,766 17,450,826  
Non-Current Assets      
Total non-current assets 109,161,044 150,371,462  
Total Assets 133,731,810 167,822,288  
Current Liabilities      
Other payables and accrued expenses 1,882,367 6,445,277  
Total Current Liabilities 8,242,550 12,978,227  
Total Liabilities 22,253,888 25,009,713  
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 [1] 784 560  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 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  
Parent Company [Member]      
Current Assets      
Prepayments and deposits  
Total Current Assets  
Non-Current Assets      
Interests in subsidiaries 48,950,428 82,861,465  
Amounts due from group companies 64,632,281 61,943,090  
Deferred tax assets, net  
Total non-current assets 113,582,709 144,804,555  
Total Assets 113,582,709 144,804,555  
Current Liabilities      
Other payables and accrued expenses 642,677 387,168  
Amounts due to related parties 1,462,110 1,462,110  
Amounts due to group companies 142,702  
Total Current Liabilities 2,104,787 1,991,980  
Total Liabilities 2,104,787 1,991,980  
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 784 560  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost (1,372,673) (1,372,673)  
Additional paid-in capital 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   (20,783,318)  
Total Stockholders’ Equity 111,477,922 142,812,575  
Total Liabilities and Stockholders’ Equity $ 113,582,709 144,804,555  
Previously Reported [Member]      
Current Assets      
Prepayments and deposits   6,376,656  
Total Current Assets   17,450,826  
Non-Current Assets      
Total non-current assets   152,005,169  
Total Assets   169,455,995  
Current Liabilities      
Other payables and accrued expenses   14,323,458  
Total Current Liabilities   17,731,858  
Total Liabilities   25,749,325  
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   24,623  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost   1,372,673  
Additional paid-in capital   101,688,262  
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  
Previously Reported [Member] | Parent Company [Member]      
Current Assets      
Prepayments and deposits    
Total Current Assets    
Non-Current Assets      
Interests in subsidiaries   83,755,560  
Amounts due from group companies   69,821,271  
Deferred tax assets, net    
Total non-current assets   153,576,831  
Total Assets   153,576,831  
Current Liabilities      
Other payables and accrued expenses   8,265,349  
Amounts due to related parties   1,462,110  
Amounts due to group companies   142,702  
Total Current Liabilities   9,870,161  
Total Liabilities   9,870,161  
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   24,623  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 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  
Total Liabilities and Stockholders’ Equity   153,576,831  
Revision of Prior Period, Reclassification, Adjustment [Member]      
Current Assets      
Prepayments and deposits    
Total Current Assets    
Non-Current Assets      
Total non-current assets   (1,633,707)  
Total Assets   (1,633,707)  
Current Liabilities      
Other payables and accrued expenses [2]   (7,878,181)  
Total Current Liabilities   (4,753,631)  
Total Liabilities   (739,612)  
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 [3]   (24,063)  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost    
Additional paid-in capital [3]   24,063  
Retained earnings unappropriated [4]   (964,920)  
Retained earnings appropriated    
Accumulated other comprehensive loss [5]   70,825  
Total Stockholders’ Equity   (894,095)  
Total Liabilities and Stockholders’ Equity   (1,633,707)  
Revision of Prior Period, Reclassification, Adjustment [Member] | Parent Company [Member]      
Current Assets      
Prepayments and deposits    
Total Current Assets    
Non-Current Assets      
Interests in subsidiaries [6],[7]   (894,095)  
Amounts due from group companies [8]   (7,878,181)  
Deferred tax assets, net    
Total non-current assets   (8,772,276)  
Total Assets   (8,772,276)  
Current Liabilities      
Other payables and accrued expenses [8]   (7,878,181)  
Amounts due to related parties    
Amounts due to group companies    
Total Current Liabilities   (7,878,181)  
Total Liabilities   (7,878,181)  
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 [9]   (24,063)  
Treasury stock; 28,583 shares as of December 31, 2024 and December 31, 2023 at cost    
Additional paid-in capital [9]   24,063  
Share to be issued    
Retained earnings unappropriated [6]   (964,920)  
Retained earnings appropriated    
Accumulated other comprehensive loss [7]   70,825  
Total Stockholders’ Equity   (894,095)  
Total Liabilities and Stockholders’ Equity   $ (8,772,276)  
[1] The shares and per share data are presented on a retroactive basis to reflect the stock split.
[2] 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.
[3] 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.
[4] 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.
[5] The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.
[6] Regarding the decrease in retained earnings unappropriated, the main reason was that general and administrative expenses increased by $964,920. The increase of 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.
[7] The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.
[8] The amount of $7,878,181 in accounts payable and accrued expenses was reclassified as finance lease liability relating to salt pans. The finance lease liabilities including the current portion of $3,124,550 and the non-current portion of $4,014,019.
[9] 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.