v3.26.3
SCHEDULE OF CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss $ (814,364) $ (33,097,918) $ (5,484,544) $ (37,090,050)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Amortization on capital lease     121,954 49,644
Depreciation and amortization     6,450,581 8,839,829
Deferred tax asset     (2,511,394)
Stock-based compensation expense     196,100
Amortization of operating lease right-of-use assets     435,102 440,030
Amortization of finance lease right-of-use assets 773,537 313,541 1,549,239 627,482
Loss on disposal of property, plant and equipment   29,169,008   29,169,008
Changes in assets and liabilities        
Accounts receivable     (2,574,907) 3,108,788
Inventories     (197,631) 160,396
Prepayment and deposits     (2,331,871) 68,895
Advance from customers     (27,000)
Other receivables     11,447 (4,854)
Accounts and other payable and accrued expenses     268,175 (2,583,610)
Taxes payable     182,919 (315,782)
Lease liabilities     (743,404) (753,231)
Net cash used in operating activities     (2,139,734) (812,141)
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of property, plant and equipment     (28,923,642)
Net cash used in investing activities     (28,923,642)
CASH FLOWS FROM FINANCING ACTIVITIES        
Repayment of finance leases obligation     (260,997) (31,866,665)
Net cash used in financing activities     (260,997) (31,866,665)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS     61,650 (253,907)
NET DECREASE IN CASH AND CASH EQUIVALENTS     (2,339,081) (61,856,355)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD     10,075,162 72,223,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 7,736,081 10,367,539 7,736,081 10,367,539
Cash paid during the year for:        
Paid for taxes     811,828 886,928
Interest paid     121,954 49,644
Finance Lease, Principal Payments     260,997 31,866,665
Previously Reported [Member]        
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss (773,777) (33,097,918) (5,403,277) (37,090,050)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Amortization on capital lease     43,396 49,644
Depreciation and amortization     7,997,410 9,467,311
Deferred tax asset       (2,511,394)
Stock-based compensation expense     196,100  
Amortization of operating lease right-of-use assets     435,102 440,030
Amortization of finance lease right-of-use assets    
Loss on disposal of property, plant and equipment   29,169,008   29,169,008
Changes in assets and liabilities        
Accounts receivable     (2,574,907) 3,108,788
Inventories     (197,631) 160,396
Prepayment and deposits     (2,331,871) 68,895
Advance from customers       (27,000)
Other receivables     11,447 (4,854)
Accounts and other payable and accrued expenses     268,175 (2,583,610)
Taxes payable     182,919 (315,782)
Lease liabilities     (743,404) (753,231)
Net cash used in operating activities     (2,139,435) (812,141)
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of property, plant and equipment       (60,526,213)
Net cash used in investing activities     (60,526,213)
CASH FLOWS FROM FINANCING ACTIVITIES        
Repayment of finance leases obligation     (260,997) (264,094)
Net cash used in financing activities     (260,997) (264,094)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS     61,351 (253,907)
NET DECREASE IN CASH AND CASH EQUIVALENTS     (2,339,081) (61,856,355)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD     10,075,162 72,223,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 7,736,081 10,367,539 7,736,081 10,367,539
Cash paid during the year for:        
Paid for taxes     811,828 886,928
Interest paid     43,396 49,644
Finance Lease, Principal Payments     260,997 264,094
Revision of Prior Period, Reclassification, Adjustment [Member]        
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss (40,587) (81,267) [1],[2]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Amortization on capital lease     78,558 [3]
Depreciation and amortization [3]     (1,546,829) (627,482)
Deferred tax asset      
Stock-based compensation expense      
Amortization of operating lease right-of-use assets    
Amortization of finance lease right-of-use assets [3]     1,549,239 627,482
Loss on disposal of property, plant and equipment    
Changes in assets and liabilities        
Accounts receivable    
Inventories    
Prepayment and deposits    
Advance from customers      
Other receivables    
Accounts and other payable and accrued expenses    
Taxes payable    
Lease liabilities    
Net cash used in operating activities     (299)
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of property, plant and equipment [4]       31,602,571
Net cash used in investing activities     31,602,571
CASH FLOWS FROM FINANCING ACTIVITIES        
Repayment of finance leases obligation     (31,602,571) [4]
Net cash used in financing activities     (31,602,571)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS     299 [5]
NET DECREASE IN CASH AND CASH EQUIVALENTS    
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD    
CASH AND CASH EQUIVALENTS - END OF PERIOD
Cash paid during the year for:        
Paid for taxes    
Interest paid     78,558
Finance Lease, Principal Payments     $ 31,602,571 [4]
[1] Regarding the decrease in retained earnings unappropriated, the main reason was that cost of revenue and general and administrative expenses increased. The increase of 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.
[2] Regarding the increase in net loss, the main reason was that cost of revenue and general and administrative expenses increased. The increase in 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.
[3] This restatement is due to the reclassification of buildings without property ownership certificates in fixed assets. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment. The leased portion was reclassified as finance lease right-of-use assets.
[4] Fixed assets without property ownership certificates have been reclassified as finance lease right-of-use assets, resulting in an amount of $31,602,571.
[5] The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.