v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Current Assets        
Cash $ 8,523,045 $ 10,075,162    
Accounts receivable, net 2,114,222 564,523    
Inventories, net 455,059 315,371    
Prepayments and deposits, net 6,393,161 6,376,656    
Amount due from related parties 25,076 25,040    
Other receivable 126,050 94,074    
Total Current Assets 17,636,613 17,450,826    
Non-Current Assets        
Property, plant and equipment, net 86,334,658 89,431,050    
Finance lease right-of-use assets 44,444,784 45,155,288    
Operating lease right-of-use assets 6,050,429 6,169,855    
Prepaid land leases, net of current portion 9,625,855 9,615,269    
Deferred tax assets, net    
Total non-current assets 146,455,726 150,371,462    
Total Assets 164,092,339 167,822,288 $ 221,827,415  
Current Liabilities        
Accounts payable and accrued expenses 6,868,025 6,445,277    
Taxes payable-current 276,516 113,999    
Amount due to related parties 2,586,422 2,584,808    
Finance lease liabilities, current portion 239,771 3,342,293    
Operating lease liabilities, current portion 498,483 491,850    
Total Current Liabilities 10,469,217 12,978,227    
Non-Current Liabilities        
Finance lease liabilities, net of current portion 5,136,322 5,089,884    
Operating lease liabilities, net of current portion 6,809,843 6,941,602    
Total Non-Current Liabilities 11,946,165 12,031,486    
Total Liabilities 22,415,382 25,009,713    
Commitment and Loss 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; 1,382,114 and 1,120,145 shares issued; and 1,353,531 and 1,091,562 shares outstanding as of March 31, 2025 and December 31, 2024 [1] 691 560    
Treasury stock; 28,583 shares as of March 31, 2025 and December 31, 2024 at cost (1,372,673) (1,372,673)    
Additional paid-in capital [1] 105,192,535 101,712,325    
Share to be issued 194,700    
Retained earnings unappropriated 31,723,704 36,393,884    
Retained earnings appropriated 26,667,097 26,667,097    
Accumulated other comprehensive loss (20,534,397) (20,783,318)    
Total Stockholders’ Equity 141,676,957 142,812,575 $ 200,862,297 $ 205,248,296
Total Liabilities and Stockholders’ Equity $ 164,092,339 $ 167,822,288    
[1] The shares and per share data are presented on a retroactive basis to reflect the stock split.