v3.26.3
SCHEDULE OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - 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 receivables 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 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 shares issued; and 1,353,531 shares outstanding as of March 31, 2025 [1] $ 691 $ 560    
Common stock, shares authorized 80,000,000 80,000,000    
Treasury stock; 28,583 shares as of March 31, 2025 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    
Previously Reported [Member]        
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 receivables 126,050 94,074    
Total current assets 17,636,613 17,450,826    
Non-Current Assets        
Property, plant and equipment, net 132,341,321 136,143,177    
Finance lease right-of-use assets 75,721 76,868    
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 148,093,326 152,005,169    
Total Assets 165,729,939 169,455,995    
Current Liabilities        
Accounts payable and accrued expenses 11,656,665 14,323,458    
Taxes payable-current 276,516 113,999    
Amount due to related parties 2,586,422 2,584,808    
Finance lease liabilities, current portion 239,771 217,743    
Operating lease liabilities, current portion 498,483 491,850    
Total current liabilities 15,257,857 17,731,858    
Non-Current Liabilities        
Finance lease liabilities, net of current portion 1,077,412 1,075,865    
Operating lease liabilities, net of current portion 6,809,843 6,941,602    
Total non-current liabilities 7,887,255 8,017,467    
Total Liabilities 23,145,112 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; 1,382,114 shares issued; and 1,353,531 shares outstanding as of March 31, 2025 25,934 24,623    
Treasury stock; 28,583 shares as of March 31, 2025 at cost (1,372,673) (1,372,673)    
Additional paid-in capital 105,167,292 101,688,262    
Share to be issued   194,700    
Retained earnings unappropriated 32,729,304 37,358,804    
Retained earnings appropriated 26,667,097 26,667,097    
Accumulated other comprehensive loss (20,632,127) (20,854,143)    
Total Stockholders’ Equity 142,584,827 143,706,670 200,862,297 205,248,296
Total Liabilities and Stockholders’ Equity 165,729,939 169,455,995    
Revision of Prior Period, Reclassification, Adjustment [Member]        
Current Assets        
Cash    
Accounts receivable, net    
Inventories, net    
Prepayments and deposits, net    
Amount due from related parties    
Other receivables    
Total current assets    
Non-Current Assets        
Property, plant and equipment, net [2] (46,006,663) (46,712,127)    
Finance lease right-of-use assets [2] 44,369,063 45,078,420    
Operating lease right-of-use assets    
Prepaid land leases, net of current portion    
Deferred tax assets, net    
Total non-current assets (1,637,600) (1,633,707)    
Total Assets (1,637,600) (1,633,707)    
Current Liabilities        
Accounts payable and accrued expenses [3] (4,788,640) (7,878,181)    
Taxes payable-current    
Amount due to related parties    
Finance lease liabilities, current portion 3,124,550 [3]    
Operating lease liabilities, current portion    
Total current liabilities (4,788,640) (4,753,631)    
Non-Current Liabilities        
Finance lease liabilities, net of current portion [3] 4,058,910 4,014,019    
Operating lease liabilities, net of current portion    
Total non-current liabilities 4,058,910 4,014,019    
Total Liabilities (729,730) (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; 1,382,114 shares issued; and 1,353,531 shares outstanding as of March 31, 2025 [4] (25,243) (24,063)    
Treasury stock; 28,583 shares as of March 31, 2025 at cost    
Additional paid-in capital [4] 25,243 24,063    
Share to be issued      
Retained earnings unappropriated [5] (1,005,600) (964,920)    
Retained earnings appropriated    
Accumulated other comprehensive loss [6] 97,730 70,825    
Total Stockholders’ Equity [8] (907,870) [7] (894,095) [7]
Total Liabilities and Stockholders’ Equity $ (1,637,600) $ (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
[3] As of December 31, 2024, the amount of $7,878,181
[4] The change in common stock and additional paid-in capital is due to the Company’s 1-for-10
[5] Regarding the decrease in retained earnings unappropriated, the main reasons was the increase in expenses. The increase in expenses is mainly due to the reclassification of the financial 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.
[7] 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.
[8] 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.