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Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 534,530 $ 957,653
Banker’s acceptances 53,736
Trade accounts receivable, less allowance for doubtful accounts of $18,013,339 and $18,150,493, respectively 545,094 501,892
Other receivables, less allowance for doubtful accounts of $27,978 and $22,320, respectively 68,929 27,652
Advances to suppliers 3,676 2,238
Inventory 3,662,354 3,705,119
Prepaid expenses 68,418 73,668
Total Current Assets 4,883,001 5,321,958
Property, plant and equipment, net 14,767,717 15,564,200
Operating lease right of use asset 25,369 49,687
Intangible assets, net 171,506 182,146
TOTAL ASSETS 19,847,593 21,117,991
Current Liabilities:    
Trade accounts payable 1,111,639 1,234,594
Accrued expenses 201,836 177,359
Other payables 2,779,149 2,748,208
Advances from customers 572,013 719,786
Borrowings from related parties 2,183,846 2,134,428
Operating lease liability 26,743 52,070
Construction loan facility 2,130,476 2,298,886
Current portion of lines of credit 2,023,953 2,038,345
Total Current Liabilities 11,029,655 11,403,676
Non-current Liabilities:    
Lines of credit, net of current portion 852,191 904,228
Deferred tax liability 799,868 805,556
Total Liabilities 12,681,714 13,113,460
Commitments and Contingencies (Note 9)
Stockholders' Equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 95,000,000 shares authorized; 45,579,557 shares and 43,579,557 shares issued and outstanding, respectively 45,580 45,580
Additional paid-in capital 24,452,684 24,452,684
Retained deficit (29,606,506) (28,839,179)
Accumulated other comprehensive income 12,274,121 12,345,446
Total Stockholders' Equity 7,165,879 8,004,531
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 19,847,593 $ 21,117,991