XML 12 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 458,831 $ 957,653
Banker’s acceptances 53,736
Trade accounts receivable, less allowance for doubtful accounts of $18,253,945 and $18,150,493, respectively 444,271 501,892
Other receivables, less allowance for doubtful accounts of $29,968 and $22,320, respectively 50,013 27,652
Advances to suppliers 41,518 2,238
Inventory 3,073,834 3,705,119
Prepaid expenses 72,805 73,668
Total Current Assets 4,141,272 5,321,958
Property, plant and equipment, net 13,740,444 15,564,200
Operating lease right of use asset 146,759 49,687
Intangible assets, net 154,820 182,146
TOTAL ASSETS 18,183,295 21,117,991
Current Liabilities:    
Trade accounts payable 599,703 1,234,594
Accrued expenses 227,416 177,359
Other payables 1,733,128 2,748,208
Advances from customers 420,039 719,786
Borrowings from related parties 3,057,272 2,134,428
Operating lease liability 82,851 52,070
Construction loan facility 2,298,886
Current portion of lines of credit 4,332,809 2,038,345
Total Current Liabilities 10,453,218 11,403,676
Non-current Liabilities:    
Lines of credit, net of current portion 904,228
Operating lease liability, net of current portion 64,767  
Deferred tax liability 810,462 805,556
Total Liabilities 11,328,447 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; 47,339,557 shares and 45,579,557 shares issued and outstanding, respectively 47,340 45,580
Additional paid-in capital 25,645,367 24,452,684
Retained deficit (31,257,936) (28,839,179)
Accumulated other comprehensive income 12,420,077 12,345,446
Total Stockholders’ Equity 6,854,848 8,004,531
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,183,295 $ 21,117,991