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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 4,859,059 $ 957,653
Banker’s acceptances 91,362 53,736
Trade accounts receivable, less allowance for doubtful accounts of $18,312,707 and $18,150,493, respectively 714,475 501,892
Other receivables, less allowance for doubtful accounts of $32,210 and $27,289, respectively 29,564 27,652
Advances to suppliers 471 2,238
Inventory 3,339,686 3,705,119
Prepaid expenses 58,792 73,668
Total Current Assets 9,093,409 5,321,958
Property, plant and equipment, net 13,280,559 15,564,200
Operating lease right of use asset 127,958 49,687
Intangible assets, net 147,841 182,146
TOTAL ASSETS 22,649,767 21,117,991
Current Liabilities:    
Trade accounts payable 926,749 1,234,594
Accrued expenses 298,452 177,359
Other payables 1,884,161 2,748,208
Advances from customers 210,028 719,786
Borrowings from related parties 2,779,690 2,134,428
Operating lease liability 85,282 52,070
Construction loan facility 2,298,886
Current portion of lines of credit 4,328,936 2,038,345
Total Current Liabilities 10,513,298 11,403,676
Non-current Liabilities:    
Convertible, redeemable note payable, net of issue discount 5,250,000  
Lines of credit, net of current portion 904,228
Operating lease liability, net of current portion 44,181  
Deferred tax liability 824,407 805,556
Total Liabilities 16,631,886 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 (32,238,655) (28,839,179)
Accumulated other comprehensive income 12,563,829 12,345,446
Total Stockholders’ Equity 6,017,881 8,004,531
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 22,649,767 $ 21,117,991