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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 2,086,298 $ 4,859,059
Banker’s acceptances 44,804 91,362
Trade accounts receivable, less allowance for doubtful accounts of $16,429,116 and $18,312,707, respectively 447,690 714,475
Other receivables, less allowance for doubtful accounts of $29,285 and $32,210, respectively 44,444 29,564
Advances to suppliers 8,234 471
Inventory 2,887,032 3,339,686
Prepaid expenses 87,269 58,792
Total Current Assets 5,605,771 9,093,409
Property, plant and equipment, net 10,433,505 13,280,559
Operating lease right of use asset 57,454 127,958
Intangible assets, net 106,788 147,841
TOTAL ASSETS 16,203,518 22,649,767
Current Liabilities:    
Trade accounts payable 435,608 926,749
Accrued expenses 126,519 298,452
Other payables 1,867,957 1,884,161
Advances from customers 84,048 210,028
Borrowings from related parties 2,448,543 2,779,690
Operating lease liability 59,163 85,282
Lines of credit 3,056,424 4,328,936
Convertible, redeemable note payable 4,550,000
Total Current Liabilities 12,628,262 10,513,298
Non-current Liabilities:    
Convertible, redeemable note payable 5,250,000
Operating lease liability, net of current portion 44,181
Deferred tax liability 740,327 824,407
Total Liabilities 13,368,589 16,631,886
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; 50,449,673 shares and 47,339,557 shares issued and outstanding, respectively 50,450 47,340
Additional paid-in capital 26,342,257 25,645,367
Retained deficit (34,947,312) (32,238,655)
Accumulated other comprehensive income 11,389,534 12,563,829
Total Stockholders’ Equity 2,834,929 6,017,881
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 16,203,518 $ 22,649,767