Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2020 |
Dec. 31, 2019 |
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 1,813,544
|
$ 1,074,979
|
| Restricted cash |
222,996
|
109,908
|
| Banker's acceptances |
11,251
|
45,756
|
| Trade accounts receivable, less allowance for doubtful accounts of $17,342,097 and $17,575,100, respectively |
595,733
|
635,371
|
| Other receivables, less allowance for doubtful accounts of $23,715 and $22,729, respectively |
86,065
|
46,643
|
| Advances to suppliers |
277,900
|
404
|
| Inventory |
3,852,972
|
3,588,824
|
| Prepaid expenses |
397,374
|
77,120
|
| Total Current Assets |
7,257,835
|
5,579,005
|
| Property, plant and equipment, net |
15,631,653
|
16,313,827
|
| Operating lease right of use asset |
90,289
|
136,779
|
| Intangible assets, net |
185,244
|
205,611
|
| TOTAL ASSETS |
23,165,021
|
22,235,222
|
| Current Liabilities: |
|
|
| Trade accounts payable |
1,025,098
|
1,366,330
|
| Accrued expenses |
180,719
|
189,880
|
| Other payables |
3,753,356
|
3,560,332
|
| Advances from customers |
592,961
|
505,398
|
| Other payables - related parties |
2,152,161
|
2,071,986
|
| Operating lease liability, current portion |
93,510
|
91,306
|
| Current portion of construction loan facility |
2,118,794
|
2,150,168
|
| Current portion of lines of credit |
1,200,650
|
|
| Bankers' acceptance notes payable |
222,996
|
109,908
|
| Total Current Liabilities |
11,340,245
|
10,045,308
|
| Non-current Liabilities: |
|
|
| Construction loan facility |
1,977,541
|
2,150,168
|
| Lines of credit, net of current portion |
706,264
|
|
| Operating lease liability, net of current portion |
|
48,701
|
| Deferred tax liability |
742,450
|
753,444
|
| Total Liabilities |
14,766,500
|
12,997,621
|
| Commitments and Contingencies (Note 14) |
|
|
| 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; 43,579,557 shares and 43,579,557 shares outstanding, respectively |
43,580
|
43,580
|
| Additional paid-in capital |
23,590,204
|
23,590,204
|
| Accumulated deficit |
(26,620,246)
|
(25,972,402)
|
| Accumulated other comprehensive income |
11,384,983
|
11,576,219
|
| Total Stockholders' Equity |
8,398,521
|
9,237,601
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 23,165,021
|
$ 22,235,222
|