Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 15,232,289
|
$ 16,295,695
|
| Restricted cash |
3,815,661
|
3,433,361
|
| Short Term Investment |
5,653,055
|
7,800,723
|
| Notes receivable |
31,366,381
|
28,748,879
|
| Accounts receivable, net of allowance for doubtful accounts of $1,104,705 and $762,325, respectively |
20,908,968
|
14,337,760
|
| Inventories |
20,216,673
|
23,096,382
|
| Due from related parties-current |
34,675,437
|
36,669,907
|
| Advance to suppliers |
1,068,716
|
412,766
|
| Prepayments and other current assets |
375,495
|
1,568,687
|
| Total Current Assets |
133,312,675
|
132,364,160
|
| Non-current asset |
|
|
| Property, plant, equipment and construction in progress, net |
14,132,165
|
15,585,214
|
| Land use rights, net |
3,418,932
|
3,639,067
|
| Other intangible assets |
120,947
|
147,465
|
| Long term investment |
300,000
|
250,000
|
| Deferred tax assets |
277,222
|
219,207
|
| Operating lease right-of-use assets |
2,379,271
|
2,627,110
|
| Other non-current assets |
255,977
|
283,118
|
| Total non-current assets |
20,884,514
|
22,751,181
|
| TOTAL ASSETS |
154,197,189
|
155,115,341
|
| Current Liabilities |
|
|
| Short-term bank loans |
7,309,034
|
8,986,255
|
| Notes payable-bank acceptance notes |
28,120,761
|
28,272,472
|
| Accounts payable |
24,983,677
|
24,817,165
|
| Taxes payables |
|
192,478
|
| Customer deposits |
217,674
|
227,432
|
| Due to related parties |
1,690,031
|
1,693,315
|
| Other current liabilities |
2,433,957
|
1,547,390
|
| Current portion of operating lease liabilities |
533,157
|
472,182
|
| Total current liabilities |
65,288,291
|
66,208,689
|
| Long-term liabilities |
|
|
| Long term operating lease liabilities |
1,928,680
|
2,176,130
|
| Other long-term liabilities |
1,641,079
|
1,812,759
|
| Total long-term liabilities |
3,569,759
|
3,988,889
|
| TOTAL LIABILITIES |
68,858,050
|
70,197,578
|
| COMMITMENTS AND CONTINGENCIES |
|
|
| EQUITY |
|
|
| Ordinary shares, no par value, unlimited shares authorized; 12,978,504 and 12,978,504 shares issued and outstanding as of June 30, 2023 and December 31, 2022. |
|
|
| Additional paid-in capital |
32,955,927
|
32,955,927
|
| Statutory reserves |
3,842,331
|
3,842,331
|
| Retained earnings |
41,074,374
|
37,228,261
|
| Accumulated other comprehensive income (loss) |
(5,804,429)
|
(2,831,419)
|
| Total shareholders’ equity |
72,068,203
|
71,195,100
|
| Non-controlling interest |
13,270,936
|
13,722,663
|
| TOTAL EQUITY |
85,339,139
|
84,917,763
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 154,197,189
|
$ 155,115,341
|