Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash $ 691,933 $ 10,092,205
Restricted cash 9,912,666  
Accounts receivable, net of allowance for doubtful accounts 31,946,561 9,273,446
Due from related parties 12,477,777
Inventories, net of reserve 67,611,136 30,527,752
Prepaid expenses 170,706 1,354,129
Prepaid expenses-related party 2,015,357  
Other receivables 1,901,094 613,384
Total Current Assets 114,249,453 64,338,693
OTHER ASSETS:    
Cost method investment 3,218,440 3,010,235
Equity method investment 29,689,813 27,923,464
Prepayment for long-term assets 66,083,041 49,040,338
Right-of-use asset 64,220 438,254
Property, plant and equipment, net 250,155,011 259,377,729
Total Other Assets 349,210,525 339,790,020
Total Assets 463,459,978 404,128,713
CURRENT LIABILITIES:    
Accounts payable 18,792,983 7,951,766
Accounts payable - related parties 9,966,708 1,707,217
Short-term bank loans 52,414,596 10,034,116
Long-term bank loans - current portion 39,987,577 57,122,789
Accrued liabilities and other payables 12,151,633 11,428,018
Lease liability- current 32,349 375,922
Due to related parties 18,354 168,328
Total Current Liabilities 133,364,200 88,788,156
OTHER LIABILITIES:    
Lease liability 32,203
Long-term bank loans - non-current portion 245,116,088 160,230,498
Total Liabilities 378,480,288 249,050,857
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:    
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 79,302,428 and 79,055,053 shares issued and outstanding at December 31, 2020 and 2019, respectively.) 79,302 79,055
Additional paid-in capital 82,045,993 81,682,599
(Deficit) retained earnings (18,594,755) 54,286,454
Statutory reserve 15,751,712 15,748,751
Accumulated other comprehensive loss (9,568,873) (16,080,908)
Total equity attributable to owners of the Company 69,713,379 135,715,951
Non-controlling interest 15,266,311 19,361,905
Total Shareholders’ Equity 84,979,690 155,077,856
Total Liabilities and Shareholders’ Equity $ 463,459,978 $ 404,128,713