Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash $ 5,789,508 $ 691,933
Restricted cash 14,831,138 9,912,666
Accounts receivable, net of allowance for doubtful accounts 26,861,827 31,946,561
Accounts receivable-related parties 5,660,857  
Inventories, net of reserve 54,969,973 67,611,136
Prepaid expenses 18,559,252 170,706
Prepaid expenses-related party   2,015,357
Other receivables 113,765,721 1,901,094
Total Current Assets 240,438,276 114,249,453
OTHER ASSETS:    
Cost method investment 3,293,756 3,218,440
Equity method investment 29,674,764 29,689,813
Prepayment for long-term assets 30,114,340 66,083,041
Right-of-use asset 465,016 64,220
Property, plant and equipment, net 272,249,346 250,155,011
Total Other Assets 335,797,222 349,210,525
Total Assets 576,235,498 463,459,978
CURRENT LIABILITIES:    
Accounts payable 54,153,711 18,792,983
Accounts payable - related parties 4,960,300 9,966,708
Short-term bank loans 72,305,786 52,414,596
Long-term bank loans - current 76,856,590 39,987,577
Accrued liabilities and other payables 27,531,333 12,151,633
Lease liabilities- current 400,557 32,349
Due to related parties 7,175,988 18,354
Total Current Liabilities 243,384,265 133,364,200
OTHER LIABILITIES:    
Lease liabilities 32,161  
Long-term bank loans - non-current 240,729,193 245,116,088
Total Liabilities 484,145,619 378,480,288
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:    
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding at December 31, 2021 and 2020, respectively.) 85,941 79,302
Additional paid-in capital 89,279,792 82,045,993
(Deficit) (21,842,858) (18,594,755)
Statutory reserve 15,878,174 15,751,712
Accumulated other comprehensive (loss) (6,919,882) (9,568,873)
Total equity attributable to owners of the Company 76,481,167 69,713,379
Non-controlling interest 15,608,712 15,266,311
Total Shareholders’ Equity 92,089,879 84,979,690
Total Liabilities and Shareholders’ Equity $ 576,235,498 $ 463,459,978