Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 346,570 $ 751,329
Short-term investment 97,029
Accounts receivable 451,130
Inventories, net 4,850,007 3,038,564
Prepaid expenses and other current assets 2,887,142 2,976,986
Total Current Assets 8,180,748 7,218,009
Property and Equipment    
Cost 2,806,068 2,777,144
Accumulated depreciation (1,143,373) (869,747)
Property and equipment 1,662,695 1,907,397
Prepayment for land 35,861,589 35,861,589
Net Property and Equipment 37,524,284 37,768,986
Other Assets    
Restricted cash 67,744 225,500
Intangible asset, net 2,640,000 2,887,500
Goodwill 1,475,334 1,475,334
Right-of-use assets, net 343,005 302,602
Deposits 113,860 113,660
Total Other Assets 4,639,943 5,004,596
Total Assets 50,344,975 49,991,591
Current Liabilities    
Short-term bank loan 163,200
Short-term loans 1,222,211
Accounts payable 1,874,339 912,729
Accrued expenses and other current liabilities 3,358,057 2,077,220
Long-term loan - current 9,242 8,666
Lease liability - current 317,131 332,379
Total Current Liabilities 6,944,180 3,330,994
Long-term Liabilities    
Long-term loan - non-current 32,659 36,803
Prepayment from customer 762,000 762,000
Lease liability - non-current 201,944 45,199
Restricted stock deposit liability 1,000 1,000
Total Long-Term Liabilities 997,603 845,002
Total Liabilities 7,941,783 4,175,996
Stockholders' Equity    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding as of June 30, 2020 and December 31, 2019
Common stock, $0.001 par value, 90,000,000 shares authorized, 9,391,729 shares (excluding 149,162 unvested restricted shares) issued and outstanding as of June 30, 2020 and December 31, 2019 9,392 9,392
Additional paid in capital 70,863,643 69,560,529
Accumulated deficits (27,759,387) (23,271,687)
Accumulated other comprehensive loss (710,456) (482,639)
Total Stockholders' Equity 42,403,192 45,815,595
Total Liabilities and Stockholders' Equity $ 50,344,975 $ 49,991,591