IT Tech Packaging (ITP) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information Line Items
Entity Registrant Name	IT TECH PACKAGING, INC.
Trading Symbol	ITP
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,065,920
Amendment Flag	false
Entity Central Index Key	0001358190
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34577
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-4158835
Entity Address, Address Line One	Science Park
Entity Address, Address Line Two	Juli Rd
Entity Address, Address Line Three	Xushui District
Entity Address, City or Town	Baoding City
Entity Address, Country	CN
Entity Address, Postal Zip Code	072550
City Area Code	(86)
Local Phone Number	312-8698215
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and bank balances	$ 9,437,941	$ 9,524,868
Restricted cash
Accounts receivable (net of allowance for doubtful accounts of $56,674 and $881,878 as of September 30, 2023 and December 31, 2022, respectively)	2,794,437
Inventories	5,364,777	2,872,622
Prepayments and other current assets	20,049,101	27,207,127
Total current assets	41,061,071	47,166,475
Prepayment on property, plant and equipment	877,462	1,031,502
Operating lease right-of-use assets, net	562,612	672,722
Finance lease right-of-use assets, net		1,939,970
Property, plant, and equipment, net	144,603,052	151,569,898
Value-added tax recoverable	1,893,510	2,066,666
Deferred tax asset non-current
Total Assets	188,997,707	204,447,233
Current Liabilities
Short-term bank loans	835,678	5,598,311
Current portion of long-term loans	4,707,652	4,835,884
Lease liability	96,746	224,497
Accounts payable	104,146	5,025
Advance from customers	18,751
Accrued payroll and employee benefits	299,908	165,986
Other payables and accrued liabilities	4,858,444	5,665,558
Income taxes payable		417,906
Total current liabilities	12,024,642	17,640,629
Long-term loans	6,562,401	4,204,118
Deferred gain on sale-leaseback		52,314
Lease liability - non-current	465,866	579,997
Derivative liability	263	646,283
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $12,010,014 and $16,784,878 as of September 30, 2023 and December 31, 2022, respectively)	19,053,172	23,123,341
Commitments and Contingencies
Stockholders’ Equity
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of September 30, 2023 and December, 31, 2022.	10,066	10,066
Additional paid-in capital	89,172,771	89,172,771
Statutory earnings reserve	6,080,574	6,080,574
Accumulated other comprehensive loss	(12,931,871)	(7,514,540)
Retained earnings	87,612,995	93,575,021
Total stockholders’ equity	169,944,535	181,323,892
Total Liabilities and Stockholders’ Equity	188,997,707	204,447,233
Related Party
Current Assets
Due from related parties	3,414,815	7,561,858
Current Liabilities
Due to related parties	$ 1,103,317	$ 727,462

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 56,674	$ 881,878
Consolidated VIE, liabilities (in Dollars)	$ 12,010,014	$ 16,784,878
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	10,065,920	10,065,920
Common stock, shares outstanding	10,065,920	10,065,920

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 15,771,560	$ 31,709,214	$ 65,582,351	$ 78,979,716
Cost of sales	(15,924,783)	(28,925,626)	(64,832,715)	(75,251,646)
Gross (Loss) Profit	(153,223)	2,783,588	749,636	3,728,070
Selling, general and administrative expenses	(2,334,746)	(3,370,541)	(6,153,513)	(8,541,224)
Loss on impairment of assets	3,456		(371,680)
Loss from Operations	(2,484,513)	(586,953)	(5,775,557)	(4,813,154)
Other Income (Expense):
Interest income	93,298	7,729	283,203	16,108
Interest expense	(247,818)	(256,678)	(767,668)	(786,597)
Gain on acquisition		(1,759)		30,404
Gain (Loss) on derivative liability	660,429	(617,370)	646,020	729,263
Loss before Income Taxes	(1,978,604)	(1,455,031)	(5,614,002)	(4,823,976)
Provision for Income Taxes	3,236	(432,287)	(348,024)	160,531
Net Loss	(1,975,368)	(1,887,318)	(5,962,026)	(4,663,445)
Other Comprehensive Income (Loss)
Foreign currency translation adjustment	1,143,608	(11,171,156)	(5,417,331)	(21,769,765)
Total Comprehensive Loss	$ (831,760)	$ (13,058,474)	$ (11,379,357)	$ (26,433,210)
Losses Per Share:
Basic and Diluted Losses per Share (in Dollars per share)	$ (0.2)	$ (0.19)	$ (0.59)	$ (0.47)
Outstanding – Basic and Diluted (in Shares)	10,065,920	9,991,744	10,065,920	9,941,288

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Diluted Losses per Share	$ (0.2)	$ (0.19)	$ (0.59)	$ (0.47)
Outstanding – Diluted	10,065,920	9,991,744	10,065,920	9,941,288

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ (5,962,026)	$ (4,663,445)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,573,288	11,218,254
(Gain) Loss on derivative liability	(646,020)	(729,263)
(Gain) Loss from disposal and impairment of property, plant and equipment	956,406
Allowance for bad debts	(815,317)	(791)
Share-based compensation and expenses		1,560,000
Gain on acquisition		(30,404)
Deferred tax		(1,197,630)
Changes in operating assets and liabilities:
Accounts receivable	(2,037,003)	146,250
Prepayments and other current assets	7,968,553	(422,092)
Inventories	(2,631,661)	863,170
Accounts payable	101,328	144,331
Advance from customers	19,140
Related parties	120,298	(149,827)
Accrued payroll and employee benefits	141,773	(42,738)
Other payables and accrued liabilities	119,132	1,000,945
Income taxes payable	(413,777)	(265,493)
Net Cash Provided by Operating Activities	7,494,114	7,431,267
Cash Flows from Investing Activities:
Purchases of property, plant and equipment	(9,211,711)	(1,681,979)
Acquisition of land		(6,507,431)
Net Cash Used in Investing Activities	(9,211,711)	(8,189,410)
Cash Flows from Financing Activities:
Proceeds from short term bank loans	852,988	602,319
Proceeds from long term loans	2,558,963	60,232
Repayment of bank loans	(5,549,150)	(307,182)
Payment of capital lease obligation	(130,470)	(154,212)
Loan to a related party (net)	4,264,938	6,638,923
Net Cash Provided by Financing Activities	1,997,269	6,840,080
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(366,599)	(1,266,146)
Net (Decrease) Increase in Cash and Cash Equivalents	(86,927)	4,815,791
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	9,524,868	11,201,612
Cash, Cash Equivalents and Restricted Cash - End of Period	9,437,941	16,017,403
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost	1,118,672	248,275
Cash paid for income taxes	761,801	1,287,530
Cash and bank balances	9,437,941	16,017,403
Restricted cash
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 9,437,941	$ 16,017,403

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Statutory Earnings Reserve	Statutory Earnings Reserve	Retained Earnings	Total
Balance at Dec. 31, 2021	$ 9,916	$ 89,016,921	$ 6,080,574	$ 10,496,168	$ 110,146,329	$ 215,749,908
Balance (in Shares) at Dec. 31, 2021	9,915,920
Issuance of shares to officer and directors	$ 150	155,850				156,000
Issuance of shares to officer and directors (in Shares)	150,000
Foreign currency translation adjustment				(21,769,765)		(21,769,765)
Net loss					(4,663,445)	(4,663,445)
Balance at Sep. 30, 2022	$ 10,066	89,172,771	6,080,574	(11,273,597)	105,482,884	189,472,698
Balance (in Shares) at Sep. 30, 2022	10,065,920
Balance at Dec. 31, 2022	$ 10,066	89,172,771	6,080,574	(7,514,540)	93,575,021	$ 181,323,892
Balance (in Shares) at Dec. 31, 2022	10,065,920					10,065,920
Issuance of shares to officer and directors
Foreign currency translation adjustment				(5,417,331)		(5,417,331)
Net loss					(5,962,026)	(5,962,026)
Balance at Sep. 30, 2023	$ 10,066	$ 89,172,771	$ 6,080,574	$ (12,931,871)	$ 87,612,995	$ 169,944,535
Balance (in Shares) at Sep. 30, 2023	10,065,920					10,065,920

Organization and Business Backg

Organization and Business Background	9 Months Ended
	Sep. 30, 2023
Organization and Business Background [Abstract]
Organization and Business Background	(1) Organization and Business Background IT Tech Packaging, Inc. (the “Company”) was incorporated in the State of Nevada on December 9, 2005, under the name “Carlateral, Inc.” Through the steps described immediately below, we became the holding company for Hebei Baoding Dongfang Paper Milling Company Limited (“Dongfang Paper”), a producer and distributor of paper products in China, on October 29, 2007. On August 1, 2018, we changed our corporate name to IT Tech Packaging, Inc.. The name change was effected through a parent/subsidiary short-form merger of IT Tech Packaging, Inc., our wholly-owned Nevada subsidiary formed solely for the purpose of the name change, with and into us. We were the surviving entity. In connection with the name change, our common stock began being traded under a new NYSE symbol, “ITP”. On June 9, 2022, the Board of Directors of the Company approved a reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”), at a ratio of 1-for-10 (the “Reverse Stock Split”). The Reverse Stock Split become effective on July 7, 2022 (the “Effective Date”), and the shares began trading on the split-adjusted basis on the NYSE American under the Company’s existing trading symbol “ITP” at market open on July 8, 2022. The new CUSIP number following the Reverse Stock Split is 46527C 209. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Reverse Stock Split. On October 29, 2007, pursuant to an agreement and plan of merger (the “Merger Agreement”), the Company acquired DongfangZhiye Holding Limited (“Dongfang Holding”), a corporation formed on November 13, 2006 under the laws of the British Virgin Islands, and issued the shareholders of Dongfang Holding an aggregate of 7,450,497 (as adjusted for a four-for-one reverse stock split effected in November 2009) shares of our common stock, which shares were distributed pro-rata to the shareholders of Dongfang Holding in accordance with their respective ownership interests in Dongfang Holding. At the time of the Merger Agreement, Dongfang Holding owned all of the issued and outstanding stock and ownership of Dongfang Paper and such shares of Dongfang Paper were held in trust with Zhenyong Liu, Xiaodong Liu and Shuangxi Zhao, for Mr. Liu, Mr. Liu and Mr. Zhao (the original shareholders of Dongfang Paper) to exercise control over the disposition of Dongfang Holding’s shares in Dongfang Paper on Dongfang Holding’s behalf until Dongfang Holding successfully completed the change in registration of Dongfang Paper’s capital with the relevant PRC Administration of Industry and Commerce as the 100% owner of Dongfang Paper’s shares. As a result of the merger transaction, Dongfang Holding became a wholly owned subsidiary of the Company, and Dongfang Holding’s wholly owned subsidiary, Dongfang Paper, became an indirectly owned subsidiary of the Company. Dongfang Holding, as the 100% owner of Dongfang Paper, was unable to complete the registration of Dongfang Paper’s capital under its name within the proper time limits set forth under PRC law. In connection with the consummation of the restructuring transactions described below, Dongfang Holding directed the trustees to return the shares of Dongfang Paper to their original shareholders, and the original Dongfang Paper shareholders entered into certain agreements with Baoding Shengde Paper Co., Ltd. (“Baoding Shengde”) to transfer the control of Dongfang Paper over to Baoding Shengde. On June 24, 2009, the Company consummated a number of restructuring transactions pursuant to which it acquired all of the issued and outstanding shares of Shengde Holdings Inc., a Nevada corporation. Shengde Holdings Inc. was incorporated in the State of Nevada on February 25, 2009. On June 1, 2009, Shengde Holdings Inc. incorporated Baoding Shengde, a limited liability company organized under the laws of the PRC. Because Baoding Shengde is a wholly-owned subsidiary of Shengde Holdings Inc., it is regarded as a wholly foreign-owned entity under PRC law. To ensure proper compliance of the Company’s control over the ownership and operations of Dongfang Paper with certain PRC regulations, on June 24, 2009, the Company entered into a series of contractual agreements (the “Contractual Agreements”) with Dongfang Paper and Dongfang Paper Equity Owners via the Company’s wholly owned subsidiary Shengde Holdings Inc. (“Shengde Holdings”) a Nevada corporation and Baoding Shengde Paper Co., Ltd. (“Baoding Shengde”), a wholly foreign-owned enterprise in the PRC with an original registered capital of $10,000,000 (subsequently increased to $60,000,000 in June 2010). Baoding Shengde is mainly engaged in production and distribution of digital photo paper and single-use face masks and is 100% owned by Shengde Holdings. Prior to February 10, 2010, the Contractual Agreements included (i) Exclusive Technical Service and Business Consulting Agreement, which generally provides that Baoding Shengde shall provide exclusive technical, business and management consulting services to Dongfang Paper, in exchange for service fees including a fee equivalent to 80% of Dongfang Paper’s total annual net profits; (ii) Loan Agreement, which provides that Baoding Shengde will make a loan in the aggregate principal amount of $10,000,000 to Dongfang Paper Equity Owners in exchange for each such shareholder agreeing to contribute all of its proceeds from the loan to the registered capital of Dongfang Paper; (iii) Call Option Agreement, which generally provides, among other things, that Dongfang Paper Equity Owners irrevocably grant to Baoding Shengde an option to purchase all or part of each owner’s equity interest in Dongfang Paper. The exercise price for the options shall be RMB1 which Baoding Shengde should pay to each of Dongfang Paper Equity Owner for all their equity interests in Dongfang Paper; (iv) Share Pledge Agreement, which provides that Dongfang Paper Equity Owners will pledge all of their equity interests in Dongfang Paper to Baoding Shengde as security for their obligations under the other agreements described in this section. Specifically, Baoding Shengde is entitled to dispose of the pledged equity interests in the event that Dongfang Paper Equity Owners breach their obligations under the Loan Agreement or Dongfang Paper fails to pay the service fees to Baoding Shengde pursuant to the Exclusive Technical Service and Business Consulting Agreement; and (v) Proxy Agreement, which provides that Dongfang Paper Equity Owners shall irrevocably entrust a designee of Baoding Shengde with such shareholder’s voting rights and the right to represent such shareholder to exercise such owner’s rights at any equity owners’ meeting of Dongfang Paper or with respect to any equity owner action to be taken in accordance with the laws and Dongfang Paper’s Articles of Association. The terms of the agreement are binding on the parties for as long as Dongfang Paper Equity Owners continue to hold any equity interest in Dongfang Paper. A Dongfang Paper Equity Owner will cease to be a party to the agreement once it transfers its equity interests with the prior approval of Baoding Shengde. As the Company had controlled Dongfang Paper since July 16, 2007 through Dongfang Holding and the trust until June 24, 2009 and continued to control Dongfang Paper through Baoding Shengde and the Contractual Agreements, the execution of the Contractual Agreements is considered as a business combination under common control. On February 10, 2010, Baoding Shengde and the Dongfang Paper Equity Owners entered into a Termination of Loan Agreement to terminate the above-mentioned $10,000,000 Loan Agreement. Because of the Company’s decision to fund future business expansions through Baoding Shengde instead of Dongfang Paper, the $10,000,000 loan contemplated was never made prior to the point of termination. The parties believe the termination of the Loan Agreement does not in itself compromise the effective control of the Company over Dongfang Paper and its businesses in the PRC. An agreement was also entered into among Baoding Shengde, Dongfang Paper and the Dongfang Paper Equity Owners on December 31, 2010, reiterating that Baoding Shengde is entitled to 100% of the distributable profit of Dongfang Paper, pursuant to the above- mentioned Contractual Agreements. In addition, Dongfang Paper and the Dongfang Paper Equity Owners shall not declare any of Dongfang Paper’s unappropriated earnings as dividend, including the unappropriated earnings of Dongfang Paper from its establishment to 2010 and thereafter. On June 25, 2019, Dongfang Paper entered into an acquisition agreement with the shareholder of Tengsheng Paper Co., Ltd. (“Tengsheng Paper”), a limited liability company organized under the laws of the PRC, pursuant to which Dongfang Paper would acquire Tengsheng Paper. Full payment of the consideration in the amount of RMB320 million (approximately $45 million) was made on February 23, 2022. QianrongQianhui Hebei Technology Co., Ltd, a wholly owned subsidiary of Shengde holding, was incorporated on July 15, 2021. It is a service provider of high quality material solutions for textile, cosmetics and paper production. The Company has no direct equity interest in Dongfang Paper. However, through the Contractual Agreements described above, the Company is found to be the primary beneficiary (the “Primary Beneficiary”) of Dongfang Paper and is deemed to have the effective control over Dongfang Paper’s activities that most significantly affect its economic performance, resulting in Dongfang Paper and its subsidiary, being treated as a controlled variable interest entity of the Company in accordance with Topic 810 - Consolidation of the Accounting Standards Codification (the “ASC”) issued by the Financial Accounting Standard Board (the “FASB”). The revenue generated from Dongfang Paper and Tengsheng Paper for the three months ended September 30, 2023 and 2022 was accounted for 99.66% and 99.83% of the Company’s total revenue, respectively. The revenue generated from Dongfang Paper and Tengsheng Paper for the nine months ended September 30, 2023 and 2022 was accounted for 99.86% and 99.75% of the Company’s total revenue, respectively. Dongfang Paper and Tengsheng Paper also accounted for 90.71% and 88.54% of the total assets of the Company as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, details of the Company’s subsidiaries and variable interest entities are as follows: Name Date of Or Place of Percentage Principal Subsidiary: Dongfang Holding November 13, 2006 BVI 100% Inactive investment holding Shengde Holdings February 25, 2009 State of Nevada 100% Investment holding Baoding Shengde June 1, 2009 PRC 100% Paper production and distribution Qianrong July 15, 2021 PRC 100% New material technology service Variable interest entity(“VIE”): Dongfang Paper March 10, 1996 PRC Control * Paper production and distribution Tengsheng Paper April 07, 2011 PRC Control ** Paper production and distribution * Dongfang Paper is treated as a 100% controlled variable interest entity of the Company. ** Tengsheng Paper is 100% subsidiary of Dongfang Paper. However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found to be in violation of any existing and/or future PRC laws or regulations and could limit the Company’s ability, through its subsidiary, to enforce its rights under these contractual arrangements. Furthermore, shareholders of the VIE may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the aforementioned agreements. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC law, the Company may be subject to penalties, which may include, but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or being required to discontinue the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or control the VIE, which may result in deconsolidation of the VIE. The Company believes the possibility that it will no longer be able to control and consolidate its VIE will occur as a result of the aforementioned risks and uncertainties is remote. The Company has aggregated the financial information of Dongfang Paper in the table below. The aggregate carrying value of Dongfang Paper’s assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 are as follows: The Company and its consolidated subsidiaries are not required to provide financial support to the VIE, and no creditor (or beneficial interest holders) of the VIE have recourse to the assets of Company unless the Company separately agrees to be subject to such claims. There are no terms in any agreements or arrangements, implicit or explicit, which require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE does require financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIE. September 30, December 31, 2023 2022 ASSETS Current Assets Cash and bank balances $ 3,382,230 $ 3,427,717 Restricted cash - - Accounts receivable 2,794,437 - Inventories 5,210,261 2,852,553 Prepayments and other current assets 17,000,896 20,134,386 Due from related parties 3,275,535 7,418,274 Total current assets 31,663,359 33,832,930 Prepayment on property, plant and equipment 877,462 1,031,502 Operating lease right-of-use assets, net 562,612 672,722 Finance lease right-of-use assets, net - 1,939,970 Property, plant, and equipment, net 138,342,091 143,534,690 Deferred tax asset non-current - Total Assets $ 171,445,524 $ 181,011,814 LIABILITIES Current Liabilities Short-term bank loans $ 417,839 $ 5,598,311 Current portion of long-term loans 2,479,178 4,835,885 Lease liability 96,746 224,497 Accounts payable 104,146 5,025 Advance from customers 18,751 - Due to related parties - - Accrued payroll and employee benefits 253,833 143,156 Other payables and accrued liabilities 3,421,890 4,887,584 Income taxes payable - 417,906 Total current liabilities 6,792,383 16,112,364 Long-term loans 4,751,765 40,203 Deferred gain on sale-leaseback 52,314 Lease liability - non-current 465,866 579,997 Total liabilities $ 12,010,014 $ 16,784,878

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	(2) Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. Accordingly, certain information and notes required by the United States of America generally accepted accounting principles (“GAAP”) for annual financial statements are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022 of the Company, and its subsidiaries and variable interest entity (which we sometimes refer to collectively as “the Company”, “we”, “us” or “our”). Principles of Consolidation Our unaudited condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations. Such adjustments are of a normal recurring nature, unless otherwise noted. The balance sheet as of September 30, 2023 and the results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for any future period. Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results could differ materially from those estimates. Reverse stock split On June 9, 2022, the Board of Directors of the Company approved the Reverse Stock Split, at a ratio of 1-for-10, pursuant to Section 78.207 of the Nevada Revised Statutes (“NRS”). The Reverse Stock Split was effected by the Company filing of a Certificate of Change Pursuant to NRS 78.209 with the Secretary of State of the State of Nevada on July 7, 2022. The par value per share of our stock remains unchanged at $0.001 per share after the Reverse Stock Split. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Reverse Stock Split. Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. Fair Value Measurements The Company has adopted ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. It does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. It establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts that the Company could realize in a current market exchange. As of September 30, 2023 and December 31, 2022, the carrying value of the Company’s short term financial instruments, such as cash and cash equivalents, accounts receivable, accounts and notes payable, short-term bank loans, balance due to a related party and obligation under capital lease, approximate at their fair values because of the short maturity of these instruments; while loans from credit union and loans from a related party approximate at their fair value as the interest rates thereon are close to the market rates of interest published by the People’s Bank of China. Management determined that liabilities created by beneficial conversion features associated with the issuance of certain warrants (see “ Derivative liabilities” Non-Recurring Fair Value Measurements The Company reviews long-lived assets for impairment annually or more frequently if events or changes in circumstances indicate the possibility of impairment. For the continuing operations, long-lived assets are measured at fair value on a nonrecurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. For discontinued operations, long-lived assets are measured at the lower of carrying amount or fair value less cost to sell. The fair value of these assets were determined using models with significant unobservable inputs which were classified as Level 3 inputs, primarily the discounted future cash flow. Share-Based Compensation The Company uses the fair value recognition provision of ASC Topic 718, Compensation-Stock Compensation The Company also applies the provisions of ASC Topic 505-50, Equity Based Payments to Non-Employees

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Inventories	( 3) Inventories Raw materials inventory includes mainly recycled paper board and recycled white scrap paper. Finished goods include mainly products of corrugating medium paper, offset printing paper and tissue paper products. Inventories consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Raw Materials Recycled paper board $ 3,580,255 $ 1,258,161 Recycled white scrap paper 10,503 10,809 Gas 107,652 42,237 Base paper and other raw materials 302,584 160,229 4,000,994 1,471,436 Semi-finished Goods 634,615 132,810 Finished Goods 729,168 1,268,376 Total inventory, gross 5,364,777 2,872,622 Inventory reserve - - Total inventory, net $ 5,364,777 $ 2,872,622

Prepayments and Other Current A

Prepayments and Other Current Assets	9 Months Ended
	Sep. 30, 2023
Prepayments and Other Current Assets [Abstract]
Prepayments and other current assets	(4) Prepayments and other current assets Prepayments and other current assets consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Prepaid land lease $ 174,100 $ 172,300 Prepayment for purchase of materials 5,231,142 12,941,951 Value-added tax recoverable 13,728,351 13,640,868 Prepaid gas 95,757 27,462 Others 819,751 424,546 $ 20,049,101 $ 27,207,127

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net	(5) Property, plant and equipment, net As of September 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following: September 30, December 31, 2023 2022 Property, Plant, and Equipment: Land use rights $ 59,027,166 $ 57,686,220 Building and improvements 66,713,144 68,300,987 Machinery and equipment 157,605,810 158,498,316 Vehicles 661,187 681,617 Construction in progress 1,515,537 1,239,698 Totals 285,522,844 286,406,838 Less: accumulated depreciation and amortization (140,919,792 ) (134,836,940 ) Property, Plant and Equipment, net $ 144,603,052 $ 151,569,898 As of September 30, 2023 and December 31, 2022, land use rights represented twenty three parcels of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2068, respectively. As of September 30, 2023 and December 31, 2022, certain property, plant and equipment of Dongfang Paper with net values of $29,713 and $280,466, respectively, have been pledged pursuant to a long-term loan from credit union of Dongfang Paper. Land use right of Tengsheng Paper with net value of $4,872,178 and $5,111,014, respectively, as of September 30, 2023 and December 31, 2022 was pledged for a long-term loan from credit union of Baoding Shengde. In addition, land use right of Tengsheng Paper with net value of $3,755,317 and $3,948,953, respectively, as of September 30, 2023 and December 31, 2022 was pledged for another long-term loan from credit union of Baoding Shengde. Land use right of Dongfang Paper with net value of $5,098,721 as of September 30, 2023 was pledged for a long-term loan from credit union of Tengsheng Paper. See “ Short-term bank loans Depreciation and amortization of property, plant and equipment was $3,423,231 and $3,609,985 for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization of property, plant and equipment was $10,573,288 and $11,168,328 for the nine months ended September 30, 2023 and 2022, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Lease [Abstract]
Leases	(6) Leases Financing with Sale-Leaseback The Company entered into a sale-leaseback arrangement (the “Lease Financing Agreement”) with TAC Leasing Co., Ltd.(“TLCL”) on August 6, 2020, for a total financing proceeds in the amount of RMB 16 million (approximately US$2.5 million). Under the sale-leaseback arrangement, Tengsheng Paper sold the Leased Equipment to TLCL for 16 million (approximately US$2.5 million). Concurrent with the sale of equipment, Tengsheng Paper leases back the equipment sold to TLCL for a lease term of three years. At the end of the lease term, Tengsheng Paper may pay a nominal purchase price of RMB 100 (approximately $16) to TLCL and buy back the Leased Equipment. The Leased Equipment in amount of $2,349,452 was recorded as right of use assets and the net present value of the minimum lease payments was recorded as lease liability and calculated with TLCL’s implicit interest rate of 15.6% per annum and stated at $567,099 at the inception of the lease on August 17, 2020. Tengsheng Paper made payments due according to the schedule. On July 17, 2023, the Company made a final payment on outstanding obligations and bought back the Lease Equipment at nominal price according to the agreement. The lease assets were reclassified as own assets and balance of Leased Equipment net of amortization were $ nil Operating lease The Company leases space under non-cancelable operating leases for office and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. The leases include option to renew in condition that it is agreed by the landlord before expiry. Therefore, the majority of renewals to extend the lease terms are not included in its right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluate the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The components of the Company’s lease expense are as follows: Nine Months Ended September 30, RMB Operating lease cost 104,460 Short-term lease cost - Lease cost 104,460 Supplemental cash flow information related to its operating leases was as follows for the period ended September 30, 2023: Nine Months Ended September 30, RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases 139,280 Maturities of its lease liabilities for all operating leases are as follows as of September 30, 2023: September 30, Amount 2024 139,280 2025 139,280 2026 139,280 2027 139,280 2028 139,280 Thereafter - Total operating lease payments $ 696,400 Less: Interest (133,788 ) Present value of lease liabilities 562,612 Less: current portion, record in current liabilities (96,746 ) Present value of lease liabilities 465,866 The weighted average remaining lease terms and discount rates for all of its operating leases were as follows as of September 30, 2023: September 30, 2023 Remaining lease term and discount rate: RMB Weighted average remaining lease term (years) 4.9 Weighted average discount rate 7.56 %

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2023
Loans Payable [Abstract]
Loans Payable	(7) Loans Payable Short-term bank loans September 30, December 31, 2023 2022 Industrial and Commercial Bank of China (“ICBC”) Loan 1 $ - $ 5,023,978 ICBC Loan 2 - 287,167 ICBC Loan 3 - 143,583 ICBC Loan 4 417,839 - China Construction Bank Loan - 143,583 ICBC Loan 5 417,839 - Total short-term bank loans $ 835,678 $ 5,598,311 On November 10, 2022, the Company entered into a working capital loan agreement with the ICBC. The loan was secured by the land use right of Dongfang Paper as collateral for the benefit of the bank and guaranteed by Mr. Liu. The loan bore a fixed interest rate of 4.785% per annum. The Company repaid $71,743 in May 2023 and paid off the remaining balance of the loan in August 2023. The balance of the loan was $ nil On November 30, 2022, the Company entered into a working capital loan agreement with the ICBC, with a balance of $ nil On November 30, 2022, the Company entered into a working capital loan agreement with the ICBC, with a balance of $ nil On May 29, 2023, the Company entered into a working capital loan agreement with the ICBC, with a balance of $417,839 as of September 30, 2023. The loan bears a fixed interest rate of 4.25% per annum. The loan will be due by November 25, 2023. On July 29, 2022, the Company entered into a working capital loan agreement with the China Construction Bank, with a balance of $ nil On June 29, 2023, the Company entered into a working capital loan agreement with the ICBC, with a balance of $417,839 as of September 30, 2023. The loan bears a fixed interest rate of 3.55% per annum. The loan will be due by June 28, 2024. As of September 30, 2023, there were guaranteed short-term borrowings of $ nil The average short-term borrowing rates for the three months ended September 30, 2023 and 2022 were approximately 4.52% and 4.28%. The average short-term borrowing rates for the nine months ended September 30, 2023 and 2022 were approximately 4.66% and 4.6%. Long-term loans As of September 30, 2023 and December 31, 2022, long-term loans were $11,270,053 and $9,040,002, respectively. September 30, December 31, 2023 2022 Rural Credit Union of Xushui District Loan 1 $ 1,197,805 $ 1,234,816 Rural Credit Union of Xushui District Loan 2 3,481,536 3,589,582 Rural Credit Union of Xushui District Loan 3 2,228,474 2,297,332 Rural Credit Union of Xushui District Loan 4 1,810,635 1,866,582 Rural Credit Union of Xushui District Loan 5 2,507,034 - Yujiangna 44,569 51,690 Total 11,270,053 9,040,002 Less: Current portion of long-term loans (4,707,652 ) (4,835,884 ) Long-term loans $ 6,562,401 $ 4,204,118 As of September 30, 2023, the Company’s long-term debt repayments for the next coming years were as follows: Fiscal year Amount Remainder of 2023 $ 4,707,652 2024 3,061,367 2025 & after 3,501,034 Total 11,270,053 On April 16, 2014, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 5 years, which was originally due in various installments from June 21, 2014 to November 18, 2018. The loan is guaranteed by an independent third party. Interest payment is due quarterly and bore a rate of 7.68% per annum. Effective from November 15, 2022, the interest rate was reduced to 7% per annum. On November 6, 2018, the loan was renewed for additional 5 years and will be due and payable in various installments from December 21, 2018 to November 5, 2023. As of September 30, 2023 and December 31, 2022, total outstanding loan balance was $1,197,805 and $1,234,816, respectively, which are presented as current liabilities in the consolidated balance sheet. On July 15, 2013, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 5 years, which was originally due and payable in various installments from December 21, 2013 to July 26, 2018. On June 21, 2018, the loan was extended for additional 5 years and was due and payable in various installments from December 21, 2018 to June 20, 2023. On June 19, 2023, the loan was extended for another 5 years and will be due and payable on June 20, 2028. The loan is secured by certain of the Company’s manufacturing equipment with net book value of $29,713 and $280,466 as of September 30, 2023 and December 31, 2022, respectively. Interest payment is due quarterly and bore a rate of 7.68% per annum. Effective from November 15, 2022, the interest rate was reduced to 7% per annum. As of September 30, 2023 and December 31, 2022, the total outstanding loan balance was $3,481,536 and $3,589,582, which are presented as non-current liabilities and current liabilities in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. On April 17, 2019, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 2 years, which was due and payable in various installments from August 21, 2019 to April 16, 2021. The loan was renewed on March 22, 2021 and December 24, 2021 and extended for additional 3 years in total, which will be due on April 16, 2024 according to the new schedule. The loan is secured by Tengsheng Paper with its land use right as collateral for the benefit of the credit union. Interest payment is due quarterly and bore a rate of 7.68% per annum. Effective from November 15, 2022, the interest rate was reduced to 7% per annum. As of September 30, 2023 and December 31, 2022, the total outstanding loan balance was $2,228,474 and $2,297,332, respectively, which are presented as current liabilities and non-current liabilities in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. On December 12, 2019, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 2 years, which is due and payable in various installments from June 21, 2020 to December 11, 2021. The loan was renewed on March 22, 2021 and December 24, 2021 and extended for additional 3 years in total, which will be due on December 11, 2024 according to the new schedule. The loan is secured by Tengsheng Paper with its land use right as collateral for the benefit of the credit union. Interest payment is due monthly and bore a rate of 7.56% per annum. Effective from November 15, 2022, the interest rate was reduced to 7% per annum. As of September 30, 2023 and December 31, 2022, the total outstanding loan balance was $1,810,635 and $1,866,582, respectively, which are presented as non-current liabilities in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. On February 26, 2023, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 2 years, which is due and payable in various installments from August 21, 2023 to February 24, 2025. The loan is secured by Dongfang Paper with its land use right as collateral for the benefit of the credit union. Interest payment is due monthly and bore a rate of 7% per annum. As of September 30, 2023, the total outstanding loan balance was $2,507,034. Out of the total outstanding loan balance, current portion amounted was $1,267,445, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of $1,239,589 is presented as non-current liabilities in the consolidated balance sheet as of September 30, 2023. On July 1, 2022, the Company entered into a loan agreement with Jiangna Yu, a customer of the Company, pursuant to which the Company borrowed RMB 400,000 from Jiangna Yu for a term of five years. The loan is payable in monthly installment of RMB10,667 from July 2022 to July 2027. As of September 30, 2023 and December 31, 2022, the total outstanding loan balance was $44,569 and $51,690, respectively. Out of the total outstanding loan balance, current portion amounted $11,072 and $13,928, respectively, which are presented as current liabilities and the remaining balance of $30,641 and $40,204 are presented as non-current liabilities in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. Total interest expenses for the short-term bank loans and long-term loans for the three months ended September 30, 2023 and 2022 were $247,628 and $248,239, respectively. Total interest expenses for the short-term bank loans and long-term loans for the nine months ended September 30, 2023 and 2022 were $760,807 and $753,789, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(8) Related Party Transactions Mr. Zhenyong Liu, the Company’s CEO has loaned money to Dongfang Paper for working capital purposes over a period of time. On January 1, 2013, Dongfang Paper and Mr. Zhenyong Liu renewed the three-year term loan previously entered on January 1, 2010, and extended the maturity date further to December 31, 2015. On December 31, 2015, the Company paid off the loan of $2,249,279, together with interest of $391,374 for the period from 2013 to 2015. Approximately $354,748 and $357,021 of interest were outstanding to Mr. Zhenyong Liu, which were recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet as of September 30, 2023 and December 31, 2022, respectively. On December 10, 2014, Mr. Zhenyong Liu provided a loan to the Company, amounted to $8,742,278 to Dongfang Paper for working capital purpose with an interest rate of 4.35% per annum, which was based on the primary lending rate of People’s Bank of China. The unsecured loan was provided on December 10, 2014, and would be originally due on December 10, 2017. During the year of 2016, the Company repaid $6,012,416 to Mr. Zhenyong Liu, together with interest of $288,596. In February 2018, the company paid off the remaining balance, together with interest of $20,400. As of September 30, 2023 and December 31, 2022, approximately $41,784 and $43,075 of interest, respectively were outstanding to Mr. Zhenyong Liu, which was recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet. On March 1, 2015, the Company entered an agreement with Mr. Zhenyong Liu which allows Dongfang Paper to borrow from the CEO an amount up to $17,201,342 (RMB120,000,000) for working capital purposes. The advances or funding under the agreement are due three years from the date each amount is funded. The loan is unsecured and carries an annual interest rate set on the basis of the primary lending rate of the People’s Bank of China at the time of the borrowing. On July 13, 2015, an unsecured amount of $4,324,636 was drawn from the facility. On October 14, 2016 an unsecured amount of $2,883,091 was drawn from the facility. In February 2018, the company repaid $1,507,432 to Mr. Zhenyong Liu. The loan would be originally due on July 12, 2018. Mr. Zhenyong Liu agreed to extend the loan for additional 3 years and the remaining balance was due on July 12, 2021. On November 23, 2018, the Company repaid $3,768,579 to Mr. Zhenyong Liu, together with interest of $158,651. In December 2019, the Company paid off the remaining balance, together with interest of 94,636. As of September 30, 2023 and December 31, 2022, the outstanding interest was $191,422 and $197,338, respectively, which was recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet. As of September 30, 2023 and December 31, 2022, total amount of loans due to Mr. Zhenyong Liu were $ nil nil On December 8, 2021, the Company entered into an agreement with Mr. Zhenyong Liu, which allows Mr. Zhenyong Liu to borrow from the Company an amount of $6,507,431 (RMB44,089,085). The loan is unsecured and carries a fixed interest rate of 3% per annum. The loan was repaid by Mr. Zhenyong Liu in February 2022. In October 2022 and November 2022, the Company entered into two agreements with Mr. Zhenyong Liu, which allowed Mr. Zhenyong Liu to borrow from the Company an amount of $6,963,982 (RMB50,000,000) in total. The loans were unsecured and carried a fixed interest rate of 4.35% per annum. $4,264,938 (RMB30,000,000) was repaid by Mr. Zhengyong Liu in August 2023. The remaining balance is expected to be repaid by the end of November 2023. Interest income of the loan for the nine months ended September 30, 2023 was $263,342. As of September 30, 2023 and December 31, 2022, amount due to shareholders was $727,433, which represents funds from shareholders to pay for various expenses incurred in the U.S. The amount is due on demand with interest free.

Other Payables and Accrued Liab

Other Payables and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Other Payables and Accrued Liabilities [Abstract]
Other payables and accrued liabilities	(9) Other payables and accrued liabilities Other payables and accrued liabilities consist of the following: September 30, December 31, 2023 2022 Accrued electricity $ 114,579 $ 3,036 Accrued rental 20,129 56,646 Value-added tax payable 686 69,053 Accrued interest to a related party 590,227 608,465 Payable for purchase of equipment 2,442,169 3,294,940 Accrued commission to salesmen 14,553 19,524 Accrued bank loan interest 1,203,655 1,595,354 Others 472,446 18,540 Totals $ 4,858,444 $ 5,665,558

Derivative Liabilities

Derivative Liabilities	9 Months Ended
	Sep. 30, 2023
Derivative Liabilities [Abstract]
Derivative Liabilities	(10) Derivative Liabilities The Company analyzed the warrant for derivative accounting consideration under ASC 815, “Derivatives and Hedging, and hedging,” and determined that the instrument should be classified as a liability since the warrant becomes effective at issuance resulting in there being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. ASC 815 requires we assess the fair market value of derivative liability at the end of each reporting period and recognize any change in the fair market value as other income or expense item. The Company determined its derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of September 30, 2023. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk-free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each warrant is estimated using the Black-Scholes valuation model. The following weighted-average assumptions were used in the September 30, 2023: Nine months ended September 30, Expected term 1.05 - 2.75 Expected average volatility 73% - 102 % Expected dividend yield - Risk-free interest rate 0.19% - 4.8 % The following table summarizes the changes in the derivative liabilities during the nine months ended September 30, 2023: Fair Value Measurements Using Significant Observable Inputs (Level 3) Balance at December 31, 2022 $ 646,283 Addition of new derivatives recognized as warrant - Addition of new derivatives recognized as loss on derivatives - Exercise of warrants - Change in fair value of derivative liability (646,020 ) Balance at September, 2023 $ 263

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2023
Common Stock [Abstract]
Common Stock	(11) Common Stock Issuance of common stock to investors On January 20, 2021, the Company offered and sold to certain institutional investors an aggregate of 2,618,182 shares of common stock and 2,618,182 warrants to purchase up to 2,618,182 shares of common stock in a best-efforts public offering for gross proceeds of approximately $14.4 million. The purchase price for each share of common stock and the corresponding warrant was $5.5. The exercise price of the warrant was $5.5 per share. On March 1, 2021, the Company offered and sold to the public investors an aggregate of 2,927,786 shares of common stock and 1,463,893 warrants to purchase up to 1,463,893 shares of common stock in a firm commitment underwritten public offering for gross proceeds of approximately $21.9 million. The purchase price for each share of common stock and accompanying warrant was $7.5. The exercise price of the warrant was $7.5 per share. Reverse stock split On June 9, 2022, the Board of Directors of the Company approved the Reverse Stock Split, at a ratio of 1-for-10, pursuant to Section 78.207 of the Nevada Revised Statutes (“NRS”). The Reverse Stock Split was effected by the Company filing of a Certificate of Change Pursuant to NRS 78.209 with the Secretary of State of the State of Nevada on July 7, 2022. The par value per share of our stock remains unchanged at $0.001 per share after the Reverse Stock Split. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Reverse Stock Split. Issuance of common stock pursuant to the 2021 Incentive Stock Plan On August 15, 2022, the Company granted an aggregate of 150,000 shares of common stock under its compensatory incentive plans to fifteen employees, as awards under the 2021 Incentive Stock Plan. Please see Note (15), Stock Incentive Plans for more details. Total fair value of the stock was calculated at $156,000 as of the date of grant.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2023
Warrants [Abstract]
Warrants	(12) Warrants On April 29, 2020, the Company and certain institutional investors entered into a securities purchase agreement, as amended on May 4, 2020 (the “2020 Purchase Agreement”), pursuant to which the Company agreed to sell to such investors an aggregate of 440,000 shares of common stock and warrants to purchase up to 440,000 shares of common stock in a concurrent private placement (the “May 2020 Warrants”). The exercise price of the May 2020 Warrant is $7.425 per share. These warrants become exercisable on July 23, 2020 and have a term of exercise equal to five years and six months from the date of issuance till July 23, 2025. 88,000 May 2020 Warrants were exercised in February 2021 at the exercise price of $7.425 per share and 352,000 May 2020 Warrants were outstanding as of September 30, 2023. On January 20, 2021, the Company offered and sold to certain institutional investors an aggregate of 2,618,182 shares of common stock and 2,618,182 warrants to purchase up to 2,618,182 shares of common stock (the “January 2021 Warrants”). The January 2021 Warrants became exercisable on January 20, 2021 at an exercise price of $5.5 and will expire on January 20, 2026. 1,410,690 January 2021 Warrants were exercised in January and February of 2021 at the exercise price of $5.5 per share. 1,207,492 January 2021 Warrants were outstanding as of September 30, 2023. On March 1, 2021, the Company offered and sold to the public investors an aggregate of 2,927,786 shares of common stock and 1,463,893 warrants to purchase up to 1,463,893 shares of common stock (the “March 2021 Warrants”). The March 2021 Warrants became exercisable on March 1, 2021 at an exercise price of $7.5 and will expire on March 1, 2026. 6,750 March 2021 Warrants were exercised in January and March 2021 at the exercise price of $7.5 per share and 1,457,143 March 2021 Warrants were outstanding as of September 30, 2023. The Company classified warrants as liabilities and accounted for the issuance of the warrants as a derivative. A summary of stock warrant activities is as below: Nine months Ended September 30, Weight average exercise Number price Outstanding and exercisable at beginning of the period 3,016,635 $ 6.6907 Issued during the period - Exercised during the period - Outstanding and exercisable at end of the period 3,016,635 $ 6.6907 The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2023. Warrants Outstanding Warrants Exercisable Number of Weighted Average Remaining Weighted Average Number of Weighted Average 3,016,635 2.34 $ 6.6907 3,016,635 $ 6.6907 Aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the warrants at September 30, 2023 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). The intrinsic value of the warrants as of September 30, 2023 and December 31, 2022 are nil

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	(13) Earnings Per Share For the three months ended September 30, 2023 and 2022, basic and diluted net income per share are calculated as follows: Three Months Ended 2023 2022 Basic loss per share Net loss for the period - numerator $ (1,975,368 ) $ (1,887,318 ) Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Net loss per share $ (0.20 ) $ (0.19 ) Diluted income per share Net income for the period- numerator $ (1,975,368 ) $ (1,887,318 ) Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Effect of dilution - - Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Diluted loss per share $ (0.20 ) $ (0.19 ) Nine Months Ended 2023 2022 Basic loss per share Net loss for the period - numerator $ (5,962,026 ) $ (4,663,445 ) Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Net loss per share $ (0.59 ) $ (0.47 ) Diluted loss per share Net loss for the period - numerator $ (5,962,026 ) $ (4,663,445 ) Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Effect of dilution - - Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Diluted loss per share $ (0.59 ) $ (0.47 ) For the three and nine months ended September 30, 2023 and 2022 there were no securities with dilutive effect issued and outstanding.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	(14) Income Taxes United States The Company may be subject to the United States of America Tax laws at a tax rate of 21%. No provision for the US federal income taxes has been made as the Company had no US taxable income for the nine months ended September 30, 2023 and 2022, and management believes that its earnings are permanently invested in the PRC. PRC Dongfang Paper and Baoding Shengde are PRC operating companies and are subject to PRC Enterprise Income Tax. Pursuant to the PRC New Enterprise Income Tax Law, Enterprise Income Tax is generally imposed at a statutory rate of 25%. The provisions for income taxes for three months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 2022 Provision for Income Taxes Current Tax Provision U.S. $ - $ 15,062 Current Tax Provision PRC (3,236 ) 793,630 Deferred Tax Provision PRC - (376,405 ) Total Provision for (Deferred tax benefit)/ Income Taxes $ (3,236 ) $ 432,287 The provisions for income taxes for nine months ended September 30, 2023 and 2022 were as follows: Nine Months Ended September 30, 2023 2022 Provision for Income Taxes Current Tax Provision U.S. $ - $ 15,062 Current Tax Provision PRC 348,024 1,022,037 Deferred Tax Provision PRC - (1,197,630 ) Total Provision for (Deferred tax benefit)/ Income Taxes $ 348,024 $ (160,531 ) In addition to the reversible future PRC income tax benefits stemming from the timing differences of items such as recognition of asset disposal gain or loss and asset depreciation, the Company was incorporated in the United States and incurred net operating losses of approximately $530,581 and $761,881 for U.S. income tax purposes for the years ended December 31, 2022 and 2021, respectively. The net operating loss carried forward may be available to reduce future years’ taxable income. These carry forwards would expire, if not utilized, during the period of 2030 through 2035. As of September 30, 2023, management believed that the realization of all the U.S. income tax benefits from these losses, which generally would generate a deferred tax asset if it can be expected to be utilized in the future, appears not more than likely due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, As of September 30, 2023 and December 31, 2022, the Company provided a 100% valuation allowance on the U.S. deferred tax asset benefit to reduce the total deferred tax asset to the amount realizable for the PRC income tax purposes. Management reviews this valuation allowance periodically and will make adjustments as warranted. A summary of the otherwise deductible (or taxable) deferred tax items is as follows: September 30, December 31, 2023 2022 Deferred tax assets (liabilities) Depreciation and amortization of property, plant and equipment $ 15,938,215 $ 15,474,485 Impairment of property, plant and equipment 948,175 796,559 Miscellaneous 124,058 615,436 Net operating loss carryover of PRC company 235,109 213,620 Total deferred tax assets 17,245,557 17,100,100 Less: Valuation allowance (17,245,557 ) (17,100,100 ) Total deferred tax assets, net $ - - Three Months Ended September 30, 2023 2022 PRC Statutory rate 25.0 % 25.0 % Effect of tax and book difference (2.6 )% (54.7 )% Change in valuation allowance (22.2 )% - Effective income tax rate 0.2 % (29.7 )% Nine Months Ended September 30, 2023 2022 PRC Statutory rate 25.0 % 25.0 % Effect of tax and book difference (28.6 )% (21.7 )% Change in valuation allowance (2.6 )% - Effective income tax rate (6.2 )% 3.3 % During the three months ended September 30, 2023 and 2022, the effective income tax rate was estimated by the Company to be 0.2% and -29.7%, respectively. During the nine months ended September 30, 2023 and 2022, the effective income tax rate was estimated by the Company to be -6.2% and 3.3%, respectively. As of September 30, 2023, except for the one-time transition tax under the 2017 TCJA which imposes a U.S. tax liability on all unrepatriated foreign E&Ps, the Company does not believe that its future dividend policy and the available U.S. tax deductions and net operating losses will cause the Company to recognize any other substantial current U.S. federal or state corporate income tax liability in the near future. Nor does it believe that the amount of the repatriation of the VIE’s earnings and profits for purposes of paying dividends will change the Company’s position that its PRC subsidiary Baoding Shengde and the VIE, Dongfang Paper are considered or are expected to be indefinitely reinvested offshore to support our future capacity expansion. If these earnings are repatriated to the U.S. resulting in U.S. taxable income in the future, or if it is determined that such earnings are to be remitted in the foreseeable future, additional tax provisions would be required. The Company has adopted ASC Topic 740-10-05, Income Taxes. To date, the adoption of this interpretation has not impacted the Company’s financial position, results of operations, or cash flows. The Company performed self-assessment and the Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed, which in the PRC is usually 5 years. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of September 30, 2023 and December 31, 2022, management considered that the Company had no uncertain tax positions affecting its consolidated financial position and results of operations or cash flows, and will continue to evaluate for any uncertain position in future. There are no estimated interest costs and penalties provided in the Company’s consolidated financial statements for the three and nine months ended September 30, 2023 and 2022, respectively. The Company’s tax positions related to open tax years are subject to examination by the relevant tax authorities and the major one is the China Tax Authority.

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2023
Stock Incentive Plans [Abstract]
Stock Incentive Plans	(15) Stock Incentive Plans 2021 Incentive Stock Plan On November 12, 2021, the Company’s Annual General Meeting adopted and approved the 2021 Omnibus Equity Incentive Plan of IT Tech Packaging, Inc.(the”2021 Plan”). Under the 2021 ISP, the Company has reserved a total of 150,000 shares of common stock for issuance as or under awards to be made to the directors, officers, employees and/or consultants of the Company and its subsidiaries. On August 15, 2022, the Company granted an aggregate of 150,000 shares of common stock under its compensatory incentive plans to fifteen employees. Total fair value of the stock was calculated at $156,000 as of the date of grant.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(16) Commitments and Contingencies Xushui Land Lease The Company leases 32.95 acres of land from a local government in Xushui District, Baoding City, Hebei, China through a real estate lease with a 30-year term, which expires on December 31, 2031. The lease requires an annual rental payment of approximately $17,060 (RMB120,000). This lease is renewable at the end of the 30-year term. Sale of Headquarters Compound Real Properties On August 7, 2013, the Company’s Audit Committee and the Board of Directors approved the sale of the land use right of the Headquarters Compound (the “LUR”), the office building and essentially all industrial-use buildings in the Headquarters Compound (the “Industrial Buildings”), and three employee dormitory buildings located within the Headquarters Compound (the “Dormitories”) to Hebei Fangsheng for cash prices of approximately $2.77 million, $1.15 million, and $4.31 million respectively. Sales of the LUR and the Industrial Buildings were completed in year 2013. In connection with the sale of the Industrial Buildings, Hebei Fangsheng agreed to lease the Industrial Buildings back to the Company for its original use with an annual rental payment of approximately $142,165 (RMB1,000,000). The lease was recorded in lease assets and liabilities in the consolidated balance sheet as of September 30, 2023. See ‘ Operating lease’ Future minimum lease payments of the land lease is as follows: September 30, Amount 2024 16,714 2025 16,714 2026 16,714 2027 16,714 2028 16,714 Thereafter 54,319 Total operating lease payments 137,889 Capital commitment As of September 30, 2023, the Company has entered into several contracts for the purchase of paper machine of a new tissue paper production line PM10, and the improvement of Industrial Buildings. Total outstanding commitments under these contracts were $3,815,502 and $4,329,279 as of September 30, 2023 and December 31, 2022, respectively. The Company expected to pay off all the balances within 1-3 years. Guarantees and Indemnities The Company agreed with Baoding Huanrun Trading Co., a major supplier of raw materials, to guarantee certain obligations of this third party, and as of September 30, 2023 and December 31, 2022, the Company guaranteed its long-term loan from financial institutions amounting to $4,317,669 (RMB31,000,000), that matured at various times in 2028. If Huanrun Trading Co., were to become insolvent, the Company could be materially adversely affected.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	(17) Segment Reporting Since March 10, 2010, Baoding Shengde started its operations and thereafter the Company manages its operations through three business operating segments: Dongfang Paper and Tengsheng Paper, which produces offset printing paper, corrugating medium paper and tissue paper, and Baoding Shengde, which produces face masks and digital photo paper. They are managed separately because each business requires different technology and marketing strategies. The Company evaluates performance of its operating segments based on net income. Administrative functions such as finance, treasury, and information systems are centralized. However, where applicable, portions of the administrative function expenses are allocated among the operating segments based on gross revenue generated. The operating segments do share facilities in Xushui County, Baoding City, Hebei Province, China. All sales were sold to customers located in the PRC. Summarized financial information for the three reportable segments is as follows: Three Months Ended September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 15,492,300 $ 264,063 $ 15,197 $ - $ - $ 15,771,560 Gross profit 583,651 (734,481 ) (2,393 ) - - (153,223 ) Depreciation and amortization 960,898 2,071,901 390,432 - - 3,423,231 Loss on impairment of assets - - (3,456 ) - - (3,456 ) Interest income 90,449 561 2,250 38 - 93,298 Interest expense 119,795 52,199 72,291 3,533 - 247,818 Income tax expense(benefit) (3,236 ) - - - - (3,236 ) Net income (loss) (398,386 ) (2,114,896 ) (84,850 ) 622,764 - (1,975,368 ) Three Months Ended September 30, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 31,359,186 $ 293,157 $ 56,871 $ - $ - $ 31,709,214 Gross profit 3,524,435 (757,695 ) 16,848 - - 2,783,588 Depreciation and amortization 1,168,036 2,054,034 403,865 - - 3,625,935 Interest income 4,130 416 2,965 217 - 7,728 Interest expense 160,740 17,230 78,708 - - 256,678 Income tax expense(benefit) 740,764 (337,791 ) 14,252 15,062 - 432,287 Net income (loss) 2,100,268 (1,871,128 ) (12,836 ) (2,101,863 ) (1,759 ) (1,887,318 ) Nine Months Ended September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 64,651,896 835,375 95,080 - - 65,582,351 Gross profit 2,915,818 (2,157,381 ) (8,801 ) - - 749,636 Depreciation and amortization 3,098,303 6,281,495 1,193,490 - - 10,573,288 Loss on impairment of assets - - 371,680 - - 371,680 Interest income 271,395 2,098 7,971 1,739 - 283,203 Interest expense 410,580 134,764 218,791 3,533 - 767,668 Income tax expense(benefit) 348,024 - - - - 348,024 Net income (loss) (30,517 ) (5,522,885 ) (627,976 ) 219,352 - (5,962,026 ) Nine Months Ended September 30, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 77,675,737 1,102,933 201,046 - - 78,979,716 Gross profit 5,812,160 (2,135,819 ) 51,729 - - 3,728,070 Depreciation and amortization 3,649,174 6,304,944 1,264,136 - - 11,218,254 Interest income 7,874 812 7,205 217 - 16,108 Interest expense 501,360 41,599 243,638 - - 786,597 Income tax expense(benefit) 795,347 (1,128,442 ) 157,502 15,062 - (160,531 ) Net income (loss) 2,046,362 (5,480,223 ) (297,484 ) (962,504 ) 30,404 (4,663,445 ) As of September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Total assets $ 63,466,149 107,979,374 12,930,971 4,621,212 - 188,997,706 As of December 31, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Total assets $ 63,365,986 117,645,828 17,945,969 5,489,450 - 204,447,233

Concentration and Major Custome

Concentration and Major Customers and Suppliers	9 Months Ended
	Sep. 30, 2023
Concentration and Major Customers and Suppliers [Abstract]
Concentration and Major Customers and Suppliers	(18) Concentration and Major Customers and Suppliers For the three months ended September 30, 2023, the Company had no single customer contributed over 10% of total sales. For the three months ended September 30, 2022, the Company had five customers accounted for approximately 12% of total sales. For the nine months ended September 30, 2023 and 2022, the Company had no single customer contributed over 10% of total sales. For the three months ended September 30, 2023, the Company had three major suppliers accounted for 71%, 18% and 7% of total purchases. For the three months ended September 30, 2022, the Company had three major suppliers accounted for 77%, 14% and 7% of total purchases. For the nine months ended September 30, 2023, the Company had three major suppliers accounted for 75%, 16% and 6% of total purchases. For the nine months ended September 30, 2022, the Company had three major suppliers accounted for 77%, 15% and 5% of total purchases.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2023
Concentration of Credit Risk [Abstract]
Concentration of Credit Risk	(19) Concentration of Credit Risk Financial instruments for which the Company is potentially subject to concentration of credit risk consist principally of cash. The Company places its cash in reputable financial institutions in the PRC and the United States. Although it is generally understood that the PRC central government stands behind all of the banks in China in the event of bank failure, there is no deposit insurance system in China that is similar to the protection provided by the Federal Deposit Insurance Corporation (“FDIC”) of the United States as of as of September 30, 2023 and December 31, 2022. On May 1, 2015, the new “Deposit Insurance Regulations” was effective in the PRC that the maximum protection would be up to RMB500,000 ($69,640) per depositor per insured financial intuition, including both principal and interest. For the cash placed in financial institutions in the United States, the Company’s U.S. bank accounts are all fully covered by the FDIC insurance as of September 30, 2023 and December 31, 2022, while for the cash placed in financial institutions in the PRC, the balances exceeding the maximum coverage of RMB500,000 amounted to RMB57,984,303 ($8,076,033) as of September 30, 2023.

Risks and Uncertainties

Risks and Uncertainties	9 Months Ended
	Sep. 30, 2023
Concentration of Credit Risk [Abstract]
Risks and Uncertainties	(20) Risks and Uncertainties The Company is subject to substantial risks from, among other things, intense competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, foreign currency exchange rates, and operating in the PRC under its various laws and restrictions.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	(21) Recent Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Event [Abstract]
Subsequent Event	(22) Subsequent Event 2023 Incentive Stock Plan On October31, 2023, the Company’s Annual General Meeting adopted and approved the 2023 Omnibus Equity Incentive Plan of IT Tech Packaging, Inc.(the”2023 Plan”). Under the 2023 ISP, the Company has reserved a total of 1,500,000 shares of common stock for issuance as or under awards to be made to the directors, officers, employees and/or consultants of the Company and its subsidiaries.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2023
Basis of Presentation and Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our unaudited condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations. Such adjustments are of a normal recurring nature, unless otherwise noted. The balance sheet as of September 30, 2023 and the results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for any future period. Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the estimates, judgments and assumptions are reasonable, based on information available at the time they are made. Actual results could differ materially from those estimates.
Reverse stock split	Reverse stock split On June 9, 2022, the Board of Directors of the Company approved the Reverse Stock Split, at a ratio of 1-for-10, pursuant to Section 78.207 of the Nevada Revised Statutes (“NRS”). The Reverse Stock Split was effected by the Company filing of a Certificate of Change Pursuant to NRS 78.209 with the Secretary of State of the State of Nevada on July 7, 2022. The par value per share of our stock remains unchanged at $0.001 per share after the Reverse Stock Split. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Reverse Stock Split.
Valuation of long-lived asset	Valuation of long-lived asset The Company reviews the carrying value of long-lived assets to be held and used when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset and intangible assets. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets and intangible assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose.
Fair Value Measurements	Fair Value Measurements The Company has adopted ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. It does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. It establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts that the Company could realize in a current market exchange. As of September 30, 2023 and December 31, 2022, the carrying value of the Company’s short term financial instruments, such as cash and cash equivalents, accounts receivable, accounts and notes payable, short-term bank loans, balance due to a related party and obligation under capital lease, approximate at their fair values because of the short maturity of these instruments; while loans from credit union and loans from a related party approximate at their fair value as the interest rates thereon are close to the market rates of interest published by the People’s Bank of China. Management determined that liabilities created by beneficial conversion features associated with the issuance of certain warrants (see “ Derivative liabilities”
Non-Recurring Fair Value Measurements	Non-Recurring Fair Value Measurements The Company reviews long-lived assets for impairment annually or more frequently if events or changes in circumstances indicate the possibility of impairment. For the continuing operations, long-lived assets are measured at fair value on a nonrecurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. For discontinued operations, long-lived assets are measured at the lower of carrying amount or fair value less cost to sell. The fair value of these assets were determined using models with significant unobservable inputs which were classified as Level 3 inputs, primarily the discounted future cash flow.
Share-Based Compensation	Share-Based Compensation The Company uses the fair value recognition provision of ASC Topic 718, Compensation-Stock Compensation The Company also applies the provisions of ASC Topic 505-50, Equity Based Payments to Non-Employees

Organization and Business Bac_2

Organization and Business Background (Tables)	9 Months Ended
	Sep. 30, 2023
Organization and Business Background [Abstract]
Schedule of Subsidiaries and Variable Interest Entities	As of September 30, 2023 and December 31, 2022, details of the Company’s subsidiaries and variable interest entities are as follows: Name Date of Or Place of Percentage Principal Subsidiary: Dongfang Holding November 13, 2006 BVI 100% Inactive investment holding Shengde Holdings February 25, 2009 State of Nevada 100% Investment holding Baoding Shengde June 1, 2009 PRC 100% Paper production and distribution Qianrong July 15, 2021 PRC 100% New material technology service Variable interest entity(“VIE”): Dongfang Paper March 10, 1996 PRC Control * Paper production and distribution Tengsheng Paper April 07, 2011 PRC Control ** Paper production and distribution * Dongfang Paper is treated as a 100% controlled variable interest entity of the Company. ** Tengsheng Paper is 100% subsidiary of Dongfang Paper.
Schedule of Aggregate Carrying Value of Dongfang Paper’s Assets and Liabilities	The aggregate carrying value of Dongfang Paper’s assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 are as follows: September 30, December 31, 2023 2022 ASSETS Current Assets Cash and bank balances $ 3,382,230 $ 3,427,717 Restricted cash - - Accounts receivable 2,794,437 - Inventories 5,210,261 2,852,553 Prepayments and other current assets 17,000,896 20,134,386 Due from related parties 3,275,535 7,418,274 Total current assets 31,663,359 33,832,930 Prepayment on property, plant and equipment 877,462 1,031,502 Operating lease right-of-use assets, net 562,612 672,722 Finance lease right-of-use assets, net - 1,939,970 Property, plant, and equipment, net 138,342,091 143,534,690 Deferred tax asset non-current - Total Assets $ 171,445,524 $ 181,011,814 LIABILITIES Current Liabilities Short-term bank loans $ 417,839 $ 5,598,311 Current portion of long-term loans 2,479,178 4,835,885 Lease liability 96,746 224,497 Accounts payable 104,146 5,025 Advance from customers 18,751 - Due to related parties - - Accrued payroll and employee benefits 253,833 143,156 Other payables and accrued liabilities 3,421,890 4,887,584 Income taxes payable - 417,906 Total current liabilities 6,792,383 16,112,364 Long-term loans 4,751,765 40,203 Deferred gain on sale-leaseback 52,314 Lease liability - non-current 465,866 579,997 Total liabilities $ 12,010,014 $ 16,784,878

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Schedule of Inventories	Raw materials inventory includes mainly recycled paper board and recycled white scrap paper. Finished goods include mainly products of corrugating medium paper, offset printing paper and tissue paper products. Inventories consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Raw Materials Recycled paper board $ 3,580,255 $ 1,258,161 Recycled white scrap paper 10,503 10,809 Gas 107,652 42,237 Base paper and other raw materials 302,584 160,229 4,000,994 1,471,436 Semi-finished Goods 634,615 132,810 Finished Goods 729,168 1,268,376 Total inventory, gross 5,364,777 2,872,622 Inventory reserve - - Total inventory, net $ 5,364,777 $ 2,872,622

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Prepayments and Other Current Assets [Abstract]
Schedule of Prepayments and Other Current Assets	Prepayments and other current assets consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Prepaid land lease $ 174,100 $ 172,300 Prepayment for purchase of materials 5,231,142 12,941,951 Value-added tax recoverable 13,728,351 13,640,868 Prepaid gas 95,757 27,462 Others 819,751 424,546 $ 20,049,101 $ 27,207,127

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	As of September 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following: September 30, December 31, 2023 2022 Property, Plant, and Equipment: Land use rights $ 59,027,166 $ 57,686,220 Building and improvements 66,713,144 68,300,987 Machinery and equipment 157,605,810 158,498,316 Vehicles 661,187 681,617 Construction in progress 1,515,537 1,239,698 Totals 285,522,844 286,406,838 Less: accumulated depreciation and amortization (140,919,792 ) (134,836,940 ) Property, Plant and Equipment, net $ 144,603,052 $ 151,569,898

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Lease [Abstract]
Schedule of Lease Expense	The components of the Company’s lease expense are as follows: Nine Months Ended September 30, RMB Operating lease cost 104,460 Short-term lease cost - Lease cost 104,460
Schedule Operating Leases	Supplemental cash flow information related to its operating leases was as follows for the period ended September 30, 2023: Nine Months Ended September 30, RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases 139,280
Schedule of Maturities of its Lease Liabilities	Maturities of its lease liabilities for all operating leases are as follows as of September 30, 2023: September 30, Amount 2024 139,280 2025 139,280 2026 139,280 2027 139,280 2028 139,280 Thereafter - Total operating lease payments $ 696,400 Less: Interest (133,788 ) Present value of lease liabilities 562,612 Less: current portion, record in current liabilities (96,746 ) Present value of lease liabilities 465,866
Schedule of Weighted Average Remaining Lease Terms and Discount Rates	The weighted average remaining lease terms and discount rates for all of its operating leases were as follows as of September 30, 2023: September 30, 2023 Remaining lease term and discount rate: RMB Weighted average remaining lease term (years) 4.9 Weighted average discount rate 7.56 %

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Loans Payable [Abstract]
Schedule of Short-Term Bank Loans	Short-term bank loans September 30, December 31, 2023 2022 Industrial and Commercial Bank of China (“ICBC”) Loan 1 $ - $ 5,023,978 ICBC Loan 2 - 287,167 ICBC Loan 3 - 143,583 ICBC Loan 4 417,839 - China Construction Bank Loan - 143,583 ICBC Loan 5 417,839 - Total short-term bank loans $ 835,678 $ 5,598,311
Schedule of Long Term Loans	As of September 30, 2023 and December 31, 2022, long-term loans were $11,270,053 and $9,040,002, respectively. September 30, December 31, 2023 2022 Rural Credit Union of Xushui District Loan 1 $ 1,197,805 $ 1,234,816 Rural Credit Union of Xushui District Loan 2 3,481,536 3,589,582 Rural Credit Union of Xushui District Loan 3 2,228,474 2,297,332 Rural Credit Union of Xushui District Loan 4 1,810,635 1,866,582 Rural Credit Union of Xushui District Loan 5 2,507,034 - Yujiangna 44,569 51,690 Total 11,270,053 9,040,002 Less: Current portion of long-term loans (4,707,652 ) (4,835,884 ) Long-term loans $ 6,562,401 $ 4,204,118
Schedule of Long-Term Debt Repayments	As of September 30, 2023, the Company’s long-term debt repayments for the next coming years were as follows: Fiscal year Amount Remainder of 2023 $ 4,707,652 2024 3,061,367 2025 & after 3,501,034 Total 11,270,053

Other Payables and Accrued Li_2

Other Payables and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Payables and Accrued Liabilities [Abstract]
Schedule of Other Payables and Accrued Liabilities	Other payables and accrued liabilities consist of the following: September 30, December 31, 2023 2022 Accrued electricity $ 114,579 $ 3,036 Accrued rental 20,129 56,646 Value-added tax payable 686 69,053 Accrued interest to a related party 590,227 608,465 Payable for purchase of equipment 2,442,169 3,294,940 Accrued commission to salesmen 14,553 19,524 Accrued bank loan interest 1,203,655 1,595,354 Others 472,446 18,540 Totals $ 4,858,444 $ 5,665,558

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Liabilities [Abstract]
Schedule of Weighted-Average Assumptions	The following weighted-average assumptions were used in the September 30, 2023: Nine months ended September 30, Expected term 1.05 - 2.75 Expected average volatility 73% - 102 % Expected dividend yield - Risk-free interest rate 0.19% - 4.8 %
Schedule of Changes in the Derivative Liabilities	The following table summarizes the changes in the derivative liabilities during the nine months ended September 30, 2023: Balance at December 31, 2022 $ 646,283 Addition of new derivatives recognized as warrant - Addition of new derivatives recognized as loss on derivatives - Exercise of warrants - Change in fair value of derivative liability (646,020 ) Balance at September, 2023 $ 263

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2023
Warrants [Abstract]
Schedule of Stock Warrant Activities	A summary of stock warrant activities is as below: Nine months Ended September 30, Weight average exercise Number price Outstanding and exercisable at beginning of the period 3,016,635 $ 6.6907 Issued during the period - Exercised during the period - Outstanding and exercisable at end of the period 3,016,635 $ 6.6907
Schedule of Outstanding and Exercisable Warrants	The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2023. Warrants Outstanding Warrants Exercisable Number of Weighted Average Remaining Weighted Average Number of Weighted Average 3,016,635 2.34 $ 6.6907 3,016,635 $ 6.6907

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Share	For the three months ended September 30, 2023 and 2022, basic and diluted net income per share are calculated as follows: Three Months Ended 2023 2022 Basic loss per share Net loss for the period - numerator $ (1,975,368 ) $ (1,887,318 ) Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Net loss per share $ (0.20 ) $ (0.19 ) Diluted income per share Net income for the period- numerator $ (1,975,368 ) $ (1,887,318 ) Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Effect of dilution - - Weighted average common stock outstanding - denominator 10,065,920 9,991,744 Diluted loss per share $ (0.20 ) $ (0.19 ) Nine Months Ended 2023 2022 Basic loss per share Net loss for the period - numerator $ (5,962,026 ) $ (4,663,445 ) Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Net loss per share $ (0.59 ) $ (0.47 ) Diluted loss per share Net loss for the period - numerator $ (5,962,026 ) $ (4,663,445 ) Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Effect of dilution - - Weighted average common stock outstanding - denominator 10,065,920 9,941,288 Diluted loss per share $ (0.59 ) $ (0.47 )

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Schedule of Provisions for Income Taxes	The provisions for income taxes for three months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 2022 Provision for Income Taxes Current Tax Provision U.S. $ - $ 15,062 Current Tax Provision PRC (3,236 ) 793,630 Deferred Tax Provision PRC - (376,405 ) Total Provision for (Deferred tax benefit)/ Income Taxes $ (3,236 ) $ 432,287 Nine Months Ended September 30, 2023 2022 Provision for Income Taxes Current Tax Provision U.S. $ - $ 15,062 Current Tax Provision PRC 348,024 1,022,037 Deferred Tax Provision PRC - (1,197,630 ) Total Provision for (Deferred tax benefit)/ Income Taxes $ 348,024 $ (160,531 )
Schedule of Deferred Tax	A summary of the otherwise deductible (or taxable) deferred tax items is as follows: September 30, December 31, 2023 2022 Deferred tax assets (liabilities) Depreciation and amortization of property, plant and equipment $ 15,938,215 $ 15,474,485 Impairment of property, plant and equipment 948,175 796,559 Miscellaneous 124,058 615,436 Net operating loss carryover of PRC company 235,109 213,620 Total deferred tax assets 17,245,557 17,100,100 Less: Valuation allowance (17,245,557 ) (17,100,100 ) Total deferred tax assets, net $ - -
Schedule of Reconciles the Statutory Rates Effective Tax Rates	Three Months Ended September 30, 2023 2022 PRC Statutory rate 25.0 % 25.0 % Effect of tax and book difference (2.6 )% (54.7 )% Change in valuation allowance (22.2 )% - Effective income tax rate 0.2 % (29.7 )% Nine Months Ended September 30, 2023 2022 PRC Statutory rate 25.0 % 25.0 % Effect of tax and book difference (28.6 )% (21.7 )% Change in valuation allowance (2.6 )% - Effective income tax rate (6.2 )% 3.3 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Schedule of future minimum lease payments	Future minimum lease payments of the land lease is as follows: September 30, Amount 2024 16,714 2025 16,714 2026 16,714 2027 16,714 2028 16,714 Thereafter 54,319 Total operating lease payments 137,889

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Information for Reportable Segments	Summarized financial information for the three reportable segments is as follows: Three Months Ended September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 15,492,300 $ 264,063 $ 15,197 $ - $ - $ 15,771,560 Gross profit 583,651 (734,481 ) (2,393 ) - - (153,223 ) Depreciation and amortization 960,898 2,071,901 390,432 - - 3,423,231 Loss on impairment of assets - - (3,456 ) - - (3,456 ) Interest income 90,449 561 2,250 38 - 93,298 Interest expense 119,795 52,199 72,291 3,533 - 247,818 Income tax expense(benefit) (3,236 ) - - - - (3,236 ) Net income (loss) (398,386 ) (2,114,896 ) (84,850 ) 622,764 - (1,975,368 ) Three Months Ended September 30, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 31,359,186 $ 293,157 $ 56,871 $ - $ - $ 31,709,214 Gross profit 3,524,435 (757,695 ) 16,848 - - 2,783,588 Depreciation and amortization 1,168,036 2,054,034 403,865 - - 3,625,935 Interest income 4,130 416 2,965 217 - 7,728 Interest expense 160,740 17,230 78,708 - - 256,678 Income tax expense(benefit) 740,764 (337,791 ) 14,252 15,062 - 432,287 Net income (loss) 2,100,268 (1,871,128 ) (12,836 ) (2,101,863 ) (1,759 ) (1,887,318 ) Nine Months Ended September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 64,651,896 835,375 95,080 - - 65,582,351 Gross profit 2,915,818 (2,157,381 ) (8,801 ) - - 749,636 Depreciation and amortization 3,098,303 6,281,495 1,193,490 - - 10,573,288 Loss on impairment of assets - - 371,680 - - 371,680 Interest income 271,395 2,098 7,971 1,739 - 283,203 Interest expense 410,580 134,764 218,791 3,533 - 767,668 Income tax expense(benefit) 348,024 - - - - 348,024 Net income (loss) (30,517 ) (5,522,885 ) (627,976 ) 219,352 - (5,962,026 ) Nine Months Ended September 30, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Revenues $ 77,675,737 1,102,933 201,046 - - 78,979,716 Gross profit 5,812,160 (2,135,819 ) 51,729 - - 3,728,070 Depreciation and amortization 3,649,174 6,304,944 1,264,136 - - 11,218,254 Interest income 7,874 812 7,205 217 - 16,108 Interest expense 501,360 41,599 243,638 - - 786,597 Income tax expense(benefit) 795,347 (1,128,442 ) 157,502 15,062 - (160,531 ) Net income (loss) 2,046,362 (5,480,223 ) (297,484 ) (962,504 ) 30,404 (4,663,445 ) As of September 30, 2023 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Total assets $ 63,466,149 107,979,374 12,930,971 4,621,212 - 188,997,706 As of December 31, 2022 Dongfang Tengsheng Baoding Not Attributable Elimination of Enterprise-wide, Paper Paper Shengde to Segments Inter-segment consolidated Total assets $ 63,365,986 117,645,828 17,945,969 5,489,450 - 204,447,233

Organization and Business Bac_3

Organization and Business Background (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Millions

3 Months Ended

9 Months Ended

Feb. 23, 2022 USD ($)

Feb. 23, 2022 CNY (¥)

Oct. 29, 2007 shares

Sep. 30, 2023 USD ($) $ / shares

Sep. 30, 2022

Sep. 30, 2023 USD ($) $ / shares

Sep. 30, 2022

Sep. 30, 2023 ¥ / shares

Dec. 31, 2022 $ / shares

Jun. 09, 2022 $ / shares

Dec. 31, 2010

Jun. 30, 2010 USD ($)

Feb. 10, 2010 USD ($)

Organization and Business Background [Line Items]

Common stock, par value (in Dollars per share) | $ / shares

$ 0.001

$ 0.001

$ 0.001

$ 0.001

Percentage of ownership

100%

Registered capital (in Dollars)

$ 60,000,000

Exercise price per share (in Yuan Renminbi per share) | ¥ / shares

¥ 1

Percentage of distributable profit

100%

Subsidary ownership percentage

100%

Dongfang Holding [Member]

Organization and Business Background [Line Items]

Aggregate shares of common stock (in Shares) | shares

7,450,497

Percentage of ownership

100%

Baoding Shengde [Member]

Organization and Business Background [Line Items]

Percentage of ownership

100%

Registered capital (in Dollars)

$ 10,000,000

$ 10,000,000

Loan agreement to terminate (in Dollars)

$ 10,000,000

Dongfang Paper [Member]

Organization and Business Background [Line Items]

Percentage of ownership

100%

Percentage of annual net profits

80%

Principal amount (in Dollars)

$ 10,000,000

$ 10,000,000

Loan amount (in Dollars)

$ 10,000,000

Percentage of revenue

99.66%

99.86%

Percentage of total assets

90.71%

90.71%

Hebei Tengsheng [Member]

Organization and Business Background [Line Items]

Consideration amount

$ 45,000,000

¥ 320

Tengsheng Paper [Member]

Organization and Business Background [Line Items]

Percentage of revenue

99.83%

99.75%

Percentage of total assets

88.54%

Organization and Business Bac_4

Organization and Business Background (Details) - Schedule of Subsidiaries and Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Dongfang Holding [Member]
Subsidiary:
Date of Incorporation or Establishment	November 13, 2006
Place of Incorporation or Establishment	BVI
Percentage of Ownership	100%
Principal Activity	Inactive investment holding
Shengde Holdings [Member]
Subsidiary:
Date of Incorporation or Establishment	February 25, 2009
Place of Incorporation or Establishment	State of Nevada
Percentage of Ownership	100%
Principal Activity	Investment holding
Baoding Shengde [Member]
Subsidiary:
Date of Incorporation or Establishment	June 1, 2009
Place of Incorporation or Establishment	PRC
Percentage of Ownership	100%
Principal Activity	Paper production and distribution
Qianrong [Member]
Subsidiary:
Date of Incorporation or Establishment	July 15, 2021
Place of Incorporation or Establishment	PRC
Percentage of Ownership	100%
Principal Activity	New material technology service
Dongfang Paper [Member]
Subsidiary:
Date of Incorporation or Establishment	March 10, 1996
Place of Incorporation or Establishment	PRC
Percentage of Ownership		[1]
Principal Activity	Paper production and distribution
Tengsheng Paper [Member]
Subsidiary:
Date of Incorporation or Establishment	April 07, 2011
Place of Incorporation or Establishment	PRC
Percentage of Ownership		[2]
Principal Activity	Paper production and distribution
[1] Dongfang Paper is treated as a 100% controlled variable interest entity of the Company. Tengsheng Paper is 100% subsidiary of Dongfang Paper.

Organization and Business Bac_5

Organization and Business Background (Details) - Schedule of Aggregate Carrying Value of Dongfang Paper’s Assets and Liabilities - VIE [Member] - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and bank balances	$ 3,382,230	$ 3,427,717
Restricted cash
Accounts receivable	2,794,437
Inventories	5,210,261	2,852,553
Prepayments and other current assets	17,000,896	20,134,386
Due from related parties	3,275,535	7,418,274
Total current assets	31,663,359	33,832,930
Prepayment on property, plant and equipment	877,462	1,031,502
Operating lease right-of-use assets, net	562,612	672,722
Finance lease right-of-use assets, net		1,939,970
Property, plant, and equipment, net	138,342,091	143,534,690
Deferred tax asset non-current
Total Assets	171,445,524	181,011,814
Current Liabilities
Short-term bank loans	417,839	5,598,311
Current portion of long-term loans	2,479,178	4,835,885
Lease liability	96,746	224,497
Accounts payable	104,146	5,025
Advance from customers	18,751
Due to related parties
Accrued payroll and employee benefits	253,833	143,156
Other payables and accrued liabilities	3,421,890	4,887,584
Income taxes payable		417,906
Total current liabilities	6,792,383	16,112,364
Long-term loans	4,751,765	40,203
Deferred gain on sale-leaseback		52,314
Lease liability - non-current	465,866	579,997
Total liabilities	$ 12,010,014	$ 16,784,878

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Details)	Jun. 09, 2022 $ / shares
Basis of Presentation and Significant Accounting Policies [Abstract]
Par value per share of stock	$ 0.001

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Raw Materials
Raw materials	$ 4,000,994	$ 1,471,436
Semi-finished Goods	634,615	132,810
Finished Goods	729,168	1,268,376
Total inventory, gross	5,364,777	2,872,622
Inventory reserve
Total inventory, net	5,364,777	2,872,622
Recycled Paper Board [Member]
Raw Materials
Raw materials	3,580,255	1,258,161
Recycled White Scrap Paper [Member]
Raw Materials
Raw materials	10,503	10,809
Gas [Member]
Raw Materials
Raw materials	107,652	42,237
Base Paper and Other Raw Materials [Member]
Raw Materials
Raw materials	$ 302,584	$ 160,229

Prepayments and Other Current_3

Prepayments and Other Current Assets (Details) - Schedule of Prepayments and Other Current Assets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Prepayments and Other Current Assets [Abstract]
Prepaid land lease	$ 174,100	$ 172,300
Prepayment for purchase of materials	5,231,142	12,941,951
Value-added tax recoverable	13,728,351	13,640,868
Prepaid gas	95,757	27,462
Others	819,751	424,546
Total	$ 20,049,101	$ 27,207,127

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net (Details) [Line Items]
Term of lease, description			As of September 30, 2023 and December 31, 2022, land use rights represented twenty three parcels of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2068, respectively.
Plant And Equipment other Net	$ 144,603,052		$ 144,603,052	$ 151,569,898
Plant And Equipment other Net	3,755,317		3,755,317	3,948,953
Land use right			5,098,721
Depreciation and amortization	3,423,231	$ 3,609,985	10,573,288	11,168,328
Dongfang Paper [Member]
Property, Plant and Equipment, Net (Details) [Line Items]
Plant And Equipment other Net	$ 29,713		29,713	280,466
Hebei Tengsheng [Member]
Property, Plant and Equipment, Net (Details) [Line Items]
Land use right of Tengsheng paper			$ 4,872,178	$ 5,111,014

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Totals	$ 285,522,844	$ 286,406,838
Less: accumulated depreciation and amortization	(140,919,792)	(134,836,940)
Property, Plant and Equipment, net	144,603,052	151,569,898
Land use rights [Member]
Property, Plant and Equipment [Line Items]
Totals	59,027,166	57,686,220
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Totals	66,713,144	68,300,987
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Totals	157,605,810	158,498,316
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Totals	661,187	681,617
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Totals	$ 1,515,537	$ 1,239,698

Leases (Details)

Leases (Details)				9 Months Ended
	Aug. 17, 2020 USD ($)	Aug. 06, 2020 USD ($)	Aug. 06, 2020 CNY (¥)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Leases [Line Items]
Sale of lease equipment | ¥			¥ 16,000,000
Implicit interest rate	15.60%
Inception of lease	$ 567,099
Leased Equipment net						$ 1,939,970
Equipment [Member]
Leases [Line Items]
Leased Equipment net						$ 1,939,970
Hebei Tengsheng [Member]
Leases [Line Items]
Finance proceeding amount		$ 2,500,000	¥ 16,000,000
TLCL [Member]
Leases [Line Items]
Sale of lease equipment		$ 2,500,000
Purchase price				$ 16	¥ 100
Leased Equipmen	$ 2,349,452

Leases (Details) - Schedule of

Leases (Details) - Schedule of Lease Expense	9 Months Ended
	Sep. 30, 2023 CNY (¥)
Schedule of lease expense [Abstract]
Operating lease cost	¥ 104,460
Short-term lease cost
Lease cost	¥ 104,460

Leases (Details) - Schedule Ope

Leases (Details) - Schedule Operating Leases	9 Months Ended
	Sep. 30, 2023 CNY (¥)
RMB
Operating cash outflow from operating leases	¥ 139,280

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Maturities of its Lease Liabilities - Operating Lease [Member]	9 Months Ended
	Sep. 30, 2023 USD ($)
Leases (Details) - Schedule of Maturities of its Lease Liabilities [Line Items]
2024	$ 139,280
2025	139,280
2026	139,280
2027	139,280
2028	139,280
Thereafter
Total operating lease payments	696,400
Less: Interest	(133,788)
Present value of lease liabilities	562,612
Less: current portion, record in current liabilities	(96,746)
Present value of lease liabilities	$ 465,866

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of Weighted Average Remaining Lease Terms and Discount Rates	Sep. 30, 2023
Schedule of weighted average remaining lease terms and discount rates [Abstract]
Weighted average remaining lease term (years)	4 years 10 months 24 days
Weighted average discount rate	7.56%

Loans Payable (Details)

Loans Payable (Details)		3 Months Ended		9 Months Ended
	Feb. 26, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 29, 2023	Jun. 19, 2023	May 31, 2023 USD ($)	May 29, 2023	Dec. 31, 2022 USD ($)	Nov. 15, 2022	Jul. 01, 2022 CNY (¥)
Loan Payable [Abstract]
Repaid loan								$ 71,743
Short-term bank loans		$ 835,678		$ 835,678						$ 5,598,311
Working capital loan due						Jun. 28, 2024			Nov. 25, 2023
Short-term borrowings										5,023,978
Unsecured bank loans		$ 968,751		$ 968,751						574,333
Average short-term borrowing rates		4.52%	4.28%	4.66%	4.60%
Long-term loan		$ 11,270,053		$ 11,270,053						9,040,002
Manufacturing equipment with net book value		144,603,052		144,603,052						151,569,898
Current portion of loan amount		4,707,652		4,707,652						4,835,884
Interest expense		247,628	$ 248,239	$ 760,807	$ 753,789
Rural Credit Union of Xushui District [Member]
Loan Payable [Abstract]
Installment repayment, description				On April 16, 2014, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 5 years, which was originally due in various installments from June 21, 2014 to November 18, 2018.
Rural Credit Union of Xushui District Loan 1 [Member]
Loan Payable [Abstract]
Installment repayment, description				On November 6, 2018, the loan was renewed for additional 5 years and will be due and payable in various installments from December 21, 2018 to November 5, 2023.
Rural Credit Union of Xushui District Loan 1 [Member]
Loan Payable [Abstract]
Long-term loan		$ 1,197,805		$ 1,197,805						1,234,816
Interest payment percent		7.68%		7.68%
Interest rate percentage											7%
Total outstanding loan current		$ 1,197,805		$ 1,197,805						1,234,816
Rural Credit Union of Xushui District Loan 2 [Member]
Loan Payable [Abstract]
Long-term loan		$ 3,481,536		$ 3,481,536						3,589,582
Installment repayment, description				On July 15, 2013, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 5 years, which was originally due and payable in various installments from December 21, 2013 to July 26, 2018. On June 21, 2018, the loan was extended for additional 5 years and was due and payable in various installments from December 21, 2018 to June 20, 2023.
Interest payment percent		7.68%		7.68%
Interest rate percentage											7%
Total outstanding loan current		$ 3,481,536		$ 3,481,536						3,589,582
Loan extended							5 years
Manufacturing equipment with net book value		29,713		29,713						280,466
Rural Credit Union of Xushui District Loan 3 [Member]
Loan Payable [Abstract]
Long-term loan		$ 2,228,474		$ 2,228,474						2,297,332
Installment repayment, description				On April 17, 2019, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 2 years, which was due and payable in various installments from August 21, 2019 to April 16, 2021. The loan was renewed on March 22, 2021 and December 24, 2021 and extended for additional 3 years in total, which will be due on April 16, 2024 according to the new schedule.
Interest payment percent		7.68%		7.68%
Interest rate percentage											7%
Total outstanding loan current		$ 2,228,474		$ 2,228,474						2,297,332
Rural Credit Union of Xushui District Loan 4 [Member]
Loan Payable [Abstract]
Long-term loan		$ 1,810,635		$ 1,810,635						1,866,582
Installment repayment, description				On December 12, 2019, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 2 years, which is due and payable in various installments from June 21, 2020 to December 11, 2021. The loan was renewed on March 22, 2021 and December 24, 2021 and extended for additional 3 years in total, which will be due on December 11, 2024 according to the new schedule.
Interest payment percent		7.56%		7.56%
Interest rate percentage											7%
Total outstanding loan current		$ 1,810,635		$ 1,810,635						1,866,582
Rural Credit Union of Xushui District Loan 5 [Member]
Loan Payable [Abstract]
Long-term loan		$ 2,507,034		$ 2,507,034
Interest rate percentage		7%		7%
Total outstanding loan current		$ 2,507,034		$ 2,507,034
Lease term	2 years
Current portion of loan amount		1,267,445		1,267,445
Other liabilities, noncurrent		1,239,589		1,239,589
Jiangna Yu [Member]
Loan Payable [Abstract]
Long-term loan		44,569		44,569						51,690
Total outstanding loan current		30,641		30,641						40,204
Borrowed amount (in Yuan Renminbi) | ¥												¥ 400,000
Loan payable		11,072		11,072						13,928		¥ 10,667
Total outstanding loan balance		$ 44,569		$ 44,569						51,690
Industrial and Commercial Bank of China (“ICBC”) [Member]
Loan Payable [Abstract]
Loans fixed interest rate		4.785%		4.785%
Short-term bank loans										5,023,978
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]
Loan Payable [Abstract]
Loans fixed interest rate		4.25%		4.25%
Short-term bank loans										5,023,978
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member] | Loans Payable [Member]
Loan Payable [Abstract]
Short-term bank loans										287,167
Industrial and Commercial Bank of China (“ICBC”) Loan 2 [Member]
Loan Payable [Abstract]
Loans fixed interest rate		4.25%		4.25%
Short-term bank loans										143,583
Industrial and Commercial Bank of China (“ICBC”) Loan 3 [Member]
Loan Payable [Abstract]
Loans fixed interest rate		4.25%		4.25%
Short-term bank loans		$ 417,839		$ 417,839
Industrial and Commercial Bank of China (“ICBC”) Loan 4 [Member]
Loan Payable [Abstract]
Loans fixed interest rate		3.95%		3.95%
Short-term bank loans										$ 143,583
Industrial and Commercial Bank of China (“ICBC”) Loan 5 [Member]
Loan Payable [Abstract]
Loans fixed interest rate		3.55%		3.55%
Short-term bank loans		$ 417,839		$ 417,839

Loans Payable (Details) - Sched

Loans Payable (Details) - Schedule of Short-Term Bank Loans - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans	$ 835,678	$ 5,598,311
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans		5,023,978
ICBC Loan 2 [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans		287,167
ICBC Loan 3 [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans		143,583
ICBC Loan 4 [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans	417,839
China Construction Bank Loan [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans		143,583
ICBC Loan 5 [Member]
Schedule of Short-Term Bank Loans [Line Items]
Total short-term bank loans	$ 417,839

Loans Payable (Details) - Sch_2

Loans Payable (Details) - Schedule of Long Term Loans - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Long Term Loans [Line Items]
Total	$ 11,270,053	$ 9,040,002
Less: Current portion of long-term loans	(4,707,652)	(4,835,884)
Long-term loans	6,562,401	4,204,118
Rural Credit Union of Xushui District Loan 1 [Member]
Schedule of Long Term Loans [Line Items]
Total	1,197,805	1,234,816
Rural Credit Union of Xushui District Loan 2 [Member]
Schedule of Long Term Loans [Line Items]
Total	3,481,536	3,589,582
Rural Credit Union of Xushui District Loan 3 [Member]
Schedule of Long Term Loans [Line Items]
Total	2,228,474	2,297,332
Rural Credit Union of Xushui District Loan 4 [Member]
Schedule of Long Term Loans [Line Items]
Total	1,810,635	1,866,582
Rural Credit Union of Xushui District Loan 5 [Member]
Schedule of Long Term Loans [Line Items]
Total	2,507,034
Less: Current portion of long-term loans	(1,267,445)
Yujiangna [Member]
Schedule of Long Term Loans [Line Items]
Total	$ 44,569	$ 51,690

Loans Payable (Details) - Sch_3

Loans Payable (Details) - Schedule of Long-Term Debt Repayments - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Long Term Debt Repayments [Abstract]
Remainder of 2023	$ 4,707,652
2024	3,061,367
2025 & after	3,501,034
Total	$ 11,270,053	$ 9,040,002

Related Party Transactions (Det

Related Party Transactions (Details)		1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 10, 2014 USD ($)	Dec. 31, 2019 USD ($)	Nov. 23, 2018 USD ($)	Feb. 28, 2018 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2023 CNY (¥)	Nov. 30, 2022 USD ($)	Nov. 30, 2022 CNY (¥)	Oct. 31, 2022 USD ($)	Oct. 31, 2022 CNY (¥)	Dec. 08, 2021 USD ($)	Dec. 08, 2021 CNY (¥)	Oct. 14, 2016 USD ($)	Jul. 13, 2015 USD ($)	Mar. 01, 2015 USD ($)	Mar. 01, 2015 CNY (¥)
Related Party Transactions [Line Items]
Loans repaid					$ 2,249,279	$ 4,264,938		$ 4,264,938				¥ 30,000,000
Interest income				$ 20,400		93,298	$ 7,729	283,203	$ 16,108
Outstanding loan balance						191,422		$ 191,422
Due date	Dec. 10, 2017
Loan due description								Mr. Zhenyong Liu agreed to extend the loan for additional 3 years and the remaining balance was due on July 12, 2021.
Interest expense		$ 94,636
Loans amount
Borrowing amount													$ 6,963,982	¥ 50,000,000	$ 6,963,982	¥ 50,000,000
Chief Executive Officer [Member]
Related Party Transactions [Line Items]
Outstanding loan balance										197,338
Due amount																			$ 2,883,091	$ 4,324,636	$ 17,201,342	¥ 120,000,000
Related Party [Member]
Related Party Transactions [Line Items]
Interest income					$ 391,374
Due amount						727,433		727,433		727,433
Mr Zhenyong Liu [Member]
Related Party Transactions [Line Items]
Interest income								263,342
Outstanding loan balance						$ 41,784		$ 41,784		43,075
Due amount											$ 6,012,416
Due date				Jul. 12, 2018
Interest paid											$ 288,596
Borrowing amount																	$ 6,507,431	¥ 44,089,085
Fixed interest rate						4.35%		4.35%				4.35%					3%	3%
Mr Zhenyong Liu [Member] | Dongfang Paper [Member]
Related Party Transactions [Line Items]
Outstanding loan balance						$ 354,748		$ 354,748		357,021
Due amount	$ 8,742,278
Interest rate on loans	4.35%
Repayment of related party loans			$ 3,768,579	$ 1,507,432
Interest expense			$ 158,651
Mr Zhenyong Liu [Member] | Chief Executive Officer [Member]
Related Party Transactions [Line Items]
Accrued interest						$ 590,227		$ 590,227		$ 608,465

Other Payables and Accrued Li_3

Other Payables and Accrued Liabilities (Details) - Schedule of Other Payables and Accrued Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Other Payables and Accrued Liabilities [Abstract]
Accrued electricity	$ 114,579	$ 3,036
Accrued rental	20,129	56,646
Value-added tax payable	686	69,053
Accrued interest to a related party	590,227	608,465
Payable for purchase of equipment	2,442,169	3,294,940
Accrued commission to salesmen	14,553	19,524
Accrued bank loan interest	1,203,655	1,595,354
Others	472,446	18,540
Totals	$ 4,858,444	$ 5,665,558

Derivative Liabilities (Details

Derivative Liabilities (Details) - Schedule of Weighted-Average Assumptions	9 Months Ended
	Sep. 30, 2023
Schedule of Weighted-Average Assumptions [Abstract]
Expected dividend yield
Minimum [Member]
Schedule of Weighted-Average Assumptions [Abstract]
Expected term	1 year 18 days
Expected average volatility	73%
Risk-free interest rate	0.19%
Maximum [Member]
Schedule of Weighted-Average Assumptions [Abstract]
Expected term	2 years 9 months
Expected average volatility	102%
Risk-free interest rate	4.80%

Derivative Liabilities (Detai_2

Derivative Liabilities (Details) - Schedule of Changes in the Derivative Liabilities	9 Months Ended
	Sep. 30, 2023 USD ($)
Schedule of Changes in the Derivative Liabilities [Abstract]
Balance at beginning	$ 646,283
Addition of new derivatives recognized as warrant
Addition of new derivatives recognized as loss on derivatives
Exercise of warrants
Change in fair value of derivative liability	(646,020)
Balance at ending	$ 263

Common Stock (Details)

Common Stock (Details) - USD ($)				1 Months Ended		9 Months Ended
	Aug. 15, 2022	Jun. 09, 2022	Mar. 01, 2021	Jan. 20, 2021	Apr. 29, 2020	Sep. 30, 2023
Common Stock [Abstract]
Aggregate share				2,618,182
Warrants purchase				2,618,182
Common stock and warrants				2,618,182
Gross proceeds (in Dollars)			$ 21,900,000	$ 14,400,000
Corresponding price per share (in Dollars per share)						$ 5.5
Exercise price of warrants (in Dollars per share)						5.5
Aggregate shares of common stock			2,927,786
Warrants to purchase shares			1,463,893
Shares of common stock	150,000		1,463,893
Warrant Price (in Dollars per share)						$ 7.5
Warrant exercise price (in Dollars per share)			$ 7.5	$ 5.5	$ 7.425
Reverse stock split						1-for-10
Reverse stock split, per share (in Dollars per share)		$ 0.001
Total fair value of stock of grant (in Dollars)	$ 156,000

Warrants (Details)

Warrants (Details) - USD ($)		1 Months Ended
	Mar. 01, 2021	Jan. 20, 2021	Apr. 29, 2020	Sep. 30, 2023	Dec. 31, 2022
Warrants [Line Items]
Issuance of common stock and warrants		2,618,182
Issuance of warrant	6,750	1,410,690	88,000
Warrant exercise price (in Dollars per share)	$ 7.5	$ 5.5	$ 7.425
Warrant outstanding	1,457,143	1,207,492	352,000
Warrants to purchase shares of common stock	1,463,893	2,618,182
Warrants (in Dollars)
Private Placement [Member]
Warrants [Line Items]
Issuance of common stock and warrants			440,000
Warrant [Member]
Warrants [Line Items]
Issuance of common stock and warrants	2,927,786		440,000
Exercise price (in Dollars per share)			$ 7.425
Warrant exercise price (in Dollars per share)	$ 7.5	$ 5.5
Warrants to purchase shares of common stock	1,463,893	2,618,182

Warrants (Details) - Schedule o

Warrants (Details) - Schedule of Stock Warrant Activities	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Schedule of Stock Warrant Activities [Abstract]
Outstanding and exercisable at beginning of the period	3,016,635
Outstanding and exercisable at beginning of the period (in Dollars per share) | $ / shares	$ 6.6907
Issued during the period
Exercised during the period
Outstanding and exercisable at end of the period	3,016,635
Outstanding and exercisable at end of the period (in Dollars per share) | $ / shares	$ 6.6907

Warrants (Details) - Schedule_2

Warrants (Details) - Schedule of Outstanding and Exercisable Warrants - Warrant [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Schedule of Outstanding and Exercisable Warrants [Line Items]
Warrants Outstanding, Number of Shares | shares	3,016,635
Warrants Outstanding, Weighted Average Remaining Contractual life (in years)	2 years 4 months 2 days
Warrants Outstanding, Weighted Average Exercise Price | $ / shares	$ 6.6907
Warrants Exercisable, Number of Shares | shares	3,016,635
Warrants Exercisable, Weighted Average Exercise Price | $ / shares	$ 6.6907

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Basic and Diluted Net Income Per Share - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic loss per share
Net loss for the period - numerator	$ (1,975,368)	$ (1,887,318)	$ (5,962,026)	$ (4,663,445)
Weighted average common stock outstanding - denominator	10,065,920	9,991,744	10,065,920	9,941,288
Net loss per share	$ (0.2)	$ (0.19)	$ (0.59)	$ (0.47)
Diluted income per share
Net income for the period- numerator	$ (1,975,368)	$ (1,887,318)	$ (5,962,026)	$ (4,663,445)
Weighted average common stock outstanding - denominator	10,065,920	9,991,744	10,065,920	9,941,288
Effect of dilution
Diluted loss per share	$ (0.2)	$ (0.19)	$ (0.59)	$ (0.47)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Statutory tax rate	25%	25%	25%	25%
Description of carry forwards expire			These carry forwards would expire, if not utilized, during the period of 2030 through 2035.
Percentage of valuation allowance	100%		100%		100%
Effective income tax rate	0.20%	(29.70%)	(6.20%)	3.30%
Income tax, statute of limitations period			5 years
United States [Member]
Income Taxes [Line Items]
Statutory tax rate			21%
China [Member]
Income Taxes [Line Items]
Net operating losses (in Dollars)					$ 530,581	$ 761,881

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Provisions for Income Taxes - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Provisions for Income Taxes [Abstract]
Current Tax Provision U.S.		$ 15,062		$ 15,062
Current Tax Provision PRC	(3,236)	793,630	348,024	1,022,037
Deferred Tax Provision PRC		(376,405)		(1,197,630)
Total Provision for (Deferred tax benefit)/ Income Taxes	$ (3,236)	$ 432,287	$ 348,024	$ (160,531)

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Deferred Tax - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred tax assets (liabilities)
Depreciation and amortization of property, plant and equipment	$ 15,938,215	$ 15,474,485
Impairment of property, plant and equipment	948,175	796,559
Miscellaneous	124,058	615,436
Net operating loss carryover of PRC company	235,109	213,620
Total deferred tax assets	17,245,557	17,100,100
Less: Valuation allowance	(17,245,557)	(17,100,100)
Total deferred tax assets, net

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of Reconciles the Statutory Rates Effective Tax Rates	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Reconciles the Statutory Rates Effective Tax Rates [Abstract]
PRC Statutory rate	25%	25%	25%	25%
Effect of tax and book difference	(2.60%)	(54.70%)	(28.60%)	(21.70%)
Change in valuation allowance	(22.20%)		(2.60%)
Effective income tax rate	0.20%	(29.70%)	(6.20%)	3.30%

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($)	Sep. 30, 2023	Aug. 15, 2022	Nov. 12, 2021
Stock Incentive Plans [Abstract]
Number of shares			150,000
Aggregate shares		150,000
Fair value of stock (in Dollars)	$ 156,000

Commitments and Contingencies_2

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) m²	Sep. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Aug. 07, 2013 USD ($)
Commitments and Contingencies [Line Items]
Annual rental payment	$ 142,165	¥ 1,000,000
Cash	9,437,941		$ 9,524,868
Outstanding commitments amount	3,815,502		$ 4,329,279
Long-term loan from financial institutions	$ 4,317,669			¥ 31,000,000
Minimum [Member]
Commitments and Contingencies [Line Items]
Expected payment term	1 year	1 year
Maximum [Member]
Commitments and Contingencies [Line Items]
Expected payment term	3 years	3 years
Xushui Land Lease [Member]
Commitments and Contingencies [Line Items]
Area of land (in Square Meters) | m²	32.95
Lease expiration period	30 years	30 years
Annual rental payment	$ 17,060	¥ 120,000
Employee One [Member]
Commitments and Contingencies [Line Items]
Cash					$ 2,770,000
Employee Two [Member]
Commitments and Contingencies [Line Items]
Cash					1,150,000
Employee Three [Member]
Commitments and Contingencies [Line Items]
Cash					$ 4,310,000

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Schedule of Future Minimum Lease Payments - Land lease [Member]	Sep. 30, 2023 USD ($)
Commitments and Contingencies (Details) - Schedule of Future Minimum Lease Payments [Line Items]
2024	$ 16,714
2025	16,714
2026	16,714
2027	16,714
2028	16,714
Thereafter	54,319
Total operating lease payments	$ 137,889

Segment Reporting (Details) - S

Segment Reporting (Details) - Schedule of Financial Information for Reportable Segments - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Dongfang Paper [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues	$ 15,492,300	$ 31,359,186	$ 64,651,896	$ 77,675,737
Gross profit	583,651	3,524,435	2,915,818	5,812,160
Depreciation and amortization	960,898	1,168,036	3,098,303	3,649,174
Loss on impairment of assets
Interest income	90,449	4,130	271,395	7,874
Interest expense	119,795	160,740	410,580	501,360
Income tax expense(benefit)	(3,236)	740,764	348,024	795,347
Net income (loss)	(398,386)	2,100,268	(30,517)	2,046,362
Total assets	63,466,149		63,466,149		$ 63,365,986
Tengsheng Paper [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues	264,063	293,157	835,375	1,102,933
Gross profit	(734,481)	(757,695)	(2,157,381)	(2,135,819)
Depreciation and amortization	2,071,901	2,054,034	6,281,495	6,304,944
Loss on impairment of assets
Interest income	561	416	2,098	812
Interest expense	52,199	17,230	134,764	41,599
Income tax expense(benefit)		(337,791)		(1,128,442)
Net income (loss)	(2,114,896)	(1,871,128)	(5,522,885)	(5,480,223)
Total assets	107,979,374		107,979,374		117,645,828
Baoding Shengde [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues	15,197	56,871	95,080	201,046
Gross profit	(2,393)	16,848	(8,801)	51,729
Depreciation and amortization	390,432	403,865	1,193,490	1,264,136
Loss on impairment of assets	(3,456)		371,680
Interest income	2,250	2,965	7,971	7,205
Interest expense	72,291	78,708	218,791	243,638
Income tax expense(benefit)		14,252		157,502
Net income (loss)	(84,850)	(12,836)	(627,976)	(297,484)
Total assets	12,930,971		12,930,971		17,945,969
Not Attributable to Segments [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues
Gross profit
Depreciation and amortization
Loss on impairment of assets
Interest income	38	217	1,739	217
Interest expense	3,533		3,533
Income tax expense(benefit)		15,062		15,062
Net income (loss)	622,764	(2,101,863)	219,352	(962,504)
Total assets	4,621,212		4,621,212		5,489,450
Elimination of Inter-segment [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues
Gross profit
Depreciation and amortization
Loss on impairment of assets
Interest income
Interest expense
Income tax expense(benefit)
Net income (loss)		(1,759)		30,404
Total assets
Enterprise-wide, consolidated [Member]
Schedule of Financial Information for Reportable Segments [Line Items]
Revenues	15,771,560	31,709,214	65,582,351	78,979,716
Gross profit	(153,223)	2,783,588	749,636	3,728,070
Depreciation and amortization	3,423,231	3,625,935	10,573,288	11,218,254
Loss on impairment of assets	(3,456)		371,680
Interest income	93,298	7,728	283,203	16,108
Interest expense	247,818	256,678	767,668	786,597
Income tax expense(benefit)	(3,236)	432,287	348,024	(160,531)
Net income (loss)	(1,975,368)	$ (1,887,318)	(5,962,026)	$ (4,663,445)
Total assets	$ 188,997,706		$ 188,997,706		$ 204,447,233

Concentration and Major Custo_2

Concentration and Major Customers and Suppliers (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration and Major Customers and Suppliers [Line Items]
Concentration credit risk, percentage	10%	12%	10%	10%
one suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member]
Concentration and Major Customers and Suppliers [Line Items]
Concentration credit risk, percentage	71%	77%	75%	77%
Two Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member]
Concentration and Major Customers and Suppliers [Line Items]
Concentration credit risk, percentage	18%	14%	16%	15%
Three Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member]
Concentration and Major Customers and Suppliers [Line Items]
Concentration credit risk, percentage	7%	7%	6%	5%

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	May 01, 2015 USD ($)	May 01, 2015 CNY (¥)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)
Concentration of Credit Risk [Line Items]
Per depositor per insured financial intuition	$ 69,640	¥ 500,000
Maximum coverage from FDIC | $			$ 8,076,033
Minimum [Member]
Concentration of Credit Risk [Line Items]
Maximum coverage from FDIC				¥ 500,000
Maximum [Member]
Concentration of Credit Risk [Line Items]
Maximum coverage from FDIC				¥ 57,984,303

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 31, 2023 shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock issuance shares	1,500,000