2023 Q1 Form 10-K Financial Statement

#000121390023025456 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $22.15M $19.13M $90.83M
YoY Change -24.42% -16.59% -8.1%
Cost Of Revenue $16.63M $15.32M $71.00M
YoY Change -27.52% -20.43% -10.41%
Gross Profit $5.523M $3.815M $19.83M
YoY Change -13.26% 3.49% 1.23%
Gross Profit Margin 24.94% 19.94% 21.84%
Selling, General & Admin $2.029M $2.373M $8.089M
YoY Change 21.56% 86.06% 67.24%
% of Gross Profit 36.74% 62.2% 40.78%
Research & Development $1.120M $2.818M $5.787M
YoY Change 3.45% 28.72% 4.71%
% of Gross Profit 20.28% 73.87% 29.18%
Depreciation & Amortization $542.7K $586.6K $2.436M
YoY Change -14.01% -8.03% -3.02%
% of Gross Profit 9.83% 15.38% 12.28%
Operating Expenses $3.149M $5.511M $13.88M
YoY Change 4.91% 45.23% 22.33%
Operating Profit $2.374M -$1.696M $5.959M
YoY Change -29.47% 1466.43% -27.78%
Interest Expense $66.49K -$58.75K $403.0K
YoY Change -171.92% 137.09% -177.65%
% of Operating Profit 2.8% 6.76%
Other Income/Expense, Net $417.4K $286.9K $1.706M
YoY Change 59.9% -47.74% 23.71%
Pretax Income $2.755M -$1.469M $7.316M
YoY Change -22.03% -451.57% -19.7%
Income Tax $296.9K -$693.0K $699.7K
% Of Pretax Income 10.77% 9.56%
Net Earnings $1.447M -$992.7K $3.560M
YoY Change -50.36% -402.74% -43.19%
Net Earnings / Revenue 6.53% -5.19% 3.92%
Basic Earnings Per Share $0.11 $0.30
Diluted Earnings Per Share $0.11 -$0.08 $0.27
COMMON SHARES
Basic Shares Outstanding 12.98M shares 12.58M shares 11.89M shares
Diluted Shares Outstanding 12.98M shares 11.89M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.37M $24.10M $24.10M
YoY Change 95.69% 82.98% 82.98%
Cash & Equivalents $15.40M $16.30M $16.30M
Short-Term Investments $5.969M $7.801M $7.801M
Other Short-Term Assets $611.6K $1.569M $5.415M
YoY Change -91.32% 10705.12% -24.67%
Inventory $22.50M $23.10M $23.10M
Prepaid Expenses
Receivables $19.38M $14.34M $14.34M
Other Receivables $36.83M $65.42M $65.42M
Total Short-Term Assets $135.2M $132.4M $132.4M
YoY Change -4.11% -4.98% -4.98%
LONG-TERM ASSETS
Property, Plant & Equipment $15.17M $15.59M $18.21M
YoY Change -18.58% -17.79% -4.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $300.0K $250.0K $250.0K
YoY Change
Other Assets $255.3K $283.1K $4.141M
YoY Change -94.63% 542.09% -1.88%
Total Long-Term Assets $22.26M $22.75M $22.75M
YoY Change -4.79% -2.2% -2.2%
TOTAL ASSETS
Total Short-Term Assets $135.2M $132.4M $132.4M
Total Long-Term Assets $22.26M $22.75M $22.75M
Total Assets $157.4M $155.1M $155.1M
YoY Change -4.21% -4.58% -4.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.42M $24.82M $24.82M
YoY Change -11.89% -14.61% -14.61%
Accrued Expenses $861.2K $569.3K $1.931M
YoY Change 386.64% -41.91% 97.06%
Deferred Revenue $196.0K $227.4K
YoY Change -41.37%
Short-Term Debt $7.717M $8.986M $37.26M
YoY Change -83.55% 2.57% -27.05%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $65.90M $66.21M $66.21M
YoY Change -21.48% -22.53% -22.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.830M $3.989M $3.989M
YoY Change 74.17% 76.46% 76.46%
Total Long-Term Liabilities $3.830M $3.989M $3.989M
YoY Change 76.46% 76.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.90M $66.21M $66.21M
Total Long-Term Liabilities $3.830M $3.989M $3.989M
Total Liabilities $69.73M $70.20M $83.92M
YoY Change -30.23% -19.98% -16.32%
SHAREHOLDERS EQUITY
Retained Earnings $38.68M $37.23M
YoY Change 10.57%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.85M $71.20M $71.20M
YoY Change
Total Liabilities & Shareholders Equity $157.4M $155.1M $155.1M
YoY Change -4.21% -4.58% -4.58%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.447M -$992.7K $3.560M
YoY Change -50.36% -402.74% -43.19%
Depreciation, Depletion And Amortization $542.7K $586.6K $2.436M
YoY Change -14.01% -8.03% -3.02%
Cash From Operating Activities $3.756M $13.43M $7.313M
YoY Change 197.87% 12284.3% -227.06%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $170.0K $530.0K
YoY Change -80.0% 325.0% -40.45%
Acquisitions
YoY Change
Other Investing Activities $195.2K -$322.4K $33.69K
YoY Change 19228.71% -789.18% -105.27%
Cash From Investing Activities $195.2K -$322.4K $33.69K
YoY Change 19228.32% -789.18% -105.27%
FINANCING ACTIVITIES
Cash Dividend Paid $438.4K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.464M -8.246M -$4.284M
YoY Change -41.84% -559.65% -129.62%
NET CHANGE
Cash From Operating Activities $3.756M 13.43M $7.313M
Cash From Investing Activities $195.2K -322.4K $33.69K
Cash From Financing Activities -$3.464M -8.246M -$4.284M
Net Change In Cash $487.0K 4.867M $3.062M
YoY Change -110.37% 149.68% -62.04%
FREE CASH FLOW
Cash From Operating Activities $3.756M $13.43M $7.313M
Capital Expenditures $20.00K $170.0K $530.0K
Free Cash Flow $3.736M $13.26M $6.783M
YoY Change 221.81% 19269.87% -202.07%

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CY2022 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5740161 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
84917763 usd
CY2022 us-gaap Profit Loss
ProfitLoss
6616695 usd
CY2021 us-gaap Profit Loss
ProfitLoss
7268221 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2436114 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2511996 usd
CY2022 gtec Loss On Prepayment Of Financing Lease Obligations
LossOnPrepaymentOfFinancingLeaseObligations
1511 usd
CY2021 gtec Loss On Prepayment Of Financing Lease Obligations
LossOnPrepaymentOfFinancingLeaseObligations
-1785 usd
CY2022 gtec Increase In Allowance For Doubtful Accounts
IncreaseInAllowanceForDoubtfulAccounts
32316 usd
CY2021 gtec Increase In Allowance For Doubtful Accounts
IncreaseInAllowanceForDoubtfulAccounts
149172 usd
CY2022 gtec Increase In Provision For Inventory
IncreaseInProvisionForInventory
-359534 usd
CY2021 gtec Increase In Provision For Inventory
IncreaseInProvisionForInventory
-23536 usd
CY2022 gtec Deferred Tax Asset
DeferredTaxAsset
-90259 usd
CY2021 gtec Deferred Tax Asset
DeferredTaxAsset
20398 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-406963 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3025758 usd
CY2022 us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
-6074159 usd
CY2021 us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
5945558 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-400982 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9970187 usd
CY2022 gtec Advance To Suppliers Cost
AdvanceToSuppliersCost
-11187 usd
CY2021 gtec Advance To Suppliers Cost
AdvanceToSuppliersCost
23463 usd
CY2022 gtec Increase Decrease Other Current And Noncurrent Assets
IncreaseDecreaseOtherCurrentAndNoncurrentAssets
-7795981 usd
CY2021 gtec Increase Decrease Other Current And Noncurrent Assets
IncreaseDecreaseOtherCurrentAndNoncurrentAssets
-1424031 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2080206 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6461841 usd
CY2022 gtec Customer Deposit
CustomerDeposit
-133803 usd
CY2021 gtec Customer Deposit
CustomerDeposit
12994 usd
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
2115816 usd
CY2021 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-867079 usd
CY2022 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
94634 usd
CY2021 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
106887 usd
CY2022 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
183066 usd
CY2021 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-405732 usd
CY2022 gtec Longterm Payablesunamortized Deferred Financing Cost
LongtermPayablesunamortizedDeferredFinancingCost
-186800 usd
CY2021 gtec Longterm Payablesunamortized Deferred Financing Cost
LongtermPayablesunamortizedDeferredFinancingCost
-3945 usd
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1045677 usd
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-392029 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7313245 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5755940 usd
CY2022 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
525128 usd
CY2021 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
897385 usd
CY2022 gtec Proceeds From Government Grants For Construction
ProceedsFromGovernmentGrantsForConstruction
-808821 usd
CY2021 gtec Proceeds From Government Grants For Construction
ProceedsFromGovernmentGrantsForConstruction
-255405 usd
CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3570 usd
CY2022 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
250000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33693 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-638980 usd
CY2022 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
11697621 usd
CY2021 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
8666025 usd
CY2022 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
10786753 usd
CY2021 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
18724388 usd
CY2022 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-10847677 usd
CY2021 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
15416006 usd
CY2022 gtec Proceeds From Related Parties
ProceedsFromRelatedParties
281406 usd
CY2021 gtec Proceeds From Related Parties
ProceedsFromRelatedParties
419311 usd
CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-2159416 usd
CY2021 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-4045048 usd
CY2022 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1481087 usd
CY2021 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
310443 usd
CY2021 gtec Prepayment Of Leasefinancing Obligations
PrepaymentOfLeasefinancingObligations
-155222 usd
CY2022 gtec Payment Of Principal On Financing Lease Obligation
PaymentOfPrincipalOnFinancingLeaseObligation
185136 usd
CY2021 gtec Payment Of Principal On Financing Lease Obligation
PaymentOfPrincipalOnFinancingLeaseObligation
776108 usd
CY2022 gtec Proceeds From Equity And Debt Finaning
ProceedsFromEquityAndDebtFinaning
9196563 usd
CY2021 gtec Proceeds From Equity And Debt Finaning
ProceedsFromEquityAndDebtFinaning
8209897 usd
CY2021 gtec Proceeds From Nc Is Investment
ProceedsFromNCIsInvestment
5386307 usd
CY2021 gtec Reduction Of Capital
ReductionOfCapital
66200 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4284479 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14462981 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3062459 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
8068061 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1134295 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
329778 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17800892 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9403053 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19729056 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17800892 usd
CY2022 gtec Bank Balances And Cash
BankBalancesAndCash
16295695 usd
CY2021 gtec Bank Balances And Cash
BankBalancesAndCash
11062590 usd
CY2022 gtec Bank Balances And Cash Included In Assets Classified As Restricted Cash
BankBalancesAndCashIncludedInAssetsClassifiedAsRestrictedCash
3433361 usd
CY2021 gtec Bank Balances And Cash Included In Assets Classified As Restricted Cash
BankBalancesAndCashIncludedInAssetsClassifiedAsRestrictedCash
6738302 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
695315 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1631703 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
405174 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
637967 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
98840000 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
90830000 usd
CY2022 gtec Transmission Product Sale Of Sets
TransmissionProductSaleOfSets
129686 pure
CY2021 gtec Transmission Product Sale Of Sets
TransmissionProductSaleOfSets
141431 pure
CY2022 gtec Forklift Manufacturers Description
ForkliftManufacturersDescription
more than 100 forklift manufacturers in the PRC.
CY2022 gtec Electric Industrial Vehicles Description
ElectricIndustrialVehiclesDescription
Greenland’s electric industrial vehicle products currently include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8 ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric 5.0 ton rated load lithium wheeled front loader. These products are available for purchase in the United States (“U.S.”) market. In August 2022, Greenland launched a 54,000 square foot industrial electric vehicle assembly site in Baltimore, Maryland to support local services, assembly and distribution of its electric industrial heavy equipment products line.
CY2022 gtec Percentage Of Outstanding Ordinary Shares
PercentageOfOutstandingOrdinaryShares
0.4786 pure
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. Actual results could differ from those estimates. Significant estimates in the years ended December 31, 2022 and 2021 include allowance for doubtful accounts, reserve for inventories, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets and accruals for taxes due.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
6.8972 pure
CY2021Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
6.3726 pure
CY2022Q4 us-gaap Derivative Average Forward Exchange Rate1
DerivativeAverageForwardExchangeRate1
6.7518 pure
CY2021Q4 us-gaap Derivative Average Forward Exchange Rate1
DerivativeAverageForwardExchangeRate1
6.4424 pure
CY2022 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
90830674 usd
CY2022Q4 gtec Allowance Of Doubtful Accounts
AllowanceOfDoubtfulAccounts
760000 usd
CY2021Q4 gtec Allowance Of Doubtful Accounts
AllowanceOfDoubtfulAccounts
860000 usd
CY2022Q4 gtec Advance To Supplier
AdvanceToSupplier
410000 usd
CY2021Q4 gtec Advance To Supplier
AdvanceToSupplier
430000 usd
CY2021 gtec Accounting For Around Percentage
AccountingForAroundPercentage
0.0101 pure
CY2022 gtec Straightline Method Lease Term
StraightlineMethodLeaseTerm
P50Y
CY2022 gtec Implicit Interest Rate
ImplicitInterestRate
0.05 pure
CY2021 gtec Revenue Recognition Description
RevenueRecognitionDescription
The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes its revenues net of value-added taxes (“VAT”). The Company is subject to VAT which had been levied at the rate of 17% on the invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.
CY2022 gtec Total Revenue Of Greenland
TotalRevenueOfGreenland
0 pure
CY2021 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
98839900 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5786946 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5526546 usd
CY2022Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
1810000 usd
CY2021Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
2210000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.50 pure
CY2022 gtec Owned Foreign Enterprise Percentage
OwnedForeignEnterprisePercentage
0.10 pure
CY2022 gtec Registered Capital Percentage
RegisteredCapitalPercentage
0.50 pure
CY2022 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.10 pure
CY2022Q4 gtec Income Short Term Investment Other
IncomeShortTermInvestmentOther
7800723 usd
CY2021Q4 gtec Income Short Term Investment Other
IncomeShortTermInvestmentOther
2105938 usd
CY2022Q4 us-gaap Other Short Term Investments
OtherShortTermInvestments
500000 usd
CY2022Q4 gtec Other Short Terms Borrowings
OtherShortTermsBorrowings
7405433 usd
CY2022Q4 gtec Other Short Terms Borrowings
OtherShortTermsBorrowings
50000000 cny
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
50565049 cny
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
469480 usd
CY2022Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
15100085 usd
CY2021Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
16774321 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
762325 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
859319 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
14337760 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
15915002 usd
CY2022 gtec Schedule Of Allowance For Doubtful Accounts
ScheduleOfAllowanceForDoubtfulAccounts
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As of,,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December 31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">859,319</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">986,532</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for doubtful accounts</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(32,316</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(149,172</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Effect of FX change</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(64,678</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,959</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">762,325</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">859,319</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
859319 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
986532 usd
CY2022 gtec Additional Provision For Doubtful Accounts
AdditionalProvisionForDoubtfulAccounts
-32316 usd
CY2021 gtec Additional Provision For Doubtful Accounts
AdditionalProvisionForDoubtfulAccounts
-149172 usd
CY2022 gtec Effect Of Fx Change
EffectOfFXChange
-64678 usd
CY2021 gtec Effect Of Fx Change
EffectOfFXChange
21959 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
762325 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
859319 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7975097 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
9789196 usd
CY2022Q4 gtec Revolving Materials
RevolvingMaterials
1122313 usd
CY2021Q4 gtec Revolving Materials
RevolvingMaterials
1078292 usd
CY2022Q4 gtec Consigned Processing Materials
ConsignedProcessingMaterials
15056 usd
CY2021Q4 gtec Consigned Processing Materials
ConsignedProcessingMaterials
67706 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2255453 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2620821 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12104309 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12271252 usd
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
-375846 usd
CY2021Q4 us-gaap Inventory Adjustments
InventoryAdjustments
-23793 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
23096382 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
25803474 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
23793 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
359534 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
23536 usd
CY2022 gtec Inventory Effect Of Fx Change
InventoryEffectOfFXChange
-7481 usd
CY2021 gtec Inventory Effect Of Fx Change
InventoryEffectOfFXChange
257 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
375846 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
23793 usd
CY2022 gtec Schedual Of Notes Receivable
SchedualOfNotesReceivable
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bank notes receivable:</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">26,713,919</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,075,366</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Commercial notes receivable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,034,960</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,475,755</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,748,879</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">37,551,121</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 gtec Bank Notes Receivable
BankNotesReceivable
26713919 usd
CY2021Q4 gtec Bank Notes Receivable
BankNotesReceivable
36075366 usd
CY2022Q4 gtec Commercial Note Receivable
CommercialNoteReceivable
2034960 usd
CY2021Q4 gtec Commercial Note Receivable
CommercialNoteReceivable
1475755 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
28748879 usd
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
37551121 usd
CY2022Q4 gtec Security For Issuance Amount
SecurityForIssuanceAmount
15510000 usd
CY2022Q4 gtec Notes Receivable
NotesReceivable
13270000 usd
CY2021Q4 gtec Security For Issuance Amount
SecurityForIssuanceAmount
28140000 usd
CY2021Q4 gtec Notes Receivable
NotesReceivable
24890000 usd
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
11781256 usd
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
12751105 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
21010613 usd
CY2021Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
21930452 usd
CY2022Q4 gtec Motor Vehicles
MotorVehicles
315708 usd
CY2021Q4 gtec Motor Vehicles
MotorVehicles
341697 usd
CY2022Q4 gtec Electronic Equipment
ElectronicEquipment
223806 usd
CY2021Q4 gtec Electronic Equipment
ElectronicEquipment
206122 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33331383 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35229376 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17763247 usd
CY2022Q4 gtec Less Accumulated Amortization
LessAccumulatedAmortization
821671 usd
CY2021Q4 gtec Less Accumulated Amortization
LessAccumulatedAmortization
792753 usd
CY2022Q4 gtec Land Use Rights Net
LandUseRightsNet
3639067 usd
CY2021Q4 gtec Land Use Rights Net
LandUseRightsNet
4035198 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16679022 usd
CY2022Q4 gtec Property Plants And Equipment Net
PropertyPlantsAndEquipmentNet
15568136 usd
CY2021Q4 gtec Property Plants And Equipment Net
PropertyPlantsAndEquipmentNet
18550354 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
17078 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
407199 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15585214 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18957553 usd
CY2022Q4 gtec Buildings Net
BuildingsNet
9599313 usd
CY2021Q4 gtec Buildings Net
BuildingsNet
11314916 usd
CY2021Q4 gtec Machiner Net
MachinerNet
2201707 usd
CY2022Q4 gtec Restricted Assets Total
RestrictedAssetsTotal
9599313 usd
CY2021Q4 gtec Restricted Assets Total
RestrictedAssetsTotal
13516623 usd
CY2022Q4 gtec Ownershipof Buildings For Net Book Value
OwnershipofBuildingsForNetBookValue
65000000 cny
CY2022Q4 gtec Ownershipof Buildings For Net Book Value
OwnershipofBuildingsForNetBookValue
9140000 usd
CY2022Q4 gtec Loan Facility With Maximum Exposure
LoanFacilityWithMaximumExposure
167730000 cny
CY2019Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
3080000.00 usd
CY2019Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
21250000 cny
CY2019Q1 gtec Initial Term
InitialTerm
P3Y
CY2019Q2 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
2120000 usd
CY2019Q2 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
14660000 cny
CY2019Q2 gtec Initial Term
InitialTerm
P2Y
CY2020Q2 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
1420000 usd
CY2020Q2 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
10000000 cny
CY2020Q2 gtec Initial Term
InitialTerm
P2Y
CY2022 gtec Schedule Of Land Use Rights
ScheduleOfLandUseRights
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Land use rights, cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,460,738</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,827,951</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(821,671</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(792,753</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Land use rights, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,639,067</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,035,198</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 gtec Land Use Rights Cost
LandUseRightsCost
-4460738 usd
CY2021Q4 gtec Land Use Rights Cost
LandUseRightsCost
-4827951 usd
CY2022Q4 gtec Land Use Rights Assets Net
LandUseRightsAssetsNet
3640000 usd
CY2021Q4 gtec Land Use Rights Assets Net
LandUseRightsAssetsNet
4040000.00 usd
CY2022Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year One
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearOne
91136 usd
CY2022Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Two
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearTwo
91136 usd
CY2022Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Three
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearThree
91136 usd
CY2022Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Four
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearFour
91136 usd
CY2022Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Five
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearFive
91136 usd
CY2022Q4 gtec Present Value Of Future Insurance Profits Amortization Expense Thereafter
PresentValueOfFutureInsuranceProfitsAmortizationExpenseThereafter
3183387 usd
CY2022Q4 gtec Present Values Of Future Insurance Profits Amortization Expense
PresentValuesOfFutureInsuranceProfitsAmortizationExpense
3639067 usd
CY2022Q4 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
28272472 usd
CY2021Q4 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
42093061 usd
CY2022Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
28272472 usd
CY2021Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
42093061 usd
CY2022Q4 gtec Restricted Cash And Cash Equivalents Value
RestrictedCashAndCashEquivalentsValue
3430000 usd
CY2021Q4 gtec Restricted Cash And Cash Equivalents Value
RestrictedCashAndCashEquivalentsValue
6740000 usd
CY2022Q4 gtec Note Receivable Date Of Issuance
NoteReceivableDateOfIssuance
15510000 usd
CY2021Q4 gtec Note Receivable Date Of Issuance
NoteReceivableDateOfIssuance
28140000 usd
CY2022Q4 gtec Land Use Right
LandUseRight
3640000 usd
CY2021Q4 gtec Land Use Right
LandUseRight
4040000.00 usd
CY2022 gtec Percentage Of Bank Charges
PercentageOfBankCharges
0.0005 pure
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
24817165 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
29064132 usd
CY2022Q4 gtec Collateralized Bank Loans
CollateralizedBankLoans
7536392 usd
CY2021Q4 gtec Collateralized Bank Loans
CollateralizedBankLoans
7976336 usd
CY2022Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1449863 usd
CY2021Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
784609 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8986255 usd
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8760945 usd
CY2022 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
Total
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8986255 usd
CY2021 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
Total
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8760945 usd
CY2022 gtec Short Term Debt Loan
ShortTermDebtLoan
P1Y
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.041 pure
CY2021 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.04628 pure
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
747923 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
946678 usd
CY2022Q4 gtec Other Tax Payables
OtherTaxPayables
141772 usd
CY2021Q4 gtec Other Tax Payables
OtherTaxPayables
31779 usd
CY2022Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
88403 usd
CY2021Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
44283 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
569292 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
175687 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1547390 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1198427 usd
CY2022Q4 gtec Other Long Term Liability Debt Of Subsidy
OtherLongTermLiabilityDebtOfSubsidy
1812759 usd
CY2021Q4 gtec Other Long Term Liability Debt Of Subsidy
OtherLongTermLiabilityDebtOfSubsidy
2212938 usd
CY2022Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
1812759 usd
CY2021Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
2212938 usd
CY2022 gtec Grant Incomedecreased
GrantIncomedecreased
400000 usd
CY2022Q4 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y6M29D
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
337235 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2835406 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2627110 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
472182 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2176130 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2648312 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
593781 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
585127 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
589272 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
606354 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
624034 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2998568 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
197915 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
197915 usd
CY2019Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
3080000.00 usd
CY2019Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
21250000 cny
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2019Q2 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
2120000 usd
CY2019Q2 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
14660000 cny
CY2019Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P2Y
CY2020Q2 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
1420000 usd
CY2020Q2 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
10000000 cny
CY2020Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P2Y
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
12978504 shares
CY2021Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
12978504 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
11329530 shares
CY2021Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
11329530 shares
CY2022 gtec Earning Per Share Basic And Diluted
EarningPerShareBasicAndDiluted
0.3
CY2021 gtec Earning Per Share Basic And Diluted
EarningPerShareBasicAndDiluted
0.58
CY2021 gtec Transfer To Statutory Reserve
TransferToStatutoryReserve
usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
usd
CY2022 gtec Prepayment Of Leasefinancing Obligations
PrepaymentOfLeasefinancingObligations
usd
CY2022 gtec Proceeds From Nc Is Investment
ProceedsFromNCIsInvestment
usd
CY2018Q3 gtec Initial Business Combination Description
InitialBusinessCombinationDescription
Each unit consists of one ordinary share, no par value, one warrant to purchase one-half of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of its initial business combination.
CY2022 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
In connection with the Business Combination, all the outstanding rights of the Company were converted into 468,200 ordinary shares on a one-tenth (1/10) ordinary share per right basis if holders of the rights elected to convert their rights into underlying ordinary shares. 
CY2020Q4 gtec Stockholders Equity Decription
StockholdersEquityDecription
the Company’s board of directors held a meeting and executed resolutions to approve the issuance of 120,000 ordinary shares to Raymond Wang, the Company’s chief executive officer, to offset unpaid salary to him in the amount of $120,833.33 and the issuance of 135,000 ordinary shares to Jing Jin, the Company’s chief financial officer, to offset unpaid salary to him in the amount of $60,000 and his personal loan to the Company in the amount of $75,000. On November 10, 2020, the Company issued 135,000 ordinary shares to Jing Jin. On December 30, 2020 and February 8, 2021, the Company issued 69,000 and 51,000 ordinary shares to Raymond Wang, respectively. In February 2021, the Company issued 48,344 ordinary shares from the exercise of warrants by certain warrant holders. On March 4, 2021, the Company issued 132,000 ordinary shares to Chardan from the exercise of Chardan’s unit purchase option to purchase 120,000 units. On April 19, 2021, the Company issued 2,500 ordinary shares to each of Peter Zuguang Wang, Charles Athle Nelson, Everett Xiaolin Wang, Ming Zhao and Bo Shen. On April 20, 2021, the Company issued 2,700 ordinary shares to Xiaqing Yang. On June 30, 2021, the Company closed a firm commitment offering of 857,844 ordinary shares at $8.16 per share with gross proceeds of $7,000,007 under its effective shelf registration statement. On July 27, 2022, the Company closed a firm commitment offering of 1,250,000 ordinary shares and 398,974 pre-funded warrants at $4.17 per share and $4.169 per pre-funded warrant with gross proceeds of $6,876,222 under its effective shelf registration statement.Rights — Each holder of a right was entitled to receive one-tenth (1/10) of one ordinary share upon consummation of the Business Combination. As of December 31, 2022, all of the existing Rights were converted into 468,200 ordinary shares as a result of the Business Combination. Warrants — Redeemable warrants sold as part of the units in the Company initial public offering, or the Public Warrants (together with the Private Warrants (as defined below), the “Warrants”), may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants have been exercisable since October 24, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares.
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2022 gtec Warrants Expire Year
WarrantsExpireYear
P5Y
CY2022 gtec Private Warrants Description
PrivateWarrantsDescription
Private warrants include (i) the 282,000 warrants underlying the units issued to the Sponsor and Chardan in a private placement in connection with our initial public offering (“Private Unit Warrants”), and (ii) 120,000 warrants held by Chardan upon the exercise of its unit purchase option to purchase 120,000 units in March 2021 (“Option Warrants,” together with Private Unit Warrants, the “Private Warrants”).
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4705312 shares
CY2022 gtec Payment Of Cash
PaymentOfCash
100 usd
CY2022 gtec Purchase Option Outstanding Units
PurchaseOptionOutstandingUnits
120000 shares
CY2022 gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
3559565 usd
CY2021 gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
6265578 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11886876 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10840638 shares
CY2022 gtec Weighted Average Shares Of Common Stock
WeightedAverageSharesOfCommonStock
11886876 usd
CY2021 gtec Weighted Average Shares Of Common Stock
WeightedAverageSharesOfCommonStock
10840638 usd
CY2022 gtec Reduction Of Capital
ReductionOfCapital
usd
CY2022 gtec Revenue
Revenue
90830674 usd
CY2021 gtec Revenue
Revenue
98839900 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0956 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.2023 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 usd
CY2021Q1 gtec Settlement To Counter Party
SettlementToCounterParty
65000 usd
CY2022 gtec Schedule Of Noncancellable Future Minimum Lease Payments Operating And Financing Leases
ScheduleOfNoncancellableFutureMinimumLeasePaymentsOperatingAndFinancingLeases
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid">For the years ending December 31,</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Operating</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Leases</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">593,781</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">585,127</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,272</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">606,354</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">624,034</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Total lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,998,568</td><td style="text-align: left"> </td></tr> </table>
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
593781 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
585127 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
589272 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
606354 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
624034 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
2998568 usd
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
usd
CY2022Q4 gtec Fixed Assets Decoration
FixedAssetsDecoration
usd
CY2021Q4 gtec Fixed Assets Decoration
FixedAssetsDecoration
usd
CY2022Q4 gtec Machiner Net
MachinerNet
usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
usd
CY2022 gtec Restricted Stock Vested Not Issued
RestrictedStockVestedNotIssued
usd
CY2021 gtec Restricted Stock Vested Not Issued
RestrictedStockVestedNotIssued
usd
CY2022 gtec Due To Related Partie Current
DueToRelatedPartieCurrent
1693315 usd
CY2021 gtec Due To Related Partie Current
DueToRelatedPartieCurrent
3619459 usd
CY2022Q4 gtec Due From Related Partycurrent
DueFromRelatedPartycurrent
36669907 usd
CY2021Q4 gtec Due From Related Partycurrent
DueFromRelatedPartycurrent
39679565 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
36460000 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
39460000 usd
CY2022Q2 dei Entity Public Float
EntityPublicFloat
35100000000000 usd
CY2021Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
usd
CY2021Q4 us-gaap Long Term Investments
LongTermInvestments
usd
CY2022Q4 us-gaap Goodwill
Goodwill
usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001735041

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gtec-20221231_lab.xml Edgar Link unprocessable
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