2023 Q3 Form 10-Q Financial Statement

#000121390023069358 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $21.84M $23.57M
YoY Change 0.23% 14.4%
Cost Of Revenue $15.57M $16.64M
YoY Change -8.28% 5.57%
Gross Profit $6.269M $6.928M
YoY Change 30.26% 43.16%
Gross Profit Margin 28.71% 29.39%
Selling, General & Admin $2.217M $2.094M
YoY Change 29.33% 18.77%
% of Gross Profit 35.36% 30.22%
Research & Development $1.246M $1.425M
YoY Change 21.71% 65.26%
% of Gross Profit 19.87% 20.57%
Depreciation & Amortization $560.0K $523.6K
YoY Change -11.93% -10.1%
% of Gross Profit 8.93% 7.56%
Operating Expenses $3.462M $3.519M
YoY Change 26.48% 34.04%
Operating Profit $2.806M $3.409M
YoY Change 35.25% 53.97%
Interest Expense $72.95K $79.50K
YoY Change -42.09% -13.25%
% of Operating Profit 2.6% 2.33%
Other Income/Expense, Net -$1.663M -$128.8K
YoY Change -353.63% -125.67%
Pretax Income $1.074M $3.245M
YoY Change -58.97% 23.2%
Income Tax $878.9K $304.8K
% Of Pretax Income 81.85% 9.39%
Net Earnings -$887.4K $2.399M
YoY Change -169.44% 61.31%
Net Earnings / Revenue -4.06% 10.18%
Basic Earnings Per Share -$0.07 $0.18
Diluted Earnings Per Share -$0.07 $0.18
COMMON SHARES
Basic Shares Outstanding 12.98M shares 12.98M shares
Diluted Shares Outstanding 13.59M shares 12.98M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.90M $20.89M
YoY Change 9.98% 91.88%
Cash & Equivalents $21.54M $15.23M
Short-Term Investments $4.400M $5.653M
Other Short-Term Assets $4.600M $375.5K
YoY Change 4675.6% 320.01%
Inventory $20.50M $20.22M
Prepaid Expenses
Receivables $20.83M $20.91M
Other Receivables $67.10M $34.68M
Total Short-Term Assets $138.9M $133.3M
YoY Change 2.65% 3.09%
LONG-TERM ASSETS
Property, Plant & Equipment $13.73M $14.13M
YoY Change -11.44% -16.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $300.0K $300.0K
YoY Change
Other Assets $253.8K $256.0K
YoY Change 4.49% 477.37%
Total Long-Term Assets $20.40M $20.88M
YoY Change -8.65% -0.89%
TOTAL ASSETS
Total Short-Term Assets $138.9M $133.3M
Total Long-Term Assets $20.40M $20.88M
Total Assets $159.3M $154.2M
YoY Change 1.05% 2.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.73M $24.98M
YoY Change 7.42% -3.33%
Accrued Expenses $1.337M $1.073M
YoY Change 120.87% 506.45%
Deferred Revenue $217.7K
YoY Change -20.01%
Short-Term Debt $6.524M $7.309M
YoY Change -25.15% -19.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.56M $65.29M
YoY Change 0.43% -9.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.400M $3.570M
YoY Change -17.52% 77.31%
Total Long-Term Liabilities $3.384M $3.570M
YoY Change -17.9% 77.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.56M $65.29M
Total Long-Term Liabilities $3.384M $3.570M
Total Liabilities $73.95M $68.86M
YoY Change -0.59% -6.79%
SHAREHOLDERS EQUITY
Retained Earnings $40.19M $41.07M
YoY Change 5.14% 11.18%
Common Stock $32.96M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $73.43M $72.07M
YoY Change
Total Liabilities & Shareholders Equity $159.3M $154.2M
YoY Change 1.05% 2.53%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$887.4K $2.399M
YoY Change -169.44% 61.31%
Depreciation, Depletion And Amortization $560.0K $523.6K
YoY Change -11.93% -10.1%
Cash From Operating Activities $830.0K -$4.148M
YoY Change -118.63% 41.76%
INVESTING ACTIVITIES
Capital Expenditures $310.0K $260.0K
YoY Change 34.78% 766.67%
Acquisitions
YoY Change
Other Investing Activities $1.870M -$522.9K
YoY Change 950.8% -395.23%
Cash From Investing Activities $1.550M -$522.9K
YoY Change 770.98% -395.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 450.0K 4.409M
YoY Change -96.17% -341.14%
NET CHANGE
Cash From Operating Activities 830.0K -4.148M
Cash From Investing Activities 1.550M -522.9K
Cash From Financing Activities 450.0K 4.409M
Net Change In Cash 2.830M -262.4K
YoY Change -62.1% -94.27%
FREE CASH FLOW
Cash From Operating Activities $830.0K -$4.148M
Capital Expenditures $310.0K $260.0K
Free Cash Flow $520.0K -$4.408M
YoY Change -111.1% 49.12%

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CY2022Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-463250 usd
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
251868 usd
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
790324 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12978504 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11329530 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12978504 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11329530 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.3
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
74844666 usd
gtec Transmission Product Sale Of Sets
TransmissionProductSaleOfSets
70841 pure
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
77069 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
2914798 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
373910 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
78210443 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
2379426 usd
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4075452 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
76514417 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
84917763 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
2458574 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
317332 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
87693669 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
2940196 usd
CY2023Q2 us-gaap Dividends
Dividends
703595 usd
CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4591131 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
85339139 usd
us-gaap Profit Loss
ProfitLoss
5398770 usd
us-gaap Profit Loss
ProfitLoss
5294224 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1066325 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1213581 usd
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
87035 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-239 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-394 usd
gtec Increase In Allowance For Doubtful Account
IncreaseInAllowanceForDoubtfulAccount
397304 usd
gtec Increase In Allowance For Doubtful Account
IncreaseInAllowanceForDoubtfulAccount
5073 usd
gtec Increase In Provision For Inventory
IncreaseInProvisionForInventory
-55037 usd
gtec Increase In Provision For Inventory
IncreaseInProvisionForInventory
23335 usd
gtec Deferred Tax Assets
DeferredTaxAssets
71923 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8007656 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3152033 usd
us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
4208864 usd
us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
-2790046 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1778487 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-643284 usd
gtec Advances To Suppliers
AdvancesToSuppliers
707627 usd
gtec Advances To Suppliers
AdvancesToSuppliers
298315 usd
gtec Increase Decrease Other Current And Noncurrent Assets
IncreaseDecreaseOtherCurrentAndNoncurrentAssets
3096994 usd
gtec Increase Decrease Other Current And Noncurrent Assets
IncreaseDecreaseOtherCurrentAndNoncurrentAssets
-5915459 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1442661 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1863919 usd
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
1411 usd
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-99917 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-436370 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
332437 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-191614 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-105978 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
82145 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
147167 usd
gtec Longterm Payables Unamortized Deferred Financing Costs
LongtermPayablesUnamortizedDeferredFinancingCosts
-194105 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-174070 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-438170 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-391716 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1665025 usd
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
277696 usd
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
133941 usd
gtec Proceedsfromgovernmentgrantsforconstruction
Proceedsfromgovernmentgrantsforconstruction
312068 usd
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
50000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-327696 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
178127 usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2598040 usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1539006 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
3894173 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
769503 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
1286200 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-6489609 usd
gtec Proceeds From Related Parties
ProceedsFromRelatedParties
214245 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-1949340 usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
433007 usd
gtec Prepayment Of Leasefinancing Obligations
PrepaymentOfLeasefinancingObligations
-1876362 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
703595 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
192376 usd
gtec Proceeds From Equity And Debt Financing
ProceedsFromEquityAndDebtFinancing
77069 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
944072 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7784753 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
224660 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-9271651 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-905766 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-491537 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19047950 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8037704 usd
CY2023Q2 gtec Bank Balances And Cash
BankBalancesAndCash
15232289 usd
CY2022Q2 gtec Bank Balances And Cash
BankBalancesAndCash
3217925 usd
CY2023Q2 gtec Bank Balances And Cash Included In Assets Classified As Restricted Cash
BankBalancesAndCashIncludedInAssetsClassifiedAsRestrictedCash
3815661 usd
CY2022Q2 gtec Bank Balances And Cash Included In Assets Classified As Restricted Cash
BankBalancesAndCashIncludedInAssetsClassifiedAsRestrictedCash
4819779 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
548034 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
265356 usd
us-gaap Interest Paid Net
InterestPaidNet
152462 usd
us-gaap Interest Paid Net
InterestPaidNet
224546 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
45720000 usd
gtec Transmission Product Sale Of Sets
TransmissionProductSaleOfSets
75097 pure
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.
gtec Percentage Of Outstanding Ordinary Shares
PercentageOfOutstandingOrdinaryShares
0.4786 pure
CY2007Q2 us-gaap Equity Ownership Percentage Excluding Consolidated Entity And Equity Method Investee
EquityOwnershipPercentageExcludingConsolidatedEntityAndEquityMethodInvestee
0.7547 pure
CY2010Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
2600000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 six months ended June 30, 2023 and 2022 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.</p>
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
49909462 usd
CY2023Q2 gtec Machiner Net
MachinerNet
usd
CY2023Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
7.2513 pure
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
6.8972 pure
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1425394 usd
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
862535 usd
CY2022Q4 gtec Machiner Net
MachinerNet
usd
CY2023Q2 gtec Allowance Of Doubtful Accounts
AllowanceOfDoubtfulAccounts
1100000 usd
CY2022Q4 gtec Allowance Of Doubtful Accounts
AllowanceOfDoubtfulAccounts
760000 usd
CY2023Q2 gtec Advance To Supplier
AdvanceToSupplier
1070000.00 usd
CY2022Q4 gtec Advance To Supplier
AdvanceToSupplier
410000 usd
gtec Straightline Method Lease Term
StraightlineMethodLeaseTerm
P50Y
gtec Implicit Interest Rate
ImplicitInterestRate
0.05 pure
gtec Total Revenue Of Greenland
TotalRevenueOfGreenland
0.0028 pure
gtec Accounting For Around Percentage
AccountingForAroundPercentage
0.0063 pure
CY2023Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
23569449 usd
CY2022Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
20602505 usd
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
45718809 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2545285 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1945129 usd
CY2023Q2 us-gaap Other Long Term Debt
OtherLongTermDebt
1640000 usd
CY2022Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
1810000 usd
us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.50 pure
gtec Owned Foreign Enterprise Percentage
OwnedForeignEnterprisePercentage
0.10 pure
gtec Registered Capital Percentage
RegisteredCapitalPercentage
0.50 pure
us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.10 pure
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12104309 usd
CY2023Q2 us-gaap Inventory Adjustments
InventoryAdjustments
-414496 usd
CY2023Q2 gtec Income Short Term Investment Other
IncomeShortTermInvestmentOther
5653055 usd
CY2022Q4 gtec Income Short Term Investment Other
IncomeShortTermInvestmentOther
7800723 usd
CY2023Q2 us-gaap Other Short Term Investments
OtherShortTermInvestments
500000 usd
CY2023Q1 gtec Other Short Terms Borrowings
OtherShortTermsBorrowings
493943 usd
CY2023Q1 gtec Other Short Terms Borrowings
OtherShortTermsBorrowings
3400005 cny
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
5773422 usd
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
40000000 cny
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
5653055 usd
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
40992000 cny
CY2023Q2 us-gaap Concentration Risk Net Assets Amount Geographic Area
ConcentrationRiskNetAssetsAmountGeographicArea
12518170 usd
gtec Concentration Risk Percentage
ConcentrationRiskPercentage
0.2738 pure
CY2022Q2 us-gaap Concentration Risk Net Assets Amount Geographic Area
ConcentrationRiskNetAssetsAmountGeographicArea
16966685 usd
gtec Concentration Risk Percentage
ConcentrationRiskPercentage
0.3399 pure
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
2095277 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2255453 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9534422 usd
CY2023Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
22013673 usd
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
15100085 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
1104705 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
762325 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
20908968 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
14337760 usd
gtec Schedule Of Allowance For Doubtful Accounts
ScheduleOfAllowanceForDoubtfulAccounts
Changes in the allowance for doubtful accounts are as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>June 30,<br/> 2023</b></td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>December 31,<br/> 2022</b></td> <td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 9%; font-weight: bold; text-align: right">762,325</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 9%; font-weight: bold; text-align: right">859,319</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Provision for doubtful accounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">397,304</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(32,316</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">Effect of FX change</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">(54,924</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">(64,678</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt">Ending balance</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,104,705</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">762,325</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
762325 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
859319 usd
gtec Additional Provision For Doubtful Accounts
AdditionalProvisionForDoubtfulAccounts
397304 usd
CY2022 gtec Additional Provision For Doubtful Accounts
AdditionalProvisionForDoubtfulAccounts
-32316 usd
gtec Effect Of Fx Change
EffectOfFXChange
54924 usd
CY2022 gtec Effect Of Fx Change
EffectOfFXChange
64678 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1104705 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
762325 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
7871318 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7975097 usd
CY2023Q2 gtec Revolving Materials
RevolvingMaterials
1093621 usd
CY2022Q4 gtec Revolving Materials
RevolvingMaterials
1122313 usd
CY2023Q2 gtec Consigned Processing Materials
ConsignedProcessingMaterials
36531 usd
CY2022Q4 gtec Consigned Processing Materials
ConsignedProcessingMaterials
15056 usd
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
-375846 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
20216673 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
23096382 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
375846 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
23793 usd
us-gaap Inventory Write Down
InventoryWriteDown
55037 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
359534 usd
gtec Inventory Effect Of Fx Change
InventoryEffectOfFXChange
-16387 usd
CY2022 gtec Inventory Effect Of Fx Change
InventoryEffectOfFXChange
-7481 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
414496 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
375846 usd
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="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>June 30,<br/> 2023</b></td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>December 31, <br/> 2022</b></td> <td style="text-align: center; padding-bottom: 1.5pt"> </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">$</td> <td style="width: 9%; text-align: right">29,301,984</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">26,713,919</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">2,064,397</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">2,034,960</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">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,366,381</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,748,879</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>
CY2023Q2 gtec Bank Notes Receivable
BankNotesReceivable
29301984 usd
CY2022Q4 gtec Bank Notes Receivable
BankNotesReceivable
26713919 usd
CY2023Q2 gtec Commercial Note Receivable
CommercialNoteReceivable
2064397 usd
CY2022Q4 gtec Commercial Note Receivable
CommercialNoteReceivable
2034960 usd
CY2023Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
31366381 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
28748879 usd
CY2023Q2 gtec Security For Issuance Amount
SecurityForIssuanceAmount
16630000 usd
CY2023Q2 gtec Notes Receivable
NotesReceivable
18470000 usd
CY2022Q4 gtec Security For Issuance Amount
SecurityForIssuanceAmount
15510000 usd
CY2022Q4 gtec Notes Receivable
NotesReceivable
13270000 usd
CY2023Q2 us-gaap Notes Payable To Bank
NotesPayableToBank
28120761 usd
CY2022Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
28272472 usd
CY2023Q2 gtec Restricted Cash And Cash Equivalents Value
RestrictedCashAndCashEquivalentsValue
3820000 usd
CY2022Q4 gtec Restricted Cash And Cash Equivalents Value
RestrictedCashAndCashEquivalentsValue
3430000 usd
CY2023Q2 gtec Note Receivable Date Of Issuance
NoteReceivableDateOfIssuance
16630000 usd
CY2023Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
11205950 usd
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
11781256 usd
CY2023Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
19060003 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
21010613 usd
CY2023Q2 gtec Motor Vehicles
MotorVehicles
320803 usd
CY2022Q4 gtec Motor Vehicles
MotorVehicles
315708 usd
CY2023Q2 gtec Electronic Equipment
ElectronicEquipment
1419530 usd
CY2022Q4 gtec Electronic Equipment
ElectronicEquipment
223806 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32006286 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33331383 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17890365 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17763247 usd
CY2023Q2 gtec Property Plants And Equipment Net
PropertyPlantsAndEquipmentNet
14115921 usd
CY2022Q4 gtec Property Plants And Equipment Net
PropertyPlantsAndEquipmentNet
15568136 usd
CY2023Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
16244 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
17078 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14132165 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15585214 usd
gtec Cost Of Revenue And Inventories
CostOfRevenueAndInventories
760000 usd
CY2022Q2 gtec Construction In Progress Fixed Assets
ConstructionInProgressFixedAssets
0.31 usd
CY2023Q2 gtec Buildings Net
BuildingsNet
8915460 usd
CY2022Q4 gtec Buildings Net
BuildingsNet
9599313 usd
CY2023Q2 gtec Restricted Assets Total
RestrictedAssetsTotal
8915460 usd
CY2022Q4 gtec Restricted Assets Total
RestrictedAssetsTotal
9599313 usd
CY2023Q2 gtec Ownershipof Buildings For Net Book Value
OwnershipofBuildingsForNetBookValue
64650000 cny
CY2023Q2 gtec Ownershipof Buildings For Net Book Value
OwnershipofBuildingsForNetBookValue
8920000 usd
CY2023Q2 gtec Loan Facility With Maximum Exposure
LoanFacilityWithMaximumExposure
167730000 cny
CY2022Q4 gtec Note Receivable Date Of Issuance
NoteReceivableDateOfIssuance
15510000 usd
CY2023Q2 gtec Land Use Right
LandUseRight
3420000 usd
CY2022Q4 gtec Land Use Right
LandUseRight
3000000 usd
gtec Percentage Of Bank Charges
PercentageOfBankCharges
0.0005 pure
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
usd
gtec Schedule Of Land Use Rights
ScheduleOfLandUseRights
Land use rights consisted of the following:<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="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>June 30,<br/> 2023</b></td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>December 31,<br/> 2022</b></td> <td style="text-align: center; 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">$</td> <td style="width: 9%; text-align: right">4,242,909</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">4,460,738</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">(823,977</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">(821,671</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">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,418,932</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,639,067</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>
CY2023Q2 gtec Land Use Rights Cost
LandUseRightsCost
4242909 usd
CY2022Q4 gtec Land Use Rights Cost
LandUseRightsCost
4460738 usd
CY2023Q2 gtec Less Accumulated Amortization
LessAccumulatedAmortization
823977 usd
CY2022Q4 gtec Less Accumulated Amortization
LessAccumulatedAmortization
821671 usd
CY2023Q2 gtec Land Use Rights Net
LandUseRightsNet
3418932 usd
CY2022Q4 gtec Land Use Rights Net
LandUseRightsNet
3639067 usd
CY2023Q2 gtec Land Use Rights Assets Net
LandUseRightsAssetsNet
3420000 usd
CY2022Q4 gtec Land Use Rights Assets Net
LandUseRightsAssetsNet
3640000 usd
CY2023Q2 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year One
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearOne
88814 usd
CY2023Q2 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Two
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearTwo
88814 usd
CY2023Q2 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Three
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearThree
88814 usd
CY2023Q2 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Four
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearFour
88814 usd
CY2023Q2 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Five
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearFive
88814 usd
CY2023Q2 gtec Present Value Of Future Insurance Profits Amortization Expense Thereafter
PresentValueOfFutureInsuranceProfitsAmortizationExpenseThereafter
2974862 usd
CY2023Q2 gtec Present Values Of Future Insurance Profits Amortization Expense
PresentValuesOfFutureInsuranceProfitsAmortizationExpense
3418932 usd
CY2023Q2 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
28120761 usd
CY2022Q4 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
28272472 usd
CY2023Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
24983677 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
24817165 usd
CY2023Q2 gtec Collateralized Bank Loans
CollateralizedBankLoans
6205784 usd
CY2022Q4 gtec Collateralized Bank Loans
CollateralizedBankLoans
7536392 usd
gtec Unsecured Bank Loans
UnsecuredBankLoans
1103250 usd
gtec Unsecured Bank Loans
UnsecuredBankLoans
1449863 usd
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
7309034 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8986255 usd
us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
Total
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
7309034 usd
CY2022 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
Total
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
8986255 usd
gtec Short Term Debt Loan
ShortTermDebtLoan
P1Y
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.03805 pure
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.04344 pure
CY2022Q3 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
4.17
CY2022Q3 gtec Prefunded Warrant Price
PrefundedWarrantPrice
4.169
CY2022Q3 us-gaap Sale Leaseback Transaction Gross Proceeds Investing Activities
SaleLeasebackTransactionGrossProceedsInvestingActivities
6876222 usd
gtec Warrants Expire Year
WarrantsExpireYear
P5Y
CY2023Q2 gtec Restricted Stock Vested Not Issued
RestrictedStockVestedNotIssued
usd
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
175748 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
747923 usd
CY2023Q2 gtec Other Tax Payables
OtherTaxPayables
994606 usd
CY2022Q4 gtec Other Tax Payables
OtherTaxPayables
141772 usd
CY2023Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
190372 usd
CY2022Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
88403 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1073231 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
569292 usd
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2433957 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1547390 usd
CY2023Q2 gtec Other Long Term Liability Debt Of Subsidy
OtherLongTermLiabilityDebtOfSubsidy
1641079 usd
CY2022Q4 gtec Other Long Term Liability Debt Of Subsidy
OtherLongTermLiabilityDebtOfSubsidy
1812759 usd
CY2023Q2 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
1641079 usd
CY2022Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
1812759 usd
gtec Grant Incomedecreased
GrantIncomedecreased
170000 usd
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”).
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4705312 shares
gtec Payment Of Cash
PaymentOfCash
100 usd
gtec Purchase Option Outstanding Units
PurchaseOptionOutstandingUnits
120000 shares
gtec Restricted Stock Vested Not Issued
RestrictedStockVestedNotIssued
usd
CY2023Q2 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y6M29D
us-gaap Operating Lease Payments
OperatingLeasePayments
247043 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2379271 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
533157 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1928680 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2461837 usd
CY2023Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
12978504 shares
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
12978504 shares
CY2023Q2 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
12978504 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
12978504 shares
CY2019 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
3875458 shares
CY2019 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
81400 shares
CY2019 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
1906542 shares
CY2023Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
468200 shares
CY2022Q3 gtec Commitment Offering Ordinary Shares
CommitmentOfferingOrdinaryShares
1250000 shares
CY2022Q3 gtec Prefunded Warrants Shares
PrefundedWarrantsShares
398974 shares
CY2023Q2 gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
2399138 usd
CY2022Q2 gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
1487264 usd
gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
3846113 usd
gtec Income Loss From Continuing Operation Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationIncludingPortionAttributableToNoncontrollingInterest
3274316 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12978504 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11329530 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12978504 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11329530 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12978504 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11329530 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12978504 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11329530 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.3
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2023Q2 us-gaap Revenues
Revenues
23569449 usd
CY2022Q2 us-gaap Revenues
Revenues
20602505 usd
us-gaap Revenues
Revenues
45718809 usd
us-gaap Revenues
Revenues
49909462 usd
gtec Deferred Tax Assets
DeferredTaxAssets
usd
gtec Longterm Payables Unamortized Deferred Financing Costs
LongtermPayablesUnamortizedDeferredFinancingCosts
usd
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
usd
gtec Proceeds From Related Parties
ProceedsFromRelatedParties
usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
usd
gtec Prepayment Of Leasefinancing Obligations
PrepaymentOfLeasefinancingObligations
usd
us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0.1417 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 usd
CY2020Q4 us-gaap Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
9620000 usd
CY2020Q4 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
69770000 cny
CY2023Q2 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
18000000 cny
CY2020Q3 us-gaap Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
5230000 usd
CY2022Q2 us-gaap Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
8280000 usd
CY2023Q2 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1380000 usd
CY2022Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1450000 usd
gtec Schedule Of Noncancellable Future Minimum Lease Payments Operating And Financing Leases
ScheduleOfNoncancellableFutureMinimumLeasePaymentsOperatingAndFinancingLeases
The following are the aggregate non-cancellable future minimum lease payments under operating and financing leases<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="border-bottom: Black 1.5pt solid; text-align: left"><b>For the years ending June 30,</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Operating <br/>Leases</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">642,756</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">580,901</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">597,691</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">615,068</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">315,753</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Total lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,752,169</td><td style="text-align: left"> </td></tr> </table>
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
642756 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
580901 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
597691 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
615068 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
315753 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2752169 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
usd
gtec Proceeds From Equity And Debt Financing
ProceedsFromEquityAndDebtFinancing
usd
CY2022Q4 gtec Fixed Assets Decoration
FixedAssetsDecoration
usd
CY2023Q2 gtec Duetorelatedparties
Duetorelatedparties
1690031 usd
CY2022Q4 gtec Duetorelatedparties
Duetorelatedparties
1693315 usd
CY2023Q2 gtec Due From Related Partiescurrent
DueFromRelatedPartiescurrent
34675437 usd
CY2022Q4 gtec Due From Related Partiescurrent
DueFromRelatedPartiescurrent
36669907 usd
CY2023Q2 us-gaap Other Receivables
OtherReceivables
34680000 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
36460000 usd
CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
usd
gtec Restricted Stock Vested Not Issued
RestrictedStockVestedNotIssued
usd
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001735041

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