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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES [Abstract]

Schedule of Income Tax Expenses

Income tax expenses comprise:

		Year ended December 31,
		2015			2016			2017
Current Tax Expenses		$	1,786,092		$	7,357,623		$	17,417,528
Deferred Tax Expenses (Benefit)			(648,271)			466			(85,302)
Total		$	1,137,821		$	7,358,089		$	17,332,226

Schedule of Deferred Tax Assets and Liabilities

The principal components of deferred income tax assets are as follows:

		December 31,
		2016			2017
Net operating loss carried forward		$	20,039,534		$	21,182,813
Allowance for doubtful accounts			1,524			1,998
Government grants related to assets			217,661			211,707
Long-lived assets impairment & depreciation			18,113,967			19,618,474
Others			942,466			1,015,525
Sub-total			39,315,152			42,030,517
Valuation Allowance			(38,729,208)			(41,316,449)
Total		$	585,944		$	714,068

Schedule of Changes of Valuation Allowance

The changes of valuation allowance are as follows:

		Year ended December 31,
		2015			2016			2017
Beginning balance		$	50,109,751		$	42,362,849		$	38,729,208
Reversal			(5,708,268)			(932,833)			(24,771)
Foreign exchange effect			(2,038,634)			(2,700,808)			2,612,012
Ending Balance		$	42,362,849		$	38,729,208		$	41,316,449

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate of the Group is different from the expected PRC statutory rate as a result of the following items:

		Year ended December 31,
		2015			2016			2017
PRC Enterprise Income Tax			25	%		25	%		25	%
Preferential income tax rate of a subsidiary			(8)	%		(10)	%		(10)	%
Additional tax deductions			(12)	%		(1)	%		(1)	%
Different tax rate in other jurisdictions			8	%		1	%		2	%
Changes in valuation allowance			(3)	%		(1)	%		—	%
Tax credits			(3)	%		—	%		—	%
Withhold tax			1	%		—	%		—	%
Effective tax rate			8	%		14	%		16	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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-Publisher FASB
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