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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income Tax Expenses

Income tax expenses comprise:

		Year ended December 31,
		2017			2018			2019
Current tax expenses		$	17,417,528		$	11,868,388		$	4,941,092
Deferred tax (benefit) expenses			(85,302)			(151,843)			4,682,355
Total		$	17,332,226		$	11,716,545		$	9,623,447

Schedule of Deferred Tax Assets and Liabilities

The principal components of deferred income tax assets and liabilities from continuing operations are as follows:

		December 31,
		2018			2019
Deferred tax assets:
Long-lived assets depreciation		$	821,137		$	1,351,883
Net operating loss carried forward			—			729,231
Sub-total			821,137			2,081,114
Valuation Allowance			—			(729,231)
Total deferred tax assets		$	821,137		$	1,351,883
Deferred tax liabilities:
Long-lived assets depreciation		$	—		$	(5,226,521)
Difference in basis of buildings		$	(1,184,644)		$	(1,141,359)
Total deferred tax liabilities		$	(1,184,644)		$	(6,367,880)

Schedule of Effective Income Tax Rate Reconciliation

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

		Year ended December 31,
		2017		2018		2019
PRC Enterprise Income Tax		25	%	25	%	25	%
Preferential income tax rate of a subsidiary		(10)	%	(11)	%	(14)	%
Effect of different reversal rate		—		—		5	%
Additional tax deductions		(1)	%	(3)	%	(3)	%
Different tax rate in other jurisdictions		1	%	5	%	12	%
Effective tax rate		15	%	16	%	25	%

Discontinued Operations

Schedule of Deferred Tax Assets and Liabilities

The principal components of deferred income tax assets and liabilities from discontinued operations are as follows:

		December 31,
		2018			2019
Deferred tax assets:
Net operating loss carried forward		$	17,293,577		$	17,880,855
Government grants related to assets			180,759			98,492
Long-lived assets impairment & depreciation			8,358,235			4,283,974
Others			1,229,693			1,066,379
Sub-total			27,062,264			23,329,700
Valuation Allowance			(27,062,264)			(23,329,700)
Total deferred tax assets		$	—		$	—

Schedule of Changes of Valuation Allowance

The changes of valuation allowance are as follows:

		Year ended December 31,
		2017			2018			2019
Beginning balance		$	38,729,208		$	41,316,449		$	27,062,264
Reversal			(24,771)			(12,515,962)			(2,698,440)
Foreign exchange effect			2,612,012			(1,738,223)			(304,893)
Ending Balance		$	41,316,449		$	27,062,264		$	24,058,931

X

- Definition

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.

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-Topic 740
-SubTopic 10
-Section 50
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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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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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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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