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Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Taxes [Abstract] |
Schedule of Provision for Income Taxes | Significant components of the provision for income taxes are as follows:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 9,354 |  |  | $ | (563,650 | ) |  | $ | 135 |
Deferred |  |  | (66,695 | ) |  |  | (435,741 | ) |  |  | (174,076 | )
Total income tax benefit |  | $ | (57,341 | ) |  | $ | (999,391 | ) |  | $ | (173,941 | )
Schedule of Effective Tax Rate | The following table reconciles China statutory rates to the Company’s effective tax rate:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
PRC statutory rates |  |  | 25.0 | % |  |  | 25.0 | % |  |  | 25.0 | %
Preferential tax rates |  |  | (0.4 | )% |  |  | (2.9 | )% |  |  | (25.8 | )%
R&D credits |  |  | 0.2 | % |  |  | 1.5 | % |  |  | 3.0 | %
Change in valuation allowance and others |  |  | (24.8 | )% |  |  | (19.2 | )% |  |  | (0.4 | )%
Effective tax rate |  |  | 0.0 | % |  |  | 4.4 | % |  |  | 1.8 | %
Schedule of Deferred Tax Assets | The significant components of the deferred tax assets are as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Provision for credit losses |  | $ | 1,268,962 |  |  | $ | 1,260,557 |
Depreciation and amortization |  |  | 185,676 |  |  |  | 162,980 |
Net operating loss carryforward |  |  | 2,496,584 |  |  |  | 1,388,155 |
Valuation allowance |  |  | (2,932,049 | ) |  |  | (1,831,039 | )
Total deferred tax assets |  | $ | 1,019,173 |  |  | $ | 980,653 |
Schedule of Taxes Payable | Taxes payable consists of the following:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Income taxes payable |  | $ | 5,889 |  |  | $ | - |
VAT and other tax payable |  |  | 174,553 |  |  |  | 110,843 |
Totals |  | $ | 180,442 |  |  | $ | 110,843 |

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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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