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Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes expenses

		Three months ended September 30,								Nine months ended September 30,
		2018				2019				2018				2019
PRC income tax:
Current		$	-			$	-			$	-			$	-
Deferred			-				-				-				-
		$	-			$	-			$	-			$	-

Schedule of income tax reconciliation

		Three months ended September 30,								Nine months ended September 30,
		2018				2019				2018				2019
Income (Loss) before income taxes		$	7,920,563			$	(1,787,068	)		$	1,907,042			$	(6,928,575	)
United States federal corporate income tax rate			21	%			21	%			21	%			21	%
Income tax (credit) expenses computed at United States statutory corporate income tax rate			1,663,318				(375,285	)			400,479				(1,455,001	)
Reconciling items:
Rate differential for PRC earnings			322,253				(42,412	)			106,397				(228,917	)
Non-deductible expenses			21,333				69,240				118,383				162,110
Share based payments			7,172				83,190				39,691				90,885
Recognition of tax losses previously not recognized			(132,104	)			-				(132,104	)			-
Valuation allowance on deferred tax assets			(1,881,972	)			265,267				(532,846	)			1,430,923
Income tax expenses		$	-			$	-			$	-			$	-

Schedule of deferred tax assets and liabilities

		December 31,				September 30,
		2018				2019
Deferred tax assets
Trade accounts receivable		$	1,031,389			$	1,025,827
Inventories			1,715,161				1,600,189
Property, plant and equipment			618,416				275,833
Provision for product warranty			562,654				550,324
Net operating loss carried forward			26,595,654				28,502,024
Valuation allowance			(30,523,274	)			(31,954,197	)
Deferred tax assets, non-current		$	-			$	-
Deferred tax liabilities, non-current		$	-			$	-

Schedule of unrecognized tax benefits excluding interest and penalties ("Gross UTB") is as follows

		Gross UTB				Surcharge				Net UTB
Balance as of January 1, 2019		$	7,129,285			$	-			$	7,129,285
Decrease in unrecognized tax benefits taken in current period			(269,811	)			-				(269,811	)
Balance as of September 30, 2019		$	6,859,474			$	-			$	6,859,474

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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
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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 the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns.

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