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Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2021
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes expenses |
|  |  | Three months ended September 30, |  |  |  | Nine months ended September 30, |
|  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |
PRC income tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Deferred |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Schedule of income tax reconciliation |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |
Income (Loss) before income taxes |  | $ | 41,715 |  |  | $ | 20,023,221 |  |  | $ | (3,510,563 | ) |  | $ | 52,351,612 |
United States federal corporate income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Income tax (credit) expenses computed at United States statutory corporate income tax rate |  |  | 8,760 |  |  |  | 4,204,877 |  |  |  | (737,218 | ) |  |  | 10,993,839 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate differential for PRC earnings |  |  | 15,480 |  |  |  | (104,422 | ) |  |  | (79,959 | ) |  |  | (132,095 | )
Non-deductible expenses (non-taxable income) |  |  | 38,529 |  |  |  | (4,764,089 | ) |  |  | 187,432 |  |  |  | (11,993,447 | )
Share based payments |  |  | 33,973 |  |  |  | 19,067 |  |  |  | 129,333 |  |  |  | 70,007 |
Valuation allowance on deferred tax assets |  |  | (96,742 | ) |  |  | 644,567 |  |  |  | 500,412 |  |  |  | 1,061,696 |
Income tax expenses |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Schedule of deferred tax assets and liabilities |
|  | December 31, |  |  | September 30, |
|  | 2020 |  |  | 2021 |
Deferred tax assets |  |  |  |  |  |
Trade accounts receivable |  | $ | 1,354,762 |  |  | $ | 1,248,059 |
Inventories |  |  | 575,575 |  |  |  | 646,198 |
Property, plant and equipment |  |  | 1,271,986 |  |  |  | 1,130,024 |
Impairment on non-marketable equity securities |  |  | - |  |  |  | 173,317 |
Provision for product warranty |  |  | 497,901 |  |  |  | 499,574 |
Net operating loss carried forward |  |  | 31,060,254 |  |  |  | 32,125,002 |
Valuation allowance |  |  | (34,760,478 | ) |  |  | (35,822,174 | )
Deferred tax assets, non-current |  | $ | - |  |  | $ | - |
Deferred tax liabilities, non-current |  | $ | - |  |  | $ | - |
Schedule of unrecognized tax benefits excluding interest and penalties |
|  | Gross UTB |  |  | Surcharge |  |  | Net UTB |
Balance as of January 1, 2021 |  | $ | 7,511,182 |  |  | $ | - |  |  | $ | 7,511,182 |
Increase in unrecognized tax benefits taken in current period |  |  | 95,495 |  |  |  | - |  |  |  | 95,495 |
Balance as of September 30, 2021 |  | $ | 7,606,677 |  |  | $ | - |  |  | $ | 7,606,677 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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