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

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes expenses (credit)

		December 31,				December 31,
		2020				2021
PRC income tax		$				$
Current income tax credit, net			-				7,713,191
Deferred income tax credit			-				19,855
		$	-			$	7,733,046

Schedule of provision for income taxes at statutory income tax rate

		Year ended December 31, 2020				Year ended December 31, 2021
(Loss) income before income taxes		$	(7,846,768	)		$	53,826,098
United States federal corporate income tax rate			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			(1,647,821	)			11,303,481
Reconciling items:
Over provision of deferred taxation in prior year
Rate differential for PRC earnings			(318,383	)			(235,947	)
Non-taxable income			(435,120	)			(12,978,422	)
Tax effect of entity at preferential tax rate			-				(43,449	)
Non-deductible expenses			241,843				215,873
Share based payments			168,826				220,033
Over provision of tax losses			174,558				-
Decrease of uncertain tax position			-				(7,713,191	)
Tax effect of utilisation of tax losses previously not recognised			-				(70,067	)
Valuation allowance on deferred tax assets			1,816,097				1,568,643
Income tax credit		$	-			$	(7,733,046	)

Schedule of deferred tax assets and liabilities

		December 31, 2020				December 31, 2021
Deferred tax assets
Trade accounts receivable		$	1,354,762				2,044,877
Inventories			575,575				624,372
Property, plant and equipment			1,271,986				1,671,628
Non-marketable equity securities			-				175,813
Intangible assets			-				82,174
Accrued expenses, payroll and others			-				286,258
Provision for product warranty			497,901				507,067
Net operating loss carried forward			31,060,254				32,624,714
Valuation allowance			(34,760,478	)			(36,278,909	)
Deferred tax assets, non-current		$	-				1,737,994
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	-			$	334,181

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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