XML 65 R54.htm IDEA: XBRL DOCUMENT
v3.22.1

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes expenses (credit) |
|  | Three months ended March 31, |
|  | 2021 |  |  | 2022 |
PRC income tax |  |  |  |  |  |
Current income tax |  | $ | - |  |  | $ | - |
Deferred income tax credit |  |  | - |  |  |  | 93,546 |
|  | $ | - |  |  | $ | 93,546 |
Schedule of provision for income taxes at statutory income tax rate |
|  | Three months ended March 31, |
|  | 2021 |  |  | 2022 |
Income before income taxes |  | $ | 29,608,168 |  |  | $ | 586,957 |
United States federal corporate income tax rate |  |  | 21 | % |  |  | 21 | %
Income tax expenses (credit) computed at United States statutory corporate income tax rate |  |  | 6,217,715 |  |  |  | 123,261 |
Reconciling items: |  |  |  |  |  |  |  |
Rate differential for PRC earnings |  |  | 69,004 |  |  |  | (25,584 | )
Tax effect of entity at preferential tax rate |  |  | - |  |  |  | (9,972 | )
Non-taxable (income) expenses |  |  | (5,886,790 | ) |  |  | (264,922 | )
Share based payments |  |  | 31,252 |  |  |  | 7,304 |
Valuation allowance on deferred tax assets |  |  | (431,181 | ) |  |  | 76,367 |
Income tax credit |  | $ | - |  |  | $ | (93,546 | )
Schedule of deferred tax assets and liabilities |
|  | December 31, 2021 |  |  | March 31, 2022 |
Deferred tax assets |  |  |  |  |  |
Trade receivable |  | $ | 2,044,877 |  |  | $ | 2,116,363 |
Inventories |  |  | 624,372 |  |  |  | 662,511 |
Property, plant and equipment |  |  | 1,671,628 |  |  |  | 1,543,877 |
Non-marketable equity securities |  |  | 175,813 |  |  |  | 176,202 |
Intangible assets |  |  | 82,174 |  |  |  | 99,819 |
Accrued expenses, payroll and others |  |  | 286,258 |  |  |  | 154,923 |
Provision for product warranty |  |  | 507,067 |  |  |  | 506,916 |
Net operating loss carried forward |  |  | 32,624,714 |  |  |  | 33,312,212 |
Valuation allowance |  |  | (36,278,909 | ) |  |  | (36,751,234 | )
Deferred tax assets, non-current |  | $ | 1,737,994 |  |  | $ | 1,821,589 |
Deferred tax liabilities, non-current |  |  |  |  |  |  |  |
Long-lived assets arising from acquisitions |  | $ | 334,181 |  |  | $ | 321,025 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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. + 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration