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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

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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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