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

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes credit

		Three months ended June 30,								Six months ended June 30,
		2021				2022				2021				2022
PRC income tax:
Current income tax		$	-			$	61,811			$	-			$	61,811
Deferred income tax			-				117,977				-				24,431
		$	-			$	179,788			$	-			$	86,242

Schedule of provision for income taxes at statutory income tax rate

		Three months ended June 30,						Six months ended June 30,
		2021			2022			2021			2022
Income before income taxes		$	2,720,223		$	1,196,053		$	32,328,391		$	1,783,010
United States federal corporate income tax rate			21	%		21	%		21	%		21	%
Income tax credit computed at United States statutory corporate income tax rate			571,247			251,171			6,788,962			374,432
Reconciling items:
Rate differential for PRC earnings			(96,677	)		398			(27,673	)		(25,186	)
Tax effect of entity at preferential tax rate			-			(31,235	)		-			(41,207	)
Non-deductible expenses (non-taxable income)			(1,342,568	)		(551,215	)		(7,229,358	)		(816,137	)
Share based payments			19,688			2,336			50,940			9,640
Under provision of tax loess						64,325						64,325
Utilization of tax losses						(369,397	)					(369,397	)
Valuation allowance on deferred tax assets			848,310			813,405			417,129			889,772
Income tax expenses		$	-		$	179,788		$	-		$	86,242

Schedule of deferred tax assets and liabilities

		December 31, 2021				June 30, 2022
Deferred tax assets
Trade receivable		$	2,044,877			$	2,004,071
Inventories			624,372				537,603
Property, plant and equipment			1,671,628				1,454,108
Non-marketable equity securities			175,813				166,778
Intangible assets			82,174				89,235
Accrued expenses, payroll and others			286,258				217,863
Provision for product warranty			507,067				504,784
Net operating loss carried forward			32,624,714				33,622,335
Valuation allowance			(36,278,909	)			(36,998,020	)
Deferred tax assets, non-current		$	1,737,994			$	1,598,757
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	334,181			$	290,706

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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
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