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

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes credit

		Three months ended								Nine months ended
		September 30,								September 30,
		2021				2022				2021				2022
PRC income tax:
Current		$	-			$	-			$	-			$	-
Deferred			-				2,012				-				84,230
		$	-			$	2,012			$	-			$	84,230

Schedule of provision for income taxes at statutory income tax rate

		Three months ended								Nine months ended
		September 30,								September 30,
		2021				2022				2021				2022
Income (Loss) before income taxes		$	20,023,221			$	(850,740	)		$	52,351,612			$	932,270
United States federal corporate income tax rate			21	%			21	%			21	%			21	%
Income tax (credit) expenses computed at United States statutory corporate income tax rate			4,204,877				(178,655	)			10,993,839				195,777
Reconciling items:
Rate differential for PRC earnings			(104,422	)			(91,533	)			(132,095	)			(116,719	)
Tax effect of entity at preferential tax rate			-				355,197				-				313,990
Non-deductible expenses (non-taxable income)			(4,764,089	)			(299,721	)			(11,993,447	)			(1,115,858	)
Share based payments			19,067				2,362				70,007				12,002
Under provision of tax losses			-				(47,004	)			-				17,321
Utilization of tax losses			-				175,188				-				(194,209	)
Valuation allowance on deferred tax assets			644,567				82,154,				1,061,696				971,926
Income tax expenses		$	-				2,012			$	-			$	84,230

Schedule of deferred tax assets and liabilities

		December 31,				September 30,
		2021				2022
Deferred tax assets
Trade receivable		$	2,044,877			$	1,690,630
Inventories			624,372				504,892
Property, plant and equipment			1,671,628				1,417,914
Equity investment			175,813				157,017
Intangible assets			82,174				89,324
Accrued expenses, payroll and others			286,258				231,886
Provision for product warranty			507,067				470,241
Net operating loss carried forward			32,624,714				30,369,025
Valuation allowance			(36,278,909	)			(33,493,995	)
Deferred tax assets, non-current		$	1,737,994			$	1,436,934
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	334,181			$	261,310

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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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