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

12 Months Ended

Dec. 31, 2022

Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Abstract]

Schedule of provision for income taxes expenses (credit)

		December 31,				December 31,
		2021				2022
PRC income tax		$				$
Current income tax credit, net			7,713,191				-
Deferred income tax credit			19,855				1,228,207
		$	7,733,046			$	1,228,207

Schedule of provision for income taxes at statutory income tax rate

		Year ended December 31, 2021				Year ended December 31, 2022
Income (loss) before income taxes		$	53,826,098			$	(12,556,018	)
United States federal corporate income tax rate			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			11,303,481				(2,636,764	)
Reconciling items:
Over provision of deferred taxation in prior year
Rate differential for PRC earnings			(235,947	)			(685,944	)
Non-taxable income			(12,978,422	)			(1,199,100	)
Tax effect of entity at preferential tax rate			(43,449	)			683,459
Non-deductible expenses			215,873				221,090
Share based payments			220,033				13,481
Decrease of uncertain tax position			(7,713,191	)			-
Tax effect of utilisation of tax losses previously not recognised			(70,067	)			(885,021	)
Valuation allowance on deferred tax assets			1,568,643				3,260,592
Income tax credit		$	(7,733,046	)		$	(1,228,207	)

Schedule of deferred tax assets and liabilities

		December 31, 2021				December 31, 2022
Deferred tax assets
Trade accounts receivable		$	2,044,877				1,976,354
Inventories			624,372				554,041
Property, plant and equipment			1,671,628				2,353,141
Non-marketable equity securities			175,813				161,716
Intangible assets			82,174				97,468
Accrued expenses, payroll and others			286,258				224,795
Provision for product warranty			507,067				119,207
Net operating loss carried forward			32,624,714				34,379,188
Valuation allowance			(36,278,909	)			(37,122,551	)
Deferred tax assets, non-current		$	1,737,994				2,743,359
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	334,181			$	256,380

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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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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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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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