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

9 Months Ended

Sep. 30, 2023

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

Schedule of Provision for Income Taxes Expenses (Credit)

The Company’s provision for income taxes expenses (credit) consisted of:

		Three months ended September 30,								Nine months ended September 30,
		2022				2023				2022				2023
PRC income tax:
Current income tax		$	-			$	-			$	-			$	-
Deferred income tax (credit) expenses			(2,012	)			(305,431	)			84,230				(1,015,626	)
		$	(2,012	)		$	(305,431	)		$	84,230			$	(1,015,626	)

Schedule of Provision for Income Taxes Determined at the Statutory Income Tax Rate

A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows:

		Three months ended September 30,								Nine months ended September 30,
		2022				2023				2022				2023
Income (loss) before income taxes		$	(850,740	)		$	5,458,717			$	932,270			$	(395,187	)
United States federal corporate income tax rate			21	%			21	%			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			(178,655	)			1,146,331				195,777				(82,989	)
Reconciling items:
Rate differential for PRC earnings			(91,533	)			233,423				(116,719	)			51,139
Tax effect of entity at preferential tax rate			355,197				333,663				313,990				386,649
Non-taxable (income) expenses			(299,721	)			51,741				(1,115,858	)			149,861
Share based payments			2,362				27,399				12,002				201,565
Utilization of tax losses			175,188				-				(194,209	)			-
Valuation allowance on deferred tax assets			35,150				(2,097,988	)			989,247				(1,721,851	)
Income tax (credit) expenses		$	(2,012	)		$	(305,431	)		$	84,230			$	(1,015,626	)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 and September 30, 2023 are presented below:

		December 31, 2022				September 30, 2023
Deferred tax assets
Trade receivable		$	1,976,354			$	1,198,575
Inventories			554,041				703,333
Property, plant and equipment			2,353,141				1,797,372
Long-term investments, net			161,716				153,572
Intangible assets			97,468				108,146
Accrued expenses, payroll and others			224,795				216,038
Provision for product warranty			119,207				123,667
Net operating loss carried forward			34,379,188				32,802,103
Valuation allowance			(37,122,551	)			(33,573,748	)
Deferred tax assets, non-current		$	2,743,359			$	3,529,058
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	256,380			$	131,492

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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

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-Topic 740
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-Name Accounting Standards Codification
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-Section 50
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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.

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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.

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