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

3 Months Ended

Mar. 31, 2024

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

Schedule of Income Taxes Credit (Expenses)

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

		Three months ended March 31,
		2023				2024
PRC income tax
Current income tax		$	-			$	(1,048,786	)
Deferred income tax credit			402,884				-
		$	402,884			$	(1,048,786	)

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 March 31,
		2023				2024
Income (loss) before income taxes		$	(2,607,366	)		$	10,621,260
United States federal corporate income tax rate			21	%			21	%
Income tax expenses (credit) computed at United States statutory corporate income tax rate			(547,547	)			2,230,465
Reconciling items:
Rate differential for PRC earnings			(102,559	)			474,162
Tax effect of entity at preferential tax rate			88,661				(1,591,440	)
Non-taxable (income) expenses			8,068				234,402
Share based payments			1,028				24,482
Valuation allowance on deferred tax assets			149,465				(323,285	)
Income tax (credit) expenses		$	(402,884	)		$	1,048,786

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, 2023 and March 31, 2024 are presented below:

		December 31, 2023				March 31, 2024
Deferred tax assets
Trade receivable		$	1,156,095			$	1,053,908
Inventories			2,942,702				857,720
Property, plant and equipment			2,398,035				2,291,991
Non-marketable equity securities			157,432				154,756
Equity method investment			380,982				347,617
Intangible assets			31,601				119,443
Accrued expenses, payroll and others			541,665				440,562
Provision for product warranty			136,611				139,108
Net operating loss carried forward			36,103,945				40,154,228
Valuation allowance			(43,645,828	)			(45,559,333	)
Deferred tax assets, non-current		$	203,240			$	-
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	203,240			$	-

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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