XML 71 R59.htm IDEA: XBRL DOCUMENT v3.24.2.u1

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

6 Months Ended

Jun. 30, 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 June 30,								Six months ended June 30,
		2023				2024				2023				2024
PRC income tax:
Current income tax		$	-			$	800,727			$	-			$	1,849,513
Deferred income tax expenses (credit)			(307,311	)			-				(710,195	)			-
		$	(307,311	)		$	800,727			$	(710,195	)		$	1,849,513

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 June 30,								Six months ended June 30,
		2023				2024				2023				2024
Income (loss) before income taxes			(3,246,538	)		$	6,823,912			$	(5,853,904	)		$	17,445,172
United States federal corporate income tax rate			21	%			21	%			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			(681,773	)			1,433,022				(1,229,320	)			3,663,486
Reconciling items:
Rate differential for PRC earnings			(79,725	)			288,864				(182,284	)			763,026
Tax effect of entity at preferential tax rate			(35,675	)			(741,320	)			52,986				(2,332,760	)
Non-taxable (income) expenses			90,052				64,124				98,120				298,526
Share based payments			173,138				19,359				174,166				43,841
Over (under) provision of tax loess			(227,127	)			(218,177	)			(227,127	)			(218,177	)
Utilization of tax losses			-				(138,210	)			-				(1,890,909	)
Valuation allowance on deferred tax assets			453,799				93,065				603,264				1,522,480
Income tax expenses (credit)			(307,311	)		$	800,727			$	(710,195	)		$	1,849,513

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 June 30, 2024 are presented below:

		December 31, 2023				June 30, 2024
Deferred tax assets
Trade receivable		$	1,156,095			$	851,101
Inventories			2,942,702				952,885
Property, plant and equipment			2,398,035				2,188,974
Non-marketable equity securities			157,432				153,743
Equity method investment			380,982				345,364
Intangible assets			31,601				123,870
Accrued expenses, payroll and others			541,665				483,509
Provision for product warranty			136,611				113,153
Net operating loss carried forward			36,103,945				37,932,250
Valuation allowance			(43,645,828	)			(42,969,061	)
Deferred tax assets, non-current		$	203,240			$	175,788
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	203,240			$	175,788

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration