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

9 Months Ended

Sep. 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 September 30,								Nine months ended September 30,
		2023				2024				2023				2024
PRC income tax:
Current income tax		$	-			$	339,287			$	-			$	2,188,800
Deferred income tax expenses (credit)			(305,431	)			-				(1,015,626	)			-
		$	(305,431	)		$	339,287			$	(1,015,626	)		$	2,188,800

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,
		2023				2024				2023				2024
Income (loss) before income taxes		$	5,458,717			$	(346,252	)		$	(395,187	)		$	17,098,920
United States federal corporate income tax rate			21	%			21	%			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			1,146,331				(72,713	)			(82,989	)			3,590,773
Reconciling items:
Rate differential for PRC earnings			233,423				(6,850	)			51,139				756,176
Tax effect of entity at preferential tax rate			333,663				140,894				386,649				(2,191,866	)
Non-taxable (income) expenses			51,741				24,551				149,861				323,077
Share based payments			27,399				12,190				201,565				56,031
Over (under) provision of tax loess			-				(446	)			-				(218,623	)
Utilization of tax losses			-				(3,864	)			-				(1,894,773	)
Valuation allowance on deferred tax assets			(2,097,988	)			245,525				(1,721,851	)			1,768,005
Income tax expenses (credit)		$	(305,431	)		$	339,287			$	(1,015,626	)		$	2,188,800

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 September 30, 2024 are presented below:

		December 31, 2023				September 30, 2024
Deferred tax assets
Trade receivable		$	1,156,095			$	984,723
Inventories			2,942,702				910,152
Property, plant and equipment			2,398,035				2,356,400
Non-marketable equity securities			157,432				159,205
Equity method investment			380,982				357,633
Intangible assets			31,601				133,656
Accrued expenses, payroll and others			541,665				625,120
Provision for product warranty			136,611				106,862
Net operating loss carried forward			36,103,945				38,096,824
Valuation allowance			(43,645,828	)			(43,730,575	)
Deferred tax assets, non-current		$	203,240			$	-
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	203,240			$	-

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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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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
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-Paragraph 12A
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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