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

12 Months Ended

Dec. 31, 2024

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

Schedule of Income Taxes Credit

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

		December 31,				December 31,
		2023				2024
PRC income tax		$				$
Current income tax expenses, net			-				1,558,613
Deferred income tax expenses			2,486,145				-
		$	2,486,145			$	1,558,613

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:

		Year ended December 31, 2023				Year ended December 31, 2024
Income (loss) before income taxes		$	(6,053,182	)		$	11,143,763
United States federal corporate income tax rate			21	%			21	%
Income tax credit computed at United States statutory corporate income tax rate			(1,271,168	)			2,340,190
Reconciling items:
Over provision of deferred taxation in prior year
Rate differential for PRC earnings			(160,672	)			524,791
Tax effect of entity at preferential tax rate			1,918,084				(1,751,421	)
Non-deductible (income) expenses			171,936				(108,841	)
Share based payments			257,407				79,096
Utilization of tax loss			-				(1,640,692	)
Tax effect of utilization of tax losses previously not recognised			(222,354	)			(274,323	)
Valuation allowance on deferred tax assets			1,792,912				3,156,312
Decrease in opening deferred tax assets resulting from a decrease in applicable tax rate			-				(766,499	)
Income tax expenses		$	2,486,145			$	1,558,613

Schedule of Tax Effects of Temporary Differences Significant Portions of The 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 2024 are presented below:

		December 31, 2023				December 31, 2024
Deferred tax assets
Trade receivable		$	1,156,095				723,916
Inventories			2,942,702				591,678
Property, plant and equipment			2,398,035				1,992,540
Non-marketable equity securities			157,432				91,842
Equity method investment			380,982				343,850
Intangible assets			31,601				133,684
Accrued expenses, payroll and others			541,665				614,417
Provision for product warranty			136,611				66,617
Net operating loss carried forward			36,103,945				38,116,873
Valuation allowance			(43,645,828	)			(42,522,990	)
Deferred tax assets, non-current		$	203,240				152,427
Deferred tax liabilities, non-current
Long-lived assets arising from acquisitions		$	203,240			$	152,427

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- References

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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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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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-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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