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Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
|  | Three months ended March 31, |
|  | 2024 |  |  | 2025 |
PRC income tax |  | $ |  |  |  | $ |  |
Current income tax expenses, net |  |  | 1,048,786 |  |  |  | - |
Deferred income tax expenses |  |  | - |  |  |  | - |
|  | $ | 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:
|  | For the three months ended March 31, |
|  | 2024 |  |  | 2025 |
Income (loss) before income taxes |  | $ | 10,621,260 |  |  | $ | (2,050,982 | )
United States federal corporate income tax rate |  |  | 21 | % |  |  | 21 | %
Income tax expenses (credit) computed at United States statutory corporate income tax rate |  |  | 2,230,465 |  |  |  | (430,706 | )
Reconciling items: |  |  |  |  |  |  |  |
Rate differential for PRC earnings |  |  | 474,162 |  |  |  | (55,525 | )
Tax effect of entity at preferential tax rate |  |  | (1,591,440 | ) |  |  | 35,016 |
Non-deductible expenses |  |  | 234,402 |  |  |  | 133,519 |
Share based payments |  |  | 24,482 |  |  |  | 5,684 |
Utilization of tax loss |  |  | - |  |  |  | (593,482 | )
Valuation allowance on deferred tax assets |  |  | (323,285 | ) |  |  | 905,494 |
Income tax expenses |  | $ | 1,048,786 |  |  | $ | - |
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, 2024 and March 31, 2025 are presented below:
|  | December 31, 2024 |  |  | March 31, 2025 |
Deferred tax assets |  |  |  |  |  |
Trade receivable |  | $ | 723,916 |  |  |  | 599,685 |
Inventories |  |  | 591,678 |  |  |  | 554,632 |
Property, plant and equipment |  |  | 1,992,540 |  |  |  | 1,950,005 |
Non-marketable equity securities |  |  | 91,842 |  |  |  | 92,332 |
Equity method investment |  |  | 343,850 |  |  |  | 337,404 |
Intangible assets |  |  | 133,684 |  |  |  | 139,604 |
Accrued expenses, payroll and others |  |  | 614,417 |  |  |  | 587,464 |
Provision for product warranty |  |  | 66,617 |  |  |  | 66,085 |
Net operating loss carried forward |  |  | 38,116,873 |  |  |  | 37,697,925 |
Valuation allowance |  |  | (42,522,990 | ) |  |  | (41,883,250 | )
Deferred tax assets, non-current |  | $ | 152,427 |  |  |  | 141,886 |
Deferred tax liabilities, non-current |  |  |  |  |  |  |  |
Long-lived assets arising from acquisitions |  | $ | 152,427 |  |  | $ | 141,886 |

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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 + Details
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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 + Details
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