XML 69 R50.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Summary of Significant Accounting Policies (Details)
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Summary of Significant Accounting Policies [Line Items]      
Non controlling interest, percentage 51.05%    
Restricted cash $ 1,285,900 $ 932,164  
Credit losses on other receivable 1,279,226 1,835,121
Credit losses (reversal of credit losses) on accounts receivable (304,112) 1,968,316 (310,012)
Contract with Customer, Liability, Current 69,361 1,010,852 69,361
Contract with Customer, Liability, Revenue Recognized $ 1,209 31,761 126,333
Number of operating segments 1    
Selling Expense $ 1,893,607 1,956,120 1,418,586
Research and development expenses 7,401,430 5,147,364 6,557,208
Government grants received $ 62,600 81,911 434,604
VAT, description Revenue is recognized net of value-added taxes (“VAT”). VAT is based on gross sales price and the VAT rate applicable to the Company is 17% for the period from the beginning of 2018 until the end of April 2018, then changed to 16% from May 2018 to the end of March 2019, and changed to 13% since April 2019. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverable if input VAT is larger than output VAT. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities. Furthermore, the Company’s subsidiaries in China may be qualified to receive a refund on VAT for the excess input VAT after meeting certain prerequisites specified in relevant regulations prescribed by the State Tax Bureau of the PRC.    
VAT recoverable $ 16,688,647 4,474,784
Tax benefit, percentage 50.00%    
Statutory reserve, description Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign-invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign-invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end).    
Hangzhou Dewang [Member]      
Summary of Significant Accounting Policies [Line Items]      
Non controlling interest, percentage 51.05%    
Accounts Receivable [Member]      
Summary of Significant Accounting Policies [Line Items]      
Credit losses (reversal of credit losses) on accounts receivable $ 304,112    
Shipping and Handling [Member]      
Summary of Significant Accounting Policies [Line Items]      
Selling Expense $ 6,630 $ 8,745 $ 54,473