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14. INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

		Three-Month Period Ended March 31,
		2020				2019
Current taxes – PRC		$	-			$	-
Deferred tax – PRC			1,385,311				1,380,196
Change in valuation allowance			(128,868)				14,941
		$	1,256,443			$	1,395,137

Schedule of income tax expenses reconciliation

		Three-Month Period Ended March 31,
Reconciliations		2020				2019
Statutory income tax rate			25	%			25	%
Non-taxable & Non deductible items			2	%			(3	%)
Change in valuation allowance			(1	%)			-
Effective income tax benefit (expense) rate			26	%			22	%

Schedule of deferred tax assets and liabilities

		March 31,				December 31,
		2020				2019
Deferred tax liabilities		$	-			$	-
Deferred tax assets:
Impairment on property, plant and equipment		$	2,864,275			$	2,974,542
Impairment on prepaid land lease			795,133				826,673
Exploration costs			1,757,193				1,784,583
Compensation costs of unexercised stock options			78,915				171,672
PRC tax losses			19,700,324				18,737,005
US federal net operating loss			466,000				432,000
Total deferred tax assets			25,661,840				24,926,475
Valuation allowance			(8,856,965	)			(8,985,833	)
Net deferred tax asset		$	16,804,875			$	15,940,642

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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