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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes - Schedule of Components of Income Tax Expense Benefit

The components of the income tax benefit from continuing operations are:

Income Taxes - Schedule of Components of Income Tax Expense Benefit 

		Three-Month Period Ended June 30,								Six-Month Period Ended June 30,
		2021				2020				2021				2020
Current taxes – PRC		$	—			$	—			$	—			$	—
Deferred taxes			(356,408	)			612,354				387,229				1,739,929
Change in valuation allowance			—				60,279				—				189,147
Tax Expense Benefit		$	(356,408	)		$	672,633			$	387,229			$	1,929,076

Income Taxes - Schedule of Income Tax Rate Reconciliation

The effective income tax rate differs from the PRC statutory income tax rate of 25% from continuing operations in the PRC as follows: Income Taxes - Schedule of Income Tax Rate Reconciliation 

		Three-Month Period Ended June 30,								Six-Month Period Ended June 30,
Reconciliations		2021				2020				2021				2020
Statutory income tax rate			25	%			25	%			25	%			25	%
Non-taxable & Non-deductible items			(6	%)			(2	%)			(3	%)			—
Change in valuation allowance			(34	%)			—				(15	%)			—
Effective tax rate			(15	%)			23	%			7	%			25	%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2021 and December 31, 2020 are as follows:

Income Taxes - Schedule of Deferred Tax Assets and Liabilities

		June 30,				December 31,
		2021				2020
Deferred tax liabilities		$	—			$	—
Deferred tax assets:
Impairment on property, plant and equipment			2,731,415				2,907,548
Impairment on prepaid land lease			880,714				883,884
Exploration costs			1,927,260				1,908,087
Compensation costs of unexercised stock options			1,614				74,883
PRC tax losses			22,396,953				21,643,028
US federal net operating loss			1,247,000				1,045,503
Total deferred tax assets			29,184,956				28,462,933
Valuation allowance			(9,930,632	)			(9,872,706	)
Net deferred tax asset		$	19,254,534			$	18,590,227

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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