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INCOME TAXES (Tables)

9 Months Ended

Sep. 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 September 30,								Nine-Month Period Ended September 30,
		2021				2020				2021				2020
Current taxes – PRC		$	—			$	—			$	—			$	—
Deferred taxes			(1,750,283	)			484,792				(1,363,054	)			2,196,079
Change in valuation allowance			—				(702,117	)			—				(484,328	)
Tax Expense Benefit		$	(1,750,283	)		$	(217,325	)		$	(1,363,054	)		$	1,711,751

Income Taxes - Schedule of Deferred Tax Assets and Liabilities

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

Income Taxes - Schedule of Deferred Tax Assets and Liabilities

		September 30,				December 31,
		2021				2020
Deferred tax liabilities		$	—			$	—
Deferred tax assets:
Impairment on property, plant and equipment			—				2,907,548
Impairment on prepaid land lease			877,244				883,884
Exploration costs			1,919,666				1,908,087
Compensation costs of unexercised stock options			1,614				74,883
Miscellaneous			(77,241	)			—
PRC tax losses			23,352,679				21,643,028
US federal net operating loss			1,267,960				1,045,503
Total deferred tax assets			27,341,922				28,462,933
Valuation allowance			(9,943,998	)			(9,872,706	)
Net deferred tax asset		$	17,397,924			$	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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- 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://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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