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INCOME TAXES (TABLES) | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES (Tables) |
Schedule of Enterprise Income Tax Rates | Under the current tax law in the PRC, the Company is and will be subject to the following enterprise income tax rates:
|  | Enterprise Income
Year |  | Tax Rate
2014 |  | 15%
2015 |  | 15%
2016 |  | 15%
2017 |  | 25%
2018 |  | 25%
Thereafter |  | 25%
Schedule of Provision for income taxes | The provision for income taxes consisted of the following:
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |
Current |  | $ | - |  |  | $ | - |
Deferred |  |  | 60,439 |  |  |  | 77,042 |
Total income tax expense |  | $ | 60,439 |  |  | $ | 77,042 |
Schedule of Reconciliation of income taxes calculated at the federal statutory rates to the provision for income taxes | Following is a reconciliation of income taxes calculated at the federal statutory rates to the provision for income taxes:
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |
(Benefit) tax at statutory rate of 25% |  | $ | (3,832,536 | ) |  | $ | (9,868,430 | )
Effect of tax holiday |  |  | 1,478,831 |  |  |  | 3,906,336 |
Other, primarily the difference in U.S. tax rates |  |  | 4,136 |  |  |  | 7,815 |
Change in valuation allowance |  |  | 2,410,008 |  |  |  | 6,031,321 |
Income tax expense |  | $ | 60,439 |  |  | $ | 77,042 |
Schedule of Temporary differences which give rise to the deferred income tax assets and liability | The temporary differences which give rise to the deferred income tax assets and liability are as follows:
|  | December 31, |
|  | 2015 |  |  | 2014 |
Deferred income tax assets: |  |  |  |  |  |
Allowance for doubtful trade receivables |  | $ | 4,296,660 |  |  | $ | 6,652,118 |
Allowance for doubtful other receivables |  |  | 11,160 |  |  |  | 9,049 |
Inventory obsolescence reserve |  |  | 1,262,564 |  |  |  | 1,040,107 |
Expenses not deductible in current year |  |  | 647,236 |  |  |  | 31,000 |
Deferred revenue |  |  | 106,261 |  |  |  | 377,457 |
PRC net operating loss carry forward |  |  | 5,114,478 |  |  |  | 1,676,852 |
U.S. net operating loss carry forward |  |  | 1,360,213 |  |  |  | 1,181,679 |
Total deferred income tax assets |  |  | 12,798,572 |  |  |  | 10,968,262 |
Valuation allowance |  |  | (12,798,572 | ) |  |  | (10,968,262 | )
Net deferred income tax asset |  | $ | - |  |  | $ | - |
Deferred income tax liability: |  |  |  |  |  |  |  |
Intangible assets |  | $ | 296,890 |  |  | $ | 252,707 |

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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