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INCOME TAXES (TABLES)

12 Months Ended

Dec. 31, 2016

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 Tax Rate
	Year
	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,
		2016				2015
Current		$	-			$	-
Deferred			308,175				60,439
Total income tax expense		$	308,175			$	60,439

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,
		2016				2015
(Benefit) tax at statutory rate of 25%		$	(2,218,612	)		$	(3,832,536	)
Effect of tax holiday			837,089				1,478,831
Effect of change in tax rate from 15% to 25%			(8,094,456	)			—
Other, primarily the difference in U.S. tax rates			7,903				4,136
Change in valuation allowance			9,776,251				2,410,008
Income tax expense		$	308,175			$	60,439

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,
		2016				2015
Deferred income tax assets:
Allowance for doubtful trade receivables		$	3,916,124			$	4,402,921
Allowance for doubtful other receivables			17,959				11,160
Inventory obsolescence reserve			1,535,660				1,262,564
Expenses not deductible in current year			1,008,350				647,236
Advances for intangible assets impairment			793,624				—
PRC net operating loss carry forward			12,660,410				5,114,478
U.S. net operating loss carry forward			1,520,675				1,360,213
Total deferred income tax assets			21,452,802				12,798,572
Valuation allowance			(21,452,802	)			(12,798,572	)
Net deferred income tax asset		$	—			$	—
Deferred income tax liability:
Intangible assets		$	572,349			$	296,890

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Tabular disclosure is about the Enterprise Income Tax Rates under the current tax law in the PRC, the Company is and will be subject to.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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