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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Income Taxes Calculated at the Federal Statutory Rates

Following is a reconciliation of income taxes calculated at the federal statutory rates to the provision for income taxes:

		Years Ended December 31,
		2023				2022
(Benefit) tax at statutory rate of 25%		$	(769,704	)		$	(973,717	)
Prior year refund received			-				-
Other, primarily the difference in U.S. tax rates			3,382				8,416
Change in valuation allowance			766,322				965,301
Income tax expense		$	-			$	-

Schedule of 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,
		2023				2022
Deferred income tax assets:
Allowance for doubtful trade receivables		$	3,446,519			$	4,184,882
Allowance for doubtful other receivables			6,754				6,787
Inventory obsolescence reserve			32,355				34,921
Stock compensation			3,201				3,201
Expenses not deductible in current year			1,069,198				1,087,328
Advances for intangible assets impairment			9,619,060				9,782,172
Lease liability, net			257				349
PRC net operating loss carry forward			5,275,411				5,036,114
U.S. net operating loss carry forward			2,078,262				1,849,800
Total deferred income tax assets			21,531,017				21,985,554
Valuation allowance			(21,531,017	)			(21,985,554	)
Net deferred income tax asset		$	-			$	-
Deferred income tax liability:
Intangible assets		$	742,114			$	754,698

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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