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v3.22.2.2

Taxes Payable | 6 Months Ended
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Jun. 30, 2022
Tax Payable [Abstract] |
TAXES PAYABLE | 6. TAXES PAYABLE Taxes payable consisted of the following as of June 30, 2022 and December 31, 2021:
|  | 2022 |  |  | 2021 |
Income tax |  | $ | 7,613,203 |  |  | $ | 7,641,787 |
Other taxes |  |  | 116 |  |  |  | 71 |
Total |  |  | 7,613,319 |  |  |  | 7,641,858 |
Current |  |  | 3,046,694 |  |  |  | 3,075,233 |
Noncurrent |  | $ | 4,566,625 |  |  | $ | 4,566,625 |
As of June 30, 2022, income tax payable included $7.61 million ($3.04 million included in current above and $4.57 million noncurrent) from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017. An election was available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in each of the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such an election.

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