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Taxes Payable | 9 Months Ended
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Sep. 30, 2023
Taxes Payable [Abstract] |
TAXES PAYABLE | 7. TAXES PAYABLE Taxes payable consisted of the following as of September 30, 2023 and December 31, 2022:
|  | 2023 |  |  | 2022 |
Income tax |  | $ | 7,641,800 |  |  | $ | 7,639,832 |
Other |  |  | 194 |  |  |  | 145 |
Total |  |  | 7,641,994 |  |  |  | 7,639,977 |
Current |  |  | 3,683,369 |  |  |  | 3,681,352 |
Noncurrent |  | $ | 3,958,625 |  |  | $ | 3,958,625 |
As of September 30, 2023, income tax payable included $7.61 million 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 ($3.65 million included in current tax payable and $3.96 million noncurrent). 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 (until year 2026) 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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