XML 56 R39.htm IDEA: XBRL DOCUMENT v3.21.2

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of provisions for income taxes

		Three Months Ended
		June 30,
		2021				2020
Provision for Income Taxes
Current Tax Provision U.S.		$	14,717			$	14,717
Current Tax Provision PRC			754,087				386,499
Deferred Tax Provision PRC			4,353,783				(480,657	)
Total Provision for (Deferred tax benefit)/Income Taxes		$	5,122,587			$	(79,441	)

		Six Months Ended
		June 30,
		2021				2020
Provision for Income Taxes
Current Tax Provision U.S.		$	14,717			$	14,747
Current Tax Provision PRC			1,242,976				401,186
Deferred Tax Provision PRC			3,764,689				(1,021,699	)
Total Provision for (Deferred tax benefit)/Income Taxes		$	5,022,382			$	(605,766	)

Schedule of deferred tax

		June 30,				December 31,
		2021				2020
Deferred tax assets (liabilities)
Depreciation and amortization of property, plant and equipment		$	13,703,799			$	12,397,323
Impairment of property, plant and equipment			730,413				680,800
Miscellaneous			264,576				258,963
Net operating loss carryover of PRC company			377,943				371,544
Total deferred tax assets			15,076,731				13,708,630
Less: Valuation allowance			5,000,000				-
Total deferred tax assets, net		$	10,076,731				13,708,630

Schedule of reconciles the statutory rates effective tax rates

		Three Months Ended
		June 30,
		2021				2020
PRC Statutory rate		25.0		%		25.0		%
Effect of different tax jurisdiction
Effect of reconciling items in the PRC for tax purposes			(22.2	)			(17.5	)
Change in valuation allowance			196.9				-
			-				-
Effective income tax rate			109.7	%			7.5	%

		Six Months Ended
		June 30,
		2021				2020
PRC Statutory rate		25.0		%		25.0		%
Effect of different tax jurisdiction
Effect of expenses not deductible for PRC tax purposes			(12.6	)			(9.9	)
(Over) Under-provision in previous year			-				-
Change in valuation allowance			2168.6				-
			-				-
Effective income tax rate			2181.0	%			15.1	%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration