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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Schedule of Provisions for Income Taxes

The provisions for income taxes for three months ended June 30, 2024 and 2023 were as follows:

		Three Months Ended
		June 30,
		2024				2023
Provision for Income Taxes
Current Tax Provision U.S.		$				$	-
Current Tax Provision PRC			416,770				351,260
Deferred Tax Provision PRC			-				-
Total Provision for (Deferred tax benefit)/ Income Taxes		$	416,770			$	351,260

The provisions for income taxes for six months ended June 30, 2024 and 2023 were as follows:

		Six Months Ended
		June 30,
		2024				2023
Provision for Income Taxes
Current Tax Provision U.S.		$	36,793			$	-
Current Tax Provision PRC			416,770				351,260
Deferred Tax Provision PRC			-				-
Total Provision for (Deferred tax benefit)/ Income Taxes		$	453,563			$	351,260

Schedule of Deferred Tax

A summary of the otherwise deductible (or taxable) deferred tax items is as follows:

		June 30,				December 31,
		2024				2023
Deferred tax assets (liabilities)
Depreciation and amortization of property, plant and equipment		$	17,753,892			$	16,922,756
Impairment of property, plant and equipment			581,757				585,380
Miscellaneous			648,269				135,714
Net operating loss carryover of PRC company			156,717				274,525
(Gain) Loss on asset disposal			(63,669	)			(64,065	)
Total deferred tax assets			19,076,967				17,854,310
Less: Valuation allowance			(19,076,967	)			(17,854,310	)
Total deferred tax assets, net		$	-				-

Schedule of Effective Income Tax Rate

During the three months ended June 30, 2024 and 2023, the effective income tax rate was estimated by the Company to be 122.9% and -38.9%, respectively

		Three Months Ended
		June 30,
		2024				2023
PRC Statutory rate			25.0	%			25.0	%
Effect of different tax jurisdiction
Effect of tax and book difference			(15.4	)%			(121.4	)%
Change in valuation allowance			113.3	%			57.5	%
Effective income tax rate			122.9	%			(38.9	)%

During the six months ended June 30, 2024 and 2023, the effective income tax rate was estimated by the Company to be -13.5% and -9.7%, respectively

		Six Months Ended
		June 30,
		2024				2023
PRC Statutory rate			25.0	%			25.0	%
Effect of different tax jurisdiction
Effect of tax and book difference			(2.2	)%			(42.7	)%
Change in valuation allowance			36.3	%			8.0	%
Effective income tax rate			(13.5	)%			(9.7	)%

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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.

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-Topic 740
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-Name Accounting Standards Codification
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