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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Pre-tax income (loss) from continuing operations for the year ended December 31, 2020, 2019, and 2018 were taxable in the following jurisdictions:

		2020				2019				2018
PRC		$	(15,810,350	)		$	(2,342,102	)		$	2,371,708
Hong Kong			(12,072	)			(38,574	)			(28,177	)
BVI			(2,580,102	)			(1,488,065	)			(1,665,976	)
Total (loss) income before income taxes		$	(18,402,524	)		$	(3,868,741	)		$	677,555

Schedule of Components of Income Tax Expense (Benefit)

Income tax (benefit) expense from continuing operations consists of the following:

		2020				2019				2018
Current taxes		$	(71,316	)		$	(274,480	)		$	(1,201,231	)
Deferred taxes			-				-				-
Income tax (benefit)		$	(71,316	)		$	(274,480	)		$	(1,201,231	)

Schedule of Effective Income Tax Rate Reconciliation

Current income tax (benefit) expense was recorded in 2020, 2019 and 2018 and was related to differences between the book and corporate income tax returns.

		2020				2019				2018
PRC statutory tax rate			25	%			25	%			25	%
Computed expected income tax (benefit) expense		$	(4,600,631	)		$	(967,185	)		$	169,389
Tax rate differential benefit from tax holiday			1,805,951				180,996				(246,999	)
Permanent differences			248,636				(203,842	)			(1,376,474	)
Tax effect of deductible temporary differences not recognized			1,826,684				333,891				(170,685	)
Non-deductible tax loss			648,044				381,660				423,538
Income tax (benefit)		$	(71,316	)		$	(274,480	)		$	(1,201,231	)

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and deferred tax liabilities were as follows as of December 31, 2020 and 2019:

		December 31, 2020								December 31, 2019
		Deferred				Deferred				Deferred				Deferred
		Tax				Tax				Tax				Tax
		Assets				Liabilities				Assets				Liabilities
Allowance for credit losses		$	3,640,083			$	-			$	1,670,652			$	-
Loss carry-forwards			3,714,825				-				2,326,787				-
Fixed assets			80,456				(258,451	)			22,635				(243,517	)
Inventory valuation			369,064				-				332,760				-
Long-term investments			5,736				-				5,381				-
Intangible assets			-				134,197				-				125,887
Gross deferred tax assets and (liabilities)			7,810,164				(124,254	)			4,358,215				(117,630	)
Valuation allowance			(7,685,910	)			-				(4,240,585	)			-
Total deferred tax assets and (liabilities)		$	124,254			$	(124,254	)		$	117,630			$	(117,630	)

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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.

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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