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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of the income tax expense are as follows:
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2018 |  |  | Year ended December 31, 2017 |
Current |  | $ | 7,243 |  |  | $ | 151,153 |  |  | $ | 672,205 |
Deferred |  |  | - |  |  |  | (1,853,280 | ) |  |  | (38,890 | )
Total |  | $ | 7,243 |  |  | $ | (1,702,127 | ) |  | $ | 633,315 |
Schedule of Income Tax Reconciliation | Reconciliation of the income tax expenses at the PRC statutory EIT rate of 25% for the years ended December 31, 2019, 2018 and 2017 and the Company’s effective income tax expenses is as follows:
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2018 |  |  | Year ended December 31, 2017 |
(Loss)profit before income taxes |  | $ | (61,988,515 | ) |  | $ | (5,520,864 | ) |  | $ | 24,681,499 |
PRC statutory EIT rate |  |  | 25 | % |  |  | 25 | % |  |  | 25 | %
Income tax (benefit) expenses computed at statutory EIT rate |  |  | (15,497,129 | ) |  |  | (1,380,216 | ) |  |  | 6,170,375 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Valuation allowance |  |  | 1,798,398 |  |  |  | - |  |  |  | 2,505 |
Effect of tax holidays |  |  | 93,455 |  |  |  | (2,209,107 | ) |  |  | (5,617,858 | )
Temporary difference |  |  | 13,369,701 |  |  |  | 1,586,726 |  |  |  | - |
Permanent difference |  |  | 242,818 |  |  |  | 300,470 |  |  |  | 78,293 |
Income tax (benefit) expense |  |  | 7,243 |  |  | $ | (1,702,127 | ) |  |  | 633,315 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax was measured using the enacted income tax rates for the periods in which they are expected to be reversed. Significant components of the Company’s deferred income tax assets and liabilities consist of follows:
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
Deferred income tax assets |  |  | 1,798,398 |  |  |  | - |
Net operating loss carry forwards |  | $ | - |  |  | $ | 1,798,398 |
Total Deferred income tax assets |  |  | - |  |  |  | 1,798,398 |
Less: Valuation allowance |  |  | (1,798,398 | ) |  |  | - |
Net deferred income tax assets |  | $ | - |  |  | $ | 1,798,398 |
|  |  | As of December 31, 2019 |  |  |  | As of December 31, 2018 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Intangible assets from business combination |  | $ | - |  |  | $ | - |
Total deferred income tax liabilities |  | $ | - |  |  | $ | - |
Schedule of Tax Payable | Taxes payable consisted of the following:
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
Corporate income tax payable |  | $ | 423,563 |  |  | $ | 758,136 |
Value added tax payable |  |  | 548,276 |  |  |  | 2,938 |
Other surtaxes payable |  |  | 14,356 |  |  |  | 37,925 |
Total |  | $ | 986,195 |  |  | $ | 798,999 |

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- 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=84230637&loc=d3e32639-109319 + Details
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- 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=84230637&loc=d3e32537-109319 + Details
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- 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=84230637&loc=d3e32687-109319 + Details
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