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INCOME TAX AND DEFERRED TAX ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2019
INCOME TAX AND DEFERRED TAX ASSETS |
Schedule of deferred tax assets |
|  | 2019 |  | 2018 |
Deferred tax items |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 12,807 |  | $ | 49,963 |
Accrued expenses |  |  | 112,954 |  |  | 162,089 |
Deferred income |  |  | 26,429 |  |  | 64,153 |
Depreciation |  |  | (18,429) |  |  | — |
Net operating loss carryforward |  |  | 57,695 |  |  | 327,473 |
Total deferred items |  |  | 191,456 |  |  | 603,678 |
Tax rate at |  |  | 25 | % |  | 25 | %
Deferred tax assets |  |  | 47,864 |  |  | 150,920 |
Valuation allowance |  |  | (14,424) |  |  | (15,449) |
Deferred tax assets, net |  | $ | 33,440 |  | $ | 135,471 |
Schedule of provision for income taxes |
|  | 2019 |  | 2018 |  | 2017
Current |  | $ | 206 |  | $ | — |  | $ | 338,194
Deferred tax adjustment |  |  | 101,166 |  |  | (134,454) |  |  | 58,358
Change in valuation allowance |  |  | — |  |  | 134,454 |  |  | —
Total |  | $ | 101,372 |  | $ | — |  | $ | 396,552
Schedule of reconciliation of the statutory income tax rate and the effective income tax rate |
|  | 2019 |  | 2018 |  | 2017 |
Hong Kong statutory income tax rate |  | 16.5 | % | 16.5 | % | — |
Valuation allowance recognized with respect to the loss in the Hong Kong Company |  | (16.5) | % | (16.5) | % | — |
PRC statutory income tax rate |  | 25.0 | % | 25.0 | % | 25.0 | %
Effect of income tax exemptions and reliefs in the PRC companies |  | 0.0 | % | 0.0 | % | 0.0 | %
Effect of loss carryforward in the PRC companies |  | (24.9) | % | (25.0) | % | 0.0 | %
Effect of non-deductible expenses in the PRC companies |  | 0.0 | % | 0.0 | % | 0.4 | %
Effective rate |  | 0.1 | % | 0.0 | % | 25.4 | %

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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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