XML 61 R49.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables)
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes expenses
   Three months ended
June 30,
   Six months ended
June 30,
 
   2020   2021   2020   2021 
PRC income tax:                
Current  $
         -
   $
         -
   $
         -
   $
         -
 
Deferred   
-
    
-
    
-
    
-
 
   $
-
   $
-
   $
-
   $
-
 

 

Schedule of income tax reconciliation
    Three months ended
June 30,
    Six months ended
June 30,
 
    2020     2021     2020     2021  
(Loss) Income before income taxes   $ (1,198,167 )   $

2,720,223

    $ (3,552,278 )   $

32,328,391

 
United States federal corporate income tax rate     21 %     21 %     21 %     21 %
Income tax credit computed at United States statutory corporate income tax rate     (251,615 )    

571,247

      (745,978 )    

6,788,962

 
Reconciling items:                                
Rate differential for PRC earnings     (26,214 )    

(96,677

)     (95,439 )    

(27,673

)
Non-deductible expenses (non-taxable income)     81,224      

(1,342,568

)      148,903      

(7,229,358

) 
Share based payments     32,332      

19,688

      95,360      

50,940

 
Valuation allowance on deferred tax assets     164,273      

848,310

      597,154      

417,129

 
Income tax expenses   $
-
    $
-
    $
-
    $
-
 

 

Schedule of deferred tax assets and liabilities
    December 31,     June 30,  
    2020     2021  
Deferred tax assets            
Trade accounts receivable   $ 1,354,762     $

1,311,220

 
Inventories     575,575      

601,795

 
Property, plant and equipment     1,271,986      

1,193,302

 
Impairment on non-marketable equity securities    
-
     

172,996

 
Provision for product warranty     497,901      

497,846

 
Net operating loss carried forward     31,060,254       31,400,448  
Valuation allowance     (34,760,478 )     (35,177,607 ) 
Deferred tax assets, non-current   $
-
    $
-
 
                 
Deferred tax liabilities, non-current   $
-
    $
           -
 

 

Schedule of unrecognized tax benefits excluding interest and penalties
    Gross UTB     Surcharge     Net UTB  
Balance as of January 1, 2021   $ 7,511,182     $
        -
    $ 7,511,182  
Decrease in unrecognized tax benefits taken in current period     81,408      
-
      81,408  
Balance as of June 30, 2021   $ 7,592,590     $
-
    $ 7,592,590