v3.23.1
REVENUES (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
SCHEDULE OF GEOGRAPHICAL REVENUE INFORMATION

The Company’s geographical revenue information is set forth below:

 

   2023   2022 
   For the Three-Month Periods Ended, March 31, 
   2023   2022 
Sales in PRC  $9,287,566   $8,169,567 
Sales in Overseas          
—Republic of China (ROC, or Taiwan)   2,119,140    1,998,679 
-South Korea   1,911,297    1,763,200 
-Others   115,458    63,101 
Sub-total   4,145,895    3,824,980 
Total revenues  $13,433,461   $11,994,547 

The Company’s geographical revenue information is set forth below:

SCHEDULE OF GEOGRAPHICAL REVENUE INFORMATION 

   2022   2021 
   For the Years Ended December 31, 
   2022   2021 
Sales in PRC  $26,438,509   $27,213,684 
Sales in Overseas          
-Republic of China (ROC, or Taiwan)   6,146,043    7,246,592 
-South Korea   5,221,209    5,962,067 
-Others   126,351    363,131 
Sub-total   11,484,603    13,571,790 
Total revenues  $37,923,112   $40,785,474 
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY PLANT AND EQUIPMENT  

 

   Useful life
Buildings  20 years
Machinery and equipment  10 years
Office and electric equipment  3 years
SCHEDULE OF CURRENT EXCHANGE RATES  

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

 

    December 31,
2022
    December 31,
2021
 
Year-end spot rate   US$1=RMB 6.8972    US$1=RMB 6.3726 
Average rate   US$1=RMB 6.7312    US$1=RMB 6.4505 
SCHEDULE OF COMPONENTS OF THE INCOME TAX PROVISION  

The components of the income tax provision are as follows:

 

   2022   2021 
  

For the Years Ended

December 31,

 
   2022   2021 
Current tax provision          
PRC  $3,352,802   $4,409,589 
Total current tax provision  $3,352,802   $4,409,589 
Deferred tax provision          
BVI   -    - 
Hong Kong   -    - 
China   -    - 
Total deferred tax provision   -    - 
Income tax provision  $3,352,802   $4,409,589 
SCHEDULE OF INCOME TAX RATE  

The following table reconciles the China statutory rates to the Company’s effective tax rate for the years ended December 31, 2022 and 2021:

 

   2022   2021 
   For the Years Ended December 31, 
   2022   2021 
PRC statutory income tax rate   25.0%   25.0%
Effect of income tax holiday   0.0%   (1.0)%
Tax rate differential on entities not subject to PRC income   (0.5)%   (0.6)%
R&D additional deduction   (1.0)%   (0.5)%
Non-deductible expenses in the PRC   4.2%   (2.7)%
           
Effective tax rate   27.7%   20.2%