v3.24.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2024
Income Taxes [Abstract]  
Schedule of Provisions for Income Taxes The provisions for income taxes for three months ended September 30, 2024 and 2023 were as follows:
   Three Months Ended 
   September 30, 
   2024   2023 
Provision for Income Taxes        
Current Tax Provision U.S.  $
-
   $
-
 
Current Tax Provision PRC   345,710    (3,236)
Deferred Tax Provision PRC   
-
    
-
 
Total Income Tax Expenses (Benefits)  $345,710   $(3,236)
   Nine Months Ended 
   September 30, 
   2024   2023 
Provision for Income Taxes        
Current Tax Provision U.S.  $36,793   $
-
 
Current Tax Provision PRC   762,480    348,024 
Deferred Tax Provision PRC   
-
    
-
 
Total Income Tax Expenses (Benefits)  $799,273   $348,024 
Schedule of Deferred Tax A summary of the otherwise deductible (or taxable) deferred tax items is as follows:
   September 30,   December 31, 
   2024   2023 
Deferred tax assets (liabilities)        
Depreciation and amortization of property, plant and equipment  $18,523,562   $16,922,756 
Impairment of property, plant and equipment   591,670    585,380 
Miscellaneous   788,086    135,714 
Net operating loss carryover of PRC company   168,315    274,525 
(Gain) Loss on asset disposal    (64,754)    (64,065)
Total deferred tax assets   20,006,879    17,854,310 
Less: Valuation allowance   (20,006,879)   (17,854,310)
Total deferred tax assets, net  $
-
     - 

 

Schedule of Effective Income Tax Rate During the three months ended September 30, 2024 and 2023, the effective income tax rate was estimated by the Company to be -21.2% and 0.2%, respectively
   Three Months Ended 
   September 30, 
   2024   2023 
PRC Statutory rate   25.0%   25.0%
Effect of different tax jurisdiction   
 
    
 
 
Effect of tax and book difference   10.9%   (2.6)%
Change in valuation allowance   (57.1)%   (22.2)%
Effective income tax rate   (21.2)%   0.2%
   Nine Months Ended 
   September 30, 
   2024   2023 
PRC Statutory rate   25.0%   25.0%
Effect of different tax jurisdiction   
 
    
 
 
Effect of tax and book difference   2.1%   (28.6)%
Change in valuation allowance   (43.1)%   (2.6)%
Effective income tax rate   (16.0)%   (6.2)%