v3.25.1
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities [Abstract]  
Schedule of Income Taxes Credit

The Company’s provision for income taxes expenses consisted of:

 

   Three months ended
March 31,		 
   2024   2025 
PRC income tax  $           $          
Current income tax expenses, net   1,048,786    
-
 
Deferred income tax expenses   
-
    
-
 
   $1,048,786   $
-
 
Schedule of Provision for Income Taxes Determined at the Statutory Income Tax Rate

A reconciliation of the provision for income taxes determined at the statutory income tax rate to the Company’s income taxes is as follows:

 

   For the three months ended
March 31,		 
   2024   2025 
Income (loss) before income taxes  $10,621,260   $(2,050,982)
United States federal corporate income tax rate   21%   21%
Income tax expenses (credit) computed at United States statutory corporate income tax rate   2,230,465    (430,706)
Reconciling items:          
Rate differential for PRC earnings   474,162    (55,525)
Tax effect of entity at preferential tax rate   (1,591,440)   35,016 
Non-deductible expenses   234,402    133,519 
Share based payments   24,482    5,684 
Utilization of tax loss   
-
    (593,482)
Valuation allowance on deferred tax assets   (323,285)   905,494 
Income tax expenses  $1,048,786   $
-
 
Schedule of Tax Effects of Temporary Differences Significant Portions of The Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2024 and March 31, 2025 are presented below:

 

   December 31,
2024		   March 31,
2025		 
Deferred tax assets        
Trade receivable  $723,916    599,685 
Inventories   591,678    554,632 
Property, plant and equipment   1,992,540    1,950,005 
Non-marketable equity securities   91,842    92,332 
Equity method investment   343,850    337,404 
Intangible assets   133,684    139,604 
Accrued expenses, payroll and others   614,417    587,464 
Provision for product warranty   66,617    66,085 
Net operating loss carried forward   38,116,873    37,697,925 
Valuation allowance   (42,522,990)   (41,883,250)
Deferred tax assets, non-current  $152,427    141,886 
           
Deferred tax liabilities, non-current          
Long-lived assets arising from acquisitions  $152,427   $141,886