Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Taxes Payable [Table Text Block]

Taxes recoverable (payable) consisted of the following at December 31, 2020 and 2019:

	2020			2019
Income tax recoverable (payable) - current	$	489,020		$	(22,055	)
Income tax payable – noncurrent	$	(1,628,694	)	$	(1,833,286	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The (benefit) provision for income taxes on loss from continuing operations consisted of the following:

	2020			2019
Current:
Federal	$	(659,359	)	$	(187,807	)
State		2,400			2,400
Hong Kong		7,794			-
		(649,165	)		(185,407	)

Deferred:
Federal		-			194,007
State		-			242,442
		-			436,449
Total provision (benefit) for income taxes	$	(649,165	)	$	251,042

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the difference between the actual (benefit) provision for income taxes and the (benefit) provision computed by applying the federal statutory rate on income before income taxes from continuing operations:

	2020			2019
Tax at federal statutory rate	$	(5,544,201	)	$	(1,235,984	)
Foreign rate differential		(185,897	)		(2,922	)
ASC 740-10 uncertain tax position		(12,759	)		(230,322	)
Tax exemption		5,186,559			(388,742	)
Global Intangible Low-Taxed Income		33,469			420,444
Stock based compensation		49,877			18,473
Tax Cut and Jobs Act		-			-
Covid Relief Benefit		(717,181	)		-
Others		(837,634	)		(463,093	)
Valuation allowance		1,378,602			2,133,188
Total provision (benefit) for income taxes	$	(649,165	)	$	251,042

Schedule of the Aggregate Dollar and per Share Effects of Tax Exemption [Table Text Block]

The following presents the aggregate dollar effects of the Company’s tax exemption from its continuing operations:

		2020				2019
Aggregate dollar effect of tax holiday		$	(5,186,559	)		$	388,742

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred taxes are comprised of the following:

	2020			2019
Non-Current Deferred Tax Assets:
Accrued liabilities	$	19,859		$	18,464
Fed & CA amortization		20,958			24,529
Stock compensation		156,522			189,635
ASC 842 – lease liability		613,302			742,878
Inventory		1,000,159			994,986
U.S. NOL		1,119,766			1,025,078
Capital loss		730,261			-

Non-Current Deferred Tax Liabilities:
Prepaid expenses		(390	)		-
Fed & CA depreciation		(23,358	)		(21,081	)
ASC 842- ROU Asset		(599,446	)		(733,555	)

Net Non-Current Deferred Tax Assets before Valuation Allowance		3,037,633			2,240,934
Less: Valuation Allowance		(3,037,633	)		(2,240,934	)
Non-Current Deferred Tax Assets, Net:		-			-
Total Deferred Assets, Net:	$	-		$	-