INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2016

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

The income tax provision consists of the following components:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Current	$	684,801	$	349,513	$	1,561,728	$	495,730
Deferred		(88,069)		(6,001)		(184,650)		(15,316)
TOTAL PROVISION FOR INCOME TAXES	$	596,732	$	343,512	$	1,377,078	$	480,414

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

A reconciliation between the Company’s effective tax rate and the expected statutory rate is as follow:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Income before income tax expense	$	3,048,470	$	1,487,585	$	6,041,711	$	2,195,758
Provision for taxes at respective statutory tax rate		478,492		190,106		740,488		299,344
Tax effect of non-deductible expenses		11,117		38,260		32,742		51,138
Changes in valuation allowance		107,123		115,146		603,848		129,932
TOTAL PROVISION FOR INCOME TAXES	$	596,732	$	343,512	$	1,377,078	$	480,414

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

The approximate tax effects of temporary differences, which give rise to the deferred tax assets and liabilities, are as follows:

	September 30,		December 31,
	2016		2015
	(Unaudited)
Deferred tax assets:
Net operating losses	$	975,244	$	306,102
Excess advertising expense		126,080		-
Total deferred tax assets		1,101,324		306,102
Valuation allowance		(909,950)		(306,102)
Deferred tax asset, net of valuation allowance		191,374		-
Deferred tax liabilities
Property, plant and equipment, principally due to differences in depreciation		54,361		45,037
Deferred tax liability	$	54,361	$	45,037