XML 84 R28.htm IDEA: XBRL DOCUMENT v3.22.4
INCOME TAXES (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION

The components of the income tax provision are as follows:

 

   Nine Months Ended
September 30, 2022
   Nine Months Ended
September 30, 2021
 
Current:          
– United States of America  $105,074   $154,485 
– Seychelles   -    - 
– Hong Kong   -    - 
– The PRC   107,200    164,539 
Current income tax expense          
Deferred          
– United States of America   -    - 
– Seychelles   -    - 
– Hong Kong   -    - 
– The PRC   -    - 
Total  $212,274   $319,024 

The components of the income tax provision are as follows:

  

2021

  

2020

 
Current:          
– United States of America  $20,071   $46,621 
– Seychelles   -    - 
– Hong Kong   -    - 
– The PRC   228,766    260,307 
Deferred          
– United States of America   -    - 
– Seychelles   -    - 
– Hong Kong   -    - 
– The PRC   -    - 
Total  $248,837   $306,928 
SCHEDULE OF UNITED STATES AND FOREIGN INCOME LOSS BEFORE INCOME TAXES  

A summary of United States and foreign income (loss) before income taxes was composed of the following:

   2021   2020 
Income (loss) attributed to PRC operations  $3,109,080   $(2,861,595)
Income (loss) attributed to Seychelles and Hong Kong   (444)   873 
Loss attributed to U.S.   (896,330)   (479,703)
Income (loss) before tax  $2,212,306   $(3,340,425)
SCHEDULE OF EFFECTIVE INCOME TAX RATE  

The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for the years ended December 31, 2021 and 2020:

   2021   2020 
U.S. federal statutory income tax rate   21.0%   21.0%
Higher rates in PRC, net   -%   -%
Reconciling items, net operating losses in PRC and other jurisdictions, election to not recognize tax asset   -%   -%
Income tax difference under different tax jurisdictions   7.2%   -3.9%
PRC tax exemption for qualified small-scale and low-profit enterprises   -36.8%   17.7%
Valuation allowance on deferred income tax assets   2.5%   -1.5%
Amortization of intangible asset and impairment of goodwill not deductible for tax purposes   7.9%   -36.8%
Impact of GILTI   9.4%   -4.4%
Others   -%   -1.3%
The Company’s effective tax rate   11.2%   -9.2%
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS  

The significant components of deferred taxes of the Company are as follows:

 

         
   As of 
   December 31, 2021   December 31, 2020 
Deferred tax assets:          
Net operating loss carry forwards  $           -   $- 
-United States   -    - 
-Hong Kong   -    - 
-PRC   55,457    54,598 
Gross deferred tax assets   55,457    54,598 
Less: valuation allowance   (55,457)   (54,598)
Total deferred tax assets, net  $-   $-