XML 59 R40.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Taxes [Abstract]  
Schedule of Provision for Income Taxes Significant components of the provision for income taxes are as follows:
   For the years ended December 31, 
   2023   2022   2021 
             
Current  $9,354   $(563,650)  $135 
Deferred   (66,695)   (435,741)   (174,076)
Total income tax benefit  $(57,341)  $(999,391)  $(173,941)
Schedule of Effective Tax Rate The following table reconciles China statutory rates to the Company’s effective tax rate:
   For the years ended December 31, 
   2023   2022   2021 
             
PRC statutory rates   25.0%   25.0%   25.0%
Preferential tax rates   (0.4)%   (2.9)%   (25.8)%
R&D credits   0.2%   1.5%   3.0%
Change in valuation allowance and others   (24.8)%   (19.2)%   (0.4)%
Effective tax rate   0.0%   4.4%   1.8%
Schedule of Deferred Tax Assets The significant components of the deferred tax assets are as follows:
   As of December 31, 
   2023   2022 
         
Deferred tax assets:        
Provision for credit losses  $1,268,962   $1,260,557 
Depreciation and amortization   185,676    162,980 
Net operating loss carryforward   2,496,584    1,388,155 
Valuation allowance   (2,932,049)   (1,831,039)
Total deferred tax assets  $1,019,173   $980,653 

 

Schedule of Taxes Payable Taxes payable consists of the following:
   As of December 31, 
   2023   2022 
         
Income taxes payable  $5,889   $
-
 
VAT and other tax payable   174,553    110,843 
Totals  $180,442   $110,843