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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of source of pre-tax income

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

 

USD

USD

USD

USD

Income components

United States

$

370,822

$

(774,534)

$

461,022

$

262,433

Outside United States

 

1,210,493

 

2,402,082

 

3,334,100

 

7,918,241

Total pre-tax income

$

1,581,315

$

1,627,548

$

3,795,122

$

8,180,674

Provision for income taxes

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Federal

$

9,563

$

$

25,850

$

State

 

840

 

(11,111)

 

8,916

 

(3,274)

Foreign

 

244,514

 

267,188

 

689,950

 

1,092,881

 

254,917

 

256,077

 

724,716

 

1,089,607

Deferred

 

  

 

  

 

  

 

  

Federal

 

38,456

 

8,839

 

69,077

 

250,606

State

 

12,241

 

(33,182)

 

24,905

 

(24,668)

Foreign

 

3,559

 

 

3,559

 

 

54,256

 

(24,343)

 

97,541

 

225,938

Total provision for income taxes

$

309,173

$

231,734

$

822,257

$

1,315,545

Schedule of the components of income tax expense

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

 

USD

USD

USD

USD

Income components

United States

$

370,822

$

(774,534)

$

461,022

$

262,433

Outside United States

 

1,210,493

 

2,402,082

 

3,334,100

 

7,918,241

Total pre-tax income

$

1,581,315

$

1,627,548

$

3,795,122

$

8,180,674

Provision for income taxes

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Federal

$

9,563

$

$

25,850

$

State

 

840

 

(11,111)

 

8,916

 

(3,274)

Foreign

 

244,514

 

267,188

 

689,950

 

1,092,881

 

254,917

 

256,077

 

724,716

 

1,089,607

Deferred

 

  

 

  

 

  

 

  

Federal

 

38,456

 

8,839

 

69,077

 

250,606

State

 

12,241

 

(33,182)

 

24,905

 

(24,668)

Foreign

 

3,559

 

 

3,559

 

 

54,256

 

(24,343)

 

97,541

 

225,938

Total provision for income taxes

$

309,173

$

231,734

$

822,257

$

1,315,545

Schedule of reconciliation of effective income tax rate on earnings before income taxes

For the Nine Months Ended

 

September 30, 

 

    

2022

    

2021

 

Federal statutory rate

21.0

%  

21.0

%

(Decrease) increase in tax rate resulting from:

  

 

  

State and local income taxes, net of federal benefit

0.6

 

(0.1)

Foreign operations

(0.2)

 

(7.0)

Permanent items

0.2

 

(4.2)

Deferred rate changes

 

Foreign dividends and earnings taxable in the United States

 

2.1

Others

0.1

 

4.3

Effective tax rate

21.7

%  

16.1

%

Summary of components of net deferred tax assets and liabilities

    

As of

    

As of

September 30, 2022

December 31, 2021

USD

USD

Deferred tax assets

 

  

 

  

Allowance for doubtful accounts

$

70,078

$

44,368

Other reserve

 

148,013

 

144,794

Accrued expenses

 

107,597

 

134,576

Lease liability

 

1,572,608

 

1,749,430

Charitable contributions

 

8,565

 

8,565

Business interest limitation

 

405,255

 

385,084

Net operating loss – federal

 

530,302

 

633,700

Net operating loss – state

 

103,379

 

128,569

Other

 

45,499

 

60,171

Total deferred tax assets

 

2,991,296

 

3,289,257

Less: valuation allowance

 

 

Net deferred tax assets

 

2,991,296

 

3,289,257

Deferred tax liabilities

 

  

 

  

Fixed assets

 

1,621,359

 

1,799,996

Intangibles

 

 

10,672

Total deferred tax liabilities

 

1,621,359

 

1,810,668

Deferred tax assets, net of deferred tax liabilities

$

1,369,937

$

1,478,589