Corporate Income Tax Expenses (Benefit) (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [abstract]

Summary of Details of Corporate Income Tax Expense (Benefit)

Details of corporate income tax expense (benefit) for the year ended December 31, 2023, and 2022, are as follows:


				(Unit: USD)
Classification	For the year ended 2023			For the year ended 2022
Corporate tax paid(refund)		(678	)		—
Changes in deferred tax due to temporary differences		—			(1,031,269	)
Corporate tax expense directly reflected in capital		—			171,218
Others (*)		2,861,757			(651,645	)

Income tax expense (benefit)		2,861,079			(1,511,696	)

(*)

The Company has elected not to recognize deferred tax assets due to the determination that it was improbable that taxable profit could be generated to offset the deductible temporary differences. Consequently, the amounts of deferred tax assets previously recognized have been recognized as corporate tax expense in the year 2023.

Summary of Increase or Decrease in Temporary Differences Deducted or Added from Future Corporate Income Tax

The details of the increase or decrease in temporary differences deducted or added from future corporate income tax for the year ended December 31, 2023 and 2022, are as follows:


										(Unit: USD)
For the year ended 2023
	Temporary differences to be deducted (additional) for the current year									Deferred tax assets (liabilities)
Classification	Beginning			Inc (Dec)			Ending			Deferred tax assets (liabilities)
Loss on foreign currency translation		136,353			(136,353	)		—			—
Gain from foreign currency translation		(65,353	)		65,353			—			—
Provision for retirement benefits		1,315,937			374,037			1,689,974			353,205
Retirement pension assets		(118,121	)		1,353			(116,768	)		(24,405	)
Accumulated depreciation_1		1,195,828			(30,105	)		1,165,723			243,636
Accumulated depreciation (revaluation)		—			—			—			—
Machineries (revaluation)		—			—			—			—
Land (revaluation)		—			—			—			—
Accumulated depreciation_2		503,178			(12,668	)		490,510			102,517
Investment in subsidiaries and associates		43,979,927			2,361,469			46,341,396			9,685,352
Available-for-sale		(192,349	)		4,842			(187,507	)		(39,189	)
Revaluation of non-current financial asset		30,139			(759	)		29,380			6,140
Capital change from equity method		575,352			(14,485	)		560,867			117,221
Raw material allowance		196,385			12,449			208,834			43,646
Provision for warranties		36,099			(5,142	)		30,957			6,470
Trade receivables		3,397,671			(3,397,671	)		—			—
Short-term borrowings		6,407,370			(6,407,370	)		—			—


										(Unit: USD)
For the year ended 2023
	Temporary differences to be deducted (additional) for the current year									Deferred tax assets (liabilities)
Classification	Beginning			Inc (Dec)			Ending			Deferred tax assets (liabilities)
Other receivables		420,117			(420,117	)		—			—
Accrued income		335,158			(578,899	)		(243,741	)		(50,942	)
Advanced payment		149,420			(149,420	)		—			—
Loss on equity method investment impairment		2,187,346			1,879,361			4,066,707			849,942
Lease liabilities		122,962			38,624			161,586			33,771
Rent deposits		7,483			1,754			9,237			1,931
Right of use assets		(124,051	)		(41,120	)		(165,171	)		(34,521	)
Bad debt		—			7,204,865			7,204,865			1,505,817
Net operating loss		20,173,446			(7,204,865	)		12,968,581			2,710,433
Gain from equity method		—			(3,315,592	)		(3,315,592	)		(692,959	)
Convertible bond		—			30,589			30,589			6,393

Total		80,670,297			(9,739,870	)		70,930,427			14,824,458
Valuation allowance											(14,824,458	)

Deferred tax asset, net											—


										(Unit: USD)
For the year ended 2022
	Temporary differences to be deducted (additional) for the current year									Deferred tax assets (liabilities)
Classification	Beginning			Inc (Dec)			Ending			Deferred tax assets (liabilities)
Loss on foreign currency translation		75,676			60,677			136,353			28,498
Gain from foreign currency translation		(423,358	)		358,005			(65,353	)		(13,659	)
Provision for retirement benefits		950,940			364,997			1,315,937			275,031
Retirement pension assets		(123,845	)		5,724			(118,121	)		(24,687	)
Accumulated depreciation		1,269,315			(73,487	)		1,195,828			249,928
Accumulated depreciation (revaluation)		(734,647	)		734,647			—			—
Machineries (revaluation)		255,884			(255,884	)		—			—
Land (revaluation)		(1,495,641	)		1,495,641			—			—
Accumulated depreciation		534,099			(30,921	)		503,178			105,164
Investment in subsidiaries and associates		32,840,759			11,139,168			43,979,927			9,191,805
Available-for-sale		(204,170	)		11,821			(192,349	)		(40,201	)
Revaluation of non-current financial asset		31,991			(1,852	)		30,139			6,299
Capital change from equity method		(358,416	)		933,768			575,352			120,249
Raw material allowance		—			196,385			196,385			41,044
Provision for warranties		—			36,099			36,099			7,545
Trade receivables		—			3,397,671			3,397,671			710,113
Short-term borrowings		—			6,407,370			6,407,370			1,339,140
Other receivables		—			420,117			420,117			87,805


										(Unit: USD)
For the year ended 2022
	Temporary differences to be deducted (additional) for the current year									Deferred tax assets (liabilities)
Classification	Beginning			Inc (Dec)			Ending			Deferred tax assets (liabilities)
Accrued income		(1,622,198	)		1,957,356			335,158			70,048
Advanced payment		171,310			(21,890	)		149,420			31,229
Loss on equity method investment impairment		—			2,187,346			2,187,346			457,155
Lease liabilities		—			122,962			122,962			25,699
Rent deposits		—			7,483			7,483			1,564
Right of use assets		—			(124,051	)		(124,051	)		(25,927	)
Bad debt		20,173,446			(20,173,446	)		—			—
Net operating loss		—			20,173,446			20,173,446			4,216,250

Total		51,341,145			29,329,152			80,670,297			16,860,092
Valuation allowance		—									(13,898,245	)

Deferred tax asset, net		—									2,961,847