| Schedule of Provisions for Income Tax |
Provisions for income tax are as follows:
| | |
December 31, 2025 | | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Provisions for current income tax | |
| 1,615,382 | | |
| 3,431,459 | | |
| 3,828,207 | |
| Deferred income tax benefit | |
| 1,008,348 | | |
| (642,635 | ) | |
| (370,474 | ) |
| Total | |
| 2,623,730 | | |
| 2,788,824 | | |
| 3,457,733 | |
| * | According to PRC tax regulations, an additional of 100% of current year R&D expenses may be deducted from tax income. |
|
| Schedule of Total Income Tax Expense |
The following is a reconciliation of the Company’s
total income tax expense to the income before income taxes for the years ended December 31, 2025, 2024 and 2023, respectively:
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Income before income tax provision | |
| 9,405,556 | | |
| 13,626,131 | | |
| 15,048,773 | |
| Tax at the PRC EIT tax rates | |
| 2,351,387 | | |
| 3,406,532 | | |
| 3,762,193 | |
| International tax rate difference | |
| 83,774 | | |
| - | | |
| - | |
| Effect of preferential tax | |
| (455,040 | ) | |
| (574,656 | ) | |
| (554,322 | ) |
| Tax effect of R&D expenses additional deduction* | |
| (466,818 | ) | |
| (864,025 | ) | |
| (688,329 | ) |
| Tax effect of non-deductible expenses | |
| 207,704 | | |
| 485,798 | | |
| 451,154 | |
| Change in valuation allowance | |
| 902,723 | | |
| 335,175 | | |
| 487,037 | |
| Income tax expense | |
| 2,623,730 | | |
| 2,788,824 | | |
| 3,457,733 | |
| * | According to PRC tax regulations, an additional of 100% of current year R&D expenses may be deducted from tax income. |
|