Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.8.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of income loss before income taxes

The Company’s (loss) income before income taxes includes the following components:

 

    Year Ended December 31, 2017     Year Ended
December 31, 2016
 
United States loss before income taxes   $ (3,794,872 )   $ (10,202 )
China (loss) income before income taxes     (254,773 )     87,710  
   Total (loss) income before income taxes   $ (4,049,645 )   $ 77,508  
Schedule of provisions (benefit) for income taxes

Components of income taxes expense consisted of the following:

 

    Year Ended December 31, 2017     Year Ended
December 31, 2016
 
Current:                
   U.S. federal   $     $  
   U.S. state and local            
   China           21,927  
     Total current income taxes expense   $     $ 21,927  
Deferred:                
   U.S. federal   $     $  
   U.S. state and local            
   China            
     Total deferred income taxes expense   $     $  
       Total income taxes expense   $     $ 21,927  
Schedule of differences between U.S. statutory rate and Company's effective tax rate

The table below summarizes the differences between the U.S. statutory rate and the Company’s effective tax rate for the years ended December 31, 2017 and 2016:

 

    Year Ended December 31, 2017     Year Ended
December 31, 2016
 
U.S. federal rate     34.0 %     34.0 %
U.S. state rate     5.0 %     5.0 %
Non-deductible expenses     (22.3 )%      
U.S. effective rate in excess of China tax rate     (1.0 )%     (15.8 )%
U.S. valuation allowance     (15.7 )%     5.1 %
Total provision for income taxes     0.0 %     28.3 %
Schedule of deferred income tax assets

The Company’s approximate net deferred tax assets as of December 31, 2017 and 2016 were as follows:

 

Deferred tax assets:   December 31, 2017     December 31, 2016  
   Net U.S. operating loss carryforward   $ 420,695     $ 43,904  
   Valuation allowance     (420,695 )     (43,904 )
Net deferred tax assets   $     $