Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2017
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The income tax provision consists of the following components: 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
Current
 
$
63,765
 
$
473,294
 
$
413,763
 
$
876,927
 
Deferred
 
 
8,515
 
 
(94,116)
 
 
(33,602)
 
 
(96,581)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Provision for Income Taxes
 
$
72,280
 
$
379,178
 
$
380,161
 
$
780,346
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation between the Company’s actual provision for income taxes and the provision at the statutory rate is as follow:
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
Income before income tax expense
 
$
318,399
 
$
1,496,021
 
$
1,499,819
 
$
2,993,241
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computed tax expense with statutory tax rate
 
 
52,537
 
 
246,843
 
 
247,472
 
 
493,885
 
Impact of different tax rates in other jurisdictions
 
 
(8,506)
 
 
(89,725)
 
 
(161,600)
 
 
(231,889)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-deductible items:
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax effect of non-deductible expenses
 
 
164,382
 
 
(26,317)
 
 
184,900
 
 
21,625
 
Previous years unrecognized taxation effect
 
 
(196,050)
 
 
-
 
 
(196,050)
 
 
-
 
Changes in valuation allowance
 
 
59,917
 
 
248,377
 
 
305,439
 
 
496,725
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Provision for Income Taxes
 
$
72,280
 
$
379,178
 
$
380,161
 
$
780,346