Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
    Three Months Ended
March 31,
 
    2020     2019  
Current:   (Unaudited)     (Unaudited)  
Federal   $ -     $ -  
State     1,600       1,600  
Foreign     1,652       1,633  
Total   $ 3,252     $ 3,233  
Schedule of reconciliation of the income tax at statutory tax rate
    Three Months Ended
March 31,
 
    2020     2019  
    (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (615,289 )   $ (605,770 )
Net operating loss carryforwards (NOLs)     237,659       209,242  
Foreign investment losses     135,438       116,500  
Stock-based compensation expense     97,600       65,700  
Amortization expense     12,716       (12,800 )
Accrued payroll     45,100       107,600  
Unrealized exchange losses     80,676       63,825  
Others     9,352       58,936  
Tax expense at effective tax rate   $ 3,252     $ 3,233  
Schedule of deferred tax assets (liability)

    March 31,
2020
   

December 31,

2019

 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 6,888,000     $ 6,388,000  
Stock-based compensation expense     1,679,000       1,549,000  
Accrued expenses and unpaid expense payable     110,000       53,000  
Tax credit carryforwards     68,000       68,000  
Excess of tax amortization over book amortization     (609,000 )     (619,000 )
Unrealized exchange losses     (15,000 )     (106,000 )
Others     (85,000 )     (104,000 )
Gross     8,036,000       7,229,000  
Valuation allowance     (8,036,000 )     (7,229,000 )
Net   $ -     $ -