Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of income tax expense

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2020     2019     2020     2019  
Current:   (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Federal   $              -     $             -     $           -     $          -  
State     -       -       1,600       1,600  
Foreign     11       -       1,663       1,635  
Total   $ 11     $ -     $ 3,263     $ 3,235  

Schedule of reconciliation of the income tax at statutory tax rate

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2020     2019     2020     2019  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (388,531 )   $ (409,180 )   $ (1,003,820 )   $ (1,014,950 )
Net operating loss carryforwards (NOLs)     331,632       395,912       569,291       604,580  
Foreign investment losses (gains)     (37,148 )     67,200       98,290       183,700  
Stock-based compensation expense     94,300       72,800       191,900       138,500  
Amortization and depreciation expense     12,617       (12,800 )     25,333       (25,600 )
Accrued payroll     30,800       (149,400 )     75,900       (41,800 )
Unrealized exchange losses (gains)     (108,870 )     22,868       (28,194 )     87,267  
Others     65,211       12,600       74,563       71,538  
Tax expense at effective tax rate   $ 11     $ -     $ 3,263     $ 3,235  

Schedule of deferred tax assets (liability)

    June 30,
2020
   

December 31,

2019

 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 7,274,000     $ 6,388,000  
Stock-based compensation expense     1,804,000       1,549,000  
Accrued expenses and unpaid expense payable     214,000       53,000  
Tax credit carryforwards     68,000       68,000  
Excess of tax amortization over book amortization     (599,000 )     (619,000 )
Unrealized exchange losses     (147,000 )     (106,000 )
Others     (61,000 )     (104,000 )
Gross     8,553,000       7,229,000  
Valuation allowance     (8,553,000 )     (7,229,000 )
Net   $ -     $ -