Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
    Three Months Ended
March 31,
 
    2021     2020  
Current:   (Unaudited)     (Unaudited)  
Federal   $ -     $ -  
State     1,600       1,600  
Foreign     1,695       1,652  
Total   $ 3,295     $ 3,252  
Schedule of reconciliation of the income tax at statutory tax rate
    Three Months Ended
March 31,
 
    2021     2020  
    (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (1,091,340 )   $ (615,289 )
Net operating loss carryforwards (NOLs)     (113,227 )     237,659  
Foreign investment losses     451,534       135,438  
Stock-based compensation expense     357,400       97,600  
Amortization expense     22,630       12,716
Accrued payroll     61,900       45,100  
Unrealized exchange losses     299,703       80,676  
Others     14,695       9,352  
Tax expense at effective tax rate   $ 3,295     $ 3,252  
Schedule of deferred tax assets (liabilities)
    March 31,
2021
    December 31,
2020
 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 8,302,000     $ 8,018,000  
Stock-based compensation expense     2,500,000       2,024,000  
Accrued expenses and unpaid expense payable     382,000       309,000  
Tax credit carryforwards     68,000       68,000  
Unrealized investment loss     266,000       144,000  
Unrealized exchange losses (gain)     80,000       (193,000 )
Excess of tax amortization over book amortization     (505,000 )     (577,000 )
Others     (140,000 )     (173,000 )
Gross     10,953,000       9,620,000  
Valuation allowance     (10,953,000 )     (9,620,000 )
Net   $ -     $ -