Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2021     2020     2021     2020  
Current:   (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Federal   $
                   -
    $
                   -
    $
                  -
    $
                   -
 
State    
-
     
-
      1,600       1,600  
Foreign     (26 )     11       1,669       1,663  
Total   $ (26 )   $ 11     $ 3,269     $ 3,263  

 

Schedule of a reconciliation of the Company’s income tax at statutory tax rate
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2021     2020     2021     2020
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (332,734 )   $ (388,531 )   $ (1,424,074 )   $ (1,003,820 )
Foreign investment losses (gains)     (8,497 )     (37,148 )     443,037       98,290  
Stock-based compensation expense     33,100       94,300       390,500       191,900  
Amortization expense     23,425       12,617       46,055       25,333  
Accrued payroll     73,800       30,800       130,700       75,900  
Unrealized exchange losses (gains)     (98,807 )     (108,870 )     200,896       (28,194 )
Others     23,574       65,211       43,269       74,563  
Valuation allowance     286,113       331,632       172,886       569,291  
Tax expense at effective tax rate   $ (26 )   $ 11     $ 3,269     $ 3,263  

 

Schedule of deferred tax assets (liability)
    June 30,
2021
   

December 31,
2020

 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 8,931,000     $ 8,018,000  
Stock-based compensation expense     2,544,000       2,024,000  
Accrued expenses and unpaid expense payable     500,000       309,000  
Tax credit carryforwards     68,000       68,000  
Unrealized investment loss    
-
      144,000  
Unrealized exchange losses     (18,000 )     (193,000 )
Excess of tax amortization over book amortization     (475,000 )     (577,000 )
Others     155,000       (173,000 )
Gross     11,705,000       9,620,000  
Valuation allowance     (11,705,000 )     (9,620,000 )
Net   $
-
    $
-