Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of income tax expense |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Current: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| State |
|
|
- |
|
|
|
- |
|
|
|
1,600 |
|
|
|
1,600 |
|
| Foreign |
|
|
- |
|
|
|
(12 |
) |
|
|
- |
|
|
|
1,657 |
|
| Total |
|
$ |
- |
|
|
$ |
(12 |
) |
|
$ |
1,600 |
|
|
$ |
3,257 |
|
|
| Schedule of a reconciliation of the company's income tax at statutory tax rate and income tax at effective tax rate |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Tax expense (benefit) at statutory rate |
|
$ |
(1,089,179 |
) |
|
$ |
991,321 |
|
|
$ |
(2,495,186 |
) |
|
$ |
(432,753 |
) |
| Net operating loss carryforwards (NOLs) |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Foreign investment losses (gains) |
|
|
(445,209 |
) |
|
|
(1,329,427 |
) |
|
|
(818,077 |
) |
|
|
(886,390 |
) |
| Stock-based compensation expense |
|
|
12,500 |
|
|
|
33,900 |
|
|
|
214,000 |
|
|
|
424,400 |
|
| Amortization expense |
|
|
24,600 |
|
|
|
21,740 |
|
|
|
68,200 |
|
|
|
67,795 |
|
| Accrued payroll |
|
|
(83,400 |
) |
|
|
15,300 |
|
|
|
72,000 |
|
|
|
155,700 |
|
| Unrealized exchange losses (gains) |
|
|
252,712 |
|
|
|
(4,537 |
) |
|
|
557,470 |
|
|
|
196,359 |
|
| Others |
|
|
(542,700 |
) |
|
|
9,288 |
|
|
|
(1,040,000 |
) |
|
|
42,857 |
|
| Valuation allowance |
|
|
1,870,676 |
|
|
|
262,403 |
|
|
|
3,443,193 |
|
|
|
435,289 |
|
| Tax expense (benefit) at effective tax rate |
|
$ |
- |
|
|
$ |
(12 |
) |
|
$ |
1,600 |
|
|
$ |
3,257 |
|
|
| Schedule of deferred tax assets (liability) |
| |
|
September 30,
2022 |
|
|
December 31,
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
| Net operating loss carryforwards (NOLs) |
|
$ |
12,863,000 |
|
|
$ |
9,802,000 |
|
| Stock-based compensation expense |
|
|
3,042,000 |
|
|
|
2,757,000 |
|
| Accrued expenses and unpaid expense payable |
|
|
639,000 |
|
|
|
634,000 |
|
| Tax credit carryforwards |
|
|
68,000 |
|
|
|
68,000 |
|
| Unrealized exchange losses (gain) |
|
|
470,000 |
|
|
|
(44,000 |
) |
| Excess of tax amortization over book amortization |
|
|
(364,000 |
) |
|
|
(468,000 |
) |
| Others |
|
|
(115,000 |
) |
|
|
(186,000 |
) |
| Gross |
|
|
16,603,000 |
|
|
|
12,563,000 |
|
| Valuation allowance |
|
|
(16,603,000 |
) |
|
|
(12,563,000 |
) |
| Net |
|
$ |
- |
|
|
$ |
- |
|
|