v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Income Tax Provision

The income tax provision consists of the following components:

 

   For the year
ended
December 31,
2024		   For the year
ended
December 31,
2023		   For the year
ended
December 31,
2022		 
Current:            
Federal  $
-
   $
-
   $
-
 
State   
-
    
-
    
-
 
Foreign   (335,748)   94,947    255,805 
Total current income tax (credit)/expenses, continuing operations   (335,748)   94,947    255,805 
Current income tax expenses, discontinued operations   
-
    
-
    
-
 
Total current  $(335,748)  $94,947   $255,805 
                
Deferred:               
Federal  $
-
   $
-
   $
-
 
State   
-
    
-
    
-
 
Foreign   
-
    
-
    
-
 
Total deferred income tax expenses, continuing operations   
-
    
-
    
-
 
Deferred income tax expenses, discontinued operations   
-
    
-
    
-
 
Total deferred  $
-
   $
-
   $
-
 
Total income tax (credit)/expense  $(335,748)  $94,947   $255805 
Schedule of Effective Tax Rate for the Continuing Operations and Discontinued Operations

The effective tax rate for the continuing operations was (5.6)%, (5.90)% and (2.6)% for the years ended December 31, 2024, 2023 and 2022, respectively.

 

   For the year
ended
December 31,
2024		   For the year
ended
December 31,
2023		   For the year
ended
December 31,
2022		 
Profit/(Loss) before income tax expense  $5,960,767   $(1,610,047)  $(9,385,293)
Computed tax benefit with statutory tax rate   983,527    (338,110)   (1,970,912)
Over provision of current taxation in respect of prior year   (350,590)   
-
    
-
 
Impact of different tax rates in other jurisdictions   (954,146)   (52,799)   (96,669)
Impact of preferred tax rate   (14,854)   
-
    
-
 
Changes in valuation allowance   315    485,856    2,323,386 
Total income tax expense  $(335,748)  $94,947   $255,805 

The effective tax rate for the discontinued operations was 0.0%, 0.0% and 0.0% for the years ended December 31, 2024, 2023 and 2022, respectively.

 

   For the year
ended
December 31,
2024		   For the year ended
December 31,
2023		   For the year ended
December 31,
2022		 
Loss before income tax expense  $
             -
   $(21,946)  $(712,414)
Computed tax benefit with statutory tax rate   
-
    (4,608)   (149,606)
Impact of different tax rates in other jurisdictions   
-
    (988)   (32,059)
Effect of preferred tax rate   
-
    3,621    117,548 
Changes in valuation allowance   
-
    1,975    64,117 
Total income tax expense  $
-
   $
-
   $
-
 
Schedule of Deferred Tax Assets and Liabilities

The approximate tax effects of temporary differences, which give rise to the deferred tax assets and liabilities are as follows:

   As of
December 31,		   As of 
December 31,		 
   2024   2023 
Deferred tax assets        
Tax loss carried forward  $8,192   $6,694 
Provision for impairment loss   
-
    
-
 
Unvested restricted shares   
-
    
-
 
Total deferred tax assets   1,720    1,405- 
Less: valuation allowance   (1,720)   (1,405
)-
Total deferred tax assets, net of valuation allowance   
-
    
-
 
           
Deferred tax liabilities          
Total Deferred tax liabilities  $
-
   $
-
 
Deferred tax assets, net of valuation allowance and deferred tax liabilities  $
-
   $
-
 

 

Discontinued operations

 

   As of
December 31,		   As of 
December 31,		 
   2024   2023 
Deferred tax assets          
Tax loss carried forward  $
                    -
   $
                    -
 
Provision for doubtful accounts   
-
    
-
 
PPE, due to difference in depreciation   
-
    
-
 
Total deferred tax assets   
-
    
-
 
Less: valuation allowance   
-
    
-
 
Total deferred tax assets, net of valuation allowance   
-
    
-
 
           
Deferred tax liabilities          
Total Deferred tax liabilities  $
-
   $
-
 
Deferred tax assets, net of valuation allowance and deferred tax liabilities  $
-
   $
-
 
Schedule of Uncertain Tax Positions

The reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows:

 

   December 31, 2024   December 31, 2023 
Uncertain tax liabilities, beginning of period, discontinued operations  $
                    -
   $
                    -
 
Additions for tax position of current period   -    - 
Settlements with tax authority during current year   -    - 
Uncertain tax liabilities, end of period, discontinued operations  $
-
   $
-