Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| INCOME TAXES |
|
| Deferred Tax Assets |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Deferred Tax Assets: |
|
|
|
|
|
|
Federal net operating loss carryforwards |
|
$ |
1,824,870 |
|
|
$ |
1,389,426 |
|
Foreign net operating loss carryforwards |
|
|
5,377,469 |
|
|
|
6,288,045 |
|
Lease liability |
|
|
173,284 |
|
|
|
195,275 |
|
Accrued bonus |
|
|
— |
|
|
|
105,240 |
|
Other |
|
|
174,426 |
|
|
|
185,867 |
|
Gross Deferred Tax Asset |
|
|
7,550,049 |
|
|
|
8,163,853 |
|
Valuation allowance |
|
|
(3,215,387 |
) |
|
|
(3,468,858 |
) |
Total Deferred Tax Asset |
|
|
4,334,662 |
|
|
|
4,694,995 |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities: |
|
|
|
|
|
|
Right of use asset |
|
|
(154,188 |
) |
|
|
(178,253 |
) |
Other |
|
|
(462,294 |
) |
|
|
(586,863 |
) |
Total Deferred Tax Liabilities |
|
|
(616,482 |
) |
|
|
(765,116 |
) |
Net Deferred Tax Asset |
|
$ |
3,718,180 |
|
|
$ |
3,929,879 |
|
|
|
|
|
|
|
|
Balance Sheet Presentation: |
|
|
|
|
|
|
Deferred Tax Asset |
|
$ |
4,025,957 |
|
|
$ |
4,264,115 |
|
Deferred Tax Liability |
|
|
307,777 |
|
|
|
334,236 |
|
Net Deferred Tax Asset |
|
$ |
3,718,180 |
|
|
$ |
3,929,879 |
|
|
| Summary of Pre-Tax Income (Loss) |
The Company's pre-tax income (loss) by jurisdiction was as follows for the years ending December 31, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Domestic |
|
$ |
(770,536 |
) |
|
$ |
(3,925,863 |
) |
Foreign |
|
|
(7,818,426 |
) |
|
|
(11,540,380 |
) |
Total |
|
$ |
(8,588,962 |
) |
|
$ |
(15,466,243 |
) |
|
| Income Tax Provision |
The provision for income taxes for continuing operations for the year ended December 31, 2024 and 2023 consists of the following
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Current income taxes |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
|
$ |
(148,666 |
) |
State |
|
|
— |
|
|
|
— |
|
Foreign |
|
|
456,683 |
|
|
|
(170,000 |
) |
Total current income taxes |
|
$ |
456,683 |
|
|
$ |
(318,666 |
) |
|
|
|
|
|
|
|
Deferred income taxes |
|
|
|
|
|
|
Federal |
|
$ |
(348,996 |
) |
|
$ |
(983,296 |
) |
State |
|
|
— |
|
|
|
— |
|
Foreign |
|
|
(155,218 |
) |
|
|
369,223 |
|
Total deferred income taxes |
|
$ |
(504,214 |
) |
|
$ |
(614,073 |
) |
|
|
|
|
|
|
|
Total income tax benefit |
|
$ |
(47,531 |
) |
|
$ |
(932,739 |
) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Tax Expense at statutory federal rate of 21% |
|
$ |
(1,803,682 |
) |
|
$ |
(3,247,911 |
) |
Permanent differences |
|
|
(198,295 |
) |
|
|
(118,773 |
) |
Foreign rate differential |
|
|
(703,658 |
) |
|
|
(1,038,635 |
) |
Return to provision |
|
|
2,307,583 |
|
|
|
(274,501 |
) |
NOL Expieration |
|
|
199,427 |
|
|
|
— |
|
Mining Tax |
|
|
406,579 |
|
|
|
— |
|
Change in valuation allowance |
|
|
(253,471 |
) |
|
|
3,468,858 |
|
Statutory to GAAP |
|
|
(2,791 |
) |
|
|
278,223 |
|
Other |
|
|
777 |
|
|
|
— |
|
Income tax benefit |
|
$ |
(47,531 |
) |
|
$ |
(932,739 |
) |
|
| Schedule of Cumulative Net Operating Loss Carryforward |
The net deferred tax asset and benefit for the current year is generated primarily from cumulative net operating loss carryforward, which totals approximately $26.5 million at December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
United States Expiring 2029 to 2037 |
|
$ |
- |
|
|
$ |
- |
|
United States Indefinite Limited to 80% |
|
|
8,689,855 |
|
|
|
6,578,856 |
|
Foreign NOLs |
|
|
17,924,896 |
|
|
|
21,742,318 |
|
|
|
|
|
|
|
|
Total Net Operating Loss Carryforward |
|
$ |
26,614,751 |
|
|
$ |
28,321,174 |
|
|