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

The components of the provision for Income taxes expenses are:

 

    Year ended
December 31,
2024
    Year ended
December 31,
2023
    Year ended
December 31,
2022
 
                
Current  $
-
   $
-
   $
-
 
Deferred   
-
    
-
    
-
 
Total income taxes expense  $
-
   $
-
    
-
 
Schedule of Income Taxes Expenses Computed at the Hong Kong Statutory Tax Rate

The reconciliation of income taxes expenses computed at the Hong Kong statutory tax rate applicable to income tax expense is as follows:

 

   Year ended
December 31,
2024
   Year ended
December 31,
2023
   Year ended
December 31,
2022
 
             
Net loss before tax  $(4,157,737)  $(4,340,975)  $(11,525,102)
Provision for income tax benefit at Hong Kong statutory income tax rate (16.5%)   (686,027)   (716,261)   (1,901,642)
Impact of different tax rates in other jurisdictions   (10,814)   (16,272)   (263,787)
Non-taxable income   (5,477)   (1,071,774)   (907,495)
Non-deductible expenses   195    98,704    
-  
 
Change in valuation allowance   702,123    1,705,603    3,072,924 
Effective income tax expense  $
-  
   $
-  
   $
-  
 
Schedule of Deferred Tax Asset and Liabilities

Deferred tax assets and deferred tax liabilities reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose and the tax bases used for income tax purpose. The following represents the tax effect of each major type of temporary difference.

 

   December 31,
2024
   December 31,
2023
 
Deferred tax asset:        
Tax loss carry forward  $15,107,318   $16,956,748 
Share-based payment expenses   
-  
    229,126 
Depreciation and amortization   128,896    128,866 
Impairment loss on assets   537,830    92,416 
Total Deferred tax asset   15,774,044    17,407,156 
Valuation allowance   (15,774,044)   (17,407,156)
Deferred tax asset, net of valuation allowance  $
-  
   $
-  
 
Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

 

   Year ended
December 31,
2024
   Year ended
December 31,
2023
   Year ended
December 31,
2022
 
             
Balance as of January 1  $17,407,156   $15,705,088   $12,632,164 
Additions   702,123    1,705,603    3,072,924 
Disposal   (2,335,235)   (3,535)   
-
 
Balance as of December 31  $15,774,044   $17,407,156   $15,705,088