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 | |
|