Schedule of Components of (Loss)/Gain Before Income Taxes |
The components of (loss)/gain before income taxes consist
of the following:
| |
Three months ended December 31, | | |
Nine months ended December 31, | |
(In USD) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Domestic | |
$ | (5,889,163 | ) | |
$ | 19,809,584 | | |
$ | (8,072,027 | ) | |
$ | (11,367,084 | ) |
Foreign | |
| (2,032,900 | ) | |
| (5,384,145 | ) | |
| (5,733,590 | ) | |
| (15,390,894 | ) |
Profit/(Loss) before income taxes | |
$ | (7,922,063 | ) | |
$ | 14,425,439 | | |
$ | (13,805,617 | ) | |
$ | (26,757,978 | ) |
|
The
components of loss before income taxes consist of the following:
(In USD) | |
| | |
| |
| |
March
31,
2024 | | |
March
31,
2023 | |
Domestic | |
$ | (11,618,649 | ) | |
$ | (28,261,210 | ) |
Foreign | |
| (22,658,603 | ) | |
| (33,770,866 | ) |
Income/(Loss)
before income taxes | |
$ | (34,277,252 | ) | |
$ | (62,032,076 | ) |
The
components of the provision for income taxes were as follows:
(In
USD) | |
| | | |
| | |
Period
ended | |
| March
31,
2024 | | |
| March
31,
2023 | |
Current
Taxes | |
| | | |
| | |
U.S.
federal | |
$ | - | | |
$ | - | |
U.S.
state and local | |
| - | | |
| - | |
Foreign | |
| - | | |
| - | |
Current
taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Deferred
Taxes | |
| | | |
| | |
U.S.
federal | |
$ | - | | |
$ | - | |
U.S.
state and local | |
| - | | |
| - | |
Foreign | |
| - | | |
| - | |
Deferred
Taxes | |
$ | - | | |
$ | - | |
Provision
for income taxes | |
$ | - | | |
$ | - | |
|
Schedule of Reconciliation of the Statutory Federal Income Tax Rate |
|
The
following is a reconciliation of the statutory federal income tax rate to our effective tax rate
| |
March
31,
2024 | | |
March
31,
2023 | |
Accounting
profit/(loss) before tax | |
$ | (34,277,252 | ) | |
$ | (62,032,076 | ) |
Tax
using the Company’s domestic tax rate | |
| (7,198,223 | ) | |
| (13,026,736 | ) |
| |
| | | |
| | |
Federal
statutory income tax rate | |
| 21.0 | % | |
| 21.0 | % |
Tax impact of : | |
| | | |
| | |
U.S.
state and local taxes | |
| 1.5 | % | |
| 2.1 | % |
Federal
benefit for state taxes | |
| -1.5 | % | |
| -2.1 | % |
Valuation
allowance | |
| -23.6 | % | |
| -23.1 | % |
Difference
in tax rates | |
| 2.6 | % | |
| 2.1 | % |
Effective
tax rate | |
| 0.0 | % | |
| 0.0 | % |
Current
Tax expense | |
| - | | |
| - | |
Deferred
Tax expense | |
| - | | |
| - | |
Income
tax expense reported in the Statement of profit and loss/Effective Tax Rate | |
| - | | |
| - | |
|
Schedule of Deferred Income Tax Assets and Liabilities |
|
The Company’s deferred income tax assets and liabilities as of
March 31, 2024 and 2023 consisted of the following
Year
ended | |
March
31,
2024 | | |
March
31, 2023 | |
Deferred tax assets: | |
| | |
| |
Net operating
loss carryforwards | |
| 44,873,459 | | |
| 35,315,394 | |
Lease
liability | |
| 149,905 | | |
| 431,669 | |
Total
deferred tax assets | |
| 45,023,364 | | |
| 35,747,063 | |
Less:
Valuation allowance | |
| (43,709,941 | ) | |
| (34,877,803 | ) |
Deferred
tax assets, net of valuation allowance | |
$ | 1,313,423 | | |
$ | 869,260 | |
Deferred
tax liabilities: | |
| | | |
| | |
Right of use assets | |
| (322,652 | ) | |
| (440,418 | ) |
Depreciation on property plant
and equipment and intangible assets | |
| (361,674 | ) | |
| (342,678 | ) |
Borrowings | |
| (629,097 | ) | |
| - | |
Others | |
| - | | |
| (86,164 | ) |
Total
deferred tax liabilities | |
| (1,313,423 | ) | |
| (869,260 | ) |
Net
deferred tax assets | |
$ | - | | |
$ | - | |
|