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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of income tax expense

​

​	​	​	​	​	​	​
​		January 1 –		January 1 –		January 1 –
​	​	December 31,	​	December 31,	​	December 31,
​	​	2022	​	2021	​	2020
Income tax expense		—		(887,648)		—
Total		—		(887,648)		—

Schedule of loss before income tax expense

​

​	​	​	​	​	​	​
​		January 1 –		January 1 –		January 1 –
​	​	December 31,	​	December 31,	​	December 31,
​	​	2022	​	2021	​	2020
U.S. operations		(4,199,652)		(1,934,339)		(409,723)
Foreign operations		(10,046,226)		(11,650,507)		(4,220,445)
Total		(14,245,878)		(13,584,846)		(4,630,168)

Schedule of net deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		December 31,		December 31,		December 31,
​	​	2022	​	2021	​	2020
Deferred tax assets;	​	​	​	​	​	​
Net operating loss carryforwards		3,678,381		1,690,095		1,520,710
Other current assets		776,016		1,312,997		41,298
Stock-based compensation		565,018		216,918		38,050
Operating lease liabilities(*)		548,732		254,088		167,521
Financial liabilities		173,587		163,011		82,808
Accounts receivable, net		121,417		94,387		5,255
Accrued expenses and other current liabilities		89,475		16,951		96,411
Other non-current liabilities		71,445		14,933		11,681
Total deferred tax assets		6,024,071		3,763,380		1,963,734
Deferred tax liabilities;
Property, equipment and deposits, net		(1,428,847)		(731,113)		(379,515)
Operating lease right of use assets(*)		(687,993)		(254,088)		(167,521)
Other		(26,798)		(42,298)		(3,648)
Total deferred tax liabilities:		(2,143,638)		(1,027,499)		(550,684)
Less valuation allowance		(3,880,433)		(2,735,881)		(1,413,050)
Net deferred tax assets		—		—		—

^(*) The Company identified missing disclosures in the December 31, 2021 and 2020 comparative values previously disclosed in this table related to deferred tax balances for operating lease liabilities and operating lease right of use assets. Such amounts were previously omitted from this table, and the net impact on the deferred tax balance was zero. Such amounts have been added in the footnote above. This revision has no impact on the Company’s operating results or financial position for the period.

Schedule of changes in tax valuation allowances

​

​	​	​	​	​	​	​
​		2022		2021		2020
January 1,		2,735,881		1,413,050		1,162,612
Net change in the valuation allowance		1,144,552		1,322,831		250,438
– Change in valuation allowance		1,224,430		2,645,495		498,864
– Translation adjustments		(79,878)		(1,322,664)		(248,426)
December 31,		3,880,433		2,735,881		1,413,050

Schedule of reconciliation of the statutory federal income tax rate to effective tax rate

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		%		2022		%		2021		%		2020
Loss before income tax:		​		(14,245,878)		​	​	(13,584,846)	​	​	​	(4,630,168)
Income tax benefit at statutory rate		21.00		2,991,634		21.00		2,852,818		21.00		972,335
Tax exempt income		—		—		0.53		71,360		—		—
Nondeductible expenses		(5.46)		(777,764)		(9.92)		(1,347,007)		(10.39)		(481,153)
Currency remeasurement adjustments		(3.90)		(555,212)		—		—		—		—
Change in valuation allowance		(8.59)		(1,224,430)		(19.47)		(2,645,495)		(10.77)		(498,864)
Effect of different tax rates		(3.05)		(434,228)		(2.11)		(286,748)		(0.75)		(34,521)
Change in tax rates		—		—		3.44		467,424		0.91		42,203
Effective tax rate / tax charge:		—		—		(6.53)		(887,648)		—		—

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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