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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Income Tax Expense | For the years ended December 31, 2023, 2022 and 2021 income tax expense all of which is foreign current tax expense was as follows:
|  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  |  | -- |  |  |  | -- |  |  |  | -- |
State |  |  | -- |  |  |  | -- |  |  |  | -- |
Foreign |  |  | -- |  |  |  | -- |  |  |  | (887,648 | )
Total |  |  | -- |  |  |  | -- |  |  |  | (887,648 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | -- |  |  |  | -- |  |  |  | -- |
State |  |  | -- |  |  |  | -- |  |  |  | -- |
Foreign |  |  | -- |  |  |  | -- |  |  |  | -- |
Total |  |  | -- |  |  |  | -- |  |  |  | -- |
Total income tax expense |  |  | -- |  |  |  | -- |  |  |  | -- |
Schedule of Loss Before Income Tax Expense | For the years ended December 31, 2023,2022 and 2021 loss before income tax expense consists of the following:
|  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |  |  | January 1 - Dec 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. operations |  |  | (3,348,514 | ) |  |  | (4,199,652 | ) |  |  | (1,934,339 | )
Foreign operations |  |  | (30,466,205 | ) |  |  | (10,046,226 | ) |  |  | (11,650,507 | )
Total |  |  | (33,814,719 | ) |  |  | (14,245,878 | ) |  |  | (13,584,846 | )
Schedule of Net Deferred Tax Assets and Liabilities | The components of Group’s net deferred tax assets and liabilities are as follows:
|  | Dec 31, 2023 |  |  | Dec 31, 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  |  | 6,735,213 |  |  |  | 3,678,381 |
Other current assets |  |  | 214,120 |  |  |  | 776,016 |
Stock-based compensation |  |  | 833,584 |  |  |  | 565,018 |
Operating lease liabilities |  |  | 172,133 |  |  |  | 548,732 |
Financial liabilities |  |  | 110 |  |  |  | 173,587 |
Accounts receivable, net |  |  | 164,722 |  |  |  | 121,417 |
Accrued expenses and other current liabilities |  |  | 589,247 |  |  |  | 89,475 |
Other non-current liabilities |  |  | 81,465 |  |  |  | 71,445 |
Total deferred tax assets |  |  | 8,790,594 |  |  |  | 6,024,071 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, equipment and deposits, net |  |  | (2,577,631 | ) |  |  | (1,428,847 | )
Operating lease right of use assets |  |  | (255,935 | ) |  |  | (687,993 | )
other current assets |  |  | (36,910 | ) |  |  | -- |
Other |  |  | (321,030 | ) |  |  | (26,798 | )
Total deferred tax liabilities: |  |  | (3,191,506 | ) |  |  | (2,143,638 | )
Less valuation allowance |  |  | (5,599,088 | ) |  |  | (3,880,433 | )
Net deferred tax assets |  |  | -- |  |  |  | -- |
Schedule of Changes in Tax Valuation Allowance | The following table reflects changes in tax valuation allowances for the years ended December 31, 2023,2022 and 2021.
|  | 2023 |  |  | 2022 |  |  | 2021 |
January 1, |  |  | 3,880,433 |  |  |  | 2,735,881 |  |  |  | 1,413,050 |
Net change in the valuation allowance |  |  | 1,718,655 |  |  |  | 1,144,552 |  |  |  | 1,322,831 |
- Additions recognized in the income statement |  |  | 1,718,655 |  |  |  | 1,224,430 |  |  |  | 2,645,495 |
- Translation adjustments |  |  | -- |  |  |  | (79,878 | ) |  |  | (1,322,664 | )
December 31, |  |  | 5,599,088 |  |  |  | 3,880,433 |  |  |  | 2,735,881 |
Schedule of Reconciles the Differences Between the Statutory U.S. Income Tax Rate to Effective Tax Rate | The following table reconciles the differences between the U.S. federal statutory income tax rate to the Groups’ effective tax rate for the years ended December 31, 2023, 2022 and 2021:
|  | % |  |  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | 2021 |
Loss before income tax expense: |  |  |  |  |  |  | (33,814,719 | ) |  |  |  |  |  |  | (14,245,878 | ) |  |  |  |  |  |  | (13,584,846 | )
Income tax benefit at statutory rate |  |  | 21 |  |  |  | 7,101,091 |  |  |  | 21 |  |  |  | 2,991,634 |  |  |  | 21 |  |  |  | 2,852,818 |
Tax exempt income |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 1 |  |  |  | 71,360 |
Nondeductible expenses |  |  | (11 | ) |  |  | (3,799,970 | ) |  |  | (5 | ) |  |  | (777,764 | ) |  |  | (10 | ) |  |  | (1,347,007 | )
Currency remeasurement adjustments |  |  | (7 | ) |  |  | (2,455,462 | ) |  |  | (4 | ) |  |  | (555,212 | ) |  |  | -- |  |  |  | -- |
Change in valuation allowance |  |  | (5 | ) |  |  | (1,718,655 | ) |  |  | (9 | ) |  |  | (1,224,430 | ) |  |  | (20 | ) |  |  | (2,645,495 | )
Effect of different tax rates |  |  | 3 |  |  |  | 872,997 |  |  |  | (3 | ) |  |  | (434,228 | ) |  |  | (2 | ) |  |  | (286,748 | )
Change in tax rates |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 3 |  |  |  | 467,424 |
Effective tax rate / income tax expense: |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | (7 | ) |  |  | (887,648 | )

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