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Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Expense [Abstract]

Schedule of Provision for Income Expense

The provision for income tax expense consisted of the following:

		For the years ended December 31,
		2023				2022
Current tax		$	332,275			$	118,073
Deferred tax			(45,737	)			6,532
Income tax expense		$	286,538			$	124,605

Schedule of Effective Income Tax Rate Based on Loss Before Income Tax Expense

The reconciliation of income tax rate to the effective income tax rate based on loss before income tax expense for the years ended December 31, 2023 and 2022 are as follows:

		For the years ended December 31,
		2023				2022
Loss before income taxes		$	(48,919,481	)		$	(44,396,030	)
Statutory income tax rate			16.5	%			16.5	%
Income tax expense at statutory rate			(8,071,714	)			(7,325,345	)
Income not subject to taxes			(2,563,028	)			(71,468	)
Non-deductible items:
- Share based compensation			1,853,779				344,640
- Investment loss			1,135,013				1,474,676
- Change in fair values			—				888,251
Under provision of prior years			220,570				31,284
Change in valuation allowance			7,732,994				4,822,582
Tax holiday			(21,076	)			(21,838	)
Other			—				(18,177	)
Income tax expense		$	286,538			$	124,605

Schedule of Deffered Tax Liabilities and Assets

The following table sets forth the significant components of the deferred tax liabilities and assets of the Company as of December 31, 2023 and 2022:

		As of December 31,
		2023				2022
Deferred tax liabilities:
Accelerated depreciation		$	—			$	45,858
Deferred tax liabilities		$	—			$	45,858

		As of December 31,
		2023				2022
Deferred tax assets, net:
Net operating loss carryforwards		$	8,909,692			$	5,461,370
Less: valuation allowance			(8,909,692	)			(5,461,370	)
Deferred tax assets, net:		$	—			$	—

Schedule of Movement of Valuation Allowance

The movement of valuation allowance is as follows:

		For the years ended December 31,
		2023				2022
Balance as of beginning of the year		$	(5,461,370	)		$	(2,483,436	)
Additions			(3,448,322	)			(2,977,934	)
Balance as of end of the year		$	(8,909,692	)		$	(5,461,370	)

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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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-Topic 740
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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 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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