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Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income tax benefit

Income tax benefit consists of the following:

 Schedule of income tax benefit

		December 31, 2025				December 31, 2024
Current foreign
United Kingdom (“UK”)		$	-			$	1,851,038
Deferred foreign
Loss carryforwards			9,744,082				7,581,029
Income tax provision to return adjustments			2,152,482				1,027,496
Other			(157,317	)			615,516
Valuation allowance			(11,739,247	)			(9,224,041	)
Total deferred foreign			-				-
Deferred foreign - other comprehensive Income (loss)
Foreign currency translation adjustments			1,545,477				(947,349	)
Valuation allowance			(1,545,477	)			947,349
			-				-
Total income tax benefit		$	-			$	1,851,038

Schedule of loss before income taxes

Loss before income taxes related to our operations consists of:

 Schedule of loss before income taxes

		December 31, 2025				December 31, 2024
Foreign
Corporate - UK		$	(36,277,469	)		$	(38,256,788	)
Nigeria			(1,813,539	)			(1,379,201	)
Portugal			(2,255,825	)			(3,416,096	)
Argentina			(3,150,173	)			(5,723,728	)
South Africa			(2,083,360	)			(3,018,902	)
Other foreign entities			(656,484	)			(772,019	)
Total loss before income taxes		$	(46,236,850	)		$	(52,566,734	)

Schedule of income tax rate and the effective income tax rate

 Schedule of income tax rate and the effective income tax rate

		December 31, 2025				December 31, 2025
UK Federal income tax rate			(11,559,213	)			25.0	%
Foreign tax effects
Portugal			563,956				(1.2	)%
Nigeria
Changes in valuation allowance			756,048				(1.6	)%
Other			(302,662	)			0.7	%
Argentina
Changes in valuation allowance			951,315				(2.1	)%
Other			(163,772	)			0.4	%
South Africa			520,840				(1.1	)%
Other Foreign			164,122				(0.4	)%
Change in valuation allowance			9,335,291				(20.2	)%
Nontaxable or nondeductible items
Equity compensation			1,958,267				(4.2	)%
Interest expense			(2,540,966	)			5.5	%
Other			279,429				(0.6	)%
Other			37,345				(0.1	)%
Effective income tax rate			(0	)			0.0	%

As previously disclosed prior to the adoption of ASU 2023-09, the reconciliation of our income tax provision computed by applying the UK statutory income tax rate of 25% to (loss) income before income taxes is as follows for the year ended December 31:

		December 31, 2024				December 31, 2024
UK Federal income tax rate			(13,141,685	)			25.0	%
Valuation allowance			9,516,297				(18.1	)%
Change in UK statutory income tax rate			22,003				0.0	%
Change in fair value			1,487,821				(2.8	)%
Loss on Debt Extinguishment			1,106,869				(2.1	)%
Nondeductible expense			805,252				(1.5	)%
R&D expenditures			25,085				0.0	%
Foreign income tax rate differential			371,640				(0.7	)%
Other true ups			(2,044,320	)			3.7	%
Effective income tax rate			(1,851,038	)			3.5	%

Schedule of deferred income tax assets and liabilities

The income tax affects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities consist of the following:

 Schedule of deferred income tax assets and liabilities

		December 31, 2025				December 31, 2024
Deferred income tax assets:
Loss carryforwards
UK		$	27,103,533			$	18,727,082
Argentina			1,771,158				1,367,756
Nigeria			1,877,176				1,217,743
Portugal			102,497				88,983
Other foreign entities			846,421				492,391
Total loss carryforwards			31,700,785				21,893,955
Compensation (2)			464,064				338,501
Interest expense carryover (2)			5,582,462				2,500,175
Accruals & Reserves (3)			430,886				32,179
Other, Net			891				-
Valuation allowance			(37,572,309	)			(24,287,585	)
Total deferred income tax assets			606,780				477,225
Deferred income tax liabilities
Intangible assets - R&D (2)			(495,523	)			(328,874	)
Property, plant, and equipment (2)			(111,242	)			(148,339	)
Other (1)			(15	)			(12	)
Total deferred income tax liabilities			(606,780	)			(477,225	)
Net deferred income tax assets (liabilities)		$	-			$	-

(1) Pertains to company’s operations located in Nigeria.

(2) Pertains to company’s operations located in the UK.

(3) Pertains to company’s operations located in the UK, Portugal and South Africa.

Summary of change in the valuation allowances

A summary of the change in the valuation allowances against the Company’s net deferred income tax assets for calendar years 2025 and 2024, follows:

 Summary of change in the valuation allowances

		2025				2024
Beginning balance, January 1		$	24,287,585			$	16,010,893
Change in valuation allowance associated with foreign
currency translation adjustments during the current year			1,545,477				(947,349	)
Change in valuation allowance associated with foreign currency translation adjustments during the current year			1,545,477				(947,349	)
Change in valuation allowance associated with
current year earnings			11,739,247				9,224,041
Change in valuation allowance associated with current year earnings			11,739,247				9,224,041
Change in estimate during current year			-				-
Ending balance, December 31		$	37,572,309			$	24,287,585

Schedule of incomes taxes paid, net of refunds

Incomes taxes paid, net of refunds, exceeds 5 percent of total income taxes paid, net of refunds, in the following jurisdictions for the year ended December 31, 2025:

 Schedule of incomes taxes paid, net of refunds

		2025
UK		$	1,835,365
Total income taxes refunded		$	1,835,365

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