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Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax [Abstract]

Schedule of Components of the Provision for Income Taxes

Significant components of the provision for income taxes are as follows:

		2023				2022
Current tax		$	-			$	456,598
Deferred tax - book-tax difference			2,552				60,504
The provision for income taxes		$	2,552			$	517,102

Schedule of Statutory EIT Rate Applicable to Profits of the Consolidated Entities and the Income Tax Expenses

Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company:

		2023				2022
Loss before taxation		$	(34,399,829	)		$	(13,492,067	)
Notional tax on profit before CIT and Hong Kong
Computed expected tax expense			(8,599,957	)			(3,373,017	)
Others, primarily the difference in tax rates			5,942,131				1,341,365
Deferred tax assets losses not recognized			2,657,826				2,488,250
Total		$	-			$	456,598

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- References

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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