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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of income before income tax domestic and foreign

		12/31/2021				12/31/2020
Domestic		$	(8,365,297	)		$	(2,901,276	)
Foreign			517,659				4,099,597
		$	(7,847,638	)		$	1,198,321

		12/31/2021				12/31/2020
Current tax provision
Federal		$	-			$	-
State			-				-
Foreign			802,364				555,965
Total current tax provision		$	802,364			$	555,965
Deferred tax provision
Domestic		$	-			$	-
State			-				-
Foreign			(688,354	)			(178,430	)
Total deferred tax provision		$	(688,354	)		$	(178,430	)
Total current provision		$	114,010			$	377,535

Schedule of provision for income taxes

			12/31/2021				12/31/2020
US
Income (loss) before income taxes			$	(7,847,639	)		$	1,198,321
Taxes under statutory US tax rates			$	(1,648,004	)		$	251,647
Increase (decrease) in taxes resulting from:
Increase in valuation allowance			$	3,001,899			$	216,518
Foreign tax rate differential			$	(24,977	)		$	(55,540	)
Permanent differences			$	(734,428	)		$	(218,216	)
US tax on foreign income			$	493,028			$	604,419
163(j) catch up				(76,888	)			-
Prior period adjustments			$	52,034			$	(97,829	)
State taxes			$	(948,654	)		$	(323,464	)
Income tax expense			$	114,010			$	377,535

Significant components of deferred tax assets and liabilities

		12/31/2021				12/31/2020
Net operating loss carryforward		$	4,515,900			$	1,494,424
Capital loss carryforward			801,744				801,744
Section 163(j) carryforward			-				-
Nonqualified stock options			96,104				170,297
Foreign exchange			13,438				-
Allowance for doubtful accounts			374,604				-
Accrued expenses			528,895				7,389
Mark to market adjustment in securities			358,761				357,829
Lease liability			253,620				247,797
Gain on extinguishment of debt			-				179,958
Depreciation			(6,765	)			4,226
Total deferred tax assets			6,936,211				3,263,664
Intangibles			(8,139	)			(10,729	)
Inventory			(14,728	)			-
Right of use asset			(243,207	)			(253,818	)
Goodwill			(10,979	)			(14,473	)
Total deferred tax liabilities			(277,053	)			(279,020	)
Valuation allowance			(5,808,384	)			(2,806,214	)
Net deferred tax assets (liabilities)		$	850,774			$	178,430

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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