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INCOME TAXES (Tables) | 12 Months Ended
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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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