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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Schedule of income before income tax domestic and foreign |
|  | December 31, 2022 |  |  | December 31, 2021 |
Domestic |  | $ | (7,093,161 | ) |  | $ | (8,365,298 | )
Foreign |  |  | (5,962,159 | ) |  |  | 517,659 |
|  | $ | (13,055,320 | ) |  | $ | (7,847,639 | )
Schedule of provision for income taxes |
|  | December 31, 2022 |  |  | December 31, 2021 |
Current tax provision |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | (75,724 | ) |  |  | 802,364 |
Total current tax provision |  | $ | (75,724 | ) |  | $ | 802,364 |
Deferred tax provision |  |  |  |  |  |  |  |
Domestic |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | 850,775 |  |  |  | (688,354 | )
Total deferred tax provision |  | $ | 850,775 |  |  | $ | (688,354 | )
Total current provision |  | $ | 775,051 |  |  | $ | 114,010 |
Significant components of deferred tax assets and liabilities |
|  | December 31, 2022 |  |  | December 31, 2021 |
Net operating loss carryforward |  | $ | 5,899,702 |  |  | $ | 4,515,900 |
Capital loss carryforward |  |  | 801,744 |  |  |  | 801,744 |
Section 163(j) carryforward |  |  | 561,130 |  |  |  | - |
Nonqualified stock options |  |  | - |  |  |  | 96,104 |
Foreign exchange |  |  | 297,263 |  |  |  | 13,438 |
Allowance for doubtful accounts |  |  | 1,616,926 |  |  |  | 374,604 |
Accrued expenses |  |  | 352,025 |  |  |  | 528,895 |
Mark to market adjustment in securities |  |  | 358,761 |  |  |  | 358,761 |
Lease liability |  |  | 259,381 |  |  |  | 253,620 |
Gain on extinguishment of debt |  |  | - |  |  |  | - |
Depreciation |  |  | (22,914 | ) |  |  | (6,765 | )
Total deferred tax assets |  |  | 10,124,018 |  |  |  | 6,936,211 |
Intangibles |  |  | (8,139 | ) |  |  | (8,139 | )
Inventory |  |  | (49,961 | ) |  |  | (14,728 | )
Right of use asset |  |  | (256,769 | ) |  |  | (243,207 | )
Goodwill |  |  | (10,979 | ) |  |  | (10,979 | )
Total deferred tax liabilities |  |  | (325,848 | ) |  |  | (277,053 | )
Valuation allowance |  |  | (9,798,170 | ) |  |  | (5,808,384 | )
Net deferred tax assets |  | $ | - |  |  | $ | 850,774 |
Schedule of reconciliation of income tax expense |
|  | December 31, 2022 |  |  | December 31, 2021 |
US |  |  |  |  |  |
Loss before income taxes |  | $ | (13,055,320 | ) |  | $ | (7,847,639 | )
Taxes under statutory US tax rates |  | $ | (2,741,617 | ) |  | $ | (1,648,004 | )
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |
Increase in valuation allowance |  | $ | 3,989,786 |  |  | $ | 3,001,899 |
Foreign tax rate differential |  | $ | 34,601 |  |  | $ | (24,977 | )
Permanent differences |  | $ | 128,705 |  |  | $ | (734,428 | )
US tax on foreign income |  | $ | - |  |  | $ | 493,028 |
163(j)catchup |  |  | - |  |  |  | (76,888 | )
Prior period adjustments |  | $ | (186,143 | ) |  | $ | 52,034 |
State taxes |  | $ | (450,280 | ) |  | $ | (948,654 | )
Income tax expense |  | $ | 775,052 |  |  | $ | 114,010 |

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