XML 84 R53.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of income tax Table [Abstract]  
Schedule of Operating Subsidiaries Incorporated in Different Tax Jurisdiction are Subject to Different Corporate Income Tax Rate The Company’s operating subsidiaries incorporated in different tax jurisdiction are subject to different corporate income tax rate as follows:
   Corporate
income
tax rate		 
Hong Kong              16.5%
Singapore   17.0%
Thailand   20.0%
Malaysia   24.0%
Macau   12.0%
United States   21.0%
Australia   0.0%
United Arab Emirates   25.0%
United Kingdom   19.0%
South Korea   25.0%
Japan   23.2%
Canada   15.0%
Vietnam   20.0%
China   25.0%
Schedule of Pre-tax Loss Pre-tax profit (loss) from continuing operations, by jurisdiction, for the years ended December 31, 2023, 2022 and 2021 is as follows:
   For the years ended
December 31,		 
   2023   2022   2021 
Cayman Islands  $(4,100,487)  $(4,302,089)  $(1,733,786)
BVI   (16,537)   (17,811)   (12,769)
Hong Kong   (10,805,695)   (3,245,238)   (628,015)
Singapore   (180,619)   (160,228)   (16,041)
Thailand   (2,852,376)   (5,826,236)   (3,873,611)
Malaysia   (2,761,202)   (478,658)   - 
Macau   (193,865)   (161,513)   - 
United States   (321,399)   (572,088)   - 
Australia   15,199    (15,199)   - 
United Arab Emirates (UAE)   (22,157)   (72,036)   - 
United Kingdom   1,350    (1,350)   - 
South Korea   (11,236)   (20,029)   - 
Japan   (189,773)   (77,055)   - 
Canada   3,418    (2,997)   - 
Vietnam   17,123    (17,123)   - 
China   (7,770,944)   (3,501,768)   - 
   $(29,189,200)  $(18,471,418)  $(6,264,222)
Schedule of Components of the Income Tax Provision The components of the income tax provision are:
   For the years ended
December 31,		 
   2023   2022   2021 
Current income tax expense  $-   $-   $- 
Deferred income tax expense (benefit)   (434,320)   132,208    (732,868)
Total income tax (benefit) expense  $(434,320)  $132,208   $(732,868)

 
Schedule of Reconciliation Between the Statutory Tax Rate to Income Before Income Taxes and the Actual Provision for Income Taxes Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:
   For the years ended
December 31,		 
   2023   2022   2021 
(Loss) Profit before income tax expense*  $(994,531)  $(3,840,120)  $(4,068,887)
Thailand income tax statutory rate   20%   20%   20%
Income tax at statutory tax rate   (198,906)   (768,024)   (813,777)
Deferred tax assets not recognized   713,468    768,024    
-
 
Permanent differences   (80,242)   132,208    80,910 
Income tax expense (benefit)  $434,320   $132,208   $(732,868)
*This amount represents profit before income tax after adjustments for non-deductible and non-taxable expense items from the Thailand operating entity.
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of the following:
   As of December 31, 
   2023   2022 
Provision for employee benefits  $982,013   $965,560 
Net operating loss carried forward   893,693    671,894 
Valuation allowance   (724,866)   - 
Deferred tax assets   1,150,840    1,637,454 
Less:          
Deferred tax liabilities - finance leases   (65,363)   (125,701)
Deferred tax assets, net  $1,085,477   $1,511,753