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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes Expenses | The components of the provision for income taxes expenses are:
|  |  | Year ended December 31, 2023 |  |  |  | Year ended December 31, 2022 |  |  |  | Year ended December 31, 2021 |
Current |  | $ | - |  |  | $ | - |  |  | $ | - |
Deferred |  |  | - |  |  |  | - |  |  |  | - |
Total income taxes expense |  | $ | - |  |  | $ | - |  |  |  | - |
Schedule of Income Taxes Expenses Computed at the Hong Kong Statutory Tax Rate | The reconciliation of income taxes expenses computed at the Hong Kong statutory tax rate applicable to income tax expense is as follows:
|  | Year ended December 31, 203 |  |  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021 |
Net loss before tax |  | $ | (4,340,975 | ) |  | $ | (11,525,102 | ) |  | $ | (27,114,293 | )
Provision for income taxes at Hong Kong statutory income tax rate (16.5%) |  |  | (716,261 | ) |  |  | (1,901,642 | ) |  |  | (4,473,859 | )
Impact of different tax rates in other jurisdictions |  |  | (16,272 | ) |  |  | (263,787 | ) |  |  | (214,135 | )
Non-taxable income |  |  | (1,071,774 | ) |  |  | (907,495 | ) |  |  | (716,628 | )
Non-deductible expenses |  |  | 98,704 |  |  |  | - |  |  |  | 1,992,463 |
Change in valuation allowance |  |  | 1,705,603 |  |  |  | 3,072,924 |  |  |  | 3,412,159 |
Effective income tax expense |  | $ | - |  |  | $ | - |  |  | $ | - |
Schedule of Deferred Tax Asset and Liabilities | Deferred tax assets and deferred tax liabilities reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose and the tax bases used for income tax purpose. The following represents the tax effect of each major type of temporary difference.
|  | December 31, 2023 |  |  | December 31, 2022 |
Deferred tax asset: |  |  |  |  |  |
Tax loss carry forward |  | $ | 16,956,748 |  |  | $ | 14,865,121 |
Share-based payment expenses |  |  | 229,126 |  |  |  | 948,893 |
Depreciation and amortization |  |  | 128,866 |  |  |  | - |
Impairment of long-lived assets |  |  | 92,416 |  |  |  | - |
|  |  | 17,407,156 |  |  |  | 15,814,014 |
Deferred tax liability: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | - |  |  |  | (108,926 | )
Net deferred tax assets before valuation allowance |  |  | 17,407,156 |  |  |  | 15,705,088 |
Valuation allowance |  |  | (17,407,156 | ) |  |  | (15,705,088 | )
Deferred tax asset, net |  | $ | - |  |  | $ | - |
Schedule of Changes in Valuation Allowance | Changes in valuation allowance are as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021 |
Balance as of January 1 |  | $ | 15,705,088 |  |  | $ | 12,632,164 |  |  | $ | 9,561,560 |
Additions |  |  | 1,705,603 |  |  |  | 3,072,924 |  |  |  | 3,412,159 |
Disposal |  |  | (3,535 | ) |  |  | - |  |  |  | (341,555 | )
Balance as of December 31 |  | $ | 17,407,156 |  |  | $ | 15,705,088 |  |  | $ | 12,632,164 |

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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 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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