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Income Taxes (Tables)

12 Months Ended

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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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.

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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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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