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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income (loss) Before Income Taxes | Provision for (benefit from) income taxes consisted of the following:
|  | For the years ended December 31, |
|  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |
– Local |  | $ | - |  |  | $ | - |
– Foreign: |  |  |  |  |  |  |  |
Hong Kong |  |  | (28,315 | ) |  |  | 51,192 |
The PRC |  |  | 5,887 |  |  |  | (32,788 | )
Malaysia |  |  | - |  |  |  | (2,168 | )
Deferred: |  |  |  |  |  |  |  |
– Local |  |  | - |  |  |  | - |
– Foreign |  |  | - |  |  |  | - |
|  | $ | (22,428 | ) |  | $ | 16,236 |
Schedule of Provision for Income Taxes | A summary of United States and foreign income (loss) before income taxes were comprised of the following:
|  | For the years ended December 31, |
|  | 2019 |  |  | 2018 |
Tax jurisdictions from: |  |  |  |  |  |  |  |
– United States |  | $ | (494,345 | ) |  | $ | (5,062,437 | )
– Foreign, representing: |  |  |  |  |  |  |  |
Hong Kong |  |  | (790,559 | ) |  |  | (745,051 | )
The PRC |  |  | (308,369 | ) |  |  | (1,499,144 | )
Malaysia |  |  | (87,139 | ) |  |  | (197,878 | )
Other (primarily nontaxable jurisdictions) |  |  | 308,506 |  |  |  | (804,417 | )
Loss before income taxes |  | $ | (1,371,906 | ) |  | $ | (8,308,927 | )
Schedule of Effective Income Tax Rate | The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company’s effective tax rate as a percentage of income from continuing operations before taxes:
|  | For the years ended December 31, |
|  | 2019 |  |  | 2018 |
Statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Impairment of goodwill, intangibles and investments |  |  | - | % |  |  | (25.0 | )%
Change in income tax valuation allowance |  |  | (22.6 | )% |  |  | 4.2 | %
Effective tax rate |  |  | (1.6 | )% |  |  | 0.2 | %
Schedule of Components of Deferred Tax Assets | The significant components of deferred taxes of the Company are as follows:
|  | As of |  |  | As of |
|  | December 31, 2019 |  |  | December 31, 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Goodwill, intangibles, and investment asset impairments |  | $ | 832,000 |  |  | $ | 832,000 |
Financing costs |  |  | 974,000 |  |  |  | 974,000 |
Operating lease liability |  |  | 107,000 |  |  |  | - |
Accounts receivable allowance |  |  | 10,000 |  |  |  | 17,000 |
Net operating loss carryforwards |  |  |  |  |  |  |  |
– United States of America |  |  | 1,577,000 |  |  |  | 1247,000 |
– Hong Kong |  |  | 390,000 |  |  |  | 247,000 |
– The PRC |  |  | 478,000 |  |  |  | 180,000 |
– Malaysia |  |  | 131,000 |  |  |  | 120,000 |
Gross deferred tax assets |  |  | 4,499,000 |  |  |  | 3,617,000 |
Less: valuation allowance |  |  | (4,292,000 | ) |  |  | (3,561,000 | )
Total deferred tax assets |  |  | 207,000 |  |  |  | 56,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Change in fair value of derivative liabilities |  |  | 101,000 |  |  |  | 56,000 |
Operating lease right-of-use asset |  |  | 106,000 |  |  |  | - |
Total deferred tax liabilities |  |  | 207,000 |  |  |  | 56,000 |
Net deferred tax asset (liability) |  | $ | - |  |  | $ | - |

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