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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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