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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE－ 18 INCOME TAXES For the years ended December 31, 2021 and 2020, the local (“Nevada”) and foreign components of loss before income taxes were comprised of the following: Schedule of Loss before income tax
Schedule of Loss before income tax |  |  |  |  |  |  |  |
|  | Years ended December 31,
|  | 2021 |  | 2020
Tax jurisdiction from: |  |  |  |  |  |  |  |
- Local |  | $ | 32,901,996 |  |  | $ | 3,019,273 |
- Foreign |  |  | 1,951,608 |  |  |  | 800,383 |
Loss before income taxes |  | $ | 34,853,604 |  |  | $ | 3,819,656 |
The provision for income taxes consisted of the following: Schedule of provisions for income tax
Schedule of provision for income taxes |  |  |  |  |  |  |  |
|  | Years ended December 31,
|  | 2021 |  | 2020
Current: |  |  |  |
- United States |  | $ | — |  |  | $ | — |
- Singapore |  |  | — |  |  |  | — |
- Vietnam |  |  | — |  |  |  | — |
- India |  |  | 11,136 |  |  |  | 8,152 |
Deferred: |  |  |  |  |  |  |  |
- United States |  |  | — |  |  |  | — |
- Singapore |  |  | — |  |  |  | — |
- Vietnam |  |  | — |  |  |  | — |
- India |  |  | — |  |  |  | 180 |
Income tax expense |  | $ | 11,136 |  |  | $ | 8,332 |
The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: Singapore and Vietnam that are subject to taxes in the jurisdictions in which they operate, as follows: United States The Company is registered in the Nevada and is subject to the tax laws of United States. A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to income (loss) before income taxes is as follows: Schedule of statutory United Stated federal income tax rate
Schedule of statutory United States federal income tax rate |  |  |  |  |  |  |  |
Rate Reconciliation |  |  |  |
|  | 2021
Expected tax at statutory rates |  |  | (6,846,505 | ) |  |  | 21 | %
Nondeductible Expenses |  |  | 6,979 |  |  |  | 0 | %
State Income Tax, Net of Federal benefit |  |  | 0 |  |  |  | 0 | %
Current Year Change in Valuation Allowance |  |  | 5,655,423 |  |  |  | -17 | %
Prior Deferred True-Ups |  |  | 1,184,103 |  |  |  | -4 | %
Total Income Tax Expense |  |  | — |  |  |  | — |
As of December 31, 2021, the operation in the United States incurred $8,929,250 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards has no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $1,875,143 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Singapore The Company’s subsidiary is registered in the Republic of Singapore and is subject to the tax laws of Singapore. As of December 31, 2021, the operation in the Singapore incurred $1,705,856 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards has no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $272,937 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Vietnam The Company’s subsidiary operating in Vietnam is subject to the Vietnam Income Tax at a standard income tax rate of 20% during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2021 and 2020 is as follows: Schedule of Effective Income Tax Rate Reconciliation
Schedule of Effective Income Tax Rate Reconciliation |  |  |  |  |  |  |  |
|  | Years ended December 31,
|  | 2021 |  | 2020
Loss before income taxes |  | $ | (893,222 | ) |  | $ | (408,868 | )
Statutory income tax rate |  |  | 20 | % |  |  | 20 | %
Income tax expense at statutory rate |  |  | (178,644 | ) |  |  | (81,774 | )
Tax effect of allowance |  |  | 178,644 |  |  |  | 81,774 |
Income tax expense |  | $ | — |  |  | $ | — |
As of December 31, 2021, the operation in the Vietnam incurred $1,302,090 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2026, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $260,418 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. India The Company’s subsidiary operating in India is subject to the India Income Tax at a standard income tax rate of 25% during its tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2021 and 2020 is as follows:
|  | Years ended December 31,
|  | 2021 |  | 2020
Income before income taxes |  | $ | 22,796 |  |  | $ | (32,387 | )
Statutory income tax rate |  |  | 25 | % |  |  | 25 | %
Income tax expense at statutory rate |  |  | 5,699 |  |  |  | (8,152 | )
Deferred income tax expenses |  |  | 5,437 |  |  |  | (180 | )
Tax effect of allowance |  |  | (11,136 | ) |  |  | 8,332 |
Income tax expense |  | $ | — |  |  | $ | — |
As of December 31, 2021, the operation in the India incurred $22,796 of net operating gain. The Company incurred income tax expenses of $11,136. Deferred tax assets and liabilities are recognized for future tax consequences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the tax year in which the differences are expected to reverse. Significant deferred tax assets and liabilities of the Company as of December 31, 2021 and 2020 consist of the following: Schedule of Deferred Tax Assets and Liabilities
Schedule of Deferred Tax Assets and Liabilities |  |  |  |  |  |  |  |
|  | December 31, 2021 |  | December 31, 2020
Deferred tax assets: |  |  |  |  |  |  |  |
Software intangibles (U.S) |  | $ | 150,465 |  |  | $ | — |
Deferred Stock Compensation (U.S.) |  |  | 5,864,670 |  |  |  | — |
Net operating loss carryforwards |  |  |  |  |  |  |  |
- United States |  |  | 1,875,143 |  |  |  | 2,171,941 |
- Singapore |  |  | 272,937 |  |  |  | 131,985 |
- Vietnam |  |  | 260,418 |  |  |  | 81,774 |
- India |  |  | — |  |  |  | — |
|  |  | 8,423,632 |  |  |  | 2,385,700 |
Less: valuation allowance |  |  | (8,423,632 | ) |  |  | (2,385,700 | )
Deferred tax assets, net |  | $ | — |  |  | $ | — |
The Internal Revenue Code includes a provision, referred to as Global Intangible Low-Taxed Income (“GILTI”), which provides for a 10.5% tax on certain income of controlled foreign corporations. We have elected to account for GILTI as a period cost if and when occurred, rather than recognizing deferred taxes for basis differences expected to reverse. The Company is subject to taxation in the U.S. and various foreign jurisdictions. U.S. federal income tax returns for 2018 and after remain open to examination. We and our subsidiaries are also subject to income tax in multiple foreign jurisdictions. Generally, foreign income tax returns after 2017 remain open to examination. No income tax returns are currently under examination. As of December 31, 2021 and 2020, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes. The Company recognizes penalties and interest related to unrecognized tax benefits as income tax expense. For the years ended December 31, 2021 and 2020, there were no penalties or interest recorded in income tax expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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