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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of current and deferred portions of the income tax expense

		Year ended December 31,
		2020				2019				2018
Current		$	1,767			$	66,299			$	26,962
Deferred			(451	)			(1,827	)			(628	)
		$	1,316			$	64,472			$	26,334

Schedule of reconciliation of the difference between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Group’s income tax expense

		Year ended December 31,
		2020				2019				2018
Income tax expense (benefit) at applicable statutory rate (1)		$	(348,782	)		$	1,345,164			$	(473,951	)
(Income) loss not subject to tax (2)			(214,313	)			(1,716,553	)			313,015
Current year change in valuation allowance			558,859				406,506				195,420
Others			5,552				29,355				(8,150	)
Reported income taxes		$	1,316			$	64,472			$	26,334

(1) The applicable statutory rate applied is based on the profits tax rates in Hong Kong. Effective for tax years ended on or after December 31, 2018, the applicable tax rate was 8.25% on the first HK $2,000,000 of assessable profits and 16.5% on any assessable profits above that threshold. The 8.25% tax rate can only be utilized by one entity in a controlled group. All other Hong Kong entities in the Group utilize the 16.5% tax rate. The Singapore entity within the Group has an applicable tax rate of 17.0%. The entity in the United States within the Group has a federal tax rate of 21.0%.

(2) The Group also has entities domiciled in the British Virgin Islands and the Cayman Islands, but such entities are not subject to income or capital gains taxes.

Schedule of significant components of group’s deferred tax assets (liabilities)

		December 31, 2020				December 31, 2019
Deferred tax asset
Others		$	1,128			$	677
Net operating loss carryforwards			1,367,309				808,450
Less: Valuation allowance			(1,367,309	)			(808,450	)
Net deferred tax asset		$	1,128			$	677

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Tabular disclosure of current and deferred portions of the income tax expense.

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Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

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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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