XML 45 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1

INCOME TAX AND DEFERRED TAX ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAX AND DEFERRED TAX ASSETS

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	2023		​	2022		​	2021
Current	​	$	—	​	$	—	​	$	—
Deferred tax adjustment	​		10,835	​		3,020	​		9,963
Total income tax expense	​	$	10,835	​	$	3,020	​	$	9,963

Schedule of deferred tax assets

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
Deferred Tax Assets (Liabilities):		2023			2022
Accounts receivable, net	​	$	11,800	​	$	17,602
Net operating loss – China	​		475,900	​		302,238
Net operating loss - UK	​		110,215	​		41,141
Deferred tax assets	​	​	597,915	​	​	360,981
Valuation allowance	​	​	(597,915)	​	​	(349,860)
Net deferred tax assets (liabilities)	​	$	—	​	$	11,121

Schedule of reconciliation of the statutory income tax rate and the effective income tax rate

​

​	​	​	​	​	​	​	​
China Group		2023		2022		2021
Hong Kong statutory income tax rate		16.50	%	16.50	%	16.50	%
Valuation allowance recognized with respect to the loss in Hong Kong Company		(16.50)	%	(16.50)	%	(16.50)	%
PRC statutory income tax rate		25.00	%	25.00	%	25.00	%
Effect of income tax exemptions and reliefs in the PRC companies		(25.00)	%	(25.00)	%	(25.00)	%
Effect of valuation and deferred tax adjustments		(1.65)	%	0.00	%	(0.66)	%
Effective rate		(1.65)	%	0.00	%	(0.66)	%
​	​	​	​	​	​	​	​
United Kingdom Group	​	​	​	​	​	​	​
UK statutory income tax rate	​	19.00	%	19.00	%	19.00	%
Valuation allowance recognized with respect to the loss in UK	​	(19.00)	%	(19.00)	%	(10.86)	%
Effect of valuation and deferred tax adjustments	​	0.00	%	(1.65)	%	0.00	%
Effective rate		0.00	%	(1.65)	%	8.14	%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration