Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF LOSS BEFORE INCOME TAX, DOMESTIC AND FOREIGN

United States and international components of income before income taxes were as follows:

 

    2021     2020  
    For The Years Ended  
    December 31,  
    2021     2020  
             
United States   $ (5,268,319 )   $ (4,741,002 )
International     2,879,301       (1,040,681 )
Loss before income taxes   $ (2,389,018 )   $ (5,781,683 )
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)

The income tax provision (benefit) consisted of the following:

 

    For The Years Ended  
    December 31,  
    2021     2020  
Federal            
Current   $ -     $ -  
Deferred     182,674       (238,985 )
                 
State and local                
Current     -       -  
Deferred     (5,771,292 )     5,778,140
                 
Foreign                
Current     -       -  
Deferred     -       130,114  
      (5,588,618 )     5,669,269
Change in valuation allowance     5,588,618       (5,669,269 ) 
Income tax provision (benefit)   $ -     $ -  
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

For the years ended December 31, 2021 and 2020, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit) as follows:

 

    2021     2020  
    For The Years Ended  
    December 31,  
    2021     2020  
U.S. federal statutory rate     (21.0 %)     (21.0 %)
State taxes, net of federal benefit     0.0 %     (0.0 %)
Permanent differences     1.8 %     1.4 %
(Re-establishment of) Write-off of deferred tax assets     (215.3 %)     115.4 %
Prior period adjustments     3.5 %     (1.5 %)
Other     (2.9 %)    

0.8

%
Change in valuation allowance     233.9 %     (98.1 %)
Income tax provision (benefit)     0.0 %     0.0 %
SCHEDULE OF DEFERRED TAX ASSETS

As of December 31, 2021 and 2020, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    2021     2020  
    December 31,  
    2021     2020  
             
Net operating loss   $ 20,037,451     $ 14,520,050  
Stock based compensation     223,189       166,082  
Argentine tax credits     70,201       70,201  
Accruals and other     -       6,720  
Receivable allowances     284,392       263,563  
Total deferred tax assets     20,615,233       15,026,616  
Valuation allowance     (20,615,137 )     (15,026,520 )
Deferred tax assets, net of valuation allowance     96       96  
Excess of book over tax basis of warrants     (96 )     (96 )
Net deferred tax assets   $ -     $ -