Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
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:

 

    2022     2021  
    For The Years Ended  
    December 31,  
    2022     2021  
             
United States   $ (20,801,676 )   $ (5,268,318 )
International     (1,023,622 )     2,879,300  
Loss before income taxes   $ (21,825,298 )   $ (2,389,018 )

SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)

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

 

    2022     2021  
    For The Years Ended  
    December 31,  
    2022     2021  
Federal                
Current   $ -     $ -  
Deferred     (5,845,450 )     182,674  
                 
State and local                
Current     -       -  
Deferred     1,643,977       (5,771,292 )
                 
Foreign                
Current     -       -  
Deferred     35,005       -  
Income tax expense benefit before valuation allowance     (4,166,469 )     (5,588,618 )
Change in valuation allowance     4,166,469       5,588,618  
Income tax provision (benefit)   $ -     $ -  
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

For the years ended December 31, 2022 and 2021, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit) as follows:

 

    2022     2021  
    For The Years Ended  
    December 31,  
    2022     2021  
U.S. federal statutory rate     (21.0 %)     (21.0 %)
State taxes, net of federal benefit     (6.5 %)     0.0 %
Permanent differences     8.9 %     1.8 %
(Re-establishment of) Write-off of deferred tax assets     (2.8 %)     (215.3 %)
Prior period adjustments     (7.4 %)     3.5 %
Other     (4.1 %)     (2.9 %)
Change in valuation allowance     19.1 %     233.9 %
                 
Income tax provision (benefit)     0.0 %     0.0 %

SCHEDULE OF DEFERRED TAX ASSETS

As of December 31, 2022 and 2021, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    2022     2021  
    December 31,  
    2022     2021  
             
Net operating loss   $ 24,283,176     $ 20,037,451  
Impairment of investment - related party     -       -  
Loss on extinguishment of debt     -          
Stock based compensation     156,631       223,189  
Argentine tax credits     35,196       70,201  
Accruals and other     -       -  
Receivable allowances     306,698       284,392  
Total deferred tax assets    

24,781,701

      20,615,233  
Valuation allowance     (24,781,605 )     (20,615,137 )
Deferred tax assets, net of valuation allowance     96       96  
Excess of book over tax basis of warrants     (96 )     (96 )
Net deferred tax assets   $ -     $ -