Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
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:

 

    2023     2022  
    For The Years Ended  
    December 31,  
    2023     2022  
             
United States   $ (15,084,612 )   $ (20,801,676 )
International     (1,113,398 )      (1,023,622 )
Loss before income taxes   $ (16,198,010 )   $ (21,825,298 )
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)

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

 

 

    2023     2022  
    For The Years Ended  
    December 31,  
    2023     2022  
Federal                
Current   $ -     $ -  
Deferred     1,457,695     (5,845,450 )
                 
State and local                
Current     -       -  
Deferred     (1,057,573 )     1,643,976  
                 
Foreign                
Current     -       -  
Deferred     3,419       35,005  
Income tax provision (benefit) before valuation allowance     403,541       (4,166,469 )
Change in valuation allowance     (403,541 )     4,166,469  
Income tax provision (benefit)   $ -     $ -  

SCHEDULE OF EFFECTIVE RECONCILIATION OF INCOME TAX PROVISION (BENEFIT)

For the years ended December 31, 2023 and 2022, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit) as follows:

 

    2023     2022  
    For The Years Ended  
    December 31,  
    2023     2022  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     4.3 %     (6.5 )%
Permanent differences     9.8 %     8.9 %
Write-off of deferred tax assets     1.6 %     2.8 %
Prior period true up     5.3 %     (7.4 )%
Other     (0.2 )%     4.1 %
Change in valuation allowance     0.2 %     19.1 %
                 
Income tax provision (benefit)     0.0 %     0.0 %
SCHEDULE OF DEFERRED TAX ASSETS

As of December 31, 2023 and 2022, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    2023     2022  
    December 31,  
    2023     2022  
Net operating loss   $ 23,207,533     $ 24,283,176  
Stock based compensation     654,475       156,631  
Argentine tax credits     31,777       35,196  
Receivable allowances     484,279       306,698  
Total deferred tax assets     24,378,064       24,781,701  
Valuation allowance     (24,378,064 )     (24,781,605 )
Deferred tax assets, net of valuation allowance    

-

      96  
Excess of book over tax basis of warrants     -     (96 )
Net deferred tax assets   $ -     $ -