v3.23.2
DEFERRED TAX ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2022
DEFERRED TAX ASSETS AND LIABILITIES

NOTE 14 — DEFERRED TAX ASSETS AND LIABILITIES

 

Deferred tax assets and (liabilities) as of December 31, 2022 and 2021 and the related activity for the years ended December 31, 2022 and 2021 are as follows:

 

    Balance as of
December 31,
2021		     Recognized in
Business
Combination		     Recognized in
Provision for
Income Taxes		     Balance as of
December 31,
2022		  
Non-current assets:                                
Intangible Assets   $ —     $ (4,425,990 )   $ 524,565   $ (3,901,425 )
Property, plant, and equipment     (883,075 )     (341,825 )     1,137,205     (87,695 )
Other     —       —       (2,240 )     (2,240 )
      (883,075 )     (4,767,815 )     1,659,530     (3,991,360 )
                                 
Current assets:                                
Receivables     —       —       —       —  
Prepaid expenses     (17,195 )     —       17,195       —  
Other (Section 24C allowance)     50,019       799,647       (715,276 )     134,390  
      32,824       799,647       (698,081 )     134,390  
                                 
Current liabilities:                                
Depreciation     —       —       —       —  
Income in Advance     127,129       —       238,248       365,377  
Tax Losses     —       15,995       84,469     100,464
Net deferred tax assets and (liabilities)   $ (723,122 )   $ (3,952,173 )   $ 1,284,166     $ (3,391,129 )

 

    Balance as of
December 31,
2020		     Recognized in
Business
Combination		     Recognized in
Provision for
Income Taxes		     Balance as of
December 31,
2021		  
Non-current assets:                                
Intangible Assets   $ —     $ —     $ —     $ —  
Property, plant, and equipment     (979,612 )     —       96,537       (883,075 )
Other     (8,431 )     —       8,431       —  
      (988,043 )             104,968       (883,075 )
                                 
Current assets:                                
Receivables     —       —       —       —  
Prepaid expenses     (11,849 )     —       (5,346 )     (17,195 )
Other (Section 24C allowance)     26,452       23,451       116       50,019  
      14,603       23,451       (5,230 )     32,824  
                                 
Current liabilities:                                
Depreciation     —       —       —       —  
Income in Advance     98,015       —       29,114       127,129  
Tax Losses     —       —       —       —  
Net deferred tax assets and (liabilities)   $ (875,425 )   $ 23,451     $ 128,852     $ (723,122 )

 

 

Unused tax losses for which no deferred tax assets have been recognized as of December 31, 2022 and 2021 are as follows:

 

                 
      As of December 31,  
      2022       2021  
                 
Unused tax losses for which no deferred tax assets has been recognized   $ (29,195,914 )   $ (9,982,291 )
Potential tax benefit of such unused tax losses at applicable statutory tax rates   $ (6,338,526 )   $ (2,050,255 )

 

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2022 and 2021.

 

No tax audits were commenced or were in process during the years ended December 31, 2022 and 2021 and no tax related interest or penalties were incurred during those years.

 

The following jurisdictions and tax years are open to audit:

 

Jurisdiction   Open Tax Years
Indonesia   2018 - 2022
New Zealand   2019 - 2022
Singapore   2019 - 2022
South Africa   2018 - 2022
United Kingdom   2021
United States   2020 - 2022

 

Source

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