Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

DEFERRED TAX ASSETS AND LIABILITIES

v3.25.1
DEFERRED TAX ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
DEFERRED TAX ASSETS AND LIABILITIES

NOTE 16 — DEFERRED TAX ASSETS AND LIABILITIES

 

Deferred tax assets and (liabilities) as of December 31, 2024 and 2023 and the related activity for the years ended December 31, 2024 and 2023 are as follows:

 

    Balance as of
December 31,
2023		     Recognized in
equity		     Recognized in
Provision for
Income Taxes		     Balance as of
December 31,
2024		  
Non-current assets:                                
Intangible Assets   $ (3,303,471 )   $ -     $ 3,303,471     $ -  
Property, plant, and equipment     595,911       (795,115 )     199,092       (112 )
Other     6,933       —       (6,933 )     -  
      (2,700,627 )     (795,115 )     3,495,630       (112 )
                                 
Current assets:                                
Receivables     —       —       —       —  
Prepaid expenses     333,551       —       (332,107 )     1,444  
Other (Section 24C allowance)     986,367       —       (986,367 )     —  
      1,319,918       —       (1,318,474 )     1,444  
                                 
Current liabilities:                                
Depreciation     —       —       —       —  
Income in Advance     408,206       33,663       (441,869 )     -  
Tax Losses     (1,307,820 )     761,452       546,368       -  
Net deferred tax assets and (liabilities)   $ (2,280,323 )   $ -     $ 2,281,655     $ 1,332  

 

    Balance as of
December 31,
2022		     Recognized in
Equity		     Recognized in
Provision for
Income Taxes		     Balance as of
December 31,
2023		  
Non-current assets:                                
Intangible Assets   $ (3,901,425 )   $   -   $ 597,954     $ (3,303,471 )
Property, plant, and equipment     (87,695 )     795,115       (111,509)       595,911  
Other     (2,240 )     —       9,173       6,933  
      (3,991,360 )     795,115       495,618       (2,700,627 )
                                 
Current assets:                                
Receivables     —       —       —       —  
Prepaid expenses     -       —       333,551       333,551  
Other (Section 24C allowance)     134,390       -       851,977       986,367  
      134,390       -       1,185,528       1,319,918  
                                 
Current liabilities:                                
Depreciation     —       —       —       —  
Income in Advance     365,377       (33,663)       76,492       408,206  
Tax Losses     100,464       (761,452 )      (646,832)       (1,307,820)  
Net deferred tax assets and (liabilities)   $ (3,391,129 )   $ -     $ 1,110,806     $ (2,280,323 )

 

Unused tax losses for which no deferred tax assets have been recognized as of December 31, 2024 and 2023 are as follows:

 

    2024     2023  
    As of December 31,  
    2024     2023  
             
Unused tax losses for which no deferred tax assets has been recognized   $ (56,417,466 )   $ (43,402,517 )
Potential tax benefit of such unused tax losses at applicable statutory tax rates   $ (11,501,499 )   $ (7,722,631 )
Unused tax losses   $ (11,501,499 )   $ (7,722,631 )

 

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Group’s consolidated financial statements as of December 31, 2024 and 2023.

 

No tax audits were commenced or were in process during the years ended December 31, 2024 and 2023 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   2020 - 2024
New Zealand   2021 - 2024
Singapore   2021 - 2024
South Africa   2021 - 2024
United Kingdom   2023
United States   2022 – 2024