| SUMMARY OF 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:
SUMMARY OF DEFERRED TAX ASSETS AND LIABILITIES
| |
|
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 |
) |
|
| SUMMARY OF UNUSED TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS HAVE BEEN RECOGNIZED |
Unused
tax losses for which no deferred tax assets have been recognized as of December 31, 2024 and 2023 are as follows:
SUMMARY OF UNUSED TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS HAVE BEEN RECOGNIZED
| |
|
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 |
) |
|