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

INCOME TAX EXPENSE (Tables)

v3.25.1
INCOME TAX EXPENSE (Tables)
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
SCHEDULE OF PROVISION FOR INCOME TAXES PROVISIONS (BENEFITS)

The provision for income taxes consists of the following provisions (benefits):

  

    2024     2023     2022  
    Years ended December 31,  
    2024     2023     2022  
Current tax:                        
Current tax on profits for the year   $ 28,783     $ 32,115       220,570  
Under provision in prior year     800       -       -  
Total Current tax     29,583       32,115       220,570  
Deferred income tax:                        
(Increase) decrease in deferred tax assets     2,329,636       -       29,240  
Decrease in deferred tax liabilities     (4,611,291 )     (1,110,801 )     (1,313,406 )
 Deferred income tax     (2,281,655 )     (1,110,801 )     (1,284,166 )
Benefit from income taxes   $ (2,252,072 )   $ (1,078,686 )     (1,063,596 )

 

The provision for income taxes by country consists of the following provisions (benefits):

 

December 31, 2024   INDONESIA     NEW ZEALAND     SINGAPORE     SOUTH AFRICA     UK     USA     CONSOLIDATED  
                                           
Current Expense                                                        
State                                             1,600       1,600  
Foreign   $ -     $ -     $         -     $ -     $ 27,983     $ -     $ 27,983  
Total Current Tax Expense     -       -       -       -       27,983       1,600       29,583  
                                                         
Deferred Expense                                                        
Federal     -       -       -       -       -       (815,670 )     (815,670 )
State     -       -       -       -       -       (202,283 )     (202,283 )
Foreign     (170,311 )     (412,208 )     -       39,745       (641,438 )     -       (1,263,702 )
Total Deferred Tax Expense     (170,311 )     (412,208 )     -       39,745       (641,438 )     (1,017,953 )     (2,281,655 )
                                                         
(Benefit from) Provision for Income Taxes   $ (170,311 )   $ (412,208 )   $ -     $ 39,745     $ (613,455 )   $ (1,016,353 )   $ (2,252,072 )

 

 

December 31, 2023   INDONESIA     NEW ZEALAND     SINGAPORE     SOUTH AFRICA     UK     USA     CONSOLIDATED  
                                           
Current Expense                                                        
State                                                     200       200  
Foreign   $ -     $ (6,050 )   $          -     $ (2,802 )   $ 40,767     $ -     $ 31,915  
Total Current Tax Expense     -       (6,050 )     -       (2,802 )     40,767       200       32,115  
                                                         
Deferred Expense                                                        
Federal     -       -       -       -       -       (706,102 )     (706,102 )
State     -       -       -       -       -       (131,487 )     (131,487 )
Foreign     -       (83,410 )     -       11,044       (200,846 )     -       (273,212 )
Total Deferred Tax Expense     -       (83,410 )     -       11,044       (200,847 )     (837,589 )     (1,110,801 )
                                                         
(Benefit from) Provision for Income Taxes   $ -     $ (89,460 )   $ -     $ 8,242     $ (160,079 )   $ (837,389 )   $ (1,078,686 )
SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE

The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2024, 2023 and 2022 is as follows:

  

    2024     2023     2022  
    Year ended December 31,  
    2024     2023     2022  
Loss from continuing operations before provision for income taxes   $ (27,191,894 )   $ (6,208,871 )     (56,315,143 )
Tax at the Singapore rate of 17%     (4,622,622 )     (1,055,508 )     (9,573,574 )
Reconciling items:                        
Permanent differences     297,800       (2,380,272 )     5,867,054  
Current period net operating losses not recognised as a deferred tax asset     6,187,916       1,600,731       3,019,483  
Rate differential – non-Singapore entities     (661,038 )     (183,113 )     (736,092 )
Other deferred tax activity     (169,511 )     939,476       359,533  
Over provision in prior year     (3,284,617 )     -       -  
Benefit from income taxes   $ (2,252,072 )   $ (1,078,686 )     (1,063,596 )