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

DEFERRED TAX ASSETS AND LIABILITIES

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DEFERRED TAX ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2025
Deferred Tax Assets And Liabilities  
DEFERRED TAX ASSETS AND LIABILITIES

NOTE 17 — DEFERRED TAX ASSETS AND LIABILITIES

 

Deferred tax assets and (liabilities) as of December 31, 2025 and 2024 and the related activity for the years ended December 31, 2025 and 2024 are as follows:

 

    Balance as of
December 31,
2024		     Effect from acquisition of subsidiary     Recognized in
Provision for
Income Taxes		     Balance as of
December 31,
2025		  
Non-current assets:                                
Intangible Assets   $ —   $ —     $ —     $ —  
Property, plant, and equipment     (112 )     (1,292,894 )     134,776       (1,158,230 )
Other     —       —       (7,248 )     (7,248 )
      (112 )     (1,292,894 )     127,528       (1,165,478 )
                                 
Current assets:                                
Receivables     —       —       —       —  
Prepaid expenses     1,444       220,787       (223,587 )     (1,356 )
Other (Section 24C allowance)     —       —       —     —  
      1,444       220,787       (223,587 )     (1,356 )
                                 
Current liabilities:                                
Income in Advance     —       109,489       (109,775 )     (286 )
Accrued expenses and provisions     —       7,553       (4,925 )     2,628  
Tax Losses     —     679,935       (422,943 )     256,992  
Net deferred tax assets and (liabilities)   $ 1,332     $ (275,130 )   $ (633,702 )   $ (907,500 )

 

    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

 

Unused tax losses for which no deferred tax assets have been recognized as of December 31, 2025 and 2024 are as follows:

 

    2025     2024  
    As of December 31,  
    2025     2024  
             
Unused tax losses for which no deferred tax assets has been recognized   $ (67,677,210 )   $ (56,417,466 )
Potential tax benefit of such unused tax losses at applicable statutory tax rates   $ (14,204,743 )   $ (11,501,499 )