| Schedule of provision for income taxes provisions (benefits) and deferred income tax |
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Year Ended December 31, |
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2021 |
|
2020 |
Current tax: |
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|
|
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|
Current tax on profits for the year |
|
$ |
— |
|
$ |
— |
|
|
|
— |
|
|
— |
Deferred income tax: |
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|
|
|
|
|
(Increase) decrease in deferred tax assets |
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|
(29,230) |
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|
155,603 |
Decrease in deferred tax liabilities |
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|
(99,622) |
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|
(86,358) |
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|
|
(128,852) |
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|
69,245 |
(Benefit from) Provision for income taxes, as previously reported |
|
$ |
(128,852) |
|
$ |
69,245 |
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|
|
|
|
|
|
|
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|
Year Ended December 31, |
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2020 |
|
2019 |
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|
As restated |
|
As restated |
Current tax: |
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|
|
|
Current tax on profits for the year |
|
$ |
— |
|
$ |
27,265 |
|
|
|
— |
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|
27,265 |
Deferred income tax: |
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|
|
|
|
|
(Increase) decrease in deferred tax assets |
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|
155,603 |
|
|
210,926 |
Decrease in deferred tax liabilities |
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|
(86,358) |
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|
(126,881) |
|
|
|
69,245 |
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|
84,045 |
Provision for income taxes, as restated |
|
$ |
69,245 |
|
$ |
111,310 |
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| Schedule of reconciliation of income taxes at the statutory rate |
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Years ended December 31, |
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2021 |
|
2020 |
Income (loss) from continuing operations before provision for income taxes |
|
$ |
(4,618,050) |
|
$ |
(3,123,070) |
Tax at the Singapore rate of 17% |
|
$ |
(785,069) |
|
$ |
(530,922) |
Reconciling items: |
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|
|
|
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|
Permanent differences |
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|
31,272 |
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|
39,478 |
Current period net operating losses not recognized as a deferred tax asset |
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|
743,997 |
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|
407,519 |
Rate differential – non-Singapore entities |
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|
(55,045) |
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|
(24,305) |
Other deferred tax activity |
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|
(64,007) |
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|
177,474 |
Provision for income taxes |
|
$ |
(128,852) |
|
$ |
69,245 |
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|
|
|
|
|
|
|
|
|
Years ended December 31, |
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2020 |
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2019 |
|
|
|
As restated |
Income (loss) from continuing operations before provision for income taxes |
|
$ |
(3,123,070) |
|
$ |
(1,119,009) |
Tax at the Singapore rate of 17% |
|
$ |
(530,922) |
|
$ |
(190,232) |
Reconciling items: |
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|
|
|
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|
Permanent differences |
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|
39,478 |
|
|
91,519 |
Usage of unrecorded net operating loss deferred tax asset |
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|
— |
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|
(316,226) |
Current period net operating losses not recognized as a deferred tax asset |
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|
407,519 |
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|
272,204 |
Rate differential – non-Singapore entities |
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|
(24,305) |
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|
188,728 |
Reversal of deferred tax liability |
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|
— |
|
|
— |
Other deferred tax activity |
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|
177,474 |
|
|
65,317 |
Provision for income taxes, as restated |
|
$ |
69,245 |
|
$ |
111,310 |
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