| SUMMARY OF DEFERRED TAX ASSETS AND LIABILITIES |
Deferred
tax assets and (liabilities) as of December 31, 2023 and 2022 and the related activity for the years ended December 31, 2023 and 2022
are as follows:
SUMMARY OF DEFERRED TAX ASSETS AND LIABILITIES
| |
|
Carrying amount as of
December
31,
2022 |
|
|
Recognized in
equity |
|
|
Recognized in
Provision for
Income Taxes |
|
|
Carrying amount as of
December 31,
2023 |
|
| Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible Assets |
|
$ |
(3,901,425 |
) |
|
$ |
- |
|
|
$ |
597,954 |
|
|
$ |
(3,303,471 |
) |
| Property 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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
) |
| |
|
Carrying amount as of
December 31,
2021 |
|
|
Recognized in
Business
Combination |
|
|
Recognized in
Provision for
Income Taxes |
|
|
Carrying amount as of
December 31,
2022 |
|
| Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible Assets |
|
$ |
- |
|
|
$ |
(4,425,990 |
) |
|
$ |
524,565 |
|
|
$ |
(3,901,425 |
) |
| Property and equipment |
|
|
(883,075 |
) |
|
|
(341,825 |
) |
|
|
1,137,205 |
|
|
|
(87,695 |
) |
| Other |
|
|
- |
|
|
|
— |
|
|
|
(2,240 |
) |
|
|
(2,240 |
) |
| |
|
|
(883,075 |
) |
|
|
(4,767,815 |
) |
|
|
1,659,530 |
|
|
|
(3,991,360 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepaid expenses |
|
|
(17,195 |
) |
|
|
— |
|
|
|
17,195 |
|
|
|
— |
|
| Other (Section 24C allowance) |
|
|
50,019 |
|
|
|
799,647 |
|
|
|
(715,276 |
) |
|
|
134,390 |
|
| |
|
|
32,824 |
|
|
|
799,647 |
|
|
|
(698,081 |
) |
|
|
134,390 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income in Advance |
|
|
127,129 |
|
|
|
— |
|
|
|
238,248 |
|
|
|
365,377 |
|
| Tax Losses |
|
|
— |
|
|
|
15,995 |
|
|
|
84,469 |
|
|
|
100,464 |
|
| Net deferred tax assets and (liabilities) |
|
$ |
(723,122 |
) |
|
$ |
(3,952,173 |
) |
|
$ |
1,284,166 |
|
|
$ |
(3,391,129 |
) |
|
| 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, 2023 and 2022 are as follows:
SUMMARY OF UNUSED TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS HAVE BEEN RECOGNIZED
| |
|
2023 |
|
|
2022 |
|
| |
|
As of December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Unused tax losses for which no deferred tax assets has been recognized |
|
$ |
(43,402,517 |
) |
|
$ |
(29,195,914 |
) |
| Potential tax benefit of such unused tax losses at applicable statutory tax rates |
|
$ |
(7,722,631 |
) |
|
$ |
(6,338,526 |
) |
| Unused tax losses |
|
$ |
(7,722,631 |
) |
|
$ |
(6,338,526 |
) |
|