Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
|
Schedule of Income Before Income Tax, Domestic and Foreign |
United
States and foreign components of loss before income taxes were as follows:
Schedule of Income Before Income Tax, Domestic and Foreign
|
|
2021 |
|
|
2020 |
|
|
|
For the Years Ended December 31,
|
|
|
|
2021 |
|
|
2020 |
|
United States |
|
$ |
(711,404,939 |
) |
|
$ |
(6,287,903 |
) |
Foreign |
|
|
(9,618,416 |
) |
|
|
- |
|
|
Schedule of Components of Income Tax Expense (Benefit) |
The
income tax provision (benefit) consists of the following:
Schedule of Components of Income Tax Expense (Benefit)
|
|
2021 |
|
|
2020 |
|
|
|
For the Years Ended December 31,
|
|
|
|
2021 |
|
|
2020 |
|
Current: |
|
|
|
|
|
|
|
|
Federal |
|
$ |
- |
|
|
$ |
- |
|
Foreign |
|
|
- |
|
|
|
- |
|
State and local |
|
|
81,081 |
|
|
|
19,197 |
|
Total current |
|
$ |
81,081 |
|
|
$ |
19,197 |
|
|
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
|
$ |
(8,782,083 |
) |
|
$ |
(1,166,562 |
) |
Foreign |
|
|
- |
|
|
|
- |
|
State |
|
|
(4,037,793 |
) |
|
|
(196,494 |
) |
Total deferred |
|
|
(12,819,876 |
) |
|
|
1,363,056 |
|
Less: valuation allowance increase |
|
|
12,928,296 |
|
|
|
1,363,056 |
|
Net deferred |
|
$ |
108,420 |
|
|
$ |
- |
|
Income tax provision (benefit) |
|
$ |
189,501 |
|
|
$ |
19,197 |
|
|
Schedule of Gross Carryforwards |
The
tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below:
Schedule of Deferred Tax Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
For the Years ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
$ |
3,547,401 |
|
|
$ |
1,025,745 |
|
Goodwill and intangible assets |
|
|
- |
|
|
|
- |
|
Operating lease liabilities |
|
|
16,504 |
|
|
|
32,653 |
|
Net operating loss carryforwards |
|
|
14,667,049 |
|
|
|
3,567,490 |
|
Other |
|
|
759,883 |
|
|
|
- |
|
Less: valuation allowance |
|
|
(18,548,212 |
) |
|
|
(3,787,253 |
) |
Net deferred tax assets |
|
|
442,626 |
|
|
|
838,635 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Right of use assets |
|
|
(15,848 |
) |
|
|
(32,137 |
) |
Goodwill and intangible assets |
|
|
(375,889 |
) |
|
|
(724,395 |
) |
Property and equipment |
|
|
(159,308 |
) |
|
|
(82,103 |
) |
Net deferred tax liabilities |
|
|
(551,046 |
) |
|
|
(838,635 |
) |
Net deferred taxes |
|
$ |
(108,420 |
) |
|
$ |
- |
|
As
of December 31, 2021, the Company has the following gross carryforwards available:
Schedule of Gross Carryforwards
Jurisdiction |
|
Tax Attribute |
|
Amount |
|
|
Begin to Expire |
U.S. Federal (1) |
|
NOL |
|
|
42,257,987 |
|
|
No expiration |
U.S. State (1) |
|
NOL |
|
|
41,162,702 |
|
|
2038 |
Singapore (1) |
|
NOL |
|
|
16,860,023 |
|
|
No expiration |
U.S. Federal |
|
Foreign Tax Credits |
|
|
316,140 |
|
|
2028 |
|
(1) |
Net
operating losses (NOL’s) are presented as pre-tax amounts. |
|
Schedule of Gross Carryforwards |
As
of December 31, 2021, the Company has the following gross carryforwards available:
Schedule of Gross Carryforwards
Jurisdiction |
|
Tax Attribute |
|
Amount |
|
|
Begin to Expire |
U.S. Federal (1) |
|
NOL |
|
|
42,257,987 |
|
|
No expiration |
U.S. State (1) |
|
NOL |
|
|
41,162,702 |
|
|
2038 |
Singapore (1) |
|
NOL |
|
|
16,860,023 |
|
|
No expiration |
U.S. Federal |
|
Foreign Tax Credits |
|
|
316,140 |
|
|
2028 |
|
(1) |
Net
operating losses (NOL’s) are presented as pre-tax amounts. |
|
Schedule of Effective Income Tax Rate Reconciliation |
A
reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
Schedule of Effective Income Tax Rate Reconciliation
|
|
|
|
|
|
|
|
|
|
|
For the Years ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
Tax at federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
Warrant fair market adjustment |
|
|
-16.4 |
% |
|
|
0.0 |
% |
U.S. income subject to valuation allowance |
|
|
-2.0 |
% |
|
|
-20.9 |
% |
State and local income taxes |
|
|
0.4 |
% |
|
|
-0.3 |
% |
International rate differences |
|
|
0.0 |
% |
|
|
0.0 |
% |
Income from “pass through” entities taxable to noncontrolling partners |
|
|
-0.2 |
% |
|
|
0.0 |
% |
Nondeductible interest expense |
|
|
-2.1 |
% |
|
|
0.0 |
% |
Transaction costs |
|
|
-0.2 |
% |
|
|
0.0 |
% |
Executive compensation |
|
|
-0.6 |
% |
|
|
0.0 |
% |
Other |
|
|
0.0 |
% |
|
|
-0.1 |
% |
Effective income tax rate |
|
|
-0.03 |
% |
|
|
-0.3 |
% |
|