Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.22.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule loss before income taxes
    Years Ended
December 31,
 
    2021     2020  
United States loss before income taxes   $ (8,504,426 )   $ (12,041,331 )
China loss before income taxes     (586,073 )     (638,107 )
Total loss before income taxes   $ (9,090,499 )   $ (12,679,438 )

 

Schedule of income taxes expense (benefit)
    Years Ended
December 31,
 
    2021     2020  
Current:            
U.S. federal   $
-
    $
-
 
U.S. state and local    
-
     
-
 
China    
-
     
-
 
Total current income taxes expense   $
-
    $
-
 
Deferred:                
U.S. federal   $ (1,810,264 )   $ (2,333,680 )
U.S. state and local     (612,904 )     (790,117 )
China     (152,015 )     (132,578 )
Total deferred income taxes (benefit)   $ (2,575,183 )   $ (3,256,375 )
Change in valuation allowance     2,575,183       3,256,375  
Total income taxes expense   $
-
    $
-
 

 

Schedule of differences between U.S. statutory rate and Company's effective tax rate
    Years Ended
December 31,
 
    2021     2020  
U.S. federal rate     21.0 %     21.0 %
U.S. state rate     6.7 %     6.8 %
Non-US rate differential     0.3 %     0.2 %
Prior year true-up     4.9 %     0.0 %
U.S. valuation allowance     (32.9 )%     (28.0 )%
Total provision for income taxes     0.0 %     0.0 %

 

Schedule of deferred income tax assets
    December 31,
2021
    December 31,
2020
 
Deferred tax assets                
Stock-based compensation   $ 3,696,463     $ 3,667,375  
Disallowed business interest deduction     103,567       33,384  
Accrued directors’ compensation     80,816      
-
 
Lease liability     23,156       40,291  
Net operating loss carryforward     11,441,503       9,079,127  
Total deferred tax assets, gross     15,345,505       12,820,177  
Valuation allowance     (15,224,188 )     (12,649,005 )
Total deferred tax assets, net   $ 121,317     $ 171,172  
Deferred tax liabilities                
Fixed assets and intangible assets book/tax basis difference     (101,534 )     (132,568 )
Right-of-use assets     (19,783 )     (38,604 )
Total deferred tax liabilities   $ (121,317 )   $ (171,172 )
Net deferred tax assets   $
-
    $
-