Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income tax expense

   

December 31,

2020

 

December 31,

2019

U.S. Statutory rate   $ 1,896,305     $ 1,822,092  
Items not allowed for tax purposes     (2,113,651 )     (1,142,776 )
Foreign tax rate differential     (90,772 )     (66,163 )
Additional foreign taxation     (36,939 )     (15,190 )
Withholding tax on dividends     (162,112 )     —    
Prior year over provision     —         1,167  
Prior year net operating loss adjustment     —         (917,820 )
Movement in valuation allowances     (323,114      (279,486

Other differences

    (76,361 )     — 
Income tax expense   $ (906,644 )   $ (598,176 )

 

The provisions for income taxes are summarized as follows:

 

   

December 31,

2020

 

December 31,

2019

Current   $ (837,973 )   $ (683,830 )
Withholding tax     (162,112 )     —    
Deferred     93,441       85,654  
Total   $ (906,644 )   $ (598,176
Deferred tax assets and liabilities

    December 31, 2020   December 31, 2019
Working capital movements   $ 693,465     $ 641,089  
Plant and equipment     6,925       —   
Net loss carryforward - Foreign     135,568       119,251  
Net loss carryforward - US     3,752,678       3,505,182  
      4,588,636       4,265,522  
Less valuation allowance     (4,588,636 )     (4,265,522 )
Deferred tax assets   $       $ —   
                 
Intangible assets   $ (1,222,514 )   $ (1,315,954 )
Deferred Tax Liability   $ (1,222,514 )   $ (1,315,954 )