Annual report pursuant to Section 13 and 15(d)

22. Income Taxes (Tables)

v3.22.1
22. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes - Income tax expense
   

December 31,

2021

 

December 31,

2020

U.S. Statutory rate   $ 3,224,547     $ 1,896,305  
Items not allowed for tax purposes     (1,705,372 )     (2,113,651 )
Foreign tax rate differential     (2,367 )     (90,772 )
Additional foreign taxation     27,495       (36,939 )
Withholding tax on dividends              (162,112 )
Prior year over provision     125,887           
Movement in valuation allowances     (1,379,714 )     (323,114  )
Other differences       -     (76,361 )
Income tax benefit (expense)   $ 290,476     $ (906,644 )
Income Taxes - Benefit (Provision) Income tax expense
   

December 31,

2021

 

December 31,

2020

Current   $ 94,041     $ (837,973 )
Withholding tax           (162,112 )
Deferred     196,434       93,441  
Income tax benefit (expense)   $ 290,476     $ (906,644 )
Income Taxes - Deferred tax assets and liabilities
    December 31, 2021   December 31, 2020
Working capital movements   $ 247,563     $ 693,465  
Property and equipment           6,925  
Net loss carryforward - Foreign     443,100       135,568  
Net loss carryforward - US     5,815,807       3,752,678  
      6,506,470       4,588,636  
Less valuation allowance     (6,506,470 )     (4,588,636 )
Deferred tax assets            
                 
Intangible assets     (3,291,978 )     (1,222,514 )
Deferred Tax Liability   $ (3,291,978 )   $ (1,222,514 )