INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Provision for Income Taxes |
The components of the provision consist of the following for the years ended December 31, 2021 and 2020:
|
|
|
2021
|
|
|
2020
|
|
|
U.S.(loss)
|
|
$
|
(770,771
|
)
|
|
$
|
(3,477,895
|
)
|
|
Non-U.S. income
|
|
|
2,931,220
|
|
|
|
663,071
|
|
|
Income (loss) before income taxes
|
|
$
|
2,160,449
|
|
|
$
|
(2,814,824
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
(62,074
|
)
|
|
$
|
(1,204,556
|
)
|
|
State
|
|
|
11,500
|
|
|
|
1,745
|
|
|
Foreign
|
|
|
74,885
|
|
|
|
—
|
|
|
Total current
|
|
|
24,311
|
|
|
|
(1,202,811
|
)
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(97,965
|
)
|
|
|
674,138
|
|
|
State
|
|
|
122,291
|
|
|
|
(77,264
|
)
|
|
Total deferred
|
|
|
24,326
|
|
|
|
596,874
|
|
|
Provision (benefit) for income taxes
|
|
$
|
48,637
|
|
|
$
|
(605,937
|
)
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The income tax provision differs from that computed at the federal statutory corporate income tax rate as follows for the years ended December 31, 2021 and 2020:
|
|
|
2021
|
|
|
2020
|
|
|
Tax provision computed at the federal statutory rate
|
|
$
|
453,694
|
|
|
$
|
(591,113
|
)
|
|
Foreign rate differential
|
|
|
(540,670
|
)
|
|
|
(139,246
|
)
|
|
State income tax, net of federal benefit
|
|
|
22,226
|
|
|
|
(55,558
|
)
|
|
162(m) compensation limit
|
|
|
228,069
|
|
|
|
—
|
|
|
Share based compensation
|
|
|
(615,062
|
)
|
|
|
(4,568
|
)
|
|
Subpart F income
|
|
|
717,218
|
|
|
|
204,326
|
|
|
Non-taxable PPP loan forgiveness
|
|
|
—
|
|
|
|
(176,451
|
)
|
|
Other permanent items
|
|
|
1,138
|
|
|
|
29,511
|
|
|
Credits
|
|
|
(94,223
|
)
|
|
|
(24,801
|
)
|
|
Impact of CARES Act
|
|
|
(71,168
|
)
|
|
|
(466,642
|
)
|
|
State tax true ups
|
|
|
(79,997
|
)
|
|
|
10,153
|
|
|
Change in federal statutory rate, net of benefit
|
|
|
(15,698
|
)
|
|
|
1,364
|
|
|
Uncertain tax positions
|
|
|
1,933
|
|
|
|
46,699
|
|
|
Valuation allowance
|
|
|
41,177
|
|
|
|
560,389
|
|
|
Provision (benefit) for income taxes
|
|
$
|
48,637
|
|
|
$
|
(605,937
|
)
|
|
| Schedule of Deferred Tax Assets |
The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following at December 31, 2021 and 2020:
|
|
|
2021
|
|
|
2020
|
|
|
Deferred Tax Assets:
|
|
|
|
|
|
|
|
|
|
Right-of-use asset
|
|
$
|
268,137
|
|
|
$
|
320,787
|
|
|
Share based compensation
|
|
|
228,574
|
|
|
|
313,910
|
|
|
Intangible assets
|
|
|
176,457
|
|
|
|
182,511
|
|
|
Accruals and reserves
|
|
|
127,332
|
|
|
|
67,259
|
|
|
Debt issuance costs
|
|
|
50,246
|
|
|
|
—
|
|
|
Other
|
|
|
96,111
|
|
|
|
86,231
|
|
|
Total deferred tax assets
|
|
|
946,857
|
|
|
|
970,698
|
|
|
|
|
|
|
|
|
|
|
|
|
Total valuation allowance
|
|
|
(601,566
|
)
|
|
|
(560,389
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Liabilities:
|
|
|
|
|
|
|
|
|
|
Right-of-use liability
|
|
|
(285,111
|
)
|
|
|
(316,481
|
)
|
|
Prepaid assets
|
|
|
(171,411
|
)
|
|
|
(207,005
|
)
|
|
Basis difference in fixed assets
|
|
|
(62,968
|
)
|
|
|
(37,715
|
)
|
|
Other
|
|
|
(1,019
|
)
|
|
|
—
|
|
|
Total deferred tax liabilities
|
|
|
(520,509
|
)
|
|
|
(561,201
|
)
|
|
Net deferred tax liabilities
|
|
$
|
(175,218
|
)
|
|
$
|
(150,892
|
)
|
|
| Schedule of Gross Unrecognized Tax Benefits |
The aggregate changes in the balance of gross unrecognized tax benefits (included as part of deferred tax liabilities, net in the accompanying financial statements), which excludes interest and penalties, are as follows as of and for the years ended December 31, 2021 and 2020:
|
|
|
2021
|
|
|
2020
|
|
|
Beginning balance
|
|
$
|
46,699
|
|
|
$
|
—
|
|
|
Increases related to tax positions taken during the prior year
|
|
|
—
|
|
|
|
45,207
|
|
|
Increases related to tax positions taken during the current year
|
|
|
1,933
|
|
|
|
1,492
|
|
|
Other adjustments
|
|
|
—
|
|
|
|
—
|
|
|
Ending balance
|
|
$
|
48,632
|
|
|
$
|
46,699
|
|
|