XML 44 R33.htm IDEA: XBRL DOCUMENT v3.23.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAXES

For the years ended December 31, 2022 and December 31, 2021, the local (United States) and foreign components of income (loss) before income taxes were comprised of the following:

 

   For the year ended December 31, 
   2022   2021 
Tax jurisdictions from:  $    $  
- Local   (62,192)   (83,684)
- Foreign, representing          
Seychelles   -    - 
Hong Kong   (3,848)   (1,301)
China   (1,182,989)   360,973 
           
Income (loss) before income tax  $(1,249,029)  $275,988 
SCHEDULE OF PROVISION FOR INCOME TAXES

The provision for income taxes consisted of the following:

 

   For the year ended
December 31,
 
   2022   2021 
Current:  $    $  
- Local   4,579    21,348 
- Foreign   -    - 
           
Deferred:          
- Local   -    - 
- Foreign   -    - 
           
Income tax expense  $4,579   $21,348 
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company’s effective tax rate as a percentage of income from continuing operations before taxes:

 

   2022   2021 
   For the year ended
December 31,
 
   2022   2021 
Statutory tax rate:   21.0%   21.0%
Change in income tax valuation allowance   (28.4)%   (21.0)%
           
Effective tax rate   (7.4)%   0.0%
SCHEDULE OF DEFERRED TAX ASSETS

 

   As of December 31, 
   2022   2021 
Deferred tax assets:  $    $  
Net operating loss carryforwards          
– United States of America   13,060    32,526 
– Hong Kong   4,821    4,186 
– The PRC   889,891    594,144 
    907,772    630,856 
Less: valuation allowance   (907,722)   (630,856)
Deferred tax assets  $-   $-