Income Taxes |
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| Income Taxes | 19. Income Taxes Income taxes The Company’s income taxes is calculated at a US corporate tax rate of approximately 21% (2024: 21%). Deferred tax assets Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net deferred tax assets consist of the following components as of December 31:
As of December 31, 2025, the Company performed a comprehensive analysis of its tax estimates and comparative figures accordingly, which had no net impact on deferred tax recorded. The Company had net operating loss carry forwards of approximately $27,115,065 (2024: $25,720,808) that may be offset against future taxable income from the year by 2045. No tax benefit has been reported as of December 31, 2025, consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. The Company is taxed in the United States at the Federal level. All tax years since inception are open to examination because no tax returns have been filed. Reconciliation between the statutory rate and the effective tax rate is as follows for the years ended December 31, 2025 and 2024:
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