Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of loss before tax and provision for income tax benefit

	2019		2018
Loss before tax
United States	$	(88,688,205)	$	(13,139,622)
PRC/Hong Kong/Singapore		(7,722,717)		(15,323,706)
	$	(96,410,922)	$	(28,463,328)
Deferred tax benefit of net operating loss
United States	$	—	$	—
PRC/Hong Kong/Singapore		(176,107)		—
	$	(176,107)	$	—
Deferred tax expense (benefit) other than benefit of net operating loss
United States	$	(513,935)	$	(40,244)
PRC/Hong Kong		—		—
Total deferred income tax expense (benefit)	$	(513,935)	$	(40,244)
Current tax expense (benefit) other than benefit of net operating loss
United States	$	—	$	—
PRC/Hong Kong	$	931,388	$	—
Total current tax expense (benefit)	$	931,388	$	—
Total income tax expense (benefit)	$	417,453	$	(40,244)

Schedule of reconciliation of expected income tax

	2019		2018
U. S. statutory income tax rate	21	%	21	%
Non-deductible expenses:
Non-deductible stock awards	(1.9)	%	(1.2)	%
Non-deductible loss on contingent consideration	(1.1)	%	0.0	%
Others	(0.3)	%	(0.9)	%
Non-deductible interest expenses	(1.2)	%	(0.6)	%
Increase in valuation allowance	(16.4)	%	(18.4)	%
Tax rate differential	(0.5)	%	0.1	%
Effective income tax rate	(0.4)	%	0.0	%

Schedule of components of deferred tax assets and liabilities

	2019		2018
U.S. NOL	$	17,470,708	$	7,977,213
Foreign NOL		6,846,645		6,406,052
U.S. capital loss carryover		4,376,715		—
Accrued payroll and expense		171,580		131,867
Nonqualified options		772,365		780,800
Convertible notes		751,625		—
Impaired assets		1,436,065		—
Others		114,819		171,819
Total deferred tax assets		31,940,522	$	15,467,751
Less: valuation allowance		(30,274,655)	$	(15,467,751)
Property and equipment		(36,368)		—
Intangible assets		(1,629,499)		—
Total deferred tax liabilities		(1,665,867)		—
Net deferred tax assets	$	—		—