INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

SCHEDULE OF EARNING (LOSS) BEFORE INCOME TAX

The Company’s U.S. and foreign loss before income taxes are set forth below:

	December 31,
	2021			2020
United States	$	(15,420,364	)	$	—
Foreign		(41,011,337	)		(6,864,676	)
Total	$	(56,431,701	)	$	(6,864,676	)

SCHEDULE OF INCOME TAX EXPENSE BENEFITS

	December 31,
	2021		2020
Deferred tax benefit – United States	$	—	$	—
Deferred tax benefit – Foreign		7,454,805		—
Total income tax benefit	$	7,454,805	$	—

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The Company’s deferred tax assets and deferred tax liabilities consist of the following:

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	5,509,522		$	1,340,152
Stock-based compensation		858,791			—
Accrued bonus		121,051			—
Intangible amortization		23,204			—
Other		35,456			—
Less valuation allowances		(6,548,024	)		(1,340,152	)
Total deferred tax assets	$	—		$	—
Deferred tax liabilities:
Indefinite lived intangible assets		(1,607,122	)		—
Net deferred tax liabilities	$	(1,607,122	)	$	—

SCHEDULE OF OPERATING LOSS CARRY FORWARDS

The Company had the following potentially utilizable net operating loss tax carryforwards:

	December 31,
	2021		2020
Federal	$	9,411,533	$	—
State	$	8,664,242	$	—
Foreign	$	11,911,845	$	5,057,176

SCHEDULE OF EFFECTIVE STATUTORY INCOME TAX RATE

The Company’s effective tax rate varied from the statutory rate as follows:

	December 31,
	2021			2020
Federal income tax at the statutory rate		(21.0	)%		(21.0	)%
State income tax rate (net of federal)		(1.0	)%		—%
Foreign tax rate differential		(4.0	)%		(5.5	)%
Intangible asset impairment		4.3	%		—%
Non-deductible expenses		1.4	%		7.4	%
Change in valuation allowance		7.0	%		19.1	%
Effective income tax rate		(13.3	)%		—	%