NOTE 11. INCOME TAXES
The Company's Loss before income tax consisted of:
Loss before income tax
|
| Year Ended Dec. 31, 2016 (USD) | Year Ended Dec. 31, 2015 (USD) |
| U.S. | (541,786) | (148,765) |
| Taiwan | (946,952) | (246,146) |
| Loss before income tax | (1,488,741) | (394,911) |
A reconciliation of income taxes at statutory rates with the reported taxes is as follows:
Income Tax Reconciliation
|
| Year Ended Dec. 31, 2016 (USD) | Year Ended Dec. 31, 2015 (USD) |
| Earnings (loss) for the year | (1,488,741) | (394,911) |
| Expected income tax (recovery) | (593,000) | (157,000) |
| Change in statutory, foreign tax, foreign exchange rates and other | 217,000 | 104,000 |
| Permanent Difference | 0 | 48,000 |
| Change in unrecognized deductible temporary differences | 376,000 | 5,000 |
| Total income tax expense (recovery) | 0 | 0 |
The significant components of the Company's deferred tax assets that have not been included on the consolidated statement of financial position are as follows:
Deferred Tax Components
|
| Dec. 31, 2016 (USD) | Dec. 31, 2015 (USD) |
| Property and equipment | 0 | 30,000 |
| Long term receivables | 1,994,000 | 1,810,000 |
| Non-capital losses available for future period | 630,000 | 391,000 |
| Deferred Tax Assets (liabilities) | 2,624,000 | 2,231,000 |
| Valuation allowance | (2,624,000) | (2,231,000) |
| Net deferred tax assets | 0 | 0 |
Non-capital losses available
|
| Jan. 1, 2016 to Dec. 31, 2025 | Jan. 1, 2017 to Dec. 31, 2026 | Jan. 1, 2021 to Dec. 31, 2025 | Jan. 1, 2021 to Dec. 31, 2026 |
| Taiwan | Taiwan | USA | USA | |
| Non-capital losses available for future period | 719,000 | 853,000 | 675,000 | 1,217,000 |