v3.25.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax [Abstract]  
Schedule of Income Tax Expense (Benefit)Schedule of Expiration Dates of Unused Tax Losses and Amounts of Unrecognized Deferred Tax Assets

Components of income tax expense (benefit):

 

   Year ended
December 31,
2024		   Year ended
December 31,
2023		   Year ended
December 31,
2022		 
Current tax:            
Current tax on profits for the year  $4,845,682   $4,529,365   $2,174 
Prior year income tax overestimation   
-
    
-
    (1,829)
Total current tax   4,845,682    4,529,365    345 
                
Deferred tax:               
Origination and reversal of temporary differences   (6,156,496)   (1,013,375)   430,023 
Income tax expense (benefit)  $(1,310,814)  $3,515,990   $430,368 
Schedule of Reconciliation between Income Tax Expense (Benefit) and Profit (Loss) Reconciliation between income tax expense (benefit) and profit (loss) before income tax:
   Year ended
December 31,
2024		   Year ended
December 31,
2023		   Year ended
December 31,
2022		 
Tax calculated based on gain (loss) before tax and statutory tax rate (Note)  $1,487,031   $4,286,824   $(2,267,658)
Non-taxable income   (1,193,607)   
-
    
-
 
Prior year income tax overestimation   
-
    
-
    (1,829)
Effects from items disallowed by tax regulation   74,848    913,745    85,387 
Utilization of previously unrecognized tax losses   (1,096,751)   (3,017,084)   
-
 
Effect of tax losses carryforward   (582,335)   
-
    
-
 
Temporary differences not recognized   
-
    1,308,011    
-
 
Taxable loss not recognized as deferred tax assets   
-
    24,494    2,614,468 
Income tax expense (benefit)  $(1,310,814)  $3,515,990   $430,368 
Schedule of Deferred Tax Assets or Liabilities as a Result of Temporary Differences and Loss Carryforwards Amounts of deferred tax assets or liabilities as a result of temporary differences and loss carryforwards are as follows:
   2024 
   January 1   Recognized in profit or loss   Translation
differences		   December 31 
Temporary differences:                
Deferred tax assets:                
Unrealized exchange loss  $50,568   $5,503,989   $(103,272)  $5,451,285 
Tax losses carryforward   
-
    582,335    (10,625)   571,710 
Lease liability   
-
    16,801    (387)   16,414 
Provisions   919,633    40,227    (61,056)   898,804 
    970,201    6,143,352    (175,340)   6,938,213 
Deferred tax liabilities:                    
Prepayment of pension   (59,807)   56,923    2,884    
-
 
ROU Asset / Property and equipment   
-
    (17,203)   397    (16,806)
Unrealized exchange gain   
-
    (26,576)   485    (26,091)
    (59,807)   13,144    3,766    (42,897)
   $910,394   $6,156,496   $(171,574)  $6,895,316 
                     

 

   2023 
   January 1   Recognized in profit or loss   Translation
differences		   December 31 
Temporary differences:                
Deferred tax assets:                
Provisions  $29,905   $876,300   $13,428   $919,633 
Unrealized exchange loss   
-
    49,807    761    50,568 
    29,905    926,107    14,189    970,201 
Deferred tax liabilities:                    
Prepayment of pension   (62,036)   2,288    (59)   (59,807)
Unrealized exchange gain   (86,147)   84,980    1,167    
-
 
    (148,183)   87,268    1,108    (59,807)
   $(118,278)  $1,013,375   $15,297   $910,394 
Schedule of Expiration Dates of Unused Tax Losses and Amounts of Unrecognized Deferred Tax Assets Expiration dates of unused tax losses and amounts of recognized deferred tax assets are as follows:
    December 31, 2024 
Year incurred   Amount filed/
assessed		   Unused
amount		   Unrecognized
amount		   Expiry year 
2020   $112,912   $112,912   $112,912    2030 
2021    395,005    395,005    395,005    2031 
2022    2,178,042    2,178,042    2,178,042    2032 
2023    168,174    168,174    168,174    2033 
    $2,854,133   $2,854,133   $2,854,133      

 

   December 31, 2023 
Year incurred  Amount filed/ assessed   Unused amount   Unrecognized amount   Expiry year 
2016  $335,863   $335,863   $335,863    2026 
2018   265,902    265,902    265,902    2028 
2020   1,391,266    1,391,266    1,391,266    2030 
2021   462,800    462,800    462,800    2031 
2022   2,382,650    2,382,650    2,382,650    2032 
2023   151,691    151,691    151,691    2033 
   $4,990,172   $4,990,172   $4,990,172