v3.25.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income taxes  
Schedule of components of income tax benefit

Year ended December 31, 

    

2024

    

2023

    

2022

Income tax expenses

$

(288)

$

(110)

$

(195)

Deferred income tax benefit

261

250

251

$

(27)

$

140

$

56

Schedule of company's effective tax rate

Year ended December 31, 

 

    

2024

    

2023

    

2022

 

U.S. Statutory rates

21.0

%

21.0

%

21.0

%

Foreign income not recognized in USA

(21.0)

(21.0)

(21.0)

China income taxes (including Hong Kong SAR)

 

5.1

 

7.7

 

4.1

Australia income taxes

0.1

0.2

(0.6)

Impact of tax rate in other jurisdictions

 

(15.8)

 

(2.1)

 

(1.3)

Impact of tax reduction of Hong Kong profits tax

0.1

Tax effect of non-deductible expenses

 

11.1

 

1.6

 

(0.4)

Valuation allowance

 

(0.7)

 

 

4.2

Under provision in respect of prior years

 

 

0.1

 

(1.6)

Other (a)

 

 

 

0.1

Effective income taxes

 

0.2

%

7.5

%

4.6

%

Notes:

(a)There were no other material items affecting the effective income tax for the years ended December 31, 2024, 2023 and 2022 except for (i) losses incurred by TROOPS of approximately $8,915, $976 and $970, respectively, where there is no tax in the Cayman Islands; and (ii) under-provision of Hong Kong profits tax as a result of certain non-deductible expenses in prior year.
Schedule of components of deferred income tax assets and liabilities

    

December 31, 2024

    

December 31, 2023

Deferred income tax assets:

 

  

 

  

Net operating loss carry-forward

$

681

$

538

Less: Valuation allowance

 

(681)

 

(538)

$

$

Deferred tax liabilities

 

Intangible assets

$

223

$

5

Property, plant and equipment

4,780

5,026

Interest income

12

12

$

5,015

$

5,043