v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Taxes [Abstract]  
INCOME TAXES

NOTE 12 – INCOME TAXES

 

The Company is subject to U.S. Federal tax laws at a tax rate of 21%.

 

There is one subsidiary incorporated in Hong Kong and are subject to Hong Kong profits tax at a tax rate of 16.5%. The Company owns a subsidiary incorporated in the British Virgin Islands (BVI). Under the current tax laws of BVI, the subsidiary is not subject to income.

 

The income (loss) before income tax expense for domestic and foreign components’ are as follows:

 

   For the Three Months Ended
March 31,		 
   2025   2024 
US  $244,861,298   $23,739,399 
Hongkong and BVI   
-
    (50,145)
Total  $244,861,298   $23,689,254 

 

For the three months ended March 31, 2025 and 2024, the Company paid nil and nil for income expense (net of refunds received), respectively.

 

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income are as follows:

 

  

For the Three Months Ended
March 31,

 
   2025   2024 
Current income tax expense  $
-
   $
-
 
Deferred income tax expense   51,420,873    4,142,759 
Total  $51,420,873   $4,142,759