Defined Benefit Plan (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Defined Benefit Plan [Abstract] |
|
| Schedule of Significant Actuarial Assumptions Net Periodic Benefit Cost |
The following significant actuarial assumptions
were used in calculating the benefit obligation and the net periodic benefit cost as of December 31, 2024 and 2023:
| | |
December 31,
2024 | | |
December 31,
2023 | |
| Discount rate | |
| 1.00 | % | |
| 1.45 | % |
| | |
| | | |
| | |
| Expected long-term rate of return on plan assets | |
| 1.00 | % | |
| 1.45 | % |
| Rate of compensation increase | |
| 1.50 | % | |
| 3.00 | % |
|
| Schedule of Components of Net Periodic Benefit Cost |
The components of net periodic benefit cost
for the year ended December 31, 2024 and for the period from December 15, 2023 to December 31, 2023 are as follows:
| | |
For the year ended
December 31,
2024 | | |
For the period
December 15,
2023
through December 31,
2023 | |
| Service cost | |
$ | 97,964 | | |
$ | 4,278 | |
| Interest cost | |
| 30,032 | | |
| 1,943 | |
| Expected return on plan assets | |
| (23,343 | ) | |
| (1,581 | ) |
| Amortization of net (gain) loss | |
| (15,346 | ) | |
| (1,534 | ) |
| Settlements (gain) loss | |
| - | | |
| (1,157 | ) |
| Total | |
$ | 89,307 | | |
$ | 1,949 | |
|
| Schedule of Components of Accumulated Comprehensive Loss Attributable to the Company’s Pension Plan |
The components of accumulated comprehensive loss
attributable to the Company’s pension plan for the year ended December 31, 2024 and for the period from December 15, 2023 to December
31, 2023 are as follows:
| | |
For the year ended December 31,
2024 | | |
For the period
December 15,
2023
through
December 31,
2023 | |
| Net loss (gain) | |
$ | (190,064 | ) | |
$ | 7,277 | |
| Prior service cost (credit) | |
| (63,292 | ) | |
| - | |
| Amortization of net gain | |
| 15,346 | | |
| 1,534 | |
| Effect of settlement | |
| - | | |
| 1,157 | |
| Other adjustments | |
| - | | |
| (4,005 | ) |
| Total recorded during the period | |
$ | (238,010 | ) | |
$ | 5,963 | |
|
| Schedule of Accompanying Consolidated Balance Sheet |
As of December 31, 2024 and 2023, the funded status
of the plan and the amounts recognized in the accompanying consolidated balance sheet are as follows:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Projected benefit obligation | |
$ | 2,593,360 | | |
$ | 2,299,970 | |
| Fair value of plan assets | |
| 2,312,481 | | |
| 1,743,674 | |
| Overfunded (underfunded) status | |
$ | (280,879 | ) | |
$ | (556,296 | ) |
|
| Schedule of a Reconciliation of the Accumulated Benefit Obligation |
A reconciliation of the beginning and ending balances
of the accumulated benefit obligation is provided in the table below:
| As of December 31, 2023 | |
$ | 2,299,970 | |
| Service cost | |
| 97,964 | |
| Interest cost | |
| 30,032 | |
| Actuarial (gain) loss | |
| 72,031 | |
| Benefits paid | |
| (20,824 | ) |
| Ordinary contributions paid by employees | |
| 89,404 | |
| Contributions paid by plan participants | |
| 125,553 | |
| Plan amendments | |
| (100,770 | ) |
| Projected benefit obligation as of December 31, 2024 | |
| 2,593,360 | |
| Actuarial (gain)/loss due to assumption changes | |
| (37,727 | ) |
| Actuarial (gain)/loss due to plan experience | |
| 109,758 | |
| Accumulated benefit obligation as of December 31, 2024 | |
$ | 2,665,391 | |
|
| Schedule of a Reconciliation of the Plan Assets |
A reconciliation of the beginning and ending balances
of the plan assets is provided in the table below:
| As of December 31, 2023 | |
$ | 1,743,674 | |
| Actual return on plan assets | |
| 285,270 | |
| Contributions paid by employer | |
| 89,404 | |
| Ordinary contributions paid by employees | |
| 89,404 | |
| Contributions paid by plan participants | |
| 125,553 | |
| Benefits paid | |
| (20,824 | ) |
| Settlements | |
| - | |
| As of December 31, 2024 | |
$ | 2,312,481 | |
|
| Schedule of Projected Benefit Payments |
Projected benefit payments for the next five years
as of December 31, 2024 are as follows:
| Years ending December 31, |
| 2025 | |
$ | 113,000 | |
| 2026 | |
| 111,000 | |
| 2027 | |
| 108,000 | |
| 2028 | |
| 106,000 | |
| 2029 | |
| 104,000 | |
| Thereafter | |
| 464,000 | |
| Total | |
$ | 1,006,000 | |
|