Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Taxes [Abstract] | |
| INCOME TAXES | 12. INCOME TAXES
The effective income tax rate was 8.0% and 16.9% for six months ended June 30, 2025 and 2024, respectively, which were higher than the 0% statutory income tax rate of Cayman Island and were primarily due to the United Arab Emirates subsidiary which is subject to an income tax rate of 9% and the Singapore subsidiary which is subject to an income tax rate of 17%.
As of June 30, 2025 and December 31, 2024, the Company did have any unrecognized tax benefits or open tax positions. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of June 30, 2025 and December 31, 2024, the Company had accrued interest or penalties related to income taxes. |