v3.25.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Continuing Operations Before Income Taxes

The below table presents the jurisdictional composition of our income from continuing operations before income taxes for the years ended December 31, 2024, 2023 and 2022:

 

   2024   2023   2022 
United States  $38,850,319   $15,544,735   $53,794,019 
Non-US   (50,900,894)   4,633,359    11,891,477 
(Loss) income from continuing operations, before income taxes  $(12,050,575)  $20,178,094   $65,685,496 
Schedule of Current and Deferred Tax Expense

For the years ended December 31, 2024, 2023 and 2022, the current and deferred tax expense allocated to continuing operations were as follows:

 

   2024   2023   2022 
Current:            
US Federal  $12,771,794   $5,663,364   $13,270,683 
US State   5,022,876    2,928,137    3,311,355 
Non-US   3,772,288    8,632,303    21,057,369 
Total current tax expense   21,566,958    17,223,804    37,639,407 
                
Deferred:               
US Federal   (3,750,091)   (863,989)   (2,402,855)
US State   (1,074,479)   (281,452)   (428,427)
Non-US   (2,919,033)   62,208    (2,596,598)
Total deferred tax expense   (7,743,603)   (1,083,233)   (5,427,880)
Total provision for income taxes  $13,823,355   $16,140,571   $32,211,527 
Schedule of Tax Rate Reconciliation A reconciliation between the income tax expense computed by applying the Cayman Island’s statutory income tax rate of 0% to income from continuing operations before income taxes and actual income tax expense were as follows:
   2024   2023   2022 
Cayman Island income tax at statutory rate   
–
%   
–
%   
–
%
                
Effect of rates different than statutory               
Australia   7.21%   (22.78)%   (0.44)%
Brazil   9.02%   (0.97)%   
–
%
Canada   17.16%   (0.44)%   
–
%
Hong Kong   21.61%   (14.89)%   (7.84)%
Japan   18.69%   (13.85)%   (1.30)%
Mainland China   (28.36)%   23.53%   31.40%
Mexico   18.61%   (0.04)%   
–
%
Singapore   32.61%   16.91%   (3.18)%
United States - Federal   (70.76)%   23.56%   19.20%
United States - State   (15.85)%   5.20%   3.15%
Other countries   21.07%   (8.15)%   (1.21)%
Change in valuation allowance   (134.41)%   50.44%   4.20%
Change in unrecognized tax benefit   (15.50)%   8.83%   7.68%
Return to provision differences - United States Federal   (7.63)%   6.55%   1.46%
Other   11.82%   6.08%   (4.09)%
Total   (114.71)%   79.98%   49.03%
Schedule of Deferred Tax Assets and Liabilities The significant components of the deferred tax assets and liabilities are as follows:
   2024   2023 
Deferred tax assets        
Net operating loss carryforwards  $36,533,676   $20,536,474 
Compensation accruals   9,058,023    4,771,220 
Lease liabilities   3,022,320    2,456,883 
Other   1,921,076    987,996 
Total deferred tax assets   50,535,095    28,752,573 
Less: valuation allowance   (34,628,089)   (21,043,136)
Deferred tax assets, net of valuation allowance   15,907,006    7,709,437 
           
Deferred tax liabilities          
Right of use assets   (2,704,189)   (2,154,329)
Intangibles   (5,233,634)   (5,712,800)
Property and equipment   (886,939)   (968,015)
Total deferred tax liabilities   (8,824,762)   (8,835,144)
           
Net deferred tax asset  $7,082,244   $(1,125,707)
Schedule of Income Tax Net Operating Loss Carryforwards The below table presents the expiration of our net operating losses by jurisdiction as of December 31, 2024:
Jurisdiction  Net Operating Loss Carryforwards   Expiration 
Australia  $17,526,497    Indefinite 
Brazil   3,294,408    Indefinite  
Canada   9,219,682    2041 - 2044 
Hong Kong   22,335,355    Indefinite  
Japan   30,001,355    2025 - 2024 
Mainland China   1,260,186    2027 - 2029 
Mexico   14,650,709    2031 - 2044 
Singapore   30,833,631    Indefinite 
United Kingdom   7,175,137    Indefinite 
United States – Federal   431,676    Indefinite 
Others   13,347,741    * 
Total  $150,076,377      

 

*Of the other foreign net operating loss carryforwards, $11,581,596 expires between 2027 and 2034 and $1,766,145 have an indefinite expiration term.
Schedule of Unrecognized Tax Benefits

The following is a rollforward of our unrecognized tax benefits as of December 31, 2024:

 

Total unrecognized tax benefit – January 1, 2023  $18,101,120 
Increase for prior year tax positions   180,919 
Increase for year 2023 tax positions   1,808,018 
Settlements with taxing authorities   (401,891)
Total unrecognized tax benefit – December 31, 2023   19,688,166 
Adjustment to prior year tax positions   (26,739)
Increase for current year tax positions   2,183,671 
Settlements with taxing authorities   (157,542)
Total unrecognized tax benefit – December 31, 2024  $21,687,556 
Schedule of Material Jurisdictions The table below outlines the open tax years of the material jurisdictions.
Material Jurisdictions  Open Years
United States  2021 - 2024
Singapore  2021 - 2024
Japan  2014 - 2024
Mainland China  2021 - 2024
Hong Kong  2017 - 2024