v3.25.2
Taxation (Tables)
6 Months Ended
Jun. 30, 2025
Taxation [Abstract]  
Schedule of Income Tax Provision

The income tax provision consisted of the following components:

 

    For the six months ended
June 30,
 
   2025   2024 
Current income tax expense  $
    -
   $
    -
 
Deferred income tax expense   
-
    
-
 
Total income tax expense  $
-
   $
-
 
Schedule of Reconciliation Between the Group’s Actual Provision for Income Taxes

A reconciliation between the Group’s actual provision for income taxes and the provision at the SG, mainland statutory rate is as follows:

 

   For the six months ended
June 30,
 
   2025   2024 
Loss before income taxes  $(11,271,548)  $(1,927,027)
Income tax expenses computed at statutory EIT rate   (1,916,163)   (327,595)
Reconciling items:          
Non-deductible expenses   1,169,195    15,722 
Change in valuation allowance   746,968    311,873 
Income tax expenses  $
-
   $
-
 
Effective tax rates   0.0%   0.0%
Schedule of Components of the Deferred Tax Assets

As of June 30, 2025 and December 31, 2024, the significant components of the deferred tax assets are summarized below:

 

   As of
June 30,
   As of
December 31,
 
   2025   2024 
Deferred tax assets:        
Net operating loss carried forward  $3,180,983   $2,145,813 
Operating lease liabilities   148,232    168,605 
Deferred revenue   71,990    50,590 
Bad debt provision   16,581    14,188 
Property and equipment, net   2,851    2,074 
Other accruals   
-
    107,980 
Deferred tax assets, gross   3,420,637    2,489,250 
Valuation allowance   (3,244,738)   (2,297,022)
Deferred tax assets, net of valuation allowance   175,899    192,228 
           
Deferred tax liabilities:          
Operating lease right-of-use assets   (148,232)   (168,605)
Contract cost assets   (27,072)   (23,586)
Property and equipment, net   (595)   (37)
Deferred tax liabilities   (175,899)   (192,228)
           
Net deferred tax assets  $
-
   $
-
 
Schedule of Roll Forward of Valuation Allowances of Deferred Tax Asset

The roll forward of valuation allowances of deferred tax assets were as follows:

 

   As of
June 30,
   As of
December 31,
 
   2025   2024 
Balance as of beginning of period / year  $2,297,022   $929,574 
Additions of valuation allowance   746,968    1,430,665 
Foreign currency translation adjustments   200,748    (63,217)
Balance as of end of period / year  $3,244,738   $2,297,022