v3.26.1
Taxation
 3 Months Ended
Mar. 31, 2026
Taxation [Abstract]  
TAXATION

13. TAXATION

 

a. Income taxes

 

Cayman Islands

 

Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

 

US

 

Significant components of the income taxes benefit on earnings for the three months ended March 31, 2025 and 2026 are as follows:

 

    Three months ended
March 31		  
    2025     2026  
             
Current:                
Federal   $
—
       (9 )
State and local    
—
       (1 )
Foreign    
—
      
—
  
Total current portion of income tax expense    
—
       (10 )
Deferred:                
Federal   $
—
      
—
  
State and local    
—
      
—
  
Foreign    
—
      
—
  
Total deferred portion of income tax expense    
—
      
—
  
                 
Total income tax expense   $
—
     $ (10 )

 

The following is a reconciliation of the differences between the U.S. federal statutory income tax rate and the Company's effective income tax rate for the three months ended March 31, 2025 and 2026:

 

   Three months ended
March 31,		 
   2025   2026 
         
Statutory federal income tax rate   21.0%   21.0%
States taxes, net of federal benefit   
—
%   0.3%
Foreign income taxed at different rates   44.6%   5.8%
Changes in valuation allowance   (65.6)%   (20.6)%
Tax Credits   
—
%   (4.1)%
Effect of tax amendment   
—
%   
—
%
Tax Provision   
—
%   2.3%