Income taxes (Tables)

3 Months Ended

Mar. 31, 2026

The source of pre-tax income and the components of income tax expense are as follows:


	For the Three Months Ended March 31,
		2026		2025
		USD		USD
Income components
United States		$	(847,719)	$	(1,818,919)
Outside United States		(270,768)		263,832
Total pre-tax loss		$	(1,118,487)	$	(1,555,087)
Provision for (benefit of) income taxes
Current
Federal		$	—	$	—
State		—		2,088
Foreign		24,857		17,080
		24,857		19,168
Deferred
Federal		—		(608,145)
State		—		(150,553)
Foreign		(179)		—
		(179)		(758,698)
Total provision for (benefit of) income taxes		$	24,678	$	(739,530)

Schedule of the Components of Income Tax Expense

The source of pre-tax income and the components of income tax expense are as follows:


	For the Three Months Ended March 31,
		2026		2025
		USD		USD
Income components
United States		$	(847,719)	$	(1,818,919)
Outside United States		(270,768)		263,832
Total pre-tax loss		$	(1,118,487)	$	(1,555,087)
Provision for (benefit of) income taxes
Current
Federal		$	—	$	—
State		—		2,088
Foreign		24,857		17,080
		24,857		19,168
Deferred
Federal		—		(608,145)
State		—		(150,553)
Foreign		(179)		—
		(179)		(758,698)
Total provision for (benefit of) income taxes		$	24,678	$	(739,530)

Schedule of Reconciliation of Effective Income Tax Rate on Earnings Before Income Taxes

Reconciliations between taxes at the U.S. federal income tax rate and taxes at the Company’s effective income tax rate on earnings before income taxes are as follows:


	For the Three Months Ended March 31,
	2026			2025
	USD		%	USD		%
Income tax expense at Federal statutory tax rate	$	(234,882)	21.0	$	(326,568)	21.0
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal benefit(1)	22,213		(2.0)	(117,287)		7.5
Foreign tax effects (statutory rate differential)
Hong Kong	58,062		(5.2)	19,622		(1.3)
Canada	27,390		(2.4)	3,320		(0.2)
Cayman Islands	(17,059)		1.5	55,003		(3.5)
Cambodia	(13,335)		1.2	(72,348)		4.7
Other	26,481		(2.4)	(42,798)		2.8
Nontaxable or nondeductible items	12,425		(1.1)	7,959		(0.5)

Valuation allowance	143,277		(12.8)	—		—
Other adjustments(2)	106		—	(266,433)		17.2
Income tax expense	$	24,678	(2.2)	$	(739,530)	47.7

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California and New Jersey for the three months ended March 31, 2026 and 2025.

(2) For the three months ended March 31, 2025, other adjustments included right-of-use asset movements.

Income taxes paid by jurisdiction were as follows:


	For the Three Months Ended March 31,
	2026		2025
	USD		USD

Federal	$	—	$	—
State	375		625
Foreign
Cambodia	11,667		—
Germany	(7,725)		—

Other	452		225
Total cash paid for income taxes, net of refunds received	$	4,769	$	850

Schedule of Components of Net Deferred Tax Assets and Liabilities

The following is a summary of the components of the net deferred tax assets and liabilities recognized in the consolidated balance sheets:


	As of March 31, 2026		As of December 31, 2025
	USD		USD

Deferred tax assets
Allowance for credit losses	$	48,066	$	46,824
Other reserve	138,103		157,620
Accrued expenses	157,068		149,705
Lease liability	1,063,602		1,131,158
Charitable contributions	923		923
Business interest limitation	927,785		927,728
Net operating loss – federal	2,475,315		2,257,513
Net operating loss – state	648,418		573,279
Other	211,330		211,125
Total deferred tax assets	5,670,610		5,455,875
Less: valuation allowance	(4,294,339)		(4,013,288)
Net deferred tax assets	1,376,271		1,442,587
Deferred tax liabilities
Fixed assets	1,050,766		1,140,919
Intangibles	113,745		90,087
Total deferred tax liabilities	1,164,511		1,231,006
Deferred tax assets, net of deferred tax liabilities	$	211,760	$	211,581