Operating Expenses

3 Months Ended

Mar. 31, 2026

8	OPERATING EXPENSES

For the periods ended March 31, 2026 and 2025, expenses comprised of the following:

	January 1 -		January 1 -
	March 31, 2026		March 31, 2025
Cost of revenues		4,327,360		3,803,868
General and administrative expenses		7,485,048		6,687,675
Selling and marketing expenses		2,043,056		1,248,304
Research and development expenses		1,016,492		631,432
Total		14,871,956		12,371,279

For the periods ended March 31, 2026 and 2025, cost of revenues comprised of the following:

	January 1 -		January 1 -
	March 31, 2026		March 31, 2025

Personnel expenses		1,381,653		1,476,622
Data cost expenses		792,356		359,614
Depreciation and amortization expense		693,616		891,341
Operating lease expense		263,455		311,589
Commission expenses		407,796		135,763
Rental vehicle maintenance and repair expenses		321,044		196,435
Fuel expenses		55,490		47,934
Other		411,950		384,570
Total		4,327,360		3,803,868

For the periods ended March 31, 2026 and 2025 general and administrative expenses comprised of the following:

	January 1 -		January 1 -
	March 31, 2026		March 31, 2025

Personnel expenses (*)		4,983,965		4,894,981
Consulting and legal expenses		1,383,876		904,852
Transportation expense		47,245		48,947
Office expenses		234,152		184,518
Depreciation and amortization expense		160,463		97,985
Travelling expenses		106,965		50,282
Other		568,382		506,110
Total		7,485,048		6,687,675

(*)	The amount includes US$2,221,922 (2025: US$3,142,089) relating to compensation expenses for various shares granted to employees and non-employees.

For the periods ended March 31, 2026 and 2025, selling and marketing expenses comprised of the following:

	January 1 -		January 1 -
	March 31, 2026		March 31, 2025
Social media expense		974,906		785,145
Advertising consulting expense		631,405		320,611
Promotion expense		299,028		34,066
Other		137,717		108,482
Total		2,043,056		1,248,304