| Schedule of Other Payable and Accrued Expenses |
Other payable and accrued
expenses consisted of the following:
| | |
March 31,
2026 | | |
December 31,
2025 | |
| Accrued professional expenses incurred for Business Combination (a) | |
$ | 1,176,358 | | |
$ | 1,176,358 | |
| Accrued excise tax on repurchases of common stocks (b) | |
| 502,251 | | |
| 502,251 | |
| Others | |
| 338,331 | | |
| 282,546 | |
| | |
$ | 2,016,940 | | |
$ | 1,961,155 | |
| (a) | As of March 31, 2026 and December 31, 2025, the balance of accrued professional expenses incurred for business combination consisted of expenses payable to a financial advisor, the counselor, public relation service providers and transfer agent. |
| (b) | On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. In connection with share redemptions that occurred in June 2024, the Company initially recorded an excise tax liability of $913,742 under the Inflation Reduction Act of 2022 (“IRA”). During the year ended December 31, 2025, the Company reassessed the estimated excise tax obligation based on additional share issuances during the period, which reduced the Company’s net excise tax obligation under the IRA. Accordingly, the Company reduced the excise tax liability from $913,742 to $411,491. No additional adjustments were recorded during the three months ended March 31, 2026. |
|