| Schedule of Tax Rate |
Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. | | | 2026 | | | 2025 | | | 2024 | | | | | US$ | | | US$ | | | US$ | | | | | | | | | | | | | | Tax recognized in profit or loss | | | | | | | | | | | Income tax expense | | | | | | | | | | | Current tax | | | — | | | | — | | | | — | | | Under provision of tax in prior years | | | 289,094 | | | | — | | | | — | | | | | | 289,094 | | | | — | | | | — | | | | | | | | | | | | | | | | | Income (loss) before income tax | | | 1,572,448 | | | | 15,894,755 | | | | (3,679,409 | ) | | Tax calculated at domestic tax rates applicable to respective profits (2026, 2025 and 2024: 16.5%) | | | 259,454 | | | | 2,622,635 | | | | (607,103 | ) | | Effect of non-taxable income | | | (1,127,680 | ) | | | (8,324,067 | ) | | | (1,222,235 | ) | | Effect of expenses not deductible for tax purposes | | | 548,391 | | | | 878,754 | | | | 332,697 | | | Utilization of tax losses previously not recognized | | | (726,865 | ) | | | — | | | | (1,958 | ) | | Under provision of tax in prior year | | | 289,094 | | | | — | | | | — | | | Tax effect of tax losses not recognized | | | 1,046,700 | | | | 4,822,678 | | | | 1,498,599 | | | Income tax expense | | | 289,094 | | | | — | | | | — | |
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