Income taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Tax Disclosure [Abstract] |
|
| Schedule of components of loss before income taxes |
The
United States and foreign components of loss before income taxes were comprised of the following:
Schedule of components of loss before income taxes
| | |
For
the Year Ended December 31, 2025 | | |
For
the Year Ended December 31, 2024 | | |
For
the Year Ended December 31, 2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| U.S. loss | |
$ | (2,783,583 | ) | |
$ | (1,741,678 | ) | |
$ | (3,843,380 | ) |
| Foreign loss | |
| (8,657,975 | ) | |
| (4,083,710 | ) | |
| (4,088,153 | ) |
|
| Schedule of provision for income taxes |
The
provision for income taxes consisted of the following:
Schedule of provision for income taxes
| | |
For
the Year Ended December 31, 2025 | | |
For
the Year Ended December 31, 2024 | | |
For
the Year Ended December 31, 2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Current | |
| | | |
| | | |
| | |
| Federal | |
$ | - | | |
$ | - | | |
$ | - | |
| State | |
| 22,838 | | |
| 16,671 | | |
| 6,775 | |
| Foreign | |
| 77,664 | | |
| 41,552 | | |
| 26,464 | |
| Deferred | |
| | | |
| | | |
| | |
| Federal | |
| - | | |
| - | | |
| - | |
| State | |
| - | | |
| - | | |
| - | |
| Foreign | |
| 3,114 | | |
| | | |
| | |
| Provision for income taxes | |
$ | 103,616 | | |
$ | 58,223 | | |
$ | 33,239 | |
|
| Schedule of effective tax rate |
The
following tables reconcile U.S. statutory rates to the Company’s effective tax rate:
Schedule of effective tax rate
| | |
$ | | |
% | |
| | |
For
the Year Ended December 31, 2025 | |
| | |
$ | | |
% | |
| Benefit for income taxes at U.S. federal statutory rate | |
$ | 2,400,896 | | |
| 21.0 | % |
| State and local income taxes, net of federal benefit | |
| 800,909 | | |
| 7.0 | |
| Tax rate differential outside of U.S. | |
| (1,152,160 | ) | |
| (10.1 | ) |
| Change in valuation allowance | |
| (1,962,095 | ) | |
| (17.2 | ) |
| Tax effect of capitalized software development costs deduction | |
| (134,955 | ) | |
| (1.1 | ) |
| Tax effect of deferred offering costs deduction | |
| | | |
| - | |
| Tax effect of non-deductible expenditure | |
| (92,381 | ) | |
| (0.8 | ) |
| Tax effect of non-taxable income | |
| 36,170 | | |
| 0.3 | |
| Total tax provision and effective tax rate | |
$ | (103,616 | ) | |
| (0.9 | )% |
| | |
| $ | | |
| % | |
| | |
For
the Year Ended December 31, 2024 | |
| | |
$ | | |
% | |
| Provision for income taxes at U.S. federal statutory rate | |
$ | 1,222,399 | | |
| 21.0 | % |
| State and local income taxes, net of federal benefit | |
| 407,777 | | |
| 7.0 | |
| Tax rate differential outside of U.S. | |
| (506,156 | ) | |
| (8.6 | ) |
| Change in valuation allowance | |
| (993,753 | ) | |
| (17.1 | ) |
| Tax effect of capitalized software development costs deduction | |
| (126,649 | ) | |
| (2.2 | ) |
| Tax effect of deferred offering costs deduction | |
| (88,049 | ) | |
| (1.5 | ) |
| Tax effect of non- deductible expenditure | |
| (28,755 | ) | |
| (0.5 | ) |
| Tax effect of non- taxable income | |
| 54,963 | | |
| 0.9 | |
| Total tax provision and effective tax rate | |
$ | (58,223 | ) | |
| (1.0 | )% |
| | |
| % | | |
| $ | |
| | |
For
the Year Ended December 31, 2023 | |
| | |
$ | | |
% | |
| U.S. federal statutory rate | |
$ | 1,665,622 | | |
| 21.0 | % |
| State and local income taxes, net of federal benefit | |
| 555,207 | | |
| 7.0 | |
| Tax rate differential outside of U.S. | |
| (392,061 | ) | |
| (4.9 | ) |
| Change in valuation allowance | |
| (1,627,630 | ) | |
| (20.5 | ) |
| Tax effect of capitalized software development costs deduction | |
| (16,260 | ) | |
| (0.2 | ) |
| Tax effect of deferred offering costs deduction | |
| (79,157 | ) | |
| (1.0 | ) |
| Tax effect of non- deductible expenditure | |
| (140,943 | ) | |
| (1.8 | ) |
| Tax effect of non- taxable income | |
| 1,983 | | |
| 0.0 | |
| Total tax provision and effective tax rate | |
$ | (33,239 | ) | |
| (0.4 | )% |
|
| Schedule of aggregate deferred tax assets |
The
following table sets forth the significant components of the aggregate deferred tax assets of the Company:
Schedule of aggregate deferred tax assets
| | |
As of December 31, 2025 | | |
As of December 31, 2024 | |
| | |
US$ | | |
US$ | |
| Deferred Tax Assets | |
| | | |
| | |
| Net operating loss carryforwards – U.S. | |
$ | 6,821,392 | | |
$ | 5,575,673 | |
| Net operating loss carryforwards – Singapore | |
| 4,605,688 | | |
| 3,886,272 | |
| Net
operating loss carryforwards – Other counties |
|
|
714,248 |
|
|
|
718,791 |
|
| Less: valuation allowance | |
| (12,141,328 | ) | |
| (10,180,736 | ) |
| Deferred tax assets, net | |
$ | - | | |
$ | - | |
|
| Schedule of supplemental schedule of cash paid for income taxes |
Schedule
of supplemental schedule of cash paid for income taxes
| | |
2025 | | |
2024 | | |
2023 | |
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Cash paid during the period for income taxes, net of refunds: | |
| | |
| | |
| |
| Federal | |
$ | — | | |
$ | — | | |
$ | — | |
| State and local | |
| 27,341 | | |
| 13,110 | | |
| 7,022 | |
| Foreign | |
| 60,452 | | |
| 16,415 | | |
| 26,217 | |
| Total cash paid during the period for income taxes | |
$ | 87,793 | | |
$ | 29,525 | | |
$ | 33,239 | |
|