v3.26.3
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Taxes [Abstract]  
INCOME TAXES

9. INCOME TAXES

 

United States

 

The Company was incorporated in the State of Delaware and, effective June 23, 2026, reincorporated in the State of Nevada. For the period prior to the reincorporation, the Company was required to pay either income tax or franchise tax, whichever was applicable, to the State of Delaware on an annual basis. The Company is also registered as a foreign corporation with the State of New Jersey Department of the Treasury. The Company would be subject to New Jersey state tax laws if it had operations in the State of New Jersey.

 

British Virgin Islands

 

Under the current and applicable laws of BVI, TP Holdings and TP NEV are not subject to tax on income or capital gains.

 

For the three and six months ended June 30, 2026 and 2025, the Company did not incur income tax expenses.

 

Deferred tax assets and deferred tax liabilities as of June 30, 2026 and December 31, 2025 consist of the following:

 

    June 30,
2026		     December 31,
2025		  
Net operating losses carryforwards   $ 326,468     $ 32,885  
Less: valuation allowance     (326,468 )     (32,885 )
Total deferred tax assets   $ —     $ —  

 

As of June 30, 2026 and December 31, 2025, the Company had net operating loss carrying forwards of $518,921 and $398,606 respectively from the Company’s Hong Kong subsidiaries, which will be carried forward indefinitely to offset future profits of the Company’s Hong Kong subsidiaries. As of June 30, 2026 and December 31, 2025, the Company had net operating loss carrying forwards of $955,047 and $nil respectively from the Company’s US subsidiary, which will be carried forward indefinitely to offset future profits of the Company’s US subsidiaries. The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryforward period available under applicable tax law. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. As of June 30, 2026 and December 31, 2025, full valuation allowance was provided against deferred tax assets arising from net operation losses carryforwards as the Company assessed that it was more likely than not that the net operating losses would not be fully utilized.

 

Uncertain tax positions

 

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2026 and December 31, 2025, the Company did not have any unrecognized uncertain tax positions, and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the three and six months ended June 30, 2026 and 2025, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.