| Schedule of Taxation |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | $ | | $ | | $ | | $ | | Reconciliation of the tax expense (credit) | | | | | | | | | Loss for the period before tax | (6,870,455) | | | (13,367,528) | | | (13,904,661) | | | (11,302,480) | | Loss before tax multiplied by the standard rate of corporation tax in the Isle of Man of 0% (2025: 0%) | - | | | - | | | - | | | - | | | | | | | | | | | Effects of: | | | | | | | | | | | | | | | | | Other permanent differences | (64,108) | | | (235,117) | | | 245,150 | | 138,756 | | Movement in deferred tax not recognized | 725,078 | | | 801,129 | | | 1,785,961 | | 2,117,884 | | Adjustment in respect of prior periods | - | | | - | | | 58,504 | | | - | | | Difference in overseas tax rates | (797,401) | | | (751,581) | | | (2,334,314) | | | (2,623,025) | | | Total income tax credit | (136,431) | | | (185,569) | | | (244,699) | | | (366,385) | |
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| Schedule of Unrecognized Deferred Tax Assets |
The following table summarizes the components of deferred tax: | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | $ | | $ | | Short term timing differences | - | | | 29,650 | | | Accelerated capital allowances | (535,226) | | | (659,596) | | | Tax losses | 533,749 | | | 321,635 | | | ROU assets | (539,112) | | | (99,097) | | | Lease liabilities | 481,539 | | | 103,659 | | | Net deferred tax liability | (59,050) | | | (303,749) | |
Unused tax losses and temporary differences for which no deferred tax asset has been recognized are as follows: | | | | | | | | | | | | | September 30,
2026 | | December 31, 2025 (As restated)1 | | $ | | $ | | Accelerated capital deductions | 6,071 | | | 1,254 | | | Short term timing differences | 309,462 | | | 293,196 | | | Pre-trading tax losses | 6,069,841 | | | 5,645,504 | | | Trading tax losses | 50,668,994 | | | 44,394,169 | | | | | | | Lease liabilities | 22,482 | | | - | | | Total gross unused tax losses and temporary differences | 57,076,850 | | | 50,334,123 | |
1As at December 31, 2025 the audited consolidated financial statements previously disclosed gross unused tax losses and temporary differences of $98.96 million, comprised of the following components: Accelerated capital deductions of $50.49 million, pre-trading capital expenses $50.97 million and pre-trading tax losses $98.49 million. The amount previously disclosed has been restated for the following reasons:
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