v3.26.3
Taxation
 9 Months Ended
Sep. 30, 2026
Taxation [Abstract]  
TAXATION

15. TAXATION

 

a. Income taxes

 

Cayman Islands

 

Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

 

US

 

Significant components of the income taxes expense for the nine months ended September 30, 2025 and 2026 are as follows:

 

    Nine months ended
September 30		  
    2025     2026  
             
Current:            
Federal   $ —       18  
State and local     49       10  
Foreign     —       —  
Total current portion of income tax expense     49       28  
Deferred:                
Federal   $ —       —  
State and local     —       —  
Foreign     —       —  
Total deferred portion of income tax expense     —       —  
                 
Total income tax expense   $ 49     $ 28  

 

The following is a reconciliation of the differences between the U.S. federal statutory income tax rate and the Company’s effective income tax rate for the nine months ended September 30, 2025 and 2026:

 

    Nine months ended
September 30,		  
    2025     2026  
             
Statutory federal income tax rate     21.0 %     21.0 %
States taxes, net of federal benefit     — %     (0.4 )%
Foreign income taxed at different rates     5.7 %     (14.0 )%
Nondeductible permanent items     — %     (1.2 )%
Return-to-provision adjustment     0.1 %     (6.0 )%
Changes in valuation allowance     (25.4 )%     (8.0 )%
Tax Credits     (1.3 )%     2.5 %
Effect of tax amendment     — %     — %
Tax Provision     0.1 %     (6.1 )%