v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Schedule of Effective Income Tax Rate and PRC Statutory Income Tax

The reconciliation of tax computed by applying the statutory income tax rate of 25% for the year ended December 31, 2025 applicable to the PRC operations to income tax expenses after the adoption of ASU 2023-09 is as follows: 

 

   For the year ended 
   December 31, 2025 
   Amount   Percentage 
Statutory income tax rate   3,621,545    25%
Foreign tax effect:          
Hong Kong   (901,002)   (6.20)%
Singapore   (225,042)   (1.60)%
Australia   (1,340,806)   (9.30)%
US   (473,007)   (3.30)%
Cayman   2,001,273    13.8%
BVI   (305,986)   (2.10)%
Nontaxable or nondeductible items   (14,756)   (0.10)%
Effect of additional deduction of research and development expense   119,075    0.8%
Effect of PRC income tax exemptions and reliefs   (199,652)   (1.40)%
Recovery from deferred income tax assets   449,118    3.1%
Effect of valuation allowance on deferred income tax assets   (2,736,541)   (18.90)%
Effect of impairment of intangible assets arising from business acquisition in 2024   305,269    2.1%
Others   21,495    0.1%
Total   320,983    2.1%
   For the year
ended
December 31,		   For the year
ended
December 31,		 
   2024   2023 
Statutory income tax rate   25.00%   25.00%
Effect of expenses not deductible for tax purposes   (0.10)%   (0.20)%
Effect of additional deduction of research and development expense   3.50%   4.80%
Effect of income tax exemptions and reliefs   (2.60)%   (8.00)%
Recovery from deferred income tax assets   3.30%   5.20%
Effect of valuation allowance on deferred income tax assets   (34.10)%   (27.10)%
Income tax difference under different tax jurisdictions   5.00%   4.30%
Others   0.20%   (1.40)%
Total   0.20%   2.60%
Schedule of Provision for Income Taxes

The component of provision for income after the adoption of ASU 2023-09 were as follows:

 

   For the year
ended
December 31,
2025
Current income tax expense  $
-
 
Deferred tax benefit   (320,983)
- Australia   (335,883)
- US   14,900 
Income taxes benefit  $(320,983)
    For the year
ended
December 31,		   For the year
ended
December 31,		 
    2024   2023 
Current income tax expense   $
-
   $
-
 
Deferred tax benefit    (42,545)   (1,031,461)
Income taxes benefit   $(42,545)  $(1,031,461)
Schedule of International Components of Loss Before Income Taxes

PRC and international components of loss before income taxes after the adoption of ASU 2023-09 were as follows:

 

   For the year
   ended
   December 31,
   2025
PRC  $(11,212,209)
Foreign   (3,273,972)
Total  $(14,486,181)
Schedule of Deferred Tax Assets and Liabilities

For the purpose of presentation in the consolidated balance sheets, deferred income tax assets and liabilities have been offset. Significant components of deferred tax assets and liabilities are as follows:

 

   As of
December 31,		   As of
December 31,		 
   2025   2024 
Provision for credit losses  $2,032,077   $1,945,535 
Net operating loss carryforward   51,942,731    45,769,678 
Impairment of VAT recoverable, inventory write-down and others   5,809,405    5,617,458 
    59,784,213    53,332,671 
Less: valuation allowance   (59,784,213)   (53,332,671)
           
Deferred tax assets  $
-
   $
-
 
           
Intangible assets acquired from business combination transaction  $
-
    293,847 
Property, plant and equipment   3,379   $32,605 
Deferred tax liabilities  $3,379   $326,452 
           
Total deferred tax liabilities  $3,379   $326,452 
Schedule of Cumulative Net Operating Loss of Major Tax Jurisdictions and the Year of Expiration

The amounts of cumulative net operating loss in 2025 of major tax jurisdictions and the year of expiration are as follows:

 

Tax Jurisdiction   Amount in US$ (in thousands)     Earliest year of expiration if not utilized
PRC     183,428     2026
Hong Kong     36,513     No expiration
Australia     21,413     No expiration
Singapore     5,505     No expiration
United States     8,670     No expiration
Others     -     Depending on different countries and regions