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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Schedule of Continuing Operations Before Income Taxes

The below table presents the jurisdictional composition of our income from continuing operations before income taxes for the years ended December 31, 2025, 2024 and 2023:

		2025				2024				2023
United States		$	46,075,823			$	38,850,318			$	15,544,735
Non-US			(877,343	)			(50,900,893	)			4,633,359
(Loss) income from continuing operations, before income taxes		$	45,198,480			$	(12,050,575	)		$	20,178,094

Schedule of Income Tax Provision and Income Tax Paid

For the years ended December 31, 2025, 2024 and 2023, the current and deferred tax expense allocated to continuing operations were as follows:

		2025				2024				2023
Current:
US Federal		$	6,155,323			$	12,771,794			$	5,663,364
US State			1,430,382				5,022,876				2,928,137
Non-US			10,209,056				3,772,288				8,632,303
Total current tax expense			17,794,761				21,566,958				17,223,804
Deferred:
US Federal			(114,007	)			(3,750,091	)			(863,989	)
US State			129,731				(1,074,479	)			(281,452	)
Non-US			3,021,966				(2,919,033	)			62,208
Total deferred tax expense			3,037,690				(7,743,603	)			(1,083,233	)
Total:
US Federal			6,041,316				9,021,703				4,799,375
US State			1,560,113				3,948,397				2,646,685
Non-US			13,231,022				853,255				8,694,511
Total provision for income taxes		$	20,832,451			$	13,823,355			$	16,140,571

For the years ended December 31, 2025, 2024 and 2023, the US and Non-US income tax paid was as follows:

		2025				2024				2023
US Federal		$	6,600,000			$	5,820,000			$	4,900,000
US State and Local:
Florida			679,000				625,000				*
Georgia			*				618,618				*
Other States			1,289,252				986,652				2,357,000
Total US Income Tax Paid			8,568,252				8,030,270				7,257,000
Non-US:
China			3,463,789				4,897,239				12,217,921
Singapore			*				3,037,861				*
Other Non-US			6,058				–				–
Total Non-US Income Tax Paid			3,469,846				7,935,100				12,217,921
Total Income Tax Paid		$	12,038,098			$	15,965,370			$	19,474,921

* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

Schedule of Tax Rate Reconciliation

Our effective tax rate was 46.09%, (114.71)% and 79.99% for the years ended December 31, 2025, 2024 and 2023. A reconciliation between the income tax expense computed by applying the Cayman Island’s statutory income tax rate of 0% to income from continuing operations before income taxes and actual income tax expense were as follows:

		December 31, 2025								December 31, 2024								December 31, 2023
		Amount				Percent				Amount				Percent				Amount				Percent
Cayman Islands statutory income tax rate		$	–				0.00	%		$	–				0.00	%		$	–				0.0	%
Foreign reconciling items
Australia
Effect of rates different than statutory			(830,439	)			(1.84	)%			(868,483	)			7.21	%			(4,597,208	)			(22.78	)%
Change in valuation allowance			958,773				2.12	%			754,550				(6.26	)%			4,556,194				22.58	%
Other			(128,334	)			(0.28	)%			113,934				(0.95	)%			41,013				0.2	%
Brazil
Effect of rates different than statutory			(1,700,080	)			(3.76	)%			(1,087,518	)			9.02	%			(195,695	)			(0.97	)%
Change in valuation allowance			1,786,766				3.95	%			1,087,518				(9.02	)%			195,695				0.97	%
Other			(86,686	)			(0.19	)%			–				0.00	%			22				0.00	%
Canada
Effect of rates different than statutory			(4,510,980	)			(9.98	)%			(2,067,863	)			17.16	%			(88,634	)			(0.44	)%
Change in valuation allowance			4,389,378				9.71	%			2,078,632				(17.25	)%			190,127				0.94	%
Other			2,876				0.01	%			(10,770	)			0.09	%			21,466				0.11	%
China
Effect of rates different than statutory			8,305,566				18.38	%			5,641,659				(46.82	)%			6,674,686				33.08	%
Stock Compensation			696,723				1.54	%			1,660,545				(13.78	)%			1,594,630				7.90	%
R&D Benefit			(4,938,161	)			(10.93	)%			(3,884,711	)			32.24	%			(3,521,525	)			(17.45	)%
Change in valuation allowance			384,304				0.85	%			246,334				(2.04	)%			29,606				0.15	%
Other			(32,196	)			(0.07	)%			169,029				(1.40	)%			327,305				1.62	%
Hong Kong
Effect of rates different than statutory			(3,746,657	)			(8.29	)%			(2,604,265	)			21.61	%			(3,004,452	)			(14.89	)%
Change in valuation allowance			982,476				2.17	%			611,473				(5.07	)%			1,332,639				6.60	%
Other			12,909				0.03	%			127,135				(1.06	)%			–				0.00	%
Indonesia
Effect of rates different than statutory			(506,592	)			(1.12	)%			(547,059	)			4.54	%			(286,635	)			(1.42	)%
Change in valuation allowance			506,592				1.12	%			547,059				(4.54	)%			286,635				1.42	%
Japan
Effect of rates different than statutory			(1,699,449	)			(3.76	)%			(2,252,006	)			18.69	%			(2,794,360	)			(13.85	)%
Change in valuation allowance			1,409,196				3.12	%			2,064,953				(17.14	)%			2,713,231				13.45	%
Other			296,667				0.66	%			193,339				(1.60	)%			88,037				0.44	%
Malaysia
Effect of rates different than statutory			(1,731,969	)			(3.83	)%			(748,416	)			6.21	%			(147,842	)			(0.73	)%
Change in valuation allowance			1,343,335				2.97	%			748,416				(6.21	)%			123,608				0.61	%
Other			388,634				0.86	%			–				0.00	%			24,234				0.12	%

		December 31, 2025								December 31, 2024								December 31, 2023
		Amount				Percent				Amount				Percent				Amount				Percent
Mexico
Effect of rates different than statutory			(899,771	)			(1.99	)%			(2,242,286	)			18.61	%			8,278				0.04	%
Change in valuation allowance			(406,639	)			(0.90	)%			5,280,980				(43.82	)%			–				0.00	%
Net operating loss adjustment			1,306,410				2.89	%			(3,047,167	)			25.29	%			–				0.00	%
Netherlands
Effect of rates different than statutory			(403,733	)			(0.89	)%			(138,981	)			1.15	%			(30,980	)			(0.15	)%
Change in valuation allowance			378,816				0.84	%			145,663				(1.21	)%			30,980				0.15	%
Other			24,917				0.06	%			(6,682	)			0.06	%			–				0.00	%
Singapore
Effect of rates different than statutory			8,913,127				19.72	%			(3,931,725	)			32.63	%			3,411,957				16.91	%
Change in valuation allowance			(112,184	)			(0.25	)%			967,651				(8.03	)%			(755,125	)			(3.74	)%
Net operating loss adjustment			(6,054	)			(0.01	)%			(27,204	)			0.23	%			730,899				3.62	%
Other			132,208				0.29	%			13,865				(0.12	)%			20,514				0.10	%
Thailand
Effect of rates different than statutory			(1,258,993	)			(2.79	)%			(537,787	)			4.46	%			(75,854	)			(0.38	)%
Change in valuation allowance			1,666,654				3.69	%			552,978				(4.59	)%			81,640				0.40	%
Other			(407,661	)			(0.90	)%			(15,191	)			0.13	%			(5,785	)			(0.03	)%
United Kingdom
Effect of rates different than statutory			(46,558	)			(0.10	)%			(413,213	)			3.43	%			(879,032	)			(4.36	)%
Rate change			(14,702	)			(0.03	)%			(130,488	)			1.08	%			(277,589	)			(1.38	)%
Change in valuation allowance			211,062				0.47	%			461,868				(3.83	)%			979,941				4.86	%
Other			(149,802	)			(0.33	)%			81,833				(0.68	)%			176,681				0.88	%
United States
Effect of rates different than statutory			10,591,302				23.43	%			8,527,088				(70.76	)%			4,753,341				23.56	%
State and local taxes, net of federal benefit (1)			1,274,317				2.82	%			2,909,776				(24.15	)%			2,003,421				9.93	%
Stock compensation windfall			(7,329,379	)			(16.22	)%			–				0.00	%			–				0.00	%
Officer Limitation			2,968,616				6.57	%			–				0.00	%			–				0.00	%
Change in valuation allowance			362,513				0.80	%			499,262				(4.14	)%			308,464				1.53	%
Provision to return differences			(240,384	)			(0.53	)%			1,077,065				(8.94	)%			379,322				1.88	%
Other jurisdictions			–				0.00	%			–				0.00	%			(1	)			0.0	%
Changes in Unrecognized Tax Benefits			2,725,717				6.01	%			1,822,565				(15.14	)%			1,716,722				8.51	%
Total		$	20,832,451				46.09	%		$	13,823,355				(114.71	)%		$	16,140,571				79.99	%

(1) In 2025, state and local income taxes in California and Florida comprise the majority of the domestic state and local income taxes, net of federal benefit. In 2024, state and local income taxes in California, Florida, and Pennsylvania comprise the majority of the domestic state and local income taxes, net of federal effect category. In 2023, state and local income taxes in California, Florida, and New York City comprise the majority of the domestic state and local income taxes, net of federal effect category.

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities are as follows:

		2025				2024
Deferred tax assets
Net operating loss carryforwards		$	49,864,634			$	36,533,676
Compensation accruals			6,836,570				9,058,023
Lease liabilities			2,114,670				3,022,320
Other			3,741,161				1,921,076
Total deferred tax assets			62,557,035				50,535,095
Less: valuation allowance			(50,600,895	)			(34,628,089	)
Deferred tax assets, net of valuation allowance			11,956,140				15,907,006
Deferred tax liabilities
Right of use assets			(1,836,652	)			(2,704,189	)
Intangibles			(13,455,781	)			(5,233,634	)
Property and equipment			(682,942	)			(886,939	)
Total deferred tax liabilities			(15,975,375	)			(8,824,762	)
Net deferred tax asset		$	(4,019,235	)		$	7,082,244

Schedule of Income Tax Net Operating Loss Carryforwards

The table below presents the expiration of our net operating losses by jurisdiction as of December 31, 2025:

Jurisdiction		Net Operating Loss Carryforwards				Expiration
Australia		$	22,128,692				Indefinite
Brazil			9,154,376				Indefinite
Canada			26,538,344				2041 - 2045
Hong Kong			27,967,444				Indefinite
Japan			34,372,366				2026 - 2035
Mainland China			2,922,433				2027 - 2030
Mexico			15,662,780				2031 - 2035
Singapore			13,836,101				Indefinite
United Kingdom			8,617,299				Indefinite
United States – Federal			3,574,039				Indefinite
Others			32,497,762				*
Total		$	197,271,636

* Of the other foreign net operating loss carryforwards, $28,574,864 expires between 2027 and 2034 and $3,922,898 have an indefinite expiration term.

Schedule of Unrecognized Tax Benefits

The following is a rollforward of our unrecognized tax benefits:

Total unrecognized tax benefit – January 1, 2024		$	19,688,166
Increase for prior year tax positions			(26,739	)
Increase for year 2024 tax positions			2,183,671
Settlements with taxing authorities			(157,542	)
Total unrecognized tax benefit - December 31, 2024			21,687,556
Adjustment to prior year tax positions			(1,669	)
Increase for current year tax positions			2,779,223
Settlements with taxing authorities			–
Total unrecognized tax benefit - December 31, 2025		$	24,465,110

Schedule of Material Jurisdictions

The table below outlines the open tax years of the material jurisdictions.

Material Jurisdictions		Open Years
Australia		2021-2025
Brazil		2023-2025
Canada		2021-2025
Hong Kong		2018-2025
Indonesia		2023-2025
Japan		2015-2025
Mainland China		2022-2025
Malaysia		2022-2025
Mexico		2023-2025
Netherlands		2022-2025
Singapore		2022-2025
Thailand		2022-2025
United Kingdom		2021-2025
United States		2022-2025

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