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INCOME TAX EXPENSE

12 Months Ended

Dec. 31, 2025

Notes and other explanatory information [abstract]

NOTE 32— INCOME TAX EXPENSE

The Group is subject to income taxes in the countries of Indonesia, Singapore, New Zealand, United States, United Kingdom and South Africa.

The provision for income taxes consists of the following provisions (benefits):

	2025		2024			2023
	Years ended December 31,
	2025		2024			2023
Current tax:
Current tax on profits for the year	$	18,990	$	28,783			32,115
Under provision in prior year		37		800			-
Total Current tax		19,027		29,583			32,115
Deferred income tax:
Increase in deferred tax assets		235,111		2,329,636			-
Increase (Decrease) in deferred tax liabilities		398,591		(4,611,291	)		(1,110,801	)
Deferred income tax		633,702		(2,281,655	)		(1,110,801	)
Benefit/(Expense) from income taxes	$	652,729	$	(2,252,072	)		(1,078,686	)

The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2025, 2024 and 2023 is as follows:

	2025			2024			2023
	Year ended December 31,
	2025			2024			2023
Loss from continuing operations before provision for income taxes	$	(54,804,596	)	$	(27,191,894	)		(6,208,871	)
Tax at the Singapore rate of 17%		(9,316,781	)		(4,622,622	)		(1,055,508	)
Reconciling items:
Permanent differences		7,391,963			297,800			(2,380,272	)
Current period net operating losses not recognised as a deferred tax asset		4,255,321			6,187,916			1,600,731
Rate differential – non-Singapore entities		(186,097	)		(661,038	)		(183,113	)
Other deferred tax activity		-			(169,511	)		939,476
Utilisation of deferred tax assets		(185,021	)		-			-
Others		(1,306,656	)		(3,284,617	)		-
Benefit/(Expense) from income taxes	$	652,729		$	(2,252,072	)		(1,078,686	)