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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Taxes [Abstract] |
Income Taxes | 16. Income Taxes The Company and its subsidiaries are subject to income taxes on an entity basis on income derived from the location in which each entity is domiciled. Cayman Islands WF Holding is domiciled in the Cayman Islands and currently enjoys permanent income tax holidays; and accordingly, WF Holding is not subject to any income tax. British Virgin Islands Under the current tax laws of the British Virgin Islands, WF Venture is not subject to tax on income or capital gains. Malaysia For Win-Fung and RBSB, the income tax is calculated at 24% of the estimated assessable profits for the relevant year. Hong Kong GKI is subject to a Hong Kong profits tax of 16.5% on its activities conducted in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since the acquisition of GKI. The components of profit (loss) before income tax expense are summarized as follows:
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic (Cayman Islands) |  | $ | (1,788,371 | ) |  | $ | (159,527 | ) |  | $ | (31,133 | )
Foreign (Malaysia) |  |  | 469,185 |  |  |  | 278,544 |  |  |  | 726,747 |
Foreign (Hong Kong) |  |  | (1,924 | ) |  |  | - |  |  |  | - |
Foreign (BVI) |  |  | (3,343,820 | ) |  |  | - |  |  |  | - |
Total |  | $ | (4,664,930 | ) |  | $ | 119,017 |  |  | $ | 695,614 |
The provision for income taxes consisted of the following:
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current income tax expenses |  |  |  |  |  |  |  |  |
Domestic (Cayman Islands) |  | $ | - |  |  | $ | - |  |  | $ | - |
Foreign (Malaysia) |  |  | 80,619 |  |  |  | 65,954 |  |  |  | 220,915 |
Foreign (Hong Kong) |  |  | - |  |  |  | - |  |  |  | - |
Foreign (BVI) |  |  | - |  |  |  | - |  |  |  | - |
Total current income tax expense |  |  | 80,619 |  |  | $ | 65,954 |  |  | $ | 220,915 |
Deferred income tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Domestic (Cayman Islands) |  |  | - |  |  |  | - |  |  |  | - |
Foreign (Malaysia) |  |  | 4,594 |  |  |  | (58,540 | ) |  |  | (16,702 | )
Foreign (Hong Kong) |  |  | - |  |  |  | - |  |  |  | - |
Foreign (BVI) |  |  | - |  |  |  | - |  |  |  | - |
Total deferred income tax benefits |  |  | 4,594 |  |  |  | (58,540 | ) |  |  | (16,702 | )
Total income tax expense |  | $ | 85,213 |  |  | $ | 7,414 |  |  | $ | 204,213 |
The following table presents income taxes paid, net of refunds, disaggregated by jurisdiction:
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Income taxes paid, net of refunds |  |  |  |  |  |  |  |  |
Domestic (Cayman Islands) |  | $ | - |  |  | $ | - |  |  | $ | - |
Foreign (Malaysia) |  |  | 114,364 |  |  |  | 149,792 |  |  |  | 411,617 |
Foreign (Hong Kong) |  |  | - |  |  |  | - |  |  |  | - |
Foreign (BVI) |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 114,364 |  |  | $ | 149,792 |  |  | $ | 411,617 |
Below is a reconciliation of the statutory tax rate to the effective tax rate after the adoption of ASU 2023-09:
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Amount |  |  | Effective Tax Rate |  |  | Amount |  |  | Effective Tax Rate |  |  | Amount |  |  | Effective Tax Rate |
(Loss) income before income tax expense |  | $ | (4,664,930 | ) |  |  | - |  |  | $ | 119,017 |  |  |  | - |  |  | $ | 695,614 |  |  |  | - |
Tax effect at the Malaysia corporate tax rates of 24% |  |  | (1,119,583 | ) |  |  | 24.00 | % |  |  | 28,564 |  |  |  | 24.00 | % |  |  | 166,947 |  |  |  | 24.00 | %
Tax effect of preferential tax rate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,873 | ) |  |  | (1.42 | )%
Non-deductible expenditure |  |  | 1,307,927 |  |  |  | (28.04 | )% |  |  | 75,535 |  |  |  | 63.47 | % |  |  | 51,351 |  |  |  | 7.38 | %
Income not subject to tax |  |  | (30,813 | ) |  |  | 0.66 | % |  |  | (2,550 | ) |  |  | (2.14 | )% |  |  | (2,559 | ) |  |  | (0.37 | )%
Double tax deduction/ tax incentives |  |  | (1,673 | ) |  |  | 0.04 | % |  |  | (1,270 | ) |  |  | (1.07 | )% |  |  | (1,653 | ) |  |  | (0.24 | )%
Over provision in prior years |  |  | (70,645 | ) |  |  | 1.51 | % |  |  | (92,865 | ) |  |  | (78.03 | )% |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 85,213 |  |  |  | (1.83 | )% |  | $ | 7,414 |  |  |  | 6.23 | % |  | $ | 204,213 |  |  |  | 29.36 | %
The over provision of $70,645 in prior years was mainly due to the Company’s initial assumption that certain revenue was taxable upon receipt. It was subsequently confirmed that such revenue may be taxed based on its accounting recognition. Accordingly, the excess tax provision from prior years was reversed in the current year. Deferred income tax results from temporary differences in the recognition of income and expenses for financial reporting purposes and for tax purposes. The effect of temporary differences that gave rise to net deferred tax assets and deferred tax liabilities as follows:
|  | At December 31, |
|  | 2025 |  |  | 2024 |
Allowance for credit losses |  | $ | (146,544 | ) |  | $ | (131,080 | )
Accelerated tax depreciation |  |  | 100,420 |  |  |  | 80,362 |
|  | $ | (46,124 | ) |  | $ | (50,718 | )

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