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Income Tax | 12 Months Ended
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Dec. 31, 2025
Income Tax [Abstract] |
Income tax |
10. | Income tax
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. The Company and its subsidiary, Everbright International, are domiciled in the Cayman Islands and the British Virgin Islands respectively. Both companies currently enjoy permanent income tax holidays; accordingly, both companies do not accrue for income taxes. The Company’s operating subsidiary, Metaverse incorporated in Hong Kong is subject to an income tax rate of 8.25% for first HK$2,000,000 assessable profits and 16.5% for the assessable profits thereafter.
|  | Years ended December 31, |
Provision for income tax |  | 2025 |  |  | 2024 |
Current |  |  |  |  |  |
Hong Kong |  | $ | — |  |  | $ | 151,155 |
Deferred |  |  |  |  |  |  |  |
Hong Kong |  |  | (363,109 | ) |  |  | (13,765 | )
Total |  | $ | (363,109 | ) |  | $ | 137,390 |
Numerical reconciliation of income tax expenses to prima facie tax payable:
|  | Years ended December 31, |
|  | 2025 |  |  | % |  |  | 2024 |  |  | % |
(Loss) profit before income tax |  | $ | (2,609,287 | ) |  |  |  |  |  |  | 516,820 |  |  |  |  |
Tax effect at the Hong Kong profits tax rate of 16.5% |  | $ | (430,532 | ) |  |  | 16.5 |  |  |  | 85,275 |  |  |  | 16.5 |
Tax effect of preferential tax rate |  |  | — |  |  |  | — |  |  |  | (21,100 | ) |  |  | (4.1 | )
Tax effect of non-assessable income |  |  | (787 | ) |  |  | 0.0 |  |  |  | (153 | ) |  |  | 0.0 |
Tax effect of non-deductible expenses |  |  | 68,210 |  |  |  | (2.6 | ) |  |  | 73,560 |  |  |  | 14.2 |
Tax effect of tax rebate |  |  | — |  |  |  | — |  |  |  | (192 | ) |  |  | 0.0 |
Total |  | $ | (363,109 | ) |  |  | 13.9 |  |  |  | 137,390 |  |  |  | 26.6 |
There were no material unrecognized temporary differences and unsettled tax position. The components of deferred tax assets (liabilities) their movements were as follows:
|  | PPE and leasehold improvement |  |  | Intangible assets |  |  | Allowance of expected credit loss |  |  | Tax loss |  |  | Total |
Balance as of January 1, 2024 |  | $ | (942 | ) |  | $ | (56,085 | ) |  | $ | — |  |  | $ | — |  |  | $ | (57,027 | )
Charged to statement of operations |  |  | (86 | ) |  |  | 13,851 |  |  |  | — |  |  |  | — |  |  |  | 13,765 |
Balance as of December 31, 2024 |  | $ | (1,028 | ) |  | $ | (42,234 | ) |  | $ | — |  |  | $ | — |  |  | $ | (43,262 | )
Charged to statement of operations |  |  | 89,222 |  |  |  | (138,351 | ) |  |  | 81,082 |  |  |  | 331,156 |  |  |  | 363,109 |
Foreign exchange alignment |  |  | 151 |  |  |  | (448 | ) |  |  | 142 |  |  |  | 582 |  |  |  | 427 |
Balance as of December 31, 2025 |  | $ | 88,345 |  |  |  | (181,033 | ) |  | $ | 81,224 |  |  | $ | 331,738 |  |  |  | 320,274 |

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