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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of source of pre-tax income

​

​	​	​	​	​	​	​
​	​	For the Years Ended
​	​	December 31,
​		2023			2022
​	​	USD		​	USD
Income components	​	​	​	​	​	​
United States	​	$	(681,951)	​	$	991,240
Outside United States	​		2,069,739	​		3,549,310
Total pre-tax income	​	$	1,387,788	​	$	4,540,550
Provision for income taxes	​			​
Current	​			​
Federal	​	$	27,451	​	$	54,504
State	​		13,555	​		9,923
Foreign	​		670,512	​		594,267
​	​		711,518	​		658,694
Deferred	​			​
Federal	​		24,622	​		146,843
State	​		92,271	​		52,034
Foreign	​		(20,187)	​		3,059
​	​		96,706	​		201,936
Total provision for income taxes	​	$	808,224	​	$	860,630

Schedule of the components of income tax expense

​

​	​	​	​	​	​	​
​	​	For the Years Ended
​	​	December 31,
​		2023			2022
​	​	USD		​	USD
Income components	​	​	​	​	​	​
United States	​	$	(681,951)	​	$	991,240
Outside United States	​		2,069,739	​		3,549,310
Total pre-tax income	​	$	1,387,788	​	$	4,540,550
Provision for income taxes	​			​
Current	​			​
Federal	​	$	27,451	​	$	54,504
State	​		13,555	​		9,923
Foreign	​		670,512	​		594,267
​	​		711,518	​		658,694
Deferred	​			​
Federal	​		24,622	​		146,843
State	​		92,271	​		52,034
Foreign	​		(20,187)	​		3,059
​	​		96,706	​		201,936
Total provision for income taxes	​	$	808,224	​	$	860,630

Schedule of reconciliation of effective income tax rate on earnings before income taxes

​

​	​	​	​	​	​	​
​	​	For the Years Ended
​	​	December 31,
​	​	2023		​	2022
Federal statutory rate	​	21.0	%	​	21.0	%
(Decrease) increase in tax rate resulting from:	​			​		​
State and local income taxes, net of federal benefit	​	(0.5)		​	1.0	​
Foreign operations	​	15.1		​	(3.3)	​
Permanent items	​	3.1		​	0.1	​
Deferred adjustments	​	16.8		​	—	​
Others	​	2.7		​	0.1	​
Effective tax rate	​	58.2	%	​	18.9	%

Summary of components of net deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		As of			As of
​	​	December 31, 2023		​	December 31, 2022
​	​	USD		​	USD
​	​	​		​	​
Deferred tax assets		​			​
Allowance for credit losses	​	$	58,476	​	$	109,713
Other reserve	​		61,371	​		144,333
Accrued expenses	​		143,823	​		126,992
Lease liability	​		1,769,328	​		2,144,348
Charitable contributions	​		8,181	​		8,565
Business interest limitation	​		242,862	​		385,069
Net operating loss – federal	​		310,099	​		414,905
Net operating loss – state	​		27,337	​		75,863
Other	​		66,063	​		46,005
Total deferred tax assets	​		2,687,540	​		3,455,793
Less: valuation allowance	​		—	​		—
Net deferred tax assets	​		2,687,540	​		3,455,793
Deferred tax liabilities	​			​
Fixed assets	​		1,728,364	​		2,190,254
Intangibles	​		(209,657)	​		—
Total deferred tax liabilities	​		1,518,707	​		2,190,254
Deferred tax assets, net of deferred tax liabilities	​	$	1,168,833	​	$	1,265,539

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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