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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of source of pre-tax income

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

 

USD

USD

USD

USD

Income components

United States

$

(1,200,966)

$

36,944

$

(1,840,931)

$

(401,898)

Outside United States

 

879,136

 

242,983

 

1,003,531

 

411,079

Total pre-tax (loss) income

$

(321,830)

$

279,927

$

(837,400)

$

9,181

Provision for income taxes

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Federal

$

34,488

$

11,165

$

538

$

10,624

State

 

12,554

 

5,887

 

8,425

 

3,133

Foreign

 

220,834

 

164,709

 

329,745

 

300,797

 

267,876

 

181,761

 

338,708

 

314,554

Deferred

 

  

 

  

 

  

 

  

Federal

 

(379,397)

 

7,888

 

(417,347)

 

(92,675)

State

 

(42,821)

 

5,785

 

(53,414)

 

6,184

Foreign

 

(144,073)

 

(3,988)

 

(144,073)

 

(3,988)

 

(566,291)

 

9,685

 

(614,834)

 

(90,479)

Total provision for income taxes

$

(298,415)

$

191,446

$

(276,126)

$

224,075

 

 

Schedule of the components of income tax expense

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

 

USD

USD

USD

USD

Income components

United States

$

(1,200,966)

$

36,944

$

(1,840,931)

$

(401,898)

Outside United States

 

879,136

 

242,983

 

1,003,531

 

411,079

Total pre-tax (loss) income

$

(321,830)

$

279,927

$

(837,400)

$

9,181

Provision for income taxes

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Federal

$

34,488

$

11,165

$

538

$

10,624

State

 

12,554

 

5,887

 

8,425

 

3,133

Foreign

 

220,834

 

164,709

 

329,745

 

300,797

 

267,876

 

181,761

 

338,708

 

314,554

Deferred

 

  

 

  

 

  

 

  

Federal

 

(379,397)

 

7,888

 

(417,347)

 

(92,675)

State

 

(42,821)

 

5,785

 

(53,414)

 

6,184

Foreign

 

(144,073)

 

(3,988)

 

(144,073)

 

(3,988)

 

(566,291)

 

9,685

 

(614,834)

 

(90,479)

Total provision for income taxes

$

(298,415)

$

191,446

$

(276,126)

$

224,075

 

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

For the Six Months Ended

 

June 30, 

 

    

2024

    

2023

 

Federal statutory rate

21.0

%  

21.0

%

Increase (decrease) in tax rate resulting from:

  

 

  

State and local income taxes, net of federal benefit

4.3

 

(5.3)

Foreign operations

(1.6)

 

84.0

Permanent items

(10.6)

 

2.5

Deferred adjustments

17.9

 

9.6

Others

2.0

 

(0.9)

Effective tax rate

33.0

%  

110.9

%

 

Summary of components of net deferred tax assets and liabilities

    

As of

    

As of

June 30, 2024

December 31, 2023

USD

USD

Deferred tax assets

 

  

 

  

Allowance for credit losses

$

52,163

$

58,476

Other reserve

 

57,857

 

61,371

Accrued expenses

 

157,981

 

143,823

Lease liability

 

1,619,063

 

1,769,328

Charitable contributions

 

8,187

 

8,181

Business interest limitation

 

378,489

 

242,862

Net operating loss – federal

 

623,342

 

310,099

Net operating loss – state

 

65,184

 

27,337

Other

 

195,104

 

66,063

Total deferred tax assets

 

3,157,370

 

2,687,540

Less: valuation allowance

 

 

Net deferred tax assets

 

3,157,370

 

2,687,540

Deferred tax liabilities

 

  

 

  

Fixed assets

 

1,561,953

 

1,728,364

Intangibles

 

(188,250)

 

(209,657)

Total deferred tax liabilities

 

1,373,703

 

1,518,707

Deferred tax assets, net of deferred tax liabilities

$

1,783,667

$

1,168,833