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Income taxes (Tables) | 3 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Schedule of Source of Pre-Tax Income | The source of pre-tax income and the components of income tax expense are as follows:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | USD |  | USD
Income components |  |  |  |  |  |  |
United States |  |  |  |  | $ | (847,719) |  |  | $ | (1,818,919) |
Outside United States |  |  |  |  | (270,768) |  |  | 263,832 |
Total pre-tax loss |  |  |  |  | $ | (1,118,487) |  |  | $ | (1,555,087) |
Provision for (benefit of) income taxes |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Federal |  |  |  |  | $ | — |  |  | $ | — |
State |  |  |  |  | — |  |  | 2,088 |
Foreign |  |  |  |  | 24,857 |  |  | 17,080 |
|  |  |  |  | 24,857 |  |  | 19,168 |
Deferred |  |  |  |  |  |  |
Federal |  |  |  |  | — |  |  | (608,145) |
State |  |  |  |  | — |  |  | (150,553) |
Foreign |  |  |  |  | (179) |  |  | — |
|  |  |  |  | (179) |  |  | (758,698) |
Total provision for (benefit of) income taxes |  |  |  |  | $ | 24,678 |  |  | $ | (739,530) |
Schedule of the Components of Income Tax Expense | The source of pre-tax income and the components of income tax expense are as follows:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | USD |  | USD
Income components |  |  |  |  |  |  |
United States |  |  |  |  | $ | (847,719) |  |  | $ | (1,818,919) |
Outside United States |  |  |  |  | (270,768) |  |  | 263,832 |
Total pre-tax loss |  |  |  |  | $ | (1,118,487) |  |  | $ | (1,555,087) |
Provision for (benefit of) income taxes |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Federal |  |  |  |  | $ | — |  |  | $ | — |
State |  |  |  |  | — |  |  | 2,088 |
Foreign |  |  |  |  | 24,857 |  |  | 17,080 |
|  |  |  |  | 24,857 |  |  | 19,168 |
Deferred |  |  |  |  |  |  |
Federal |  |  |  |  | — |  |  | (608,145) |
State |  |  |  |  | — |  |  | (150,553) |
Foreign |  |  |  |  | (179) |  |  | — |
|  |  |  |  | (179) |  |  | (758,698) |
Total provision for (benefit of) income taxes |  |  |  |  | $ | 24,678 |  |  | $ | (739,530) |
Schedule of Reconciliation of Effective Income Tax Rate on Earnings Before Income Taxes | Reconciliations between taxes at the U.S. federal income tax rate and taxes at the Company’s effective income tax rate on earnings before income taxes are as follows:
| For the Three Months Ended March 31,
| 2026 |  | 2025
| USD |  | % |  | USD |  | %
Income tax expense at Federal statutory tax rate | $ | (234,882) |  |  | 21.0 |  |  | $ | (326,568) |  |  | 21.0 |
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |
State and local income taxes, net of federal benefit(1) | 22,213 |  |  | (2.0) |  |  | (117,287) |  |  | 7.5 |
Foreign tax effects (statutory rate differential) |  |  |  |  |  |  |
Hong Kong | 58,062 |  |  | (5.2) |  |  | 19,622 |  |  | (1.3) |
Canada | 27,390 |  |  | (2.4) |  |  | 3,320 |  |  | (0.2) |
Cayman Islands | (17,059) |  |  | 1.5 |  |  | 55,003 |  |  | (3.5) |
Cambodia | (13,335) |  |  | 1.2 |  |  | (72,348) |  |  | 4.7 |
Other | 26,481 |  |  | (2.4) |  |  | (42,798) |  |  | 2.8 |
Nontaxable or nondeductible items | 12,425 |  |  | (1.1) |  |  | 7,959 |  |  | (0.5) |
Valuation allowance | 143,277 |  |  | (12.8) |  |  | — |  |  | — |
Other adjustments(2) | 106 |  |  | — |  |  | (266,433) |  |  | 17.2 |
Income tax expense | $ | 24,678 |  |  | (2.2) |  |  | $ | (739,530) |  |  | 47.7 |
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California and New Jersey for the three months ended March 31, 2026 and 2025. (2) For the three months ended March 31, 2025, other adjustments included right-of-use asset movements. Income taxes paid by jurisdiction were as follows:
| For the Three Months Ended March 31,
| 2026 |  | 2025
| USD |  | USD
Federal | $ | — |  |  | $ | — |
State | 375 |  |  | 625 |
Foreign |  |  |
Cambodia | 11,667 |  |  | — |
Germany | (7,725) |  |  | — |
Other | 452 |  |  | 225 |
Total cash paid for income taxes, net of refunds received | $ | 4,769 |  |  | $ | 850 |
Schedule of Components of Net Deferred Tax Assets and Liabilities | The following is a summary of the components of the net deferred tax assets and liabilities recognized in the consolidated balance sheets:
| As of March 31, 2026 |  | As of December 31, 2025
| USD |  | USD
Deferred tax assets |  |  |
Allowance for credit losses | $ | 48,066 |  |  | $ | 46,824 |
Other reserve | 138,103 |  |  | 157,620 |
Accrued expenses | 157,068 |  |  | 149,705 |
Lease liability | 1,063,602 |  |  | 1,131,158 |
Charitable contributions | 923 |  |  | 923 |
Business interest limitation | 927,785 |  |  | 927,728 |
Net operating loss – federal | 2,475,315 |  |  | 2,257,513 |
Net operating loss – state | 648,418 |  |  | 573,279 |
Other | 211,330 |  |  | 211,125 |
Total deferred tax assets | 5,670,610 |  |  | 5,455,875 |
Less: valuation allowance | (4,294,339) |  |  | (4,013,288) |
Net deferred tax assets | 1,376,271 |  |  | 1,442,587 |
Deferred tax liabilities |  |  |
Fixed assets | 1,050,766 |  |  | 1,140,919 |
Intangibles | 113,745 |  |  | 90,087 |
Total deferred tax liabilities | 1,164,511 |  |  | 1,231,006 |
Deferred tax assets, net of deferred tax liabilities | $ | 211,760 |  |  | $ | 211,581 |

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