Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

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 Years Ended December 31,
	2024		2023
	USD		USD
Income components
United States	$	(5,300,760)	$	(681,951)
Outside United States	3,018,662		2,069,739
Total pre-tax (loss) income	$	(2,282,098)	$	1,387,788
Provision for (benefit of) income taxes
Current
Federal	$	2,809	$	27,451
State	46,915		13,555
Foreign	913,818		670,512
	963,542		711,518
Deferred
Federal	(941,331)		24,622
State	(435,241)		92,271
Foreign	(134,791)		(20,187)
	(1,511,363)		96,706
Total (benefit of) provision for income taxes	$	(547,821)	$	808,224

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 Years Ended December 31,
	2024		2023
	USD		USD
Income components
United States	$	(5,300,760)	$	(681,951)
Outside United States	3,018,662		2,069,739
Total pre-tax (loss) income	$	(2,282,098)	$	1,387,788
Provision for (benefit of) income taxes
Current
Federal	$	2,809	$	27,451
State	46,915		13,555
Foreign	913,818		670,512
	963,542		711,518
Deferred
Federal	(941,331)		24,622
State	(435,241)		92,271
Foreign	(134,791)		(20,187)
	(1,511,363)		96,706
Total (benefit of) provision for income taxes	$	(547,821)	$	808,224

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 Years Ended December 31,
	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	13.4	(0.5)
Foreign operations	(6.4)	15.1
Permanent items	(8.1)	3.1
Deferred adjustments	—	16.8
Others	4.1	2.7
Effective tax rate	24.0	58.2

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 December 31, 2024		As of December 31, 2023
	USD		USD
Deferred tax assets
Allowance for credit losses	$	45,859	$	58,476
Other reserve	127,515		61,371
Accrued expenses	152,600		143,823
Lease liability	1,464,256		1,769,328
Charitable contributions	331		8,181
Business interest limitation	634,794		242,862
Net operating loss – federal	976,500		310,099
Net operating loss – state	328,861		27,337
Other	186,554		66,063
Total deferred tax assets	3,917,270		2,687,540
Less: valuation allowance	—		—
Net deferred tax assets	3,917,270		2,687,540
Deferred tax liabilities
Fixed assets	1,416,178		1,728,364
Intangibles	(164,493)		(209,657)
Total deferred tax liabilities	1,251,685		1,518,707
Deferred tax assets, net of deferred tax liabilities	$	2,665,585	$	1,168,833