Company: IDVV
Filing Date: 2025-05-30
Form Type: 10-12G
Source: 0001683168-25-004098
Chunk: 84

Company: ModuLink Inc.
Filing Date: 2025-05-30
Form: 10-12G
Chunk 84
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. Revenues
derived from design and building services are recognized over time by using the cost-to-cost method to measure the progress towards the
completion of the performance obligation.

Cost of Revenue

Cost of services were $349,179 and $1,580,073,
for the year ended December 31, 2024 and 2023 respectively. The decrease was in consistent with the revenue recognised during the years.

Gross Profit

We achieved a gross profit of $60,163 and $44,229
for the years ended December 31, 2024 and 2023, respectively. The increase in gross profit is attributable to the addition of project
design and management services income in 2024.

General and administrative expenses (“G&A expenses”)

General and administrative expenses of $283,675
and $10,908 for the years ended December 31, 2024 and 2023, respectively. These expenses primarily include advertising and marketing expenses,
business development and consultancy fees, personnel related expenses, as well as costs incurred in connection with general operations
of the Company. The significant increase in general and administrative expenses was primarily due to the Group’s strategic initiatives,
including the diversification of our business operations into overseas markets beyond Hong Kong starting from August 2024, as part of
a broader restructuring of the Group.

Income Tax Expense

We incurred income tax expense of $37,681 and
$5,360 during the years ended December 31, 2024 and 2023, respectively. Income is subject to taxation in various countries in which the
Company and its subsidiaries operate or are incorporated. The income tax expense incurred in 2024 and 2023 was Hong Kong profits tax in
which the subsidiaries are subject to a 16.5% income tax rate on its taxable income generated from operations in Hong Kong.

Liquidity and Capital Resources

The following summarizes the key component of
our cash flows for the years ended December 31, 2024 and 2023.

|                                                       |     | Years ended December 31, |     2024 |   |     |   |    2023 |
|:------------------------------------------------------|:----|:-------------------------|---------:|:--|:----|:--|--------:|
| Net cash (used in) / provided by operating activities |     | $                        | (345,193 | ) |     | $ | 252,075 |
| Net cash used in investing activities                 |     | $