Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 686

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 686
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, principally in Hong Kong (“HK”) and Australia. The Company’s U.S. parent company is subject to U.S. income tax rate of 21% and files U.S. federal income tax return. As of December 31, 2024 and 2023, the U.S. entity has net operating loss (“NOL”) carry forwards for income tax purposes of $856,144 and $402,666, respectively. The Company’s subsidiary LI and TE is subject to 25% corporate income tax in Australia, while the Company’s subsidiary MI is subject to 16.5% corporate income tax in HK. The Company’s subsidiary MI was subject to 8.25% corporate income tax in HK for 2023 as the tax authorities allow for a reduced rate for the first year. Loss before income taxes consists of the following:

| ​             
 ​             | ​ 
 ​ | ​ 
 ​ | For the Year Ended December 31, 
 2024                            |   |           |   | ​ | ​ | 2023 |   |         |   | ​ 
 ​ |
|:--------------|:--|:--|:--------------------------------|:--|----------:|:--|:--|:--|:-----|:--|--------:|:--|:--|
| United States | ​ | ​ | ​                               | ​ |   503,478 | ​ | ​ | ​ | ​    | ​ | 142,088 | ​ | ​ |
| Foreign       | ​ | ​ | ​                               | ​ | 1,515,044 | ​ | ​ | ​ | ​    | ​ | 686,296 | ​ | ​ |
| Total         | ​ | ​ | ​                               | ​ | 2,018,522 | ​ | ​ | ​ | ​    | ​ | 828,384 | ​ | ​ |

The Company did not provide any current or deferred U.S. federal income tax provision or benefit for the years ended December 31, 2024, and 2023, as it incurred tax losses during both years. No tax returns were prepared or estimated balances were determined for 2024, and there is no change in the estimated deferred asset and valuation allowance. Net income in 2024 was minimal, fell under various foreign jurisdictions, and if the Company is subject to taxable income in the U.S., it may be permitted to offset it against net operating losses carried forward. When it is more likely than not that a tax