Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 119

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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wan Lee – Paul Y. JV in early 2024, after which the
Company did not secure any new contracts in this service segment for the remainder of that year.

In August 2024, we entered
into a design services management agreement with Zenith (HK) for a total contract sum of HK$4,000,000 (approximately $513,000). Under
this agreement, we provided technical design manpower services for the Sheung Shui Town Lot No. 263 (F0874), Kwu Tung North – Podium
and Tower project. Our scope of work included deploying skilled technical personnel to support design development, project planning, coordination
activities, and close collaboration with Zenith HK’s internal team. This engagement marked a strategic shift toward service-based
offerings that leverage our technical expertise while requiring less capital investment than traditional design and build contracts. The
project was completed as scheduled in June 2025.

In addition, revenue for the
quarter included contributions from a residential design, build, and project management engagement with an individual customer based in
in Hong Kong, which commenced in January 2025, further expanding our service portfolio and reinforcing our presence in the region. Revenue
recognized from this project during the six months ended June 30, 2025 amounted to $550,034. We expect to complete this project by December
2025.

 10 

Cost of Revenue 

Cost of revenue was $676,896
for the six months ended June 30, 2025, compared to $103,467 for the same period in 2024, representing an increase of approximately 554%.
The increase was directly attributable to the commencement and execution of new projects during the quarter, and is consistent with the
corresponding growth in revenue. The higher costs primarily reflect the deployment of additional resources, including labor and subcontracted
services, to support the expanded scope of operations across both our Design and Build Services and Project Design and Management Services
segments.

Gross Profit

We achieved a gross profit
of $91,087 for the six months ended June 30, 2025, compared to $11,020 for the same period in 2024. The improvement in gross profit was
primarily driven by the commencement of new revenue-generating projects, particularly within our Project Design and Management Services
segment. These engagements contributed to higher overall revenue and improved profitability, reflecting the positive impact of our strategic
focus on service-oriented contracts that leverage technical expertise while maintaining cost