Company: IDVV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008369
Chunk: 25

Company: ModuLink Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 8
Chunk 25
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 which commenced in January 2025, further expanding our service portfolio and reinforcing our presence in the region.
Revenue recognized from this project during the three months ended September 30, 2025 amounted to $385,045. We expect to complete this
project by December 2025.

Cost of Revenue

Cost of revenue was $341,648
for the three months ended September 30, 2025, compared to $245,712 for the same period in 2024. 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 our Design and Build Services segment.

Gross Profit

We achieved a gross profit
of $43,397 for the three months ended September 30, 2025, compared to $49,143 for the same period in 2024. The slight decrease in gross
profit was primarily driven by the completion of our project design and management service contract in June 2025. Such engagement contributed
to higher overall revenue and margin.

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

General and administrative
expenses were $328,986 for the three months ended September 30, 2025, compared to $31,231 for the same periods in 2024. These expenses
primarily include advertising and marketing expenses, business development, professional 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 during the current period was primarily driven by the continued expansion of our subsidiaries, which resulted in higher operational
and staffing costs. Additionally, the Company incurred substantial professional fees related to the business combination process, including
legal, advisory, and due diligence expenses. These investments reflect the Company’s strategic efforts to support growth initiatives
and strengthen its operational infrastructure.

Income Tax Expense

We did not incur any income
tax expenses for the three months ended September 30, 2025, or 2024, as our operating subsidiaries recorded estimated tax losses during
both periods. The Company’s subsidiaries operating in Hong Kong are subject to Hong Kong Profits Tax under the two-tiered tax rate
regime, with rates ranging from 8.25% to 16.5% on assessable profits, after applying the applicable tax concession for the relevant tax