Company: NUTR
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002312
Chunk: 204

Company: NUSATRIP Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 204
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 jurisdictions. U.S. federal income tax returns for 2018 and after remaining open to examination. We and our subsidiaries are also subject to income tax in multiple foreign jurisdictions. Generally, foreign income tax returns after 2017 remain open to examination. No income tax returns are currently under examination. As of September 30, 2024 and December 31, 2023, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes. The Company recognizes penalties and interest related to unrecognized tax benefits as income tax expense. For the year ended December 31, 2023, nine months ended September 30, 2024 and 2023, there were no penalties or interest recorded in income tax expense.

Income tax liability is calculated based on a separate return basis as if SOPA had filed separate tax returns before the completion of the Reorganization. Immediately following the Reorganization, the Company began to file separate tax returns and report the income tax based on the actual tax return of each legal entity under its respective tax regime.

NOTE 11 — PENSION COSTS

The Company’s subsidiaries are required to make contributions to their employees under a government-mandated defined contribution pension scheme for its eligible full-times employees locally employed. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. During the nine months ended September 30, 2024 and 2023, $71,010 and $1,395 contributions were made, respectively.

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<div align='center'>NUSATRIP INCORPORATED
NOTES TO CARVE-OUT COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2023
(Currency expressed in United States Dollars (“US$”))</div>

NOTE 12 — RELATED PARTY TRANSACTIONS

From time to time, shareholder of the Company advanced funds to the Company for working capital purposes. Those advances are unsecured, non-interest bearing and due on demand.

The Company has no other significant or material related party transactions during the years presented except for the audit fee borne by Society Pass Inc amounted to $0 and $125,000 for the nine months ended September 30, 2024 and for the year ended December 31, 2023 respectively.

NOTE 13 — CONCENTRATIONS OF RISK

The Company is exposed to the