Company: IDVV
Filing Date: 2025-09-18
Form Type: 10-12G/A
Source: 0001683168-25-007099
Chunk: 102

Company: ModuLink Inc.
Filing Date: 2025-09-18
Form: 10-12G/A
Chunk 102
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 services were
$379,550 and $103,467, for the three months ended March 31, 2025 and 2024 respectively. The increase was consistent with the corresponding
growth in revenue recognized during these periods. The rise in costs is consistent with the onboarding of new projects and increased
operational efforts to support our expanding service portfolio.

Gross Profit

We achieved a gross profit
of $49,546 and $11,020 for the three months ended March 31, 2025 and 2024, respectively. The increase in gross profit during the current
period is primarily attributable to the addition of income from project design and management services, which contributed to higher overall
revenue and improved profitability.

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

General and administrative
expenses of $247,113 and $7,858 for the three months ended March 31, 2025 and 2024, respectively. 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 incurred income tax expense of $8,822 and $1,809
during the three months ended March 31, 2025 and 2024, respectively. The Company’s subsidiaries operating in Hong Kong are subject
to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits derived during
the current period, after deducting a tax concession for the tax year.

| 53 |

Liquidity and Capital Resources

The following summarizes the key component of
our cash flows for the three months ended March 31, 2025 and 2024.

|                                           |     | Three months ended 
 March 31           
 2025               |          |   |     | 2024 |         |   |
|:------------------------------------------|:----|:-------------------|---------:|:--|:----|:-----|:--------|:--|
| Net cash