Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 33

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 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 three months ended June 30, 2025 amounted to $250,015. We expect to complete this project by December
2025.

No revenue was recorded in
the corresponding period of 2024, primarily due to the completion of our most recent design and build project in early 2024, after which
the Company did not secure any new contracts in this service segment for the remainder of that year.

Cost of Revenue

Cost of revenue was $297,346
for the three months ended June 30, 2025, compared to $Nil 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 both our Design and Build Services and Project Design and Management Services segments.

Gross Profit

We achieved a gross profit
of $41,541 for the three months ended June 30, 2025, compared to $Nil 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 efficiency.

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

General and administrative
expenses were $313,352 for the three months ended June 30, 2025, compared to $7,736 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