Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 83

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 83
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 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 June 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 year.

Other expenses, net

This amount represents promissory
note interest payable to our noteholders, net of bank and loan interest income earned during the period. The increase was primarily attributable
to a higher level of outstanding promissory notes during the three months ended June 30, 2024.

Net loss

As a result of the above factors,
the Company incurred a net loss of $272,351and $10,197 for the three months ended June 30, 2025 and 2024, respectively.

 9 

For the Six Months Ended June 30, 2025 and
2024

The following table sets forth selected financial
information from our consolidated statements of operations and comprehensive loss for the six months ended June 30, 2025 and 2024:

    Six Months Ended June 30,  

    2025  
    2024 
  
    Revenues: 

    Design and build services 
    $550,034  
    $114,487 
  
    Project design and management services 
     217,949  
     – 
  
    Total revenue 
     767,983  
     114,487 
  
    Cost of revenue 
     (676,896) 
     (103,467)
  
    Gross profit 
     91,087  
     11,020 
  
    Operating expenses: 

    General and administrative expenses 
     (560,465) 
     (15,594)
  
    Loss from operation 
     (469,378) 
     (4,574)