Company: IDVV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008369
Chunk: 28

Company: ModuLink Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 8
Chunk 28
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, revenue for the
quarter included contributions from a 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 nine months ended September 30, 2025 amounted to $924,974. We expect to complete this project
by December 2025.

Cost of Revenue 

Cost of revenue was $1,018,544
for the nine months ended September 30, 2025, compared to $349,179 for the same period in 2024, representing an increase of approximately
192%. 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 $134,484 for the nine months ended September 30, 2025, compared to $60,163 for the same period in 2024. The increase in gross profit
was attributable to revenue contributions from a new design and build services project provided to an individual customer in Hong Kong.

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

General and administrative
expenses were $889,451 for the nine months ended September 30, 2025, compared to $46,825 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.

 11 

Income Tax Expense

We incurred income tax expense
of $8,822 and $1,809 during nine months ended September 30, 2025 and 2024, respectively. The Company’s subsidiaries operating in
Hong Kong are subject to the Hong Kong Profits Tax at the two-tier