v3.25.1
RELATED PARTY BALANCES AND TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 18 – RELATED PARTY BALANCES AND TRANSACTIONS

 

The summary of amounts due from and due to related parties is presented as follows:

 

      2024   2023 
      As of December 31, 
      2024   2023 
            
Due from related parties consist of the following:        
Ours Media Limited (“Ours Media”)  Due from related party  $31,624   $— 
Ours Media Hong Kong Limited (“Ours Media HK”) 

Other receivables

   

—

    

1,799

 
Due from related parties  Other receivables   31,624    

1,799

 
              
Due to related parties consist of the following:             
Ms. Nga Fan Wong (“Ms. Wong”)  Due to director  $68,026   $75,604 
Ms. Ho Ling Honnus Cheung (“Ms. Cheung”)  Due to director   25,111    4,995 
Mr. Liqian Liao (“Mr. Liao”)  Due to director   25,111    4,995 
Ms. Rose Ellen Steinberg (“Ms. Steinberg”)  Due to director   25,111    4,995 
Ours Media HK  Due to related party   184,948    — 
Discovery Networks Asia-Pacific Pte Ltd. (“DNAP”)  Loan   1,162,920    1,295,287 
Due to related parties     $1,491,227   $1,385,876 

 

Ms. Wong is Chief Executive Officer of the Company and common director of Ours Media and Ours Media HK.

 

As of December 31, 2024 and 2023, the amounts due from Ours Media of $31,624 and Ours Media HK of $1,799, respectively represented non-trade temporary advances to related parties which are unsecured, interest free and have no fixed terms of repayment.

 

As of December 31, 2024 and 2023, the amounts due to Ms. Wong, the Company’s Chief Executive Officer, are $68,026 and $75,604, respectively, which are unsecured, interest free and have no fixed terms of repayment.

 

As of December 31, 2024 and 2023, the amounts due to Ms. Cheung, Mr. Liao, and Ms. Steinberg, are in aggregate of $75,333 and $14,985, respectively, which are unsecured, interest free and repayable on demand.

 

As of December 31, 2024, the amounts due to Ours Media HK of $184,948 represented non-trade temporary advances which are unsecured, interest free and have no fixed terms of repayment.

 

As of December 31, 2024 and 2023, the loan from DNAP, one of the shareholders of the Company, amounting to $1,162,920 and $1,295,287, respectively, which bears interest at the rate of 8% per annum and becomes repayable by 12 equal consecutive monthly instalments, commencing from January 31, 2023. On June 9, 2023, the Company and DNAP entered into a supplementary agreement to extend the repayment date of the loan by 12 equal consecutive monthly instalments, commencing on January 31, 2024. Subsequently on March 10, 2025, the Company and DNAP entered into a supplementary agreement to extend the repayment date to March 31, 2026. Save as aforesaid, all other terms of the original loan agreement remained in full force and effect.

 

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

 

   2024   2023  
   For the years ended December 31, 
   2024   2023  
Revenue from related parties  $30,565   $36,110  

Cost of revenue to related party

  $

769

    

—

  
Rental expenses paid to related parties  $97,675   $87,401  
Loan interest expenses paid to related parties  $71,899   $71,111  

 

The related parties are the Company’s shareholders or companies under common control by Ms. Wong.

 

 

VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Stated in US Dollars, except for number of shares)