| Related Party |
15. Related
Party
The related parties that had material
balances as of March 31, 2025 and December 31, 2024 and transactions for the three months ended March 31, 2025 and 2024 consist of the
following:
Schedule of Related Parties Material Balances and Transactions
| Name of Related Party |
|
Nature of Relationship at March 31, 2025 |
| V-Cube, Inc. |
|
The principal shareholder of the Company |
| Wizlearn Technologies Pte. Ltd. |
|
An affiliate of the Company |
| Name of Related Party | |
Nature of Relationship as of December 31, 2025 |
| Dyventive, Inc | |
A company controlled by Dave Kovalcik, the director of V-Cube, Inc., the principal shareholder of the Company |
| GHDLCK, LLC | |
A company controlled by an immediate family member of Dave Kovalcik, the director of V-Cube, Inc., the principal shareholder of the Company |
| PharMethod, Inc | |
A company controlled by Dave Kovalcik, the director of V-Cube, Inc., the principal shareholder of the Company |
| V-Cube, Inc. | |
The principal shareholder of the Company |
| Wizlearn Technologies Pte. Ltd. | |
An affiliate of the Company |
The Company
had the following related party balances as of March 31, 2025 and December 31, 2024:
Schedule of Related Party Balances
| | |
| |
March
31, | | |
December
31, | |
| | |
Nature
of transactions | |
2025 | | |
2024 | |
| Advance to related party(1): | |
| |
| | | |
| | |
| V-Cube,
Inc. | |
Advance payment
made for IT outsourcing and market advisory services | |
| 1,963 | | |
| — | |
| V-Cube, Inc. | |
Advance payment made for marketing and business development | |
| 740 | | |
| — | |
| V-Cube, Inc. | |
Advance payment made for consultancy services | |
| 1,537 | | |
| — | |
| V-Cube, Inc. | |
Advance payment made for advisory services | |
| 1,025 | | |
| — | |
| Payable
due to related party: | |
| |
| | | |
| | |
| GHDLCK,
LLC | |
Accounts
payable related to rental expenses | |
| — | | |
| 83 | |
| PharMethod,
Inc | |
Accounts
payable related to operating expenses | |
| — | | |
| 73 | |
| Short-term
loans due to related parties: | |
| |
| | | |
| | |
| V-Cube
Inc. | |
Loan
payable for working capital | |
| 2,187 | | |
| 4,062 | |
| Wizlearn
Technologies Pte. Ltd. | |
Loan
payable for working capital | |
| 1,815 | | |
| 1,555 | |
Advance
— related party, including $2,102 classified as current and $3,163 classified as long-term, represent payments
the Company made on behalf of its principal stockholder, V-Cube, Inc., for services that will be provided to V-Cube, Inc. These amounts
will be reimbursed to the Company by V-Cube, Inc.
| (1): | | Amounts set forth
below are for advances made in respect of fees due pursuant to the agreements described in Item 5 of this quarterly report. |
The Company
had the following related party transactions for the three months ended March 31, 2025 and 2024:
Schedule of Related Party Transactions
| | |
| |
Three
Months Ended March 31, | |
| | |
Nature
of transactions | |
2025 | | |
2024 | |
| Revenue
from related parties: | |
| |
| | | |
| | |
| Dyventive,
Inc | |
Sales
from delivered events | |
$ | — | | |
$ | 10 | |
| PharMethod,
Inc | |
Sales
from delivered events | |
| — | | |
| 1 | |
| Selling,
General and Administrative Expenses with related party: |
| | | |
| | |
| GHDLCK,
LLC | |
Rental
expense for the Company’s office | |
| — | | |
| 24 | |
| V-Cube, Inc. | |
IT outsourcing and market advisory services and marketing and business development | |
| 135 | | |
| — | |
|