NOTE 9 - LOAN RECEIVABLES, NET |
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||
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| NOTE 9 - LOAN RECEIVABLES, NET | NOTE 9 - LOAN RECEIVABLES, NET On September 10, 2021, the Company’s subsidiary, Sinoforte Limited entered into a business loan agreement, by and among the company, Gold Gold Gold Limited (“3G”), whereby the Company provide the fund for $1,000,000 to 3G for the business operating use. During the year ended December 31, 2023, $49,028 was repaid. During the year ended December 31, 2024, further loan $248,079 was lent to 3G. On January 2, 2025, Sinoforte Limited entered into another 3-year loan agreement and provide the fund for $102,906 (equivalent to HK$800,000) to 3G with interest rate 5% per annum. The Company owns 50% of shares in 3G and 3G is a joint venture of the Company. The interest in joint venture has been suffering losses and, thus, fully impaired in prior periods. Fully impairment on the loan receivables from 3G was recognized for the three months ended March 31, 2025 and year ended December 31, 2024. The loan amount was unsecured, with interest rate 5% p.a. and no fixed term of repayment. As of March 31, 2025 and December 31, 2024, the impairment loss was amounted to $102,906 and $248,079, respectively.
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