NOTE 19 - RELATED PARTY BALANCES AND TRANSACTIONS
Due from/(to) related companies
The balance due from/(to) related companies was as following:
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| March 31,
2025
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| December 31,
2024
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| $
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| $
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Citysearch Technology (Macau) Limited (1)
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| 1,411
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| 1,411
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Gloryful Company Limited (2)
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| 2,123
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| 2,123
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Littlemi Technology Company Limited (3)
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| 117,822
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| 117,820
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Watermelon Cultural Communication Company Limited (4)
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| 220,167
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| 220,164
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Kangaroo Technology Company Limited (5)
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| (294,945)
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| (220,445)
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Zhuhai Xiangguo Technology Company Limited (6)
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| 81,162
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| 73,472
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| 127,740
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| 194,545
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Note:
(1)
| Citysearch Technology (Macau) Limited is 90% controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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(2)
| Gloryful Company Limited is 6% controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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(3)
| Littlemi Technology Company Limited is 50% controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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(4)
| Watermelon Cultural Communication Company Limited 51% controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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(5)
| Kangaroo Technology Company Limited is 90% controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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(6)
| Zhuhai Xiangguo Technology Company Limited is 90% indirectly controlled by Jiang Haitao, the shareholder of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.
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Loan receivables, net
The Company has loan receivables from a joint venture, 3G amounted to US$nil and amount due from 3G mounted to US$nil as of March 31, 2025 and December 31, 2024 as disclosed in Notes 9 and 18, respectively. The balances have been fully impaired in prior periods.
The transactions within the group were as following:
During three months ended March 31, 2025, MED had the cost of delivery for $3,653,124 and $313,648 (2024: $3,320,813 and $283,028) from its subsidiaries, Fresh Life and Green Supply Chain Management Company Limited respectively. MED had incurred the software and IT supporting service expense for $1,185,591 (2024: $934,405) from its subsidiary Zhuhai Chengmi Technology Company Limited. Fresh Life incurred the cost of sales for IT supporting service from Zhuhai Chengmi Technology Company Limited for $53,187 (2024: $38,197). Citysearch had incurred software and IT supporting service expense from Zhuhai Chengmi Technology Company Limited with $140,624 (2024: $Nil) and purchased the cost of group dining meal from Celebrity Catering for $287,255 (2024: $Nil).
All of the above transactions were eliminated from the consolidated statement of operations and comprehensive loss.
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