| RELATED PARTY TRANSACTIONS |
Note 9 — RELATED PARTY TRANSACTIONS
The Group records transactions with various related
parties. These related parties’ balances as of December 31, 2024 and June 30, 2024 and transactions for the six months
ended December 31, 2024 and 2023 are identified as follows:
(1) Related parties with transactions
and related party relationships
| Name of Related Party | | Relationship to the Group | | Mr. Shoucheng Lei | | A shareholder of the Group | | Ocean Master Worldwide Corporation | | Controlled by Mr. Shoucheng Lei, Ms. Luan Chen and Mr. Jun Li, shareholders of the Group | | Topsheen Shipping Limited | | Controlled by a family member of Mr. Jun Li | | Topsheen Shipping Singapore Pte. Ltd. | | Controlled by a family member of Mr. Jun Li | | Topsheen bulk Singapore Pte. Ltd. | | Controlled by a family member of Mr. Jun Li | | Xun Da Shipping Co. Limited | | Controlled by Ocean Master Worldwide Corporation | | Topsheen Shipping Group Limited | | Controlled by Mr. Shoucheng Lei | | Nanjing Top Confidence Marine Management Co., Ltd | | Controlled by Mr. Shoucheng Lei | | Mei Da Shipping Co. Limited | | Controlled by Ocean Master Worldwide Corporation | | Tong Da Shipping Co. Limited | | Controlled by Ocean Master Worldwide Corporation | | Keen Best Shipping Co Limited | | Controlled by Ocean Master Worldwide Corporation |
(2) Due from related parties
As of December 31, 2024 and June 30,
2024, the balances due from related parties were as follows:
| | |
As of
December 31,
2024 | | |
As of
June 30,
2024 | |
| Ocean Master Worldwide Corporation | |
$ | — | | |
$ | 71,663 | |
| Keen Best Shipping Co Limited | |
| — | | |
| 86,817 | |
| Topsheen Shipping Singapore Pte. Ltd(1) | |
| 433,371 | | |
| 381,780 | |
| Total | |
$ | 433,371 | | |
$ | 540,260 | |
| (1) | The balance represents the outstanding receivable from Topsheen
Shipping Singapore Pte. Ltd for the time charter service provided by the Group. |
(3) Due to related parties
As of December 31, 2024 and June 30,
2024, the balances due to related parties were as follows:
| | |
As of
December 31,
2024 | | |
As of
June 30,
2024 | |
| Topsheen Shipping Singapore Pte. Ltd.(1) | |
$ | 635,108 | | |
$ | 213,209 | |
| Topsheen Shipping Group Limited(2) | |
| 17,099 | | |
| 45,504 | |
| Nanjing Top Confidence Marine Management Co., Ltd(2) | |
| 18,572 | | |
| 17,683 | |
| Ocean Master Worldwide Corporation | |
| 11,546 | | |
| 11,546 | |
| Due to shareholders and affiliates(3) | |
| 24,476,946 | | |
| 24,776,946 | |
| Total | |
$ | 25,159,271 | | |
$ | 25,064,888 | |
| (1) | The balance mainly represented hire charter collected in
advance from Topsheen Shipping Singapore Pte. Ltd. |
| (2) | The balances mainly represented the expenses paid on behalf
of the Group. |
| (3) | The balances mainly represented non-interest-bearing loans
from the shareholders (and their affiliates) of the Group and due on demand. |
(4) Services provided to related
parties
| | |
For the
Six Months
ended
December 31,
2024 | | |
For the
Six Months
ended
December 31,
2023 | |
| Topsheen Shipping Singapore Pte. Ltd. (Time charter & Vessel management services revenue) | |
$ | 9,430,014 | | |
$ | 5,143,724 | |
| Mei Da Shipping Co. Limited (Vessel management services revenue) | |
| 690,649 | | |
| 805,211 | |
| Tong Da Shipping Co. Limited (Vessel management services revenue) | |
| 721,736 | | |
| 853,289 | |
| Topsheen Bulk Singapore Pte Ltd (Time charter revenue) | |
| 617,624 | | |
| — | |
| Keen Best Shipping Co Limited (Vessel management services revenue) | |
| 497,079 | | |
| 176,218 | |
| Total | |
$ | 11,957,102 | | |
$ | 6,978,442 | |
For the six months ended December 31, 2024 and 2023,
the Group provided time charter service and vessel management services to the related parties. These numbers have been included in the
revenue of the unaudited condensed combined and consolidated statements of income.
(5) Financing lease from a related
party
As of December 31, 2024 and June 30,
2024, the Group has financing leases from a related party. (see Note 7)
(6) Short-term office lease expense
from a related party
| | |
For the
Six Months
ended
December 31,
2024 | | |
For the
Six Months
ended
December 31,
2023 | |
| Mr. Jun Li’s affiliate | |
$ | 13,795 | | |
$ | 13,979 | |
| Total | |
$ | 13,795 | | |
$ | 13,979 | |
These numbers have been included in the General and administrative
expenses of the unaudited condensed combined and consolidated statements of income.
(7) General and administrative
expenses shared with a related party
| | |
For the
six months
ended
December 31,
2024 | | |
For the
six months
ended
December 31,
2023 | |
| Topsheen Shipping Group Co., Ltd | |
$ | 55,997 | | |
$ | 63,032 | |
| Total | |
$ | 55,997 | | |
$ | 63,032 | |
|