| Schedule of Balances Due from Related Parties and Due to 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. |
| | |
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. |
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 | |
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 | |
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 | |
|