v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

Accounts receivable from related party:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
Accounts receivable, net - related party          
- Related party K (net of allowance of $2 as of December 31, 2024)  $-   $41 

 

Accounts payable to related party:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
Accounts payable - related party          
- Related party A  $127   $- 

 

 

Due from related parties:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
Due from related parties          
- Related party B  $460,138   $180,207 
- Related party D   800,019    772,620 
- Related party G   1,377    1,357 
Total  $1,261,534   $954,184 

 

The amounts due from related parties are interest-free, unsecured, and have no fixed terms of repayment.

 

Due to related parties:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
Due to related parties          
- Related party A  $52,611   $23,218 
- Related party B   8,692    11,944 
- Related party K   22,679    22,335 
Total  $83,982   $57,497 

 

The amounts due to related parties are interest-free, unsecured, and repayable on demand.

 

Deferred costs of revenue to related parties:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
           
Deferred costs of revenue to related parties          
- Related party A  $5,000   $7,500 
- Related party F   7,500    11,250 
Total  $12,500   $18,750 

 

Investments in a related party:  June 30, 2025   December 31, 2024 
   (Unaudited)   (Audited) 
           
Investments in related party          
- Related party B  $12,073   $12,073 

 

 

Income from or expenses to related parties:  2025   2024 
   For the six months ended June 30, 
Income from or expenses to related parties:  2025   2024 
   (Unaudited)   (Unaudited) 
         
Service revenue from related parties          
- Related party A  $1,026   $1,245 
- Related party B   31,899    195,939 
- Related party D   -    26,119 
- Related party E   -    1,354 
- Related party G   428    14,420 
- Related party K   -    8 
Total  $33,353   $239,085 
           
Cost of service revenue to related parties          
- Related party A  $4,770   $4,052 
- Related party F   3,750    - 
Total  $8,520   $4,052 
           
General and administrative expenses to related parties          
- Related party A  $4,488   $28,769 
- Related party D   42,200    38,963 
- Related party I   6,887    6,974 
- Related party K   6,924    8,056 
Total  $60,499   $82,762 
           
Other income from related parties:          
- Related party B  $23,638   $19,881 
- Related party D   5,385    5,985 
Total  $29,023   $25,866 
           
Interest income from a related party          
- Related party B  $2,804   $2,344 
           
Gain on disposal of related party investments          
- Related party B  $39,800   $197,300 
           
Reversal of impairment of a related party investment:          
- Related party B  $150   $- 

 

Related party A is under the common control of Mr. Loke, Che Chan Gilbert, the Company’s CFO, and a major shareholder.

 

Related party B represents companies where the Company owns a respective percentage ranging from 1% to 18% interest in those companies.

 

Related party C is controlled by a director of some wholly owned subsidiaries of the Company.

 

Related party D represents companies that we have determined we can significantly influence based on our common business relationships.

 

Related party E represents companies whose CEO is a consultant to the Company, and who is also a director of Aquarius Protection Fund and a shareholder of the Company. Related party E is no longer our consultant and shareholder, and hence, our related party relationship came to an end on August 29, 2024.

 

Related party F represents a family member or members of Mr. Loke.

 

Related party G is under the common control of Mr. Lee Chong Kuang, the Company’s CEO and a major shareholder.

 

Related party H represents a company in which we currently have an approximate 48% equity-method investment. On December 31, 2023, the Company determined the amount due from related party H of $60,000 was impaired and recorded an impairment of other receivables of $60,000 for the year ended December 31, 2023. During 2018, the Company acquired approximately 49% of related party H for total consideration of $368,265. On December 31, 2018, the Company determined that its investments in related party H were impaired and recorded an impairment of other investments of $368,265.

 

Related party I is controlled by a family member of Mr. Lee.

 

Related party J represents a non-controlling interest in the Company’s subsidiary that owns its real estate held for sale. The amount due to related party J is unsecured, bears no interest, is payable on demand, and is related to the initial acquisition of the real estate held for sale. Related party J became no longer our related party since our acquisition of all its 40% shareholdings in our subsidiary on April 15, 2024.

 

Related party K represents shareholders and directors of the Company. Due from related party K represents the amounts paid by the Company to third parties on behalf of our shareholders or directors. On the other hand, due to related party K represents the amounts paid by the shareholders or directors to third parties on behalf of the Company. The amounts due from or due to related party K are interest-free and are due on demand.