Due from Affiliates |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | ||||||||||
| Due from Affiliates [Abstract] | ||||||||||
| Due from Affiliates | 7) Due from Affiliates
The balance outstanding from the affiliates as of June 30, 2025 is $3,320 as compared to $497 as of December 31, 2024, as outlined below;
On January 1, 2025, the Company entered into a Master Service Agreement with Securekloud Technologies Inc. (“SKI”) and Securekloud Technologies Limited (“SKL). The initial term of the agreement is twenty-four months, which is extendable based on mutual consent. As per the Master Services Agreement, SKI and SKL provide technical resources according to the statement of work from the Company. The Company received services amounting to $1,025 and $755 for the quarter ended June 30, 2025, and 2024 respectively and $2,020 and $1,568 for the six months ended June 30, 2025 and 2024 respectively, while the Company made advance payments amounting to $4,843 during the six months ended June 30, 2025. As at June 30, 2025, the due from affiliates balance of $3,320 represents advance payments to the affiliates which is expected to be settled within six months from the balance sheet date.
On January 1, 2025, the Company entered into a Rental Sublease Agreement with Securekloud Technologies Inc. (“SKI”), The initial term of the agreement between SKI and the principal lessor is twenty-four months, which is extendable based on mutual consent. As per the terms of the Rental Sublease Agreement, the cost incurred by SKI on behalf of the Company are settled at cost. The Company paid rental expenses amounting to $15 and $34 for the quarter ended June 30, 2025, and 2024 respectively and $59 and $67 for the six months ended June 30, 2025 and 2024 respectively. |