| SCHEDULE OF RELATED PARTY BALANCES |
Related
party balances consisted of the following:
SCHEDULE OF RELATED PARTY BALANCES
| Name | |
Nature |
| |
December
31,2024 | | |
June
30,2025 | |
| | |
|
| |
As
of | |
| Name | |
Nature |
| |
December
31,2024 | | |
June
30,2025 | |
| Gruppo
8 S.R.L. | |
Accounts
receivable – related parties |
(a) | |
$ | 26,025 | | |
$ | 72,830 | |
| Corium
Italia S.R.L. | |
Accounts
receivable – related parties |
(a) | |
| 287,910 | | |
| 281,056 | |
| Trends
Leather (Yangzhou) Co., Ltd. | |
Accounts
receivable – related parties |
(a) | |
| 615,016 | | |
| - | |
| Accounts
receivables | |
|
| |
$ | 928,951 | | |
$ | 353,886 | |
| | |
|
| |
| | | |
| | |
| HTL
Global Pte. Ltd. | |
Amount
due from related party |
(b) | |
$ | 996,316 | | |
$ | 3,395,916 | |
| New
Century International Homes Pte. Ltd. | |
Amount
due from related party |
(b) | |
| 1,811,538 | | |
| 1,571,817 | |
| Amounts
due from related parties | |
|
| |
$ | 2,807,854 | | |
$ | 4,967,733 | |
| | |
|
| |
| | | |
| | |
| HTL
Furniture (China) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
$ | 10,998,808 | | |
$ | 8,810,225 | |
| HTL
Furniture (Changshu) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| 32,467,504 | | |
| 19,438,331 | |
| HTL
Sofa (Kunshan) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| 18,118,921 | | |
| 15,783,278 | |
| HTL
Furniture (Huaian) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| 9,031,916 | | |
| 5,061,620 | |
| HTL
Import/Export Trading (Kunshan) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| 22,885 | | |
| 254,303 | |
| HTL
Furniture Vietnam Company Limited. | |
Accounts
payable – related parties |
(c) | |
| 1,398,608 | | |
| 5,165,713 | |
| HTL
Furniture (Yangzhou) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| - | | |
| 45,380 | |
| HTL
Product Design (Kunshan) Co., Ltd. | |
Accounts
payable – related parties |
(c) | |
| 659,510 | | |
| 687,620 | |
| HTL
Middle East Furniture LLC | |
Accounts
payable – related parties |
(c) | |
| 26,647 | | |
| 7,999 | |
| Accounts
payable, related parties | |
|
| |
$ | 72,724,799 | | |
$ | 55,254,469 | |
| | |
|
| |
| | | |
| | |
| HTL
Global Pte. Ltd. | |
Amount
due to related party |
(d) | |
$ | 292,753 | | |
$ | 292,753 | |
| Amounts
due to related parties | |
|
| |
$ | 292,753 | | |
$ | 292,753 | |
| (a) | Accounts
receivable due from related parties represented trade receivables from the sale of goods
with the Company in the normal course of business, which are unsecured, non-interesting bearing
and grant with credit terms ranging from 60 to 90 days from the issue date of invoice. |
| (b) | These
balances represented non-trade temporary advances made by the Company, which are unsecured,
interest-free and repayable on demand. |
| (c) | Accounts
payable due to related parties represented trade payables from the purchase of goods to the
Company in the normal course of business, which are unsecured, non-interesting bearing and
payable on demand. |
| (d) | These
balances represented non-trade temporary advances, which are unsecured, interest-free and
has no fixed terms of repayment. |
|
| SCHEDULE OF GROSS AND NET INFORMATION ABOUT THE ASSETS AND LIABILITIES |
SCHEDULE
OF GROSS AND NET INFORMATION ABOUT THE ASSETS AND LIABILITIES
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| | |
As
of December 31, 2024 | |
| | |
Gross | | |
Impact
from offsetting arrangement | | |
| |
| | |
Accounts
receivable | | |
Accounts
payable | | |
Written-off | | |
Debt
extinguishment | | |
Netting-off | | |
Net
balance | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Trading: | |
| | |
| | |
| | |
| | |
| | |
| |
| Trends
Leather (Yangzhou) Co., Ltd. | |
| 3,943,267 | | |
| - | | |
| (3,328,251 | ) | |
| - | | |
| - | | |
| 615,016 | |
| H.T.L.
Furniture, Inc. | |
| 816,417 | | |
| - | | |
| (816,417 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Trading (India) Private Limited | |
| 1,595,156 | | |
| (106,606 | ) | |
| (1,488,550 | ) | |
| - | | |
| - | | |
| - | |
| Gruppo
8 S.R.L. | |
| 5,510,429 | | |
| (288,557 | ) | |
| (5,195,847 | ) | |
| - | | |
| - | | |
| 26,025 | |
| Corium
Italia S.R.L. | |
| 287,910 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 287,910 | |
| Accounts
receivable - related parties | |
| 12,153,179 | | |
| (395,163 | ) | |
| (10,829,065 | ) | |
| - | | |
| - | | |
| 928,951 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| New
Century Sofa India Private Limited | |
| - | | |
| (83,709 | ) | |
| - | | |
| 83,709 | | |
| - | | |
| - | |
| HTL
Furniture (China) Co., Ltd. | |
| - | | |
| (67,614,759 | ) | |
| - | | |
| - | | |
| 56,615,951 | | |
| (10,998,808 | ) |
| HTL
Furniture (Changshu) Co., Ltd. | |
| - | | |
| (49,265,863 | ) | |
| - | | |
| - | | |
| 16,798,359 | | |
| (32,467,504 | ) |
| HTL
Sofa (Kunshan) Co., Ltd. | |
| - | | |
| (18,118,921 | ) | |
| - | | |
| - | | |
| - | | |
| (18,118,921 | ) |
| HTL
Furniture (Huaian) Co., Ltd. | |
| - | | |
| (9,031,916 | ) | |
| - | | |
| - | | |
| - | | |
| (9,031,916 | ) |
| HTL
Import/Export Trading (Kunshan) Co., Ltd. | |
| - | | |
| (22,885 | ) | |
| - | | |
| - | | |
| - | | |
| (22,885 | ) |
| HTL
Furniture Vietnam Company Limited. | |
| - | | |
| (1,398,608 | ) | |
| - | | |
| - | | |
| - | | |
| (1,398,608 | ) |
| HTL
Product Design (Kunshan) Co., Ltd. | |
| - | | |
| (659,510 | ) | |
| - | | |
| - | | |
| - | | |
| (659,510 | ) |
| HTL
Middle East Furniture LLC | |
| - | | |
| (26,647 | ) | |
| - | | |
| - | | |
| - | | |
| (26,647 | ) |
| Accounts
payable – related parties | |
| - | | |
| (146,222,818 | ) | |
| - | | |
| 83,709 | | |
| 73,414,310 | | |
| (72,724,799 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-trading: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| HTL
Manufacturing Pte Ltd | |
| 265,866 | | |
| - | | |
| (265,866 | ) | |
| - | | |
| - | | |
| - | |
| H.T.L.
Furniture, Inc. | |
| 976,175 | | |
| - | | |
| (976,175 | ) | |
| - | | |
| - | | |
| - | |
| HTL
Capital Pte. Ltd. | |
| 4,746,889 | | |
| - | | |
| (4,746,889 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Overseas Investments Pte. Ltd. | |
| 3,044,213 | | |
| - | | |
| (3,044,213 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Home Pte. Ltd. | |
| 720,700 | | |
| - | | |
| (720,700 | ) | |
| - | | |
| - | | |
| - | |
| HTL
Global Pte. Ltd. | |
| 996,316 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 996,316 | |
| Golden
Hill Capital Pte. Ltd. | |
| 56,615,951 | | |
| - | | |
| - | | |
| - | | |
| (56,615,951 | ) | |
| - | |
| New
Century International Homes Pte. Ltd. | |
| 18,609,897 | | |
| - | | |
| - | | |
| - | | |
| (16,798,359 | ) | |
| 1,811,538 | |
Amounts
due from related parties | |
| 85,976,007 | | |
| - | | |
| (9,753,843 | ) | |
| - | | |
| (73,414,310 | ) | |
| 2,807,854 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gruppo
8 S.R.L. | |
| - | | |
| (288,557 | ) | |
| 288,557 | | |
| - | | |
| - | | |
| - | |
| New
Century Trading (India) Private Limited | |
| - | | |
| (106,606 | ) | |
| 106,606 | | |
| - | | |
| - | | |
| - | |
| New
Century Sofa India Private Limited | |
| - | | |
| (83,709 | ) | |
| 83,709 | | |
| - | | |
| - | | |
| - | |
| HTL
Global Pte. Ltd. | |
| - | | |
| (292,753 | ) | |
| - | | |
| - | | |
| - | | |
| (292,753 | ) |
| Amounts
due to related parties | |
| - | | |
| (771,625 | ) | |
| 478,872 | | |
| - | | |
| - | | |
| (292,753 | ) |
HOMESTOLIFE
LTD AND SUBSIDIARIES
NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| | |
As
of June 30, 2025 | |
| | |
Gross | | |
Impact
from offsetting arrangement | | |
| |
| | |
Accounts
receivable | | |
Accounts
payable | | |
Written-off | | |
Debt
extinguishment | | |
Netting-off | | |
Net
balance | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Trading: | |
| | |
| | |
| | |
| | |
| | |
| |
| Trends
Leather (Yangzhou) Co. Ltd. | |
| 717,290 | | |
| (543 | ) | |
| (716,747 | ) | |
| - | | |
| - | | |
| - | |
| H.T.L.
Furniture, Inc. | |
| 1,910,579 | | |
| (1,312,995 | ) | |
| (597,584 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Trading (India) Private Limited | |
| 2,200,345 | | |
| (57,013 | ) | |
| (2,143,332 | ) | |
| - | | |
| - | | |
| - | |
| Gruppo
8 S.R.L. | |
| 826,532 | | |
| (752,214 | ) | |
| (1,488 | ) | |
| - | | |
| - | | |
| 72,830 | |
| Corium
Italia S.R.L. | |
| 326,171 | | |
| (45,115 | ) | |
| - | | |
| - | | |
| - | | |
| 281,056 | |
| Accounts
receivable - related parties | |
| 5,980,917 | | |
| (2,167,880 | ) | |
| (3,459,151 | ) | |
| - | | |
| - | | |
| 353,886 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| New
Century Sofa India Private Limited | |
| - | | |
| (379,948 | ) | |
| - | | |
| 379,948 | | |
| - | | |
| - | |
| HTL
Furniture (China) Co., Ltd. | |
| - | | |
| (61,004,668 | ) | |
| - | | |
| - | | |
| 52,194,443 | | |
| (8,810,225 | ) |
| HTL
Furniture (Changshu) Co., Ltd. | |
| - | | |
| (41,960,720 | ) | |
| - | | |
| - | | |
| 22,522,389 | | |
| (19,438,331 | ) |
| HTL
Furniture (Kunshan) Co., Ltd. | |
| - | | |
| (15,783,278 | ) | |
| - | | |
| - | | |
| - | | |
| (15,783,278 | ) |
| HTL
Furniture (Huai An) Co., Ltd. | |
| - | | |
| (5,061,620 | ) | |
| - | | |
| - | | |
| - | | |
| (5,061,620 | ) |
| HTL
Import/Export Trading (Kunshan) Co., Ltd. | |
| - | | |
| (254,303 | ) | |
| - | | |
| - | | |
| - | | |
| (254,303 | ) |
| HTL
Furniture Vietnam Company Limited. | |
| | | |
| (5,165,713 | ) | |
| - | | |
| - | | |
| - | | |
| (5,165,713 | ) |
| HTL
Product Design (Kunshan) Co., Ltd. | |
| - | | |
| (687,620 | ) | |
| - | | |
| - | | |
| - | | |
| (687,620 | ) |
| HTL
Middle East Furniture LLC | |
| - | | |
| (7,999 | ) | |
| - | | |
| - | | |
| - | | |
| (7,999 | ) |
| HTL
Furniture (Yangzhou) Co., Ltd. | |
| - | | |
| (45,380 | ) | |
| - | | |
| - | | |
| - | | |
| (45,380 | ) |
| Accounts
payable – related parties | |
| - | | |
| (130,351,249 | ) | |
| - | | |
| 379,948 | | |
| 74,716,832 | | |
| (55,254,469 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-trading: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| H.T.L
Furniture, Inc. | |
| 1,000,000 | | |
| - | | |
| (1,000,000 | ) | |
| - | | |
| - | | |
| - | |
| HTL
Capital Pte. Ltd. | |
| 4,746,889 | | |
| - | | |
| (4,746,889 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Overseas Investments Pte. Ltd. | |
| 3,044,213 | | |
| - | | |
| (3,044,213 | ) | |
| - | | |
| - | | |
| - | |
| New
Century Home Pte. Ltd. | |
| 720,700 | | |
| - | | |
| (720,700 | ) | |
| - | | |
| - | | |
| - | |
| HTL
Global Pte. Ltd. | |
| 3,395,916 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,395,916 | |
| Gruppo
8 S.R.L | |
| 6,447,650 | | |
| - | | |
| (6,447,650 | ) | |
| - | | |
| - | | |
| - | |
| Golden
Hill Capital Pte. Ltd. | |
| 57,477,113 | | |
| - | | |
| - | | |
| - | | |
| (57,477,113 | ) | |
| - | |
| New
Century International Homes Pte. Ltd. | |
| 18,811,538 | | |
| - | | |
| - | | |
| - | | |
| (17,239,721 | ) | |
| 1,571,817 | |
Amounts
due from related parties | |
| 95,644,019 | | |
| - | | |
| (15,959,452 | ) | |
| - | | |
| (74,716,834 | ) | |
| 4,967,733 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| HTL
Global Pte. Ltd. | |
| - | | |
| (292,753 | ) | |
| - | | |
| - | | |
| - | | |
| (292,753 | ) |
| Amounts
due to related parties | |
| - | | |
| (292,753 | ) | |
| - | | |
| - | | |
| - | | |
| (292,753 | ) |
|
| SCHEDULE OF RELATED PARTY TRANSACTIONS |
SCHEDULE OF RELATED PARTY TRANSACTIONS
| Name
of related parties | |
Nature | |
2024 | | |
2025 | |
| | |
Six
months ended June 30, | |
| Name
of related parties | |
Nature | |
2024 | | |
2025 | |
| | |
| |
| | |
| |
| H.T.L.
Furniture, Inc. | |
Sale
of Sofa | |
$ | 121,714 | | |
$ | 58,521 | |
| New
Century Trading (India) Private Limited | |
Sale
of Sofa | |
| 651,301 | | |
| 1,491,502 | |
| Sale
of Sofa | |
| |
$ | 773,015 | | |
$ | 1,550,023 | |
| | |
| |
| | | |
| | |
| Trends
Leather (Yangzhou) Co., Ltd. | |
Sale
of leather materials | |
$ | 5,077,482 | | |
$ | 9,106,919 | |
| Sale
of leather materials | |
Sale
of leather materials | |
$ | 5,077,482 | | |
$ | 9,106,919 | |
| | |
| |
| | | |
| | |
| Gruppo
8 S.R.L. | |
Purchase of goods | |
| 9,833 | | |
| 585,175 | |
| HTL
Furniture (Huaian) Co., Ltd. | |
Purchase of goods | |
| 4,773,169 | | |
| 5,056,779 | |
| HTL
Furniture (Changshu) Co., Ltd. | |
Purchase of goods | |
| 34,679,920 | | |
| 40,378,968 | |
| HTL
Furniture (China) Co., Ltd. | |
Purchase of goods | |
| 50,628,327 | | |
| 51,541,144 | |
| HTL
Furniture (Kunshan) Co., Ltd. | |
Purchase of goods | |
| 15,305,317 | | |
| 13,726,028 | |
| HTL
Furniture Vietnam Company Limited. | |
Purchase of goods | |
| 85,793 | | |
| 6,922,039 | |
| HTL
Import/Export Trading (Kunshan) Co. Ltd. | |
Purchase of goods | |
| 36,056 | | |
| 281,230 | |
| New
Century Sofa India Private Limited | |
Purchase
of goods | |
| 2,898,335 | | |
| 4,813,224 | |
| Purchase
of goods | |
| |
$ | 108,416,750 | | |
$ | 123,304,587 | |
| | |
| |
| | | |
| | |
| Corium
Italia S.R.L. | |
Commission
income | |
$ | 100,236 | | |
$ | - | |
| Gruppo
8 S.R.L. | |
Commission
income | |
| - | | |
| 40,590 | |
| HTL
Global Pte. Ltd. | |
Commission
income | |
| - | | |
| 14,344 | |
| Commission
income | |
| |
$ | 100,236 | | |
$ | 54,934 | |
| | |
| |
| | | |
| | |
| H.T.L.
Furniture, Inc. | |
Commission
expense | |
$ | 939,512 | | |
$ | 1,076,116 | |
| New
Century Trading (India) Private Limited | |
Commission
expense | |
| 55,217 | | |
| 119,364 | |
| Commission
expense | |
Commission
expense | |
| 55,217 | | |
| 119,364 | |
| H.T.L.
Furniture Inc. | |
Service
fee | |
| 240,357 | | |
| 350,844 | |
| Service
fee | |
| |
$ | 1,235,086 | | |
$ | 1,546,324 | |
| | |
| |
| | | |
| | |
| HTL
Product Design (Kunshan) Co., Ltd. | |
Professional
fee | |
$ | 2,666,610 | | |
$ | 2,576,325 | |
| HTL
Import/Export Trading (Kunshan) Co., Ltd. | |
Professional
fee | |
$ | - | | |
$ | 139,249 | |
| HTL
Furniture (Yangzhou) Co., Ltd. | |
Professional
fee | |
$ | - | | |
$ | 93,604 | |
| Professional
fee | |
Professional
fee | |
$ | - | | |
$ | 93,604 | |
| | |
| |
| | | |
| | |
| H.T.L.
Furniture, Inc. | |
Showroom
rental expense | |
$ | 100,000 | | |
$ | 100,000 | |
| Showroom
rental expense | |
Showroom
rental expense | |
$ | 100,000 | | |
$ | 100,000 | |
| | |
| |
| | | |
| | |
| New
Century International Homes Pte. Ltd. | |
Office
rental income | |
$ | - | | |
$ | 2,283 | |
| Office
rental income | |
Office
rental income | |
$ | - | | |
$ | 2,283 | |
| | |
| |
| | | |
| | |
| Trends
Leather (Yangzhou) Co., Ltd. | |
Purchase
of sample leather | |
$ | 1,182 | | |
$ | 543 | |
| Purchase
of sample leather | |
Purchase
of sample leather | |
$ | 1,182 | | |
$ | 543 | |
| | |
| |
| | | |
| | |
| H.T.L.
Furniture, Inc. | |
Exhibition
fee | |
$ | 171,639 | | |
$ | - | |
| Exhibition
fee | |
Exhibition
fee | |
$ | 171,639 | | |
$ | - | |
| | |
| |
| | | |
| | |
| New
Century Trading (India) Private Limited | |
Recharge of costs | |
$ | 677,118 | | |
$ | - | |
| HTL
Middle East Furniture LLC | |
Recharge of costs | |
$ | - | | |
$ | 47,992 | |
| HTL
Global Pte. Ltd. | |
Recharge of costs | |
$ | - | | |
$ | 4,567 | |
| Recharge
of costs | |
Recharge of costs | |
$ | - | | |
$ | 4,567 | |
| | |
| |
| | | |
| | |
| HTL
Global Pte. Ltd. | |
Management
fees | |
$ | - | | |
$ | 2,489 | |
| Related
party transactions | |
Management
fees | |
$ | - | | |
$ | 2,489 | |
|