NOTE
8 – RELATED PARTY TRANSACTIONS
As
of June 30, 2025 and 2024, the amount due from (due to) related parties consisted of:
SCHEDULE
OF AMOUNT DUE FROM (DUE TO) RELATED PARTIES
| | |
As
of
June 30, 2025 | | |
As
of
June 30, 2024 | |
| | |
| | |
| |
| Payable to Invent Fortune Sdn.
Bhd. (4) | |
$ | (715,444 | ) | |
$ | 1,001,561 | |
| Payable to Luo Xiong and Wo Kuk Ching (1) | |
| (1,209,120 | ) | |
| (954,566 | ) |
| Payable to Empower International Trading
(2) | |
| (527,325 | ) | |
| (1,413,058 | ) |
| Payable to TLC Global
International Trading (3) | |
| (810,975 | ) | |
| (726,947 | ) |
| Total due to related
parties, net | |
$ | (3,262,864 | ) | |
$ | (2,093,010 | ) |
The
amounts payable to related parties are unsecured, non-interest bearing, and payable on demand. The Company has the right to offset amounts
with related parties controlled by the same common control group.
| |
(1) |
Luo
Xiong and spouse Wo Kuk Ching and their immediate family members own 90% of the Company’s common stock. |
| |
(2) |
Entity
controlled 100% by Luo Xiong |
| |
(3) |
Entity
controlled 100% by Wong Ching Wing, daughter of Luo Xiong and Wo Kuk Ching |
| |
(4) |
Entity
controlled 83% by Luo Xiong and spouse Wo Kuk Ching. |
Related
party debt extinguishment recorded as capital contributions
|