| Schedule of Balances Due from Related Parties and Due to Related Parties |
(2) Accounts
receivable-related parties
| | |
As
of December
31, 2025 | | |
As
of
June 30,
2025 | |
| Topsheen Shipping
Singapore Pte. Ltd. (1) | |
$ | — | | |
$ | 616,279 | |
| Tong Da Shipping Co. Limited(2) | |
| — | | |
| 143,277 | |
| Mei Da Shipping Co. Limited(2) | |
| — | | |
| 159,638 | |
| Keen
Best Shipping Co Limited(2) | |
| 5,000 | | |
| 99,121 | |
| Total | |
$ | 5,000 | | |
$ | 1,018,315 | |
| (1) | The balance mainly represented consideration for time charter accounts receivable from Topsheen Shipping Singapore Pte. Ltd, which was collected in current period. |
| (2) | The balance represents the accrued management fees from related parties for vessel management services, which was partially collected in current period. |
(3)
Contract liabilities-related party
| | |
As
of December
31, 2025 | | |
As
of
June 30,
2025 | |
| Topsheen Shipping
Singapore Pte. Ltd.(1) | |
$ | 497,360 | | |
$ | 433,125 | |
| (1) | The balance represents the advance charter hire payments from Topsheen Shipping Singapore Pte. Ltd. |
As
of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:
| | |
As
of December
31, 2025 | | |
As
of
June 30,
2025 | |
| Topsheen Shipping
Singapore Pte. Ltd(1) | |
$ | 412,873 | | |
$ | 331,948 | |
| (1) | The balance represents the outstanding bunker receivable from Topsheen Shipping Singapore Pte. Ltd for time charter service provided by the Group. |
As
of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:
| |
|
As
of
December
31,
2025 |
|
|
As
of
June 30,
2025 |
|
| Topsheen Shipping Group Limited(1) |
|
$ |
5,417 |
|
|
$ |
36,584 |
|
| Nanjing Top Confidence Marine Management Co., Ltd(1) |
|
|
8,710 |
|
|
|
14,381 |
|
| Due to shareholder and affiliate(2) |
|
|
21,476,946 |
|
|
|
24,490,720 |
|
| Ocean Master Worldwide Corporation |
|
|
11,546 |
|
|
|
11,546 |
|
| Total |
|
$ |
21,502,619 |
|
|
$ |
24,553,231 |
|
| (1) | The balances mainly represented the expenses paid on behalf of the Group. |
| (2) | The balances mainly represented non-interest-bearing loans from Mr. Shoucheng Lei and due on demand. During the six months end December 31, 2025, the Group repaid $3,000,000 of these loans to Mr. Shoucheng Lei. |
(6) Services
provided to related parties
| | |
For
the
Six Months
ended
December 31,
2025 | | |
For
the
Six Months
ended
December 31,
2024 | |
| Topsheen
Shipping Singapore Pte. Ltd. (Time charter & Vessel management services revenue) | |
$ | 9,250,107 | | |
$ | 9,430,014 | |
| Mei
Da Shipping Co. Limited (Vessel management services revenue) | |
| 699,582 | | |
| 690,649 | |
| Tong
Da Shipping Co. Limited (Vessel management services revenue) | |
| 707,132 | | |
| 721,736 | |
| Topsheen
Bulk Singapore Pte Ltd (Time charter revenue) | |
| — | | |
| 617,624 | |
| Keen
Best Shipping Co Limited (Vessel management services revenue) | |
| 485,796 | | |
| 497,079 | |
| Total | |
$ | 11,142,617 | | |
$ | 11,957,102 | |
(8) Short-term
office lease expense from a related party
| | |
For
the Six
Months ended December
31, 2025 | | |
For
the Six
Months ended December
31, 2024 | |
| Mr. Jun Li’s
affiliate | |
$ | - | | |
$ | 13,795 | |
(9) General
and administrative expenses shared with a related party
| | |
For
the six
months ended December
31, 2025 | | |
For
the six
months ended December
31, 2024 | |
| Topsheen Shipping
Group Co., Ltd | |
$ | 57,508 | | |
$ | 55,997 | |
|