Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Foreign Currency Translation Adjustments |
|
Year-end spot rate
|
|
As of December 31,
|
|
2024
|
|
2025
|
|
US$ against JPY
|
|
157.3700 |
|
156.8000 |
|
US$ against KRW
|
|
1,477.8600 |
|
1,444.5500 |
|
US$ against SGD
|
|
1.3662 |
|
1.2859 |
|
US$ against EUR
|
|
0.9661 |
|
0.8521 |
|
US$ against IDR
|
|
16,090.0000 |
|
16,720.0000 |
|
US$ against RMB
|
|
7.2993 |
|
6.9931 |
|
Average rate
|
|
For the years ended December 31,
|
|
2023
|
|
2024
|
|
2025
|
|
US$ against JPY
|
|
140.5001 |
|
151.4551 |
|
149.5686 |
|
US$ against KRW
|
|
1,306.7637 |
|
1,363.4381 |
|
1,421.3963 |
|
US$ against SGD
|
|
1.3428 |
|
1.3363 |
|
1.3065 |
|
US$ against EUR
|
|
0.9245 |
|
0.9242 |
|
0.8845 |
|
US$ against IDR
|
|
15,236.4300 |
|
15,844.4435 |
|
16,459.8904 |
|
US$ against RMB
|
|
7.0809 |
|
7.1957 |
|
7.1875 |
|
| Schedule of Cash Presented in Denomination Currency |
Cash as reported in the consolidated balance sheets are presented in denomination currency as follows:
|
|
|
As of December 31,
|
| |
|
2024
|
|
2025
|
|
Cash
|
|
Amount
|
|
USD Equivalent
|
|
Amount
|
|
USD Equivalent
|
|
JPY
|
|
145,308,205 |
|
923,354 |
|
124,802,919 |
|
795,937 |
|
USD
|
|
149,775 |
|
149,775 |
|
404,127 |
|
404,127 |
|
EUR
|
|
580,500 |
|
600,869 |
|
179,027 |
|
210,106 |
|
KRW
|
|
714,445,264 |
|
483,432 |
|
277,898,918 |
|
192,378 |
|
IDR
|
|
6,189,767,295 |
|
384,697 |
|
2,660,036,579 |
|
159,097 |
|
Others
|
|
various
|
|
104,508 |
|
various
|
|
36,496 |
|
Total
|
|
|
|
2,646,635 |
|
|
|
1,798,141 |
|
| Schedule of Estimated Useful Lives and Residual Value |
Estimated useful lives and residual value are as follows:
|
Category
|
|
Estimated useful lives
|
|
Residual value
|
|
Office equipment and furniture
|
|
2 – 5 years |
|
5 |
%
|
|
Vehicles
|
|
3 – 4 years |
|
5 |
%
|
|
| Schedule of Disaggregates the Group’s Revenue |
The following table disaggregates the Group’s revenue by major sources:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2025
|
|
By revenue type
|
|
|
|
|
|
|
|
|
|
|
Global goods trading
|
|
$
|
21,877,126 |
|
$
|
29,037,915 |
|
$
|
24,146,468 |
|
Others
|
|
|
914,412 |
|
|
1,189,024 |
|
|
2,273,246 |
|
Total
|
|
$
|
22,791,538 |
|
$
|
30,226,939 |
|
$
|
26,419,714 |
The following table summarizes the Group’s revenues recognized at a point in time or over time:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2025
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
At a point in time
|
|
$
|
21,877,126 |
|
$
|
29,037,915 |
|
$
|
24,146,468 |
|
Over time
|
|
|
914,412 |
|
|
1,189,024 |
|
|
2,273,246 |
|
Total
|
|
$
|
22,791,538 |
|
$
|
30,226,939 |
|
$
|
26,419,714 |
|
| Schedule of Key Metrics Reviewed By Codm To Evaluate The Segment’S Performance |
The following table presents the key metrics reviewed by CODM to evaluate the segment’s performance:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2025
|
|
Revenues
|
|
$
|
22,791,538 |
|
|
$
|
30,226,939 |
|
|
$
|
26,419,714 |
|
|
Cost of revenues
|
|
|
(21,758,592 |
)
|
|
|
(29,078,294 |
)
|
|
|
(24,479,141 |
)
|
|
Selling and marketing expenses:
|
|
|
(3,265,269 |
)
|
|
|
(4,016,204 |
)
|
|
|
(2,734,349 |
)
|
|
Payroll expenses
|
|
|
(2,188,178 |
)
|
|
|
(2,328,412 |
)
|
|
|
(1,520,582 |
)
|
|
Office and utilities expenses
|
|
|
(516,805 |
)
|
|
|
(1,120,638 |
)
|
|
|
(539,500 |
)
|
|
Advertising and sales commission expense
|
|
|
(314,878 |
)
|
|
|
(413,111 |
)
|
|
|
(543,319 |
)
|
|
Others
|
|
|
(245,408 |
)
|
|
|
(154,043 |
)
|
|
|
(130,948 |
)
|
|
General and administrative expenses:
|
|
|
(4,076,003 |
)
|
|
|
(6,708,210 |
)
|
|
|
(6,766,136 |
)
|
|
Payroll expenses
|
|
|
(1,506,147 |
)
|
|
|
(2,335,705 |
)
|
|
|
(1,772,369 |
)
|
|
Rental expenses
|
|
|
(543,828 |
)
|
|
|
(696,961 |
)
|
|
|
(426,196 |
)
|
|
Others
|
|
|
(2,026,028 |
)
|
|
|
(3,675,544 |
)
|
|
|
(4,567,571 |
)
|
|
Total other (expenses)/income, net
|
|
|
(415,532 |
)
|
|
|
(1,403,022 |
)
|
|
|
1,598,871 |
|
|
Income tax expense
|
|
|
(2,831 |
)
|
|
|
—
|
|
|
|
(9,064 |
)
|
|
Net loss
|
|
$
|
(6,726,689 |
)
|
|
$
|
(10,978,791 |
)
|
|
$
|
(5,970,105 |
)
|
|
| Schedule of Geographical Markets Based on the Location of Customers |
The following table disaggregates the Group’s revenues by primary geographical markets based on the location of customers for the years ended December 31, 2023, 2024 and 2025.
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2025
|
|
Japan
|
|
$
|
15,520,578 |
|
$
|
16,103,600 |
|
$
|
10,813,920 |
|
Indonesia
|
|
|
3,818,385 |
|
|
11,069,030 |
|
|
5,817,295 |
|
Hongkong
|
|
|
—
|
|
|
—
|
|
|
4,737,670 |
|
Europe
|
|
|
2,035,737 |
|
|
1,467,784 |
|
|
4,318,216 |
|
Others(1)
|
|
|
1,416,838 |
|
|
1,586,525 |
|
|
732,613 |
|
Total revenues
|
|
$
|
22,791,538 |
|
$
|
30,226,939 |
|
$
|
26,419,714 |
|
| Schedule of Geographic Information of the Group’s Long-Lived Assets |
The following table disaggregates the geographic information of the Group’s long-lived assets, which consist of property and equipment and operating lease right-of-use assets, as of December 31, 2024 and 2025.
|
|
|
As of December 31,
|
| |
|
2024
|
|
2025
|
|
Indonesia
|
|
$
|
456,315 |
|
$
|
429,904 |
|
Singapore
|
|
|
119 |
|
|
168,425 |
|
Japan
|
|
|
92,924 |
|
|
166,859 |
|
Europe
|
|
|
170,707 |
|
|
—
|
|
Others(1)
|
|
|
184 |
|
|
67 |
|
Total long-lived assets
|
|
$
|
720,249 |
|
$
|
765,255 |
|
| Schedule of Operations Services and Sales Promotion Services |
Service revenues relate to revenues from other services, such as global brand operations services and sales promotion services that are ancillaries to global goods trading business.
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2025
|
|
Product revenues:
|
|
|
|
|
|
|
|
|
|
|
Household appliances
|
|
$
|
4,561,964 |
|
$
|
8,806,349 |
|
$
|
7,653,415 |
|
Skincare products
|
|
|
3,765,753 |
|
|
2,374,728 |
|
|
3,780,815 |
|
Maternity and baby products
|
|
|
—
|
|
|
117,437 |
|
|
3,410,700 |
|
Consumer electronic accessories
|
|
|
4,315,804 |
|
|
7,140,303 |
|
|
3,383,534 |
|
Oral-care products
|
|
|
3,188,687 |
|
|
5,023,175 |
|
|
2,566,897 |
|
Health-care products
|
|
|
2,429 |
|
|
1,117,975 |
|
|
1,265,622 |
|
Watches and accessories
|
|
|
163,698 |
|
|
1,014,867 |
|
|
890,816 |
|
Toys and game products
|
|
|
2,365,144 |
|
|
1,443,526 |
|
|
484,298 |
|
Cosmetics products
|
|
|
2,912,957 |
|
|
1,532,947 |
|
|
398,249 |
|
Other products
|
|
|
600,690 |
|
|
466,608 |
|
|
312,122 |
|
Subtotal
|
|
$
|
21,877,126 |
|
$
|
29,037,915 |
|
$
|
24,146,468 |
|
Service revenues
|
|
|
914,412 |
|
|
1,189,024 |
|
|
2,273,246 |
|
Total revenues
|
|
$
|
22,791,538 |
|
$
|
30,226,939 |
|
$
|
26,419,714 |
|