v3.26.1
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

(1)      No revenues of individual region in others exceeded 10% of the Group’s total revenues for the years ended December 31, 2023, 2024 and 2025.

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

(1)      No long-lived assets of individual region in others exceeded 10% of the Group’s total long-lived assets as of December 31, 2024 and 2025.

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