11. Related party transactions and balances
The table below sets
forth the major related parties and their relationships with the Company as of December 31, 2025, 2024 and 2023:
| Name of related parties | | Relationship with the Company | | Jinjiang Xingminqi Accounting Vocational Training School (“Jinjiang School”) | | A company controlled by the Company’s controlling shareholder | | Quanzhou City Lichen Accounting Vocational Training School (“Quanzhou School”) | | A company controlled by the Company’s controlling shareholder | | Mr. Ya Li | | Chief Executive Officer, Chairman of the Board |
| i) | Significant transactions with related parties were as follows: |
| | |
For the years ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Provision of marketing, operation and technical support
services to Jinjiang School | |
$ | - | | |
$ | - | | |
$ | 48 | |
| Provision of marketing, operation and technical support services
to Quanzhou School | |
| - | | |
| - | | |
| 60 | |
| Processing of academic education applications to Jinjiang School | |
| - | | |
| - | | |
| 101 | |
| Processing of academic education applications to Quanzhou School | |
| - | | |
| - | | |
| 107 | |
| Sales of teaching and learning materials to Jinjiang School | |
| - | | |
| - | | |
| 74 | |
| Sales of teaching and learning materials to Quanzhou School | |
| - | | |
| - | | |
| 49 | |
| Online training to Jinjiang School | |
| - | | |
| - | | |
| 28 | |
| Online training to Quanzhou School | |
| - | | |
| - | | |
| 16 | |
| Total revenues –
related parties | |
$ | - | | |
$ | - | | |
$ | 483 | |
| ii) | Significant balances with related parties were as follows: |
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
In thousands of USD | |
| Due to the related party | |
| | |
| |
| Ya Li | |
$ | - | | |
$ | 866 | |
| Total | |
$ | - | | |
$ | 866 | |
Balances due to Ya Li
are the result of the normal business transactions stated above. The balances were all unsecured, non-interest bearing and payable on
demand.
|