| Related Party Transactions |
Note
8 – Related Party Transactions
Relationships
with related parties
Schedule
of Relationships with Related Parties
| Name |
|
Relationship |
| Mr.
Cheung Ching Ping* |
|
Shareholder
and former Director of the Company |
| Mr.
Cheung Chi Ping** |
|
Shareholder
and former Director of the Company |
| * |
|
On
January 28, 2026, Mr. Cheung Ching Ping resigned as Chairman of the Board and a Director of the Board, effective as of January 29, 2026. |
| |
|
|
| ** |
|
On
January 28, 2026, Mr. Cheung Chi Ping resigned as a Director of the Board, effective as of January 29, 2026. |
On
March 23, 2026, the board of directors approved the disposal of all three golf club memberships. The Company entered into two separate
agreements to dispose (i) one golf club membership with a carrying amount of $319,998 as of December 31, 2025 for a cash consideration
of $322,500 (the original acquisition price by the Company) to Mr. Cheung Chi Ping, former director of the Company, and (ii) two golf
club memberships with an aggregate carrying amount of $58,836 as of December 31, 2025 with a cash consideration of $58,836 (the original
acquisition price by the Company) to Mr. Cheung Ching Ping, former director of the Company. The disposal prices were based on the original
acquisition costs of the memberships, which management believes approximate their fair values. The transactions were approved by the
board of directors. All cash consideration of $381,336 was received and the Company recognized a gain on disposal of $2,502 during the
three months ended March 31, 2026.
Amounts
due to related parties
Amounts
due to related parties consist of the following:
Schedule
of Amount Due to Related Parties
| | |
| |
March 31, | | |
December 31, | |
| Name | |
Nature | |
2026
(unaudited)
| | |
2025
(audited)
| |
| Mr. Cheung Ching Ping | |
Director’s remuneration(1) | |
| - | | |
| 100,000 | |
| Mr. Cheung Ching Ping | |
Payment of operating costs on behalf of the Company | |
| 30,946 | | |
| 12,789 | |
| Mr. Cheung Chi Ping | |
Director’s remuneration(2) | |
| - | | |
| 100,000 | |
| Mr. Cheung Chi Ping | |
Repayment of borrowings on behalf of the Company | |
| 3,809 | | |
| 3,809 | |
| | |
| |
$ | 34,755 | | |
$ | 216,598 | |
Notes:
| (1) |
For
the three months ended March 31, 2026, the Company charged $37,500 as director’s remuneration/ salaries to Mr. Cheung Ching Ping and
recognized under salaries and benefits on the statements of operations. The balance is interest-free, unsecured and repayable on
demand. As of December 31, 2025, the director’s remuneration payable to Mr. Cheung Ching Ping of $100,000 was fully settled
in January 2026. |
| |
|
| (2) |
For
the sake of compensating Mr. Cheung Chi Ping’s involvement in the daily operations and management of golf operations of the
Company, director’s remuneration was granted by the Company every year based on the performance of the Company. For the three
months ended March 31, 2026 and 2025, the Company charged $37,500 and $nil, respectively, as director’s remuneration/ salaries to Mr.
Cheung Chi Ping and recognized under salaries and benefits on the statements of operations. The balance is interest-free, unsecured
and repayable on demand. As of December 31, 2025, the director’s remuneration payable to Mr. Cheung Chi Ping of $100,000 was
fully settled in January 2026. |
|