RELATED PARTY TRANSACTIONS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 12 — RELATED PARTY TRANSACTIONS
The relationship of related parties is summarized as follows:
(a) Loan from a related party
On January 3, 2024, the Company entered into an unsecured loan agreement with Mr. David Shan, the executive chairman of the Board and then CEO, in order to change the payment term from due on demand to due on January 3, 2029. This unsecured loan was required by MidFirst Bank when the Company renewed the line of credit on January 3, 2024. On May 13, 2024, the line of credit with MidFirst Bank was closed and the Company obtained a new line of credit with Cathay Bank, which did not include such a requirement. Consequently, the outstanding balance has been reclassified from non-current liabilities to current liabilities as of December 31, 2025. The Company made repayments totaling $ and $ towards this loan during the three months ended March 31, 2026 and the year ended December 31, 2025. The Company intends to continue the repayments of the loan due to Mr. Shan over the next twelve months.
MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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