Note 11 — RELATED PARTY TRANSACTIONS

The Group records transactions with various related parties. These related parties’ balances as of December 31, 2025 and June 30, 2025 and transactions for the six months ended December 31, 2025 and 2024 are identified as follows:

(1) Related parties with transactions and related party relationships

(2) Accounts receivable-related parties

​(1)      The balance mainly represented consideration for time charter accounts receivable from Topsheen Shipping Singapore Pte. Ltd, which was collected in current period.

​(2)      The balance represents the accrued management fees from related parties for vessel management services, which was partially collected in current period.

(3) Contract liabilities-related party

(1)      The balance represents the advance charter hire payments from Topsheen Shipping Singapore Pte. Ltd.

(4) Due from related parties

As of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:

(1)      The balance represents the outstanding bunker receivable from Topsheen Shipping Singapore Pte. Ltd for time charter service provided by the Group.

(5) Due to related parties

As of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:

(1)      The balances mainly represented the expenses paid on behalf of the Group.

(2)      The balances mainly represented non-interest-bearing loans from Mr. Shoucheng Lei and due on demand. During the six months end December 31, 2025, the Group repaid $3,000,000 of these loans to Mr. Shoucheng Lei.

(6) Services provided to related parties

For the six months ended December 31, 2025 and 2024, the Group provided time charter service and vessel management services to the related parties. These numbers have been included in the revenue of the unaudited condensed consolidated statements of income.

(7) Financing lease from a related party

For the six months ended December 31, 2025 and 2024, the Group has financing leases from a related party. (see Note 8)

(8) Short-term office lease expense from a related party

These numbers have been included in the General and administrative expenses of the unaudited condensed consolidated statements of income.

(9) General and administrative expenses shared with a related party

(10) Guarantee by a related party

As of December 31, 2025 and June 30, 2025, long-term loan totaling $2,101,891 and $2,908,945, respectively, was guaranteed by Topsheen Shipping Singapore Pte. Ltd., shareholders and affiliates. (see Note 9).

Note 10 — RELATED PARTY TRANSACTIONS

The Group records transactions with various related parties. These related parties’ balances as of June 30, 2025 and 2024 and transactions for the years ended June 30, 2025, 2024 and 2023 are identified as follows:

(1) Related parties with transactions and related party relationships

(2) Accounts receivable-related parties

____________

(1)      The balance mainly represented consideration for time charter accounts receivable from Topsheen Shipping Singapore Pte. Ltd.

(2)      The balance represents the accrued management fees from related parties for vessel management services.

(3) Advance from customers-related party

____________

​(1)      The balance represents the advance charter hire payments from Topsheen Shipping Singapore Pte. Ltd.

(4) Due from related parties

As of June 30, 2025 and 2024, the balances due from related parties were as follows:

____________

​(1)      The balance represents the outstanding bunker receivable from Topsheen Shipping Singapore Pte. Ltd for time charter service provided by the Group.

(5) Due to related parties

As of June 30, 2025 and 2024, the balances due to related parties were as follows:

____________

(1)      The balances mainly represented the expenses paid on behalf of the Group.

(2)      The balances mainly represented non-interest-bearing loans from Mr. Shoucheng Lei and due on demand.

(6) Services provided to related parties

For the years ended June 30, 2025, 2024 and 2023, the Group provided time charter service and vessel management services to the related parties. These numbers have been included in the revenue of the combined and consolidated statements of income.

(7) Financing lease from a related party

For the years ended June 30, 2025, 2024 and 2023, the Group has financing leases from a related party. (see Note 8)

(8) Short-term office lease expense from a related party

These numbers have been included in the General and administrative expenses of the combined and consolidated statements of income.

(9) General and administrative expenses shared with a related party

(10) Guarantee by a related party

As of June 30, 2025 and 2024, long-term loan totaling $2,908,945 and $4,505,274, respectively, was guaranteed by Topsheen Shipping Singapore Pte. Ltd., shareholders and affiliates. (see Note 9).

(11) Advances with related party

During the year, the Group entered into intercompany advances with related parties to meet short-term funding needs. Substantially all of the balances were settled before year-end, and the remaining balance as of June 30, 2025 was immaterial. The related cash flows were included in operating activities.