| Schedule of Related Parties with Transactions and Related Party Relationships |
Related parties with transactions and related
party relationships
| Name of Related Party | | Relationship to the Group | | Mr. Jinyu Chang (1) | | Controller of the Company | | Mr. Dong Zhang | | 10% shareholder of Topsheen Samoa, 39% shareholder of Topsheen Shipping | | Mr. Christopher Nixon Cox (1) | | Chairman of the Board | | Mr. Hanxi Chang | | Former Chief Executive Officer | | Shanghai Weisheng International Logistics Co., Ltd | | Controlled by Shoucheng, Lei, director of Topsheen Shipping | | Topsheen Shipping Limited (Topsheen Ltd.”) | | Related to Mr. Dong Zhang | | Nanjing Derun Shipping Co., Ltd. | | Controlled by Mr. Dong Zhang, former principal shareholder, Chief Shipping Officer and director | | Top Wisdom Shipping Management Co. Limited | | Related to Mr. Dong Zhang | | Max Bright Marine Service Co. Ltd. | | Related to Mr. Dong Zhang | | Top Legend Shipping Co. Limited | | Related to Mr. Dong Zhang | | Top Creation International (HK) Limited | | Related to Mr. Dong Zhang | | Top Moral Shipping Limited | | Related to Mr. Dong Zhang | | New Galion Group (HK) Co. Ltd (“New Galion”) | | Controlled by Dr. Guohua Zhang | | High-Trend Holdings USA LLC (“High-Trend”) | | Controlled by Mr. Jinyu Chang, a major shareholder of the Company | | Speed Wealthy Ltd. | | Controlled by Mrs.Ran Li (Mrs. Li is Dong Zhang’s spouse) |
| (1) | Effective March 13, 2025, Mr. Jinyu Chang resigned as the Chairman of our Board of Directors, but continued to serve as a director of the Company. Also, effective March 13, 2025, Mr. Christopher Nixon Cox was elected to serve as a director and the Chairman of our Board of Directors. | Due from related parties consisted of the following:
| | |
April 30, 2026 | | |
October 31,
2025 | |
| | |
| | |
| |
| Top Moral Shipping Limited (1) | |
$ | - | | |
$ | 366,612 | |
| Topsheen Shipping Limited (1) | |
| 46,173 | | |
| 1,062,196 | |
| Total | |
$ | 46,173 | | |
$ | 1,428,808 | |
| (1) | The balance mainly represents certain payments made for vessel leases, which were subsequently cancelled and was subject to refund as of October 31,2025. The balance was fully collected as of December 31, 2025. | Due to related parties consisted of the following:
| | |
April 30, 2026 | | |
October 31, 2025 | |
| Topsheen Shipping Limited | |
$ | 297,923 | | |
$ | - | |
| Shanghai Weisheng International Logistics Co., Ltd. | |
| 267 | | |
| 10,724 | |
| Jinyu Chang | |
| 5,000 | | |
| 75,255 | |
| High-Trend (1) | |
| 2,373,951 | | |
| 5,080 | |
| Total | |
$ | 2,677,141 | | |
$ | 91,059 | |
| (1) | On April 27, 2026, High-Trend paid $2.6 million on behalf of the Company to pay off the promissory note (see Note 7). This transaction was structured as a short term promissory note due to High-Trend, payable upon maturity. For the six months ended April 30, 2026, the Company repaid $226,049 of the principal balance. As of April 30, 2026, the remaining balance of $2,373,951 was fully repaid by May 21, 2026. | Services provided by related parties
| | |
| |
For the six
months ended
April 30, | | |
For the six
months ended
April 30, | |
| | |
| |
2026 | | |
2025 | |
| Topsheen Shipping Limited | |
Vessel leasing | |
$ | 47,785,926 | | |
$ | 22,745,704 | |
| Max Bright Marine Service Co. Ltd | |
Vessel leasing | |
| 2,177,656 | | |
| 2,192,188 | |
| Top Wisdom Shipping Management Co. Limited | |
Freight services | |
| 118,565 | | |
| 35,304 | |
| Top Creation International (HK) Limited | |
Vessel leasing | |
| 1,495,454 | | |
| 2,718,771 | |
| Nanjing Derun Shipping Co., Ltd. | |
Collection agent | |
| 358,836 | | |
| 302,839 | |
| Top Moral Shipping Limited | |
Vessel leasing | |
| 2,754,231 | | |
| 2,086,388 | |
| Top Legend Shipping Co. Limited | |
Vessel leasing | |
| 2,160,613 | | |
| 2,186,844 | |
| Total | |
| |
$ | 56,851,281 | | |
$ | 32,268,038 | |
The Group provides transportation/freight services
to related parties frequently throughout the year pursuant to one-off arrangements.
| | |
For the six
months ended
April 30, | | |
For the six
months ended
April 30, | |
| | |
2026 | | |
2025 | |
| Shanghai Weisheng International Logistics Co., Ltd | |
$ | 31,299 | | |
$ | 51,882 | |
| Nanjing Derun Shipping Co., Ltd | |
| - | | |
| 23,688 | |
| Total | |
$ | 31,299 | | |
$ | 75,570 | |
|