NOTE 19 — RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. | (a) | Related party balances |
The related parties that had balances with the Company as of December 31, 2025 and 2024 consisted of: | | | | | | | | | As of December 31, | | | 2025 | | 2024 | Due from related parties: | | | | | | | Betters Medical Investment Holdings Limited | | $ | 2,987 | | | 2,862 | Total | | $ | 2,987 | | $ | 2,862 | Due to related parties: | | | | | | | Quan Qiu(1) | | $ | 149,860 | | | — | Betters Medical Investment Holdings Limited(2) | | | 4,738,429 | | $ | 3,703,700 | Total | | $ | 4,888,289 | | $ | 3,703,700 |
| (1) | Quan Qiu is the director of Baird Medical Investment Holding Limited. |
| (2) | Betters Medical Investment Holdings Limited is the controlling shareholder of Baird Medical Investment Holding Limited. The nature of the balance is mainly the listing expenses and interest-free advances for operation paid by Betters Medical Investment Holdings Limited on behalf of the Company. |
| (b) | Related parties transactions: |
The following table set forth the balance of related party transactions as of the date indicated. | | | | | | | | | | | | | | | | For the years ended December 31, | Name of Related Party | | Nature | | 2025 | | 2024 | | 2023 | Betters Medical Investment Holdings Limited | | Proceeds of Interest-free advances for operation | | $ | 732,688 | | $ | 20,910 | | $ | — | Betters Medical Investment Holdings Limited | | Repayment of Interest-free advances for operation | | | (118,931) | | | — | | | (119,783) | Betters Medical Investment Holdings Limited | | Interest-free advances for listing expenses | | | 234,967 | | | — | | | — | Quan Qiu | | Interest-free advances for operation | | | 149,860 | | | — | | | — | Haimei Wu | | Interest-free advances made to a related party | | | — | | | — | | | (14,130) | Haimei Wu | | Received repayment | | | — | | | 386,635 | | | — | Total | | | | $ | 998,584 | | $ | 407,545 | | $ | (133,913) |
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