v3.26.1
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

Accounts receivable from related parties:  June 30, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Accounts receivable, net – related parties                       
- Related party A  $202   $- 
- Related party B   48    - 
Total  $250   $- 

 

Due from related parties:  June 30, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Due from related parties          
- Related party B  $174,142   $178,909 
- Related party D   704,973    815,342 
- Related party G   1,387    1,389 
Total  $880,502   $995,640 

 

The amounts due from related parties are interest-free, unsecured, and have no fixed terms of repayment.

 

  

Due to related parties:  June 30, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Due to related parties          
- Related party A  $153,967   $91,606 
- Related party B   7,464    6,697 
- Related party G   -    284 
- Related party K   695,514    3,335 
Total  $856,945   $101,922 

 

The amounts due to related parties are interest-free, unsecured, and repayable on demand.

 

Deferred costs of revenue to related parties:  June 30, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Deferred costs of revenue to related parties          
- Related party A  $2,500   $2,500 
- Related party F   3,750    3,750 
Total  $6,250   $6,250 

 

Investments in a related party:  June 30, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Investments in a related party          
- Related party B  $18,200,000   $- 

 

 

Income from / expenses to related parties:  2026   2025 
   For the six months ended June 30, 
Income from / expenses to related parties:  2026   2025 
   (Unaudited)   (Unaudited) 
Service revenue from related parties          
- Related party A  $26,397   $1,026 
- Related party B   26,373    31,899 
- Related party G   283    428 
- Related party I   388    - 
Total  $53,441   $33,353 
           
Cost of service revenue to related parties          
- Related party A  $2,103   $4,770 
- Related party F   -    3,750 
Total  $2,103   $8,520 
           
General and administrative expenses to related parties          
- Related party A  $1,915   $4,488 
- Related party D   46,246    42,200 
- Related party I   7,530    6,887 
- Related party K   6,896    6,924 
Total  $62,587   $60,499 
           
Other income from related parties:          
- Related party B  $15,324   $23,638 
- Related party D   5,363    5,385 
Total  $20,687   $29,023 
           
Interest income from a related party          
- Related party B  $3,039   $2,804 
           
Gain on disposal of a related party investment          
- Related party B  $-   $39,800 
           
Reversal of impairment of a related party investment:          
- Related party B  $-   $150 

 

Related party A is under the common control of Mr. Loke, Che Chan Gilbert, the Company’s Chief Financial Officer, and a major shareholder.

 

Related party B represents companies in which the Company owns a respective percentage ranging from 1% to 18% interest in those companies.

 

Related party C is controlled by a director of some wholly owned subsidiaries of the Company.

 

Related party D represents companies that we have determined we can significantly influence based on our common business relationships.

 

Related party E represents companies whose CEO was a consultant to the Company, and who was also a director of Aquarius Protection Fund and a shareholder of the Company. Related party E is no longer our consultant and shareholder, and hence, our related party relationship came to an end on August 29, 2024.

 

Related party F represents a family member of Mr. Loke or family members of Mr. Loke.

 

Related party G is under the common control of Mr. Lee, Chong Kuang, the Company’s Chief Executive Officer and a major shareholder.

 

Related party H represents a company in which we currently have an approximate 48% equity-method investment. On December 31, 2023, the Company determined the amount due from related party H of $60,000 was impaired and recognized an impairment of other receivables of $60,000 for the year ended December 31, 2023. During 2018, the Company acquired approximately 49% of related party H for total consideration of $368,265. On December 31, 2018, the Company determined that its investments in related party H were impaired and recognized an impairment of other investments of $368,265.

 

Related party I which is controlled by a family member of Mr. Lee.

 

Related party J represents a non-controlling interest in the Company’s subsidiary owning its real estate held for sale. The amount due to related party J was unsecured, bore no interest, was payable on demand, and was related to the initial acquisition of the real estate held for sale. Related party J became no longer our related party since our acquisition of all its 40% shareholdings in our subsidiary on April 15, 2024.

 

Related party K represents shareholders and directors of the Company. The amount due from related party K represents the amounts paid by the Company to third parties on behalf of our shareholders or directors. On the other hand, due to related party K represents the amounts paid by the shareholders or directors to third parties on behalf of the Company. The amounts due from or due to related party K are interest-free and are due on demand.