| RELATED PARTY TRANSACTIONS AND BALANCES |
| 9. |
RELATED
PARTY TRANSACTIONS AND BALANCES |
The
following is a list of related parties which the Company has balances/transactions with:
| |
(a) |
Mr.
WEI Xiao, a director and principal shareholder of the Company. |
| |
(b) |
Mr.
Lee Yee Tak, Director of Premier ESG. |
| |
(c) |
Premier
Advisory Services Limited, an entity in which Mr. Lee Yee Tak holds a 40% equity interest and serves as the sole director. |
| |
(d) |
Barentsz
Investments Limited, an entity affiliated with Mr. WEI Xiao. |
| |
(e) |
Barentsz
Asset Management Limited, a subsidiary of the Barentsz Investments Limited and its director is Wei Xiao. |
| |
(f) |
RGT
(BVI) Ltd, Barentsz Capital Ltd acquired 40% shareholding of RGT (BVI) Ltd, establishing a strategic partnership with the Company. |
As
of April 30, 2026, 2025 and 2024, accounts receivable included the following balance due from a related party::
SCHEDULE
OF ACCOUNTS RECEIVABLE
| | |
2026 | | |
2025 | | |
2024 | |
| Premier Advisory Services Limited (c)(1) | |
$ | 8,974 | | |
$ | - | | |
$ | - | |
| Provision of AR | |
| (8,974 | ) | |
| - | | |
| - | |
| Net | |
| - | | |
| - | | |
| - | |
| |
(1) |
The balance represented
a service fee receivable from Premier Advisory Services Limited. Based on the collection status of the underlying receivable, the
Company determined that collection was not probable and recorded a full allowance for expected credit losses as of April 30, 2026. |
| b. |
Amount due from a related party |
As
of April 30, 2026, 2025 and 2024, the balance of amount due from a related party was as follows:
SCHEDULE
OF BALANCE AMOUNTS DUE FROM (DUE TO) RELATED PARTY
| | |
2026 | | |
2025 | | |
2024 | |
| Barentsz
Investments Limited (d)(1) | |
$ | 256,410 | | |
$ | - | | |
$ | - | |
| Amount
due from a related party | |
$ | 256,410 | | |
$ | - | | |
$ | - | |
| |
(1) |
The
balance arose from the consideration for the disposal of Barentsz HK. The amount was unsecured, interest-free, had no fixed term
of repayment and was non-trade related. |
| c. |
Amount
due from non-controlling shareholder |
As
of April 30, 2026, 2025 and 2024, the balance of amount due from non-controlling shareholder was as follows:
| | |
2026 | | |
2025 | | |
2024 | |
| Premier Advisory Services Limited | |
$ | 628 | | |
$ | - | | |
$ | - | |
| Amount
due from non-controlling shareholder | |
$ | 628 | | |
$ | - | | |
$ | - | |
| d. |
Amount
due to related parties |
As
of April 30, 2026, 2025 and 2024, the balance of amount due to related parties was as follows:
| | |
2026 | | |
2025 | | |
2024 | |
| Mr. WEI Xiao (a)(1) | |
$ | 265,590 | | |
$ | 121,985 | | |
$ | 103,206 | |
| Barentsz Asset Management Limited | |
| 86,934 | | |
| - | | |
| - | |
| Other individual(1) * | |
| - | | |
| - | | |
| 8,974 | |
| |
$ | 352,524 | | |
$ | 121,985 | | |
$ | 112,180 | |
| |
* |
Other
individual represents a director of Barentsz HK, which was disposed of by the Company on May 23, 2025. |
| |
(1) |
The
balances represented advances for operational purposes. These amounts were unsecured, interest-free, had no fixed terms of repayment
and were non-trade related. |
| e. |
Accrued
payroll payable |
As
of April 30, 2026, 2025 and 2024, the balance of accrued payroll payable to a related party was as follows:
SCHEDULE OF
BALANCES OF ACCOUNTS PAYABLE TO RELATED PARTY
| | |
2026 | | |
2025 | | |
2024 | |
| Mr.
WEI Xiao (a)(1) | |
$ | 75,000 | | |
$ | 50,000 | | |
$ | 25,000 | |
| Accrued
payroll payable | |
$ | 75,000 | | |
$ | 50,000 | | |
$ | 25,000 | |
| |
(1) |
The
balances represented the accrued payroll payable to Mr. WEI Xiao. These amounts were unsecured, interest-free, had no fixed terms
of repayment and were non-trade related. |
As
of April 30, 2026, 2025 and 2024, the balance of contract liabilities to a related party was as follows:
SCHEDULE OF BALANCE OF CONTRACT
LIABILITIES TO RELATED PARTY
| | |
2026 | | |
2025 | | |
2024 | |
| Premier
Advisory Services Limited (c)(1) | |
$ | - | | |
$ | 13,743 | | |
$ | - | |
| Contract
liabilities | |
$ | - | | |
$ | 13,743 | | |
$ | - | |
| |
(1) |
Premier
Advisory Services Limited is an entity in which Mr. Lee Yee Tak holds a 40% equity interest and serves as the sole director. The
balance of US$13,743 as of April 30, 2025 was recognized as revenue during the year ended April 30, 2026. |
| g. |
Related
party transaction |
The
Company derived consulting income from Premier Advisory Services Limited (c). For the years ended April 30, 2026, 2025 and 2024, the
consulting income was US$48,103, US$40,872 and $nil, respectively.
For
the years ended April 30, 2026, 2025 and 2024, related party compensation was US$35,256, US$53,205 and US$25,000, respectively.
The
Company has a sublease agreement with Barentsz Asset Management Limited. For the fiscal year 2026, the Company incurred related-party
lease expenses of US$18,263.
The
Company incurred subcontracting expenses from RGT (BVI) Ltd.(f). For the years ended April 30, 2026, 2025 and 2024, such expenses were
US$484,418, $nil and $nil, respectively.
|