17.
Related Parties
The
related parties that had material balances and transactions as of June 30, 2026 and December 31, 2025 and for the six months ended June
30, 2026 and 2025 consist of the following:
Schedule of Related Parties Material Balances and Transactions
| Name
of Related Party |
|
Nature
of Relationship at June 30, 2026 |
| V-Cube, Inc. |
|
The largest stockholder
of the Company |
| Wizlearn Technologies Pte.
Ltd. |
|
An affiliate of the Company
and a subsidiary of V-Cube, Inc. |
| Pave Education Pte. Ltd. |
|
An affiliate of the Company
and a subsidiary of V-Cube, Inc. |
| Naoaki Mashita |
|
Chief Executive Officer
of V-Cube, Inc., the largest stockholder of the Company |
The
Company had the following related party balances as of June 30, 2026 and December 31, 2025:
Schedule of Related Party Balances
| | |
| |
June 30, | | |
December 31, | |
| | |
Nature of transactions | |
2026 | | |
2025 | |
| Receivable due from related party: | |
| |
| | | |
| | |
| V-Cube, Inc. | |
For additional paid-in capital | |
$ | 800 | | |
$ | 5,400 | |
| Short-term loans due to related party: | |
| |
| | | |
| | |
| V-Cube Inc. | |
Loan payable for working capital | |
| — | | |
| 465 | |
| Wizlearn Technologies Pte. Ltd. | |
Loan payable for working capital | |
| — | | |
| 1,665 | |
| Pave Education Pte. Ltd. | |
Loan payable for working capital | |
| — | | |
| 2,321 | |
| Naoaki Mashita | |
Loan payable for working capital | |
| 430 | | |
| 120 | |
The
Company’s outstanding short-term loans from related parties are unsecured and are contractually repayable at their respective maturity
dates in accordance with the underlying loan agreements.
The
Company had no revenue, purchases or other operating transactions with related parties during the six months ended June 30, 2026 and
2025.
|