RELATED PARTY TRANSACTIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 12 — RELATED PARTY TRANSACTIONS
The relationship of related parties is summarized as follows:
(a) Due to shareholder
On January 3, 2024, the Company entered into an unsecured loan agreement with Mr. David Shan. The outstanding balance was classified as current. The Company made repayments during the six months ended June 30, 2026 and made repayments totaling $3,546,459 during the year ended December 31, 2025. The ending balance at June 30, 2026 was $2,000,089.
On June 23, 2026, the Company entered into a separate unsecured loan agreement with Mr. David Shan, pursuant to which Mr. Shan agreed to provide a draw-down loan facility of up to $4.0 million. Advances under the facility bear interest at 4.0% per annum and mature on June 22, 2027. No amounts had been drawn under this facility as of June 30, 2026.
MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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