RELATED PARTIES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTIES | NOTE 5 — RELATED PARTIES
Founder Shares
On February 23, 2023, our sponsor, Bayview Holding LP, acquired founder shares for an aggregate price of $25,000. founder shares were transferred to our sponsor Peace Investment Holdings Limited on March 14, 2023.
On December 14, 2023, the Company issued founder shares for a consideration of $, resulting in Bayview Holding LP holding a total of founder shares and Peace Investment Holdings Limited holding a total of founder shares. The payment of $100 was received on December 27, 2023. The issuance was considered as a nominal issuance, in substance a recapitalization transaction, which was recorded and presented retroactively.
On January 28, 2024, a total of ordinary shares were forfeited by the Sponsors subsequent to the IPO as the underwriter’s over-allotment option expired unexercised.
Promissory Note — Related Party
On February 23, 2023, the Sponsors issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2023, or (ii) the consummation of the IPO. On the date of closing of the IPO, no amounts were outstanding under the Promissory Note and the Promissory Note then expired upon the consummation of the IPO.
As of June 30, 2026 and December 31 2025, no promissory note was issued to related party.
Due to Related Party
On December 14, 2023, the Company has agreed to pay TenX Global Capital LP a total of $10,000 per month for office space and secretarial and administrative support. As of June 30, 2026 and December 31, 2025, amount due to related party was $241,192 and $180,705 respectively consisting primarily of administrative services fees and website fees.
Accounting Service Agreement
The Company has engaged Ascendant Global Advisors, Inc., a related party of the Sponsors, to assist in preparing quarterly and annual financial statements. The Company has agreed to pay for such services at a fixed quarterly rate of $5,250 each quarter. For the six months ended June 30, 2026 and June 30, 2025, service fees of $10,500 and $10,500 have been incurred for these services.
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