| RELATED PARTY BALANCES AND TRANSACTIONS |
NOTE 19 — RELATED PARTY BALANCES AND TRANSACTIONS
The summary of amount due from and due to related
parties as the following:
| | | Relationship | | December 31,
2025 | | December 31,
2024 | | | Due from shareholders consist of the following: | | | | | | | | | Mr. Siu Wing Fung, Alfred (“Mr. Siu”) | | Shareholder and director | | $ | — | | $ | 404,549 | | | Harcourt Limited | | A related party (note 1) | | $ | 110,232 | | | — | | | | | | | | | | | | | | Due to a related party consist of the following: | | | | | | | | | | | Mr. Siu Wing Fung, Alfred (“Mr. Siu”) | | Shareholder and director | | | (116,653 | ) | | — | | | Ms. Fong Hei Yue, Tina (“Ms. Fong”) | | Shareholder and director | | | — | | | (497,200 | ) | | Harcourt Limited | | A related party (note 1) | | $ | — | | $ | (61,802 | ) |
Note:
| (1) | The directors and shareholders of Harcourt Limited are Mr. Siu and Ms. Fong, Harcourt Limited therefore has the common ultimate beneficial owners with the Company. |
The balance due from shareholders consist of the
following:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Due from/ (to) shareholders/ related party | |
$ | (6,421 | ) | |
$ | (154,453 | ) |
| Less: allowance for expected credit loss | |
| — | | |
| — | |
| | |
$ | (6,421 | ) | |
$ | (154,453 | ) |
The movement of allowances for expected credit
loss is as follow:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Balance at beginning of the year | |
$ | — | | |
$ | (17,818 | ) |
| Reversal of Provision / (Provision) | |
| — | | |
| (17,818 | ) |
| Ending balance | |
$ | — | | |
$ | — | |
In addition to the transactions
and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Directors’ remuneration to Mr. Siu Wing Fung, Alfred | |
$ | 325,000 | | |
$ | 190,000 | |
| Directors’ remuneration to Ms. Fong Hei Yue, Tina | |
| 325,000 | | |
| 190,000 | |
| Director’s bonus of Mr. Siu Wing Fung, Alfred | |
| 750,000 | | |
| — | |
| Director’s welfare, accommodation and insurance to Mr. Siu Wing Fung, Alfred | |
| 393,103 | | |
| — | |
| Advisory services on fund raising project to Mr Siu, Daniel | |
| 219,045 | | |
| — | |
| Consulting services on fund raising project to Mr Siu, Jasper | |
| 65,000 | | |
| — | |
| Marketing service fee to Harcourt Limited | |
| 230,769 | | |
| — | |
|