RELATED PARTY TRANSACTIONS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS |
Except as set forth below, during the three and six months ended June 30, 2026 and 2025, the Company did not enter into any material transactions or series of transactions that would be considered material in which any officer, director or beneficial owner of 5% or more of any class of the Company’s capital stock, or any immediate family member of any of the preceding persons, had a direct or indirect material interest.
Management believes that all related-party transactions were conducted on terms substantially consistent with those that would be agreed upon by unrelated parties in an arm’s-length transaction. Certain transactions, however, benefited from the related-party relationships, providing additional flexibility regarding timing, payment terms, and adjustments to the scope of services. All related-party transactions are reviewed and approved by the Board of Directors, with any directors having a material interest in a transaction recused from the discussion and approval as appropriate.
For the three and six months ended June 30, 2026, the Company recognized rental expense of $15,734 and $23,119, respectively payable to AY Consulting Services Company Limited. During the three and six months ended June 30, 2025, such rental expenses amounted to $6,569 and $17,121, respectively. AY Consulting Services Company Limited. The Company’s Chief Financial Officer is a director and shareholder of AY Consulting Services Company Limited.
In addition to the transactions and balances detailed elsewhere in these financial statements, the Company had the following transactions with the related company:
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