| 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 |
|
|
|
— |
|
|