v3.26.3
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

 

The following is a list of the major related parties and the relationship with the Company as of June 30, 2026 and 2025:

 

Name of the related parties  Relation with the Company
Maderic Holding Limited  Majority Shareholder of IEC
HFO Investment Group Ltd  Shareholder of IEC
Dr. Wirawan Jusuf  Director, Chairman of the Board and Chief Executive Officer
Frank C. Ingriselli  President
Chia Hsin “Charlie” Wu  Chief Technology Officer
Mirza F. Said  Chief Operating Officer and Director
James J. Huang  Chief Investment Officer and Director
Gregory L. Overholtzer  Chief Financial Officer
Chiu Chen-Chia  Shareholder of IEC
Chiu Chen-Ta  Shareholder of IEC
PT. Wiranusa Karana Mardika  An Entity Controlled by Dr. Wirawan Jusuf

 

 

The Company’s related party, PT. Wirannusa Karana Mardika (PT WKM) provides office space for Kerja Sama Operasi/Joint Operation with Pertamina (KSO), PT Cogen Nusantara Energi (CNE), PT Harvel Nusantara Energi (HNE) and PT Hutama Wiranusa Energi (HWE). KSO related expenses are recorded under lease operating expense and rental related to other related parties are recorded under general and administrative expenses. The related party rental expenses for the six months ended June 30, 2026 and 2025 were as follows:

 

   June 30,   June 30, 
   2026   2025 
   (Unaudited)   (Unaudited) 
General and administrative expense  $37,766   $43,853 
Leasing operating expense   34,885    34,687 
Total  $72,651   $78,540 

 

As of June 30, 2026 and December 31, 2025, the amount due to related parties of the Company was listed as below:

 

   June 30,   December 31, 
Amount due to related parties  2026   2025 
   (Unaudited)   (Audited) 
PT. Wiranusa Karana Mardika  $1,335   $1,383 
Total  $1,335   $1,383 

 

Since January 1, 2023, the Company leased Giesmart Plaza Zone 2 and Zone 1, 3&4 for KSO and combined office space for CNE, HNE and HWE, respectively, from PT WKM. PT WKM is owned by the Company’s CEO, Dr. Wirawan Jusuf, who holds 50% of the ownership. The lease term for Giesmart Plaza Zone 2 was from January 1, 2023 to March 31, 2024, which was extended to March 31, 2025, and further extended to March 31, 2026. The lease agreement of Giesmart Plaza Zone extended again in 2026 to April 1, 2027. The lease term for Giesmart Zone 1, 3&4 was from January 1, 2023 to September 30, 2024, which was extended to September 30, 2027.   During the six months ended June 30, 2025, the Company incurred rent expense of $34,687 for Giesmart Plaza Zone 2, and $43,853 for Zone 1, 3&4. For the six months ended June 30, 2026, the Company incurred rent expense of $34,885 for Giesmart Plaza Zone 2, and $37,766 for Zone 1, 3&4.