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

NOTE 13 － RELATED PARTY BALANCES AND TRANSACTIONS

 

Nature of relationships with related parties:

 

Name of related party   Relationship with the Company
New Century International Homes Pte. Ltd.   Controlling shareholder
Golden Hill Capital Pte. Ltd. (“GHC”)   Major shareholder
Golden Hill Capital Ltd.   Indirect major shareholder
Gruppo 8 S.R.L.   Entity controlled by two common controlling beneficial shareholders
H.T.L. Furniture, Inc.   Entity controlled by two common controlling beneficial shareholders
Corium Italia S.R.L.   Entity controlled by two common controlling beneficial shareholders
HTL Global Pte. Ltd.   Entity controlled by two common controlling beneficial shareholders
New Century Trading (India) Private Limited   Entity controlled by two common controlling beneficial shareholders
HTL Furniture (China) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Furniture (Changshu) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Furniture (Kunshan) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Furniture (Yangzhou) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Furniture (Huaian) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Furniture Vietnam Company Limited.   Entity controlled by two common controlling beneficial shareholders
HTL Product Design (Kunshan) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Import/Export Trading (Kunshan) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
New Century Sofa India Private Limited   Entity controlled by two common controlling beneficial shareholders
Trends Leather (Yangzhou) Co., Ltd.   Entity controlled by two common controlling beneficial shareholders
HTL Middle East Furniture LLC   Entity controlled by two common controlling beneficial shareholders
New Century Overseas Investments Pte. Ltd.   Entity controlled by two common controlling beneficial shareholders
New Century Home Pte. Ltd.   Entity controlled by two common controlling beneficial shareholders

 

Related party balances consisted of the following:

 

              
        As of 
Name  Nature    December 31,2025   June 30,2026 
Gruppo 8 S.R.L.  Accounts receivable – related parties (a)  $101,783   $- 
Corium Italia S.R.L.  Accounts receivable – related parties (a)   154,660    - 
Trends Leather (Yangzhou) Co., Ltd.  Accounts receivable – related parties (a)   5,507,066    - 
Accounts receivables        $ 5,763,509    $ -  
                
HTL Global Pte. Ltd.  Amount due from related party (b)  $2,708,435   $- 
New Century International Homes Pte. Ltd.  Amount due from related party (b)   1,571,817    - 
Golden Hill Capital Pte. Ltd.  Amount due from related party (b)   2,745,840     - 
Amounts due from related parties       $7,026,092   $- 
                
HTL Furniture (China) Co., Ltd.  Accounts payable – related parties (c)  $4,587,578   $6,225,310 
HTL Furniture (Changshu) Co., Ltd.  Accounts payable – related parties (c)   32,088,012    24,708,054 
HTL Furniture (Kunshan) Co., Ltd.  Accounts payable – related parties (c)   16,747,618    13,583,247 
HTL Furniture (Huaian) Co., Ltd.  Accounts payable – related parties (c)   8,173,680    4,991,897 
HTL Import/Export Trading (Kunshan) Co., Ltd.  Accounts payable – related parties (c)   176,533    109,325 
HTL Furniture Vietnam Company Limited.  Accounts payable – related parties (c)   12,017,175    12,469,427 
HTL Furniture (Yangzhou) Co., Ltd.  Accounts payable – related parties (c)   85,458    69,570 
HTL Product Design (Kunshan) Co., Ltd.  Accounts payable – related parties (c)   845,404    1,064,707 
HTL Middle East Furniture LLC  Accounts payable – related parties (c)   29,900    22,573 
Corium Italia S.R.L.  Accounts payable – related parties (c)   45,215     2,282  
Gruppo 8 S.R.L.  Accounts payable – related parties (c)   94,416    78 
New Century Trading (India) Private Limited  Accounts payable – related parties (c)   -     55,036 
New Century Sofa India Private Limited  Accounts payable – related parties (c)   -     447,209 
Trends Leather (Yangzhou) Co., Ltd.  Accounts payable – related parties (c)   -    492 
Accounts payable        $74,890,989   $63,749,207 

 

(a)Accounts receivable due from related parties represented trade receivables from the sale of goods with the Company in the normal course of business, which are unsecured, interest-free and grant with credit terms ranging from 60 to 90 days from the issue date of invoice.
(b)These balances represented non-trade temporary advances made by the Company, which are unsecured, interest-free and repayable on demand.
(c)Accounts payable due to related parties represented trade payables from the purchase of goods by the Company in the normal course of business, which are unsecured, interest-free and repayable on demand.

 

 

HOMESTOLIFE LTD AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

On May 5, 2025, HTL Marketing and certain related parties entered a deed of global settlement involving debt restructuring under the corporate reorganization exercise (“2025 Global Settlement Deed”). On June 30, 2026, the Company and GHC entered another deed of global settlement to establish a framework for the settlement of all receivables and payables between the Company and GHC Group on an ongoing basis for financial quarters from 2Q2026 onwards (“2026 Global Settlement Deed”).

 

As of December 31, 2025, the net balance of accounts receivable, related parties, accounts payable, related parties, and amounts due from related parties were $5,763,509, $74,890,989, and $7,026,092, respectively.

 

As of June 30, 2026, the net balance of accounts receivable, related parties, accounts payable, related parties, and amounts due from related parties were nil, $63,749,207, and nil, respectively.

 

In the ordinary course of business, during the six months ended June 30, 2025 and 2026, the Company has involved with transactions, either at cost or current market prices and on normal commercial terms among related parties. The following table provides the transactions with these parties for the periods as presented (for the portion of such period that they were considered related):

 

 

HOMESTOLIFE LTD AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

  

            
   Six months ended June 30, 
Name of related parties  Nature  2025　   2026　 
            
H.T.L. Furniture, Inc.  Sale of Sofa  $58,521   $63,320 
New Century Trading (India) Private Limited  Sale of Sofa   1,491,502    811,627 
Trends Leather (Yangzhou) Co., Ltd.  Sale of leather  9,106,919   6,697,933 
Revenues     $10,656,942   $7,572,880 
              
Gruppo 8 S.R.L.  Purchase of goods   585,175    - 
HTL Furniture (Huaian) Co., Ltd.  Purchase of goods   5,056,779    5,685,121 
HTL Furniture (Changshu) Co., Ltd.  Purchase of goods   40,378,968    41,393,853 
HTL Furniture (China) Co., Ltd.  Purchase of goods   51,541,144    56,306,447 
HTL Furniture (Kunshan) Co., Ltd.  Purchase of goods   13,726,028    13,407,373 
HTL Furniture Vietnam Company Limited.  Purchase of goods   6,922,039    16,049,743 
HTL Import/Export Trading (Kunshan) Co. Ltd.  Purchase of goods   281,230    176,669 
New Century Sofa India Private Limited  Purchase of goods   4,813,224    3,548,280 
Trends Leather (Yangzhou) Co., Ltd.  Purchase of sample leather   543    493 
Payables     $123,305,130   $136,567,979 
              
Gruppo 8 S.R.L.  Commission income   40,590    - 
HTL Global Pte. Ltd.  Commission income   14,344    - 
Other income      $54,934    $- 
              
H.T.L. Furniture, Inc.  Commission expense  $1,076,116   $1,439,903 
New Century Trading (India) Private Limited  Commission expense   119,364    176,372 
H.T.L. Furniture Inc.  Service fee   350,844    269,769 
Other expense      $1,546,324    $ 1,886,044 
HTL Product Design (Kunshan) Co., Ltd.  Professional fee  $2,576,325   $2,357,625 
HTL Import/Export Trading (Kunshan) Co., Ltd.  Professional fee  $139,249   $697,377 
HTL Furniture (Yangzhou) Co., Ltd.  Professional fee  $93,604   $392,861 
 Professional fee     $2,809,178  $3,447,863 
              
HTL Global Pte. Ltd.  Recharge of costs  $4,567   $- 
              
HTL Middle East Furniture LLC  Recharge of costs  $47,992   $78,825 
              
New Century Trading (India) Private Limited  Recharge of costs  $-   $- 
Recharge of costs     $ 52,559    $ 78,825  
              
H.T.L. Furniture, Inc.  Showroom expense  $100,000   $100,000 
              
New Century International Homes Pte Ltd  Office rental income  $2,283   $2,360  
New Century Trading (India) Private Limited  Ocean Freight recharge  $(2,341)  $84,000 
H.T.L. Furniture, Inc.  Customers’ Claims  $-   $20,763 
              
HTL Global Pte. Ltd.  Management fees  $2,489   $- 
             
H.T.L. Furniture, Inc.  Management fees  -   55,117 

 

Apart from the transactions and balances detailed above and elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.

 

 

HOMESTOLIFE LTD AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

Corporate guarantee from GHC

 

As of December 31, 2025 and June 30, 2026, GHC provided an irrevocable corporate guarantee with a maximum aggregate amount of $50 million to various financial institutions in Singapore to secure the banking facilities borrowed by HTL Marketing. The corporate guarantee expires six months after the full repayment of all loans (see Note 7).