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us-gaap:SubsequentEventMember TMDE:RepaymentArrangementsMember 2026-09-01 2026-09-30 0002009714 us-gaap:SubsequentEventMember TMDE:RepaymentArrangementsMember 2026-10-01 2026-10-31 iso4217:USD shares iso4217:USD shares pure iso4217:MYR TMDE:Segment iso4217:SGD false FY 0002009714 http://fasb.org/us-gaap/2026#UsefulLifeTermOfLeaseMember 20-F false true 2026-06-30 --06-30 2026 false false 001-42604 TMD ENERGY LIMITED E9 B-10-06, Block B, Plaza Mont Kiara B-10-06, Block B, Plaza Mont Kiara No. 2, Jalan Kiara No. 2, Jalan Kiara Mont Kiara Mont Kiara 50480 50480 Kuala Lumpur Kuala Lumpur MY MY Dato’ Sri Kam Choy Ho +603 6419 1266 corporate@tmdel.com Class A Ordinary Shares, par value $0.0001 per share TMDE NYSEAMER 23565000 0.0001 No No Yes Yes Non-accelerated Filer true false false false U.S. GAAP false true <b><i>Risk Management and strategy</i></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The data processed in our business does not have a bearing on national security, economy operation, social stability or public health and security and thus may not be classified as being sensitive. Nevertheless, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250701__20260630_zUA3ZbZKw8F3">we always monitor and maintain information security <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_901_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250701__20260630_zokzWBKpYFRc">processes</span> designed to identify, assess and manage material risks from cybersecurity threats to our information systems and critical data, confidential information that is proprietary, strategic or competitive in nature.</span> We use <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_900_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250701__20260630_zxcKHnVYfyug">third-party</span> hosted services, communications systems and software and rely on their internally established assessment and management procedures on any <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> cybersecurity threats and risks on the services rendered, system and software used in such services. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> </div> we always monitor and maintain information security <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_901_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250701__20260630_zokzWBKpYFRc">processes</span> designed to identify, assess and manage material risks from cybersecurity threats to our information systems and critical data, confidential information that is proprietary, strategic or competitive in nature. true true <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governance</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span> </span></span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our independent Directors address cybersecurity risk management as part of its general oversight function. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250701__20260630_z23DUP5QtGv4">The independent Directors oversee our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_902_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250701__20260630_zDISEAsythc4">Our cybersecurity risk assessment and management processes are implemented and maintained by members of our <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250701__20260630_zL2UlH1vjk87">management team</span> who is responsible for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating key priorities to relevant personnel and approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes and reviewing security assessments and other security-related reports.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information regarding cyber incidents is reported at the meeting of the management or sooner if warranted. The management will work with the IT team to help mitigate and remediate cybersecurity incidents of which they are notified. The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_i01_dbT_c20250701__20260630_zttFEq43yE8e">management</span> is responsible for reporting cybersecurity incidents to the Board.</span></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span> </span></span></span> The independent Directors oversee our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by members of our <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250701__20260630_zL2UlH1vjk87">management team</span> who is responsible for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating key priorities to relevant personnel and approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes and reviewing security assessments and other security-related reports. true true We have audited the accompanying consolidated balance sheets of TMD Energy Limited and its subsidiaries (the “Company”) as of June 30, 2026 and 2025, and the related consolidated statements of operations and comprehensive (loss) income, changes in shareholders’ equity, and cash flows for the year ended June 30, 2026, the six months ended June 30, 2025, and each of the years in the two-period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the two years in the year ended June 30, 2026, the six months ended June 30, 2025, and each of the years in the two-period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. J&S Associate PLT 6743 Kuala Lumpur, Malaysia 3990771 7060410 29260398 28371702 9499965 7627129 24415348 22096573 26040589 26855040 1721398 1003350 94928469 93014204 29988208 31733289 194962 89712 13960 37981 67217 30197130 31928199 125125599 124942403 32154457 7057387 2383934 1402444 86074981 91806603 575117 1024058 14854 24437 240141 409025 15527 11979 121459011 101735933 14301 468501 525148 55448 53658 25195 549144 593107 122008155 102329040 0.0001 0.0001 400000000 400000000 13565000 13565000 13565000 13565000 1357 1357 0.0001 0.0001 100000000 100000000 10000000 10000000 10000000 10000000 1000 1000 12731677 12731677 -10365493 8274248 233645 578386 2602186 21586668 515258 1026695 3117444 22613363 125125599 124942403 544845521 276185254 688430008 632789396 189661 154866 177534 290377 545035182 276340120 688607542 633079773 541589842 272274995 671615772 619866604 333618 81654 947060 1123356 541923460 272356649 672562832 620989960 3111722 3983471 16044710 12089813 721732 38067 39664 101302 10437305 3330264 5249099 5127137 4865218 2558809 4758014 4257189 16024255 5927140 10046777 9485628 -12912533 -1943669 5997933 2604185 1333946 633881 52126 10264 -2538573 -1392794 2022473 3321563 5328276 2802798 4598376 2203061 12753 4029 710 -6545656 -3565740 -2524487 1128766 -19458189 -5509409 3473446 3732951 -318017 -988034 1428299 774239 -19140172 -4521375 2045147 2958712 -500431 -212473 167910 962761 -18639741 -4308902 1877237 1995951 23565000 23565000 21359033 21359033 20000000 20000000 20000000 20000000 -0.79 -0.79 -0.20 -0.20 0.09 0.09 0.10 0.10 -19140172 -4521375 2045147 2958712 -355747 -96336 276068 1887789 -19495919 -4617711 2321215 4846501 -19495919 -4617711 2321215 4846501 -511437 -223300 167781 832987 -18984482 -4394411 2153434 4013514 10000000 1000 10000000 1000 10790348 5344116 -28064 16108400 3932230 20040630 -2676807 -2676807 -2676807 1995951 1995951 962761 2958712 2017563 2017563 -129774 1887789 10000000 1000 10000000 1000 8113541 7340067 1989499 17445107 4765217 22210324 71484 71484 -5311880 -5311880 -5311880 1833094 3365846 -1601801 3597139 -3754487 -157348 1877237 1877237 167910 2045147 276197 276197 -129 276068 10000000 1000 10000000 1000 4634755 12583150 663895 17883800 1249995 19133795 3565000 357 8096922 8097279 8097279 -4308902 -4308902 -212473 -4521375 -85509 -85509 -10827 -96336 13565000 1357 10000000 1000 12731677 8274248 578386 21586668 1026695 22613363 13565000 1357 10000000 1000 12731677 8274248 578386 21586668 1026695 22613363 -18639741 -18639741 -500431 -19140172 -344741 -344741 -11006 -355747 13565000 1357 10000000 1000 12731677 -10365493 233645 2602186 515258 3117444 13565000 1357 10000000 1000 12731677 -10365493 233645 2602186 515258 3117444 -19140172 -4521375 2045147 2958712 4865218 2558809 4758014 4257189 25358 11602 21033 21107 1850064 807 69474 1129 373 94517 -64914 -92664 -2286 18724 12753 4029 710 1678039 6574111 -2769950 15597836 1569309 -2493022 -6487098 6016083 726426 -1016378 536841 740331 -2285409 11853124 -5121986 9480769 24776824 -682395 -45253722 25671804 474058 -811143 -419027 68039 -670732 -1756153 651026 -355168 -25250 -11058 -6761 -21057 10576559 -20189626 -24290411 654219 3120068 2095807 3751944 3149397 113996 83089 4388 74120 11492 6127 -1191787 -6307147 -12245223 -4414359 -8402954 -16006136 -3147658 11586250 -9455752 7443090 50910672 -2768651 13355 5561 10216 41328 320485 -9469107 19023779 50900456 -2489494 -3306907 -9568801 10603909 -4982933 237268 559360 635595 -1456188 7060410 16069851 4830347 11269468 3990771 7060410 16069851 4830347 255143 877184 776331 1220804 5328276 2802798 4598376 2203061 2798887 3488971 16138 100771 31350 15359 5311880 2676807 <p id="xdx_804_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zrqNXGWqfhn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82F_zTCCUJ8YcYma">Organization and Principal Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Energy Limited (“<b>TMDEL</b>”) was incorporated on October 17, 2023 in the Cayman Islands. TMDEL is a holding company without any operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL consummated its initial public offering on the NYSE American on April 22, 2025, issuing <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZbNI6jVNzg4" title="Number of ordinary shares">3,100,000</span> Class A ordinary shares at a price of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zs7jOy1DSDZd" title="Issuing price per share">3.25</span> per share. In addition, the Company entered into an underwriting agreement with the underwriter on April 21, 2025, which granted the underwriter a 45-day option to purchase up to an additional <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250421__20250421__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zfS2SWbPXiW2" title="Number of ordinary shares">465,000</span> Class A ordinary shares at the public offering price of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250421__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zW3XxmXCQkVe" title="Issuing price per share">3.25</span> per share to cover any over-allotment. Subsequently, on April 22, 2025, the underwriter exercised the over-allotment option in full, purchasing an additional <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zXRpjIIWRGs3" title="Number of ordinary shares issued">465,000</span> Class A ordinary shares at the public offering price of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z7piiHXLNQO" title="Shares issued price per share">3.25</span> per share. The initial public offering closed on April 22, 2025 and the exercise of the over-allotment option closed on April 24, 2025, with gross proceeds totaling $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20250424__20250424_z3NELVF8bFfb" title="Gross proceeds from initial public offering and over-allotment option">11,586,250</span>, before deducting underwriting discounts and offering expenses. The Class A ordinary shares began trading on the NYSE American on April 21, 2025 under the ticker symbol “TMDE”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 16, 2025, the Company changed its fiscal year end from December 31 to June 30, to align with the fiscal year end of its holding company, Straits Energy Resources Berhad (“<b>Straits</b>”). Accordingly, the Company filed a Transition Report on Form 20-F for the six-month transition period from January 1, 2025 to June 30, 2025 on September 29, 2025, which was subsequently amended by a Form 20-F/A filed on May 15, 2026. The Company’s fiscal year thereafter ends on June 30.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business Reorganization</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reorganization of the legal entity structure was initiated with the acquisition of TMDEL by Straits, which was completed on November 21, 2023. Prior to this reorganization, Straits was the shareholder with direct or indirect control over all related entities involved in this reorganization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 1, 2023, Straits increased its ownership in Straits Marine Fuels &amp; Energy Sdn Bhd (“<b>SMF</b>”) and its seven subsidiaries (“<b>SMF Group</b>”) from <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231130__srt--OwnershipAxis__custom--StraitsMarineFuelsAndEnergySdnBhdAndSevenSubsidiariesMember_zKDP61evGY95" title="Acquired ownership percentage">67%</span> to <span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231201__srt--OwnershipAxis__custom--StraitsMarineFuelsAndEnergySdnBhdAndSevenSubsidiariesMember_zXxPPbYLcOb2" title="Ownership percentage">100%</span>, with the acquisition of the remaining <span id="xdx_900_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20231201__us-gaap--BusinessAcquisitionAxis__custom--StraitsMarineFuelsAndEnergySdnBhdAndSevenSubsidiariesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zHaq7hMTCTVe" title="Acquired ownership percentage">33%</span> previously held by Tumpuan Megah Development Sdn Bhd (“<b>Tumpuan Megah</b>”). On December 14, 2023, TMDEL acquired <span id="xdx_902_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20231214__us-gaap--BusinessAcquisitionAxis__custom--StraitsMarineFuelsAndEnergySdnBhdAndSevenSubsidiariesMember_zLDC9nrv5jZk" title="Acquired ownership percentage">100%</span> ownership of SMF Group from Straits by issuing <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMarineFuelsAndEnergySdnBhdAndSevenSubsidiariesMember_zdbk29bu399g" title="Number of shares issued in acquisition">3,968,556</span> Class B ordinary shares of TMDEL to Straits on May 31, 2024.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 10, 2024, SMF, the wholly-owned subsidiary of TMDEL, acquired <span id="xdx_90C_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240110__us-gaap--BusinessAcquisitionAxis__custom--TMDSturgeonLtdMember_zFrmD2472WU1" title="Acquired ownership percentage">100%</span> ownership of TMD Straits Limited (“<b>TMD Straits</b>”) and TMD Sturgeon Limited (“<b>TMD Sturgeon</b>”) from Straits by issuing <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TMDStraitsLtdMember_zMOJZrzwvmo7" title="Issuance of sale of stock">890,026</span> Class B ordinary shares of TMDEL to Straits on May 31, 2024 and <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TMDSturgeonLtdMember_z1VyrcYpaMs2" title="Number of shares issued in acquisition">1,132,607</span> Class B ordinary shares of TMDEL to Straits on May 31, 2024, respectively.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 24, 2024, SMF acquired <span id="xdx_905_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240124__us-gaap--BusinessAcquisitionAxis__custom--StraitsMarineServicesPteLtdOneAndStraitsMaritimeServicesPteLtdTwoMember_zfteDo0mL0U5" title="Acquired ownership percentage">51%</span> ownership of Straits Marine Services Pte Ltd (“<b>SMS 1</b>”) and its wholly-owned subsidiary, Straits Maritime Services Pte Ltd (“<b>SMS 2</b>”), from Straits by issuing <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMarineServicesPteLtdOneAndStraitsMaritimeServicesPteLtdTwoMember_zpvWQo8jBhZ6" title="Number of shares issued in acquisition">1,237,055</span> Class B ordinary shares of TMDEL to Straits on May 31, 2024.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 24, 2024, SMF acquired <span id="xdx_900_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240124__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zQmngWKwhtMh" title="Acquired ownership percentage">70%</span> ownership of Tumpuan Megah and its six subsidiaries from Straits by issuing <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCtE9fueaRK1" title="Ordinary shares issued in acquisition">5,336,523</span> Class A ordinary shares and <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHNZP5VNFbqc" title="Ordinary shares issued in acquisition">2,771,656</span> Class B ordinary shares of TMDEL to Straits on May 31, 2024.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above transactions were treated as a reorganization of entities under common control, and the consolidated financial statements give retroactive effect to these transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2024, SMF acquired the remaining <span id="xdx_909_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember_zP3lbqf5NTni" title="Acquired ownership percentage">49%</span> ownership interest of SMS 1 and its wholly-owned subsidiary from the non-controlling interest shareholder by issuing <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember_zhVsb4j5kiS2" title="Ordinary shares issued in acquisition">1,188,543</span> Class A ordinary shares of TMDEL on May 31, 2024. The non-controlling interest is adjusted in the financial statements prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2024, SMF acquired the remaining <span id="xdx_90F_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgN8RUDqr6xi" title="Acquired ownership percentage">30%</span> ownership interest of Tumpuan Megah and its six subsidiaries from non-controlling interest shareholders by issuing <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZBx4eqlXvEg" title="Ordinary shares issued in acquisition">3,474,934</span> Class A ordinary shares of TMDEL on May 31, 2024. The non-controlling interest is adjusted in the financial statements prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 1, 2024, the Company reorganized its legal entity structure, whereby SMF acquired <span id="xdx_909_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240701__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zAFFHXI9Gw33" title="Acquired ownership percentage">100%</span> equity interest in all wholly owned subsidiaries of Tumpuan Megah. All related entities have effectively become subsidiaries of SMF, with TMDEL effectively holding ownership and control of SMF and its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reorganization transaction is treated as a combination between entities under common control in accordance with ASC 805-50. These entities are considered under common control because they share the same ultimate parent entity, which holds a “controlling financial interest”, as defined by ASC 810, in both entities before and after the reorganization. The historical financial statements of each of the entities are the historical financial statements of the combined entity, with no adjustments made to the entities’ historical revenue, expenses, assets, or liabilities; the components of historical total equity are adjusted to reflect the capital structure of TMDEL in accordance with ASC 805-40-45-3 through 45-5.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - Organization and Principal Business (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 3, 2024, Tumpuan Megah acquired a <span id="xdx_901_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240103__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_z9BWyRruaf7i" title="Acquired ownership percentage">30%</span> equity interest in TMD Marine Fuels Sdn. Bhd. (“<b>TMDF</b>”) through the purchase of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240103__20240103__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zv6fJ2tHLeIc" title="Ordinary shares issued in acquisition">300</span> ordinary shares for RM<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_uMYR_c20240103__20240103__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_z2A7lfDAr3he" title="Value of ordinary shares issued in acquisition">300</span>. On February 23, 2024, Tumpuan Megah acquired an additional <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240223__20240223__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zFuTyINpCwmi" title="Ordinary shares issued in acquisition">149,700 </span>ordinary shares in TMDF for RM<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_uMYR_c20240223__20240223__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zPkNG8W0Zmnj" title="Value of ordinary shares issued in acquisition">149,700</span>, maintaining its equity interest at <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240223__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zeo9wFlrs3q8" title="Acquired ownership percentage">30</span>%. The total cash consideration for these transactions amounted to RM<span id="xdx_903_eus-gaap--BusinessCombinationConsiderationTransferred1_uMYR_c20240103__20240223__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zFvwyIb7m0F6" title="Cash consideration">150,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In contrast to the reorganization, TMDF is consolidated under ASC 810 due to TMDEL’s ability to exert control over its financial and operational policies, despite holding only a <span id="xdx_906_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20250630__us-gaap--BusinessAcquisitionAxis__custom--TMDMarineFuelsSdnBhdMember_zLzzlUp6Rqgf" title="Equity interest acquired percentage">30%</span> equity interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL and its subsidiaries operate as a comprehensive provider of marine fuel logistics and offer related services, including vessel chartering services and vessel management services, within the maritime industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL and its consolidated subsidiaries are collectively referred to herein as the “Company” unless specific reference is made to an entity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_zQ3pzIbbnZwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL and its subsidiaries as of June 30, 2026 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zsxHZTTKfeMd" style="display: none">Schedule of Subsidiaries</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entity Name</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of Ownership</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place of Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Energy Limited (“<b>TMDEL</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember_zxFuCRGJnUFk" title="Place of Incorporation">Cayman Islands</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember_z6faTlCgtghb" title="Principal activities">Investment Holding </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Marine Fuels &amp; Energy Sdn Bhd (“<b>SMF</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_zfen7k54Z9o9" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_z6q3VBCA536a" title="Place of Incorporation">Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_zOG9U561GKW4" title="Principal activities">Investment Holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Marine Services Pte Ltd (“<b>SMS 1</b>”)</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zBfRBgspiD95" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zApStkftQx95" title="Place of Incorporation">Singapore</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zEKldHvuxs2a" title="Principal activities">Ship Management Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Maritime Services Pte Ltd (“<b>SMS 2</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zxkC5bayCp1f" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zwatdyTxccnd" title="Place of Incorporation">Singapore</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zPBFOenvX5Z6" title="Principal activities">Provision of Shipping Services, General Cleaning &amp; Disinfection</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tumpuan Megah Development Sdn Bhd (“<b>Tumpuan Megah</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_z5SnklG04Db3" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zHJgRiZ4ekt" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zXNm5xcTnMGd" title="Principal activities">Provision of Bunkering Services for Marine Fuels and Petroleum-Based Products</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cavalla Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zqt45l2koEul" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zLboPTPrwtLk" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zakHgiQwSgWg" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dolphin Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_z87PpzZidt8" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_z1F1i2xBqtx2" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_zDwoWo0KHx5i" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Escolar Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_zI5gv43pJer7" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_znHuQnqb1Vri" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_zrBO1o7uibcj" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oscar Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zd550XjbA3Xc" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zXJc4tcgfHve" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zYRi83arm5ci" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phoenix Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zU4AyJC5LAZ3" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zwjIKd1vngm2" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zAh1HV6ATYil" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S3 Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_ztiNZ1r4iDq1" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_z92Lz8pewbYe" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_zMxHkGgWAOl1" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Straits Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zVFdokIny7Ud" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zFSWK7wQFEId" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zkq3bGuUEu1k" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Sturgeon Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDSturgeonLtdMember_zleHsHDgyGtk" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zfkDTEDeSiN5" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDSturgeonLtdMember_zuiRJmlb0bJe" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Begonia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zvyzVjPgj1Kh" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zXrFxUml6nof" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zN5iHlzarRpd" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Ixora Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_zA06LpXk0NL1" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_z7Vya20jaAYg" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_zaknvdT0ILUh" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Omura Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_z0Quo9m0Eux7" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_zGZrzDIpZb64" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_zQt3wHoIYXc2" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Eden Maritime Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_z10YROR49jti" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_zOdwW0T944Oj" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_zHxrP3qmsWb9" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Beluga Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_z2UbiiwCeU1c" title="Percentage of Ownership">51</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_zee9qh5MN4D3" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_zMoQAL7muHbe" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra Pioneer Marine Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zYP8MDCvrq5j" title="Percentage of Ownership">51%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zfOjiPPFsrgl" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zJV8D0ctNNB4" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katsu Pioneer Marine Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_z7GURv7ksA45" title="Percentage of Ownership">51%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_zOadMsGK50W9" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_zidsInnV4Tq1" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Marine Fuels Sdn. Bhd. (“<b>TMDF</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zCmTEex2NFA6" title="Percentage of Ownership">30%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_z7tkeEowzoi5" title="Place of Incorporation">Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zNfsMpJesWe1" title="Principal activities">Dealing in Oil and Petroleum Products, Oil Trading, Oil Bunkering and Related Services</span></span></td></tr> </table> <p id="xdx_8A1_zrV3RnFfq8p2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - Organization and Principal Business (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective organizational flow chart of TMDEL and its subsidiaries as of June 30, 2026 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="note1_001.jpg"/> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3100000 3.25 465000 3.25 465000 3.25 11586250 0.67 1 0.33 1 3968556 1 890026 1132607 0.51 1237055 0.70 5336523 2771656 0.49 1188543 0.30 3474934 1 0.30 300 300 149700 149700 0.30 150000 0.30 <p id="xdx_89D_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_zQ3pzIbbnZwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL and its subsidiaries as of June 30, 2026 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zsxHZTTKfeMd" style="display: none">Schedule of Subsidiaries</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entity Name</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of Ownership</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place of Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Energy Limited (“<b>TMDEL</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember_zxFuCRGJnUFk" title="Place of Incorporation">Cayman Islands</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember_z6faTlCgtghb" title="Principal activities">Investment Holding </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Marine Fuels &amp; Energy Sdn Bhd (“<b>SMF</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_zfen7k54Z9o9" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_z6q3VBCA536a" title="Place of Incorporation">Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineFuelsAndEnergySdnBhdMember_zOG9U561GKW4" title="Principal activities">Investment Holding</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Marine Services Pte Ltd (“<b>SMS 1</b>”)</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zBfRBgspiD95" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zApStkftQx95" title="Place of Incorporation">Singapore</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMarineServicesPteLtdOneMember_zEKldHvuxs2a" title="Principal activities">Ship Management Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straits Maritime Services Pte Ltd (“<b>SMS 2</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zxkC5bayCp1f" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zwatdyTxccnd" title="Place of Incorporation">Singapore</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StraitsMaritimeServicesPteLtdTwoMember_zPBFOenvX5Z6" title="Principal activities">Provision of Shipping Services, General Cleaning &amp; Disinfection</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tumpuan Megah Development Sdn Bhd (“<b>Tumpuan Megah</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_z5SnklG04Db3" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zHJgRiZ4ekt" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zXNm5xcTnMGd" title="Principal activities">Provision of Bunkering Services for Marine Fuels and Petroleum-Based Products</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cavalla Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zqt45l2koEul" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zLboPTPrwtLk" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CavallaAsiaLtdMember_zakHgiQwSgWg" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dolphin Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_z87PpzZidt8" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_z1F1i2xBqtx2" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DolphinAsiaLtdMember_zDwoWo0KHx5i" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Escolar Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_zI5gv43pJer7" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_znHuQnqb1Vri" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EscolarAsiaLtdMember_zrBO1o7uibcj" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oscar Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zd550XjbA3Xc" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zXJc4tcgfHve" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OscarAsiaLtdMember_zYRi83arm5ci" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phoenix Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zU4AyJC5LAZ3" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zwjIKd1vngm2" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PhoenixAsiaLtdMember_zAh1HV6ATYil" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S3 Asia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_ztiNZ1r4iDq1" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_z92Lz8pewbYe" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--S3AsiaLtdMember_zMxHkGgWAOl1" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Straits Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zVFdokIny7Ud" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zFSWK7wQFEId" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zkq3bGuUEu1k" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Sturgeon Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDSturgeonLtdMember_zleHsHDgyGtk" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDStraitsLtdMember_zfkDTEDeSiN5" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDSturgeonLtdMember_zuiRJmlb0bJe" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Begonia Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zvyzVjPgj1Kh" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zXrFxUml6nof" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBegoniaLtdMember_zN5iHlzarRpd" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Ixora Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_zA06LpXk0NL1" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_z7Vya20jaAYg" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFIxoraLtdMember_zaknvdT0ILUh" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Omura Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_z0Quo9m0Eux7" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_zGZrzDIpZb64" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFOmuraLtdMember_zQt3wHoIYXc2" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Eden Maritime Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_z10YROR49jti" title="Percentage of Ownership">100%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_zOdwW0T944Oj" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFEdenMaritimeLtdMember_zHxrP3qmsWb9" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMF Beluga Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_z2UbiiwCeU1c" title="Percentage of Ownership">51</span>%</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_zee9qh5MN4D3" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SMFBelugaLtdMember_zMoQAL7muHbe" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra Pioneer Marine Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zYP8MDCvrq5j" title="Percentage of Ownership">51%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zfOjiPPFsrgl" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SierraPioneerMarineLtdMember_zJV8D0ctNNB4" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katsu Pioneer Marine Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_z7GURv7ksA45" title="Percentage of Ownership">51%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_zOadMsGK50W9" title="Place of Incorporation">Labuan, Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KatsuPioneerMarineLtdMember_zidsInnV4Tq1" title="Principal activities">Provision of Vessel Chartering Services</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMD Marine Fuels Sdn. Bhd. (“<b>TMDF</b>”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zCmTEex2NFA6" title="Percentage of Ownership">30%</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityPlaceOfIncorporation_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_z7tkeEowzoi5" title="Place of Incorporation">Malaysia</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zNfsMpJesWe1" title="Principal activities">Dealing in Oil and Petroleum Products, Oil Trading, Oil Bunkering and Related Services</span></span></td></tr> </table> Cayman Islands Investment Holding 1 Malaysia Investment Holding 1 Singapore Ship Management Services 1 Singapore Provision of Shipping Services, General Cleaning & Disinfection 1 Labuan, Malaysia Provision of Bunkering Services for Marine Fuels and Petroleum-Based Products 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 1 Labuan, Malaysia Provision of Vessel Chartering Services 0.51 Labuan, Malaysia Provision of Vessel Chartering Services 0.51 Labuan, Malaysia Provision of Vessel Chartering Services 0.51 Labuan, Malaysia Provision of Vessel Chartering Services 0.30 Malaysia Dealing in Oil and Petroleum Products, Oil Trading, Oil Bunkering and Related Services <p id="xdx_800_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zTvSnSlAG76e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 - <span id="xdx_823_zwE0T6RoArg5">Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had cash and cash equivalents of $<span id="xdx_901_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_zILEyz6NXEs8" title="Cash and cash equivalents">3,990,771</span> and a working capital deficit of $<span id="xdx_901_ecustom--WorkingCapitalDeficit_iI_c20260630_zcCtvER4Zf67" title="Working capital deficit">26,530,542</span>. For the year ended June 30, 2026, the Company reported a net loss of $<span id="xdx_90B_eus-gaap--ProfitLoss_iN_di_c20250701__20260630_z25wYydiELS7" title="Profit and loss">19,140,172</span>. Although the Company generated net cash from operating activities of $<span id="xdx_90C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_c20250701__20260630_zmiNtfXV5xmh" title="Net cash from operating activities">10,576,559</span> for the year ended June 30, 2026, the Company has significant short-term financial obligations, including short-term loans and accounts payable and accrued expenses. The Company expects to continue to require sufficient liquidity to meet its operating and financing obligations as they become due.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has assessed the Company’s liquidity requirements and its ability to meet its obligations as they become due for at least twelve months from the date the consolidated financial statements are issued. In making this assessment, management considered the Company’s cash and cash equivalents of $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_z4dBdf5NDgYd" title="Cash and cash equivalents">3,990,771</span> as of June 30, 2026, the availability of $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityCapacityAvailableForTradePurchases_iI_c20260630_zn1xtsh7bmzb" title="Trade facilities available">5,755,137</span> under its existing trade facilities, and the Company’s projected cash flows during the assessment period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management expects its existing trade facilities and supplier purchasing limits to continue to be available based on the facilities and arrangements currently in place, the absence of any call-up or withdrawal as of the date of assessment, and the Company’s established relationships with its financial institutions and suppliers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management also considered the executed repayment arrangements entered into by a subsidiary with its major trade receivable counterparties, under which the outstanding balances are repayable in monthly installments over <span id="xdx_906_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20250701__20260630__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember_zn9MXfsWanv5" title="Repaid in monthly installments">60-month periods</span>, commencing between November 2026 and February 2027 and ending between October 2030 and January 2032. Management included in its projected cash flows the contractual installments expected to be collected during the 12-month assessment period and considered the enforceability of the arrangements and the counterparties’ expected ability to make the scheduled payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has also developed a plan to obtain additional capital during the assessment period. As of the date these consolidated financial statements are issued, the Company has been actively engaged in discussions with potential equity financing investors regarding a proposed financing arrangement of up to $<span id="xdx_901_eus-gaap--LongTermPurchaseCommitmentAmount_c20250701__20260630__srt--RangeAxis__srt--MaximumMember_zHHQmasBBm0d" title="Purchase commitment amount">30,000,000</span>. For the financing arrangement, the Company would have the right, but not the obligation, to sell its Class A ordinary shares to the investor or through the issuance of bonds, subject to the terms and conditions of the definitive agreements. The timing and amount of each sale would be determined by the Company, and proceeds would be received upon completion of the applicable purchase and closing procedures. The proposed financing remains subject to the negotiation and execution of definitive agreements and satisfaction of applicable conditions. Accordingly, the financing has not yet been completed, and there can be no assurance that the proposed financing will be consummated or that the proceeds will be available to the Company within the period required. Management’s assessment of its ability to meet its obligations over the 12-month assessment period does not depend on the successful completion of this planned financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the above considerations and the Company’s projected cash flows, management believes that its liquidity resources and planned actions are probable of being sufficient to enable the Company to meet its obligations as they become due for at least twelve months from the date the consolidated financial statements are issued. Accordingly, management concluded that the substantial doubt initially raised by these conditions and events has been alleviated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3990771 26530542 -19140172 10576559 3990771 5755137 60-month periods 30000000 <p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_z78aFe4IuIR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - <span id="xdx_829_zQlhi2ABozud">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zIGKYk5zvan2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zKA125REwbj7">Basis of Presentation and Consolidation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements and related notes include all the accounts of the Company and its subsidiaries, entities that the Company controls directly or indirectly. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“<b>U.S. GAAP</b>”). All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TMD Marine Fuels Sdn. Bhd.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL has consolidated the financial statements of TMDF, in which it holds a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zz1qrKiUAyN7" title="Acquired ownership percentage">30%</span> equity interest, in accordance with ASC 810, Consolidation. Under ASC 810, entities may be consolidated when the reporting entity exercises control over the investee’s significant financial and operational policies, regardless of ownership percentage, if control exists.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although TMDEL, through its subsidiary Tumpuan Megah, directly owns only <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zXsWN7LWFaWc" title="Acquired ownership percentage">30%</span> of TMDF, TMDF is considered to be under control due to the governance structure and ownership arrangements. Dato’ Mohd Suhaimi bin Hashim, who holds a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zEKBnuWICAD1" title="Acquired ownership percentage">70%</span> equity interest in TMDF <span>and <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zc4Hik5yX5Og" title="Acquired ownership percentage">7.37%</span> equity interest in TMDEL, resigned as a director of Tumpuan Megah in April 2026</span>. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding his resignation, management has determined that Tumpuan Megah retains the substantive rights necessary to direct TMDF’s significant financial and operating activities and that the resignation did not result in a loss of control over TMDF.</span> Additionally, Dato’ Sri Kam Choy Ho is the director of TMDF and also serves as a common director of Tumpuan Megah, TMDEL and Straits. As a result of the above, Tumpuan Megah has effective control over the governance, strategic decision making and operations of TMDF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on this assessment of control, management has concluded that TMDEL has the ability to control TMDF’s financial and operational policies, justifying consolidation under ASC 810.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_z29Q4sWgNgtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zYVpKZXpCiFk">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and related notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The most significant estimates and judgments include the allowance for credit losses, useful lives of property, plant and equipment, residual values for leased assets, income taxes and uncertain tax positions. Actual amounts could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--ReclassificationsPolicyTextBlock_zy9SiMHhEpL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reclassifications</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform to the current period presentation. As of June 30, 2025, amounts due from Horizon Shipyard Inter Globe (M) Sdn Bhd, an associate of the Company, of $<span id="xdx_90B_eus-gaap--AccruedFeesAndOtherRevenueReceivable_iI_c20250630_zL6ClLeFSU87" title="Other receivables">4,103,644</span>, previously presented within other receivables and current assets, are presented within due from related parties. In connection with this reclassification, exchange differences of $<span id="xdx_90F_ecustom--ReclassificationExchangeDifferences_c20250101__20250630_z1hEmuDRbbs1" title="Reclassification, exchange differences">61,778</span> for the six months ended June 30, 2025, previously presented within other receivables and current assets in cash flows from operating activities, are presented within advances to related parties in cash flows from investing activities. For the six months ended June 30, 2025, interest income on amounts due from Straits of $<span id="xdx_900_eus-gaap--InterestIncomeExpenseNet_c20250101__20250630_zBQcyoyLrI82" title="Interest income">617,809</span>, previously presented within sundry (expense) income, is presented within interest income. These reclassifications had no effect on previously reported total current assets, total assets, net loss, total equity or net decrease in cash and cash equivalents. Amounts for the years ended December 31, 2024 and 2023 are presented as previously reported, under which interest income on amounts due from Straits of $<span id="xdx_903_eus-gaap--InterestIncomeExpenseNet_c20240101__20241231_z65KsiPlwl54" title="Interest income">375,365</span> and $<span id="xdx_90F_eus-gaap--InterestIncomeExpenseNet_c20230101__20231231_zJpBH8AVlSRe" title="Interest income">32,089</span>, respectively, is included within sundry (expense) income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z6y3AgWOTCn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zWR5cdrtExWi">Functional Currency and Foreign Currency Translation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements are presented in United States dollars (“<b>$</b>”), which is the reporting currency of the Company. For the subsidiaries whose functional currencies are Ringgit Malaysia (“<b>RM</b>”) and Singapore Dollar (“<b>SGD</b>”), results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income or loss. Transaction gains and losses are reflected in the consolidated statements of operations and comprehensive (loss) income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zNLr1gQLTeuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zX0KZErQCdV5">Fair Value of Financial Instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the provisions of ASC Topic 820, Fair Value Measurement. It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – Inputs are unobservable inputs that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best available information.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and 2025, the financial instruments of the Company comprised primarily cash and cash equivalents, accounts receivable, net, due from related parties, refundable deposits included in other receivables and current assets, accounts payable and accrued expenses, other payables, short-term loans, due to related parties and long-term debt payable. Long-term debt payable comprises a bank term loan bearing interest at a floating rate and vendor installment loans repayable within one year. The Company concludes that the carrying amounts of these financial instruments approximate their fair values, primarily due to their short-term nature and, in the case of the bank term loan, the terms of the loan approximating current market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zKYVvf3FMvId" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zMrwtjdYW0w3">Cash and cash equivalents</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents are financial assets that are either cash or highly liquid investments with an original maturity of 90 days or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--TradeAndOtherAccountsReceivableUnbilledReceivablesPolicy_zD3OXqx8q3z9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zrWyLJij9exd">Accounts Receivable and Credit Losses on Financial Instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consists principally of amounts due from trade customers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not generally required.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes credit losses on financial instruments in accordance with ASC Topic 326, Financial Instruments – Credit Losses. The Company uses the Current Expected Credit Losses (“<b>CECL</b>”) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, current economic conditions, and reasonable and supportable forecasts. Changes in these factors could have a material impact on the estimated credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated its accounts receivable and recognized a credit loss of $<span id="xdx_901_eus-gaap--ProvisionForOtherCreditLosses_c20250701__20260630_zcE5z9CBZ9fc" title="Provision of expected credit losses">1,850,064</span> for the year ended June 30, 2026, $<span id="xdx_90E_eus-gaap--ProvisionForOtherCreditLosses_c20250101__20250630_z8WsFWLh0VFe" title="Provision of expected credit losses">807</span> for the six months ended June 30, 2025, and $<span id="xdx_90F_eus-gaap--ProvisionForOtherCreditLosses_c20240101__20241231_zb5VErB0gTwb" title="Provision of expected credit losses">69,474</span> and $<span id="xdx_908_eus-gaap--ProvisionForOtherCreditLosses_dxL_c20230101__20231231_zApmgUnxbqo1" title="Provision of expected credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1131">nil</span></span> for the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--InventoryPolicyTextBlock_z4Zmj3nvPSF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_z5laHsq9a1d9">Inventories</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist primarily of marine gas oil and low sulfur fuel oil. Inventories are stated at the lower of cost or net realizable value, with net realizable value represented by estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of inventory is determined using the weighted average method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise, reduction in prices, and damaged products, which is dependent upon factors such as historical and forecasted consumer demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RelatedPartyTransactionsPolicyTextBlock_zTi9Mxbixtt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zw2oH3lgTMB4">Related Party Transactions</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A related party is generally defined as (i) any person who, together with immediate family members, holds 10% or more of the Company’s securities, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z43wkPt4DX83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z4w5zp1LxCBk">Property, Plant and Equipment</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Identifiable significant improvements are capitalized and expenditures for maintenance, repairs, and betterments, including replacement of minor items, are charged to expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation is computed based on cost, less the estimated residual value, if any, using the straight-line method over the estimated useful life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_zgHsRTkwTwsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of property, plant and equipment are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zFqAqRqEvOe" style="display: none">Schedule of Residual Value Rate and Useful Life of Property, Plant and Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plant and Equipment</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry-docking expenditures</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DryDockingExpendituresMember_zBqwJyoW59U1" title="Useful Life">2.5</span> years from the date of dry dock</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fittings</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ztIsITnG5cG4" title="Useful Life">5</span> – <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ziflsGtYEk3g" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased property</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPropertyMember_zubiWH11gOh8" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl1146">Over the life of the lease</span></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zDxZ7XNsR4pc" title="Useful Life">5</span> –<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7z8I593MDr8" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zJ9FKBLll6gd" title="Useful Life">5</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real properties</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RealPropertiesMember_zN3VY2xvBf34" title="Useful Life">40</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping tools, equipment and computers</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zdhD7zQpQ287" title="Useful Life">2</span> – <span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zqO9Horr5TQ1" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zjPb1QKTG3gl" title="Useful Life">9</span> – <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_z9FN50Y51pEb" title="Useful life">25</span> years</span></td></tr> </table> <p id="xdx_8A8_zUxZtQpJw2Ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Residual values for vessels</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines the residual value of finance lease vessels based on the lightweight of the vessels valued at the metal scrap prices quoted by vessel demolition markets. <span id="xdx_904_ecustom--PropertyPlantAndEquipmentAdditionalDisclosure_c20250701__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zIcgMknJ71R" title="Vessel reassessment description">The Company reassesses the estimated residual value of the vessel once every five years.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dry-docking expenditures</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry-docking expenditures, such as inspection, manuals and certification, engine maintenance, spare parts, painting and other vessel maintenance, are capitalized in accordance with ASC 360-10-35 when such costs are considered to enhance the future economic benefits of the vessel. The expenditures are capitalized when they significantly extend the useful life of the vessel, improve the efficiency or performance of the vessel, or increase the capacity of the vessel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized dry-docking expenditures are included in the carrying amount of the vessel and are depreciated over the period until the next scheduled dry-docking. If the criteria for capitalization are not met, the expenditures are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zyLkfn6WeUg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_z6FEqVCH6eg8">Goodwill</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“<b>ASC 350-20</b>”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assesses whether any components of these segments constitute a business for which discrete financial information is available and where the Company’s segment manager regularly reviews the operating results of that component. The Company determined that it has one reporting unit because components below the consolidated level either did not have discrete financial information or their operating results were not regularly reviewed by the segment manager.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test in accordance with ASC 350-20. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. For the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, impairment of goodwill of $<span id="xdx_903_eus-gaap--GoodwillImpairmentLoss_dxL_c20250701__20260630_zM8yy1YUyzi8" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1168">nil</span></span>, $<span id="xdx_905_eus-gaap--GoodwillImpairmentLoss_dxL_c20250101__20250630_zg4cKtLOYJY3" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1170">nil</span></span>, $<span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_c20240101__20241231_z4jKcOCEtJFa" title="Impairment of goodwill">1,129</span> and $<span id="xdx_90E_eus-gaap--GoodwillImpairmentLoss_dxL_c20230101__20231231_zm8CB91qVRa8" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1174">nil</span></span> was identified, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The attributable amount of goodwill is included in the determination of the amount of gain or loss recognized upon disposal of a portion of a reporting unit that constitutes a business. When the Company disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed.</span></p> <p id="xdx_899_eus-gaap--ScheduleOfGoodwillTextBlock_zGHAucX8eVUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zui0Tt5r2Qu2" style="display: none">Schedule of Goodwill</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250701__20260630_z2r7pgWIuRNd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_zwdfDBAfCFa3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zAOA2FuIFEFj" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zZ8PkgJYlzN1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--GoodwillAcquiredDuringPeriod_zcThoT61udO8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Acquisition of TMDF</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1178">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1179">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,129</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GoodwillImpairmentLoss_iN_di_z1R6XNehQxNb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Impairment of goodwill in relation to TMDF</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1183">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1184">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,129</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1186">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Goodwill_iE_zYbLyoYRFnCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance as of June 30, 2025</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1189">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1190">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1191">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zV91poyubCm2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zaI1kRD6kKH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zTWb0uAAtjAl">Impairment of Long-Lived Assets</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for impairment of long-lived assets in accordance with ASC 360, Property, Plant and Equipment. Long-lived assets consist primarily of property, plant and equipment. In accordance with ASC 360, the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators exist, recoverability of assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted future net cash flows expected to be generated by the asset group. Examples of such triggering events include a significant disposal of a portion of such assets and adverse changes in the market involving the business employing the related assets. If such assets are determined not to be recoverable, the Company performs an analysis of the fair value of the asset group and will recognize an impairment loss when the fair value is less than the carrying amounts of such assets. The fair value, based on reasonable and supportable assumptions and projections, requires subjective judgments. Depending on the assumptions and estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within a range of outcomes. The Company considers the likelihood of possible outcomes in determining the best estimate for the fair value of the assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company engaged an independent third-party valuer to assess the fair value of the vessels in connection with its impairment assessment. As of June 30, 2026 and 2025, no impairment of long-lived assets was recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zr4wuLBpNbb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zoZvESvNpHNi">Investments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Method Investments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for its investments representing <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__srt--RangeAxis__srt--MinimumMember_zk8A8aaPKaw4" title="Percentage of ownership">20%</span> to <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__srt--RangeAxis__srt--MaximumMember_zUUFnOTNWz44" title="Percentage of ownership">50%</span> ownership, for which the Company has the ability to exercise significant influence through board representation, under the equity method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the investee’s profits or losses in the income statement, and its share of movements in other comprehensive (loss) income. Dividends received or receivable from investees are recognized as a reduction in the carrying amount of the investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Company’s share of losses in an investee equals or exceeds its interest in the investee, including any other unsecured receivables, the Company does not recognize further losses, unless it has incurred obligations or made payments on behalf of the investee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amounts of equity-accounted investments are tested for impairment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--LeaseCommitmentsPolicy_ziRv7daKT8B8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_z70Yu2rav8C">Lease Commitments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASC Topic 842, Leases, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (“<b>ROU</b>”) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether an arrangement is or contains a lease at inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases are included in operating lease ROU asset, net, operating lease liabilities – current portion and operating lease liabilities – non-current in the consolidated balance sheets. Lease cost for operating leases is recognized on a straight-line basis which includes the amortization of the ROU asset and interest expense related to the operating lease liability and is recorded as rent expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases are included in property, plant and equipment, net, finance lease payable – current portion and finance lease payable – non-current in the consolidated balance sheets. Lease cost for finance leases includes the amortization of the ROU asset, which is amortized on a straight-line basis and recorded as depreciation expense; and interest expense on the finance lease liability, which is calculated using the effective interest method and recorded as interest expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z16ugz3cNxgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zRrNRajsPRMa">Revenue Recognition</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASC Topic 606, Revenue from Contracts with Customers (“<b>ASC 606</b>”) for all periods presented. The core principle of ASC 606 is that a company should recognize revenue when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle by the Company in its determination of revenue recognition: (1) identification of the contract, or contracts, with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies a performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives its revenues from a diverse range of maritime services provided to clients within the industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue generated from sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation involves the procurement and delivery of marine gas oil, low sulfur fuel oil, used cooking oil and fresh water for delivery to customers’ ships. The Company recognizes revenues at a point in time when cargo oil, used cooking oil and fresh water have been delivered and accepted by the customer, indicating fulfillment of the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation are not capable of being distinct and separately identifiable. The performance obligation is only considered satisfied when sales of cargo oil, used cooking oil and fresh water and bunkering facilitation are completed simultaneously.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vessel Chartering Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue generated from vessel chartering services involves arranging charters for marine transportation for various purposes such as cargo transportation or offshore operations. The Company recognizes revenues over time based on the time elapsed between the delivery of a vessel to a charterer and the return of a vessel from the charterer and invoicing is done on a monthly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ship Management Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from ship management services involves providing technical management, crew management, marine consultancy, and shipping services. The Company recognizes revenues at a point in time when services are rendered and accepted by the customer, indicating fulfillment of the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers itself to be the principal for all the revenue streams described above, as it is directly involved in the procurement, delivery, and provision of the goods and services to customers. As principal, the Company assumes the risks and rewards associated with the transactions. The Company is responsible for fulfilling the performance obligations and bears the associated costs and risks, including the risk of loss or damage to inventory and the credit risk associated with customers’ ability to pay for the goods or services. Therefore, the Company recognizes revenue on a gross basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--CostOfSalesPolicyTextBlock_zsWE90HcK27g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zaRdJektuyEa">Costs of Revenues</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues consists primarily of cost of goods sold, cargo insurance and costs incurred in the course of sales and distribution of cargo oil.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--ShareOfLossesOfAssociatePolicyTextBlock_zciloeoFScqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zW8z7Ldetnze">Share of Losses of Associates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share of losses of associates comprises the Company’s share of the net losses of its associates, Horizon Shipyard Inter Globe (M) Sdn Bhd and Double Corporate Oils &amp; Fats Sdn Bhd, accounted for under the equity method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zSY2J9zQzxbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zZDbgEg6RdAd">Segment and Geographic Information</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information about a reportable segment’s expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for the year ended December 31, 2024, retrospectively to all periods presented in the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the criteria established by ASC 280, Segment Reporting, the Company uses the management approach in determining its operating segments. The Company’s chief operating decision maker (“<b>CODM</b>”), identified as the chief executive officer of the Company, reviews consolidated results when making decisions, allocating resources and assessing performance of the Company, based on ASC 280, Segment Reporting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM assesses performance for the segment primarily by reviewing the segment net income (loss), which is also reported as consolidated net (loss) income on the consolidated statements of operations and comprehensive (loss) income. This assessment considers the Company’s strategic priorities, cash balance, and expected use of cash. Although the CODM also reviews revenue disaggregated by type of services provided, this information is not accompanied by any allocation of direct or indirect costs, and therefore does not constitute a separate measure of segment profit or loss. The CODM does not evaluate expenses, assets, or profitability at a disaggregated level. Instead, the CODM reviews and utilizes functional expenses (i.e., selling and marketing, general and administrative, and depreciation expenses) at the consolidated level to manage the Company’s operations. Other segment items include interest expense, total other (expense) income, net, and provision for income taxes, which are reflected in the segment and consolidated net (loss) income. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets, without reviewing segment assets at a different asset level or category.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Company’s consolidated financial position, results of operations, or cash flows. The Company has determined that it operates in <span id="xdx_90C_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20250701__20260630_zZ1ZCOUds87a" title="Number of operating segments">one</span> operating segment and serves both Malaysian and international customers.</span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_zAJg9M5bPEkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zQJESZi6fiM8" style="display: none">Schedule of Revenue By Reportable Segments</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250701__20260630_zlgEkWBGVkLb" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_zQKYRGNWQ4Ff" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49F_20240101__20241231_z0CrWmmvrq7l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_493_20230101__20231231_z2675iqidQyd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zOblTy29ZK89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">545,035,182</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">276,340,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">688,607,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">633,079,773</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CostOfRevenue_iN_di_znnYaaQfsnQi" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(541,923,460</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,356,649</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(672,562,832</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,989,960</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--SellingAndMarketingExpense_iN_di_zeuowvtppHIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(721,732</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(38,067</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,664</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(101,302</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zs6DCtjNNVbd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,437,305</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,330,264</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,249,099</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,127,137</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--Depreciation_iN_di_zg9iW0slpY5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,865,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,558,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,758,014</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,257,189</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--SegmentReportingOtherItemAmount_iN_di_zSMMkRPspIol" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other (expenses) income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,227,639</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,577,706</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,952,786</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">354,527</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ProfitLoss_zpRSdDO4tCM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net (loss) income of single operating segment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(19,140,172</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,521,375</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,045,147</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,958,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zOAHDIlhsHRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--EarningsPerSharePolicyTextBlock_zxRitRR7fbn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z4QUjrqW4Dag">(Loss) Earnings per Share</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the sum of the weighted-average number of ordinary shares outstanding and dilutive potential ordinary shares during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As stipulated in the Company’s Memorandum and Articles of Association, each Class B ordinary share shall be convertible into one Class A ordinary share at the option of the holders of Class B ordinary shares, at any time and without the payment of any additional sum. Conversely, holders of Class A ordinary shares shall have no rights to convert Class A ordinary shares into Class B ordinary shares under any circumstances. In addition, holders of both Class A and Class B ordinary shares are entitled to receive dividends paid by the Company at the same rate and have equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company’s Memorandum and Articles of Association. These shares rank pari passu in all other respects. Basic and diluted earnings (loss) per ordinary share are calculated by referring to the rights and characteristics of these two classes of ordinary shares. For the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, the Company had no potentially dilutive securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zDyavfqsz19d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_z09Y1QHVKUE6">Income Taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation, based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applied the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in the Company’s financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given interim or annual period based, in part, upon the results of operations for the given period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zv5DArXLeru4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zTyWZLRgq3nd">Recently Issued Accounting Pronouncements</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers the applicability and impact of all accounting standards updates (“<b>ASUs</b>”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “<b>JOBS Act</b>”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently issued accounting pronouncements adopted</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“<b>ASU 2023-09</b>”). The intent of ASU 2023-09 is to improve the disclosures around a company’s rate reconciliation information and certain types of income taxes companies are required to pay. Specifically, these new disclosure requirements will provide more transparency regarding income taxes companies pay in the United States and other countries, along with more disclosure around a company’s rate reconciliation, among other new disclosure requirements, such that users of financial statements can get better information about how the operations, related tax risks, tax planning and operational opportunities of companies affect their effective tax rates and future cash flow prospects. ASU 2023-09 is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments under ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company adopted ASU 2023-09 for the year ended June 30, 2026, retrospectively to all periods presented in the Company’s consolidated financial statements. The adoption of this ASU had no material impact on the Company’s consolidated financial position, results of operations, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet adopted</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“<b>ASU 2024-03</b>”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“<b>ASU 2025-01</b>”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 in November 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“<b>ASU 2025-05</b>”). ASU 2025-05 provides all entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. ASU No. 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of the update on its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to clarify ambiguities and improve consistency across multiple topics in the Accounting Standards Codification. Key provisions include amendments to Topic 260 (Earnings Per Share) to refine the treatment of anti-dilutive shares in year-to-date diluted EPS calculations when an entity experiences a loss from continuing operations, as well as modifications to Topic 842 (Leases) to clarify disclosure exemptions for certain lease receivables. The standard is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission, do not have a material impact on the Company’s present or near-future consolidated financial statements.</span></p> <p id="xdx_858_zOReIQNNpuWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zIGKYk5zvan2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zKA125REwbj7">Basis of Presentation and Consolidation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements and related notes include all the accounts of the Company and its subsidiaries, entities that the Company controls directly or indirectly. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“<b>U.S. GAAP</b>”). All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TMD Marine Fuels Sdn. Bhd.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMDEL has consolidated the financial statements of TMDF, in which it holds a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zz1qrKiUAyN7" title="Acquired ownership percentage">30%</span> equity interest, in accordance with ASC 810, Consolidation. Under ASC 810, entities may be consolidated when the reporting entity exercises control over the investee’s significant financial and operational policies, regardless of ownership percentage, if control exists.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although TMDEL, through its subsidiary Tumpuan Megah, directly owns only <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember_zXsWN7LWFaWc" title="Acquired ownership percentage">30%</span> of TMDF, TMDF is considered to be under control due to the governance structure and ownership arrangements. Dato’ Mohd Suhaimi bin Hashim, who holds a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDMarineFuelsSdnBhdMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zEKBnuWICAD1" title="Acquired ownership percentage">70%</span> equity interest in TMDF <span>and <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zc4Hik5yX5Og" title="Acquired ownership percentage">7.37%</span> equity interest in TMDEL, resigned as a director of Tumpuan Megah in April 2026</span>. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding his resignation, management has determined that Tumpuan Megah retains the substantive rights necessary to direct TMDF’s significant financial and operating activities and that the resignation did not result in a loss of control over TMDF.</span> Additionally, Dato’ Sri Kam Choy Ho is the director of TMDF and also serves as a common director of Tumpuan Megah, TMDEL and Straits. As a result of the above, Tumpuan Megah has effective control over the governance, strategic decision making and operations of TMDF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on this assessment of control, management has concluded that TMDEL has the ability to control TMDF’s financial and operational policies, justifying consolidation under ASC 810.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.30 0.30 0.70 0.0737 <p id="xdx_84A_eus-gaap--UseOfEstimates_z29Q4sWgNgtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zYVpKZXpCiFk">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and related notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The most significant estimates and judgments include the allowance for credit losses, useful lives of property, plant and equipment, residual values for leased assets, income taxes and uncertain tax positions. Actual amounts could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--ReclassificationsPolicyTextBlock_zy9SiMHhEpL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reclassifications</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform to the current period presentation. As of June 30, 2025, amounts due from Horizon Shipyard Inter Globe (M) Sdn Bhd, an associate of the Company, of $<span id="xdx_90B_eus-gaap--AccruedFeesAndOtherRevenueReceivable_iI_c20250630_zL6ClLeFSU87" title="Other receivables">4,103,644</span>, previously presented within other receivables and current assets, are presented within due from related parties. In connection with this reclassification, exchange differences of $<span id="xdx_90F_ecustom--ReclassificationExchangeDifferences_c20250101__20250630_z1hEmuDRbbs1" title="Reclassification, exchange differences">61,778</span> for the six months ended June 30, 2025, previously presented within other receivables and current assets in cash flows from operating activities, are presented within advances to related parties in cash flows from investing activities. For the six months ended June 30, 2025, interest income on amounts due from Straits of $<span id="xdx_900_eus-gaap--InterestIncomeExpenseNet_c20250101__20250630_zBQcyoyLrI82" title="Interest income">617,809</span>, previously presented within sundry (expense) income, is presented within interest income. These reclassifications had no effect on previously reported total current assets, total assets, net loss, total equity or net decrease in cash and cash equivalents. Amounts for the years ended December 31, 2024 and 2023 are presented as previously reported, under which interest income on amounts due from Straits of $<span id="xdx_903_eus-gaap--InterestIncomeExpenseNet_c20240101__20241231_z65KsiPlwl54" title="Interest income">375,365</span> and $<span id="xdx_90F_eus-gaap--InterestIncomeExpenseNet_c20230101__20231231_zJpBH8AVlSRe" title="Interest income">32,089</span>, respectively, is included within sundry (expense) income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4103644 61778 617809 375365 32089 <p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z6y3AgWOTCn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zWR5cdrtExWi">Functional Currency and Foreign Currency Translation</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements are presented in United States dollars (“<b>$</b>”), which is the reporting currency of the Company. For the subsidiaries whose functional currencies are Ringgit Malaysia (“<b>RM</b>”) and Singapore Dollar (“<b>SGD</b>”), results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income or loss. Transaction gains and losses are reflected in the consolidated statements of operations and comprehensive (loss) income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zNLr1gQLTeuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zX0KZErQCdV5">Fair Value of Financial Instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the provisions of ASC Topic 820, Fair Value Measurement. It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – Inputs are unobservable inputs that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best available information.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and 2025, the financial instruments of the Company comprised primarily cash and cash equivalents, accounts receivable, net, due from related parties, refundable deposits included in other receivables and current assets, accounts payable and accrued expenses, other payables, short-term loans, due to related parties and long-term debt payable. Long-term debt payable comprises a bank term loan bearing interest at a floating rate and vendor installment loans repayable within one year. The Company concludes that the carrying amounts of these financial instruments approximate their fair values, primarily due to their short-term nature and, in the case of the bank term loan, the terms of the loan approximating current market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zKYVvf3FMvId" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zMrwtjdYW0w3">Cash and cash equivalents</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents are financial assets that are either cash or highly liquid investments with an original maturity of 90 days or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--TradeAndOtherAccountsReceivableUnbilledReceivablesPolicy_zD3OXqx8q3z9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zrWyLJij9exd">Accounts Receivable and Credit Losses on Financial Instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consists principally of amounts due from trade customers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not generally required.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes credit losses on financial instruments in accordance with ASC Topic 326, Financial Instruments – Credit Losses. The Company uses the Current Expected Credit Losses (“<b>CECL</b>”) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, current economic conditions, and reasonable and supportable forecasts. Changes in these factors could have a material impact on the estimated credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated its accounts receivable and recognized a credit loss of $<span id="xdx_901_eus-gaap--ProvisionForOtherCreditLosses_c20250701__20260630_zcE5z9CBZ9fc" title="Provision of expected credit losses">1,850,064</span> for the year ended June 30, 2026, $<span id="xdx_90E_eus-gaap--ProvisionForOtherCreditLosses_c20250101__20250630_z8WsFWLh0VFe" title="Provision of expected credit losses">807</span> for the six months ended June 30, 2025, and $<span id="xdx_90F_eus-gaap--ProvisionForOtherCreditLosses_c20240101__20241231_zb5VErB0gTwb" title="Provision of expected credit losses">69,474</span> and $<span id="xdx_908_eus-gaap--ProvisionForOtherCreditLosses_dxL_c20230101__20231231_zApmgUnxbqo1" title="Provision of expected credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1131">nil</span></span> for the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1850064 807 69474 <p id="xdx_848_eus-gaap--InventoryPolicyTextBlock_z4Zmj3nvPSF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_z5laHsq9a1d9">Inventories</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist primarily of marine gas oil and low sulfur fuel oil. Inventories are stated at the lower of cost or net realizable value, with net realizable value represented by estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of inventory is determined using the weighted average method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise, reduction in prices, and damaged products, which is dependent upon factors such as historical and forecasted consumer demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--RelatedPartyTransactionsPolicyTextBlock_zTi9Mxbixtt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zw2oH3lgTMB4">Related Party Transactions</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A related party is generally defined as (i) any person who, together with immediate family members, holds 10% or more of the Company’s securities, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z43wkPt4DX83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z4w5zp1LxCBk">Property, Plant and Equipment</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Identifiable significant improvements are capitalized and expenditures for maintenance, repairs, and betterments, including replacement of minor items, are charged to expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation is computed based on cost, less the estimated residual value, if any, using the straight-line method over the estimated useful life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_zgHsRTkwTwsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of property, plant and equipment are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zFqAqRqEvOe" style="display: none">Schedule of Residual Value Rate and Useful Life of Property, Plant and Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plant and Equipment</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry-docking expenditures</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DryDockingExpendituresMember_zBqwJyoW59U1" title="Useful Life">2.5</span> years from the date of dry dock</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fittings</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ztIsITnG5cG4" title="Useful Life">5</span> – <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ziflsGtYEk3g" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased property</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPropertyMember_zubiWH11gOh8" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl1146">Over the life of the lease</span></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zDxZ7XNsR4pc" title="Useful Life">5</span> –<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7z8I593MDr8" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zJ9FKBLll6gd" title="Useful Life">5</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real properties</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RealPropertiesMember_zN3VY2xvBf34" title="Useful Life">40</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping tools, equipment and computers</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zdhD7zQpQ287" title="Useful Life">2</span> – <span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zqO9Horr5TQ1" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zjPb1QKTG3gl" title="Useful Life">9</span> – <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_z9FN50Y51pEb" title="Useful life">25</span> years</span></td></tr> </table> <p id="xdx_8A8_zUxZtQpJw2Ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Residual values for vessels</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines the residual value of finance lease vessels based on the lightweight of the vessels valued at the metal scrap prices quoted by vessel demolition markets. <span id="xdx_904_ecustom--PropertyPlantAndEquipmentAdditionalDisclosure_c20250701__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zIcgMknJ71R" title="Vessel reassessment description">The Company reassesses the estimated residual value of the vessel once every five years.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dry-docking expenditures</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry-docking expenditures, such as inspection, manuals and certification, engine maintenance, spare parts, painting and other vessel maintenance, are capitalized in accordance with ASC 360-10-35 when such costs are considered to enhance the future economic benefits of the vessel. The expenditures are capitalized when they significantly extend the useful life of the vessel, improve the efficiency or performance of the vessel, or increase the capacity of the vessel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized dry-docking expenditures are included in the carrying amount of the vessel and are depreciated over the period until the next scheduled dry-docking. If the criteria for capitalization are not met, the expenditures are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_zgHsRTkwTwsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of property, plant and equipment are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zFqAqRqEvOe" style="display: none">Schedule of Residual Value Rate and Useful Life of Property, Plant and Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plant and Equipment</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry-docking expenditures</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DryDockingExpendituresMember_zBqwJyoW59U1" title="Useful Life">2.5</span> years from the date of dry dock</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fittings</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ztIsITnG5cG4" title="Useful Life">5</span> – <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ziflsGtYEk3g" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased property</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeasedPropertyMember_zubiWH11gOh8" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl1146">Over the life of the lease</span></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zDxZ7XNsR4pc" title="Useful Life">5</span> –<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7z8I593MDr8" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zJ9FKBLll6gd" title="Useful Life">5</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real properties</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RealPropertiesMember_zN3VY2xvBf34" title="Useful Life">40</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping tools, equipment and computers</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zdhD7zQpQ287" title="Useful Life">2</span> – <span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ShippingToolsEquipmentAndComputersMember_zqO9Horr5TQ1" title="Useful life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zjPb1QKTG3gl" title="Useful Life">9</span> – <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_z9FN50Y51pEb" title="Useful life">25</span> years</span></td></tr> </table> P2Y6M P5Y P10Y P5Y P10Y P5Y P40Y P2Y P10Y P9Y P25Y The Company reassesses the estimated residual value of the vessel once every five years. <p id="xdx_84D_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zyLkfn6WeUg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_z6FEqVCH6eg8">Goodwill</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“<b>ASC 350-20</b>”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Company determines its reporting units by first identifying its operating segments, and then assesses whether any components of these segments constitute a business for which discrete financial information is available and where the Company’s segment manager regularly reviews the operating results of that component. The Company determined that it has one reporting unit because components below the consolidated level either did not have discrete financial information or their operating results were not regularly reviewed by the segment manager.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test in accordance with ASC 350-20. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit is greater than zero and its fair value exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. For the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, impairment of goodwill of $<span id="xdx_903_eus-gaap--GoodwillImpairmentLoss_dxL_c20250701__20260630_zM8yy1YUyzi8" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1168">nil</span></span>, $<span id="xdx_905_eus-gaap--GoodwillImpairmentLoss_dxL_c20250101__20250630_zg4cKtLOYJY3" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1170">nil</span></span>, $<span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_c20240101__20241231_z4jKcOCEtJFa" title="Impairment of goodwill">1,129</span> and $<span id="xdx_90E_eus-gaap--GoodwillImpairmentLoss_dxL_c20230101__20231231_zm8CB91qVRa8" title="Impairment of goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1174">nil</span></span> was identified, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The attributable amount of goodwill is included in the determination of the amount of gain or loss recognized upon disposal of a portion of a reporting unit that constitutes a business. When the Company disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed.</span></p> <p id="xdx_899_eus-gaap--ScheduleOfGoodwillTextBlock_zGHAucX8eVUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zui0Tt5r2Qu2" style="display: none">Schedule of Goodwill</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250701__20260630_z2r7pgWIuRNd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_zwdfDBAfCFa3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zAOA2FuIFEFj" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zZ8PkgJYlzN1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--GoodwillAcquiredDuringPeriod_zcThoT61udO8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Acquisition of TMDF</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1178">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1179">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,129</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GoodwillImpairmentLoss_iN_di_z1R6XNehQxNb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Impairment of goodwill in relation to TMDF</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1183">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1184">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,129</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1186">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Goodwill_iE_zYbLyoYRFnCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance as of June 30, 2025</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1189">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1190">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1191">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zV91poyubCm2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1129 <p id="xdx_899_eus-gaap--ScheduleOfGoodwillTextBlock_zGHAucX8eVUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zui0Tt5r2Qu2" style="display: none">Schedule of Goodwill</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250701__20260630_z2r7pgWIuRNd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_zwdfDBAfCFa3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zAOA2FuIFEFj" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20230101__20231231_zZ8PkgJYlzN1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--GoodwillAcquiredDuringPeriod_zcThoT61udO8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Acquisition of TMDF</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1178">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1179">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,129</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GoodwillImpairmentLoss_iN_di_z1R6XNehQxNb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Impairment of goodwill in relation to TMDF</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1183">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1184">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,129</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1186">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Goodwill_iE_zYbLyoYRFnCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance as of June 30, 2025</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1189">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1190">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1191">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1129 1129 <p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zaI1kRD6kKH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zTWb0uAAtjAl">Impairment of Long-Lived Assets</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for impairment of long-lived assets in accordance with ASC 360, Property, Plant and Equipment. Long-lived assets consist primarily of property, plant and equipment. In accordance with ASC 360, the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators exist, recoverability of assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted future net cash flows expected to be generated by the asset group. Examples of such triggering events include a significant disposal of a portion of such assets and adverse changes in the market involving the business employing the related assets. If such assets are determined not to be recoverable, the Company performs an analysis of the fair value of the asset group and will recognize an impairment loss when the fair value is less than the carrying amounts of such assets. The fair value, based on reasonable and supportable assumptions and projections, requires subjective judgments. Depending on the assumptions and estimates used, the appraised fair value projected in the evaluation of long-lived assets can vary within a range of outcomes. The Company considers the likelihood of possible outcomes in determining the best estimate for the fair value of the assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company engaged an independent third-party valuer to assess the fair value of the vessels in connection with its impairment assessment. As of June 30, 2026 and 2025, no impairment of long-lived assets was recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--InvestmentPolicyTextBlock_zr4wuLBpNbb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zoZvESvNpHNi">Investments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Method Investments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for its investments representing <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__srt--RangeAxis__srt--MinimumMember_zk8A8aaPKaw4" title="Percentage of ownership">20%</span> to <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TMDEnergyLimitedMember__srt--RangeAxis__srt--MaximumMember_zUUFnOTNWz44" title="Percentage of ownership">50%</span> ownership, for which the Company has the ability to exercise significant influence through board representation, under the equity method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the investee’s profits or losses in the income statement, and its share of movements in other comprehensive (loss) income. Dividends received or receivable from investees are recognized as a reduction in the carrying amount of the investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Company’s share of losses in an investee equals or exceeds its interest in the investee, including any other unsecured receivables, the Company does not recognize further losses, unless it has incurred obligations or made payments on behalf of the investee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amounts of equity-accounted investments are tested for impairment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.20 0.50 <p id="xdx_84C_ecustom--LeaseCommitmentsPolicy_ziRv7daKT8B8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_z70Yu2rav8C">Lease Commitments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASC Topic 842, Leases, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (“<b>ROU</b>”) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether an arrangement is or contains a lease at inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases are included in operating lease ROU asset, net, operating lease liabilities – current portion and operating lease liabilities – non-current in the consolidated balance sheets. Lease cost for operating leases is recognized on a straight-line basis which includes the amortization of the ROU asset and interest expense related to the operating lease liability and is recorded as rent expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases are included in property, plant and equipment, net, finance lease payable – current portion and finance lease payable – non-current in the consolidated balance sheets. Lease cost for finance leases includes the amortization of the ROU asset, which is amortized on a straight-line basis and recorded as depreciation expense; and interest expense on the finance lease liability, which is calculated using the effective interest method and recorded as interest expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z16ugz3cNxgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zRrNRajsPRMa">Revenue Recognition</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASC Topic 606, Revenue from Contracts with Customers (“<b>ASC 606</b>”) for all periods presented. The core principle of ASC 606 is that a company should recognize revenue when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle by the Company in its determination of revenue recognition: (1) identification of the contract, or contracts, with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies a performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives its revenues from a diverse range of maritime services provided to clients within the industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue generated from sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation involves the procurement and delivery of marine gas oil, low sulfur fuel oil, used cooking oil and fresh water for delivery to customers’ ships. The Company recognizes revenues at a point in time when cargo oil, used cooking oil and fresh water have been delivered and accepted by the customer, indicating fulfillment of the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation are not capable of being distinct and separately identifiable. The performance obligation is only considered satisfied when sales of cargo oil, used cooking oil and fresh water and bunkering facilitation are completed simultaneously.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vessel Chartering Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue generated from vessel chartering services involves arranging charters for marine transportation for various purposes such as cargo transportation or offshore operations. The Company recognizes revenues over time based on the time elapsed between the delivery of a vessel to a charterer and the return of a vessel from the charterer and invoicing is done on a monthly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ship Management Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from ship management services involves providing technical management, crew management, marine consultancy, and shipping services. The Company recognizes revenues at a point in time when services are rendered and accepted by the customer, indicating fulfillment of the performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers itself to be the principal for all the revenue streams described above, as it is directly involved in the procurement, delivery, and provision of the goods and services to customers. As principal, the Company assumes the risks and rewards associated with the transactions. The Company is responsible for fulfilling the performance obligations and bears the associated costs and risks, including the risk of loss or damage to inventory and the credit risk associated with customers’ ability to pay for the goods or services. Therefore, the Company recognizes revenue on a gross basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--CostOfSalesPolicyTextBlock_zsWE90HcK27g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zaRdJektuyEa">Costs of Revenues</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues consists primarily of cost of goods sold, cargo insurance and costs incurred in the course of sales and distribution of cargo oil.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--ShareOfLossesOfAssociatePolicyTextBlock_zciloeoFScqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zW8z7Ldetnze">Share of Losses of Associates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share of losses of associates comprises the Company’s share of the net losses of its associates, Horizon Shipyard Inter Globe (M) Sdn Bhd and Double Corporate Oils &amp; Fats Sdn Bhd, accounted for under the equity method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zSY2J9zQzxbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zZDbgEg6RdAd">Segment and Geographic Information</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information about a reportable segment’s expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for the year ended December 31, 2024, retrospectively to all periods presented in the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the criteria established by ASC 280, Segment Reporting, the Company uses the management approach in determining its operating segments. The Company’s chief operating decision maker (“<b>CODM</b>”), identified as the chief executive officer of the Company, reviews consolidated results when making decisions, allocating resources and assessing performance of the Company, based on ASC 280, Segment Reporting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM assesses performance for the segment primarily by reviewing the segment net income (loss), which is also reported as consolidated net (loss) income on the consolidated statements of operations and comprehensive (loss) income. This assessment considers the Company’s strategic priorities, cash balance, and expected use of cash. Although the CODM also reviews revenue disaggregated by type of services provided, this information is not accompanied by any allocation of direct or indirect costs, and therefore does not constitute a separate measure of segment profit or loss. The CODM does not evaluate expenses, assets, or profitability at a disaggregated level. Instead, the CODM reviews and utilizes functional expenses (i.e., selling and marketing, general and administrative, and depreciation expenses) at the consolidated level to manage the Company’s operations. Other segment items include interest expense, total other (expense) income, net, and provision for income taxes, which are reflected in the segment and consolidated net (loss) income. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets, without reviewing segment assets at a different asset level or category.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Company’s consolidated financial position, results of operations, or cash flows. The Company has determined that it operates in <span id="xdx_90C_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20250701__20260630_zZ1ZCOUds87a" title="Number of operating segments">one</span> operating segment and serves both Malaysian and international customers.</span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_zAJg9M5bPEkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zQJESZi6fiM8" style="display: none">Schedule of Revenue By Reportable Segments</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250701__20260630_zlgEkWBGVkLb" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_zQKYRGNWQ4Ff" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49F_20240101__20241231_z0CrWmmvrq7l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_493_20230101__20231231_z2675iqidQyd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zOblTy29ZK89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">545,035,182</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">276,340,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">688,607,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">633,079,773</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CostOfRevenue_iN_di_znnYaaQfsnQi" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(541,923,460</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,356,649</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(672,562,832</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,989,960</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--SellingAndMarketingExpense_iN_di_zeuowvtppHIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(721,732</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(38,067</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,664</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(101,302</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zs6DCtjNNVbd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,437,305</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,330,264</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,249,099</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,127,137</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--Depreciation_iN_di_zg9iW0slpY5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,865,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,558,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,758,014</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,257,189</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--SegmentReportingOtherItemAmount_iN_di_zSMMkRPspIol" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other (expenses) income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,227,639</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,577,706</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,952,786</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">354,527</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ProfitLoss_zpRSdDO4tCM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net (loss) income of single operating segment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(19,140,172</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,521,375</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,045,147</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,958,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zOAHDIlhsHRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_89C_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_zAJg9M5bPEkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zQJESZi6fiM8" style="display: none">Schedule of Revenue By Reportable Segments</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250701__20260630_zlgEkWBGVkLb" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_zQKYRGNWQ4Ff" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49F_20240101__20241231_z0CrWmmvrq7l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_493_20230101__20231231_z2675iqidQyd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zOblTy29ZK89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">545,035,182</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">276,340,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">688,607,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">633,079,773</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CostOfRevenue_iN_di_znnYaaQfsnQi" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(541,923,460</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,356,649</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(672,562,832</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,989,960</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--SellingAndMarketingExpense_iN_di_zeuowvtppHIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(721,732</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(38,067</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,664</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(101,302</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zs6DCtjNNVbd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,437,305</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,330,264</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,249,099</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,127,137</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--Depreciation_iN_di_zg9iW0slpY5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,865,218</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,558,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,758,014</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,257,189</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--SegmentReportingOtherItemAmount_iN_di_zSMMkRPspIol" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other (expenses) income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,227,639</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,577,706</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,952,786</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">354,527</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ProfitLoss_zpRSdDO4tCM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net (loss) income of single operating segment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(19,140,172</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,521,375</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,045,147</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,958,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 545035182 276340120 688607542 633079773 541923460 272356649 672562832 620989960 721732 38067 39664 101302 10437305 3330264 5249099 5127137 4865218 2558809 4758014 4257189 6227639 2577706 3952786 -354527 -19140172 -4521375 2045147 2958712 <p id="xdx_849_eus-gaap--EarningsPerSharePolicyTextBlock_zxRitRR7fbn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z4QUjrqW4Dag">(Loss) Earnings per Share</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the sum of the weighted-average number of ordinary shares outstanding and dilutive potential ordinary shares during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As stipulated in the Company’s Memorandum and Articles of Association, each Class B ordinary share shall be convertible into one Class A ordinary share at the option of the holders of Class B ordinary shares, at any time and without the payment of any additional sum. Conversely, holders of Class A ordinary shares shall have no rights to convert Class A ordinary shares into Class B ordinary shares under any circumstances. In addition, holders of both Class A and Class B ordinary shares are entitled to receive dividends paid by the Company at the same rate and have equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company’s Memorandum and Articles of Association. These shares rank pari passu in all other respects. Basic and diluted earnings (loss) per ordinary share are calculated by referring to the rights and characteristics of these two classes of ordinary shares. For the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, the Company had no potentially dilutive securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zDyavfqsz19d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_z09Y1QHVKUE6">Income Taxes</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation, based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applied the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in the Company’s financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given interim or annual period based, in part, upon the results of operations for the given period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zv5DArXLeru4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zTyWZLRgq3nd">Recently Issued Accounting Pronouncements</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers the applicability and impact of all accounting standards updates (“<b>ASUs</b>”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “<b>JOBS Act</b>”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently issued accounting pronouncements adopted</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“<b>ASU 2023-09</b>”). The intent of ASU 2023-09 is to improve the disclosures around a company’s rate reconciliation information and certain types of income taxes companies are required to pay. Specifically, these new disclosure requirements will provide more transparency regarding income taxes companies pay in the United States and other countries, along with more disclosure around a company’s rate reconciliation, among other new disclosure requirements, such that users of financial statements can get better information about how the operations, related tax risks, tax planning and operational opportunities of companies affect their effective tax rates and future cash flow prospects. ASU 2023-09 is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments under ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company adopted ASU 2023-09 for the year ended June 30, 2026, retrospectively to all periods presented in the Company’s consolidated financial statements. The adoption of this ASU had no material impact on the Company’s consolidated financial position, results of operations, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 - Summary of Significant Accounting Policies (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet adopted</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“<b>ASU 2024-03</b>”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“<b>ASU 2025-01</b>”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 in November 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB’s intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“<b>ASU 2025-05</b>”). ASU 2025-05 provides all entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. ASU No. 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and is applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of the update on its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to clarify ambiguities and improve consistency across multiple topics in the Accounting Standards Codification. Key provisions include amendments to Topic 260 (Earnings Per Share) to refine the treatment of anti-dilutive shares in year-to-date diluted EPS calculations when an entity experiences a loss from continuing operations, as well as modifications to Topic 842 (Leases) to clarify disclosure exemptions for certain lease receivables. The standard is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission, do not have a material impact on the Company’s present or near-future consolidated financial statements.</span></p> <p id="xdx_80D_eus-gaap--AccountsAndNontradeReceivableTextBlock_zHcd6otWMJVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4 – <span id="xdx_82E_zwPpQN3fZZBa">Accounts receivable, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zIbzk9g1tTs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zBNbloaJZpsd" style="display: none">Schedule of accounts receivable, net</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630_zHvPfSwsN9Zj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250630_zu7A3cDB3yzg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableGrossCurrent_iI_maARNCzwRL_zRM5tUuHc2x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32,751,346</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,942,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_di_msARNCzwRL_zNCwfL5sJXhf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for expected credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,490,948</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,570,348</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNCzwRL_zuIxfcMm64Kd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,260,398</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,371,702</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zpupaoXSyiU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--AccountsReceivableNoncurrentPastDueTableTextBlock_zplqyxoGjJ5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of each balance sheet date, the aging analysis of accounts receivable, net of allowance for expected credit losses, based on the invoice date, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zRHmNP1yMCz2" style="display: none">Schedule of aging analysis of accounts receivable</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zrPz5SqXr6g8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250630_zHwLAlhwgyge" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--WithinNinetyDaysMember_z2Le8Zyb79Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Within 90 days</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">14,366,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,898,706</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--BetweenNinetyOneAndOneHundredEightyDaysMember_zjSIEaO5n3V3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Between 91 and 180 days</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">690,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,636,109</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--BetweenOneHundredEightyOneAndTwoHundredSeventyDaysMember_zjkDONIQNhCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Between 181 and 270 days</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,024,174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,095,824</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--MoreThanTwoSeventyDaysMember_zAu1urdH4hHd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">More than 270 days</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,178,923</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,741,063</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableNetCurrent_iI_zfMlJTUWjqVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,260,398</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,371,702</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z4YkB54Asvq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zaZH0aD5Dcnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The movement in the allowance for expected credit losses is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zRfJm1z3vpMc" style="display: none">Schedule of movement of allowances for expected credit loss</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630_z0soTkZvkhzd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250630_zb3wgMD454f7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zkF4S2bkVFT8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,570,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,486,333</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableRecoveries_zoCR8fRNX1xh" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">807</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zKcWtWXZTpDd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,536</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">83,208</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_zMa6Dn88AcU" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,490,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,570,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zJXm4ONbFA6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s normal trade credit term is 30 days (2025: 30 days). Other credit terms are assessed and approved by management on a case-by-case basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to June 30, 2026, the Company received aggregate payments of $<span id="xdx_902_eus-gaap--ProceedsFromSaleAndCollectionOfReceivables_c20260701__20260814__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3S0YCcbW77b" title="Payments received on accounts receivable">4,183,536</span> on its accounts receivable. In September and October 2026, the Company also entered into repayment arrangements with certain major customers, pursuant to which outstanding trade receivable balances totaling $<span id="xdx_90D_eus-gaap--ContractualObligation_iI_c20260814__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0gb483DGSri" title="Accounts receivable outstanding">20,358,225</span> are scheduled to be repaid in monthly installments over 60-month periods, commencing between November 2026 and February 2027 and ending between October 2030 and January 2032. Management considered these repayment arrangements, together with subsequent collections and other available information, in assessing the recoverability and expected timing of collection of the related accounts receivable. For the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, provisions for expected credit losses were $<span id="xdx_90E_eus-gaap--ProvisionForOtherCreditLosses_c20250701__20260630_zm0RMXuFyrsi" title="Provision of expected credit losses">1,850,064</span>, $<span id="xdx_903_eus-gaap--ProvisionForOtherCreditLosses_c20250101__20250630_zmS5dCHN8ar9" title="Provision of expected credit losses">807</span>, $<span id="xdx_900_eus-gaap--ProvisionForOtherCreditLosses_c20240101__20241231_zohxRe10ibj2" title="Provision of expected credit losses">69,474</span> and $<span id="xdx_904_eus-gaap--ProvisionForOtherCreditLosses_dxL_c20230101__20231231_zrrPU5JNydX6" title="Provision of expected credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1310">nil</span></span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zIbzk9g1tTs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zBNbloaJZpsd" style="display: none">Schedule of accounts receivable, net</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630_zHvPfSwsN9Zj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250630_zu7A3cDB3yzg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableGrossCurrent_iI_maARNCzwRL_zRM5tUuHc2x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32,751,346</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,942,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_di_msARNCzwRL_zNCwfL5sJXhf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for expected credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,490,948</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,570,348</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNCzwRL_zuIxfcMm64Kd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,260,398</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,371,702</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 32751346 29942050 3490948 1570348 29260398 28371702 <p id="xdx_898_eus-gaap--AccountsReceivableNoncurrentPastDueTableTextBlock_zplqyxoGjJ5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of each balance sheet date, the aging analysis of accounts receivable, net of allowance for expected credit losses, based on the invoice date, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zRHmNP1yMCz2" style="display: none">Schedule of aging analysis of accounts receivable</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zrPz5SqXr6g8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250630_zHwLAlhwgyge" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--WithinNinetyDaysMember_z2Le8Zyb79Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Within 90 days</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">14,366,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,898,706</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--BetweenNinetyOneAndOneHundredEightyDaysMember_zjSIEaO5n3V3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Between 91 and 180 days</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">690,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,636,109</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--BetweenOneHundredEightyOneAndTwoHundredSeventyDaysMember_zjkDONIQNhCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Between 181 and 270 days</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,024,174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,095,824</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_hus-gaap--FinancingReceivablesPeriodPastDueAxis__custom--MoreThanTwoSeventyDaysMember_zAu1urdH4hHd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">More than 270 days</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,178,923</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,741,063</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableNetCurrent_iI_zfMlJTUWjqVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,260,398</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,371,702</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 14366976 11898706 690325 1636109 1024174 5095824 13178923 9741063 29260398 28371702 <p id="xdx_899_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zaZH0aD5Dcnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The movement in the allowance for expected credit losses is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zRfJm1z3vpMc" style="display: none">Schedule of movement of allowances for expected credit loss</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630_z0soTkZvkhzd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250630_zb3wgMD454f7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zkF4S2bkVFT8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,570,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,486,333</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableRecoveries_zoCR8fRNX1xh" style="vertical-align: bottom; background-color: White"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">807</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zKcWtWXZTpDd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,536</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">83,208</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_zMa6Dn88AcU" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,490,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,570,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1570348 1486333 1850064 807 70536 83208 3490948 1570348 4183536 20358225 1850064 807 69474 <p id="xdx_803_eus-gaap--InventoryDisclosureTextBlock_zrA2rhpNmgXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 – I<span id="xdx_82F_zuyNvoHRykaa">nventories, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_z5LM6eBpTjJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zjUWeYOldQTj" style="display: none">Schedule of inventories</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zJJfsQgyEvjb" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250630_z0TbqlTeeV93" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryNet_iI_zoqPRV3IAq9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Bunkering marine oil</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">9,499,965</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">7,627,129</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zqv9cmclqpA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were <span id="xdx_90E_eus-gaap--InventoryWriteDown_do_c20250701__20260630_za8Vw7D3D5ij" title="Inventory write-down"><span id="xdx_902_eus-gaap--InventoryWriteDown_do_c20250101__20250630_zVz9trSqxb3b" title="Inventory write-down"><span id="xdx_90E_eus-gaap--InventoryWriteDown_do_c20240101__20241231_z9rtHNZZ2fY2" title="Inventory write-down"><span id="xdx_90B_eus-gaap--InventoryWriteDown_do_c20230101__20231231_zRQ54pjvAj4l" title="Inventory write-down">no</span></span></span></span> inventory write-downs for the year ended June 30, 2026, the six months ended June 30, 2025, and the years ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_z5LM6eBpTjJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zjUWeYOldQTj" style="display: none">Schedule of inventories</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zJJfsQgyEvjb" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250630_z0TbqlTeeV93" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryNet_iI_zoqPRV3IAq9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Bunkering marine oil</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">9,499,965</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">7,627,129</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 9499965 7627129 0 0 0 0 <p id="xdx_807_eus-gaap--OtherCurrentAssetsTextBlock_zu6Blq0jwX7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 – <span id="xdx_82E_z6acs9mkH5De">Other receivables and current assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zPmEJjwvwNx2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other receivables and current assets consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zIKDEZdGrLIk" style="display: none">Schedule of other receivables and currents assets</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zSXSsswJUZsg" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250630_zDBUbg5aarre" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DepositsAssetsCurrent_iI_maORNCzbDX_zFHNAmT14Zt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,762,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,220,641</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseCurrent_iI_maORNCzbDX_zA0DQ34ljlVh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments and other deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699,127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,730,423</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherReceivablesGrossCurrent_iI_maORNCzbDX_zylsPUcyfOod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,579,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,903,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_iTI_mtORNCzbDX_zqJZAgY9l4ce" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,040,589</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,855,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zbaHAvT9Ed14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits consist of a cargo deposit paid to a third-party supplier for an upgrade of payment terms and credit limit, and deposits paid to third-party contingent suppliers for the supply of fuel oil. The deposits paid to suppliers are pledged for the purpose of obtaining purchase credit limits and are refundable to the Company only in the event that the credit limit is terminated, or are offset against any outstanding amounts due to the suppliers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and other deposits consist of advance payments related to marketing and business development activities. In addition, a payment of $<span id="xdx_908_eus-gaap--PaymentsForDeposits_c20250701__20260630_zK71bISn03Ia" title="Payments for deposits">2,500,000</span> was made to a vessel broker to assist in identifying a target vessel. The deposit is refundable if the broker is unable to locate a suitable vessel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other receivables consist of advance payments to suppliers for the purchase of cargo oil.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zPmEJjwvwNx2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other receivables and current assets consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zIKDEZdGrLIk" style="display: none">Schedule of other receivables and currents assets</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zSXSsswJUZsg" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250630_zDBUbg5aarre" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DepositsAssetsCurrent_iI_maORNCzbDX_zFHNAmT14Zt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,762,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,220,641</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseCurrent_iI_maORNCzbDX_zA0DQ34ljlVh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments and other deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699,127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,730,423</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherReceivablesGrossCurrent_iI_maORNCzbDX_zylsPUcyfOod" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,579,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,903,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_iTI_mtORNCzbDX_zqJZAgY9l4ce" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,040,589</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,855,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 10762364 8220641 5699127 6730423 9579098 11903976 26040589 26855040 2500000 <p id="xdx_803_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z83BefnRrmL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7 – <span id="xdx_82F_zSjj4wYFn7ji">Property, plant and equipment, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--PropertyPlantAndEquipmentTextBlock_zEf6wIVdEa58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zJtzQEHn5uc5" style="display: none">Schedule of property and equipment, net</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_ztZRHws9lGy3" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250630_zyLSmd3LKw8e" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At Cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DryDockingExpendituresMember_z2fFCaAolj82" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Dry-docking expenditures</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">18,694,262</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">15,998,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zKR818voQdf3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,634</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,964</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zsxZYkV71bCd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RealPropertyMember_zvVjvBbmYIY5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Real property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,791</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,276</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RenovationAndImprovementsMember_z8UjxzjDl0ia" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Renovation and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195,967</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsAndEquipmentMember_zR2PWc9uoFDe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,290,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,922,063</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zYXIFbbULbal" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vessels</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,399,918</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,399,918</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzdhK_zhERFOVAwF9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,778,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,705,963</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzdhK_zHAyLXSonMSj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,789,934</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,972,674</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzdhK_z5OciTyG8625" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,988,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,733,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_z41MVbrOCPE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended June 30, 2026, the Company incurred docking costs of $<span id="xdx_904_ecustom--DockingCosts_c20250701__20260630__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zZEhoD1nUesj" title="Docking costs">1,192,613</span> from Horizon Shipyard Inter Globe (M) Sdn Bhd, an associate of the Company, of which $<span id="xdx_90D_eus-gaap--AccumulatedCapitalizedInterestCosts_iI_c20260630__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zo5y30ZECZ6b" title="Property plant and equipment capitalized cost">985,792</span> were capitalized as property, plant and equipment and the remaining $<span id="xdx_90F_eus-gaap--OtherCostOfOperatingRevenue_c20250701__20260630__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zl8jSoR8xmpi" title="Other operating cost">206,821</span> was recognized as other operating cost within cost of revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense, including depreciation of assets under finance leases, was $<span id="xdx_903_eus-gaap--Depreciation_c20250701__20260630_zTJEFLhPNFr7" title="Depreciation expense">4,865,218</span> for the year ended June 30, 2026, $<span id="xdx_90F_eus-gaap--Depreciation_c20250101__20250630_zAK8X41hPhTb" title="Depreciation expense">2,558,809</span> for the six months ended June 30, 2025, and $<span id="xdx_909_eus-gaap--Depreciation_c20240101__20241231_z5l9tTEmDTN4" title="Depreciation expense">4,758,014</span> and $<span id="xdx_908_eus-gaap--Depreciation_c20230101__20231231_zoMADSxBrYOe" title="Depreciation expense">4,257,189</span> for the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--PropertyPlantAndEquipmentTextBlock_zEf6wIVdEa58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zJtzQEHn5uc5" style="display: none">Schedule of property and equipment, net</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_ztZRHws9lGy3" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250630_zyLSmd3LKw8e" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At Cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DryDockingExpendituresMember_z2fFCaAolj82" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Dry-docking expenditures</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">18,694,262</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">15,998,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zKR818voQdf3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,634</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,964</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zsxZYkV71bCd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RealPropertyMember_zvVjvBbmYIY5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Real property</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">825,791</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,276</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RenovationAndImprovementsMember_z8UjxzjDl0ia" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Renovation and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195,967</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsAndEquipmentMember_zR2PWc9uoFDe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,290,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,922,063</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember_zYXIFbbULbal" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vessels</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,399,918</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,399,918</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzdhK_zhERFOVAwF9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,778,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,705,963</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzdhK_zHAyLXSonMSj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,789,934</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,972,674</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzdhK_z5OciTyG8625" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,988,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,733,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 18694262 15998313 70634 68964 296828 284462 825791 836276 200431 195967 2290278 1922063 34399918 34399918 56778142 53705963 26789934 21972674 29988208 31733289 1192613 985792 206821 4865218 2558809 4758014 4257189 <p id="xdx_807_eus-gaap--InvestmentTextBlock_zEef5gmtWlE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8 – <span id="xdx_82E_z6MFoN5zy279">Investments and valuations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--InvestmentTableTextBlock_zdBZxeZBsjjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in Horizon Shipyard Inter Globe (M) Sdn Bhd (“<b>Horizon</b>”) and Double Corporate Oils &amp; Fats Sdn Bhd (“<b>DCOF</b>”) consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zEDKSrJKVLca" style="display: none">Schedule of investments</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HorizonShipyardInterGlobeMSdnBhdAndDoubleCorporationOilsAndFatsSdnBhdMember_zjw3RvfMYbVb" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HorizonShipyardInterGlobeMSdnBhdAndDoubleCorporationOilsAndFatsSdnBhdMember_zrn8og52ngH8" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedAtCost_iS_z7eoCbFqbD4h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89,712</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">88,908</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentOwnedAtCost_iS_zoU5IBidpQ5i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Beginning balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">89,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">88,908</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--Investment_iNI_di_zRMQgpkAy0jh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investments during the year / period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1404">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ShareOfLossesOfAssociate_iNI_di_zYHwq1r9esHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share of losses of associates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,753</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,029</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--InvestmentsForeignExchangeDifference_iNI_di_zNba29KJaQT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,406</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,833</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Investments_iE_zcrvOirWUNNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,962</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Investments_iE_zqQyeZLsdkpd" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,962</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zTGXRRcyBf6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment in Horizon</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 22, 2023, Tumpuan Megah acquired a <span id="xdx_90F_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20230622__us-gaap--BusinessAcquisitionAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zQwCDIilKDM7" title="Equity interest percentage">20</span>% equity interest in Horizon. Horizon is a company specializing in the repair and maintenance of transport equipment, other than motor vehicles, in Malaysia. The investment was initially accounted for using the measurement alternative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Horizon is a privately held company, and its equity securities do not have a readily determinable fair value. Prior to May 31, 2024, the Company accounted for its investment in Horizon in accordance with ASC 321, Investments—Equity Securities, which allows an entity to measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer (the “<b>Measurement Alternative</b>”). Management assessed the investment on an individual basis and was required to make a qualitative assessment for impairment at each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 9, 2024, Tumpuan Megah acquired an additional <span id="xdx_901_ecustom--AdditionalCommonStockSubscription_pid_dp_c20240409__20240409__us-gaap--BusinessAcquisitionAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zfiqI8sWQUb9" title="Additional common stock subscription">380,000</span> ordinary shares in Horizon, in proportion to its existing shareholding in Horizon, for cash consideration of RM<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_pid_dp_uMYR_c20240409__20240409__us-gaap--BusinessAcquisitionAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zmbm0z1MWR8l" title="Cash consideration for ordinary shares acquired">380,000</span>. Tumpuan Megah’s equity interest remained unchanged at <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20240409__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zm8swPfMxnzd" title="Equity interest percentage">20</span>% after the subscription of the additional shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With effect from May 31, 2024, the Company accounts for its <span id="xdx_908_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20240531__us-gaap--BusinessAcquisitionAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zvpSC61ZxIp5" title="Equity interest percentage">20</span>% equity interest in Horizon under the equity method, as Tumpuan Megah has the ability to exercise significant influence over Horizon through board representation. Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the investee’s profits or losses in the consolidated statements of operations and comprehensive (loss) income, and its share of movements in other comprehensive (loss) income. The carrying amounts of equity-accounted investments are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the year ended June 30, 2026, the Company’s share of the profit of Horizon was $<span id="xdx_903_ecustom--ShareOfProfitAndLossesOfAssociate_c20250701__20260630__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_znBaWomXKKEk" title="Share of profit and losses of associate">4,975</span>, and for the six months ended June 30, 2025 and the year ended December 31, 2024, its share of the losses of Horizon was $<span id="xdx_90E_ecustom--ShareOfProfitAndLossesOfAssociate_c20250101__20250630__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zbhYrXDYcjn5" title="Share of profit and losses of associate">4,029</span> and $<span id="xdx_908_ecustom--ShareOfProfitAndLossesOfAssociate_c20240101__20241231__dei--LegalEntityAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_ztH6PiQ9nsV1" title="Share of profit and losses of associate">710</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not recognize an impairment loss for the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment in DCOF</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 23, 2025, Tumpuan Megah entered into a subscription agreement with DCOF, a company incorporated in Malaysia that had not commenced business since its incorporation. Pursuant to the subscription agreement, Tumpuan Megah subscribed for <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesOther_c20251023__20251023__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zhsEpJeyuEr1" title="Number of shares purchased">200,000</span> ordinary shares of DCOF, representing <span id="xdx_902_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20251023__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zjy6pld3MWvf" title="Equity interest percentage">50</span>% of DCOF’s issued ordinary shares at the date of subscription.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 28, 2026, DCOF allotted an additional <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260428__20260428__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zjicd9NKJyR8" title="Additional number of shares alloted">800,000</span> ordinary shares, of which <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesOther_c20260428__20260428__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_z7MUXGucIQqa" title="Number of shares alloted">400,000</span> ordinary shares were allotted to Tumpuan Megah. Following the additional allotment, Tumpuan Megah held <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20260428__20260428__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zNVVsRsDqRK1" title="Additional number of shares acquisitions">600,000</span> ordinary shares, representing a <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20260428__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember__dei--LegalEntityAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_zEzcOsF6zjTj" title="Equity interest percentage">50</span>% equity interest in DCOF as of June 30, 2026. The Company accounts for its investment in DCOF as an investment in an associate using the equity method. Although the contractual arrangements contemplate shared decision-making between Tumpuan Megah and other shareholders of DCOF, the Company determined, based on the substance of the parties’ rights and their actual involvement in the relevant activities of DCOF, that Tumpuan Megah has significant influence, but not joint control, over DCOF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the equity method, the investment is initially recognized at cost and subsequently adjusted to recognize the Company’s share of DCOF’s net income or loss in the consolidated statements of operations and comprehensive (loss) income, and its share of movements in other comprehensive (loss) income. The carrying amount of the investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the carrying amount of the Company’s investment in DCOF was $<span id="xdx_90D_eus-gaap--InvestmentOwnedAtCost_iI_c20260630__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember_ziUJ40PqoeGf" title="Carrying amount of investment">96,776</span>. During the year ended June 30, 2026, the Company recognized $<span id="xdx_909_eus-gaap--GainLossOnInvestments_c20250701__20260630__us-gaap--BusinessAcquisitionAxis__custom--DoubleCorporationOilsAndFatsSdnBhdMember_zdNPNXKmtmBk" title="Investment recognized loss amount">17,728</span> as its share of DCOF’s net losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--InvestmentTableTextBlock_zdBZxeZBsjjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in Horizon Shipyard Inter Globe (M) Sdn Bhd (“<b>Horizon</b>”) and Double Corporate Oils &amp; Fats Sdn Bhd (“<b>DCOF</b>”) consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zEDKSrJKVLca" style="display: none">Schedule of investments</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HorizonShipyardInterGlobeMSdnBhdAndDoubleCorporationOilsAndFatsSdnBhdMember_zjw3RvfMYbVb" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HorizonShipyardInterGlobeMSdnBhdAndDoubleCorporationOilsAndFatsSdnBhdMember_zrn8og52ngH8" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedAtCost_iS_z7eoCbFqbD4h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89,712</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">88,908</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentOwnedAtCost_iS_zoU5IBidpQ5i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Beginning balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">89,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">88,908</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--Investment_iNI_di_zRMQgpkAy0jh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investments during the year / period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1404">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ShareOfLossesOfAssociate_iNI_di_zYHwq1r9esHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share of losses of associates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,753</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,029</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--InvestmentsForeignExchangeDifference_iNI_di_zNba29KJaQT6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,406</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,833</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Investments_iE_zcrvOirWUNNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,962</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Investments_iE_zqQyeZLsdkpd" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">194,962</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 89712 88908 89712 88908 -114597 12753 4029 -3406 -4833 194962 89712 194962 89712 0.20 3800 3800 0.20 0.20 4975 4029 710 200000 0.50 800000 400000 600000 0.50 96776 17728 <p id="xdx_80C_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zk8KdQQanLFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9 - <span id="xdx_825_zimG4or3Mxu">Related party transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zlb1VdHksCYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nature and purpose of transaction amounts and outstanding balances for related parties consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zd8q8Yjku4Lg" style="display: none">Schedule of nature and purpose of transaction amounts and outstanding balances for related parties</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Subsequent to</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Balances</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">Amounts</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amounts</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Relationship</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Nature/Purpose</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Receivables (Liabilities)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sales (Purchases)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Settled</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; text-align: left">Benua Hijau Sdn Bhd</td><td style="width: 2%"> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zTryMTWklO5a" style="width: 13%; text-align: justify">Entity owned by Controlling Shareholder</td><td style="width: 2%"> </td> <td id="xdx_98A_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zaxussSGWLu1" style="width: 11%; text-align: left">CSR expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zuJBHDkn6075" style="width: 4%; text-align: right" title="Balances Receivables (Liabilities)">(226,190</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zP0JjzNbCa0d" style="width: 4%; text-align: right" title="Balances Receivables (Liabilities)">(156,136</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zX0EhLHTG2e8" style="width: 4%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1460">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zpjxQtgqLIGb" style="width: 4%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1462">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zmUdpzrHo2c" style="width: 5%; text-align: right" title="Amounts Sales (Purchases)">(98,658</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zAh5talL9ZBl" style="width: 5%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1466">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWmsLpU9IpW9" style="width: 4%; text-align: right" title="Amounts Settled">226,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Black Hummer Security Sdn Bhd</td><td> </td> <td id="xdx_987_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zVt92I9Mtz93" style="text-align: justify">An entity controlled by Tan Sri Mohd Bakri Bin Mohd Zinin, one of the directors of Tumpuan Megah</td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zGPeU34jUMPi" style="text-align: left">Security services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zNx0886YbjZ7" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1472">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zFy7rwgl68q4" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1474">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z7o5N8kpbr1e" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1476">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zFPZkpWdkdG6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1478">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z4nnJbTENyS8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1480">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z6VcxXIpPY63" style="text-align: right" title="Amounts Sales (Purchases)">(1,448</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zR9qTG7rkJ02"><span style="-sec-ix-hidden: xdx2ixbrl1483">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dato’ Mohd Suhaimi bin Hashim</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zsm4y9BFxfBl" style="text-align: justify"> Shareholder of the Company and TMDF</td><td> </td> <td id="xdx_986_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_z1h29MJJbmZ5">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zev6511HZcEl" style="text-align: right" title="Balances Receivables (Liabilities)">(246</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zhuv9G8YfcAi" style="text-align: right" title="Balances Receivables (Liabilities)">(237</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zxEe35SKlop7" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zWk2ONxOqan4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1493">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zLC3Gv6xEPT9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1495">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_znj0LR2iFBA3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1497">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4mu19sXPE6c"><span style="-sec-ix-hidden: xdx2ixbrl1498">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Double Corporate Oils &amp; Fats Sdn Bhd</td><td> </td> <td id="xdx_989_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zC1juDXxRHr2" style="text-align: justify">Associate of the Company</td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z9ichVs5nMxe">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zC5DMevpyu3h" style="text-align: right" title="Balances Receivables (Liabilities)">819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z78gLfmVxw32" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1504">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zcCxVRG7Blc6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1506">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zbIQloO3JAy2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1508">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z1Mywk8ncNsj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1510">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zteUVeXfSxK5" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1512">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_904_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgh7gbHQCgAb"><span style="-sec-ix-hidden: xdx2ixbrl1513">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Horizon Shipyard Inter Globe (M) Sdn Bhd</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_z2hmoGI2h35b" style="text-align: justify">Associate of the Company</td><td> </td> <td id="xdx_98F_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_znV81Qg6AtOk" style="text-align: left">(i) Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_z9Ka0nYWZCmf" style="text-align: right" title="Balances Receivables (Liabilities)">10,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zGwCrF6SZ3qi" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1519">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zid8KGZ7lqZ4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1521">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zeP4NXoT0Zi3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1523">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zFrmYtuOhyeh" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1525">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zdcWIMp3NSS8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1527">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_907_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhitYoa6SjOh"><span style="-sec-ix-hidden: xdx2ixbrl1528">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_z4Fe9VUrd7G9" style="text-align: left">(ii) Docking expenditure reimbursement</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zMz6r3JREJQ2" style="text-align: right" title="Balances Receivables (Liabilities)">4,328,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zi15NnB5yFU8" style="text-align: right" title="Balances Receivables (Liabilities)">4,103,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zlewkhVUY8Xd" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1535">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zvKxPZeein27" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1537">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zhkhH9EyvBp6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1539">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_z483FNWDxz1h" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1541">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_901_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zknkXYTDYuUi"><span style="-sec-ix-hidden: xdx2ixbrl1542">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zdV7iJdVe0g3" style="text-align: left">(iii) Other operating cost</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zK6q77Cgdm6c" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1545">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zI37nPgfuqS3" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1547">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zUcIHn4BdMo4" style="text-align: right" title="Amounts Sales (Purchases)">(206,821</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zS7EpVoCrAOb" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1551">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zHHQu1UBVqO2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1553">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zrzctG6TemMg" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1555">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zs9mbVFhPBlg"><span style="-sec-ix-hidden: xdx2ixbrl1556">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pan Management Services Ltd</td><td> </td> <td id="xdx_98A_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zpzentNohVh9" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_984_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zLMLGoUwUGn4" style="text-align: left">(i) Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zyZfJX9HQEL2" style="text-align: right" title="Balances Receivables (Liabilities)">(8,805</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_znoKUg2S03I" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1562">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zmd73UbSsuja" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1564">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_z8LJMKx2UzCc" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1566">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zmTePer41hdg" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1568">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zKAb8wE8e4N1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1570">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBnp1hJ0RbPc" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1572">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_98A_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_z5VkHQVzw7vg" style="text-align: left">(ii) Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zUslQN6y89pf" style="text-align: right" title="Balances Receivables (Liabilities)">(75,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zrrcpjjL8hL6" style="text-align: right" title="Balances Receivables (Liabilities)">(72,942</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zfOaXVQYZnvj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1579">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zYZJzWniltw8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1581">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zPLEmgUE6jDd" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zH6TcbLMPXA8" style="text-align: right" title="Amounts Sales (Purchases)">(234,137</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOSY1zTOwvei" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1587">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Raja Ismail Bin Raja Mohamed</td><td> </td> <td id="xdx_985_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zaxkUlQtkR8j" style="text-align: justify">Director of Tumpuan Megah</td><td> </td> <td id="xdx_989_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_z76QA2q8uKJh" style="text-align: left">Reimbursable legal fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zSC3nftTERig" style="text-align: right" title="Balances Receivables (Liabilities)">2,452,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zguhDFkyDiL2" style="text-align: right" title="Balances Receivables (Liabilities)">1,927,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zKODU9MHVuQ9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1595">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zk51fNiacymf" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1597">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zHMkqfSA8KUa" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1599">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zST9P8CH6B28" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1601">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90B_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zT7T2wUwclL8" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1603">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sinar Maju Logistik Sdn Bhd</td><td> </td> <td id="xdx_98D_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zTBSSTdP2nU3" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_989_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zuO4dJU6ioha" style="text-align: left">Shipping agency services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zt6gY3mZaSO9" style="text-align: right" title="Balances Receivables (Liabilities)">142,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_z6JeinOfi3sc" style="text-align: right" title="Balances Receivables (Liabilities)">137,715</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zaR6c7wOTSWg" style="text-align: right" title="Amounts Sales (Purchases)">(78,797</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zzlHAPJbz1k3" style="text-align: right" title="Amounts Sales (Purchases)">(47,325</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zZgONqB2lGR4" style="text-align: right" title="Amounts Sales (Purchases)">(270,505</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zwsksfgJRvpl" style="text-align: right" title="Amounts Sales (Purchases)">(525,067</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2SPHnk6xYS" style="text-align: right" title="Amounts Settled">12,611</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sinar Maju Marin Sdn Bhd</td><td> </td> <td id="xdx_988_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zXMzOWG9lqig" style="text-align: justify">Subsidiary of Sinar Maju Logistik Sdn Bhd, Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_981_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zn94D3JnNUW6" style="text-align: left">Shipping agency services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zNOXqcxKIZn5" style="text-align: right" title="Balances Receivables (Liabilities)">(19,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zPR00ZYJ4qP2" style="text-align: right" title="Balances Receivables (Liabilities)">(1,665</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zi5V8wnS2xv4" style="text-align: right" title="Amounts Sales (Purchases)">(48,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zY1z2yZbCeL7" style="text-align: right" title="Amounts Sales (Purchases)">(17,213</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_z8IU2U2FfcTd" style="text-align: right" title="Amounts Sales (Purchases)">(69,404</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zp4x6GjX77E5" style="text-align: right" title="Amounts Sales (Purchases)">(71,606</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7cGWfRJxroc" style="text-align: right" title="Amounts Settled">19,228</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Alliance Transport Sdn Bhd</td><td> </td> <td id="xdx_988_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zxk2ilANIzfe" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_ztH4pZU4Vz0k">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zi30Yjb4LSE1" style="text-align: right" title="Balances Receivables (Liabilities)">1,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_ztLQDxAtcL49" style="text-align: right" title="Balances Receivables (Liabilities)">1,116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zEqVW4EoKMHl" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zLmedFbjghK8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1645">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_z3q9sVm7Txb9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1647">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zVE0F3XgTtxc" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1649">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_903_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_znnT2Ak0qw5d" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1651">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straits CommNet Solutions Sdn Bhd</td><td> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zm4aQjBZ78y4" style="text-align: justify">Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_98C_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_z5tcPf8CoQha">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zGsAhu697Qye" style="text-align: right" title="Balances Receivables (Liabilities)">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zCp1MXOgvcE8" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1657">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zNMg7b8X3xCl" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1659">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zt7rHPOACdeh" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zWauuDQ3kgkj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1663">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zeyBj4PPAMd5" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1665">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_903_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfOGskcZC20a" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1667">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Energy Resources Berhad</td><td> </td> <td id="xdx_98C_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zbrq90kwgY6e" style="text-align: justify">Controlling Shareholder</td><td> </td> <td id="xdx_98F_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zUmybF9iMzK" style="text-align: left">Working capital advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zB7mnECqrQSl" style="text-align: right" title="Balances Receivables (Liabilities)">17,355,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zXmsWhdPIDJf" style="text-align: right" title="Balances Receivables (Liabilities)">15,903,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zjlGBKpWh0vk" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1675">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zIMQth7MXD12" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1677">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zfO2N7SSrOb3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1679">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zG7FhTIw6Ev3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1681">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMkBwYft00S4" style="text-align: right" title="Amounts Settled">420,030</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straits Management Services Sdn Bhd</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z5BikpPK4xdj" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z64AZcnmN3Qa" style="text-align: left">Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zVQPOoxdAmba" style="text-align: right" title="Balances Receivables (Liabilities)">(75,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zHuL6j6WknV7" style="text-align: right" title="Balances Receivables (Liabilities)">(793,078</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z4yP2kPkcuX2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1691">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zyX0vXcJy9H4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1693">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zCDXYkWQAu48" style="text-align: right" title="Amounts Sales (Purchases)">(499,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zAnvdXt76Xb5" style="text-align: right" title="Amounts Sales (Purchases)">(269,897</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9pa0JdodOy1" style="text-align: right" title="Amounts Settled">4,962</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Tony Tan Han</td><td> </td> <td id="xdx_98F_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zXRXJCcQVgGe" style="text-align: justify">Director of SMS 1</td><td> </td> <td id="xdx_984_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zbUAx2OnBQH5" style="text-align: justify">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zmTi7UaMaBr2" style="text-align: right" title="Balances Receivables (Liabilities)">(170,265</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zjRS0NZENSdb" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1705">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zaaRkVODlNw2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1707">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zgI0Oa25XAz6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1709">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_z8VfttM1VqZ1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1711">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zt0KKEqzUVX" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1713">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zblDAKQYEupk" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1715">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Victoria STS (Labuan) Sdn Bhd</td><td> </td> <td id="xdx_982_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_z2uqRdrUEhG7" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zociTbVja1ph" style="text-align: left">(i) Sales of marine gas oil</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_z1iZLMgtjZyc" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1719">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zobQgBtHjTja" style="text-align: right" title="Balances Receivables (Liabilities)">11,592</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zXxORNiwkiei" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1723">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_za0Usg27v015" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1725">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zbLAGrVEEui1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1727">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zRXLx4AefSQ4" style="text-align: right" title="Amounts Sales (Purchases)">151,349</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_906_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXCeFbWnD8xl"><span style="-sec-ix-hidden: xdx2ixbrl1730">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td> </td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_z2QPIXQUQ1d7" style="text-align: left">(ii) Sales of ship management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zJEbEk2KbAN4" style="text-align: right" title="Balances Receivables (Liabilities)">119,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zAfK3x22Cbe2" style="text-align: right" title="Balances Receivables (Liabilities)">8,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zP2tLJd8KKA4" style="text-align: right" title="Amounts Sales (Purchases)">189,661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zP64z6SYAwKb" style="text-align: right" title="Amounts Sales (Purchases)">154,866</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zSacnzvu3Ll5" style="text-align: right" title="Amounts Sales (Purchases)">177,534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_z49gORYdq848" style="text-align: right" title="Amounts Sales (Purchases)">122,240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEFwlbdDYbya">72,443</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td> </td><td> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zwoNfMHVqQJa" style="text-align: left">(iii) Purchase of tugboat services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zrVKkEmuvjR1" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1747">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_z5FjXQpICzs" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1749">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zAnlKfLXOBX7" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1751">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_ztlhjMBtS4n4" style="text-align: right" title="Amounts Sales (Purchases)">(17,116</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zFhMFTGkja04" style="text-align: right" title="Amounts Sales (Purchases)">(9,402</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zLRKwJCLcPLc" style="text-align: right" title="Amounts Sales (Purchases)">(21,201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zp3FTVoMRTcg"><span style="-sec-ix-hidden: xdx2ixbrl1758">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Victoria 3 Limited</td><td> </td> <td id="xdx_980_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zzfPaA1QQH19" style="text-align: justify">Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zhMOPAbPgOah" style="text-align: left">Sales of ship management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_z0I834AVpNof" style="text-align: right" title="Balances Receivables (Liabilities)">3,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zrSf254neDm8" style="text-align: right" title="Balances Receivables (Liabilities)">3,155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zb1u4U4ypScj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1766">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zqzUiZvENCN6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1768">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_z4HhW0kun93l" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1770">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zEeXo6GEciil" style="text-align: right" title="Amounts Sales (Purchases)">16,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeVCnl3rxQU1"><span style="-sec-ix-hidden: xdx2ixbrl1773">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Wire &amp; Wireless Sdn Bhd</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_989_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zC98qlbpoRL7" style="text-align: justify; padding-bottom: 1pt">Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_987_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zv6Ai398M7vf" style="text-align: justify; padding-bottom: 1pt">Advances</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_ziXHoDKwQFYl" style="border-bottom: Black 1pt solid; text-align: right" title="Balances Receivables (Liabilities)">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zrDQxyK7IIbc" style="border-bottom: Black 1pt solid; text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1779">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zXlAeV0SsOC1" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1781">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zFkdpU8Debq7" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1783">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_z5dtL37vNPl5" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1785">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zW4dgRTzURbj" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1787">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmUtivcQIJfl"><span style="-sec-ix-hidden: xdx2ixbrl1788">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630_zo7VUHnKh8D1" style="border-bottom: Black 2.5pt double; text-align: right" title="Balances Receivables (Liabilities)">23,840,231</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630_zhJYNVhvg9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Balances Receivables (Liabilities)">21,072,515</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630_zzy6tDagN3Tf" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(143,957</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630_zQTl7okuFckf" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">73,212</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231_zxit6i7uqCE5" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(769,526</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231_zL4R4KGU9emi" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(832,979</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqQs7czk35Q9" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Settled">755,464</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related party transactions other than sales and purchases:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Relationship</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Nature/Purpose</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; text-align: left">Benua Hijau Sdn Bhd</td><td style="width: 2%"> </td> <td id="xdx_985_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zb7sSx4nyCgg" style="width: 13%; text-align: left" title="Relationship">Entity owned by Controlling Shareholder</td><td style="width: 2%"> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zpFbDL6Z0cj3" style="width: 13%; text-align: left" title="Nature/purpose">Corporate social responsibility expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zsvKAn6ilC77" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases">(103,383</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zgnLnZTWj191" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases">(79,458</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_ztSP6RcJcOVk" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1812">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zAOfCVUHZI2e" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1814">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ho Hung Ming</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zZcxENGTYdXa" style="text-align: left" title="Relationship">Son of Dato’ Sri Kam Choy Ho</td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zqPHb6vTfEu" title="Nature/purpose">Remuneration</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zTGgGc2sh9z8" style="text-align: right" title="Related party transactions other than sales and purchases">(136,100</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zup0eawufk6g" style="text-align: right" title="Related party transactions other than sales and purchases">(61,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zaMZQexocUeg" style="text-align: right" title="Related party transactions other than sales and purchases">(72,487</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zlWMc75Bf2P5" style="text-align: right" title="Related party transactions other than sales and purchases">(67,895</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Management Services Sdn Bhd</td><td> </td> <td id="xdx_983_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zUKZtmrrZCU3" style="text-align: left" title="Relationship">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_98C_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zoqlvYdsSzGi" style="text-align: left" title="Nature/purpose">Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zwsb4xpoj4ul" style="text-align: right" title="Related party transactions other than sales and purchases">(803,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zBb6gZ1Ut6Xj" style="text-align: right" title="Related party transactions other than sales and purchases">(373,129</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zdINVDi6ZSQa" style="text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1836">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z8ghJPt9KI0b" style="text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1838">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Straits Energy Resources Berhad</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zjanxpiQNlKj" style="text-align: left; padding-bottom: 1pt" title="Relationship">Controlling Shareholder</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_980_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zvMZb5oEQOfe" style="text-align: left; padding-bottom: 1pt" title="Nature/purpose">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zdDa8KnLbrS8" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">1,200,519</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zTPfw7DVevD9" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">617,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zO1A5memRoag" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">375,365</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zCiouVBvvQN1" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">32,089</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630_zKQbLPL1FOlk" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">157,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630_ztmN6tdEev8e" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">103,682</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231_zTPrmhSlRfKf" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">302,878</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231_zxsax9nRk3m2" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">(35,806</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A8_z422l1DuWsO8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9 - Related party transactions (Continued)</b></span></p> <p id="xdx_898_ecustom--ScheduleOfRelatedPartyBalancesTableTextBlock_zhNW9WJjhUEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zjozGBLZbEdj" style="display: none">Schedule of related party balances</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_z43nhdj2RY87" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250630_zoZw70MI0bKc" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivablesNetCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zqe7djLK2on5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Due from related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">24,415,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">22,096,573</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherLiabilitiesCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zjtF0diTHl7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Due to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(575,117</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,024,058</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OtherReceivables_iI_zuXcmDR0vbY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,840,231</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,072,515</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zZaldwZ0wFH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts due from the related party, Straits Energy Resources Berhad, totaling $<span id="xdx_90E_eus-gaap--OtherReceivablesNetCurrent_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zjHF0WWFT8o6" title="Due from related party">18,257,173</span> (2025: $<span id="xdx_906_eus-gaap--OtherReceivablesNetCurrent_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zYhjUaGDtQbb" title="Due from related party">16,892,805</span>), bear interest at rates ranging from <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember__srt--RangeAxis__srt--MinimumMember_z2ONIrCX61si" title="Interest-bearing rate">5.5</span>% to <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember__srt--RangeAxis__srt--MaximumMember_ztx9KGlJ6yA" title="Interest-bearing rate">8.25</span>% per annum (2025: <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_z0YEl6eece46" title="Interest-bearing rate">8.25</span>% per annum) and have no fixed repayment terms. The balance due from Straits presented in the table above is net of interest-free advances due to Straits. The remaining amounts due from and due to related parties are interest-free and unsecured, have no fixed terms of repayment and are repayable on demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income from amounts due from related parties was $<span id="xdx_905_eus-gaap--InterestIncomeOperating_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zU1iObptLVUe" title="Interest income">1,200,519</span>, $<span id="xdx_907_eus-gaap--InterestIncomeOperating_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zW7CenCzy4na" title="Interest income">617,809</span>, $<span id="xdx_902_eus-gaap--InterestIncomeOperating_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zvUa0olVqrra" title="Interest income">375,365</span> and $<span id="xdx_900_eus-gaap--InterestIncomeOperating_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zYbWRnapRWE7" title="Interest income">32,089 </span>for the year ended June 30, 2026, the six months ended June 30, 2025, and the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company received bank guarantees from a bank to support certain trade payables. Straits provided a corporate guarantee to the bank for these facilities. The guarantees ensure timely payment to suppliers in the event of default by the Company. The maximum potential liability under the guarantees is <span style="background-color: white">$<span id="xdx_903_eus-gaap--GuaranteeObligationsMaximumExposure_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zcapSdfYALll" title="Maximum potential liability under guarantees">1,228,954</span> as of June 30, 2026</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amounts due from Raja Ismail Bin Raja Mohamed</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts due from Raja Ismail Bin Raja Mohamed (“<b>Raja Ismail</b>”), a director of Tumpuan Megah who is not a principal shareholder of the Company, consist of legal fees and related costs incurred by Tumpuan Megah in connection with the legal proceedings described in Note 17, which are reimbursable by Raja Ismail. Raja Ismail has provided a personal guarantee dated April 30, 2020 to Straits, the controlling shareholder of the Company, which was supplemented by a further personal guarantee dated June 10, 2026 (collectively, the “<b>Guarantee Agreements</b>”). Under the Guarantee Agreements, Raja Ismail has unconditionally and irrevocably undertaken, upon written demand by Straits, to pay Straits, or such subsidiary as Straits may direct, all amounts payable by Tumpuan Megah in connection with the arbitration and related legal proceedings described in Note 17, including award or judgment sums, settlement amounts, interest, costs and expenses. The Guarantee Agreements also require Raja Ismail, upon demand by Straits, to indemnify both Straits and Tumpuan Megah against all losses, damages and expenses arising from those proceedings. Straits has agreed to release to Tumpuan Megah the amounts it receives under the Guarantee Agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and 2025, the amounts due from Raja Ismail were $<span id="xdx_900_eus-gaap--OtherReceivablesNetCurrent_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zCKKkREzTFQ7" title="Due from related party">2,452,925</span> and $<span id="xdx_90B_eus-gaap--OtherReceivablesNetCurrent_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zWhEbnjp66Uj" title="Due from related party">1,927,246</span>, respectively, representing reimbursable legal fees and related costs. The Guarantee Agreements contain continuing guarantee provisions that remain effective until the guaranteed obligations and other amounts payable under the agreements have been fully settled. In assessing the recoverability of the amounts due, the Company considered the contractual coverage of the underlying legal fees and related costs, the indemnification and continuing guarantee provisions, and other relevant evidence concerning enforceability and Raja Ismail’s ability to pay. Based on the assessment, the Company concluded that recovery of the recognized amounts was probable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes the legal fees as an expense, with a corresponding liability, upon receipt of the invoice. At the same time, the Company recognizes a receivable from Raja Ismail for reimbursable legal fees and related costs under the terms of the Guarantee Agreements, which offsets the expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_ecustom--ScheduleOfSalesRevenuesAndPurchasesForRelatedPartiesTableTextBlock_zKkQ66uGimQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sales revenues and purchases for related parties consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zhT1B59Slkqf" style="display: none">Schedule of sales revenues and purchases for related parties</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250701__20260630_zsORusNJumC7" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_zhXDaWbsAxjd" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zkLYBgqRmUv1" style="font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231_zD609ZzJQqN9" style="font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zPotVJWcqKKg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Related party sales revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">189,661</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">154,866</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">177,534</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">290,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CostOfRevenue_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zrNsYcbc61Ae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Related party purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(333,618</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(81,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(947,060</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,123,356</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zdsoORHJch6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(143,957</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,212</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(769,526</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(832,979</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A6_zJmzUk4LVTv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zlb1VdHksCYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nature and purpose of transaction amounts and outstanding balances for related parties consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zd8q8Yjku4Lg" style="display: none">Schedule of nature and purpose of transaction amounts and outstanding balances for related parties</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Subsequent to</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Balances</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">Amounts</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amounts</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Relationship</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Nature/Purpose</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Receivables (Liabilities)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sales (Purchases)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Settled</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; text-align: left">Benua Hijau Sdn Bhd</td><td style="width: 2%"> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zTryMTWklO5a" style="width: 13%; text-align: justify">Entity owned by Controlling Shareholder</td><td style="width: 2%"> </td> <td id="xdx_98A_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zaxussSGWLu1" style="width: 11%; text-align: left">CSR expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zuJBHDkn6075" style="width: 4%; text-align: right" title="Balances Receivables (Liabilities)">(226,190</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zP0JjzNbCa0d" style="width: 4%; text-align: right" title="Balances Receivables (Liabilities)">(156,136</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zX0EhLHTG2e8" style="width: 4%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1460">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zpjxQtgqLIGb" style="width: 4%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1462">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zmUdpzrHo2c" style="width: 5%; text-align: right" title="Amounts Sales (Purchases)">(98,658</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember_zAh5talL9ZBl" style="width: 5%; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1466">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWmsLpU9IpW9" style="width: 4%; text-align: right" title="Amounts Settled">226,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Black Hummer Security Sdn Bhd</td><td> </td> <td id="xdx_987_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zVt92I9Mtz93" style="text-align: justify">An entity controlled by Tan Sri Mohd Bakri Bin Mohd Zinin, one of the directors of Tumpuan Megah</td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zGPeU34jUMPi" style="text-align: left">Security services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zNx0886YbjZ7" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1472">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zFy7rwgl68q4" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1474">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z7o5N8kpbr1e" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1476">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_zFPZkpWdkdG6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1478">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z4nnJbTENyS8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1480">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember_z6VcxXIpPY63" style="text-align: right" title="Amounts Sales (Purchases)">(1,448</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BlackHummerSecuritySdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zR9qTG7rkJ02"><span style="-sec-ix-hidden: xdx2ixbrl1483">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dato’ Mohd Suhaimi bin Hashim</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zsm4y9BFxfBl" style="text-align: justify"> Shareholder of the Company and TMDF</td><td> </td> <td id="xdx_986_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_z1h29MJJbmZ5">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zev6511HZcEl" style="text-align: right" title="Balances Receivables (Liabilities)">(246</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zhuv9G8YfcAi" style="text-align: right" title="Balances Receivables (Liabilities)">(237</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zxEe35SKlop7" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zWk2ONxOqan4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1493">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_zLC3Gv6xEPT9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1495">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember_znj0LR2iFBA3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1497">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DatoMohdSuhaimibinHashimMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4mu19sXPE6c"><span style="-sec-ix-hidden: xdx2ixbrl1498">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Double Corporate Oils &amp; Fats Sdn Bhd</td><td> </td> <td id="xdx_989_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zC1juDXxRHr2" style="text-align: justify">Associate of the Company</td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z9ichVs5nMxe">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zC5DMevpyu3h" style="text-align: right" title="Balances Receivables (Liabilities)">819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z78gLfmVxw32" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1504">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zcCxVRG7Blc6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1506">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zbIQloO3JAy2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1508">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_z1Mywk8ncNsj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1510">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember_zteUVeXfSxK5" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1512">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_904_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DoubleCorporateOilsAndFatsSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgh7gbHQCgAb"><span style="-sec-ix-hidden: xdx2ixbrl1513">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Horizon Shipyard Inter Globe (M) Sdn Bhd</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_z2hmoGI2h35b" style="text-align: justify">Associate of the Company</td><td> </td> <td id="xdx_98F_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_znV81Qg6AtOk" style="text-align: left">(i) Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_z9Ka0nYWZCmf" style="text-align: right" title="Balances Receivables (Liabilities)">10,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zGwCrF6SZ3qi" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1519">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zid8KGZ7lqZ4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1521">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zeP4NXoT0Zi3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1523">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zFrmYtuOhyeh" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1525">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember_zdcWIMp3NSS8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1527">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_907_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhitYoa6SjOh"><span style="-sec-ix-hidden: xdx2ixbrl1528">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_z4Fe9VUrd7G9" style="text-align: left">(ii) Docking expenditure reimbursement</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zMz6r3JREJQ2" style="text-align: right" title="Balances Receivables (Liabilities)">4,328,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zi15NnB5yFU8" style="text-align: right" title="Balances Receivables (Liabilities)">4,103,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zlewkhVUY8Xd" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1535">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zvKxPZeein27" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1537">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_zhkhH9EyvBp6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1539">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember_z483FNWDxz1h" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1541">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_901_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zknkXYTDYuUi"><span style="-sec-ix-hidden: xdx2ixbrl1542">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zdV7iJdVe0g3" style="text-align: left">(iii) Other operating cost</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zK6q77Cgdm6c" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1545">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zI37nPgfuqS3" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1547">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zUcIHn4BdMo4" style="text-align: right" title="Amounts Sales (Purchases)">(206,821</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zS7EpVoCrAOb" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1551">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zHHQu1UBVqO2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1553">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember_zrzctG6TemMg" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1555">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HorizonShipyardInterGlobeMSdnBhdTwoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zs9mbVFhPBlg"><span style="-sec-ix-hidden: xdx2ixbrl1556">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pan Management Services Ltd</td><td> </td> <td id="xdx_98A_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zpzentNohVh9" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_984_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zLMLGoUwUGn4" style="text-align: left">(i) Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zyZfJX9HQEL2" style="text-align: right" title="Balances Receivables (Liabilities)">(8,805</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_znoKUg2S03I" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1562">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zmd73UbSsuja" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1564">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_z8LJMKx2UzCc" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1566">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zmTePer41hdg" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1568">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember_zKAb8wE8e4N1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1570">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBnp1hJ0RbPc" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1572">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td id="xdx_98A_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_z5VkHQVzw7vg" style="text-align: left">(ii) Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zUslQN6y89pf" style="text-align: right" title="Balances Receivables (Liabilities)">(75,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zrrcpjjL8hL6" style="text-align: right" title="Balances Receivables (Liabilities)">(72,942</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zfOaXVQYZnvj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1579">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zYZJzWniltw8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1581">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zPLEmgUE6jDd" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember_zH6TcbLMPXA8" style="text-align: right" title="Amounts Sales (Purchases)">(234,137</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PanManagementServicesLtdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOSY1zTOwvei" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1587">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Raja Ismail Bin Raja Mohamed</td><td> </td> <td id="xdx_985_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zaxkUlQtkR8j" style="text-align: justify">Director of Tumpuan Megah</td><td> </td> <td id="xdx_989_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_z76QA2q8uKJh" style="text-align: left">Reimbursable legal fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zSC3nftTERig" style="text-align: right" title="Balances Receivables (Liabilities)">2,452,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zguhDFkyDiL2" style="text-align: right" title="Balances Receivables (Liabilities)">1,927,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zKODU9MHVuQ9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1595">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zk51fNiacymf" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1597">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zHMkqfSA8KUa" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1599">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember_zST9P8CH6B28" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1601">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90B_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RajaIsmailBinRajaMohamedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zT7T2wUwclL8" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1603">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sinar Maju Logistik Sdn Bhd</td><td> </td> <td id="xdx_98D_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zTBSSTdP2nU3" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_989_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zuO4dJU6ioha" style="text-align: left">Shipping agency services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zt6gY3mZaSO9" style="text-align: right" title="Balances Receivables (Liabilities)">142,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_z6JeinOfi3sc" style="text-align: right" title="Balances Receivables (Liabilities)">137,715</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zaR6c7wOTSWg" style="text-align: right" title="Amounts Sales (Purchases)">(78,797</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zzlHAPJbz1k3" style="text-align: right" title="Amounts Sales (Purchases)">(47,325</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zZgONqB2lGR4" style="text-align: right" title="Amounts Sales (Purchases)">(270,505</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember_zwsksfgJRvpl" style="text-align: right" title="Amounts Sales (Purchases)">(525,067</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuLogistikSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2SPHnk6xYS" style="text-align: right" title="Amounts Settled">12,611</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sinar Maju Marin Sdn Bhd</td><td> </td> <td id="xdx_988_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zXMzOWG9lqig" style="text-align: justify">Subsidiary of Sinar Maju Logistik Sdn Bhd, Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_981_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zn94D3JnNUW6" style="text-align: left">Shipping agency services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zNOXqcxKIZn5" style="text-align: right" title="Balances Receivables (Liabilities)">(19,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zPR00ZYJ4qP2" style="text-align: right" title="Balances Receivables (Liabilities)">(1,665</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zi5V8wnS2xv4" style="text-align: right" title="Amounts Sales (Purchases)">(48,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zY1z2yZbCeL7" style="text-align: right" title="Amounts Sales (Purchases)">(17,213</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_z8IU2U2FfcTd" style="text-align: right" title="Amounts Sales (Purchases)">(69,404</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember_zp4x6GjX77E5" style="text-align: right" title="Amounts Sales (Purchases)">(71,606</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SinarMajuMarinSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7cGWfRJxroc" style="text-align: right" title="Amounts Settled">19,228</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Alliance Transport Sdn Bhd</td><td> </td> <td id="xdx_988_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zxk2ilANIzfe" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_ztH4pZU4Vz0k">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zi30Yjb4LSE1" style="text-align: right" title="Balances Receivables (Liabilities)">1,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_ztLQDxAtcL49" style="text-align: right" title="Balances Receivables (Liabilities)">1,116</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zEqVW4EoKMHl" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zLmedFbjghK8" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1645">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_z3q9sVm7Txb9" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1647">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember_zVE0F3XgTtxc" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1649">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_903_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsAllianceTransportSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_znnT2Ak0qw5d" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1651">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straits CommNet Solutions Sdn Bhd</td><td> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zm4aQjBZ78y4" style="text-align: justify">Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_98C_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_z5tcPf8CoQha">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zGsAhu697Qye" style="text-align: right" title="Balances Receivables (Liabilities)">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zCp1MXOgvcE8" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1657">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zNMg7b8X3xCl" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1659">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zt7rHPOACdeh" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zWauuDQ3kgkj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1663">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember_zeyBj4PPAMd5" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1665">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_903_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsCommNetSolutionsSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfOGskcZC20a" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1667">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Energy Resources Berhad</td><td> </td> <td id="xdx_98C_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zbrq90kwgY6e" style="text-align: justify">Controlling Shareholder</td><td> </td> <td id="xdx_98F_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zUmybF9iMzK" style="text-align: left">Working capital advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zB7mnECqrQSl" style="text-align: right" title="Balances Receivables (Liabilities)">17,355,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zXmsWhdPIDJf" style="text-align: right" title="Balances Receivables (Liabilities)">15,903,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zjlGBKpWh0vk" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1675">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zIMQth7MXD12" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1677">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zfO2N7SSrOb3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1679">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember_zG7FhTIw6Ev3" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1681">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMkBwYft00S4" style="text-align: right" title="Amounts Settled">420,030</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Straits Management Services Sdn Bhd</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z5BikpPK4xdj" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_985_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z64AZcnmN3Qa" style="text-align: left">Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zVQPOoxdAmba" style="text-align: right" title="Balances Receivables (Liabilities)">(75,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zHuL6j6WknV7" style="text-align: right" title="Balances Receivables (Liabilities)">(793,078</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z4yP2kPkcuX2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1691">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zyX0vXcJy9H4" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1693">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zCDXYkWQAu48" style="text-align: right" title="Amounts Sales (Purchases)">(499,091</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zAnvdXt76Xb5" style="text-align: right" title="Amounts Sales (Purchases)">(269,897</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9pa0JdodOy1" style="text-align: right" title="Amounts Settled">4,962</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Tony Tan Han</td><td> </td> <td id="xdx_98F_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zXRXJCcQVgGe" style="text-align: justify">Director of SMS 1</td><td> </td> <td id="xdx_984_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zbUAx2OnBQH5" style="text-align: justify">Advances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zmTi7UaMaBr2" style="text-align: right" title="Balances Receivables (Liabilities)">(170,265</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zjRS0NZENSdb" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1705">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zaaRkVODlNw2" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1707">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zgI0Oa25XAz6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1709">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_z8VfttM1VqZ1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1711">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember_zt0KKEqzUVX" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1713">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TonyTanHanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zblDAKQYEupk" style="text-align: right" title="Amounts Settled"><span style="-sec-ix-hidden: xdx2ixbrl1715">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Victoria STS (Labuan) Sdn Bhd</td><td> </td> <td id="xdx_982_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_z2uqRdrUEhG7" style="text-align: justify">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_982_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zociTbVja1ph" style="text-align: left">(i) Sales of marine gas oil</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_z1iZLMgtjZyc" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1719">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zobQgBtHjTja" style="text-align: right" title="Balances Receivables (Liabilities)">11,592</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zXxORNiwkiei" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1723">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_za0Usg27v015" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1725">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zbLAGrVEEui1" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1727">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember_zRXLx4AefSQ4" style="text-align: right" title="Amounts Sales (Purchases)">151,349</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_906_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXCeFbWnD8xl"><span style="-sec-ix-hidden: xdx2ixbrl1730">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td> </td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_z2QPIXQUQ1d7" style="text-align: left">(ii) Sales of ship management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zJEbEk2KbAN4" style="text-align: right" title="Balances Receivables (Liabilities)">119,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zAfK3x22Cbe2" style="text-align: right" title="Balances Receivables (Liabilities)">8,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zP2tLJd8KKA4" style="text-align: right" title="Amounts Sales (Purchases)">189,661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zP64z6SYAwKb" style="text-align: right" title="Amounts Sales (Purchases)">154,866</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_zSacnzvu3Ll5" style="text-align: right" title="Amounts Sales (Purchases)">177,534</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember_z49gORYdq848" style="text-align: right" title="Amounts Sales (Purchases)">122,240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdOneMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEFwlbdDYbya">72,443</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td> </td><td> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zwoNfMHVqQJa" style="text-align: left">(iii) Purchase of tugboat services</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zrVKkEmuvjR1" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1747">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_z5FjXQpICzs" style="text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1749">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zAnlKfLXOBX7" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1751">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_ztlhjMBtS4n4" style="text-align: right" title="Amounts Sales (Purchases)">(17,116</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zFhMFTGkja04" style="text-align: right" title="Amounts Sales (Purchases)">(9,402</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember_zLRKwJCLcPLc" style="text-align: right" title="Amounts Sales (Purchases)">(21,201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_902_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VictoriaSTSLabuanSdnBhdTwoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zp3FTVoMRTcg"><span style="-sec-ix-hidden: xdx2ixbrl1758">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Victoria 3 Limited</td><td> </td> <td id="xdx_980_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zzfPaA1QQH19" style="text-align: justify">Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zhMOPAbPgOah" style="text-align: left">Sales of ship management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_z0I834AVpNof" style="text-align: right" title="Balances Receivables (Liabilities)">3,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zrSf254neDm8" style="text-align: right" title="Balances Receivables (Liabilities)">3,155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zb1u4U4ypScj" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1766">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zqzUiZvENCN6" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1768">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_z4HhW0kun93l" style="text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1770">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember_zEeXo6GEciil" style="text-align: right" title="Amounts Sales (Purchases)">16,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Amounts Settled"><span id="xdx_90E_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--Victoria3LimitedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeVCnl3rxQU1"><span style="-sec-ix-hidden: xdx2ixbrl1773">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Wire &amp; Wireless Sdn Bhd</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_989_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zC98qlbpoRL7" style="text-align: justify; padding-bottom: 1pt">Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_987_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zv6Ai398M7vf" style="text-align: justify; padding-bottom: 1pt">Advances</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_ziXHoDKwQFYl" style="border-bottom: Black 1pt solid; text-align: right" title="Balances Receivables (Liabilities)">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zrDQxyK7IIbc" style="border-bottom: Black 1pt solid; text-align: right" title="Balances Receivables (Liabilities)"><span style="-sec-ix-hidden: xdx2ixbrl1779">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zXlAeV0SsOC1" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1781">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zFkdpU8Debq7" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1783">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_z5dtL37vNPl5" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1785">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember_zW4dgRTzURbj" style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Sales (Purchases)"><span style="-sec-ix-hidden: xdx2ixbrl1787">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right" title="Amounts Settled"><span id="xdx_90C_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WireAndWirelessSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmUtivcQIJfl"><span style="-sec-ix-hidden: xdx2ixbrl1788">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20260630_zo7VUHnKh8D1" style="border-bottom: Black 2.5pt double; text-align: right" title="Balances Receivables (Liabilities)">23,840,231</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_ecustom--AssetsAndLiabilitiesOfRelatedPartyTransaction_iI_c20250630_zhJYNVhvg9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Balances Receivables (Liabilities)">21,072,515</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250701__20260630_zzy6tDagN3Tf" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(143,957</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20250101__20250630_zQTl7okuFckf" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">73,212</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20240101__20241231_zxit6i7uqCE5" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(769,526</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--SalesAndPurchasesOfRelatedPartyTransaction_c20230101__20231231_zL4R4KGU9emi" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Sales (Purchases)">(832,979</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_ecustom--RelatedPartySettlement_c20260701__20261116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqQs7czk35Q9" style="border-bottom: Black 2.5pt double; text-align: right" title="Amounts Settled">755,464</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related party transactions other than sales and purchases:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Relationship</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Nature/Purpose</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; text-align: left">Benua Hijau Sdn Bhd</td><td style="width: 2%"> </td> <td id="xdx_985_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zb7sSx4nyCgg" style="width: 13%; text-align: left" title="Relationship">Entity owned by Controlling Shareholder</td><td style="width: 2%"> </td> <td id="xdx_983_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zpFbDL6Z0cj3" style="width: 13%; text-align: left" title="Nature/purpose">Corporate social responsibility expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zsvKAn6ilC77" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases">(103,383</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zgnLnZTWj191" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases">(79,458</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_ztSP6RcJcOVk" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1812">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BenuaHijauSdnBhdOneMember_zAOfCVUHZI2e" style="width: 10%; text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1814">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ho Hung Ming</td><td> </td> <td id="xdx_98E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zZcxENGTYdXa" style="text-align: left" title="Relationship">Son of Dato’ Sri Kam Choy Ho</td><td> </td> <td id="xdx_988_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zqPHb6vTfEu" title="Nature/purpose">Remuneration</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zTGgGc2sh9z8" style="text-align: right" title="Related party transactions other than sales and purchases">(136,100</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zup0eawufk6g" style="text-align: right" title="Related party transactions other than sales and purchases">(61,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zaMZQexocUeg" style="text-align: right" title="Related party transactions other than sales and purchases">(72,487</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HoHungMingMember_zlWMc75Bf2P5" style="text-align: right" title="Related party transactions other than sales and purchases">(67,895</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Straits Management Services Sdn Bhd</td><td> </td> <td id="xdx_983_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zUKZtmrrZCU3" style="text-align: left" title="Relationship">Entity owned by Controlling Shareholder</td><td> </td> <td id="xdx_98C_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zoqlvYdsSzGi" style="text-align: left" title="Nature/purpose">Management service</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zwsb4xpoj4ul" style="text-align: right" title="Related party transactions other than sales and purchases">(803,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zBb6gZ1Ut6Xj" style="text-align: right" title="Related party transactions other than sales and purchases">(373,129</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_zdINVDi6ZSQa" style="text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1836">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsManagementServicesSdnBhdMember_z8ghJPt9KI0b" style="text-align: right" title="Related party transactions other than sales and purchases"><span style="-sec-ix-hidden: xdx2ixbrl1838">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Straits Energy Resources Berhad</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_984_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zjanxpiQNlKj" style="text-align: left; padding-bottom: 1pt" title="Relationship">Controlling Shareholder</td><td style="padding-bottom: 1pt"> </td> <td id="xdx_980_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zvMZb5oEQOfe" style="text-align: left; padding-bottom: 1pt" title="Nature/purpose">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zdDa8KnLbrS8" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">1,200,519</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zTPfw7DVevD9" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">617,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zO1A5memRoag" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">375,365</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StraitsEnergyResourcesBerhadTwoMember_zCiouVBvvQN1" style="border-bottom: Black 1pt solid; text-align: right" title="Related party transactions other than sales and purchases">32,089</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250701__20260630_zKQbLPL1FOlk" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">157,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20250101__20250630_ztmN6tdEev8e" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">103,682</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20240101__20241231_zTPrmhSlRfKf" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">302,878</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--RelatedPartyTransactionsOtherThanSalesAndPurchases_c20230101__20231231_zxsax9nRk3m2" style="border-bottom: Black 2.5pt double; text-align: right" title="Related party transactions other than sales and purchases">(35,806</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Entity owned by Controlling Shareholder CSR expenses -226190 -156136 -98658 226190 An entity controlled by Tan Sri Mohd Bakri Bin Mohd Zinin, one of the directors of Tumpuan Megah Security services -1448 Shareholder of the Company and TMDF Advances -246 -237 Associate of the Company Advances 819 Associate of the Company (i) Advances 10351 (ii) Docking expenditure reimbursement 4328616 4103644 (iii) Other operating cost -206821 Entity owned by Controlling Shareholder (i) Advances -8805 (ii) Management service -75138 -72942 -234137 Director of Tumpuan Megah Reimbursable legal fees 2452925 1927246 Entity owned by Controlling Shareholder Shipping agency services 142681 137715 -78797 -47325 -270505 -525067 12611 Subsidiary of Sinar Maju Logistik Sdn Bhd, Entity owned by Controlling Shareholder Shipping agency services -19228 -1665 -48000 -17213 -69404 -71606 19228 Entity owned by Controlling Shareholder Advances 1159 1116 Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder Advances 326 Controlling Shareholder Working capital advances 17355218 15903625 420030 Entity owned by Controlling Shareholder Management service -75245 -793078 -499091 -269897 4962 Director of SMS 1 Advances -170265 Entity owned by Controlling Shareholder (i) Sales of marine gas oil 11592 151349 (ii) Sales of ship management service 119588 8480 189661 154866 177534 122240 72443 (iii) Purchase of tugboat services -17116 -9402 -21201 Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder Sales of ship management service 3147 3155 16788 Subsidiary of Straits Technology Solutions Sdn Bhd, entity owned by Controlling Shareholder Advances 518 23840231 21072515 -143957 73212 -769526 -832979 755464 Entity owned by Controlling Shareholder Corporate social responsibility expenses -103383 -79458 Son of Dato’ Sri Kam Choy Ho Remuneration -136100 -61540 -72487 -67895 Entity owned by Controlling Shareholder Management service -803425 -373129 Controlling Shareholder Interest income 1200519 617809 375365 32089 157611 103682 302878 -35806 <p id="xdx_898_ecustom--ScheduleOfRelatedPartyBalancesTableTextBlock_zhNW9WJjhUEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zjozGBLZbEdj" style="display: none">Schedule of related party balances</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_z43nhdj2RY87" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250630_zoZw70MI0bKc" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivablesNetCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zqe7djLK2on5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Due from related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">24,415,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">22,096,573</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherLiabilitiesCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zjtF0diTHl7a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Due to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(575,117</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,024,058</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OtherReceivables_iI_zuXcmDR0vbY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,840,231</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,072,515</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 24415348 22096573 575117 1024058 23840231 21072515 18257173 16892805 0.055 0.0825 0.0825 1200519 617809 375365 32089 1228954 2452925 1927246 <p id="xdx_892_ecustom--ScheduleOfSalesRevenuesAndPurchasesForRelatedPartiesTableTextBlock_zKkQ66uGimQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sales revenues and purchases for related parties consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zhT1B59Slkqf" style="display: none">Schedule of sales revenues and purchases for related parties</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250701__20260630_zsORusNJumC7" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_zhXDaWbsAxjd" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zkLYBgqRmUv1" style="font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231_zD609ZzJQqN9" style="font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zPotVJWcqKKg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Related party sales revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">189,661</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">154,866</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">177,534</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">290,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CostOfRevenue_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zrNsYcbc61Ae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Related party purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(333,618</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(81,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(947,060</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,123,356</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--Revenues_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zdsoORHJch6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(143,957</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,212</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(769,526</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(832,979</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 189661 154866 177534 290377 333618 81654 947060 1123356 -143957 73212 -769526 -832979 <p id="xdx_80D_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zq8gzmSMwrri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10 – <span id="xdx_82F_zYGGY4a1y1yk">Accounts payable and accrued expenses</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zNS7FwPkLbzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable and accrued expenses consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zzGqyUIpC3Mf" style="display: none">Schedule of accounts payable and accrued expenses</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zj84PKio52ig" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zNAyRHu2ZT9b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AccountsPayableCurrent_iI_maAPAALzs5r_zuTq1AJDDWra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,734,681</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,256,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iI_maAPAALzs5r_zBZceJAzDML4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,419,776</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,801,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_mtAPAALzs5r_zjx4vi4jwWvl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accounts payable and accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,154,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,057,387</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zx4PmM4TI7uk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the significant increase in accounts payable was primarily attributable to the Company’s management of the timing of payments to preserve liquidity. As of the date of issuance of these consolidated financial statements, $<span id="xdx_900_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_c20260630_zU2wbN1ARkfa" title="Accounts payable">3,802,931</span> of the accounts payable outstanding as of June 30, 2026 had been settled.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zNS7FwPkLbzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable and accrued expenses consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zzGqyUIpC3Mf" style="display: none">Schedule of accounts payable and accrued expenses</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zj84PKio52ig" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zNAyRHu2ZT9b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AccountsPayableCurrent_iI_maAPAALzs5r_zuTq1AJDDWra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,734,681</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,256,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iI_maAPAALzs5r_zBZceJAzDML4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,419,776</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,801,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_mtAPAALzs5r_zjx4vi4jwWvl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accounts payable and accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,154,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,057,387</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 29734681 5256165 2419776 1801222 32154457 7057387 3802931 <p id="xdx_807_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zLxuifRpQKxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11 – <span id="xdx_82D_zFxScBlxQSgi">Other payables</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_899_eus-gaap--OtherLiabilitiesTableTextBlock_zIWojbo2MML4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other payables consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z19pSoKN4bJ" style="display: none">Schedule of other payables</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zwOcrmZdDHki" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250630_zcFpuyUxxeK6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredIncome_iI_maOPCz68E_zxNiPxtnGw4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deferred interest income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1931">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,354</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ProfessionalFee_iI_maOPCz68E_zTMn245wvktl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">330,465</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--InsuranceServices_iI_maOPCz68E_z1StEii97a9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Insurance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">259,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,880</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--SecretaryServices_iI_maOPCz68E_zPUHo19gtwcc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secretary services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--VesselRelatedExpenses_iI_maOPCz68E_zCalxCOaTeze" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel related expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">461,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,542</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--OthersPayable_iI_maOPCz68E_zTwavxwK52v4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,327,090</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">826,093</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--OtherPayablesCurrent_iTI_mtOPCz68E_zD7JrGp767C4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total other payables</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,383,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,402,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zcsSb7Z32Yh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others mainly comprise amounts payable for operating supplies, utilities, transportation and forwarding, shipping agency and other administrative and support services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--OtherLiabilitiesTableTextBlock_zIWojbo2MML4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other payables consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z19pSoKN4bJ" style="display: none">Schedule of other payables</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zwOcrmZdDHki" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250630_zcFpuyUxxeK6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredIncome_iI_maOPCz68E_zxNiPxtnGw4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deferred interest income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1931">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,354</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ProfessionalFee_iI_maOPCz68E_zTMn245wvktl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">330,465</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--InsuranceServices_iI_maOPCz68E_z1StEii97a9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Insurance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">259,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,880</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--SecretaryServices_iI_maOPCz68E_zPUHo19gtwcc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secretary services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--VesselRelatedExpenses_iI_maOPCz68E_zCalxCOaTeze" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel related expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">461,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,542</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--OthersPayable_iI_maOPCz68E_zTwavxwK52v4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,327,090</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">826,093</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--OtherPayablesCurrent_iTI_mtOPCz68E_zD7JrGp767C4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total other payables</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,383,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,402,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 11354 326447 330465 259283 78880 9414 110 461700 155542 1327090 826093 2383934 1402444 <p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_zoTEZ67cNkw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 12 – <span id="xdx_82B_zj2X65nEtEzd">Loans and borrowings</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShortTermDebtTextBlock_z5IzcvT4QiG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term borrowings consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span> <span id="xdx_8B9_zgFeCDHA5Ep3" style="display: none">Schedule of short-term borrowings</span></b></span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zz5RNx18WqIe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250630_zt1poXtHCBs8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--ShortTermBorrowings_iI_zmqzHgXnYwdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Trade Financing Facilities</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">86,074,981</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">91,806,603</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zIeQIytZIend" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Line of Credit</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade financing facilities are lines of credit that bear interest at rates ranging from <span id="xdx_907_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_c20250701__20260630__srt--RangeAxis__srt--MinimumMember_z9GGFWn6vNfa" title="Bear interest rates">5.50</span>% to <span id="xdx_908_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_c20250701__20260630__srt--RangeAxis__srt--MaximumMember_zwdit1VblPHb" title="Bear interest rates">7.50</span>% (2025: <span id="xdx_903_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_c20250101__20250630__srt--RangeAxis__srt--MinimumMember_zQOkkjJci1F" title="Bear interest rates">5.75</span>% to <span id="xdx_90F_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_c20250101__20250630__srt--RangeAxis__srt--MaximumMember_z2Y8r9yjrvS6" title="Bear interest rates">7.75</span>%) per annum, with repayment terms of up to 90 days (2025: 90 days) from the utilization date, and are secured by the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered legal charge by way of debenture over all the present and future assets, rights, interests and undertakings of Tumpuan Megah and SMF, both subsidiaries of the Company;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate guarantees by Straits, the majority shareholder of the Company, and by SMF and the Company;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personal guarantee by Dato’ Sri Kam Choy Ho, a director of the Company;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledged deposit with Bank Islam Malaysia Berhad, representing an upfront Term Deposit-i Tawarruq placed by Straits as security for Islamic financing facilities; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordination of advances from directors and shareholders of Tumpuan Megah.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zDFAVRJkQlo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term borrowings consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zutphO0ppwdh" style="display: none">Schedule of long-term borrowings</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260630_zUCs19MAmBEf" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250630_z6qph3F4Jj3" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_ecustom--VendorInstallmentLoans_iI_maDICAzw13_zYSp9FPnMoX4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Vendor installment loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">380,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_esrt--BankLoans_iI_maDICAzw13_zQ5ou0MuoZK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Bank term loan</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">508,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">554,173</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebt_iTI_mtDICAzw13_zB93d6VSTjBg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">934,173</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtCurrent_iI_di_zOsGM3bBWyf6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion of loans payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(240,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(409,025</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--LongTermDebtNoncurrent_iI_zuZ1dDrPa1Ma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term debt payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">468,501</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">525,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zM0WA2ksqU44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zYO0CnFoE7f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Maturities of long-term borrowings, excluding finance leases, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zZdBAL59xs68" style="display: none">Schedule of long-term borrowings maturity</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>For the year ending June 30,</td><td> </td> <td colspan="2" id="xdx_494_20260630_zTRh5KMWtHB8" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzwxf_z83D4CF79OE2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">240,141</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzwxf_zlNOHhrQHi0g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzwxf_zUCcWOmCUO1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,360</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLTDzwxf_zmpVLZQdOlx" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,332</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_maLTDzwxf_z2QY9Kzv7Vg6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,326</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_maLTDzwxf_z3jIIUQWnYve" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">297,073</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebt_iTI_mtLTDzwxf_zsVNpSvCsIG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">708,642</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zTpQWvCvlo85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vendor Installment Loans</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has entered into installment loans for the purchase of vessels, which are used primarily for its bunkering operations. These loans are secured by the vessels acquired and have fixed repayment schedules over the life of the loan, with periodic payments consisting of both principal and interest components.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the aggregate outstanding balance of installment loans for the purchase of vessels amounted to $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20260630_zvav59vP783l" title="Aggregate amount">200,000</span>, which is repayable within <span id="xdx_90E_eus-gaap--DebtInstrumentTerm_dc_c20250701__20260630_zzpv7Xd4SSw7" title="Debt instrument, term">one year</span>. No interest is charged on the outstanding balance as of June 30, 2026 (2025: nil). The Company is in compliance with all covenants and requirements stipulated in the loan agreements. The vessels acquired through these loans are recorded as assets on the Company’s balance sheet and are depreciated over their useful lives.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expenses related to these installment loans are recognized over the life of the loans using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bank Term Loan</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 24, 2022, the Company entered into a facility agreement for a term loan of up to SGD<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uSGD_c20220624__us-gaap--TypeOfArrangementAxis__custom--FacilityAgreementMember_zcVLwCmQ3ag3" title="Aggregate amount">824,000</span> (equivalent to $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_uUSD_c20220624__us-gaap--TypeOfArrangementAxis__custom--FacilityAgreementMember_z0nFLM7vzNw4" title="Aggregate amount">637,722</span>) to partially finance the acquisition of leasehold property. Interest is charged at <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20220624_zmiXQra4TOya" title="Debt instrument, interest rate, effective percentage">1.20</span>% per annum over the 3-month Compounded Singapore Overnight Rate Average (“<b>SORA</b>”) for the first two years from the date of first disbursement, and at <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20220624__srt--RangeAxis__srt--MaximumMember_zWfiyJp0dPob" title="Debt instrument, interest rate, effective percentage">2.00</span>% per annum over the 3-month Compounded SORA from the third year onwards. The loan is secured by way of a legal mortgage over the property and guarantees provided by SMS 1.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and 2025, the Company was in compliance with the applicable affirmative, negative and financial covenants contained in its short-term and long-term borrowings. The weighted average annual interest rates of the bank loans for the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023 were <span id="xdx_901_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20260630_zaxKAitcCZmh" title="Weighted average annual interest rate percentage">6.14</span>%, <span id="xdx_90A_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20250630_z3UxNZm0B3Fl" title="Weighted average annual interest rate percentage">6.04</span>%, <span id="xdx_906_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20241231_z7N1BnOfIzV2" title="Weighted average annual interest rate percentage">5.70</span>% and <span id="xdx_907_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20231231_z8nnM77bolz3" title="Weighted average annual interest rate percentage">7.98</span>%, respectively. Total interest expense on loans and borrowings was $<span id="xdx_907_eus-gaap--InterestExpenseLongTermDebt_c20250701__20260630_ziz0ebHS7HTa" title="Interest expense">5,325,104</span>, $<span id="xdx_901_eus-gaap--InterestExpenseLongTermDebt_c20250101__20250630_z5k2UmeZ1lg8" title="Interest expense">2,801,234</span>, $<span id="xdx_900_eus-gaap--InterestExpenseLongTermDebt_c20240101__20241231_zFmALYDDwho5" title="Interest expense">4,594,956</span> and $<span id="xdx_90D_eus-gaap--InterestExpenseLongTermDebt_c20230101__20231231_zUPIBolPIIw9" title="Interest expense">2,200,755</span> for the year ended June 30, 2026, the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShortTermDebtTextBlock_z5IzcvT4QiG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term borrowings consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span> <span id="xdx_8B9_zgFeCDHA5Ep3" style="display: none">Schedule of short-term borrowings</span></b></span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zz5RNx18WqIe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250630_zt1poXtHCBs8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--ShortTermBorrowings_iI_zmqzHgXnYwdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Trade Financing Facilities</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">86,074,981</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">91,806,603</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 86074981 91806603 0.0550 0.0750 0.0575 0.0775 <p id="xdx_89A_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zDFAVRJkQlo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term borrowings consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zutphO0ppwdh" style="display: none">Schedule of long-term borrowings</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260630_zUCs19MAmBEf" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250630_z6qph3F4Jj3" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_ecustom--VendorInstallmentLoans_iI_maDICAzw13_zYSp9FPnMoX4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Vendor installment loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">380,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_esrt--BankLoans_iI_maDICAzw13_zQ5ou0MuoZK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Bank term loan</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">508,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">554,173</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebt_iTI_mtDICAzw13_zB93d6VSTjBg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">934,173</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtCurrent_iI_di_zOsGM3bBWyf6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion of loans payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(240,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(409,025</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--LongTermDebtNoncurrent_iI_zuZ1dDrPa1Ma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term debt payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">468,501</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">525,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 200000 380000 508642 554173 708642 934173 240141 409025 468501 525148 <p id="xdx_89C_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zYO0CnFoE7f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Maturities of long-term borrowings, excluding finance leases, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zZdBAL59xs68" style="display: none">Schedule of long-term borrowings maturity</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>For the year ending June 30,</td><td> </td> <td colspan="2" id="xdx_494_20260630_zTRh5KMWtHB8" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzwxf_z83D4CF79OE2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">240,141</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzwxf_zlNOHhrQHi0g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzwxf_zUCcWOmCUO1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,360</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_maLTDzwxf_zmpVLZQdOlx" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,332</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_maLTDzwxf_z2QY9Kzv7Vg6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,326</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_maLTDzwxf_z3jIIUQWnYve" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">297,073</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebt_iTI_mtLTDzwxf_zsVNpSvCsIG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">708,642</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 240141 41410 42360 43332 44326 297073 708642 200000 P1Y 824000 637722 0.0120 0.0200 0.0614 0.0604 0.0570 0.0798 5325104 2801234 4594956 2200755 <p id="xdx_802_ecustom--LesseeOperatingAndFinanceLeasesTextBlock_zUymZld2MxO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 13 – <span id="xdx_82E_zJEvqNGDJDr4">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfOperatingAndFinanceLeasesAssetsAndLiabilitiesTableTextBlock_zn5Iqs3FITw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification related to operating and finance leases on the consolidated balance sheet consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zgy6Y8DALYBd" style="display: none">Schedule of operating and finance leases assets and liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zcSlikm3k785" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250630_zgL5IM0MqLD9" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Lease assets and liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_iI_z30n3Haes1Ec" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Operating lease assets, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,981</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--FinanceLeaseRightOfUseAssets_iI_zuaeVXK2K0Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease assets, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">62,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,432</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityCurrent_iI_maOLLz5Fv_z8FQqmHUJSy4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities-current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,437</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maOLLz5Fv_zikBJRTdy48" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities-non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2041">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,301</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_mtOLLz5Fv_zoHOJ8kVi3k7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease liabilities-total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">38,738</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseLiabilityCurrent_iI_maFLLzyrq_zr5UWAHzyeEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities-current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_maFLLzyrq_zvV61mOMYG9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finance lease liabilities-non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">55,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,658</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseLiability_iTI_mtFLLzyrq_zls8ChSW925k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease liabilities-total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">65,637</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zMDL9SeHWNT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--LeaseCostTableTextBlock_zfCJdke9v1B1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Components of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zxSJmxK2p5qg" style="display: none">Schedule of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250701__20260630_zOsdyA1RLdca" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20250630_znIqj3C1o9Qh" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zKszg4d2ATs7" style="font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zZHgKrb4VAr7" style="font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Lease expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseExpense_zSf1khAEj246" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Operating lease expenses - SG&amp;A portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,835</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">13,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zyOnaDEzGMXc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Depreciation expense of leased assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,426</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,625</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinanceLeaseInterestExpense_zzl8frtk3LPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Interest expense of finance lease</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,306</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Other Information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_zzDwWBiclFKi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating cash flows - operating leases</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,959</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,039</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FinanceLeaseInterestPaymentOnLiability_zwzQbbmTKRSl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating cash flows - finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,172</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,564</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,306</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeasePrincipalPayments_zGD4nWjXFVl7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Financing cash flows - finance leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,561</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41,328</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_z3ww1jlFT8P8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use assets obtained in exchange for operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2088">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,359</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2091">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_zDFxHw3OJxod" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease ROU assets obtained in exchange for finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2094">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2095">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100,771</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_z25MIKs7dxx5" title="Weighted average remaining lease term (in years) - Operating leases">0.51</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250630_zcj6IZfppeYa" title="Weighted average remaining lease term (in years) - Operating leases">1.51</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zOfmkjODvoi3" title="Weighted average remaining lease term (in years) - Operating leases">1.01</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zRwyBwtOVrZf" title="Weighted average remaining lease term (in years) - Operating leases">1.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zUOzKiD0utT7" title="Weighted average remaining lease term (in years) - Finance leases">4.44</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250630_znkHCLTBPznb" title="Weighted average remaining lease term (in years) - Finance leases">4.91</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zAuTtOytgfKe" title="Weighted average remaining lease term (in years) - Finance leases">5.41</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zYLjsJ9Exwx5" title="Weighted average remaining lease term (in years) - Finance leases">3.25</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20260630_z2YNKlzrQ9Dl" style="text-align: right" title="Average discount rate - Operating leases">8.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20250630_zjd9wKRuMJ2l" style="text-align: right" title="Average discount rate - Operating leases">8.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20241231_zPOZaV1C8n48" style="text-align: right" title="Average discount rate - Operating leases">7.74</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20231231_zp1RUeE0oCXg" style="text-align: right" title="Average discount rate - Operating leases">5.77</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20260630_zczgnHhEG1Wl" style="text-align: right" title="Average discount rate - Finance leases">4.59</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20250630_zdaNqEheL3c9" style="text-align: right" title="Average discount rate - Finance leases">4.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20241231_zEJjpgieGmt4" style="text-align: right" title="Average discount rate - Finance leases">4.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20231231_z13PFFV0odT4" style="text-align: right" title="Average discount rate - Finance leases">4.63</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AC_zpfdAXU6guN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_ecustom--LesseeOperatingAndFinanceLeaseLiabilityMaturityTableTextBlock_zApK3Eofdkl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum payments under operating and finance leases consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zmDNDea6kBCd" style="display: none">Schedule of future minimum payments under operating and finance leases</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Year ended June 30, 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_z56AqlZ2pOe" style="width: 16%; text-align: right" title="Operating Leases, Year ended June 30, 2027">15,264</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_zV0AIkxh0FFb" style="width: 16%; text-align: right" title="Finance Leases, Year ended June 30, 2027">18,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended June 30, 2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zU7Y9EcfM1Ye" style="text-align: right" title="Operating Leases, Year ended June 30, 2028"><span style="-sec-ix-hidden: xdx2ixbrl2136">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zDkEhsSIs2wk" style="text-align: right" title="Finance Leases, Year ended June 30, 2028">18,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended June 30, 2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zz7K7DTujxLb" style="text-align: right" title="Operating Leases, Year ended June 30, 2029"><span style="-sec-ix-hidden: xdx2ixbrl2140">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zArxQvBhHOA7" style="text-align: right" title="Finance Leases, Year ended June 30, 2029">18,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended June 30, 2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zY8Dnpxprb7i" style="text-align: right" title="Operating Leases, Year ended June 30, 2030"><span style="-sec-ix-hidden: xdx2ixbrl2144">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zpfxKFzX4lu9" style="text-align: right" title="Finance Leases, Year ended June 30, 2030">17,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended June 30, 2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_c20260630_zmZojiev1uNk" style="text-align: right" title="Operating Leases, Year ended June 30, 2031"><span style="-sec-ix-hidden: xdx2ixbrl2148">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_c20260630_z3S8AE6IwKhb" style="text-align: right" title="Finance Leases, Year ended June 30, 2031">3,085</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_c20260630_zkmuQlhtmcxg" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases, Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl2152">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_c20260630_zc0KS82tGAVi" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Leases, Thereafter">1,788</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_c20260630_zlHpSaZyAKV5" style="text-align: right" title="Operating Leases, Total">15,264</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_c20260630_zO66xyKD1ctg" style="text-align: right" title="Finance Leases, Total">78,101</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_z91GGbrGZl04" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases, Less: Interest">(410</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zq0KoBTDn8h4" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Leases, Less: Interest">(7,126</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Present value of lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iI_c20260630_ziUJ45j97zke" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Leases, Present value of lease liabilities">14,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiability_iI_c20260630_z8Y7Uj3vE1la" style="border-bottom: Black 2.5pt double; text-align: right" title="Finance Leases, Present value of lease liabilities">70,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zOlbwd9y7Uq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_ecustom--ScheduleOfOperatingAndFinanceLeasesAssetsAndLiabilitiesTableTextBlock_zn5Iqs3FITw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification related to operating and finance leases on the consolidated balance sheet consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zgy6Y8DALYBd" style="display: none">Schedule of operating and finance leases assets and liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zcSlikm3k785" style="font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250630_zgL5IM0MqLD9" style="font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Lease assets and liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_iI_z30n3Haes1Ec" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Operating lease assets, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,981</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--FinanceLeaseRightOfUseAssets_iI_zuaeVXK2K0Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease assets, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">62,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,432</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityCurrent_iI_maOLLz5Fv_z8FQqmHUJSy4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities-current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,437</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maOLLz5Fv_zikBJRTdy48" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities-non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2041">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,301</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_mtOLLz5Fv_zoHOJ8kVi3k7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease liabilities-total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">38,738</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseLiabilityCurrent_iI_maFLLzyrq_zr5UWAHzyeEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities-current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_maFLLzyrq_zvV61mOMYG9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finance lease liabilities-non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">55,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,658</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseLiability_iTI_mtFLLzyrq_zls8ChSW925k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease liabilities-total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">65,637</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 13960 37981 62414 15432 14854 24437 14301 14854 38738 15527 11979 55448 53658 70975 65637 <p id="xdx_891_eus-gaap--LeaseCostTableTextBlock_zfCJdke9v1B1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Components of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zxSJmxK2p5qg" style="display: none">Schedule of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250701__20260630_zOsdyA1RLdca" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20250630_znIqj3C1o9Qh" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zKszg4d2ATs7" style="font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zZHgKrb4VAr7" style="font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Lease expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseExpense_zSf1khAEj246" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Operating lease expenses - SG&amp;A portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,835</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">13,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zyOnaDEzGMXc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Depreciation expense of leased assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,426</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,625</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinanceLeaseInterestExpense_zzl8frtk3LPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Interest expense of finance lease</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,306</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Other Information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_zzDwWBiclFKi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating cash flows - operating leases</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,959</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,039</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FinanceLeaseInterestPaymentOnLiability_zwzQbbmTKRSl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating cash flows - finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,172</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,564</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,306</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeasePrincipalPayments_zGD4nWjXFVl7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Financing cash flows - finance leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,561</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41,328</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_z3ww1jlFT8P8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use assets obtained in exchange for operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2088">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,359</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2091">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_zDFxHw3OJxod" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease ROU assets obtained in exchange for finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2094">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2095">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100,771</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_z25MIKs7dxx5" title="Weighted average remaining lease term (in years) - Operating leases">0.51</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250630_zcj6IZfppeYa" title="Weighted average remaining lease term (in years) - Operating leases">1.51</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zOfmkjODvoi3" title="Weighted average remaining lease term (in years) - Operating leases">1.01</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zRwyBwtOVrZf" title="Weighted average remaining lease term (in years) - Operating leases">1.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zUOzKiD0utT7" title="Weighted average remaining lease term (in years) - Finance leases">4.44</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250630_znkHCLTBPznb" title="Weighted average remaining lease term (in years) - Finance leases">4.91</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zAuTtOytgfKe" title="Weighted average remaining lease term (in years) - Finance leases">5.41</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zYLjsJ9Exwx5" title="Weighted average remaining lease term (in years) - Finance leases">3.25</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20260630_z2YNKlzrQ9Dl" style="text-align: right" title="Average discount rate - Operating leases">8.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20250630_zjd9wKRuMJ2l" style="text-align: right" title="Average discount rate - Operating leases">8.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20241231_zPOZaV1C8n48" style="text-align: right" title="Average discount rate - Operating leases">7.74</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20231231_zp1RUeE0oCXg" style="text-align: right" title="Average discount rate - Operating leases">5.77</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20260630_zczgnHhEG1Wl" style="text-align: right" title="Average discount rate - Finance leases">4.59</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20250630_zdaNqEheL3c9" style="text-align: right" title="Average discount rate - Finance leases">4.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20241231_zEJjpgieGmt4" style="text-align: right" title="Average discount rate - Finance leases">4.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20231231_z13PFFV0odT4" style="text-align: right" title="Average discount rate - Finance leases">4.63</td><td style="text-align: left">%</td></tr> </table> 27835 13225 21874 23089 26896 26351 50426 17625 3172 1564 3420 2306 27727 12683 22959 23039 3172 1564 3420 2306 13355 5561 10216 41328 31350 15359 16138 100771 P0Y6M3D P1Y6M3D P1Y3D P1Y P4Y5M8D P4Y10M28D P5Y4M28D P3Y3M 0.0872 0.0872 0.0774 0.0577 0.0459 0.0467 0.0467 0.0463 <p id="xdx_899_ecustom--LesseeOperatingAndFinanceLeaseLiabilityMaturityTableTextBlock_zApK3Eofdkl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum payments under operating and finance leases consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zmDNDea6kBCd" style="display: none">Schedule of future minimum payments under operating and finance leases</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Year ended June 30, 2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_z56AqlZ2pOe" style="width: 16%; text-align: right" title="Operating Leases, Year ended June 30, 2027">15,264</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_c20260630_zV0AIkxh0FFb" style="width: 16%; text-align: right" title="Finance Leases, Year ended June 30, 2027">18,414</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended June 30, 2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zU7Y9EcfM1Ye" style="text-align: right" title="Operating Leases, Year ended June 30, 2028"><span style="-sec-ix-hidden: xdx2ixbrl2136">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_c20260630_zDkEhsSIs2wk" style="text-align: right" title="Finance Leases, Year ended June 30, 2028">18,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended June 30, 2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zz7K7DTujxLb" style="text-align: right" title="Operating Leases, Year ended June 30, 2029"><span style="-sec-ix-hidden: xdx2ixbrl2140">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_c20260630_zArxQvBhHOA7" style="text-align: right" title="Finance Leases, Year ended June 30, 2029">18,414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended June 30, 2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zY8Dnpxprb7i" style="text-align: right" title="Operating Leases, Year ended June 30, 2030"><span style="-sec-ix-hidden: xdx2ixbrl2144">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_c20260630_zpfxKFzX4lu9" style="text-align: right" title="Finance Leases, Year ended June 30, 2030">17,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended June 30, 2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_c20260630_zmZojiev1uNk" style="text-align: right" title="Operating Leases, Year ended June 30, 2031"><span style="-sec-ix-hidden: xdx2ixbrl2148">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_c20260630_z3S8AE6IwKhb" style="text-align: right" title="Finance Leases, Year ended June 30, 2031">3,085</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_c20260630_zkmuQlhtmcxg" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases, Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl2152">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_c20260630_zc0KS82tGAVi" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Leases, Thereafter">1,788</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_c20260630_zlHpSaZyAKV5" style="text-align: right" title="Operating Leases, Total">15,264</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_c20260630_zO66xyKD1ctg" style="text-align: right" title="Finance Leases, Total">78,101</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_z91GGbrGZl04" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases, Less: Interest">(410</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20260630_zq0KoBTDn8h4" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Leases, Less: Interest">(7,126</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Present value of lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iI_c20260630_ziUJ45j97zke" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Leases, Present value of lease liabilities">14,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiability_iI_c20260630_z8Y7Uj3vE1la" style="border-bottom: Black 2.5pt double; text-align: right" title="Finance Leases, Present value of lease liabilities">70,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 15264 18414 18414 18414 17986 3085 1788 15264 78101 410 7126 14854 70975 <p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zC6ylkymaeXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 14 – <span id="xdx_829_zD2xCOkXmwal">Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was incorporated in the Cayman Islands on October 17, 2023. Prior to the Company’s initial public offering (“<b>IPO</b>”), the Company completed certain share allotments and recapitalization transactions. The effects of these transactions had already been reflected retrospectively in the Company’s previously issued financial statements. Following the share redesignation and reclassification effected on October 20, 2026, all historical Class A and Class B ordinary shares amounts and per-share information, including amounts arising from the pre-IPO recapitalization and share allotment transactions, have been retrospectively adjusted to reflect the share redesignation and reclassification, where applicable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 22, 2025, the Company consummated its initial public offering on NYSE American, under the ticker symbol “TMDE”. Under this offering, <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjna3HaIefCh" title="Number of ordinary shares">3,100,000</span> Class A ordinary shares were issued at a price of $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTCXrIihkDh7" title="Issuing price per share">3.25</span> per share. In addition, the Company granted a 45-day option to the underwriter to purchase up to an additional <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zyYywAUQ7Mz2" title="Number of ordinary shares">465,000</span> Class A ordinary shares at the public offering price to cover over-allotment, if any. On April 22, 2025, the underwriter exercised the over-allotment option in full to purchase an additional <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6n0c9SW2ezc" title="Number of ordinary shares">465,000</span> Class A ordinary shares. The initial public offering closed on April 22, 2025 and the exercise of the over-allotment option closed on April 24, 2025, and the Company received gross proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20250424__20250424__us-gaap--SubsidiarySaleOfStockAxis__custom--IPOAndOverAllotmentOptionMember_zUMsHQWf5419" title="Gross proceeds">11,586,250</span> from the offering before deducting underwriting discounts and offering expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 22, 2025, upon the completion of the Company’s IPO, IPO costs capitalized as of December 31, 2024 of $<span id="xdx_906_eus-gaap--DeferredOfferingCosts_iI_c20241231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1DNi71vRwxb" title="Initial public offering cost">1,839,846</span>, together with other IPO costs incurred during the six months ended June 30, 2025, totaling $<span id="xdx_90E_ecustom--DeferredOfferingCostsChargedToAdditionalPaidinCapital_c20250101__20250630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zAiPpswyFHjf" title="Initial public offering cost">3,488,971</span>, were charged to shareholders’ equity under additional paid-in capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 7, 2026, the Company held an annual general meeting of shareholders, at which the shareholders approved the redesignation and reclassification of the Company’s authorized share capital into Class A ordinary shares and Class B ordinary shares. Following the approval, <span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20261007__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMX1uDaA4xmg" title="Ordinary share, shares outstanding">10,000,000</span> issued ordinary shares held by Straits were redesignated and reclassified as Class B ordinary shares on a one-for-one basis, while the remaining <span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20261007__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYYjsuJIruo4" title="Ordinary share, shares outstanding">13,565,000</span> issued ordinary shares were redesignated and reclassified as Class A ordinary shares on a one-for-one basis. The share redesignation and reclassification became effective on October 20, 2026. Accordingly, the authorized share capital of the Company was redesignated and reclassified from $<span id="xdx_90A_ecustom--RedesignatedShareValue_iI_pid_c20261020__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztR9xek4Z49e" title="Redesignated share, value">50,000</span> divided into <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20261020__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLR9hLt76bhd" title="Ordinary share, shares authorized">500,000,000</span> shares of par value $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20261007__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZRuinEqJAD7" title="Ordinary share, par value">0.0001</span> each to $<span id="xdx_909_ecustom--RedesignatedShareValue_iI_pid_c20261020__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUPosNpU4Ujl" title="Redesignated share, value">50,000</span> divided into <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6gTKraDZiZa" title="Ordinary share, shares authorized">400,000,000</span> Class A ordinary shares of par value $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQ5RHNgkk6Q6" title="Ordinary share, par value">0.0001</span> each and <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zO4DbnLddRRb" title="Ordinary share, shares authorized">100,000,000</span> Class B ordinary shares of par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2MSaxjaU05f" title="Ordinary share, par value">0.0001</span> each. Unless indicated or the context otherwise requires, all share numbers and per share data in these consolidated financial statements have been retroactively presented to reflect the effect of the share redesignation and reclassification, as if the transaction had occurred at the beginning of the earliest period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of Class A ordinary shares and Class B ordinary shares have the same rights, except for voting and conversion rights. <span id="xdx_908_eus-gaap--CommonStockVotingRights_c20261020__20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyxQB3ZrCvhh" title="Ordinary share voting rights">Each Class A ordinary share entitles the holder to one vote on all matters subject to vote at the Company’s general meetings.</span> <span id="xdx_902_eus-gaap--CommonStockVotingRights_c20261020__20261020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zbnb4H8Umx6c" title="Ordinary share voting rights">Each Class B ordinary share entitles the holder to twenty votes on all matters subject to vote at the Company’s general meetings.</span> <span id="xdx_906_eus-gaap--CommonStockConversionBasis_c20261020__20261020__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqvVTtZMZ9Dl" title="Common stock conversion basis">Each Class B ordinary share is convertible into one Class A ordinary share at the option of the holder at any time and without the payment of any additional sum. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of issuance of these consolidated financial statements, <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5r2AcQXWwe1" title="Ordinary shares, shares, issued"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z80k8lUm3Yy7" title="Ordinary shares, shares, outstanding">13,565,000</span></span> Class A ordinary shares of par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1nvsqvrG1G" title="Ordinary share, par value">0.0001</span> each and <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zjDJUR88iaR7" title="Ordinary shares, shares, issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zporXqFku1Vh" title="Ordinary shares, shares, outstanding">10,000,000</span></span> Class B ordinary shares of par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z0PB1nUt4e13" title="Ordinary share, par value">0.0001</span> each were issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reversal of additional paid-in capital (“<b>APIC</b>”) via decrease in related party receivables</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2024, the Company reversed $<span id="xdx_902_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_c20240630__20240630_zSH9H3T1Pon4" title="Reversed additional paid-in capital">5,311,880</span> of APIC. This amount represented cash contributions from Straits intended for the acquisition of shares in Tumpuan Megah, which had been classified as APIC within Tumpuan Megah’s equity. However, the shares were never issued. As part of the restructuring exercise for the IPO, Straits formally terminated the share acquisition agreement, and this amount was reclassified as a liability to Straits within amounts due to related parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquisition of non-controlling interest</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2024, the Company’s subsidiary, SMF, acquired <span id="xdx_904_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zlAmpelPn7W3" title="Stock issued shares, acquisitions">4,500,000</span> ordinary shares in Tumpuan Megah, representing the <span id="xdx_900_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240531__us-gaap--BusinessAcquisitionAxis__custom--TumpuanMegahDevelopmentSdnBhdMember_z0OhgCj0wkK8" title="Acquired ownership percentage">30</span>% non-controlling interest in Tumpuan Megah, held equally by Dato’ Mohd Suhaimi bin Hashim and Yong Sing Goo. The purchase consideration amounting to RM<span id="xdx_90A_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_uMYR_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TMDEnergyLimitedMember_zmwi0clHsVR4" title="Purchase consideration">9,720,989</span> (equivalent to $<span id="xdx_90C_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TMDEnergyLimitedMember_zwu7o9nWRpD" title="Purchase consideration">2,085,557</span>) was settled by the issuance of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--TMDEnergyLimitedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQEHCjOOWUk3" title="Number of stock issued, shares">3,474,934</span> Class A ordinary shares of TMDEL.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2024, SMF acquired <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOAoIL8pL8K5" title="Stock issued shares, acquisitions">49,000</span> ordinary shares in SMS 1, representing the <span id="xdx_900_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember_z5DufVLat7we" title="Acquired ownership percentage">49</span>% non-controlling interest in SMS 1, from Platinum Gate Capital Pte Ltd. The purchase consideration amounting to RM<span id="xdx_90A_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_uMYR_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember_zvsQPXwnXxs2" title="Purchase consideration">3,324,902</span> (equivalent to $<span id="xdx_90B_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember_zu0ravcHSxib" title="Purchase consideration">713,330</span>) was settled by the issuance of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240531__20240531__us-gaap--BusinessAcquisitionAxis__custom--StraitsMaritimeServicesPteLtdOneMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIVNu0m2hIC9" title="Number of stock issued, shares">1,188,543</span> Class A ordinary shares of TMDEL.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These acquisitions are accounted for as transactions with non-controlling interests in accordance with ASC 810 (Consolidation). The impact on the Company’s equity and any adjustments to the non-controlling interests are reflected in the consolidated statements of changes in shareholders’ equity, and the foreign currency translation adjustments associated with these acquisitions are recorded as part of Accumulated Other Comprehensive Income in accordance with ASC 830 (Foreign Currency Matters).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3100000 3.25 465000 465000 11586250 1839846 3488971 10000000 13565000 50000 500000000 0.0001 50000 400000000 0.0001 100000000 0.0001 Each Class A ordinary share entitles the holder to one vote on all matters subject to vote at the Company’s general meetings. Each Class B ordinary share entitles the holder to twenty votes on all matters subject to vote at the Company’s general meetings. Each Class B ordinary share is convertible into one Class A ordinary share at the option of the holder at any time and without the payment of any additional sum. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. 13565000 13565000 0.0001 10000000 10000000 0.0001 5311880 4500000 0.30 9720989 2085557 3474934 49000 0.49 3324902 713330 1188543 <p id="xdx_80F_eus-gaap--RevenueFromContractWithCustomerTextBlock_z16HTiqleKw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 15 – <span id="xdx_821_zOoVLzdNWa7d">Disaggregated revenue and geographic information</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_ziBzteezgvy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated revenue by service line is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zKihNr4Janul" style="display: none">Schedule of disaggregated revenue by services lines</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630_zbqmt0E4B2u1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zET5aNUwUqCa" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zPIQquog1IQ" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zELH0v5lYsJh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Revenue by service lines recognized at a point in time:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SalesOfCargoOilUsedCookingOilFreshWaterAndBunkeringFacilitationMember_zFVU9pyONkN9" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">543,810,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">275,440,318</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">688,210,369</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">631,607,903</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--ShipManagementServicesMember_z1eHHa1QDAyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Ship management services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,064,652</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">899,802</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">397,173</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">278,276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zfuseMvyHwgf" style="vertical-align: bottom; background-color: White"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total revenue</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,875,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,340,120</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">688,607,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">631,886,179</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Revenue by service lines recognized over time:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember__srt--ProductOrServiceAxis__custom--VesselCharteringServicesMember_zYhGfSYhtXt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel chartering services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2264">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2265">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,193,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z3teFxEmYytb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,035,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,340,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">688,607,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">633,079,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zqJUSDRit71i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zjHHpBCq6sh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographic revenue information is presented based on the location of the delivery or provision of services, as applicable, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_z0KYaPNa3reb" style="display: none">Schedule of geographic revenue information</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250701__20260630_zFZEo5wX0Meg" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zFkMgiYZFz49" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zqUxvxqsMP9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zoMUcSd0bHA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Revenue by geographic area:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--BN_zJbOY3ePgc4c" style="vertical-align: bottom; background-color: White"> <td style="width: 44%">Brunei</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">281,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2276">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2277">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2278">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--HK_zjpOl0zmtvbl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,308,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,697,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,718,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2283">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--IN_zb7JxDebRa86" style="vertical-align: bottom; background-color: White"> <td>India</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,370</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2286">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2287">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2288">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--ID_zcrWK9TSAMoh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Indonesia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2290">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2291">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2292">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,356</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--MY_z5SbNppS9TE2" style="vertical-align: bottom; background-color: White"> <td>Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">542,160,955</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,507,942</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">634,482,899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">633,022,743</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--SG_zXU6lPOQBBKf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">220,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,544</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,674</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--VN_zzTs05ZMg00e" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vietnam</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">62,624</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">92,994</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">907</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2308">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zFHLpFkg5Y95" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,035,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,340,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">688,607,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">633,079,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zTrWW6Bmc14b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_ziBzteezgvy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated revenue by service line is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zKihNr4Janul" style="display: none">Schedule of disaggregated revenue by services lines</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250701__20260630_zbqmt0E4B2u1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zET5aNUwUqCa" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zPIQquog1IQ" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zELH0v5lYsJh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Revenue by service lines recognized at a point in time:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--SalesOfCargoOilUsedCookingOilFreshWaterAndBunkeringFacilitationMember_zFVU9pyONkN9" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Sales of cargo oil, used cooking oil and fresh water, and bunkering facilitation</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">543,810,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">275,440,318</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">688,210,369</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">631,607,903</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__srt--ProductOrServiceAxis__custom--ShipManagementServicesMember_z1eHHa1QDAyi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Ship management services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,064,652</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">899,802</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">397,173</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">278,276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zfuseMvyHwgf" style="vertical-align: bottom; background-color: White"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total revenue</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,875,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,340,120</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">688,607,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">631,886,179</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Revenue by service lines recognized over time:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember__srt--ProductOrServiceAxis__custom--VesselCharteringServicesMember_zYhGfSYhtXt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel chartering services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2264">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2265">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,193,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_z3teFxEmYytb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,035,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,340,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">688,607,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">633,079,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 543810530 275440318 688210369 631607903 1064652 899802 397173 278276 544875182 276340120 688607542 631886179 160000 1193594 545035182 276340120 688607542 633079773 <p id="xdx_890_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zjHHpBCq6sh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographic revenue information is presented based on the location of the delivery or provision of services, as applicable, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_z0KYaPNa3reb" style="display: none">Schedule of geographic revenue information</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250701__20260630_zFZEo5wX0Meg" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zFkMgiYZFz49" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231_zqUxvxqsMP9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zoMUcSd0bHA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Revenue by geographic area:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--BN_zJbOY3ePgc4c" style="vertical-align: bottom; background-color: White"> <td style="width: 44%">Brunei</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">281,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2276">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2277">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2278">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--HK_zjpOl0zmtvbl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,308,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,697,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,718,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2283">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--IN_zb7JxDebRa86" style="vertical-align: bottom; background-color: White"> <td>India</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,370</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2286">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2287">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2288">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--ID_zcrWK9TSAMoh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Indonesia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2290">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2291">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2292">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,356</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--MY_z5SbNppS9TE2" style="vertical-align: bottom; background-color: White"> <td>Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">542,160,955</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,507,942</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">634,482,899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">633,022,743</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--SG_zXU6lPOQBBKf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">220,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,544</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,674</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--StatementGeographicalAxis__country--VN_zzTs05ZMg00e" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vietnam</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">62,624</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">92,994</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">907</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2308">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zFHLpFkg5Y95" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,035,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,340,120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">688,607,542</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">633,079,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 281349 2308751 30697646 53718192 1370 6356 542160955 245507942 634482899 633022743 220133 41538 405544 50674 62624 92994 907 545035182 276340120 688607542 633079773 <p id="xdx_804_eus-gaap--IncomeTaxDisclosureTextBlock_zUkd3Ofu4PN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Note 16</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">– <span id="xdx_822_zdYwss902qcf">Income Taxes</span></span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cayman Islands</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands entities are not subject to income taxes on profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010, but is not otherwise party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments of dividends and capital in respect of the Company’s ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the Company’s ordinary shares, as the case may be, nor will gains derived from the disposal of the Company’s ordinary shares be subject to Cayman Islands income or corporation tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Malaysia</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia Income Tax is calculated at <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20250701__20260630__srt--StatementGeographicalAxis__country--MY_zDySYtFCOHfe" title="Profit tax rates">24</span>% of the estimated assessable profits for the relevant year. Net operating losses can be carried forward for up to ten consecutive years of assessment starting from the year subsequent to the year in which the loss was incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For Labuan trading activities, chargeable profits are subject to tax under the Labuan Business Activity Tax Act 1990 (“<b>LBATA</b>”) at <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20250701__20260630__srt--StatementGeographicalAxis__country--MY__us-gaap--IncomeTaxAuthorityNameAxis__custom--LBATAMember_z9yAGy6jC8Y2" title="Net audit profit tax percentage">3</span>% of audited net profits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Singapore</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore Income Tax is calculated at <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20250701__20260630__srt--StatementGeographicalAxis__country--SG_zDMVcVmMMt83" title="Profit tax rates">17</span>% of chargeable income for the relevant year. Net operating losses can be carried forward indefinitely to offset against future taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z0x4XnhDlOrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total income tax (benefit) expense included in the consolidated statements of operations and comprehensive (loss) income as determined in accordance with ASC 740 by jurisdiction is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zoFfsGNaJfZ1" style="display: none">Schedule of taxable income/(loss) before income taxes by jurisdiction</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250701__20260630_z5dzWkwPSAs1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_zE3ndx7Onm29" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231_zDFmifmhou95" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zSn63MMbteHf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__custom--LabuanMember_z3YOvmdhrkf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Labuan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,022</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,190</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,263</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--MY_zn2URba4kpU9" style="vertical-align: bottom; background-color: White"> <td>Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(370,793</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,039,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,280,329</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,759</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--SG_z7ep8k89eysj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Singapore</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,036</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,780</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_zqefaCOuGlqd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income tax (benefit) expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(318,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(988,034</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,428,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">774,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zDM3wWYz0DWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zJVxqRdbxdq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation of the statutory income tax rate and the Company’s effective income tax rate is as follows<span style="background-color: white">:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_z3sXns78A2jg" style="display: none">Schedule of reconciliations of the statutory income tax rate and effective income tax rate</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250701__20260630_zk48Yqg5q4M8" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250630_zMM063Ju9BM7" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_z8WXhmb81ml3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zqw9PFvdUR1l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBz9rs_zINHyitEIBX6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax expense at Labuan statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2347">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,247</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,375</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBz9rs_zBSHTQ95u0B4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax expense at Malaysia statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,261,415</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">283,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">710,438</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationForeignIncomeTaxes_maITEBz9rs_zYOtpBpIqE5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax expense at Singapore statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,240</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increases (decreases) due to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBz9rs_zzKOkEA6RGb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other adjustments<sup id="xdx_F40_zY0k9mrSQ0wh">(1)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,032,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(303,211</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">743,918</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,593</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBz9rs_zRSbhgxiR0fg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other deferred tax adjustments<sup id="xdx_F46_zHuSAsg762X7">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(45,490</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,072</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IncomeTaxRateReconciliationOtherExemptionRebateAndCredit_iN_di_msITEBz9rs_z8S5hQjQrZSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other exemption, rebate and credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,142</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2373">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,038</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,397</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBz9rs_zzauIY4LlMKe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Over) Under provision in prior years<sup id="xdx_F47_zYevIom5r6xg">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(489,584</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,001,038</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30,585</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">168,104</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz9rs_zLFBByMFFrN6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense (benefit), net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(318,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(988,034</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,428,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">774,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zwicDHCG7OQ5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zZyvkBOO69Cb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other adjustments mainly represent income not subject to tax and expenses not deductible for tax purposes. The nontaxable or nondeductible items primarily comprise adjustments relating to chartering fees paid to companies incorporated in Labuan, professional fees, expected credit loss and foreign exchange differences incurred by Tumpuan Megah. Chartering fees paid to Labuan companies and certain professional fees are subject to statutory limitations or restrictions on tax deductibility, and the portion not deductible for income tax purposes is included in the reconciliation as a nondeductible item. Expected credit loss and foreign exchange differences include amounts that are not subject to tax or deductible for income tax purposes, as applicable.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zkja8wD7ykj1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z1CG33VxxFA5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended June 30, 2026, it primarily represented the effects of unutilized tax losses and unabsorbed capital allowances arising during the year, for which deferred tax assets were fully offset by a valuation allowance, as it is not more likely than not that the related tax benefits will be realized.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F04_zBqwrtdQuzP4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zNo61BPnoQg9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With the change of accounting year end from December 31 to June 30, the reporting period of Tumpuan Megah covered 18 months from January 1, 2024 to June 30, 2025. As Tumpuan Megah incurred a net loss for the six months ended June 30, 2025, the tax loss incurred during the six-month period reduced the overall assessable profits for the full 18-month reporting period. As a result, the income tax provision previously recognized for the year ended December 31, 2024 was overstated by $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHJlY29uY2lsaWF0aW9ucyBvZiB0aGUgc3RhdHV0b3J5IGluY29tZSB0YXggcmF0ZSBhbmQgZWZmZWN0aXZlIGluY29tZSB0YXggcmF0ZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--ProvisionForOtherLosses_c20240101__20241231_zwgPMv4xwhkk" title="Provision for income taxes overstated">1,001,038</span> and was adjusted during the six months ended June 30, 2025.</span></td></tr></table> <p id="xdx_8AB_zPtV4kAHnDY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p id="xdx_89D_ecustom--ScheduleOfEffectiveIncomeTaxRatePercentageReconciliationTableTextBlock_zFWiGz9R8zV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of reconciliations of the statutory income tax rate percentage and effective income tax rate percentage</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250701__20260630_z1GHSy8Af5Bk" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_ztYDnkkbABxf" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zwVl4lXrf96b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zF5TrFR3dc7j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_dp_z2pDgxE3pja2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax expense at Labuan statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate"><span style="-sec-ix-hidden: xdx2ixbrl2394">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">(0.2</td><td style="width: 1%; text-align: left">)%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">0.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">0.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_uPure_zxiVVMX9h6K4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax expense at Malaysia statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRate_dp_uPure_zMixKu1dP2kj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax expense at Singapore statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increases (decreases) due to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_uPure_zUcW0dUevMn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.3</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_zQhMd1HpYefh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other deferred tax adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12.0</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.3</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_ecustom--EffectiveIncomeTaxRateReconciliationOtherExemptionRebateAndCredit_dp_uPure_z5IK2Vl8d3J7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other exemption, rebate and credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2420">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.5</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_dp_uPure_zYRcVyd77Xt7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(Over) Under provision in prior years</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.5</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18.2</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.9</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4.5</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_uPure_zRVq8nMDUyy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense (benefit), net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.6</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17.9</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41.1</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20.7</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8AD_z3Sx2VqJUXLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred tax</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zIAElPejmi02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes deferred tax assets and liabilities for temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities, measured at the applicable tax rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zboYfkQHV6t4">Schedule of deferred tax assets and liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Allowance for expected credit losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_c20260630_zHgzvACyXcvi" style="width: 16%; text-align: right" title="Allowance for expected credit losses">319,380</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_c20250630_zH5p1UFzlGNf" style="width: 16%; text-align: right" title="Allowance for expected credit losses">376,883</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--DeferredTaxAssetsDepreciationAndAmortization_iI_c20260630_zX2td1upVcSj" style="text-align: right" title="Depreciation and amortization">(8,554</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--DeferredTaxAssetsDepreciationAndAmortization_iI_c20250630_zpgIPt4ipO0l" style="text-align: right" title="Depreciation and amortization">13,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Unrealized foreign currency transaction gains</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains_iNI_di_c20260630_zAYIp6NdFJXe" style="border-bottom: Black 1pt solid; text-align: right" title="Unrealized foreign currency transaction gains">(336,021</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains_iNI_di_c20250630_z9w6FcY2pzbk" style="border-bottom: Black 1pt solid; text-align: right" title="Unrealized foreign currency transaction gains">(323,498</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax (liabilities) assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_di_c20260630_zV0mIJ5tZZYa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax (liabilities) assets, net">(25,195</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_c20250630_zbc2ru2sVxRg" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax (liabilities) assets, net">67,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zrqfd5k5Z9Dc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--ScheduleOfMovementOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zmwDvdBfOJni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement of the Company’s deferred tax (liabilities) assets, net, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z36FxRHddu9h">Schedule of movement of company’s deferred tax assets and liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iS_c20250701__20260630_zd7TQzZuteV1" style="width: 16%; text-align: right" title="Balance">67,217</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iS_c20250101__20250630_zotgscBPEvL2" style="width: 16%; text-align: right" title="Balance"><span style="-sec-ix-hidden: xdx2ixbrl2456">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(Decrease) increase recognized in the income statement</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--DecreaseIncreaseRecognizedInIncomeStatement_c20250701__20260630_ziSkjgr9R3F" style="text-align: right" title="(Decrease) increase recognized in the income statement">(94,517</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--DecreaseIncreaseRecognizedInIncomeStatement_c20250101__20250630_zMvEH5hHcxJh" style="text-align: right" title="(Decrease) increase recognized in the income statement">64,914</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--DeferredTaxLiabilitiesForeignExchangeDifference_c20250701__20260630_zpC1AnPQbLie" style="border-bottom: Black 1pt solid; text-align: right" title="Foreign exchange difference">2,105</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DeferredTaxLiabilitiesForeignExchangeDifference_c20250101__20250630_zS5zBz78wtb6" style="border-bottom: Black 1pt solid; text-align: right" title="Foreign exchange difference">2,303</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iE_di_c20250701__20260630_zgnoCmcmLP39" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance">(25,195</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iE_c20250101__20250630_zr6FY3cwkJbh" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance">67,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_z7RasJlyCfx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.24 0.03 0.17 <p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z0x4XnhDlOrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total income tax (benefit) expense included in the consolidated statements of operations and comprehensive (loss) income as determined in accordance with ASC 740 by jurisdiction is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zoFfsGNaJfZ1" style="display: none">Schedule of taxable income/(loss) before income taxes by jurisdiction</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250701__20260630_z5dzWkwPSAs1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_zE3ndx7Onm29" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231_zDFmifmhou95" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zSn63MMbteHf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__custom--LabuanMember_z3YOvmdhrkf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Labuan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,022</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,190</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,263</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--MY_zn2URba4kpU9" style="vertical-align: bottom; background-color: White"> <td>Malaysia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(370,793</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,039,138</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,280,329</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,759</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_hsrt--StatementGeographicalAxis__country--SG_z7ep8k89eysj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Singapore</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,036</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,780</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_zqefaCOuGlqd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income tax (benefit) expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(318,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(988,034</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,428,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">774,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 9740 1022 26190 25263 -370793 -1039138 1280329 684759 43036 50082 121780 64217 -318017 -988034 1428299 774239 <p id="xdx_894_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zJVxqRdbxdq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation of the statutory income tax rate and the Company’s effective income tax rate is as follows<span style="background-color: white">:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_z3sXns78A2jg" style="display: none">Schedule of reconciliations of the statutory income tax rate and effective income tax rate</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250701__20260630_zk48Yqg5q4M8" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250630_zMM063Ju9BM7" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_z8WXhmb81ml3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zqw9PFvdUR1l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBz9rs_zINHyitEIBX6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax expense at Labuan statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2347">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,247</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,375</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBz9rs_zBSHTQ95u0B4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax expense at Malaysia statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,261,415</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">283,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">710,438</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationForeignIncomeTaxes_maITEBz9rs_zYOtpBpIqE5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax expense at Singapore statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,507</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,240</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increases (decreases) due to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBz9rs_zzKOkEA6RGb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other adjustments<sup id="xdx_F40_zY0k9mrSQ0wh">(1)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,032,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(303,211</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">743,918</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,593</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBz9rs_zRSbhgxiR0fg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other deferred tax adjustments<sup id="xdx_F46_zHuSAsg762X7">(2)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(45,490</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,072</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IncomeTaxRateReconciliationOtherExemptionRebateAndCredit_iN_di_msITEBz9rs_z8S5hQjQrZSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other exemption, rebate and credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,142</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2373">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,038</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,397</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBz9rs_zzauIY4LlMKe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Over) Under provision in prior years<sup id="xdx_F47_zYevIom5r6xg">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(489,584</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,001,038</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30,585</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">168,104</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz9rs_zLFBByMFFrN6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense (benefit), net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(318,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(988,034</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,428,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">774,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zwicDHCG7OQ5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zZyvkBOO69Cb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other adjustments mainly represent income not subject to tax and expenses not deductible for tax purposes. The nontaxable or nondeductible items primarily comprise adjustments relating to chartering fees paid to companies incorporated in Labuan, professional fees, expected credit loss and foreign exchange differences incurred by Tumpuan Megah. Chartering fees paid to Labuan companies and certain professional fees are subject to statutory limitations or restrictions on tax deductibility, and the portion not deductible for income tax purposes is included in the reconciliation as a nondeductible item. Expected credit loss and foreign exchange differences include amounts that are not subject to tax or deductible for income tax purposes, as applicable.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zkja8wD7ykj1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z1CG33VxxFA5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended June 30, 2026, it primarily represented the effects of unutilized tax losses and unabsorbed capital allowances arising during the year, for which deferred tax assets were fully offset by a valuation allowance, as it is not more likely than not that the related tax benefits will be realized.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F04_zBqwrtdQuzP4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zNo61BPnoQg9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With the change of accounting year end from December 31 to June 30, the reporting period of Tumpuan Megah covered 18 months from January 1, 2024 to June 30, 2025. As Tumpuan Megah incurred a net loss for the six months ended June 30, 2025, the tax loss incurred during the six-month period reduced the overall assessable profits for the full 18-month reporting period. As a result, the income tax provision previously recognized for the year ended December 31, 2024 was overstated by $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHJlY29uY2lsaWF0aW9ucyBvZiB0aGUgc3RhdHV0b3J5IGluY29tZSB0YXggcmF0ZSBhbmQgZWZmZWN0aXZlIGluY29tZSB0YXggcmF0ZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--ProvisionForOtherLosses_c20240101__20241231_zwgPMv4xwhkk" title="Provision for income taxes overstated">1,001,038</span> and was adjusted during the six months ended June 30, 2025.</span></td></tr></table> 8411 26247 25375 -3261415 283787 613388 710438 102391 69507 110461 91240 1032309 -303211 743918 -177593 2325424 -45490 -9092 13072 27142 26038 56397 -489584 -1001038 -30585 168104 -318017 -988034 1428299 774239 1001038 <p id="xdx_89D_ecustom--ScheduleOfEffectiveIncomeTaxRatePercentageReconciliationTableTextBlock_zFWiGz9R8zV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of reconciliations of the statutory income tax rate percentage and effective income tax rate percentage</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250701__20260630_z1GHSy8Af5Bk" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_ztYDnkkbABxf" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zwVl4lXrf96b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zF5TrFR3dc7j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Year Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_dp_z2pDgxE3pja2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax expense at Labuan statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate"><span style="-sec-ix-hidden: xdx2ixbrl2394">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">(0.2</td><td style="width: 1%; text-align: left">)%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">0.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right" title="Income tax expense at Labuan statutory rate">0.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_uPure_zxiVVMX9h6K4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax expense at Malaysia statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRate_dp_uPure_zMixKu1dP2kj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax expense at Singapore statutory rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increases (decreases) due to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_uPure_zUcW0dUevMn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.3</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_zQhMd1HpYefh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other deferred tax adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12.0</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.3</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_ecustom--EffectiveIncomeTaxRateReconciliationOtherExemptionRebateAndCredit_dp_uPure_z5IK2Vl8d3J7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other exemption, rebate and credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2420">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.5</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_dp_uPure_zYRcVyd77Xt7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(Over) Under provision in prior years</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.5</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18.2</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.9</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4.5</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_uPure_zRVq8nMDUyy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense (benefit), net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.6</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17.9</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41.1</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20.7</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> -0.002 0.008 0.007 0.168 -0.052 0.176 0.190 -0.005 -0.012 0.032 0.024 -0.053 0.055 0.214 -0.048 -0.120 0.008 -0.003 0.004 0.001 -0.007 -0.015 0.025 0.182 -0.009 0.045 0.016 0.179 0.411 0.207 <p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zIAElPejmi02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes deferred tax assets and liabilities for temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities, measured at the applicable tax rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zboYfkQHV6t4">Schedule of deferred tax assets and liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Allowance for expected credit losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_c20260630_zHgzvACyXcvi" style="width: 16%; text-align: right" title="Allowance for expected credit losses">319,380</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_c20250630_zH5p1UFzlGNf" style="width: 16%; text-align: right" title="Allowance for expected credit losses">376,883</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--DeferredTaxAssetsDepreciationAndAmortization_iI_c20260630_zX2td1upVcSj" style="text-align: right" title="Depreciation and amortization">(8,554</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--DeferredTaxAssetsDepreciationAndAmortization_iI_c20250630_zpgIPt4ipO0l" style="text-align: right" title="Depreciation and amortization">13,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Unrealized foreign currency transaction gains</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains_iNI_di_c20260630_zAYIp6NdFJXe" style="border-bottom: Black 1pt solid; text-align: right" title="Unrealized foreign currency transaction gains">(336,021</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains_iNI_di_c20250630_z9w6FcY2pzbk" style="border-bottom: Black 1pt solid; text-align: right" title="Unrealized foreign currency transaction gains">(323,498</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax (liabilities) assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_di_c20260630_zV0mIJ5tZZYa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax (liabilities) assets, net">(25,195</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_c20250630_zbc2ru2sVxRg" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax (liabilities) assets, net">67,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 319380 376883 -8554 13832 336021 323498 25195 67217 <p id="xdx_89F_ecustom--ScheduleOfMovementOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zmwDvdBfOJni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement of the Company’s deferred tax (liabilities) assets, net, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z36FxRHddu9h">Schedule of movement of company’s deferred tax assets and liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance at July 1, 2025 and January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iS_c20250701__20260630_zd7TQzZuteV1" style="width: 16%; text-align: right" title="Balance">67,217</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iS_c20250101__20250630_zotgscBPEvL2" style="width: 16%; text-align: right" title="Balance"><span style="-sec-ix-hidden: xdx2ixbrl2456">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(Decrease) increase recognized in the income statement</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--DecreaseIncreaseRecognizedInIncomeStatement_c20250701__20260630_ziSkjgr9R3F" style="text-align: right" title="(Decrease) increase recognized in the income statement">(94,517</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--DecreaseIncreaseRecognizedInIncomeStatement_c20250101__20250630_zMvEH5hHcxJh" style="text-align: right" title="(Decrease) increase recognized in the income statement">64,914</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--DeferredTaxLiabilitiesForeignExchangeDifference_c20250701__20260630_zpC1AnPQbLie" style="border-bottom: Black 1pt solid; text-align: right" title="Foreign exchange difference">2,105</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DeferredTaxLiabilitiesForeignExchangeDifference_c20250101__20250630_zS5zBz78wtb6" style="border-bottom: Black 1pt solid; text-align: right" title="Foreign exchange difference">2,303</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026 and June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iE_di_c20250701__20260630_zgnoCmcmLP39" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance">(25,195</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iE_c20250101__20250630_zr6FY3cwkJbh" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance">67,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 67217 -94517 64914 2105 2303 25195 67217 <p id="xdx_800_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zhBXcWle51z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 17 – <span id="xdx_82B_z4O2aKEp3aQ8">Commitments and contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingencies</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal proceedings between ING Bank N.V., O.W. Bunker Far East (Singapore) Pte Ltd, and Tumpuan Megah Development Sdn Bhd.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiary, Tumpuan Megah, is involved in a legal proceeding consisting of disputes over financing agreements, gas oil supply contracts, and an enforcement attempt of an English judgment against Tumpuan Megah for $<span id="xdx_902_eus-gaap--InterestCostsIncurred_c20250813__20250813_zAnlkKO905ie">937,353</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, along with interest and costs. The proceedings include applications, appeals, and hearings in Malaysian courts. On August 13, 2025, the Federal Court of Malaysia allowed the appeal filed by ING Bank N.V. and O.W. Bunker Far East (Singapore) Pte Ltd (collectively, the “<b>Appellants</b>”) against the Court of Appeal’s decision to order a trial of issues in connection with an application to set aside the High Court judgment dated March 22, 2021. That judgment registered a decision of the English High Court enforcing an arbitral award obtained by the Appellants against Tumpuan Megah. Accordingly, RM<span id="xdx_903_eus-gaap--LitigationSettlementAmountAwardedToOtherParty_uMYR_c20250813__20250813__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TumpuanMegahMember_zyhZDmSeJwyj">130,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(equivalent to $<span id="xdx_90B_eus-gaap--LitigationSettlementAmountAwardedToOtherParty_uUSD_c20250813__20250813__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TumpuanMegahMember_zaoV4XKeBDUd">31,953</span></span>) was awarded to the Appellants. Consequently, Tumpuan Megah’s application to set aside the judgment will now resume in the High Court. The hearing date previously fixed for December 8, 2026 has been vacated by the High Court and a new hearing date has been fixed for March 15, 2027.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raja Ismail provided a personal guarantee dated April 30, 2020, supplemented by a further personal guarantee dated June 10, 2026 (collectively, the “<b>Guarantee Agreements</b>”). Under the Guarantee Agreements, Raja Ismail has unconditionally and irrevocably undertaken, upon written demand by Straits, to pay Straits, or such subsidiary as Straits may direct, all amounts payable by Tumpuan Megah in connection with the arbitration involving the Appellants and related legal proceedings, including award or judgment sums, settlement amounts, interest, costs and expenses. He has also undertaken, upon demand by Straits, to indemnify both Straits and Tumpuan Megah against all losses, damages and expenses arising from those proceedings and to pay reasonable attorney’s fees and legal expenses incurred by Straits in securing payment from him. Straits has agreed to release to Tumpuan Megah the amounts it receives under the Guarantee Agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management does not expect the Company to incur a material loss in connection with these proceedings, as the guaranteed obligations are fully indemnified by Raja Ismail under the binding personal guarantee agreements (the Guarantee Agreements referred to in Note 9) and there is no additional exposure to the Company as all costs and the potential liability have been indemnified under the Guarantee Agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A claim for loss recovery generally can be recognized when a loss event has occurred and recovery is considered probable. If the claim is subject to dispute or litigation, a rebuttable presumption exists that recoverability of the claim is not probable. If the potential recovery exceeds the loss recognized in the financial statements or relates to a loss not yet recognized in the financial statements, such recovery should be recognized under the gain contingency model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the Guarantee Agreements, where all potential liabilities are indemnified, no provisions have been made in the financial statements for these potential liabilities, nor has any loss contingency been recognized under ASC 450-20. The reimbursable legal fees are recorded within “Due from related parties” (see Note 9).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tumpuan Megah is also involved in an ongoing dispute with GAC Bunker Fuel FZCO (“GAC”) concerning alleged quality and quantity issues relating to bunker fuel supplied by Tumpuan Megah to GAC, which allegations Tumpuan Megah denies in their entirety. GAC has commenced arbitration proceedings against Tumpuan Megah before the Singapore International Arbitration Centre pursuant to the dispute resolution clause in Tumpuan Megah’s standard terms and conditions, with an estimated claim amount in excess of US$<span id="xdx_902_eus-gaap--LossContingencyDamagesSoughtValue_uUSD_c20250701__20260630_zws5hWJC1JEl" title="Estimated claim amount">1,327,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the arbitration proceedings remained at a very preliminary stage. In the event of an unfavorable outcome, Tumpuan Megah may be required to pay damages awarded by the tribunal, including GAC’s legal costs. Given the preliminary stage of the matter and the uncertainties involved, the ultimate potential loss, if any, cannot be reasonably estimated at this time. Accordingly, no provision has been recognized in the consolidated financial statements as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 937353 130000 31953 1327500 <p id="xdx_807_eus-gaap--ConcentrationRiskDisclosureTextBlock_z2rQAvtbAUFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 18 – <span id="xdx_82C_zHs9EOfFd9xl">Concentration, risks, and uncertainties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risk</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk are cash and cash equivalents, and accounts receivable arising from its normal business activities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is exposed to credit risks associated with deposits held in financial institutions. Deposits in financial institutions in excess of the insurance limits set by local authorities may be at risk in the event of a financial institution’s default. The Company regularly assesses and monitors credit risks associated with its deposit accounts and takes appropriate measures to mitigate potential losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates customer creditworthiness and maintains an allowance for expected credit losses. While the Company believes its allowance adequately covers estimated credit risks, certain long-outstanding receivables present heightened collection risks that may exceed the current allowance. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, consequently, believes that its accounts receivable credit risk exposure beyond such allowance is limited. However, prolonged delinquencies could result in additional allowances or write-offs in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency exchange rate risk</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currencies of the Company’s subsidiaries include RM and SGD. The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, accounts receivable and accounts payable. Any significant fluctuation of the functional currencies against the U.S. dollar may materially and adversely affect the Company’s cash flows, revenues, earnings and financial position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity risk</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is exposed to liquidity risk, which is the risk that it may encounter difficulties in meeting its financial obligations as they become due. The Company manages this risk by maintaining adequate levels of cash and cash equivalents, monitoring cash flows, and maintaining access to financing sources.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had a working capital deficit of $<span id="xdx_90C_ecustom--WorkingCapital_iI_c20260630_zDaf4IwJvbqh" title="Working capital deficit">26,530,542</span> and, for the year then ended, incurred a net loss of $<span id="xdx_90A_eus-gaap--ProfitLoss_iN_di_c20250701__20260630_z19eTCMcEsLa" title="Net loss">19,140,172</span>. Despite this, the Company believes that it can meet all its financial obligations as they become due in the foreseeable future. This conclusion is based on a detailed assessment of the Company’s financial position, forecast, and plans up to the date of approval of these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key considerations in this assessment include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintained cash and cash equivalents of $<span id="xdx_90F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_zGjtVgJ0M988" title="Cash and cash equivalents">3,990,771</span> as of June 30, 2026.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s payment history and long-standing relationships suggest that trade facilities amounting to approximately $<span id="xdx_908_eus-gaap--ShortTermBorrowings_iI_c20260630_zfpf1Kd1qj0k" title="Trade financing facilities">86,074,981</span> and supplier purchasing limits of $<span id="xdx_901_eus-gaap--PurchaseObligation_iI_c20260630_zETtpCYyXsJk" title="Purchase limit">15,055,548</span> will remain available for the next 12 months.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had balances of available trade facilities amounting to $<span id="xdx_900_eus-gaap--LineOfCreditFacilityCapacityAvailableForTradePurchases_iI_c20260630_zqDDsqXeolO2" title="Trade facilities available">5,755,137</span> to support its operational needs.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment arrangements entered into by Tumpuan Megah with certain major trade receivable counterparties, under which outstanding balances totaling $<span id="xdx_90F_eus-gaap--ContractualObligation_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember_zZHJLgyvcf7j" title="Outstanding trade receivables balance amount">20,358,225</span> are scheduled to be <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDateDescription_c20250701__20260630__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember_z0rvaQavEcgk" title="Maturity date description">repaid in monthly installments over <span id="xdx_901_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20250701__20260630__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember_zOTVnQ58ND" title="Repaid in monthly installments">60-month periods</span>, commencing between November 2026 and February 2027 and ending between October 2030 and January 2032.</span> In assessing liquidity, management considered the installments expected to be collected during the 12-month period following the issuance date, together with subsequent collections and other information relevant to the counterparties’ ability to make the scheduled payments.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the consummation of the initial public offering on April 22, 2025, the Company’s principal sources of liquidity to finance its operating activities were working capital, trade financing from financial institutions, supplier credit financing and cash generated from operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 22, 2025, the Company consummated its initial public offering on the NYSE American. In this offering, <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zn7Ne7pe8lz2" title="Number of ordinary shares">3,100,000</span> Class A ordinary shares were issued at a price of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbHhZ2MoHa46" title="Issuing price per share">3.25</span> per share. In addition, the Company entered into an underwriting agreement with the underwriter on April 21, 2025, which granted the underwriter a 45-day option to purchase up to an additional <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zgBIH6UBkjPi" title="Number of ordinary shares">465,000</span> Class A ordinary shares at the public offering price of $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250421__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zW43HJvr2RCl" title="Issuing price per share">3.25</span> per share to cover any over-allotment. Subsequently, on April 22, 2025, the underwriter exercised the over-allotment option in full, purchasing an additional <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250422__20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zrojOyGOG9Nd" title="Number of ordinary shares">465,000</span> Class A ordinary shares at the public offering price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20250422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z76IPkTkaHd" title="Issuing price per share">3.25</span> per share. The initial public offering closed on April 22, 2025 and the exercise of the over-allotment option closed on April 24, 2025, with gross proceeds totaling $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20250424__20250424__us-gaap--SubsidiarySaleOfStockAxis__custom--IPOAndOverAllotmentOptionMember_zEilVIrTqXGe" title="Gross proceeds">11,586,250</span>, before deducting underwriting discounts and offering expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that its existing cash resources, anticipated cash flows from operations, available trade facilities and supplier purchasing limits, together with contractual collections expected under the repayment arrangements described above, will be sufficient to meet and fund its anticipated operating working capital and capital expenditure requirements for at least the next 12 months from the date of issuance of these consolidated financial statements. This assessment does not depend on the completion of any planned financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company experiences an adverse operating environment or incurs unanticipated capital expenditure requirements, or if the Company determines to accelerate its growth, then additional financing may be required. No assurance can be given, however, that such financing would be available at all or on favorable terms. Additional financing may include the use of debt, credit facilities from financial institutions, or the sale of equity or instruments convertible into equity securities, whether by the Company or its ultimate holding company. Any issuance of additional equity could result in immediate and possibly significant dilution to its existing shareholders, while incurrence of debt would increase fixed obligations and could result in operating covenants that could restrict its operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TMD Energy Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the Years Ended December 31, 2024 and 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 18 – Concentration, risks, and uncertainties (Continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environment risk</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to numerous local and international environmental laws and regulations as its operations involve the risks of fuel spillage or seepage, environmental damage and hazardous waste disposal which subsequently could result in substantial claims, fines or penalties that could have a material adverse effect on the Company’s business and operating results. To mitigate any possible environmental and financial impact, the Company implements stringent standard operating procedures and policies throughout its bunkering and vessel operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration risk</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Customers</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended June 30, 2026, Customer A, Customer B, Customer C and Customer D accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zCnrRaMuzGmc" title="Concentration of risk percentage">92.83</span>%,<span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zbgb35gQZPM1" title="Concentration of risk percentage"> 0.70</span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_znmDgttRtA0h" title="Concentration of risk percentage">0.28</span>% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp0_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zNRFJHah0dJb" title="Concentration of risk percentage">nil</span> of the Company’s revenues, respectively. As of June 30, 2026, these customers accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zJFsa2oB0aCe" title="Concentration of risk percentage">43</span>%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zVtM9OOuKHAe" title="Concentration of risk percentage">28</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zF71G8NcEXtd" title="Concentration of risk percentage">15</span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zfxAJsfdYisa" title="Concentration of risk percentage">13</span>% of the Company’s accounts receivable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2025, Customer A, Customer B, Customer C and Customer D accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zz1XMVCvtNXi" title="Concentration of risk percentage">91.43</span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zFBdBfGUoRxf" title="Concentration of risk percentage">0.72</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_z4FbtkzqK0Lc" title="Concentration of risk percentage">0.71</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp0_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_z6aA6ULThT21" title="Concentration of risk percentage">nil</span> of the Company’s revenues, respectively. As of June 30, 2025, these customers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zlUswp3Jiqoa" title="Concentration of risk percentage">33</span>%, <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zQiEscbG4ir3" title="Concentration of risk percentage">26</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zWKhPcFxCYQe" title="Concentration of risk percentage">19</span>% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_z5KCGUsVEun9" title="Concentration of risk percentage">19</span>% of the Company’s accounts receivable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2024, Customer A, Customer B, Customer C and Customer D accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zyIEPGbZIh2j" title="Concentration of risk percentage">92.43</span>%, <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zSQswpxRNmBk" title="Concentration of risk percentage">1.03</span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zaqjBtzhtqT5" title="Concentration of risk percentage">1.42</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zASyFYqLZQF1" title="Concentration of risk percentage">0.86</span>% of the Company’s revenues, respectively. As of December 31, 2024, these customers accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zCRi2xpDrmeg" title="Concentration of risk percentage">13</span>%, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zRCYoDS8RCxf" title="Concentration of risk percentage">32</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_z2B9aYdVQdR8" title="Concentration of risk percentage">23</span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zfzepDlciLl4" title="Concentration of risk percentage">30</span>% of the Company’s accounts receivable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, Customer A and Customer B accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zeQ86wL26lF9" title="Concentration of risk percentage">92.66</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zWZp1ROPexQe" title="Concentration of risk percentage">1.66</span>% of the Company’s revenues, respectively. As of December 31, 2023, these customers accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zOaYvIqHQqmc" title="Concentration of risk percentage">44</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zWXPQsQkJ4H4" title="Concentration of risk percentage">36</span>% of the Company’s accounts receivable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Suppliers</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended June 30, 2026, Supplier A, Supplier B and Supplier C accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zZ13EfUXw9I8" title="Concentration of risk percentage">61.40</span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierBMember_zFT758GMRuw5" title="Concentration of risk percentage">13.76</span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierCMember_zJ9vffjf5nib" title="Concentration of risk percentage">3.85</span>% of the Company’s total cost of revenues, respectively. As of June 30, 2026, these suppliers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zRgVYRvs0r59" title="Concentration of risk percentage">58</span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierBMember_zsSgLqS6oCcd" title="Concentration of risk percentage">17</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250701__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierCMember_zy0LL0yqWtW9" title="Concentration of risk percentage">15</span>% of the Company’s accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2025, Supplier A, Supplier D and Supplier B accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zCXGEIpKX1a6" title="Concentration of risk percentage">71.81</span>%, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierDMember_z1pRyXc8Q923" title="Concentration of risk percentage">2.71</span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierBMember_zQwdfS9emDog" title="Concentration of risk percentage">1.37</span>% of the Company’s total cost of revenues, respectively. As of June 30, 2025, these suppliers accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zzJzwV7o7Hoi" title="Concentration of risk percentage">33</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierDMember_z2B6omUD07Y8" title="Concentration of risk percentage">38</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierBMember_zMIx0jFoIaD3" title="Concentration of risk percentage">26</span>% of the Company’s accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2024, Supplier A, Supplier E and Supplier D accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zaWCi82id7o3" title="Concentration of risk percentage">79.59</span>%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierEMember_z4whMpXjSepa" title="Concentration of risk percentage">2.56</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierDMember_zPnkHLT75325" title="Concentration of risk percentage">1.19</span>% of the Company’s total cost of revenues, respectively. As of December 31, 2024, these suppliers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zknEZEzzri8h" title="Concentration of risk percentage">39</span>%, <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierEMember_z9riBG03J8D7" title="Concentration of risk percentage">38</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierDMember_z41oFOQMLMw8" title="Concentration of risk percentage">19</span>% of the Company’s accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, Supplier A and Supplier E accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_z42sOil8vUQe" title="Concentration of risk percentage">46.01</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierEMember_zc20wmpxWUH1" title="Concentration of risk percentage">36.26</span>% of the Company’s total cost of revenues, respectively. As of December 31, 2023, these suppliers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp0_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_z7D6msVFTVif" title="Concentration of risk percentage">nil</span> and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierEMember_zYw9wLHwFfd9" title="Concentration of risk percentage">95</span>% of the Company’s accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 26530542 -19140172 3990771 86074981 15055548 5755137 20358225 repaid in monthly installments over 60-month periods, commencing between November 2026 and February 2027 and ending between October 2030 and January 2032. 60-month periods 3100000 3.25 465000 3.25 465000 3.25 11586250 0.9283 0.0070 0.0028 0.43 0.28 0.15 0.13 0.9143 0.0072 0.0071 0.33 0.26 0.19 0.19 0.9243 0.0103 0.0142 0.0086 0.13 0.32 0.23 0.30 0.9266 0.0166 0.44 0.36 0.6140 0.1376 0.0385 0.58 0.17 0.15 0.7181 0.0271 0.0137 0.33 0.38 0.26 0.7959 0.0256 0.0119 0.39 0.38 0.19 0.4601 0.3626 0.95 <p id="xdx_80E_eus-gaap--SubsequentEventsTextBlock_zXT0liOg6gh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 19 – <span id="xdx_821_zenpAcyUuIMk">Subsequent events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September and October 2026, Tumpuan Megah entered into repayment arrangements with certain major customers in respect of outstanding trade receivable balances totaling $<span id="xdx_906_eus-gaap--ContractualObligation_iI_c20260930__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4fVEhyMy8Wh" title="Outstanding trade receivables balance amount"><span id="xdx_902_eus-gaap--ContractualObligation_iI_c20261031__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhLUtLsc9S6j" title="Outstanding trade receivables balance amount">20,358,225</span></span>. Pursuant to the arrangements, the outstanding balances are scheduled to be repaid in monthly installments over <span id="xdx_90E_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20260901__20260930__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfxwI59BRa6a" title="Repaid in monthly installments"><span id="xdx_902_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20261001__20261031__us-gaap--TypeOfArrangementAxis__custom--RepaymentArrangementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdZQTX6m8mr6" title="Repaid in monthly installments">60-month periods</span></span>, commencing between November 2026 and February 2027 and ending between October 2030 and January 2032.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates all events and transactions that occur after June 30, 2026 up through the date the Company issues the consolidated financial statements. Other than the events disclosed elsewhere in these consolidated financial statements, there were no other subsequent events that would require recognition or disclosure in the Company’s consolidated financial statements.</span></p> 20358225 20358225 60-month periods 60-month periods Shares and per share data presented for all periods have been retrospectively adjusted to reflect the share redesignation and reclassification on October 20, 2026 (see Note 14) Shares and per share data presented for all periods have been retrospectively adjusted to reflect the share redesignation and reclassification on October 20, 2026 (see Note 14) Shares and per share data presented for all periods have been retrospectively adjusted to reflect the share redesignation and reclassification on October 20, 2026 (see Note 14) Other adjustments mainly represent income not subject to tax and expenses not deductible for tax purposes. The nontaxable or nondeductible items primarily comprise adjustments relating to chartering fees paid to companies incorporated in Labuan, professional fees, expected credit loss and foreign exchange differences incurred by Tumpuan Megah. Chartering fees paid to Labuan companies and certain professional fees are subject to statutory limitations or restrictions on tax deductibility, and the portion not deductible for income tax purposes is included in the reconciliation as a nondeductible item. Expected credit loss and foreign exchange differences include amounts that are not subject to tax or deductible for income tax purposes, as applicable. For the year ended June 30, 2026, it primarily represented the effects of unutilized tax losses and unabsorbed capital allowances arising during the year, for which deferred tax assets were fully offset by a valuation allowance, as it is not more likely than not that the related tax benefits will be realized. With the change of accounting year end from December 31 to June 30, the reporting period of Tumpuan Megah covered 18 months from January 1, 2024 to June 30, 2025. As Tumpuan Megah incurred a net loss for the six months ended June 30, 2025, the tax loss incurred during the six-month period reduced the overall assessable profits for the full 18-month reporting period. As a result, the income tax provision previously recognized for the year ended December 31, 2024 was overstated by $1,001,038 and was adjusted during the six months ended June 30, 2025.