v3.25.4

Related Party Balances and Transactions | 12 Months Ended
--- | ---
Dec. 31, 2024
Related Party Balances and Transactions [Abstract] |
RELATED PARTY BALANCES AND TRANSACTIONS | NOTE 23 — RELATED PARTY BALANCES AND TRANSACTIONS The table below sets forth major related parties of the Company and their relationships with the Company.
Name |  | Relationship with the Company
Mr. Tsai Ming Hsing, Richard (“Mr. Tsai”) |  | Controlling stockholder of the Company
Mr. Ng Wing Fai (“Mr. Ng”) |  | Chief Executive Officer and Executive Director of the Company
Mr. Robert E. Diamond, Jr. (“Diamond”) |  | Former chairman of the Company (resigned on December 12, 2024)
Ms. Wong Suet Fai Almond |  | Chief Operating Officer of the Company
TAG Holdings Limited |  | Stockholder and immediate holding company of the Company
TAG Financial Holdings Limited |  | Company controlled by Mr. Tsai
Convoy Financial Services Limited |  | Company controlled by Mr. Tsai
Convoy Global Holdings Limited |  | Company controlled by Mr. Tsai
Giant Wisdom Ventures Limited |  | Company controlled by Mr. Tsai
Green Nature Limited |  | Company controlled by Mr. Tsai
Total Formation Inc. |  | Stockholder of the Company and company controlled by Mr. Tsai
JFA Capital |  | Investment private funds controlled by Mr. Tsai
NSD Capital |  | Investment private funds controlled by Mr. Tsai
Atlas Merchant Capital LLC |  | Company controlled by Diamond
DeSilva 2000 Living Trust |  | Company controlled by director of subsidiaries of the Company
HCMPS Healthcare Holdings Limited |  | Company with common director – Mr. Ng
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by the stockholder. Amounts represent advances or amounts paid in satisfaction of liabilities.
| (i) | Related party balances
Related party balances consisted of the following:
|  |  |  | As of December 31, |
|  |  |  | 2024 |  |  | 2023 |
Balance with related parties: |  |  |  |  |  |  |  |
Accounts receivable |  | (a) |  | $ | — |  |  | $ | 1,094 |
Other current liabilities |  | (b) |  | $ | 1,251 |  |  | $ | — |
Borrowings |  | (c) |  | $ | 29,181 |  |  | $ | 5,000 |
Amount due to stockholder |  | (d) |  | $ | — |  |  | $ | 2,906 |
Long-term investment – Investment E |  | (e) |  | $ | 525 |  |  | $ | 523 |
Convertible debts |  | (f) |  | $ | 53,106 |  |  | $ | — |
(a) | Accounts receivable due from related parties represented the management service rendered to two individual close-ended investment private funds registered in the Cayman Islands, which are controlled by the controlling stockholder of the Company.
(b) | Other current liabilities due to related parties represented the interest payable accrued on the short-term borrowings from four related parties (see Note 15(c)).
(c) | Borrowings consisted of short-term loans obtained from the Company’s Chief Operating Officer, TAG Holdings Limited, Giant Wisdom Ventures Limited and DeSilva 2000 Living Trust. The amounts were secured, interest-bearing and repayable on demand (see Note 15(c)).
(d) | Amount due to stockholder are those nontrade payables arising from transactions between the Company and TAG Holdings Limited, such as advances made by TAG Holdings Limited on behalf of the Company, advances made by the Company on behalf of TAG Holdings Limited, and allocated shared expenses paid by TAG Holdings Limited. During the years ended December 31, 2024 and 2023, amounts due to stockholder of nil and $12.6 million, respectively, were forgiven (see Note 19(f)).
(e) | In May 2021, the Company purchased 4% equity interest in HCMPS Healthcare Holdings Limited, which has common director with the Company, based on historical cost.
(f) | The convertible debts obtained from Total Formation Inc. and Giant Wisdom Ventures Limited. (see Note 16).
| (ii) | Transactions with related parties
In the ordinary course of business, during the years ended December 31, 2024 and 2023, the Company involved with transactions, either at cost or current market prices and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the periods as presented (for the portion of such period that they were considered related):
|  |  |  | For the years ended December 31, |
|  |  |  | 2024 |  |  | 2023 |
Asset management service income |  | (g) |  | $ | - |  |  | $ | 970 |
Office rental and operating fees |  | (h) |  | $ | 4,303 |  |  | $ | 6,040 |
Legal and professional fees |  | (i) |  | $ | 949 |  |  | $ | 333 |
Interest expense |  | (j) |  | $ | 1,024 |  |  | $ | - |
(g) | Under the management agreements, the Company shall provide management service to the portfolio assets held by two individual close-ended investment private funds in the Cayman Islands, which are controlled by the controlling stockholder of the Company, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers.
(h) | Pursuant to the service agreement, the Company agreed to pay the office and administrative expenses to TAG Holdings Limited and Convoy Financial Services Limited for the use of office premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest and depreciation that were actually incurred.
(i) | On September 19, 2023, the Company entered into an advisory services agreement with Atlas Merchant Capital LLC, a company controlled by its former chairman, for a monthly fee of approximately $0.8 million. The service will be terminated by either party upon 90 days prior written notice.
(j) | The interest expense incurred for borrowings from four related parties (see Note 15(c)).
Apart from the transactions and balances detailed above and elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration