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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 13 — RELATED PARTY TRANSACTIONS The relationship of related parties is summarized as follows: SCHEDULE OF RELATIONSHIP OF RELATED PARTIES
Name of Related Party |  | Relationship to the Company
David Shan |  | Controlling shareholder of the Company
Miller Creek Holdings LLC |  | Controlled by David Shan
Vessel Technology Inc. |  | Controlled by David Shan
(a) Loan from a related party Loan from a related party consists of the following: SCHEDULE OF LOAN FROM RELATED PARTY
|  | December 31, 2024 |  |  | December 31, 2023 |
Loan from David Shan, opening balance |  | $ | 7,920,141 |  |  | $ | 10,984,344 |
Repayment |  |  | (2,373,593 | ) |  |  | (5,264,203 | )
Capital dividend declared |  |  | - |  |  |  | 2,200,000 |
Loan from David Shan, ending balance |  |  | 5,546,548 |  |  |  | 7,920,141 |
Non-current |  |  | - |  |  |  | (7,920,141 | )
Current |  | $ | 5,546,548 |  |  | $ | - |
On January 3, 2024, the Company entered into an unsecured loan agreement with Mr. David Shan, the Chairman of the Board and CEO, to change the payment term from due on demand to due on January 3, 2029. This unsecured loan was required by MidFirst Bank when the Company renewed the line of credit on January 3, 2024. On May 13, 2024, the line of credit with MidFirst Bank was closed and the Company obtained a new line of credit with Cathay Bank, which did not have no such requirement. The Company made repayment totaling $2,373,593 towards this loan during the year ended December 31, 2024. The Company intends to continue the repayments of the loan from Mr. Shan in the next twelve months. Consequently, the outstanding balance has been reclassified from non-current liabilities to current liabilities as of December 31, 2024. (b) Loan guarantee provided by related parties In connection with the Company’s bank borrowings, Mr. David Shan, the controlling shareholder and Massimo Group, the holding company of Massimo Motor provided an unlimited guarantee to the Company’s loan (See Note 12). (c) Due from a related party SCHEDULE OF DUE FROM RELATED PARTY
|  | December 31, 2024 |  |  | December 31, 2023 |
Vessel Technology Inc. |  | $ | 8,576 |  |  | $ | - |
Due from a related party were $8,576 and $nil as of December 31, 2024 and 2023. Balance was in connection with health insurance reimbursement from Vessel Technology Inc. MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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