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RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended
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Dec. 31, 2024
Related Party Transactions [Abstract] |
RELATED PARTY BALANCES AND TRANSACTIONS | NOTE 18 – RELATED PARTY BALANCES AND TRANSACTIONS The summary of amounts due from and due to related parties is presented as follows: SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES
|  |  |  | 2024 |  |  | 2023 |
|  |  |  | As of December 31, |
|  |  |  | 2024 |  |  | 2023 |
Due from related parties consist of the following: |  |  |  |  |  |
Ours Media Limited (“Ours Media”) |  | Due from related party |  | $ | 31,624 |  |  | $ | — |
Ours Media Hong Kong Limited (“Ours Media HK”) |  | Other receivables |  |  | — |  |  |  | 1,799 |
Due from related parties |  | Other receivables |  |  | 31,624 |  |  |  | 1,799 |
Due to related parties consist of the following: |  |  |  |  |  |  |  |  |  |
Ms. Nga Fan Wong (“Ms. Wong”) |  | Due to director |  | $ | 68,026 |  |  | $ | 75,604 |
Ms. Ho Ling Honnus Cheung (“Ms. Cheung”) |  | Due to director |  |  | 25,111 |  |  |  | 4,995 |
Mr. Liqian Liao (“Mr. Liao”) |  | Due to director |  |  | 25,111 |  |  |  | 4,995 |
Ms. Rose Ellen Steinberg (“Ms. Steinberg”) |  | Due to director |  |  | 25,111 |  |  |  | 4,995 |
Ours Media HK |  | Due to related party |  |  | 184,948 |  |  |  | — |
Discovery Networks Asia-Pacific Pte Ltd. (“DNAP”) |  | Loan |  |  | 1,162,920 |  |  |  | 1,295,287 |
Due to related parties |  |  |  | $ | 1,491,227 |  |  | $ | 1,385,876 |
Ms. Wong is Chief Executive Officer of the Company and common director of Ours Media and Ours Media HK. As of December 31, 2024 and 2023, the amounts due from Ours Media of $31,624 and Ours Media HK of $1,799, respectively represented non-trade temporary advances to related parties which are unsecured, interest free and have no fixed terms of repayment. As of December 31, 2024 and 2023, the amounts due to Ms. Wong, the Company’s Chief Executive Officer, are $68,026 and $75,604, respectively, which are unsecured, interest free and have no fixed terms of repayment. As of December 31, 2024 and 2023, the amounts due to Ms. Cheung, Mr. Liao, and Ms. Steinberg, are in aggregate of $75,333 and $14,985, respectively, which are unsecured, interest free and repayable on demand. As of December 31, 2024, the amounts due to Ours Media HK of $184,948 represented non-trade temporary advances which are unsecured, interest free and have no fixed terms of repayment. As of December 31, 2024 and 2023, the loan from DNAP, one of the shareholders of the Company, amounting to $1,162,920 and $1,295,287, respectively, which bears interest at the rate of 8% per annum and becomes repayable by 12 equal consecutive monthly instalments, commencing from January 31, 2023. On June 9, 2023, the Company and DNAP entered into a supplementary agreement to extend the repayment date of the loan by 12 equal consecutive monthly instalments, commencing on January 31, 2024. Subsequently on March 10, 2025, the Company and DNAP entered into a supplementary agreement to extend the repayment date to March 31, 2026. Save as aforesaid, all other terms of the original loan agreement remained in full force and effect. In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties: SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES
|  | 2024 |  |  | 2023 |
|  | For the years ended December 31, |
|  | 2024 |  |  | 2023 |
Revenue from related parties |  | $ | 30,565 |  |  | $ | 36,110 |
Cost of revenue to related party |  | $ | 769 |  |  |  | — |
Rental expenses paid to related parties |  | $ | 97,675 |  |  | $ | 87,401 |
Loan interest expenses paid to related parties |  | $ | 71,899 |  |  | $ | 71,111 |
The related parties are the Company’s shareholders or companies under common control by Ms. Wong. VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Stated in US Dollars, except for number of shares)

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