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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 10 - Related Party Transactions Loans from Related Parties Related party transactions involve loans provided to AiChat, our subsidiary, by Kester Poh, a director of AiChat, and Balaji Swaminathan, a member of our board of directors. All transactions were conducted on terms consistent with those offered to unrelated third parties. During the year ended December 31, 2024, AiChat entered into various financing arrangements with Sea Easy Capital Ltd. (“SEA”). SEA is a Singapore-based entity that the spouse of Balaji Swaminathan, a member of our board of directors, controls by virtue of her ownership or control of a majority (51%) of the capital stock of SEA. AiChat financed an aggregate of $320,510 on the various SEA financing arrangements in the form of loans, and paid principal and interest of $173,610 during the year ended December 31, 2024. Each loan bears interest at a rate of 16.5% per annum and are structured with a 89 to 120-day repayment term. As of December 31, 2024, the outstanding balance on the loans under the various SEA financing arrangements totaled $146,900. These transactions were not included in the Form 10-K and are being disclosed as part of this Amendment No. 1 to the Form 10-K on Form 10-K/A. The audit committee has since reviewed these transactions under its related party transaction policy. As of December 31, 2024, the balance due to Kester Poh under the loans was $128,055, divided as follows: short term loans of $73,174 and long-term loans of $54,881. The notes issued in connection with these loans are structured to be repaid over a two-year period until September 2026 through monthly installments of $6,098, bearing an interest rate of 6.9% per annum. Similarly, as of December 31, 2024, the balance due to Mr. Swaminathan under the loans is $55,933. The notes issued in connection with these loans are structured to be repaid over a one and a half year period through monthly installments of $1,750 until November 2025, bearing an interest rate of 6.9% per annum. a. Summary of Short-Term Loans to Related Parties
|  | Average Interest Rate as of December 31, 2024 |  |  | December 31, 2024 |  |  | December 31, 2023 |
Term Loan Facilities |  |  | 12.07 | % |  | $ | 277,307 |  |  | $ | - |
Less: Interest Reserve |  |  |  |  |  |  | (15,321 | ) |  | $ | - |
Total Debt |  |  |  |  |  | $ | 261,986 |  |  | $ | - |
b. Summary of Long-Term Loans to Related Parties
|  | Maturity Year |  |  | Average Interest Rate as of December 31, 2024 |  |  | December 31, 2024 |  |  | December 31, 2023 |
Term Loan Facilities |  |  | 2026 |  |  |  | 6.9 | % |  |  | 54,881 |  |  |  | - |
Less: Interest Reserve |  |  |  |  |  |  |  |  |  |  | (9,829 | ) |  |  | - |
|  |  |  |  |  |  |  |  |  | $ | 45,052 |  |  | $ | - |

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- 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
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