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Related Party Transactions (Tables) | 6 Months Ended
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Apr. 30, 2026
Related Party Transactions [Abstract] |
Schedule of Related Parties with Transactions and Related Party Relationships | Related parties with transactions and related party relationships
Name of Related Party |  | Relationship to the Group
Mr. Jinyu Chang (1) |  | Controller of the Company
Mr. Dong Zhang |  | 10% shareholder of Topsheen Samoa, 39% shareholder of Topsheen Shipping
Mr. Christopher Nixon Cox (1) |  | Chairman of the Board
Mr. Hanxi Chang |  | Former Chief Executive Officer
Shanghai Weisheng International Logistics Co., Ltd |  | Controlled by Shoucheng, Lei, director of Topsheen Shipping
Topsheen Shipping Limited (Topsheen Ltd.”) |  | Related to Mr. Dong Zhang
Nanjing Derun Shipping Co., Ltd. |  | Controlled by Mr. Dong Zhang, former principal shareholder, Chief Shipping Officer and director
Top Wisdom Shipping Management Co. Limited |  | Related to Mr. Dong Zhang
Max Bright Marine Service Co. Ltd. |  | Related to Mr. Dong Zhang
Top Legend Shipping Co. Limited |  | Related to Mr. Dong Zhang
Top Creation International (HK) Limited |  | Related to Mr. Dong Zhang
Top Moral Shipping Limited |  | Related to Mr. Dong Zhang
New Galion Group (HK) Co. Ltd (“New Galion”) |  | Controlled by Dr. Guohua Zhang
High-Trend Holdings USA LLC (“High-Trend”) |  | Controlled by Mr. Jinyu Chang, a major shareholder of the Company
Speed Wealthy Ltd. |  | Controlled by Mrs.Ran Li (Mrs. Li is Dong Zhang’s spouse)
(1) | Effective March 13, 2025, Mr. Jinyu Chang resigned as the Chairman of our Board of Directors, but continued to serve as a director of the Company. Also, effective March 13, 2025, Mr. Christopher Nixon Cox was elected to serve as a director and the Chairman of our Board of Directors.
Due from related parties consisted of the following:
|  | April 30, 2026 |  |  | October 31, 2025 |
Top Moral Shipping Limited (1) |  | $ | - |  |  | $ | 366,612 |
Topsheen Shipping Limited (1) |  |  | 46,173 |  |  |  | 1,062,196 |
Total |  | $ | 46,173 |  |  | $ | 1,428,808 |
(1) | The balance mainly represents certain payments made for vessel leases, which were subsequently cancelled and was subject to refund as of October 31,2025. The balance was fully collected as of December 31, 2025.
Due to related parties consisted of the following:
|  | April 30, 2026 |  |  | October 31, 2025 |
Topsheen Shipping Limited |  | $ | 297,923 |  |  | $ | - |
Shanghai Weisheng International Logistics Co., Ltd. |  |  | 267 |  |  |  | 10,724 |
Jinyu Chang |  |  | 5,000 |  |  |  | 75,255 |
High-Trend (1) |  |  | 2,373,951 |  |  |  | 5,080 |
Total |  | $ | 2,677,141 |  |  | $ | 91,059 |
(1) | On April 27, 2026, High-Trend paid $2.6 million on behalf of the Company to pay off the promissory note (see Note 7). This transaction was structured as a short term promissory note due to High-Trend, payable upon maturity. For the six months ended April 30, 2026, the Company repaid $226,049 of the principal balance. As of April 30, 2026, the remaining balance of $2,373,951 was fully repaid by May 21, 2026.
Services provided by related parties
|  |  |  | For the six months ended April 30, |  |  | For the six months ended April 30, |
|  |  |  | 2026 |  |  | 2025 |
Topsheen Shipping Limited |  | Vessel leasing |  | $ | 47,785,926 |  |  | $ | 22,745,704 |
Max Bright Marine Service Co. Ltd |  | Vessel leasing |  |  | 2,177,656 |  |  |  | 2,192,188 |
Top Wisdom Shipping Management Co. Limited |  | Freight services |  |  | 118,565 |  |  |  | 35,304 |
Top Creation International (HK) Limited |  | Vessel leasing |  |  | 1,495,454 |  |  |  | 2,718,771 |
Nanjing Derun Shipping Co., Ltd. |  | Collection agent |  |  | 358,836 |  |  |  | 302,839 |
Top Moral Shipping Limited |  | Vessel leasing |  |  | 2,754,231 |  |  |  | 2,086,388 |
Top Legend Shipping Co. Limited |  | Vessel leasing |  |  | 2,160,613 |  |  |  | 2,186,844 |
Total |  |  |  | $ | 56,851,281 |  |  | $ | 32,268,038 |
The Group provides transportation/freight services to related parties frequently throughout the year pursuant to one-off arrangements.
|  | For the six months ended April 30, |  |  | For the six months ended April 30, |
|  | 2026 |  |  | 2025 |
Shanghai Weisheng International Logistics Co., Ltd |  | $ | 31,299 |  |  | $ | 51,882 |
Nanjing Derun Shipping Co., Ltd |  |  | - |  |  |  | 23,688 |
Total |  | $ | 31,299 |  |  | $ | 75,570 |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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/2009/role/commonPracticeRef -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 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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