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Related party transactions | 12 Months Ended
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Dec. 31, 2024
Related party transactions |
| 30. | Related party transactions
| a) | Parent and ultimate controlling party
The Group is controlled by Jing-Bin Chiang and his family who directly and indirectly owns 55.81% equity interest in the Company as of December 31, 2024 and 2023.
| b) | Names of related parties and relationship
Names of related parties |  | Relationship with the Company |  | Notes
YMA Composite Materials (DG) Co., Ltd. (YMA DG) |  | The Company is the shareholder of YMA DG |  | i
Forwell Sports Equipment Co., Ltd. (Forwell) |  | The Company is the shareholder of Forwell |  | i
Jing-Bin Chiang |  | Key management |  |
Yu-Ning Chiang |  | Key management |  |
| i) | On April 1, 2023, the Group entered into an agreement with the Buyers, selling 80.5% of its equity interests in both YMA DG and Forwell to their respective management teams in a management buyout transaction. As a result, YMA DG and Forwell were excluded from the consolidated financial statements.
| c) | Significant related party transactions
| (a) | Service revenue: (shown as “deductions of cost of sales”)
Schedule of service revenue
|  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Service revenue |  |  |  |  |  |
YMA DG |  | $ | 529,665 |  |  | $ | 280,231 |
Forwell |  |  | - |  |  |  | 45,139 |
Total Service revenue |  | $ | 529,665 |  |  | $ | 325,370 |
Service revenues are based on the prices and terms that would be available to third parties.
| (b) | Purchase of goods
Schedule of purchase of goods
|  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Purchase of goods |  |  |  |  |  |
YMA DG |  | $ | 11,505,167 |  |  | $ | 10,438,247 |
Forwell |  |  | - |  |  |  | 3,989,255 |
Total Purchase of goods |  | $ | 11,505,167 |  |  | $ | 14,427,502 |
Goods are purchased based on the prices and terms that would be available to third parties.
| (c) | Receivables from related parties:
Schedule of receivables from related parties
|  | As of |  |  | As of |
|  | December 31, 2024 |  |  | December 31, 2023 |
Account receivable |  |  |  |  |  |  |  |
YMA DG |  | $ | 5,029,583 |  |  | $ | - |
Account receivable |  | $ | 5,029,583 |  |  | $ | - |
Acting on behalf of a related party in purchasing raw materials, the goods are purchased based on the prices and terms that would be available to third parties.
|  | (d)
Schedule of Long term receivables from related parties
|  | As of |  |  | As of |
|  | December 31, 2024 |  |  | December 31, 2023 |
Long-term Receivables from related parties |  |  |  |  |  |  |  |
YMA DG |  | $ | 6,068,347 |  |  | $ | 6,755,968 |
Forwell |  |  | 2,232,376 |  |  |  | 2,272,936 |
Long-term Receivables from related parties |  | $ | 8,300,723 |  |  | $ | 9,028,904 |
On May 14, 2024, the Group signed a supplementary agreement to the equity transfer agreement dated April 1, 2023. The agreement stipulates that the Group has renegotiated with YMA DG and Forwell, agreeing that the debts will be fully repaid in three installments on December 31, 2024, December 31, 2025, and December 31, 2026. The repayment amounts for each installment will be adjusted based on subsequent relevant business transactions. An amount of $526,882 is scheduled for repayment on December 31, 2025, and has therefore been reclassified as a current asset under other receivables from related parties, net. As of December 31, 2024, in accordance with the supplementary agreement, the portions of the debts scheduled to be repaid on December 31, 2025 and December 31, 2026 have been classified as non-current items based on the relevant business transactions.
| d) | Endorsements and guarantees provided by related parties
| (a) | The provision of credit lines used from loans guaranteed by key management is as follows:
Schedule of endorsements and guarantees provided by related parties
|  | As of |  |  | As of |
|  | December 31, 2024 |  |  | December 31, 2023 |
Guaranteed by key management |  |  |  |  |  |  |  |
Short-term loans |  | $ | 8,999,751 |  |  | $ | 6,964,927 |
Long-term loans |  |  | 1,037,768 |  |  |  | 980,200 |
Guaranteed by key management |  | $ | 10,037,519 |  |  | $ | 7,945,127 |
All short-term and long-term loans were guaranteed by key management.
| (b) | Endorsement and guarantee fees are as follows:
Schedule of Endorsement and guarantee fees are as follows
|  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Guarantees fee |  |  |  |  |  |  |  |
Key management |  | $ | - |  |  | $ | 471,574 |
As of December 31, 2023, the endorsements and guarantees fee was charged by key management at a rate of 5% of the total amount of endorsements and guarantees provided. The fee for the year 2023 was collected. However, starting from 2024, the Company will no longer pay any such fees to key management in relation to endorsements and guarantees.
| e) | Key management compensation
Schedule of key management compensation
|  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
compensation |  |  |  |  |  |
Salaries and other short-term employee benefits |  | $ | 594,278 |  |  | $ | 566,945 |
Post-employment benefits |  |  | 9,343 |  |  |  | 9,807 |
Share-based payments |  |  | 131,712 |  |  |  | 131,712 |
Compensation |  | $ | 735,333 |  |  | $ | 708,464 |

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- Definition The disclosure of transactions between the entity and its related parties. [Refer: Total for all related parties [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2024-01-01 -Paragraph 18 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2024-en-r&anchor=para_18&doctype=Standard -URIDate 2024-03-27 + Details
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