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VARIABLE INTEREST ENTITIES (“VIEs”)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES (“VIEs”)

Note 3     VARIABLE INTEREST ENTITIES (“VIEs”)

The Company consolidates VIEs for which it is determined to be the primary beneficiary in accordance with ASC 810, Consolidation. The Company’s consolidated VIEs consisted of Xinca as of December 31, 2025, and Meixin and Xinca as of December 31, 2024.

The Company does not have any equity ownership interest in its consolidated VIEs. The Company’s involvement with these VIEs is through contractual arrangements that provide the Company with (i) the power to direct the activities that most significantly impact the VIEs’ economic performance and (ii) the right to receive substantially all of the economic benefits of the VIEs, while also obligating the Company to absorb losses that could potentially be significant.

The assets of the consolidated VIEs may only be used to settle the obligations of the respective VIEs and are not available to satisfy the obligations of the Company, except as otherwise permitted under the relevant contractual arrangements. The creditors of the consolidated VIEs do not have recourse to the general credit of the Company.

The following tables present the carrying amounts of the assets and liabilities of the Company’s consolidated VIEs included in the consolidated balance sheets as of December 31, 2025 and 2024.

Schedule of assets and liabilities included in consolidated balance sheets
		December 31, 2025				December 31, 2024
		$				$
Current assets			147,861				133,575
Non-current assets			39,234				53,360
Total assets			187,095				186,935
Current liabilities			(1,785	)			72,166
Non-current liabilities			25,641				31,035
Total liabilities			23,856				103,201

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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