XML 27 R16.htm IDEA: XBRL DOCUMENT v3.26.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

Due from related parties:  March 31, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Due from related parties          
- Related party B  $177,875   $178,909 
- Related party D   704,530    815,342 
- Related party G   1,390    1,389 
Total  $883,795   $995,640 

 

The amounts due from related parties are interest-free, unsecured, and have no fixed terms of repayment.

Due to related parties:  March 31, 2026   December 31, 2025 
    (Unaudited)    (Audited) 
Due to related parties          
- Related party A  $137,750   $91,606 
- Related party B   4,475    6,697 
- Related party G   71    284 
- Related party K   679,221    3,335 
Total  $821,517   $101,922 

 

The amounts due to related parties are interest-free, unsecured, and repayable on demand.

 

Accounts payable to a related party:  March 31, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
Accounts payable - related party          
- Related party A  $1,392   $- 

 

Deferred costs of revenue to related parties:  March 31, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
         
Deferred costs of revenue to related parties          
- Related party A  $2,500   $2,500 
- Related party F   3,750    3,750 
Total  $6,250   $6,250 

 

Investments in a related party:  March 31, 2026   December 31, 2025 
   (Unaudited)   (Audited) 
         
Investments in a related party          
- Related party B  $17,000,000   $- 

 

 

Income from / expenses to related parties:  2026   2025 
   Three Months Ended March 31, 
Income from / expenses to related parties:  2026   2025 
   (Unaudited)   (Unaudited) 
         
Service revenue from related parties          
- Related party A  $332   $326 
- Related party B   14,564    21,434 
- Related party G   212    215 
Total  $15,108   $21,975 
           
Cost of service revenue to related parties          
- Related party A  $1,983   $4,646 
- Related party F   -    3,750 
Total  $1,983   $8,396 
           
General and administrative expenses to related parties          
- Related party A  $1,917   $- 
- Related party D   23,250    16,312 
- Related party I   3,787    3,371 
- Related party K   3,451    3,469 
Total  $32,405   $23,152 
           
Other income from related parties          
- Related party B  $-   $13,860 
- Related party D   2,684    2,698 
Total  $2,684   $16,558 
           
Interest income from a related party          
- Related party B  $1,521   $1,397 
           
Gain on disposal of a related party investment          
- Related party B  $-   $39,800 
           
Reversal of impairment of a related party investment          
- Related party B  $-   $150 

 

Related party A is under common control of Mr. Loke, Che Chan Gilbert, the Company’s CFO, and a major shareholder.

 

Related party B represents companies in which the Company owns a respective percentage ranging from 1% to 18% interest in those companies.

 

Related party C is controlled by a director of some wholly owned subsidiaries of the Company.

 

Related party D represents companies that we have determined we can significantly influence based on our common business relationships.

 

Related party E represents companies whose CEO was a consultant to the Company, and who was also a director of Aquarius Protection Fund and a shareholder of the Company. Related party E is no longer our consultant and shareholder, and hence, our related party relationship came to an end on August 29, 2024.

 

Related party F represents a family member of Mr. Loke or family members of Mr. Loke.

 

Related party G is under the common control of Mr. Lee Chong Kuang, the Company’s CEO and a major shareholder.

 

Related party H represents a company in which we currently have an approximate 48% equity-method investment. On December 31, 2023, the Company determined the amount due from related party H of $60,000 was impaired and recognized an impairment of other receivables of $60,000 for the year ended December 31, 2023. During 2018, the Company acquired approximately 49% of related party H for total consideration of $368,265. On December 31, 2018, the Company determined that its investments in related party H were impaired and recognized an impairment of other investments of $368,265.

 

Related party I which is controlled by a family member of Mr. Lee.

 

Related party J represents a non-controlling interest in the Company’s subsidiary owning its real estate held for sale. The amount due to related party J was unsecured, borne no interest and payable on demand, and was related to the initial acquisition of the real estate held for sale. Related party J became no longer our related party since our acquisition of all its 40% shareholdings in our subsidiary on April 15, 2024.

 

Related party K represents shareholders and directors of the Company. The amount due from related party K represents the amounts paid by the Company to third parties on behalf of our shareholders or directors. On the other hand, due to related party K represents the amounts paid by the shareholders or directors to third parties on behalf of the Company. The amounts due from or due to related party K are interest-free and are due on demand.