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Related Party Balances and Transactions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Related Party Balances and Transactions [Abstract]    
RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 15 — RELATED PARTY BALANCES AND TRANSACTIONS

 

The summary of amount due from and due to related parties as the following:

 

      June 30,   December 31, 
   Relationship  2024   2023 
Due from shareholders consist of the following:           
Mr. Siu Wing Fung, Alfred (“Mr. Siu”) and Ms. Fong Hei Yue, Tina (“Ms. Fong”)  Shareholders and directors (note 1)  $
—
   $354,285 
              
Due to a related party consist of the following:             
Mr. Siu Wing Fung, Alfred (“Mr. Siu”) and Ms. Fong Hei Yue, Tina (“Ms. Fong”)  Shareholders and directors (note 1)  $(221,203)  $
—
 

 

The balance due from shareholders consist of the following:

 

 

   June 30,   December 31, 
   2024   2023 
Due (to) from shareholders  $(221,203)  $372,103 
Less: allowance for expected credit loss   
—
    (17,818)
   $(221,203)  $354,285 

 

The movement of allowances for expected credit loss is as follow:

 

   June 30,   December 31, 
   2024   2023 
Balance at beginning of the period  $(17,818)  $(17,059)
Provision   
—
    (759)
Revised   17,818    
—
 
Ending balance  $
—
   $(17,818)

 

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

 

   June 30, 
   2024   2023 
Directors’ remuneration to Mr. Siu Wing Fung, Alfred  $95,000   $60,000 
Directors’ remuneration to Ms. Fong Hei Yue, Tina   95,000    60,000 

NOTE 15 — RELATED PARTY BALANCES AND TRANSACTIONS

 

The summary of amount due from and due to related parties as the following:

 

      December 31, 
   Relationship  2023   2022 
Due from shareholders consist of the following:           
Mr. Siu Wing Fung, Alfred (“Mr. Siu”) and Ms. Fong Hei Yue, Tina (“Ms. Fong”)  Shareholders and directors (note 1)  $354,285   $2,240,872 
              
Due to a related party consist of the following:             
Harcourt Limited  A related company (note 2)  $-   $(110,773)

 

Note

 

(1)Ms. Fong is the spouse of Mr. Siu. As of December 31, 2023 and 2022, the due from shareholders balance was $354,285 and $2,240,872, respectively.

 

(2)The directors and shareholders of Harcourt Limited are Mr. Siu and Ms. Fong, Harcourt Limited therefore has the common ultimate beneficial owners with the Company.

 

The balance due from shareholders consist of the following:

 

   December 31, 
   2023   2022 
Due from shareholders  $372,103   $2,257,931 
Less: allowance for expected credit loss   (17,818)   (17,059)
   $354,285   $2,240,872 

 

The movement of allowances for expected credit loss is as follow:

 

   December 31, 
   2023   2022 
Balance at beginning of the year  $(17,059)  $(6,312)
Provision   (759)   (10,747)
Ending balance  $(17,818)  $(17,059)

 

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

 

   December 31, 
   2023   2022   2021 
Directors’ remuneration to Mr. Siu Wing Fung, Alfred  $125,000   $120,000   $100,000 
Directors’ remuneration to Ms. Fong Hei Yue, Tina   125,000    120,000    100,000 
Waiver of related party balance of Mr. Siu Wing Fung, Alfred   (88,151)   —    —