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Related Party Balances and Transactions | 12 Months Ended
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Dec. 31, 2024
Related Party Balances and Transactions [Abstract] |
RELATED PARTY BALANCES AND TRANSACTIONS | NOTE 17 — RELATED PARTY BALANCES AND TRANSACTIONS The summary of amount due from and due to related parties as the following:
|  |  |  | December 31, |
|  | Relationship |  | 2024 |  |  | 2023 |
Due from shareholders consist of the following: |  |  |  |  |  |  |  |
Mr. Siu Wing Fung, Alfred (“Mr. Siu”) |  | Shareholders and directors |  | $ | 404,549 |  |  | $ | 354,285 |
Due to a related party consist of the following: |  |  |  |  |  |  |  |  |  |
Ms. Fong Hei Yue, Tina (“Ms. Fong”) |  | Shareholders and directors (note 1) |  |  | (497,200 | ) |  |  |  |
Harcourt Limited |  | A related party (note 2) |  | $ | (61,802 | ) |  | $ | — |
JAK & affiliated holders |  | 5% or more shareholder |  |  | 3,150,000 |  |  |  | — |
Note:
| (1) | Ms. Fong is the spouse of Mr. Siu. The due to shareholders balance as of December 31, 2024 was $92,651 while the due from shareholders balance as of December 31, 2023 was $354,285.
| (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, |
|  | 2024 |  |  | 2023 |
Due from/ (to)shareholders/ related party |  | $ | (154,453 | ) |  | $ | 372,103 |
Less: allowance for expected credit loss |  |  | — |  |  |  | (17,818 | )
|  | $ | (154,453 | ) |  | $ | 354,285 |
The movement of allowances for expected credit loss is as follow:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of the year |  | $ | (17,818 | ) |  | $ | (17,059 | )
Reversal of Provision / (Provision) |  |  | 17,818 |  |  |  | (759 | )
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:
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Directors’ remuneration to Mr. Siu Wing Fung, Alfred |  | $ | 190,000 |  |  | $ | 125,000 |  |  | $ | 120,000 |
Directors’ remuneration to Ms. Fong Hei Yue, Tina |  |  | 190,000 |  |  |  | 125,000 |  |  |  | 120,000 |
Waiver of related party balance of Mr. Siu Wing Fung, Alfred |  |  | — |  |  |  | (88,151 | ) |  |  | — |
Coupon interest expense to JAK Opportunities |  |  | 308,751 |  |  |  | — |  |  |  | — |
Conversion of convertible note to shares to JAK Opportunities |  |  | 2,650,000 |  |  |  | — |  |  |  | — |

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