Note 11 — Related party balances and
transactions
The relationship of related parties
| Name of Related Party | | Relationship to the Group | | Stewart Lor | | CEO | | Ban Lor | | Co-founder, CEO’s brother | | Yuxia Xu | | CFO | | Phillip Tao Qiu | | Independent Director (resigned on February 12, 2026) | | Xiaoyan Liu | | Shareholder of Ascendent | | Zhongchuan Dadi (Beijing) Technology Co., LTD | | Shareholder of Ascendent | | Shanghai Yue See cultural development Co., LTD | | Shareholder of Metafusion | | Tingru Ou | | Chief Product Officer | | Huarong | | Equity method investee of the Group |
Due from related parties (1)
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Ban Lor | |
$ | - | | |
$ | 13,700 | |
| Stewart Lor | |
| 219,832 | | |
| 348,714 | |
| Yuxia Xu | |
| 248,327 | | |
| 60,700 | |
| Huarong | |
| 2,860 | | |
| - | |
| Phillip Tao Qiu | |
| 148,747 | | |
| 470,931 | |
| Xiaoyan Liu | |
| - | | |
| 3,370 | |
| Subtotal | |
$ | 619,766 | | |
$ | 897,415 | |
| (1) | From time to time, the Group advances funds to senior management, mainly for expanding oversea business purpose and due on demand. |
Due to related parties (1)
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Zhongchuan Dadi (Beijing) Technology Co., LTD | |
$ | - | | |
$ | 218 | |
| Tingru Ou | |
| 334 | | |
| - | |
| Subtotal | |
$ | 334 | | |
$ | 218 | |
| (1) | The above balances represent unpaid loan and expenses to these related parties. |
Related party transactions
| | |
| |
For the years ended | |
| | |
| |
2025 | | |
2024 | | |
2023 | |
| | |
| |
| | |
| | |
| |
| Stewart Lor | |
Interest income | |
$ | 10,742 | | |
$ | 16,094 | | |
$ | 50,663 | |
| Yuxia Xu | |
Interest income | |
$ | - | | |
$ | - | | |
$ | 16,778 | |
| Shanghai Yue See cultural development Co., LTD | |
Service revenue | |
$ | - | | |
$ | - | | |
$ | 4,195 | |
Loan guarantee provided by related parties
In connection with the Group’s
bank loans, Mr. Stewart Lor pledged his personal assets as collateral and signed guarantee agreements to provide guarantee to the Company’s
bank loans. (See Note 12).
|