Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

DUE FROM RELATED PARTIES

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DUE FROM RELATED PARTIES
 12 Months Ended
Dec. 31, 2024
Due From Related Parties  
DUE FROM RELATED PARTIES

NOTE 7 — DUE FROM RELATED PARTIES

 

Due from related parties as of December 31, 2024 and 2023 represents amounts receivable from related entities of the Company. The receivables are unsecured, bear no interest and are due on demand. The due from related parties (short term) are recoverable within one year. The management is in ongoing discussion with the seller of PIN which constitutes the major portion of the due from related parties (short term) to agree to the settlement agreement for repayment of the receivable which is expected to be settled within 2025. The original expiry of the receivable was three years from the date of acquisition which is April 30, 2025.

 

    2024     2023  
    As of December 31,  
    2024     2023  
             
Due from related parties (Short term)                
Due from MSJ Foundation   $ -     $ 26,276  
Due from Entrepreneur Resorts Limited and Subsidiaries     32,782       4,782,251  
BMV Finance     2,042,586       -  
Simon Zutshi     1,391,747       -  
BG3 Ltd.     728,052       -  
Zutshi LLP     393,252       -  
Vision1 Investments     289,511       -  
Crowd Property     269,110       -  
Throckley     216,217       -  
Property Mastermind International     122,165       -  
Others     229,319       158,206  
Total due from related parties (short term)   $ 5,714,741     $ 4,966,733  
                 
Due from related parties (Long term)                
BMV Finance   $

-

     $ 2,076,221  
Simon Zutshi     -       1,395,228  
BG3 Ltd.     -       740,506  
Zutshi LLP     -       399,979  
Vision1 Investments     -       294,464  
Crowd Property     -       273,713  
Throckley     -       219,916  
Property Mastermind International     -       124,577  
Others     -       103,694  
Total due from related parties (long term)   $ -     $ 5,628,298  
Due from related parties   $ 5,714,741     $ 10,595,031  

 

During the year 2024, the amount due from Entrepreneur Resorts Limited was converted into 1,739,000 shares of common stock at a price per share of US $2.75.