Related Party Transactions and Balances

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

29. Related party transactions and balances

Details of related party transactions for the six months ended June 30, 2024, and 2023 are as follows:


								(Unit: USD)
For the six months ended 2024
		Sales				Purchase
Classification	Name	Sales		Other income		Raw material purchase		Other expense
	G-SMATT JAPAN		1,279,821		—		—		—
Rel a ted parties	BioX		73,297		592		—		59,401
	Kim, Houng-Ki		—		—		—		57,350

Total			1,353,118		592		—		116,751

There were no sales and purchase transactions made with related parties for the six months ended June 30, 2023.

The details of receivable and payable to related parties are as of June 30, 2024, and December 31, 2023, are as follows:


											(Unit: USD)
As of June 30, 2024
	Receivable						Payable
Name	Accounts receivable		Loans		Others		Accounts payable		Borrowing		Others
G-SMATT Japan		392,499		—		—		—		—		—
BioX		397,513		—		—		—		398,150		17,514
Kim, Houng-Ki		—		—		—		—		923,849		74,588
Korea Networks		—		—		—		—		1,123,588		—

Total		790,012		—		—		—		2,445,587		92,102


											(Unit: USD)
As of December 31, 2023
	Receivable						Payable
Name	Accounts receivable		Loans		Others		Accounts payable		Borrowing		Others
BioX ()(*)		236,853		—		16,158		—		1,249,928		212,298
Kim, Houng-Ki		—		—		—		—		68,129		28,253
Korea Networks										1,121,029		—
Orhan		—		—		—		—		244,914		20,566
Lee, Ho-Joon		—		—		—		—		332,736		69,488

Total		236,853		—		16,158		—		3,016,736		330,605

(*)	The Company has recognized an allowance for doubtful accounts of USD 230,498 for the outstanding balance of accounts receivable USD 467,351.

(**)

On February 9, 2023, the Company entered into an agreement with BioX to transfer its ownership of the assets related to Trinit (subsequently renamed Yongsan Holdings Co., Ltd.). The Company has recognized a full allowance for doubtful accounts on the entire outstanding balance of USD 4,091,557 as it is doubtful that BioX will collect the deposit from Yongsan Holdings Co., Ltd.

Compensation for key management for the six months ended June 30, 2024, and 2023, are as follows:


			(Unit: USD)
Classification	For the six months ended June 30, 2024		For the six months ended June 30, 2023
Salaries and Retirement benefit		2,296,039		561,529

Key management include directors (including

non-executive

directors) and auditors who have significant authority and responsibility for the planning, operation, and control of our activities.

29. Related party transactions and balances

Details of related party transactions for the years ended December 31, 2023, and 2022 are as follows:


								(Unit: USD)
	For the year ended 2023
		Sales				Purchase
Classification	Name	Sales		Other income		Raw material purchase		Other expense
	G-SMATT JAPAN		9,142		—		—		—
	BioX		421,009		1,863		—		366,026
Related parties	Kim, Houng-Ki		—		—		—		27,997
	Lee, Ho-Joon		—		—		—		35,308

Total			430,151		1,863		—		429,331


								(Unit: USD)
	For the year ended 2022
		Sales				Purchase
Classification	Name	Sales		Other income		Raw material purchase		Other expense
Related parties	G-SMATT JAPAN		9,267		—		—		—
	BioX		464,400		1,473		—		264,874

Total			473,667		1,473		—		264,874

The details of receivable and payable to related parties are as of December 31, 2023, and 2022, are as follows:


									(Unit: USD)
	As of December 31, 2023
	Receivable						Payable
Name	Accounts receivable		Loans		Others		Accounts payable		Borrowing		Others
BioX()(*)		236,853		—		16,158		—		1,249,928		212,298
Kim, Houng-Ki		—		—		—		—		68,129		28,253
Korea Networks		—		—		—		—		1,121,029		—
Ertughrul, Orhan		—		—		—		—		244,914		20,566
Lee, Ho-Joon		—		—		—		—		332,736		69,488

Total		236,853		—		16,158		—		3,016,736		330,605

(*)	The Company has recognized an allowance for doubtful accounts of USD 230,498 for the outstanding balance of accounts receivable USD 467,351.

(**)	On February 9, 2023, the Company entered into an agreement with BioX to transfer its ownership of the assets related to Trinit (subsequently renamed Yongsan Holdings Co., Ltd.). The Company has recognized a

full allowance for doubtful accounts on the entire outstanding balance of USD 4,091,557 as it is doubtful that BioX will collect the deposit from Yongsan Holdings Co., Ltd.


									(Unit: USD)
	As of December 31, 2022
	Receivable						Payable
Name	Accounts receivable		Loans		Others		Accounts payable		Borrowing		Others
G-SMATT JAPAN		453,686		—		—		—		—		—
BioX		—		237,729		65		—		940,091		155,421

Korea Networks		—		—		—		—		1,070,045		—
Ertughrul, Orhan		—		—		—		—		47,551		10,462
Lee, Ho-Joon		—		—		—		—		290,163		53,180

Total		453,686		237,729		65		—		2,347,850		219,063

Compensation for key management for the years ended December 31, 2023, and 2022, are as follows:


			(Unit: USD)
Classification	For the year ended 2023		For the year ended 2022
Salaries		1,120,768		970,234
Retirement benefit		231,146		185,970

Total		1,351,914		1,156,204

Key management include directors (including

non-executive

directors) and auditors who have significant authority and responsibility for the planning, operation, and control of our activities.