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RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

During the nine months ended September 30, 2024 and 2023, the revenue transactions with related parties are as follows:

SCHEDULE OF RELATED PARTY TRANSACTIONS


	For the Nine Months Ended September 30,
	2024		2023
Medical Corporation Shobikai	$	43,637,973	$	41,167,021
Medical Corporation Kowakai		37,846,051		30,136,659
Medical Corporation Nasukai		34,722,269		31,847,843
Medical Corporation Aikeikai		15,025,186		14,545,313
Medical Corporation Jukeikai		4,819,541		2,149,228
Medical Corporation Ritz Cosmetic Surgery		4,016,818		1,404,970
Japan Medical & Beauty Inc.		29,776		157,276
Hariver Inc.		14,888		16,691
SBC Inc., previously known as SBC China Inc.		2,166		369
Public Interest Foundation SBC Medical Promotion Foundation		85		1,005
General Incorporated Association SBC		802		579
SBC Tokyo Medical University, previously known as Ryotokuji University		44,792		244,321
Yoshiyuki Aikawa		77,374		56,320
Mizuho Yamashita		—		19,551
Amulet Inc.		—		3,649
AI Med Inc.		726		1,684,703
SBC Irvine MC		960,938		971,404
Medical Corporation Association Furinkai		7,985,014		729,898
Medical Corporation Association Junikai		3,510,845		199,853
General Incorporated Association Taiseikai		2,527		—
SBC Shonan Osteopathic Clinic Co., Ltd.		20,717		—
Total	$	152,718,488	$	125,336,653
Revenue transactions with related parties	$	152,718,488	$	125,336,653

As of September 30, 2024 and December 31, 2023, the balances with related parties are as follows:

Accounts receivable	September 30, 2024		December 31, 2023
Medical Corporation Shobikai	$	9,006,704	$	9,251,427
Medical Corporation Nasukai		6,348,783		8,447,448
Medical Corporation Kowakai		5,859,012		7,841,059
Medical Corporation Aikeikai		2,071,943		4,661,649
Medical Corporation Jukeikai		626,376		1,358,213
Medical Corporation Association Furinkai		1,625,567		1,039,074
Medical Corporation Ritz Cosmetic Surgery		680,866		520,891
Medical Corporation Association Junikai		1,181,369		348,187
Japan Medical & Beauty Inc.		—		139,767
SBC Tokyo Medical University, previously known as Ryotokuji University		3,580		66,546
AI Med Inc.		—		2,329
SBC Inc., previously known as SBC China Inc.		42		45
Public Interest Foundation SBC Medical Promotion Foundation		—		37
SBC Shonan Osteopathic Clinic Co., Ltd.		3,444		—
SBC Irvine MC		426,565		—
General Incorporated Association Taiseikai		343		—
General Incorporated Association SBC		585		—
Total	$	27,835,179	$	33,676,672
Accounts receivable with related parties	$	27,835,179	$	33,676,672

SBC MEDICAL GROUP HOLDINGS INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 17 — RELATED PARTY TRANSACTIONS (cont.)

Finance lease receivables	September 30, 2024		December 31, 2023
Medical Corporation Shobikai	$	2,234,930	$	2,568,709
Medical Corporation Kowakai		2,834,875		2,779,347
Medical Corporation Nasukai		3,777,961		2,019,117
Medical Corporation Aikeikai		1,748,170		1,782,124
Medical Corporation Jukeikai		694,175		335,317
Medical Corporation Ritz Cosmetic Surgery		1,782,274		79,439
Total	$	13,072,385	$	9,564,053
Finance lease receivables	$	13,072,385	$	9,564,053
Less: current portion		8,443,338		6,143,564
Finance lease receivables Less: current portion		8,443,338		6,143,564
Non-current portion	$	4,629,047	$	3,420,489
Finance lease receivables Non-current portion	$	4,629,047	$	3,420,489

Due from related party, net	September 30, 2024			December 31, 2023
SBC Irvine MC	$	3,111,013		$	3,238,209
Less: allowance for credit loss		(3,111,013	)		(3,238,209	)
Total	$	—		$	—
Due from related party, net	$	—		$	—

Long-term investments in MCs – related parties	September 30, 2024		December 31, 2023
Medical Corporation Shobikai	$	7,001	$	7,090
Medical Corporation Kowakai		7,001		7,090
Medical Corporation Nasukai		7,001		7,090
Medical Corporation Aikeikai		7,001		7,090
Medical Corporation Jukeikai		7,529,763		7,626,184
Medical Corporation Ritz Cosmetic Surgery		12,003,302		12,157,011
Total	$	19,561,069	$	19,811,555
Long-term investments in MCs – related parties	$	19,561,069	$	19,811,555

Advances from customers	September 30, 2024		December 31, 2023
Medical Corporation Shobikai	$	9,225,862	$	13,438,645
Medical Corporation Kowakai		3,566,378		4,237,765
Medical Corporation Nasukai		3,884,143		4,117,597
Medical Corporation Aikeikai		914,864		1,168,947
Medical Corporation Jukeikai		83,188		85,044
Medical Corporation Ritz Cosmetic Surgery		80,978		10,177
SBC Shonan Osteopathic Clinic Co., Ltd.		9,656		—
Medical Corporation Association Furinkai		432,863		—
Medical Corporation Association Junikai		796,083		—
Total	$	18,994,015	$	23,058,175
Advances from customers	$	18,994,015	$	23,058,175

SBC MEDICAL GROUP HOLDINGS INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 17 — RELATED PARTY TRANSACTIONS (cont.)

Notes payable – related parties	September 30, 2024		December 31, 2023
Medical Corporation Shobikai	$	11,173,364	$	5,264,101
Medical Corporation Kowakai		7,042,663		3,855,650
Medical Corporation Nasukai		2,036,020		4,099,032
Medical Corporation Aikeikai		478,489		1,561,642
Medical Corporation Jukeikai		486,040		268,552
Medical Corporation Ritz Cosmetic Surgery		644,806		268,445
Total	$	21,861,382	$	15,317,422
Notes payable – related parties	$	21,861,382	$	15,317,422
Less: current portion		10,202,360		3,369,203
Notes payable – related parties Less: current portion		10,202,360		3,369,203
Non-current portion	$	11,659,022	$	11,948,219
Notes payable – related parties Non-current portion	$	11,659,022	$	11,948,219


	For the Nine Months Ended September 30,
Allowance for credit loss movement	2024			2023
Beginning balance	$	3,238,209		$	2,867,455
Provision for credit loss		617,804			282,934
Recovery of credit loss		(745,000	)		—
Ending balance	$	3,111,013		$	3,150,389