| Related Party Transactions |
NOTE 12 — RELATED PARTY TRANSACTIONS
The following table sets forth information relating to loans from related parties outstanding at any time during the three months ended March 31, 2026 (in thousands):
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Class |
Lender |
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Interest
Rate |
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Date of
Loan |
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Term of Loan |
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Principal Amount Outstanding March 31, 2026 |
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|
Highest
Principal
Outstanding |
|
|
Amount of
Principal
Repaid or
Converted
into Stock |
|
|
Amount of
Interest
Paid |
|
Promissory note payable - related parties: |
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Willis Lee(2) |
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12% |
|
10/29/2020 |
|
On Demand |
|
|
100 |
|
|
|
100 |
|
|
|
— |
|
|
|
— |
|
|
Soomi Niihara(1) |
|
12% |
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12/7/2021 |
|
On Demand |
|
|
700 |
|
|
|
700 |
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|
|
— |
|
|
|
— |
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|
Hope International Hospice, Inc.(1) |
|
10% |
|
2/9/2022 |
|
On Demand |
|
|
350 |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
|
Hope International Hospice, Inc.(1) |
|
10% |
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2/15/2022 |
|
On Demand |
|
|
210 |
|
|
|
210 |
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|
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— |
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|
|
— |
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Soomi Niihara(1) |
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10% |
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2/15/2022 |
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On Demand |
|
|
100 |
|
|
|
100 |
|
|
|
— |
|
|
|
— |
|
|
Hope International Hospice, Inc.(1) |
|
12% |
|
3/15/2022 |
|
On Demand |
|
|
150 |
|
|
|
150 |
|
|
|
— |
|
|
|
— |
|
|
Hope International Hospice, Inc.(1) |
|
12% |
|
3/30/2022 |
|
On Demand |
|
|
150 |
|
|
|
150 |
|
|
|
— |
|
|
|
— |
|
|
Wei Peu Zen(2) |
|
10% |
|
3/31/2022 |
|
On Demand |
|
|
200 |
|
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
Albert Niihara(3) |
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10% |
|
4/4/2022 |
|
On Demand |
|
|
101 |
|
|
|
110 |
|
|
|
9 |
|
|
|
3 |
|
|
Willis Lee(2) |
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10% |
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4/14/2022 |
|
On Demand |
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|
45 |
|
|
|
45 |
|
|
|
— |
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|
|
— |
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|
Albert Niihara(3) |
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10% |
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4/19/2022 |
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On Demand |
|
|
250 |
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|
|
250 |
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|
|
— |
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|
|
63 |
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Hope International Hospice, Inc.(1) |
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10% |
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5/25/2022 |
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On Demand |
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40 |
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40 |
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— |
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— |
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|
Dr. Yutaka and Soomi Niihara(1) |
|
12% |
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7/27/2022 |
|
5 years |
|
|
402 |
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|
402 |
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|
|
— |
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|
12 |
|
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Dr. Yutaka and Soomi Niihara(1) |
|
10% |
|
8/16/2022 |
|
5 years |
|
|
250 |
|
|
|
250 |
|
|
|
— |
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|
6 |
|
|
Dr. Yutaka and Soomi Niihara(1) |
|
10% |
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8/16/2022 |
|
5 years |
|
|
1,669 |
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|
|
1,669 |
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|
|
— |
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42 |
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Hope International Hospice, Inc.(1) |
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10% |
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8/17/2022 |
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On Demand |
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50 |
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50 |
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— |
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— |
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Hope International Hospice, Inc.(1) |
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10% |
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10/20/2022 |
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On Demand |
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100 |
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|
100 |
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— |
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— |
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Hope International Hospice, Inc.(1) |
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10% |
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3/17/2023 |
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On Demand |
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100 |
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100 |
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— |
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— |
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Dr. Yutaka and Soomi Niihara(1) |
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10% |
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3/21/2023 |
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On Demand |
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|
127 |
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127 |
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— |
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— |
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|
Wei Peu Zen(2) |
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60% |
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12/1/2023 |
|
2 months |
|
|
350 |
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|
350 |
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— |
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Total |
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$ |
5,444 |
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$ |
5,453 |
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$ |
9 |
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$ |
126 |
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(1)Dr. Niihara, a former Director and former Chairman and Chief Executive Officer of the Company, is also a director and the Chief Executive Officer of Hope International Hospice, Inc.
(3)Albert Niihara is the son of Dr. Niihara.
The following table sets forth information relating to loans from related parties outstanding at any time during the year ended December 31, 2025:
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Class |
Lender |
|
Interest
Rate |
|
Date of
Loan |
|
Term of Loan |
|
Principal Amount Outstanding December 31, 2025 |
|
|
Highest
Principal
Outstanding |
|
|
Amount of
Principal
Repaid or
Converted
into Stock |
|
|
Amount of
Interest
Paid |
|
Promissory note payable - related parties: |
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|
Willis Lee(2) |
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12% |
|
10/29/2020 |
|
On Demand |
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|
100 |
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|
100 |
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|
|
— |
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|
|
— |
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|
Soomi Niihara(1) |
|
12% |
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12/7/2021 |
|
On Demand |
|
|
700 |
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|
700 |
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— |
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|
— |
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|
Hope International Hospice, Inc.(1) |
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10% |
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2/9/2022 |
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On Demand |
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|
350 |
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|
350 |
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— |
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|
— |
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|
Hope International Hospice, Inc.(1) |
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10% |
|
2/15/2022 |
|
On Demand |
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|
210 |
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210 |
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— |
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— |
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Soomi Niihara(1) |
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10% |
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2/15/2022 |
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On Demand |
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100 |
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|
100 |
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— |
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|
— |
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|
Hope International Hospice, Inc.(1) |
|
12% |
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3/15/2022 |
|
On Demand |
|
|
150 |
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|
150 |
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|
|
— |
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|
|
— |
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|
Hope International Hospice, Inc.(1) |
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12% |
|
3/30/2022 |
|
On Demand |
|
|
150 |
|
|
|
150 |
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|
|
— |
|
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|
— |
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|
Wei Peu Zen(2) |
|
10% |
|
3/31/2022 |
|
On Demand |
|
|
200 |
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|
200 |
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— |
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|
— |
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|
Albert Niihara(3) |
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10% |
|
4/4/2022 |
|
On Demand |
|
|
110 |
|
|
|
350 |
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|
240 |
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|
150 |
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|
Willis Lee(2) |
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10% |
|
4/14/2022 |
|
On Demand |
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45 |
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|
45 |
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— |
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— |
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|
Albert Niihara(3) |
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10% |
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4/19/2022 |
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On Demand |
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|
250 |
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|
250 |
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|
— |
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35 |
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Hope International Hospice, Inc.(1) |
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10% |
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5/25/2022 |
|
On Demand |
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|
40 |
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40 |
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— |
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|
— |
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|
Dr. Yutaka and Soomi Niihara(1) |
|
12% |
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7/27/2022 |
|
5 years |
|
|
402 |
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|
402 |
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|
— |
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|
48 |
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Dr. Yutaka and Soomi Niihara(1) |
|
10% |
|
8/16/2022 |
|
5 years |
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|
250 |
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|
250 |
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|
— |
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|
25 |
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Dr. Yutaka and Soomi Niihara(1) |
|
10% |
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8/16/2022 |
|
5 years |
|
|
1,669 |
|
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|
1,669 |
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|
— |
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|
167 |
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Hope International Hospice, Inc.(1) |
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10% |
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8/17/2022 |
|
On Demand |
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|
50 |
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|
50 |
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|
— |
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|
— |
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|
Hope International Hospice, Inc.(1) |
|
10% |
|
10/20/2022 |
|
On Demand |
|
|
100 |
|
|
|
100 |
|
|
|
— |
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|
|
— |
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|
Hope International Hospice, Inc.(1) |
|
10% |
|
3/17/2023 |
|
On Demand |
|
|
100 |
|
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|
100 |
|
|
|
— |
|
|
|
— |
|
|
Dr. Yutaka and Soomi Niihara(1) |
|
10% |
|
3/21/2023 |
|
On Demand |
|
|
127 |
|
|
|
127 |
|
|
|
— |
|
|
|
— |
|
|
Wei Peu Zen(2) |
|
60% |
|
12/1/2023 |
|
2 months |
|
|
350 |
|
|
|
350 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
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Total |
|
$ |
5,453 |
|
|
$ |
5,693 |
|
|
$ |
240 |
|
|
$ |
425 |
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(1)Dr. Niihara, a former Director and former Chairman and Chief Executive Officer of the Company, is also a director and the Chief Executive Officer of Hope International Hospice, Inc.
(3)Albert Niihara is the son of Dr. Niihara.
See Note 7 for more information on recent developments with respect to certain related-party loans.
See Notes 5, 6 and 11 for a discussion of the Company’s agreements with Telcon, which holds 4,147,491 shares of common stock of the Company, or approximately 5.9% of the common stock outstanding as of March 31, 2026. As of March 31, 2026, the Company held a Telcon convertible bond in the principal amount of KRW17.0 billion, or approximately $11.2 million, as discussed in Note 5.
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