XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE-14 RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

Due to related parties represented temporary advances to the Company by the shareholders of the Company, which were unsecured, interest-free and had no fixed terms of repayments. Imputed interests from related parties’ loan are not significant. The balance of due to related parties was $358,520 and $469,748 as of September 30, 2022 and December 31, 2021 respectively. During the three months ended September 30, 2022, the Company borrowed $178,740 from related parties, repaid $57,555 to related parties. During the nine months ended September 30, 2022, the Company borrowed $210,162 from related parties, repaid $433,299 to related parties.

 

The Company paid no consulting fee  to Honetech Inc., who owns 100% of the Company’s preferred stock as of September 30, 2022, during the three months ended September 30, 2022 and 2021. The Company paid $9,000 consulting fee to Honetech Inc. during the nine months ended September 30, 2022 and 2021.

 

The Company paid no consulting fee  to Go Right Holdings Limited., who owns approximately 22% of the Company’s outstanding common stocks as of September 30, 2021 during the three months ended September 30, 2022 and 2021. The Company paid $0 and $46,003 consulting fee to Go Right Holdings Limited., during the nine months ended September 30, 2022 and 2021, respectively.

 

Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.