RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY BALANCES AND TRANSACTIONS

Note 15     RELATED PARTY BALANCES AND TRANSACTIONS

Due to related parties

The balance due to related parties was as following:

	December 31, 2022		December 31, 2021
	$		$
Mountain Share Transfer, LLC (1)		39,341		39,341

Due from a related party

The balance due from a related party was as following:

	December 31, 2022		December 31, 2021
	$		$
Taisi Electrical & Plumbing Co. Pte Ltd. (2)		–		1,615,217
Total		–		1,615,217

Sales

The balance of sales with a related party was as following:

	Related Party Categories		December 31, 2022		December 31, 2021
			$		$
鉉順企業有限公司 (3)		Same director		993,918		–
Total				993,918		–

The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements

Note:

(1) Mountain Share Transfer, LLC is company 100% controlled by Erik S. Nelson, the corporate secretary and director of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.

(2) Mr. Tsai Wen-Chih is the director of XFC and has control power over Taisi Electrical & Plumbing Co. Pte Ltd. The Company took over the receivable amount of $877,809 from acquisition of XFC in December 2020. None of the receivables have been impaired and it is expected that the full contractual amounts can be collected.

(3) 鉉順企業有限公司 chairman is Mr. Yin-Chieh Cheng (“Mr. Cheng”) same with Company. 鉉順企業有限公司 will purchase goods from Company and re-sell it. All the terms were not significantly different from those of sales to third parties.