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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2017

5. RELATED PARTY TRANSACTIONS

Due to Relate Party

The due to related party is summarized below:


	12/31/2017		12/31/2016

Fees paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company	$	198,776	$	380,196

During the years ended December 31, 2017 and 2016, the Company recorded salary payment to Chief Executive Officer in the amount of $98,000 and $65,000, respectively. The entire amount was paid by Logicquest Technology Limited and was included in the ending balance of due to related party as of December 31, 2017 and 2016.

Memorandum of Understanding with Logicquest Technology Limited

On March 31, 2016, the Company entered into a Memorandum of Understanding/Letter of Intent with Logicquest Technology Limited, pursuant to which the Company intended to effect a business combination (the "Transaction"). The Transaction was to be effected in one of several ways, whether by asset acquisition, by merger of Logicquest Technology Limited and the Company, or by share purchase whereby the Company would purchase the shares of Logicquest Technology Limited from its shareholders for cash and/or for shares of the Company. On July 22, 2016, the Company and Logicquest Technology Limited agreed to extend the closing deadline stipulated in the Letter of Intent from June 30, 2016 to October 31, 2016. On October 31, 2016 the Letter of Intent expired prior to the completion of a definitive agreement to complete the Transaction. As at the date of this report, we have no additional plans to pursue a business combination with Logicquest Technology Limited.

Disposal of trademarks

On August 17, 2017, the Company entered into an Assignment of Trademarks with Logicquest Technology Limited, a related party, pursuant to which the Company agreed to assign and transfer all of its right, title and interest in and to the trademarks to Logicquest Technology Limited for a lump sum price of $24,140. During the year ended December 31, 2017, the transfer of trademarks was all completed and recognized by the Company, resulting in a gain on disposal of intangible assets of $3,647. Logicquest Technology Limited agreed to settle the trademark sale against the related party payable of $24,140 in lieu of cash payment.