Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

Due to related parties

From time to time, during 2019 and 2018, the Company receive advances from Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited), who is the major shareholder of the Company for working capital purposes. These advances are non-interest bearing and are payable on demand. During the six months ended June 30, 2020 and 2019, the Company received advances from Chan Tin Chi Family Company Limited for working capital totaled $0 and $299,878, respectively, and repaid to Chan Tin Chi Family Company Limited a total of $110,113 and $31,604, respectively. At June 30, 2020 and December 31, 2019, amounts due to Chan Tin Chi Family Company Limited amounted to $2,269,458 and $2,045,962, respectively.

At June 30, 2020 and December 31, 2019, amounts due to related companies amounted to $426,028 and $319,542, respectively.

The amounts are unsecured, interest-free and have no fixed terms of repayment.