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Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

Note 11 – Related Party Transactions

 

Other payables – related parties:

 

Name of related party  Relationship  Nature 

September 30,

2024

  

December 31,
2023

 
          (unaudited)      
Xiaojian Wang  Chief Executive Officer  Accrued compensations  $37,500   $
-
 
Xiaojian Wang  Chief Executive Officer  Interest-free loans to the Company   59,500    
-
 
Xiaojian Wang  Chief Executive Officer  Invoices paid on behalf of the Company   30,000    
-
 
Zihao Zhao  Chief Finance Officer  Accrued compensations   43,333    20,833 
Zihao Zhao  Chief Finance Officer  Reimbursement   2,028    
-
 
Total        $172,361   $20,833 

 

As of September 30, 2024 and December 31, 2023, the balance of other payables- related parties were $172,361 and $20,833, respectively, mainly consisted of accrued compensations of the Company’s officers and interest- free loans received from the Company’s officers.

 

For the three and nine months ended September 30, 2024, the Company recorded compensation expenses to its officers amounted to $20,000 and $60,000, respectively, for their services provided to the Company. For the three and nine months ended September 30, 2023, the Company recorded compensation expenses to its officers amounted to $7,500 and $13,333, respectively, for their services provided to the Company.