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Related Party Transactions
 6 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

 

The relationship and the nature of related party transactions are summarized as follow:

 

Name of Related Party   Relationship to the Company   Nature of Transactions
         
Yukwise Limited (“Yukwise”)   Wholly owned by the Company’s President, Chief Executive Officer, and Chairman, and a significant stockholder   Consulting Services
         
Multi-Glory Corporation Limited (“Multi-Glory”)   Wholly owned by a significant stockholder   Consulting Services
         
Victory Apparel (Jordan) Manufacturing Company Limited (“Victory Apparel”)   Affiliate, controlled by the Company’s President, Chief Executive Officer, Chairman, and a significant stockholder   Borrowings

 

a. Consulting agreements

 

On January 12, 2018, Treasure Success and Yukwise entered into a consulting agreement, pursuant to which Mr. Choi will serve as Chief Executive Officer and provide high-level advisory and general management services for $300,000 per annum. The agreement renews automatically for one-month terms. This agreement became effective as of January 1, 2018. Total consulting fees under this agreement were $75,000 and $150,000 for the three and six months ended September 30, 2023 and 2022, respectively.

 

On January 16, 2018, Treasure Success and Multi-Glory entered into a consulting agreement, pursuant to which Multi-Glory will provide high-level advisory, marketing, and sales services to the Company for $300,000 per annum. The agreement renews automatically for one-month terms. The agreement became effective as of January 1, 2018. Total consulting fees under this agreement were $75,000 and $150,000 for the three and six months ended September 30, 2023 and 2022, respectively. 

 

b. Borrowings from a related party

 

As of September 30, 2023 and March 31, 2023, the Company had outstanding balances due to Victory Apparel of $nil and $nil, respectively. The advances of $300,166 as of March 31, 2022 were non-interest bearing and due on demand. The advances were repaid in the first quarter of fiscal 2023.