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Related Party Transaction | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTION | 9. RELATED PARTY TRANSACTION As of December 31, 2020, the amount due to the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Yongke Xue |  | $ | 496,123 |  |  | Chairman of the Company |  | Loan payable
Wei Cheng Pan |  |  | 375,485 |  |  | Legal representative of Guangchengji CEO of the Company |  | Loan payable
Ming Yi |  |  | 878 |  |  | Chief Financial Officer of the Company |  | Accrued expenses
Zhi Yan |  |  | 72,390 |  |  | General Manager of a subsidiary of the Company |  | Accrued expenses
Jing chen |  |  | 408 |  |  | Vice president of the Company |  | Accrued expenses
Johnson Lau |  |  | 12,500 |  |  | Director of the Company |  | Other payables
Fuyou Li |  |  | 4,425 |  |  | Director of the Company |  | Other payables
Mingjie Zhao |  |  | 11,458 |  |  | Director of the Company |  | Other payables
InUnion Chain Ltd. (“INU”) |  |  | 165,084 |  |  | The Company is a 10% shareholder of INU |  | Service fee
Shenzhen TianShunDa Equity Investment Fund Management Co., Ltd. (“TianShunDa”) |  |  | 337,170 |  |  | Shaanxi Fu Chen holds 70% interest of TianShunDa |  | Other payables
Reits (Beijing) Technology Co., Ltd |  |  | 335,186 |  |  | Zhi Yan is the legal representative of this company |  | Acquisition of intangibles upon the full completion of the online platform pursuant to an agreement originally entered between parties before Zhi Yan was the general manager of our subsidiary.
Shaanxi Fuju Mining Co., Ltd |  |  | 3,217 |  |  | Shaanxi Fu Chen holds 80% interest of the company |  | Other payables
Shaanxi Fu Chen Venture Capital Management Co. Ltd. (“Shaanxi Fu Chen”) |  |  | 91,569 |  |  | Two outside shareholders of the Company are shareholders of Shaanxi Fu Chen |  | Other payables
Total |  | $ | 1,905,893 |  |  |  |  |
As of December 31, 2020, the amount due from the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Wealth Index (Beijing) Fund Management Co.Ltd |  | $ | 12,136 |  |  | The Company’s CEO is the legal representative of this Company |  | Interest free loan*
Shanchun Huang |  |  | 4,491 |  |  | Chief Executive Officer of the Company |  | Interest free loan*
Kai Xu |  |  | 12,395 |  |  | Deputy General Manager of a subsidiary of the Company |  | Interest free loan*
Zeyao Xue |  |  | 33,305 |  |  | Son of the Chairman of the Company and a major shareholder of the Company |  | Interest free loan*
Shaanxi Chunlv Ecological Agriculture Co. Ltd. |  |  | 195 |  |  | Shaanxi Fu Chen Venture Capital Management Co. Ltd. holds 80% interest of the company |  | Interest free loan*
Total |  | $ | 62,522 |  |  |  |  |
● | The interest free loans have been approved by the Company’s Audit Committee.
During 2020, the Company had the following transactions with related parties:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Shaanxi Fu Chen Venture Capital Management Co. Ltd. |  | $ | 296,015 |  |  | The Company’s CEO is the legal representative of this Company |  | Service fee
Total |  | $ | 296,015 |  |  |  |  |
As of December 31, 2019, the amount due to the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Yongke Xue |  | $ | 36,915 |  |  | Chairman of the Company |  | Loan payable
Shenzhen TianShunDa Equity Investment Fund Management Co., Ltd. |  |  | 315,358 |  |  | Holds 26.36% of equity shares of SkyPeople China |  | Interest free loan*
InUnion Chain Ltd. (“INU”) |  |  | 180,206 |  |  | The Company is the 10% equity shareholder of INU |  | Accounts payable
Zhi Yan |  |  | 5,734 |  |  | Chief Technology Officer of the Company |  | Loan payable
Jing chen |  |  | 231 |  |  | Chief Financial Officer of the Company |  | Accrued expenses
Zeyao Xue |  |  | 313,613 |  |  | Son of the Chairman of the Company and a shareholder of the Company Chief Operating Officer of the Company |  | Loan payable
Total |  | $ | 852,057 |  |  |  |  |
As of December 31, 2019, the amount due from the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Shaanxi Chunlv Ecological Agriculture Co. Ltd. |  | $ | 3,258,643 |  |  | Holds 20.0% interest in CCM logistics |  | Interest free loan*
Quangoutong Commercial Holdings (Xi’an) Co., Ltd |  |  | 22,935 |  |  | Shaanxi Fullmart Convenient Chain Supermarket Co., Ltd. (“Fullmart”) holds 16.67% equity of its subsidiary. The subsidiary is 83.33% owned by Quangoutong |  | Service fee*
Shaanxi Quangou Convenient Island Co. Ltd. |  |  | 23,817 |  |  | Fullmart holds 33.33% its equity |  | Interest free loan*
Kai Xu |  |  | 13,428 |  |  | Shareholder of Chain Cloud Mall E-commerce (Tianjin) Co., Ltd. |  | Interest free loan*
Yongke Xue |  |  | 15,754 |  |  | Chairman of the Company |  | Interest free loan*
Zeyao Xue |  |  | 2,867 |  |  | Son of the chairman of the Company and a shareholder of the Company |  | Interest free loan*
Total |  | $ | 3,337,445 |  |  |  |  |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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