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Related Party Transaction

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTION

8. RELATED PARTY TRANSACTION

As of March 31, 2021, the amounts due to the related parties were consisted of the followings:  

Name		Amount (US$)				Relationship		Note
Yongke Xue		$	33,327			Chairman of the Company		Loan payable
Wei Cheng Pan			190,221			Legal representative of Guangchengji and Chief Strategy Officer of the Company		Loan payable
Shaanxi Fu Chen Venture Capital Management Co. Ltd. (“Shaanxi Fu Chen”)			90,922			Two outside shareholders of the Company are shareholders of Shaanxi Fu Chen		Other payables
Zhi Yan			165,964			General Manager of a subsidiary of the Company		Accrued expenses
Jing Chen			389			Vice president of the Company		Accrued expenses
Shenzhen TianShunDa Equity Investment Fund Management Co., Ltd. (“TianShunDa”)			334,789			Shaanxi Fu Chen holds 70% interest of TianShunDa		Other payables
Reits (Beijing) Technology Co., Ltd			16,321			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			3,196			Shaanxi Fu Chen holds 80% interest of the company		Other payables
Total		$	835,129

As of March 31, 2021, the amounts due from the related parties were consisted of the followings:

Name		Amount (US$)				Relationship		Note
Shanchun Huang			121,742			Chief Executive Officer of the Company		Interest free loan*
Kai Xu			11,044			Deputy General Manager of a subsidiary of the Company		Interest free loan*
Zeyao Xue			33,070			Son of the Chairman of the Company and a major shareholder of the Company		Interest free loan*
Ming Yi			3,309			Chief Financial Officer of the Company		Interest free loan*
Yang Liu			6,435			Chief Operator Officer of the Company		Interest free loan*
Total		$	175,600

● The interest free loans have been approved by the Company’s Audit Committee.

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- References

No definition available.

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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

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