XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.23.1

Related Party Transaction | 12 Months Ended
--- | ---
Dec. 31, 2021
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTION | 19. RELATED PARTY TRANSACTION As of December 31, 2021, the amounts due to the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Zhi Yan |  | $ | 286,045 |  |  | General Manager of a subsidiary of the Company |  | Accrued expenses, interest free and payment on demand.
Jing Chen |  |  | 37,604 |  |  | Vice president of the Company |  | Accrued expenses, interest free and payment on demand.
Shaanxi Fu Chen Venture Capital Management Co. Ltd. (“Shaanxi Fu Chen”) |  |  | 72,046 |  |  | Two outside shareholders of the Company are shareholders of Shaanxi Fu Chen |  | Other payables, interest free and payment on demand.
Future Supply Chain Co., Ltd. |  |  | 280,571 |  |  | Shaanxi Fu Chen holds 100% interest of this company |  | Other payables, interest free and payment on demand.
Reits (Beijing) Technology Co., Ltd |  |  | 15,881 |  |  | 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 became a related party. The amount is interest free and payment on demand.
Shaanxi Chunlv Ecological Agriculture Co. Ltd. |  |  | 257,876 |  |  | Shaanxi Fu Chen holds 80% interest of this company |  | Other payables, interest free and payment on demand.
Ming Yi |  |  | 8,942 |  |  | Chief Financial Officer of the Company |  | Accrued expenses, interest free and payment on demand.
OLA |  |  | 4,933 |  |  | Chief Executive Officer of a subsidiary of the Company and Chief Strategy Officer of the Company |  | Other payables, interest free and payment on demand.
Kai Xu |  |  | 25,509 |  |  | Deputy General Manager of a subsidiary of the Company |  | Accrued expenses, interest free and payment on demand.
Shaanxi Fuju Mining Co., Ltd |  |  | 3,295 |  |  | Shaanxi Fu Chen holds 80% interest of this company |  | Other payables, interest free and payment on demand.
Total |  | $ | 992,702 |  |  |  |  |
As of December 31, 2021, the amounts due from the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Shaanxi Fu Chen Venture Capital Management Co. Ltd. (“Shaanxi Fu Chen”) |  |  | 235,268 |  |  | Two outside shareholders of the Company are shareholders of Shaanxi Fu Chen |  | Loan receivables*, interest free and payment on demand.
Bin Wu |  |  | 26,145 |  |  | A shareholder of a Company’s subsidiary |  | Advance to pay for the incorporation costs of the establishment of the subsidiary in Dubai* Amount is interest free and payment on demand.
Total |  | $ | 261,413 |  |  |  |  |
As of December 31, 2020, the amount due to the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Yongke Xue |  | $ | 418,118 |  |  | Then Chairman of the Company |  | Loan payable, interest free and payment on demand.
Reits (Beijing) Technology Co., Ltd |  |  | 334,266 |  |  | 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.
Ming Yi |  |  | 878 |  |  | Chief Financial Officer of the Company |  | Accrued expenses, interest free and payment on demand.
Zhi Yan |  |  | 72,390 |  |  | General Manager of a subsidiary of the Company |  | Accrued expenses, interest free and payment on demand.
Jing chen |  |  | 392 |  |  | Vice president of the Company |  | Accrued expenses, interest free and payment on demand.
Johnson Lau |  |  | 12,500 |  |  | Director of the Company |  | Other payables, interest free and payment on demand.
Fuyou Li |  |  | 4,425 |  |  | Director of the Company |  | Other payables, interest free and payment on demand.
Mingjie Zhao |  |  | 11,458 |  |  | Director of the Company |  | Other payables, interest free and payment on demand.
InUnion Chain Ltd. (“INU”) |  |  | 138,720 |  |  | The Company is a 10% shareholder of INU |  | Service fee
Shanchun Huang |  |  | 275,207 |  |  | Chief Executive Officer of the Company |  | Other payables, interest free and payment on demand.
Shaanxi Fuju Mining Co., Ltd |  |  | 3,218 |  |  | Shaanxi Fu Chen holds 80% interest of this company |  | Other payables, interest free and payment on demand.
Shaanxi Chunlv Ecological Agriculture Co. Ltd. |  |  | 251,980 |  |  | Shaanxi Fu Chen holds 80% interest of this company |  | Other payables, interest free and payment on demand.
Total |  | $ | 1,523,552 |  |  |  |  |
As of December 31, 2020, the amount due from the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Kai Xu |  |  | 1,104 |  |  | Deputy General Manager of a subsidiary of the Company |  | Loan receivables*, interest free and payment on demand.
Zeyao Xue |  |  | 30,767 |  |  | Son of Yongke Xue and a major shareholder of the Company |  | Loan receivables*, interest free and payment on demand.
Shaanxi Chunlv Ecological Agriculture Co. Ltd. |  |  | 196 |  |  | Shaanxi Fu Chen holds 80% interest of this company |  | Loan receivables*, interest free and payment on demand.
Total |  | $ | 32,067 |  |  |  |  |
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 |  |  | Two outside shareholders of the Company are shareholders of Shaanxi Fu Chen |  | Service fee
Total |  | $ | 296,015 |  |  |  |  |
* | The related party transactions have been approved by the Company’s Audit Committee.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration