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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.