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Related Party Transaction | 12 Months Ended
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Dec. 31, 2022
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTION | 21. RELATED PARTY TRANSACTION As of December 31, 2022, the amount due to the related parties was consisted of the followings:
Name |  | Amount |  |  | Relationship |  | Note
Reits (Beijing) Technology Co., Ltd |  | $ | 14,538 |  |  | 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.
Zhi Yan |  |  | 230,281 |  |  | General Manager of a subsidiary of the Company |  | Other payables, interest free and payment on demand.
Total |  | $ | 244,819 |  |  |  |  |
As of December 31, 2022, the amount due from the related parties was consisted of the followings:
Name |  | Amount |  |  | Relationship |  | Note
Kai Xu |  | $ | 16 |  |  | Deputy General Manager of a subsidiary of the Company |  | Loan receivables*, interest free and payment on demand.
Ming Yi |  |  | 12,135 |  |  | Chief Financial Officer of the Company |  | Loan receivables*, interest free and payment on demand.
Jing Chen |  |  | 971 |  |  | Vice president of the Company |  | Loan receivables*, interest free and payment on demand.
Ola Johannes Lind |  |  | 2,168 |  |  | Chief Executive Officer of the FTFT Capital Investments L.L.C. and Chief Strategy Officer of the Company |  | Loan receivables*, interest free and payment on demand.
Wong Tai Kue |  |  | 37,836 |  |  | NTAM’s Director |  | Advance to pay for directors* Amount is interest free and payment on demand.
Total |  | $ | 53,126 |  |  |  |  |
During 2022, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
NDC |  | $ | 559,786 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service
JKNDC Limited |  |  | 249,666 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service
Alpha Yield Limited |  |  | 164,779 |  |  | A director of the Company is a shareholder of this company |  | Consultancy fee
Nice Talent Partner Limited |  |  | 357,564 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
NDC |  |  | 81 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
Ningbo Tielin Supply Chain Management Co., Ltd |  |  | 17,800 |  |  | General Manager of Fuce Future Supply Chain (Xi'an) Co., Ltd. is a shareholder of Ningbo Tielin |  | Revenue - Sales of Coals
During fiscal year 2022, the Company extended advances amounting to $160,539 to six key management personnel, and a total of $171,863 had been either repaid or classified as business expenses. During fiscal year 2022, five key management personnel advanced a total of $132,770 to the Company, and the Company repaid $29,830 to them. As of December 31, 2021, the amounts due to the related parties were consisted of the followings:
Name |  | Amount |  |  | Relationship |  | Note
Zhi Yan |  | $ | 286,045 |  |  | General Manager of a subsidiary of the Company |  | Loan payables, 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 Johannes Lind |  |  | 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 |  |  | 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 rate 5.25% and payment on demand.
Bin Wu |  |  | 26,145 |  |  | A minority shareholder of a subsidiary of the Company |  | 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 |  |  |  |  |
During 2021, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
Loan to |  |  |  |  |  |  |  |
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 |  | Interest rate 5.25% and payment on demand.
Loan from |  |  |  |  |  |  |  |
Shanchun Huang |  |  | 300,359 |  |  | Chief Executive Officer of the company; Director of the Board |  | Interest free and payment on demand.
Zhi, Yan |  |  | 240,758 |  |  | Chief Technology Officer of the company |  | Interest free and payment on demand.
Shaanxi Fu Chen repaid loan interest of $3,379 during 2021. During fiscal year 2021, the Company repaid loans to two key management personnel, which included a loan from the previous year amounting to $442,195 and a loan from the current year amounting to $300,359. During fiscal year 2021, the Company extended advances amounting to $391,250 to ten key management personnel, and a total of $675,637 had been either repaid or classified as business expenses. During fiscal year 2021, ten key management personnel advanced a total of $489,885 to the Company.
* | The related party transactions have been approved by the Company’s Audit Committee.

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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 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
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