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Related Party Transaction | 9 Months Ended
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Sep. 30, 2023
Related Party Transaction [Abstract] |
RELATED PARTY TRANSACTION | 19. RELATED PARTY TRANSACTION As of September 30, 2023, the amounts due to the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Zhi Yan |  |  | 204,610 |  |  | General Manager of a subsidiary of the Company |  | Accrued expenses, interest free and payment on demand.
Ming Yi |  |  | 16,638 |  |  | Chief Financial Officer of the Company |  | Accrued expenses, interest free and payment on demand.
Reits (Beijing) Technology Co., Ltd |  |  | 14,102 |  |  | 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.
Total |  | $ | 235,350 |  |  |  |  |
As of September 30, 2023, the amounts due from the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Kai Xu |  |  | 50,687 |  |  | Deputy General Manager of a subsidiary of the Company |  | Prepaid expenses, interest free and payment on demand.
Yang Liu |  |  | 294 |  |  | Chief Operating Officer of the Company* |  | Prepaid expenses, interest free and payment on demand.
Total |  | $ | 50,981 |  |  |  |  |
* | Mr. Yang Liu resigned as Chief Operating Officer of the Company on July 27, 2023 and remains as an officer of a subsidiary of the Company.
During nine months ended September 30, 2023, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
JKNDC Limited |  | $ | (5,744 | ) |  | A company owned by the minority shareholder of NTAM |  | Other income
JKNDC Limited |  |  | 960,312 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service payable to JKNDC
Alpha Yield Limited |  |  | 411,456 |  |  | A director of NTAM is a shareholder of this company |  | Consultancy fee payable to Alpha Yield
Nice Talent Partner Limited |  |  | 344,668 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee payable to Nice Talent Partner
As of December 31, 2022, the amount due to the related parties was consisted of the followings:
Name |  | Amount (US$) |  |  | 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 |  | Advance to the officer, interest free and payment on demand.
Ming Yi |  |  | 12,135 |  |  | Chief Financial Officer of the Company |  | Advance to the officer, interest free and payment on demand.
Jing Chen |  |  | 971 |  |  | Vice president of the Company |  | Advance to the officer, 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 |  | Advance to the officer, interest free and payment on demand.
Wong Tai Kue |  |  | 37,836 |  |  | NTAM’s Director |  | Advance to the directors Amount is interest free and payment on demand.
Total |  | $ | 53,126 |  |  |  |  |
During nine months ended September 30, 2022, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
Nice Talent Partner Limited |  |  | 242,544 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee payable to Nice Talent Partner
* | The related party transactions have been approved by the Company’s Audit Committee.

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