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Related Party Transaction
 9 Months Ended
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.