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Related Party Transaction | 12 Months Ended
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Dec. 31, 2023
Related Party Transaction [Abstract] |
RELATED PARTY TRANSACTION | 19. RELATED PARTY TRANSACTION As of December 31, 2023, the amount due to the related parties was consisted of the followings:
Name |  | Amount |  |  | Relationship |  | Note
Chao Li |  | $ | 73,893 |  |  | Corporate legal representative |  | Other payables, interest free and payment on demand.
Ming Yi |  |  | 29,513 |  |  | Chief Financial Officer of the Company |  | Accrued expenses, interest free and payment on demand.
Xiaochen Zhao |  |  | 124 |  |  | Corporate legal representative |  | Accrued expenses, interest free and payment on demand.
Chan Siu Kei |  |  | 401,516 |  |  | NTAM’s Director |  | Other payables, interest free and payment on demand.
Total |  | $ | 505,046 |  |  |  |  |
As of December 31, 2023, the amount due from the related parties was consisted of the followings:
Name |  | Amount |  |  | Relationship |  | Note
Kai Xu |  | $ | 12,151 |  |  | Deputy General Manager of a subsidiary of the Company |  | Loan receivables*, interest free and payment on demand.
Total |  | $ | 12,151 |  |  |  |  |
During 2023, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
JKNDC Limited |  | $ | 7,664 |  |  | A company owned by the minority shareholder of NTAM |  | Other income, net
JKNDC Limited |  |  | 978,801 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service
Nice Talent Partner Limited |  |  | 459,867 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
During fiscal year 2023, the Company extended advances amounting to $351,004 to five key management personnel, and a total of $341,190 had been either repaid or classified as business expenses. During fiscal year 2023, one key management personnel advanced a total of $4,330 to the Company. During fiscal year 2023, the Company did not pay a bonus to a key management personnel a total of $401,516. 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 |  |  | 221,204 |  |  | General Manager of a subsidiary of the Company |  | Other payables, interest free and payment on demand.
Total |  | $ | 235,742 |  |  |  |  |
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
NDC |  |  | 81 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
Nice Talent Partner Limited |  |  | 357,564 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
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.
* | The related party transactions have been approved by the Company’s Audit Committee.

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