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Related Party Transaction
 12 Months Ended
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.