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Related Party Transaction | 6 Months Ended
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Jun. 30, 2024
Related Party Transaction [Abstract] |
RELATED PARTY TRANSACTION | 17. RELATED PARTY TRANSACTION As of June 30, 2024, the amounts due to the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Chan Siu Kei |  |  | 277,781 |  |  | NTAM’s Director |  | Other payables, interest free and payment on demand.
Ming Yi |  |  | 18,682 |  |  | Chief Financial Officer of the Company |  | Other payables, interest free and payment on demand.
Total |  | $ | 296,463 |  |  |  |  |
As of June 30, 2024, the amounts due from the related parties were consisted of the followings:
Name |  | Amount (US$) |  |  | Relationship |  | Note
Chao Li |  |  | 2,105 |  |  | Legal representative of Fengtongxiang Supply Chain (Chengdu) Co., Ltd., an indirectly wholly owned subsidiary of the Company |  | Prepaid expenses, interest free and payment on demand.
Hu Li |  |  | 20,000 |  |  | Corporate Secretary (was appointed as our CEO and director on August 5, 2024) |  | Prepaid expenses, interest free and payment on demand.
Xiaochen Zhao |  |  | 930 |  |  | Legal representative of FTFT Finance UK Limited |  | Prepaid expenses, interest free and payment on demand.
Kai Li |  |  | 1,150 |  |  | Legal representative of Future Trading Chengdu |  | Prepaid expenses, interest free and payment on demand.
Kai Xu |  |  | 18,241 |  |  | The legal representative of Fucheng Commercial Group and Deputy General Manager of a subsidiary of the Company |  | Prepaid expenses, interest free and payment on demand.
Total |  | $ | 42,426 |  |  |  |  |
During six months ended June 30, 2024, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
JKNDC Limited |  | $ | 3,837 |  |  | A company owned by the minority shareholder of NTAM |  | Other expenses
JKNDC Limited |  |  | 395,395 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service
Nice Talent Partner Limited |  |  | 230,217 |  |  | A company owned by the minority shareholder of NTAM |  | Consultancy fee
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 |  |  | Legal representative of Fengtongxiang Supply Chain (Chengdu) Co., Ltd. |  | 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 |  |  | Legal representative of FTFT Finance UK Limited |  | 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 |  |  | The legal representative of Fucheng Commercial Group and Deputy General Manager of a subsidiary of the Company |  | Loan receivables*, interest free and payment on demand.
Total |  | $ | 12,151 |  |  |  |  |
During six months ended June 30, 2023, the Company had the following transactions with related parties:
Name |  | Amount |  |  | Relationship |  | Note
JKNDC Limited |  | $ | (3,827 | ) |  | A company owned by the minority shareholder of NTAM |  | Other income
JKNDC Limited |  |  | 710,594 |  |  | A company owned by the minority shareholder of NTAM |  | Cost of revenue- Asset management service payable to JKNDC
Alpha Yield Limited |  |  | 411,184 |  |  | A director of the Company is a shareholder of this company |  | Consultancy fee payable to Alpha Yield
Nice Talent Partner Limited |  |  | 229,627 |  |  | 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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