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RELATED PARTY BALANCES AND TRANSACTIONS
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

Note 11      RELATED PARTY BALANCES AND TRANSACTIONS

 

Due to related parties

 

The balance due to related parties was as following:

          
   June 30,
2021		   December 31,
2020		 
   $   $ 
Mountain Share Transfer, LLC (2)   7,681    7,681 

 

Due from a related party

 

The balance due from a related party was as following:

 

   June 30,
2021		   December 31,
2020		 
   $   $ 
Mr. Yin-Chieh Cheng (1)   15,879    19,067 
Taisi Electrical & Plumbing Co. Pte Ltd. (3)   1,165,083    877,809 
Total   1,180,962    896,876 

 

Note:

 

(1) Mr. Yin-Chieh Cheng (“Mr. Cheng”) is the chairman the Company, and he holds 42.5% shares of the Company. The balance due to Mr. Cheng as of June 30, 2021 mainly represented the amount paid by Mr. Cheng on behalf of the Company. In September 2019, Mr. Cheng took over the receivable amount of the concert the Company invested in November 2018, and assumed the liability of $551,457 related to such receivable to the Company. In September 2019, Mr. Cheng collected the payment of $1,000,000 from JCD, our exclusive sales agent in Asia Pacific, on behalf of the Company. As agreed between Mr. Cheng and the Company, the due from balance was netted off by due to balances.

 

(2)

Mountain Share Transfer, LLC is company 100% controlled by Erik S. Nelson, the corporate secretary and director of the Company. The balances represented the amount paid on behalf of the Company for its daily operation purpose.

 

(3) Mr. Tsai Wen-Chih is the director of XFC and has control power over Taisi Electrical & Plumbing Co. Pte Ltd. The Company took over the receivable amount of $877,809 from acquisition of XFC in December 2020. None of the receivables have been impaired and it is expected that the full contractual amounts can be collected.

 

Related party transactions

 

The details of the related party transactions were as follows:

 

  

For three months ended

June 30,

  

For six months ended

June 30,

 
   2021   2020   2021   2020 
   $   $   $   $ 
Paid on behalf of the Company                    
Mr. Zhang Bi (1)   –    –    –    3,455 
Mr. Yin-Chieh Cheng (1)   –    53,237    –    86,320 
Mountain Share Transfer , LLC (1)   –    –    –    7,000 
                     
Repayment to related party                    
Mr. Yin-Chieh Cheng   –    –    –    665,000 

 

Note:

 

(1) The transactions represent the amount paid by Mr. Zhang Bi, Mr. Yin-Chieh Cheng and Mountain Share Transfer, LLC on behalf of the Company for its daily operation.