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NOTE 9 - RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
NOTE 9 - RELATED PARTY TRANSACTIONS

NOTE 9 - RELATED PARTY TRANSACTIONS

 

Due from related parties

 

During the six months ended June 30, 2021 and 2020, the Company loaned $24,220 and $14,787 to a related party who are a shareholder and a former director, and collected $200 and $388, respectively.

 

As of June 30, 2021 and December 31, 2020, the Company had due from related parties of $245,810 and $221,790. The loans are unsecured, non-interest bearing and due on demand.

 

Due to related parties

 

During the six months ended June 30, 2021 and 2020, the Company borrowed $0 and $182 from CEO and CFO of the Company, and repaid $0 and $197 to the CEO and CFO, respectively.

 

As of June 30, 2021 and December 31, 2020, the Company had amounts due to related parties of $34,616 and $94,616, respectively. During the six months ended June 30, 2021, the Company paid $60,000 for the rest of consideration of acquisition of IoT Labs in 2020 The amounts are unsecured, non-interest bearing and due on demand.

 

Employment agreements

 

During the six months ended June 30, 2021 and 2020, the Company recorded management fees of $270,000 and $252,000, bonus of $976,200 and $0 and paid $301,300 and $62,300, respectively.