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Balances with Related Party

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Balances with Related Party

10. BALANCES WITH RELATED PARTY

1) Related party transactions

For the years ended December 31, 2022 and 2023, the Company’s related party provided working capital to support the Company’s operations when needed. The borrowings were unsecured, due on demand, and interest free. The following table summarizes borrowing transactions with the Company’s related party:

2) Related party balances

Accounts

Name of Related Party

Note

December 31,   2023

December 31,  2022

Amount due to related party

Lin Li, Chief Executive Officer and Chairman of the Board

$

302,943

$

184,060

All the above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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