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Balances with Related Party

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Balances with Related Party

10. BALANCES WITH RELATED PARTY

1) Related party transactions

For the six months ended June 30, 2024 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 the balances with the Company’s related party.

2) Related party balances

Accounts		Name of Related Party				Note				June 30, 2024				December 31, 2023
Amount (due to) from related party		Lin Li, Chief Executive Officer and Chairman of the Board								$	(2,931,343	)		$	302,943

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.

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