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Related Party Transactions

12 Months Ended

Dec. 31, 2019

NOTE 15 - RELATED PARTY TRANSACTIONS

	As of		As of
	December 31, 2019		December 31, 2018
Due from related parties:
Due from Related party H	$	60,000	$	60,000
Due from Related party E		-		-
Due from Related party B		1,623		35,794
Total	$	61,623	$	95,794

Due to related parties:
Due to Related party I	$	779,561	$	822,194
Due to Related party J		226,859		38,604
Due to Related party B		3,340		1,734
Total	$	1,009,760	$	862,532

	For the years ended December 31,
Related party revenue and expense transactions:	2019		2018
Service revenue from related parties
- Related party A	$	303,863	$	-
- Related party B		904,194		194,795
- Related party C		1,158		2,189
- Related party D		722,216		530
- Related party E		24,276		222,912
- Related party G		21,479		304
Total	$	1,977,186	$	420,730

Cost of service revenue with related parties
- Related party A	$	-	$	-
- Related party B		2,561		-
- Related party D		184,000		-
- Related party E		-		-
- Related party F		114,000		66,000
Total	$	300,561	$	66,000

General and administrative expenses with related parties
- Related party B	$	1,601	$	-
- Related party D		155,138		-
- Related party G		29,287		-
Total	$	186,026	$	-

Impairment of note receivable-Related party E	$	-	$	77,088

Impairment of other investments
- Related party D	$	-	$	250,000
- Related party H		-		368,265
Total	$	-	$	618,265

Other income
- Related party D	$	1,610	$	14,900
- Related party E		8,188		-
Total	$	9,798	$	14,900

Related party A is under common control of Mr. Loke Che Chan, Gilbert, the Company’s CFO and a major shareholder.

Related party B represents companies where the Company owns a percentage of the company (ranging from 2% to 13%).

Related party C is controlled by a director of a wholly owned subsidiary of the Company.

Related party D represents a company that we have determined that we can significantly influence based on our common business relationships. During 2018, the Company invested $250,000 in Related party B which approximates a 2% equity interest of Related party B. At December 31, 2018, the Company determined that its investments in Related party D was impaired and recorded an impairment of other investments of $250,000.

Related party E represents companies whose CEO is a consultant to the Company, and who is also a director of Aquarius Protection Fund, a shareholder in the Company. On June 16, 2018, the Company entered into a loan agreement with Related Party E and loaned it $300,000. The loan is unsecured, bears interest at 6% per annum, and is due June 15, 2020. The Managing Director of Related Party E is a consultant to the Company, and is also a director of Aquarius Protection Fund, a shareholder in the Company. Related Party E is also the investment manager of Aquarius Protection Fund. During the year ended December 31, 2018 the loan of $300,000 was offset by payments of $222,912 made to the Company from other companies controlled by the Managing Director of Related Party E. In December 2018, the Company completed an impairment analysis and determined that the balance of the loan was impaired and recorded an impairment of $77,088.

Related party F represents a family member of Mr. Loke Che Chan, Gilbert, the Company’s CFO and a major shareholder.

Related party G is under common control of Mr. Lee Chong Kuang, the Company’s CEO and major shareholder.

Related party H represents a company in which we have a 49% equity-method investment. At December 31, 2019 and 2018, amounts due from Related party H are unsecured, bear no interest, and are payable upon demand. During 2018, the Company acquired 49% of Related party H for total consideration of $368,265. At December 31, 2018, the Company determined that its investments in Related party H was impaired and recorded an impairment of other investments of $368,265.

Related party I represents the noncontrolling interest in the Company’s subsidiary that owns it’s real estate held for sale (See Note 5). The amounts due to Related party I are unsecured, bear no interest, are payable on demand, and relate to the initial acquisition of the real estate held for sale property.

Related party J represents shareholders and directors of the Company. Due to Related party J represents expenses paid by the shareholders or directors to third parties on behalf of the Company, are non-interest bearing, and are due on demand.