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Related Party Transactions
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 7 - RELATED PARTY TRANSACTIONS

 

Due from related parties:   June 30, 2020     December 31, 2019  
      (Unaudited)          
Accounts receivable, net                
Due from related party G (net of allowance of $126)   $ 126     $ -  
                 
Prepaids and other current assets                
Due from related party G     1,032       1,623  
Due from related party H     60,000       60,000  
Total   $ 61,158     $ 61,623  

 

Due to related parties:   June 30, 2020     December 31, 2019  
    (Unaudited)        
Due to related party A   $ 19,386     $ 1,113  
Due to related party B     28,705       35  
Due to related party D     -       25  
Due to related party E     -       2,167  
Due to related party J     779,561       779,561  
Due to related party K     395,296       226,859  
Total   $ 1,222,948     $ 1,009,760  

 

    For the six months ended
June 30,		  
Income from or expenses to related parties:   2020     2019  
    (Unaudited)     (Unaudited)  
             
Service revenue from related parties                
- Related party A   $ 18,709     $ 37,570  
- Related party B     73,174       562,897  
- Related party C     831       385  
- Related party D     5,911       707,015  
- Related party E     9,390       5,597  
- Related party K     (44 )     -  
Total   $ 107,971     $ 1,313,464  
                 
Cost of service revenue to related parties                
- Related party B   $ 2,190     $ -  
- Related party D     -       184,000  
Total   $ 2,190     $ 184,000  
                 
General and administrative expenses to related parties                
- Related party A   $ 180     $ -  
- Related party B     1,932       -  
- Related party D     -       106,574  
- Related party G     934       -  
Total   $ 3,046     $ 106,574  
                 
Other income from related parties
- Related party D		   $ -     $ 1,610  
- Related party E     -       8,188  
Total   $ -     $ 9,798  

 

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.

 

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 made a loan of $300,000 pursuant to a loan agreement with related party E. The loan is unsecured, bears interest at 6% per annum, and is due on 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 major shareholder.

 

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

 

Related party H represents a company in which we have a 49% equity investment. At June 30, 2020 and December 31, 2019, 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 were impaired and recorded an impairment of other investments of $368,265.

 

Related party I is controlled by a family member of Mr. Lee Chong Kung, the Company’s CEO and major shareholder.

 

Related party J represents the noncontrolling interest in the Company’s subsidiary that owns its real estate held for sale. The amounts due to related party J are unsecured, bear no interest, are payable on demand, and related to the initial acquisition of the real estate held for sale property.

 

Related party K represents shareholders and directors of the Company or the Company’s subsidiary. The amounts due to related party I 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.