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Related Party Balances and Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

Note 10 - RELATED PARTY BALANCES AND TRANSACTIONS

 

1) Related parties balances  

 

   Note  December 31,
2022		   December 31,
2021		 
Interest receivable - related party           
Guangzhou Tiancheng Capital Management Group Co., Ltd.  (a)  $-   $4,825 
              
Accounts payable - related party             
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd.  (b)  $-   $1,285 
              
Due to related parties             
Mr. Ruilin Xu (the Company’s Chief Executive Officer)     $30,592   $85,784 
Mr. Siqi Cao (the Company’s Director)  (c)   1,098,413    - 
      $1,129,005   $85,784 

 

(a)Guangzhou Tiancheng Capital Management Group Co., Ltd. (“Tiancheng Capital”) is the former shareholder of Tiancheng Jinhui from June 18, 2020 to June 30, 2022. The Company provided advisory and transaction services for Tiancheng Capital.

 

(b) Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd. is one of the Company’s suppliers, and Tiancheng Capital held 52% equity interest in the party until December 8, 2021.

 

(c) Mr. Siqi Cao, a Director of the Company, paid certain professional fees on behalf the Company.

 

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

 

2) Related party transactions  

 

Name of related parties     Year Ended December 31, 2022   Year Ended December 31, 2021   Year Ended December 31, 2020 
Revenues               
Guangzhou Tiancheng Capital Management Group Co., Ltd.  (a)             -    1,025,937    717,091 
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.  (e)   -    -    81,985 
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.  (d)   -    -    8,174 
      $-   $1,025,937   $807,250 
                   
Cost of revenues                  
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.  (d)   -    1,289    - 
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd.  (b)   -    1,257    - 
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.  (e)   -    -    127,387 
      $-   $2,546   $127,387 
Selling expense                  
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.  (d)  $-   $1,302   $- 
                   
Interest income                  
Guangzhou Tiancheng Capital Management Group Co., Ltd.  (a)  $-   $4,767   $- 

 

(d) Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd. is one of the Company’s suppliers, and Tiancheng Capital holds 51% equity interest in the party since March 3, 2020.
   
(e) Mr. Ruilin Xu, the Company’s Chief Executive Officer, held 70% equity interest in Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd. (“Tianting”) until October 14, 2020. Tianting is one of the Company’s suppliers before October 2020. The Company has been providing advisory and transaction services for Tianting since November 2020   .