RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

13.     RELATED PARTY TRANSACTIONS

From time to time, the Company’s directors and companies which are controlled by a director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and have no fixed terms of repayment.

During the three months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $78,000 and $74,932 as consultancy fees to its director, respectively. During the six months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $153,000 and $175,558 as consultancy fees to its director, respectively.

During the three months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $30,000 and $30,000 as compensation to its directors, respectively. During the six months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $60,000 and $60,000 as compensation to its directors, respectively.

During the three months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $1,478,895 and $Nil as service fee to its related party, respectively. During the six months ended June 30, 2023 and 2022, the Company paid the aggregate amount of $1,478,895 and $Nil as service fee to its related party, respectively.

On April 1, 2022, the Company entered into a Service Agreement (the “Service agreement”) with a company controlled by its major shareholder, which agreed to provide staffing and back-office services to the Company until the arrangement is terminated by the parties. During the six months ended June 30, 2023 and 2022, the Company incurred the related management service fee of $0 and $72,500.

Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.