Related Party Transactions and Balances

9 Months Ended

Sep. 30, 2015

Related Party Transactions and Balances [Abstract]

RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 9 RELATED PARTY TRANSACTIONS AND BALANCES

Transactions:

	For the nine months ended September 30,
	2015			2014
Transactions with stockholders
- Accrued rent for Guangdong office	$	138,291		$	140,103
- Rent paid		(92,194	)		(140,103	)
- Repayment		-			(87,544	)
- Loan received		160,059			-
	$	206,156		$	(87,544	)

On August 11, 2015, the Company obtained a loan for $160,059 from Mr. Yao. The loan is non-interest bearing and due on August 10, 2016.

The Company has a lease agreement with Mr. Yao. See Note 8 for details.

Transactions with related companies	For the nine months ended September 30,
Xinyu Xingbang Industry Co., Ltd (a)	2015			2014
- Loan received	$	4,588,889		$	2,562,056
- Expenses paid on behalf of the company		148,953			-
- Repayment		(173,013	)		-
- Accrued rent		24,489			24,810
Other related companies (b)
- Expenses paid on behalf of company		56,337			101,075
- Repayment		(76,449	)		-
	$	4,569,206		$	2,687,941

(a) Xinyu Xingbang Industry Co., Ltd. is organized in China and Mr. Yao and his wife, own 90% and 10% of the Company respectively.

The Company borrowed $4,588,889 and $2,562,056 from Xinyu Xingbang during the nine months ended September 30, 2015 and 2014, respectively. The loans are non-interest bearing and due on various dates before September 2016.

The Company signed a lease agreement with Xinyu Xingbang. See Note 8 for details.

(b) Other related companies also paid expenses on behalf of the Company and the Company made repayments to those companies.

       Other related companies are as following:

Xinyu Zhongxing Decoration Technical Network Co., Ltd. is organized in China. Mr. Yao and his wife own 80% and 20%, of the company, respectively.

Xinyu Qiuying Technology Network Co., Ltd is organized in China and Mr. Yao is a director.

Guangzhou Efee Pay Network Co., Ltd. is organized in China and Mr. Yao is a director.

Xinyu Media Alliance Advertising Co., Ltd. is organized in China and Mr. Yao is a director.

Other related companies paid expenses on behalf of the Company for $56,337 and $101,075 for the nine months ended September 30, 2015 and 2014, respectively.

The Company made repayment of $76,449 during the nine months ended September 30, 2015 and did not make any repayment during the same period in 2014.

The advances are non-interest bearing and due on demand. 

Balances:

Due to stockholders consist of the following:

	As of September 30, 2015		As of December 31, 2014
Mr. & Mrs. Yao	$	1,776,072	$	1,611,708

As of September 30, 2015 and December 31, 2014, WFOE owed $786,708 and $805,854 respectively, to Mr. Yao. The loan is interest free and unsecured. The loan was entered into on May 31, 2012, and the loan period started on June 11, 2012 and was due on June 10, 2013. On May 31, 2013, August 7, 2014 and June 11, 2015, the loan was renewed with the same terms and a renewed due date of June 11, 2016. The proceeds of the loan were used as the capital investment in Xinyu Xingbang.

As of September 30, 2015 and December 31, 2014, Guangdong Xingbang owed $944,050 and $805,854 respectively, to Mr. Yao. The loans are interest free and unsecured and due on June 18, 2016 and August 10, 2016.

As of September 30, 2015 and December 31, 2014, Guangdong Xingbang accrued $45,314 and $0 respectively, to Mr. Yao for the rental of the office premises . The amount due is unsecured and interest free.

Due to related parties consist of the following:

	As of September 30, 2015			As of December 31, 2014
Xinyu Xingbang Industry Co., Ltd - loan payable	$	9,482,975		$	5,092,991
Xinyu Xingbang Industry Co., Ltd - other advances		67,147			65,760
Xinyu Zhongxing Decoration Technical Network Co., Ltd		19,496			14,566
Xinyu Qiuying Technology Network Co., Ltd		(1,719	)		-
Xinyu Qiuying Technology Network Co., Ltd - Guangzhou Branch		(60,301	)		-
Guangzhou EFee Pay Network Co., Ltd		1,594			-
Xinyu Media Alliance Advertising Co., Ltd		32,848			-
Total	$	9,542,040		$	5,173,317

The Company had various loan agreements with Xinyu Xingbang Industry as of September 30, 2015 and December 31, 2014.

Those loans are non-interest bearing and due on various dates before September 2016.

Due to (due from) related parties are non-interest bearing and due on demand.