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RELATED PARTY TRANSACTIONS DISCLOSURE
3 Months Ended
Dec. 31, 2019
Notes  
RELATED PARTY TRANSACTIONS DISCLOSURE

NOTE 5 - RELATED PARTY TRANSACTIONS

 

On February 1, 2019, the Company entered into a Note Purchase Agreement with an accredited related investor Lin Su Hui, our 5% shareholder. Pursuant to this agreement, the Company issued a promissory note to Lin Su Hui for $50,000, at 10% interest per annum, with a maturity date of February 6, 2020. Per the agreement, the note began to accrue interest 5 days after the effective date February 1, 2019. The interest on the note is to be paid monthly. For the three months ended December 31, 2019, the Company has paid interest of $1,250 to Lin Su Hui in form of cash and has accrued interest of $417.

 

On December 9, December 16, and December 30, 2019, the Company entered into three loan agreements with Ando Credit Limited, a related party which the CEO of the Company, Mr. Lam, has significant influence on, amounted $738,000, $250,000 and $80,000 (the “Loan Amount”, totaling $1,068,000) respectively, with interest rate 12% per annum. The Company would receive monthly interest income from Ando Credit Limited. The Loan Amount will not be due unless there is any event of default occurrence. The Company will be in default if the Note holders ask for repayment and Ando Credit Limited does not pay back to the Company. As of December 31, 2019, the Company has an interest income receivable in the amount of $8,474 from Ando Credit Limited.

 

For the three months ended December 31, 2019 and 2018, a related party, that our CEO and director, Mr. Lam Chi Kwong Leo is the authorized representative, has paid expenses on behalf of the Company in the amount of $22,655 and $28,993, respectively. These loans are unsecured, payable on demand, and carry no interest.

 

For the three months ended December 31, 2019, our CFO, Ms. Lee Hiu Lan paid expense on behalf of the Company in the amount of $325. This loan is unsecured, payable on demand, and carries no interest.

 

The Company does not own or rent any property. The office space is provided by a related party at no charge.