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RELATED PARTY TRANSACTIONS DISCLOSURE
6 Months Ended
Mar. 31, 2020
Notes  
RELATED PARTY TRANSACTIONS DISCLOSURE

NOTE 5 - RELATED PARTY TRANSACTIONS

 

On February 6, 2020, the Company renewed 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, 2021. Per the agreement, the note began to accrue interest immediately after the effective date February 1, 2020. The interest on the note is to be paid monthly. For the six months ended March 31, 2020, the Company has paid interest of $2,500 to Lin Su Hui in form of cash and has accrued interest of $417.

 

For the six months ended March 31, 2020, the Company entered into several loan agreements with Ando Credit Limited, a related party which the CEO of the Company, Mr. Lam, has significant influence on, amounted $2,373,000 in total (the “Loan Amount”), 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. For the six months ended March 31, 2020, the Company generated $56,532 interest income from Ando Credit Limited. As of March 31, 2020, the Company has an interest income receivable in the amount of $21,179 from Ando Credit Limited.

 

As of March 31, 2020, a related party, that our CEO and director, Mr. Lam Chi Kwong Leo is the authorized representative, provided a loan amounted $4,324 to the Company. These loans are unsecured, payable on demand, and carry no interest.

 

For the six months ended March 31, 2020, our former CFO, Ms. Lee Hiu Lan paid expense on behalf of the Company in the amount of $1,400 and as of March 31, 2020, the Company owed $465 in total to Ms. Lee. This loan is unsecured, payable on demand, and carries no interest.

 

The current office space in Hong Kong is provided by a related party at no charge.