Related Party Transactions and Balances

12 Months Ended

Jan. 31, 2023

Related Party Transactions and Balances

Related Party Transactions and Balances

Note 5 – Related Party Transactions and Balances

Advances from Related Party

During the year ended January 31, 2022, the Company received advances totaling $94,358 from Cheng-Hsiang Kao, the Company’s previous Chief Executive Officer who is also a major shareholder. These advances are unsecured, non-interest bearing, and payable on demand. As of January 31, 2023 and 2022, the total amount of shareholder advances outstanding was $214,682 and $94,358, respectively. During the years ended January 31, 2023 and 2022, the Company recorded advances from related party under operating activities of $120,323 and $1,324, respectively. 

Due to Related Party

The Company sources its inventory exclusively from a vendor wholly owned by shareholders who collectively hold more than 20% of the Company’s outstanding common shares as of January 31, 2023. These shareholders are also family members of the Company’s Chairman. As of January 31, 2023, and 2022 amounts due to this related party totaled $2,411,000 and $1,251,500 respectively, are disclosed in Accounts Payable – related party on the balance sheets.