RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE－ 14 RELATED PARTY TRANSACTIONS

a. Related parties

Name of Related Party	Relationship to the Company
Yun-Kuang Kung	Son of Shang-Chiai Kung CEO of Vivic Corp.
Kung Huang Liu Shiang spouse	Spouse of Shang-Chiai Kung CEO of Vivic Corp.
Yufei Zeng	Stockholder of Vivic Corp.
Shang-Chiai Kung	CEO of Vivic Corp.
Kun-Teng Liao	Secretary and Board Member
Guangdong Weiguan Ship	Yun-Kuang Kung acquired 100% ownership of this entity from Vivic

b. Due from related parties, net

Due from related parties consisted of the following:

Name	September 30, 2023		December 31, 2022
Yun-Kuang Kung	$	204,215	$	-
Guangdong Weiguan Ship		2,616,977		-
Total	$	2,821,192	$	-

c. Due to related parties, net

Due to related parties consisted of the following:

Name	September 30, 2023		December 31, 2022
Yun-Kuang Kung	$	-	$	63,770
Kung Huang Liu Shiang spouse		155,271		-
Shang-Chiai Kung		190,416		209,940
Kun-Teng Liao		-		-
Total	$	345,687	$	273,710

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or stockholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Due to related parties represented temporary advances to the Company by the stockholders or senior management of the Company, which were unsecured, interest-free and had no fixed terms of repayments. Imputed interests from related parties’ loan are not significant.

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.