RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE– 12 RELATED PARTY TRANSACTIONS

a. Related parties

Name of Related Party	Relationship to the Company
Yun-Kuang Kung	Son of Shang-Chiai Kung, who is the CEO of Vivic Corp.
Kung Huang Liu Shiang	Spouse of Shang-Chiai Kung, who is the CEO of Vivic Corp.
Yufei Zeng	Stockholder of Vivic Corp.
Shang-Chiai Kung	CEO of Vivic Corp.
Kun-Teng Liao	Secretary and Board Member
Huilian Chen	Office manager of Vivic Corp.
Guangdong Weiguan Ship	Yun-Kuang Kung acquired 100% ownership of this entity from Vivic Corp. in July 2023

b. Due from related parties

Due from related parties consisted of the following:

Name	March 31, 2024		December 31, 2023
Guangdong Weiguan Ship 1)	$	2,619,623	$	2,630,821
Yun-Kuang Kung 2)		198,023		220,828
Total	$	2,817,646	$	2,851,649

1)	Due to disposal of Weiguan Ship in July 2023, the Company had a receivable from Weiguan Ship for $2,619,623 and $2,630,821 at March 31, 2024 and December 31, 2023, respectively, which was previously eliminated at consolidation before the disposal.
2)	On June 16, 2023, the Company entered a trilateral Corporation Agreement with Yun-Kuang Kung and Guangdong Weiguan Shipping Co., Ltd (“Weiguan Ship”, 100% owned by Mr. Kung after disposal of Weiguan Ship by the Company) to engage in yacht development leasing, dock operations, and related businesses in mainland China. Due to Mr. Kung’s extensive social relationship and rich business experience in China, the Company can do yacht leasing and dock operation business through Yinxin International Financial Leasing Co., Ltd (“Yinxin”) which was obtained through Mr. Kung’s personal channels, the Company advanced $313,743 (TWD 10,017,800), to Yun-Kuang Kung for a three-year term for developing the yacht business in China. Yun-Kuang Kung subsequently transferred the fund to Yinxin pursuant to the loan agreement.
	Per the terms of the agreement, Weiguan Ship pledged a yacht with book value of $402,000 (RMB 2,900,000) and estimated fair market value of $494,000 (RMB 3,500,000) as collateral for the loan. Yinxin is responsible for repaying the entire loan amount at the end of the term. Upon full repayment of the principal, Mr. Kung will receive half of the net profits of Yinxin as dividend, on an annual basis. These dividends will then be transferred back to the Company by Mr. Kung.
	In the event that Yinxin is unable to repay the full amount at maturity, the Company has the option to accept stock ownership from Yinxin or take possession of the pledged yacht as repayment.
	As of March 31, 2024 and December 31, 2023, Vivic HK had amounts due to Yun-Kuang Kung of $115,857 and $106,337, respectively, resulting from Yun-Kuang Kung’s investment into Vivic HK on behalf of the Company.
	After netting-off the amount of due-to and due-from Yun-Kuang Kung, the Company’s outstanding amount receivable from Yun-Kuang Kung was $198,023 and $220,828 as of March 31, 2024 and December 31, 2023, respectively.

c. Due to related parties

Due to related parties consisted of the following:

Name	March 31, 2024		December 31, 2023
Kung Huang Liu Shiang	$	2,809	$	1,392
Shang-Chiai Kung		190,416		190,416
Huilian Chen		40,000		-
Total	$	233,225	$	191,808

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.