Related Party Transactions

3 Months Ended

Mar. 31, 2020

Basis of Presentation

NOTE 7. Related Party Transactions

Sales to related party

The Company had sales to Lee Tat Logistic Holding Limited, a Hong Kong company controlled by Miky Wan, our President, Chief Executive Officer and director. Sales to Lee Tat Logistic Holding Limited amounted to $72,912 and $0 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and December 31, 2019, accounts receivable from Lee Tat Logistic Holding Limited was $73,082 and $0, respectively.

Due to related parties

As of March 31, 2020 and December 2019, the Company had $85,638 and $85,111 due to Cosmos Links International Holding Limited, respectively. Cosmos Links International Holding Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

As of March 31, 2020 and December 2019, the Company had $342,364 and $331,119 due to Asia Cosmos Group Limited, respectively. Asia Cosmos Group Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

Koon Wing CHEUNG, a shareholder of the Company and director of Lee Tat International Holdings Limited, has advance the Company funds for working capital purposes. As of March 31, 2020 and December 31, 2019 there were $4,971 and $0 advances outstanding, respectively. Those advances are unsecured, bear no interest, and are due on demand.