RELATED PARTIES

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

RELATED PARTIES

NOTE 8 – RELATED PARTIES

Amount due from the related party consisted of the following:

	March 31, 2024		December 31, 2023
Related party I	$	138	$	141
Total amount due from the related party	$	138	$	141

Related party I, Hunan Bright Lionrock Mountain Resort Limited, is owned by related party J, Beijing Ezagoo Industrial Development Group Holding Limited, and related party G, Hunan Kuaile Motors Camping Site Investment Development Ltd. with equity of 80% and 20%, respectively. As of March 31, 2024, and December 31, 2023, the amount of $138 and $141 due from the related party I, respectively. It was rent deposit to the related party with the lease period ended August 1, 2024.

Amount due to the related parties consisted of the following:

	March 31, 2024		December 31, 2023
			(Reclassified)
Related party A	$	30,932	$	27,577
Related party B		348,870		354,921
Related party C		22,325		22,712
Related party D		512,038		520,747
Related party E		3,407		123,496
Related party G		251,004		255,358
Related party J		1,506,733		1,265,159
Related party K		37,395		38,044
Related party L		20,893		20,893
Related party M		331,096		336,840
Related party N		128,104		130,326
Related party O		113,569		115,540
Related party P		-		31,450
Total amount due to the related parties	$	3,306,366	$	3,243,063

Related Party A, Mr. Xiaohao Tan, the director of the Company. As of March 31, 2024, and December 31, 2023, advanced $30,932 and $27,577 to the Company, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party B is Changsha Boyi Zhicheng Management Consulting Co., Ltd. which is 100% owned by their legal representative, Mr. Hui Du, but it’s still significant influence by the Company as of the date of this Report. As of March 31, 2024, and December 31, 2023, related party B advanced $348,870 and $354,921 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party C is Ms. Weihong Wan, Assistant and Secretary of Mr. Xiaohao Tan. Ms. Weihong Wan is a shareholder and Legal Company Representative of related party E, related party K and related party O. As of March 31, 2024, and December 31, 2023, related party C advanced $22,325 and $22,712 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party D is Ms. Qianwen Zhang, the wife of Mr. Xiaohao Tan. Ms. Qianwen Zhang is also the Legal Company Representative of related party G. As of March 31, 2024, and December 31, 2023, related party D advanced $512,038 and $520,747 to the Company as working capital, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party E is Changsha Kexibeier E-commerce Limited, its Legal Company Representative is Ms. Weihong Wan. As of March 31, 2024, and December 31, 2023, related party E advanced $3,407 and $123,496 to the Company as working capital, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party G is Kuaile Motors Camping Site Investment Development Limited. Mr. Xiaohao Tan and his wife, Ms Qianwen Zhang owned 86.95% and 8% of its equity, respectively. As of March 31, 2024, and December 31, 2023, related party G advanced $251,004 and $255,358 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party J is Beijing Ezagoo Industrial Development Group Holding Limited. Its two main equity owners are related party N and Mr. Xiaohao Tan with equity of 71.85% and 21.42%, respectively. As of March 31, 2024, and December 31, 2023, related party J advanced $1,506,733 and $1,265,159 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

EZAGOO LIMITED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Related party K is Ruiyin (Shenzhen) Financial Leasing Limited. Ms. Weihong Wan is the Legal Company Representative of related party K. As of March 31, 2024, and December 31, 2023, related party K advanced $37,395 and $38,044 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party L is Ezagoo B&R (HongKong) Industry Development Group Limited, which is 100% owned by Mr. Xiaohao Tan. As of March 31, 2024, and December 31, 2023, related party L advanced $20,893 and $20,893 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party M is Hunan Ezagoo Film Co., Limited, which 85% of its equity is owned by Mr. Xiaohao Tan. As of March 31, 2024, and December 31, 2023, the Company has $331,096 and $336,840 previous years’ advertising production cost payable to related party M, which is unsecured, interest-free with no fixed payment term.

Related party N is Hunan Wancheng Xingyi Industrial Development Co., Limited, which is 100% owned by Mr. Xiaohao Tan. As of March 31, 2024, and December 31, 2023, related party N advanced $128,104 and $130,326 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party O is Changsha Little Penguin Culture Communication Co., Limited, which 95% and 5% of its equity is owned by related party J and Mr. Xiaohao Tan, respectively. As of March 31, 2024, and December 31, 2023, related party N advanced $113,569 and $115,540 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

Related party P is Hunan Yuancheng Shengwang Marketing Co., Limited, which 82% of its equity is owned by Mr. Hui Du, the sole owner of related party B, but it’s still significant influence by the Company as of the date of this Report. As of March 31, 2024, and December 31, 2023, related party P advanced $0 and $31,450 to the Company as working capital and to pay administrative expenses, which is unsecured, interest-free with no fixed payment term, for working capital purpose.

The related parties’ transactions are shown as following

	Three months ended March 31,
	2024		2023
Imputed interest expenses to director	$	-	$	297
Imputed interest expenses to related parties		-		27,199
Imputed interest income from related parties		-		(7	)
Total imputed interest expenses, net	$	-	$	27,489
Office rental fees	$	6,725	$	7,050