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Related Party Transactions
 6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Related Party Transactions [Abstract]    
RELATED PARTY TRANSACTIONS

20. RELATED PARTY TRANSACTIONS

 

The principal related party balances and transactions as at and for the six months ended 30 June 2019 and 2018 are as follows:

 

Amounts due from related parties:

 

   As at
30 June
2019		   As at
31 December
2018		 
   (Unaudited)     
         
Long Top Limited (Loan to related parties)  $310,567   $303,246 
Guardforce Group Limited (Other receivables)   89,665    84,709 
Guardforce TH Group Company Limited (Other receivables)   7,849    7,403 
Bangkok Bank Public Company Limited (Accounts receivable, net)   -    702 
   $408,081   $396,060 

 

The amount due from Long Top Limited is a short-term loan by the Company with interest at 5% per annum. The interest income for the six months ended 30 June 2019 was $10,689. The loan's due date was 31 December 2019 and was further extended to 31 December 2021. All interest and principal is due on that date.

 

Amounts due from Guardforce Group Limited, Guardforce TH Group Company Limited, and Bangkok Bank Public Company Limited are business advances for operational purposes.

 

Amounts due to related parties:

 

   As at
30 June
2019		  

As at

31 December
2018

 
   (Unaudited)     
         
Mr. Tu Jingyi (Trade and other payables)   1,537,327    1,837,327 
Junwei Capital Group Ltd. (Trade and other payables)   224,766    149,741 
Guardforce Security (Thailand) Co., Ltd (Trade and other payables)   69,780    124,825 
Guardforce 3 Limited (Trade and other payables)   5,601    5,291 
Guardforce Aviation Security Co., Ltd (Trade and other payables)   783    1,240 
   $1,838,257   $2,118,424 

 

Related party transactions:

 

      For the six months ended 
   Nature  30 June
2019		   30 June
2018		 
      (Unaudited)   (Unaudited) 
Guardforce Security (Thailand) Co., Ltd  (a)  $371,362   $350,740 
Guardforce Aviation Security Co., Ltd  (b)   5,116    3,756 
      $376,478   $354,496 

 

Nature of transactions:

 

(a)Guardforce Security (Thailand) Co., Ltd. provided security guard services to the Company.
(b)Guardforce Aviation Security Co., Ltd. provided escort services to the Company.
19.RELATED PARTY TRANSACTIONS

 

The table below sets forth the major related parties and their relationships with the Company as of 31 December 2018:

 

Name of related parties   Relationship with the Company
Long Top Limited   Ultimately controlled by Mr. Tu
Guardforce TH Group Company Limited   Ultimately controlled by Mr. Tu
Guardforce Security(Thailand) Company Limited   Ultimately controlled by Mr. Tu
Bangkok Bank Public Company Limited   Minority shareholder
Shenzhen Junwei Investment Development Co., Ltd.   Minority shareholder
Guardforce Security (Thailand) Co.,Ltd   Ultimately controlled by Mr. Tu
Guardforce Aviation Security Co.,Ltd   Ultimately controlled by Mr. Tu
Guardforce 3 Limited   Ultimately controlled by Mr. Tu
Tu Jingyi ("Mr. Tu")   Controlling shareholder

 

The principal related party balances and transactions as of and for the years ended 31 December 2018 and 2017 are as follows:

 

Amounts due from related parties:

 

   31 December 
   2018   2017 
Long Top Limited (Loan to related parties)  $303,246   $- 
Guardforce Group Limited (Other receivable)   84,709    84,371 
Guardforce TH Group Company Limited (Other receivable)   7,403    6,134 
Guardforce Security (Thailand) Company Limited (Other receivable)   -    2,456 
Bangkok Bank Public Company Limited (Other receivable/Accounts receivable, net)   702    707 
   $396,060   $93,668 

 

The amount due from Long Top Limited is a short-term loan by the Company with interest at 3% per annum. The interest income for the year ended 31 December 2018 was $5,948. The loan's due date was 31 December 2019 and was further extended to 31 December 2021. All the interest and principal are due on that date.

 

Amounts due from Guardforce Group Limited, Guardforce TH Group Company Limited, Guardforce Security (Thailand) Company Limited and Bangkok Bank Public Company Limited are business advances for operational purposes.

 

Amounts due to related parties:

 

   31 December 
   2018   2017 
Guardforce TH Group Company Limited (Borrowings from related party)  $-   $12,386,433 
Tu Jingyi (Trade and other payables)   1,837,327    - 
Junwei Capital Group Ltd. (Trade and other payables)   149,741    - 
Guardforce Security (Thailand) Co.,Ltd (Trade and other payables)   124,825    118,475 
Guardforce 3 Limited (Trade and other payables)   5,291    5,270 
Guardforce Aviation Security Co.,Ltd (Trade and other payables)   1,240    715 
   $2,118,424   $12,510,893 

 

Amounts due to Guardforce TH Group Company Limited are short-term loans bearing interest at 2.01% and 4.13329% per annum. The loans were unsecured and have been transferred to a third party through a debt restructuring in April 2018. (See Note 12). The interest expense was $126,523 and $381,621 for the years ended 31 December 2018 and 2017 respectively.

 

Related party transactions:

 

      For the year ended 
   Nature  31 December
2018		   31 December
2017		 
Guardforce Security (Thailand) Co.,Ltd  (a)  $695,594   $639,397 
Guardforce Aviation Security Co.,Ltd  (b)   6,853    5,741 
      $702,447   $645,138 

 

Nature of transactions:

 

(a)Guardforce Security (Thailand) Co.,Ltd. provided security guard services to the Company.

 

(b)Guardforce Aviation Security Co.,Ltd. provided escort services to the Company.