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Note 5 - Related Party Transactions
6 Months Ended
Jun. 30, 2014
Notes  
Note 5 - Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

The related parties consist of the following:

 

Jimmy Kent-Lam Wong, the Company’s CEO, a director and principal shareholder Kingdom Industry Group Inc., Jimmy Kent-Lam Wong is one of the two directors and owns 60% equity interest China 3D Industrial Park Company Limited (“China 3D”), Jimmy Kent-Lam Wong is one of two directors of China 3D and owns 50% equity interest through his affiliates in China 3D. Chang Li, the Company's Chief Technology Officer and a director, is the second director of China 3D.

 

Due from Related Party

 

Due from related party consists of the following:

 

June 30, 2014

December 31, 2013

Jimmy Kent-Lam Wong

6,544

6,544

Total

$6,544

$6,544

 

The above amount represents advance to Jimmy Kent-Lam Wong for business purpose.

 

Due to Related Parties

 

Due to related parties consists of the following:

 

 

June 30,2014

December 31,2013

Kingdom Industry Group Inc.

$85,000

$35,000

China 3D

-

85,056

Total

$85,000

$120,056

 

The amounts due to related parties represent advances received to support the Company’s operations. They are unsecured, bearing no interest and repayable on demand.

 

Loan from Related Party

 

By the agreements dated August 28, 2013 and November 29, 2013, the Company obtained loans of $250,000 and $300,000, respectively, from Kingdom Industry Group Inc. The loans are unsecured, bearing interest of 7.33% per annum and are to be repayable within two years from the respective dates of the loan agreements. In connection with the disposal of 3D Science & Cultural Products International Exchange Center, the directors of Kingdom Industry Group, Inc. had elected to relinquish all their claims on the loan of $250,000 together with any accrued interests thereon (also see Note 7). The directors of Kingdom Industry Group Inc. confirmed that they would not have any claim whatsoever on the said loan.