Related Party Transactions | 3. Office Space EFT Holdings, Inc., an affiliate of the Company, provides office space to the Company on a rent-free basis. Loans Payable – Related Parties The following table sets forth outstanding loans payable to related parties as of the September 30, 2019, and December 31, 2018, respectively. September 30, December 31, 2019 2018 EFT Holdings, Inc. $ 689,607 $ 751,258 EF2T, Inc. 83,250 40,750 Astonia LLC 83,000 — $ 855,857 $ 792,008 Advances of $10,000 advances were received from EFT Holdings, Inc. ("EFT Holdings") and $12,677 were expenses paid by EFT Holdings on behalf of the Company, during the nine months ended September 30, 2019. During the nine months ended September 30, 2019, the Company repaid $84,328 loans due to EFT Holdings. The amounts due EFT Holdings bear interest at 5% per year, are secured by all future sales of the Company and have a maturity of one year. As of September 30, 2019, the Company owed EFT Holdings $243,445 in accrued and unpaid interest. All of EFT Holdings' advances at September 30, 2019, were past due and payable upon demand. Advances of $42,500 were received from EF2T, Inc. ("EF2T") during the nine months ended September 30, 2019. The amounts due EF2T bear interest at 5% per year, are secured by all future sales of the Company, and have a maturity of one year. As of September 30, 2019, the Company owed EF2T $3,484 in accrued and unpaid interest. Advances of $83,000 were received from Astonia, LLC (“Astonia”) during the nine months ended September 30, 2019. Astonia is considered a “related party”, due to the fact that the Company’s President, Jack Jie Qin, is the manager of Astonia.The amounts due Astonia bear interest at 5% per year, are secured by all future sales of the Company, and have a maturity of one year. As of September 30, 2019, the Company owed Astonia $803 in accrued and unpaid interest. |