Related Party Transactions | 3. Office Space EFT Holdings, Inc. 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 June 30, 2019 and December 31, 2018, respectively. June 30, December 31, 2019 2018 EFT Holdings, Inc. $ 738,020 $ 751,258 EFT2, Inc. 63,250 40,750 Astonia LLC 34,000 — $ 835,270 $ 792,008 Advances of $10,000 were received from EFT Holdings, Inc. and $12,677 were expenses paid for on behalf of the Company during the six months ended June 30, 2019. During the six months ended June 30, 2019, the Company repaid $35,915 of the EFT Holdings, Inc. loans. 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 June 30, 2019, the Company owed EFT Holdings $234,445 in accrued and unpaid interest. $719,300 of these advances at June 30, 2019 were past due and payable upon demand. All of these past due advances have been extended for another year. Advances of $22,500 were received from EF2T during the six months ended June 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 June 30, 2019, the Company owed EF2T $2,514 in accrued and unpaid interest. Advances of $34,000 were received from Astonia, LLC (“Astonia”) during the six months ended June 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 June 30, 2019, the Company owed Astonia $109 in accrued and unpaid interest. |