RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS Collaborative Arrangement In April 2017, the Company, through its wholly-owned subsidiary, MSNI (M) Sdn Bhd. (“MSNI”), entered into a collaboration agreement with Monspacemall Sdn Bhd (“MSMSB”) to develop, maintain and operate an e-commerce business. Lai Chai Suang, the Company’s Chief Executive Officer and Chief Financial Officer , is also a shareholder and director of MSMSB. MSMSB is responsible for the operation of the e-commerce platform and is also the principal in the end-customer product sales. MSMSB has the primary responsibility for order fulfillment, collection of receivables and handling of sales returns in all territories. MSNI contributed a consumer database up to a maximum of 500,000 persons in exchange for the profit sharing arrangement in an amount equal to 50% of the net profits from the collaboration agreement, which is included in net revenue. The agreement is initially valid for a year and automatically renews in one-year increments or whenever both parties agree to terminate it. Net revenue from this collaborative arrangement was $39,763 for the three months and six months ended June 30, 2017. As of June 30, 2017, the Company had a receivable from MSMSB of $40,127. Acquisition Agreement On April 7, 2017, the Company entered into an acquisition agreement with the shareholders of MSMSB pursuant to which the Company agreed to purchase a 100% equity interest, or 100,000 ordinary shares of MSMSB for an aggregate purchase price of $50,000. The consummation of the acquisition is subject to the completion of an audit of MSMSB. Other Related Party Transactions In January 2017, the Company paid certain general and administrative expenses on behalf of Mon Space Plantation Inc, a company whose directors include Lai Chai Suang, Low Koon Poh and Chan Foo Weng, in the amount of $6,599. The amounts are recorded as a receivable on the accompanying balance sheet. In June 2017, the Company’s director, Low Koon Poh, paid employees’ salaries and deposited cash to open a bank account on behalf of the Company of approximately $8,800. The Company has evaluated all transactions through the financial statement issuance date for subsequent event disclosure consideration. |