RELATED PARTY BALANCES AND TRANSACTIONS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| RELATED PARTY BALANCES AND TRANSACTIONS | NOTE 6. RELATED PARTY BALANCES AND TRANSACTIONS
Related Party Balances
(i) Amounts due to related parties:
Shuhua Liu and Chiu Kin Wong are major shareholders of the Company. Zenox Enterprises Inc. is owned by Chao Long Huang, the Chief Executive Officer of the Company.
During the three months ended March 31, 2026, an officer advanced $107,612 (C$150,000) to the Company for working capital purposes. The officer obtained the funds from a third-party financial institution and subsequently advanced them to the Company. Under the terms of the arrangement, the Company is required to reimburse the officer for interest and financing fees incurred in connection with the third-party borrowing. Accordingly, the Company recorded interest expense of $5,823 for the three months ended March 31, 2026.
In January 2026, the Company repaid USD $20,000 to Zenox Enterprises Inc.
The amounts due to Shuhua Liu, Chiu Kin Wong and Zenox Enterprises Inc. are unsecured, non-interest bearing, and due on demand. Included in the $415,436 advanced from Chao Long Huang, $97,552 bears interest of 5.7% per annum and is due on demand.. The remaining $317,884 (C$439,141) bears interest of RBC prime plus 2.54% with a minimum of 7.49% calculated monthly, and is repayable on July 1, 2026, unless an earlier repayment date is mutually agreed upon by both parties.
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