Quarterly report pursuant to Section 13 or 15(d)

Significant Related Party Transactions (Details 1)

v3.20.2
Significant Related Party Transactions (Details 1) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Related Party Transaction [Line Items]    
Other payable to: $ 153,729 $ 30,971
Yuan Jiu [Member]    
Related Party Transaction [Line Items]    
Inventory prepayment to [1] 180,710
Others [Member]    
Related Party Transaction [Line Items]    
Other payable to: [2] 63,299 30,971
AATWIN [Member]    
Related Party Transaction [Line Items]    
Other payable to: [3] 90,430
WTL [Member]    
Related Party Transaction [Line Items]    
Short-term loan from WTL [4] $ 272,211
[1] Represents inventory prepayment paid to Yuan Jiu. On May 11, 2020, the Company entered into a product purchase agreement with Yuan Jiu to purchase 100 sets of the AirCinema Cube to be installed on aircraft of commercial airline customers. The total purchase amount under this agreement was $1,807,100 and the Company paid 10% of the total amount as an initial deposit. On July 15, 2020, the Company signed a second product purchase agreement with Yuan Jiu for an additional 100 sets of the AirCinema Cube for the same purchase amount and paid a 10% initial deposit ($180,710) on this agreement as well.
[2] Represents payable to employees as a result of regular operating activities.
[3] Represents payable to AATWIN due to consulting agreement on January 1, 2019. The monthly consulting fee is EUR 15,120 (approximately $17,000) and will be expired December 31, 2021.
[4] Represents short-term loan from WTL due to operational needs. The original loan amount was approximately $2.64M (NTD 80,000,000). The loan agreement will terminate on December 31, 2021. The Company has repaid $2.53M (NTD 76,000,000) of the outstanding loan amount as of August 17, 2020.