Quarterly report pursuant to Section 13 or 15(d)

Significant Related Party Transactions (Details 1)

v3.21.1
Significant Related Party Transactions (Details 1) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]    
Other payable to $ 581,389 $ 451,186
WWI [Member]    
Related Party Transaction [Line Items]    
Lease liability - current [1] 57,484 68,661
Yuan Jiu [Member]    
Related Party Transaction [Line Items]    
Inventory prepayment [2] 180,710 542,130
WTL [Member]    
Related Party Transaction [Line Items]    
Loan from WTL [3] 2,444,695 527,066
Interest payable to [3] 25,225 7,623
AATWIN [Member]    
Related Party Transaction [Line Items]    
Other payable to [4] 201,061 146,673
Others [Member]    
Related Party Transaction [Line Items]    
Other payable to [5] $ 355,103 $ 296,890
[1] Aircom Hong Kong has a lease agreement with WWI for the warehouse with a monthly rental cost of $450. The lease term was from July 1, 2020 to June 30, 2022. Aircom Hong Kong has another lease agreement with WWI for its office space in Hong Kong. The original lease term was from June 28, 2018 to June 27, 2020 with a monthly rental cost of HKD 29,897 (approximately $3,847). The Company renewed the lease on June 27, 2020 and the current lease term is from June 28, 2020 to June 27, 2022 with a monthly rental cost of HKD 30,000 (approximately $3,829).
[2] Represents inventory prepayment paid to Yuan Jiu. On May 11, 2020, the Company entered into a product purchase agreement (PO1) 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 20% of the total amount, or $361,420, as an initial deposit. On July 15, 2020, the Company signed a second product purchase agreement (PO2) of $1,807,100 with Yuan Jiu for an additional 100 sets of the AirCinema Cube for the same purchase amount and paid a 10% initial deposit of $180,710 on this agreement as well. In February 2021, the Company paid the remaining balance of PO1 and received the inventory with aggregate value of $1,807,100.
[3] The Company has loans from WTL due to operational needs under the Loans (Note 1). The original loan amount was approximately $2.64M (NTD 80,000,000). The loan agreement, with an interest rate of 5% per annum, will terminate on December 31, 2021. The Company has repaid approximately $0.24M (NTD 10,375,000) of the outstanding loan amount as of March 31, 2021. As of May 20, 2021, the Company borrowed approximately additional $1.5M (unaudited) (NTD 41,984,000) (unaudited) from WTL under the loans.
[4] 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.
[5] Represents payable to employees as a result of regular operating activities.