Quarterly report pursuant to Section 13 or 15(d)

Significant Related Party Transactions (Unaudited) (Details 2)

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Significant Related Party Transactions (Unaudited) (Details 2) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Related Party Transactions [Abstract]    
Purchase from Yuan Jiu [1] $ 1,807,100
Consulting expense charged by AATWIN [2] 54,388 50,111
Interest expense charged by WTL 17,951 3,987 [3]
Rental expense charged by WWI [4] 11,988 11,542
Rental income from EESqaure JP [5] $ (2,826) $ (2,754)
[1] 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.
[2] 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.
[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] 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 1, 2022. Aircom Hong Kong has another lease agreement with WWI for its office space in Hong Kong with a monthly rental cost of HKD 30,000 (approximately $3,829) and HKD 29,897 (approximately $3,847) for the three-month periods ended March 31, 2021 and 2020, respectively. The lease term is from June 28, 2020 to June 27, 2022 and June 28, 2018 to June 27, 2020 for the three-month periods ended March 31, 2021 and 2020, respectively.
[5] Aircom Japan entered into a sublease agreement with EESquare JP for the period between March 5, 2019 and March 4, 2021. Pursuant to the terms of this lease agreement, EESquare JP pays Aircom Japan a rental fee of approximately $920 per month.