Quarterly report pursuant to Section 13 or 15(d)

Significant Related Party Transactions (Details) - Schedule of significant related party transactions

v3.21.2
Significant Related Party Transactions (Details) - Schedule of significant related party transactions - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Inventory prepayment to:    
Total $ 331,400 $ 542,130
Other payable to:    
Total 704,571 451,186
dMobile [Member]    
Inventory prepayment to:    
Total [1] 331,400
Yuanjiu [Member]    
Inventory prepayment to:    
Total [2] 542,130
Interest payable to WTL [Member]    
Inventory prepayment to:    
Loan from WTL [3] 527,066
Other payable to:    
Total [3] 44,825 7,623
AATWIN [Member]    
Other payable to:    
Total [4] 255,741 146,673
Others [Member[    
Other payable to:    
Total [5] 404,005 296,890
Lease liability to WWI [Member]    
Other payable to:    
Lease liability - current [6] $ 54,236 $ 68,661
[1] In June 2021, the Company ordered antenna equipment of $331,400 (NT $9,500,000) (unaudited) from dMobile. As of June 30, 2021, the Company had prepaid $331,400 (NT$9,500,000) (unaudited) to dMobile as prepayment on the equipment purchase.
[2] Represents inventory prepayment paid to Yuanjiu. On May 11, 2020, the Company entered into a product purchase agreement (PO1) with Yuanjiu 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 (unaudited) and the Company paid 20% of the total amount, or $361,420 (unaudited), as an initial deposit. On July 15, 2020, the Company signed a second product purchase agreement (PO2) of $1,807,100 (unaudited) with Yuanjiu for an additional 100 sets of the AirCinema Cube for the same purchase amount and paid a 10% initial deposit of $180,710 (unaudited) on this agreement as well. In February 2021, the Company paid the remaining balance of the PO1 and received the inventory with aggregate value of $1,807,100 (unaudited). The deposit on PO2 was refunded by Yuanjiu on June 1, 2021.
[3] The Company borrowed funds to meet operational needs from WTL under the Loans (discussed in Note 1). The original loan amount was approximately $2.64 million (NT$80,000,000). The loan agreement, which allows the Company to borrow additional funds and which carries an interest rate of 5% per annum, will terminate on December 31, 2021. The Company had fully repaid the outstanding loan amount as of June 30, 2021.
[4] Represents payable to AATWIN due to a consulting agreement dated January 1, 2019. The monthly consulting fee is EUR 15,120 (approximately $17,000). This agreement will expire on December 31, 2021.
[5] Represents payables to employees as a result of regular operating activities.
[6] Aircom Hong Kong has a lease agreement with WWI for warehouse space with a monthly rental cost of $450. The lease term on this property is 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 this 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).