Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
NOTE 11 – Related Party Transactions

 

A. Name of related parties and relationships with the Company:

 

  Related Party   Relationship
  Daniel Shih (“Daniel”)   Founder/promoter and shareholder; Aircom’s CEO and Director between February 13, 2017 and April 27, 2017; CFO of Aircom between February 13, 2017 and May 5, 2017
  Bummy Wu   Shareholder
  Giretsu Shih   President of Aircom Japan
  dMobile System Co. Ltd. (“dMobile”)   Daniel is the Chairman
  Klingon Aerospace, Inc. (“Klingon”)   Daniel was the Chairman from February 2015 to February 2016
  Law Office of Jan Yung Lin   100% owned by Jan
  Priceplay.com, Inc. (“PPUS”)   Daniel is the Chairman
  Priceplay Taiwan Inc. (“PPTW”)   Parent company of PPUS
  Wealth Wide International Ltd. (“WWI”)   Bummy Wu is the Chairman
 
B. Significant related party transactions:

 

The Company has extensive transactions with its related parties. It is possible that the terms of these transactions are not the same as those which would result from transactions among wholly unrelated parties.

 

a. As of September 30, 2017 and December 31, 2016

 

      September 30, 2017     December 31, 2016  
  Rental deposit to Daniel   $ 2,397     $ 4,966  
  Other payable to:                
  PPTW   $ -     $ 819,300  
  Klingon     762,000       762,000  
  dMobile     -       471,100  
  PPUS     -       737,000  
  Giretsu Shih     2,131       69,385  
  Daniel     79,602       49,500  
  Bummy Wu           32,149  
  W W I     1,800       -  
  Others     53,735       15,141  
  Total   $ 899,268     $ 2,955,575  

 

  b. For the three-month and nine-month periods ended September 30,

 

      Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
      2017     2016     2017     2016  
  Legal expense paid to Law Office of Jan-Yung Lin   $ -     $ 10,000     $ -     $ 10,000  
  Rent expense charged by Daniel   $ 30,690       -     $ 37,901       -  
  Rent expense charged by WWI   $ 1,800     $ -     $ 1,800     $ -  

 

Aircom Japan entered into a lease agreement with Daniel between August 1, 2014 and July 31, 2016, which was renewed to expire on July 31, 2018. Pursuant to the terms of this lease agreement, Aircom Japan pays Daniel a rental fee of approximately $1,215 per month.