Related Parties Transactions (Tables)

9 Months Ended

Sep. 30, 2020

The Company had the following balances and transactions with related parties:

(a) Amount due from related parties

	Relationship	As of September 30, 2020		As of December 31, 2019
Haoxianyi	Shareholder and Director of the Bangtong Technology International Limited (Note 1)	$	2,660	$	6,916
Guanhua International Limited	Shareholder of Bangtong Technology International Limited (Note 1)		544		544
Zhengyu International Limited	Shareholder of the Bangtong Technology International Limited (Note 1)		748		748
Wanbo International Limited	Shareholder of Bangtong Technology International Limited (Note 1)		2,040		2,040
Zhuohong International Development	Shareholder of Bangtong Technology International Limited (Note 1)		3,840		3,840
Shenyang Zhuohong Investment Co., Ltd.	Common shareholder with Zhuohong International Development (Note 2)		51,040		49,775
Total		$	60,872	$	63,863

Note 1 The balances represent paid in share capital due from shareholders. The balances due from related parties are unsecured, non-interest bearing and repayable on demand.

Note 2 The balance represents prepaid annual consultancy fee to Shenyang Zhuohong Investment Co. in connection to the guidance and assistance on fulfilling the SEC listing requirements.

(b) Amount due to related parties

	Relationship	As of September 30, 2020		As of December 31, 2019

Shenyang Bangtong Science & Technology Co., Ltd.	Common shareholder with the Company (Note 3)	$	753,579	$	736,127
Shenyang Guanchen Trading Co., Ltd.	Common shareholder with Zhuohong International Development (Note 4)		361,533		352,575
Total		$	1,115,112	$	1,088,702

Note 3 The balances represent cash advances due to related party. The balance with related party is unsecured, non-interest bearing and repayable on demand.

Note 4 The balances represent loan from related party. In October 2019, the Company borrowed 361,533 (RMB2,455,000) from Shenyang Guanchen Trading Co., Ltd.. The loan is due in October 2021. The loan is unsecured and non-interest bearing.

LUBOA GROUP, INC. 10-Q