Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

DUE FROM RELATED PARTIES

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DUE FROM RELATED PARTIES
 12 Months Ended
Dec. 31, 2023
Due From Related Parties  
DUE FROM RELATED PARTIES

NOTE 7 — DUE FROM RELATED PARTIES

 

Due from related parties as of December 31, 2023 and 2022 represents amounts receivable from related entities of the Company. The receivables are unsecured, bear no interest, non-trade in nature and are due on demand. The due from related parties (Long term) are recoverable within average life of three years.

                 
    As of December 31,  
    2023     2022  
             
Due from related parties (Short term)                
Accounts Receivable – Shareholders   $ -     $ 60,280  
Due from MSJ Foundation     26,276       102,356  
Due from Entrepreneur Resorts Limited and Subsidiaries     4,782,251       -  
Others     158,206       188,721  
Total due from related parties (short term)   $ 4,966,733     $ 351,357  
                 
Due from related parties (Long term)                
BMV Finance   $ 2,076,221     $ 1,973,144  
Simon Zutshi     1,395,228       1,268,094  
BG3 Ltd.     740,506       703,743  
Zutshi LLP     399,979       380,121  
Vision1 Investments     294,464       279,845  
Crowd Property     273,713       260,124  
Throckley     219,916       208,998  
Others     103,694       98,187  
Property Mastermind International     124,577       116,008  
Total due from related parties (long term)   $ 5,628,298     $ 5,288,264  
Due from related parties   $ 10,595,031     $ 5,639,621  

 

Subsequent to December 31, 2023, the amount due from Entrepreneur Resorts Limited was converted into 1,739,000 shares of common stock at a price per share of US $2.75. As a result, it has been concluded that no impairment is required.