RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Apr. 30, 2023 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS
In 2020, Mr. Peter Yip, CEO, purchased shares of restricted Common Stock issued to founders for $3,100 and is a % shareholder in the Company. In addition, in 2020, two companies owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited (“CSG Group”), each purchased shares of restricted Common Stock issued to founders for $3,000 and are each % shareholders in the Company.
In November 2022, the Company entered into two contacts with CS Global that have a term from November 1, 2022 to October 31, 2023. In the first contract, CS Global is to provide management services, as defined, to the Company for a monthly fee of $10,000 per month. In the second contract, CS Global is to provide monthly services, including office usage and manpower support as defined, to the Company for a monthly fee of approximately $24,000 (HKD 187,200) per month. The Company also agreed to pay CS Global a one-time non-refundable fee of approximately $80,000 (HKD 624,000) associated with the execution of the contracts. As the fee is non-refundable, and is not expected to have alternative future use, the $80,000 was expensed during the six months ended April 30, 2023.
For the three months ended April 30, 2023, fees paid to CS Global totaled $101,567 consisting of management fees of $29,873 and office usage and manpower support of $71,694.
For the six months ended April 30, 2023, fees paid to CS Global totaled $235,393 consisting of management fees of $59,787, other office usage and manpower support $95,606, and the one-time fee of $80,000.
For the three and six months ended April 30, 2022, the Company did not incur any fees to CS Global.
As of April 30, 2023 and October 31, 2022, the Company owed Mr. Peter Yip $ and $, respectively, for advances made to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.
Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 5.83% shareholder in the Company. In addition, three executives of Greenpro are collectively 10.36% shareholders in the Company.
For the three months ended April 30, 2023, the Company incurred total fees to Greenpro of $5,991, consisting of accounting fees of $5,736 and company secretarial fees of $255, respectively.
For the six months ended April 30, 2023, the Company incurred total fees to Greenpro of $18,507, including accounting fees of $16,812, administration fees of $640, advisory fees of $800 and company secretarial fees of $255, respectively.
During the three months ended April 30, 2022, the Company incurred professional fees to Greenpro of $12,517. During the six months ended April 30, 2022, the Company incurred professional fees to Greenpro of $26,094. |