Related Party Transactions and Balances |
12 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Related Party Transactions and Balances | |
| Related Party Transactions and Balances | Note 4 – Related Party Transactions and Balances
Advances from Related Party
During the years ended January 31, 2024 and 2023, the Company received advances totaling $5,277 and $0 from Cheng-Hsiang Kao, the Company’s previous Chief Executive Officer who is also a major shareholder and operating expenses of $205,523 and $120,323 were paid on behalf of the Company. These advances are unsecured, non-interest bearing, and payable on demand. As of January 31, 2024 and 2023, the total amount of shareholder advances outstanding was $425,482 and $214,682, respectively.
Due to Related Party
The Company sources its inventory exclusively from a vendor wholly owned by shareholders who collectively hold more than 20% of the Company’s outstanding common shares as of January 31, 2024. These shareholders are also family members of the Company’s Chairman. As of January 31, 2024 and 2023 amounts due to this related party totaled $2,411,000, respectively, are disclosed in Accounts Payable – related party on the balance sheets. |