China Senior Living Industry (CHYL)

[ALERTS100%to10000%GAIN]

CHYL~~Related Party Receivables



Related party receivables consisted of the following as of December 31, 2017 and 2016:







12/31/2017





12/31/2016



Wu, Jingmeng (1)



$ 1,159,477




$ 945,317


Xianyang Yifuge Elderly Apartment Co., Ltd. (“Xianyang”) (2)





2,936






1,141






$ 1,162,413




$ 946,458




(1) Advances made by the Company to Mr. Wu, Jingmeng. Mr. Wu is the deputy general manager of the Company. The funds was used by Mr. Wu to pay for construction of a second senior home in Xianyang City, Shaanxi Province. The Company will provide management services to this new senior home after the construction is completed. The receivable had no impact on earnings. This balance of related party receivables is unsecured, interest-free and has no fixed terms of repayment. It is neither past due nor impaired. Management believes the amounts are recoverable.



(2) Service fees earned that the Company has not collected as of balance sheet date in connection with the services rendered to Xianyang during the period. The balance of related party receivables is unsecured, interest-free and has no fixed terms of repayment. It is neither past due nor impaired. Management believes that the amount will be repaid in the next billing cycle. Xianyang is controlled by the management of the Company.