Oral Loan Agreement Between Technics Group Limited and Hometouch (Advances and Waiver)
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Summary
Technics Group Limited, controlled by Mr. David Gunawan Ng and Ms. Stella Wai Yau, made temporary, unsecured, non-interest bearing advances to Hometouch under an oral agreement. As of March 31, 2008, the outstanding balance was $382,702, with an additional $66,949 advanced during the following year. The total amount of $449,651 was later waived by Technics Group Limited, meaning Hometouch is no longer required to repay the loan.
EX-10.14 3 hometouch_ex1014.htm TERMS OF ORAL LOAN AGREEMENT hometouch_ex1014.htm
Exhibit 10.14
As of March 31, 2008, a balance of $382,702 due to related parties represented temporary advances pursuant to an oral agreement from a related company, Technics Group Limited, which is controlled by Mr. David Gunawan Ng and Ms. Stella Wai Yau. The balance was unsecured, non-interest bearing and repayable on demand. For the year ended March 31, 2009, the Company received the additional advances of $66,949 and the balance of $449,651 due to related parties was waived by the related company subsequently.
