Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 225

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 7
Chunk 225
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ITEM 7.   MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
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7.A. Major Shareholders
 
See Item 6.E., “Share Ownership” for a description of our major shareholders.
 
7.B. Related Party Transactions
 
Employment Agreements, Director Agreements and Indemnification Agreements
 
See “Item 6. Directors, Senior Management and Employees—B. Compensation of Directors and Executive Officers—Employment Agreements, Director Agreements and Indemnification Agreements.”
 
Share Incentives
 
See “Item 6. Directors, Senior Management and Employees—B. Compensation of Directors and Executive Officers —Share Incentive Plans.”
 
Other Transactions with Related Parties
 
The relationship and the nature of related party transactions are summarized as follow:
 
In 2018, the Company entered into a rental agreement with Kambo Security Products Limited for office space in Hong Kong. The rental agreement has been renewed annually. Kambo Security Products Limited is owned by Mr. Bong Lau, Mr. Wynn Hui, and Mr. Bun Lau, major shareholders and directors of the Company. Rent expense for the years ended December 31, 2024, 2023 and 2022 was $74,000, $74,000 and $54,000, respectively.
 
7.C. Interests of Experts and Counsel
 
Not applicable.