Time Capital Management Inc., a wholly owned subsidiary of Wave Sync Corp., entered into business consulting agreement with Pengfei Xie, Zaixian Wang and Bingjiang Wang, pursuant to which Time Capital, as a business consultant, shall provide investment and financial advice in relation to Clients' funds of a total of 1,000,000.00 together with the income attributable to such Funds for a period of one year from the date of the Agreement to March 15, 2023. Subject to the terms and conditions of the Agreement, Time Capital shall be entitled to a performance-based profit allocation of 8% of the Account's net profits payable quarterly to Time Capital for the services it provides. Before their entry into the Agreement, no material relationship existed between the Company or Time Capital on one hand and the Clients on the other hand, except that Zaixian Wang is a shareholder of the Company and Zaixian Wang is the father of Warren Wang who in-turn is the control person of PX SPAC Capital Inc., one of the principal shareholders of the Company.