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Subsequent Event
3 Months Ended
Mar. 31, 2023
Subsequent Event  
Subsequent Event

Note 20. Subsequent Event

In April 2023, each of Xiaoyi XingAn and JiYa, our equity investment entities, paid to us a dividend of $1.8 million. We have no current intentions to distribute to our investors earnings under our corporate structure.

In April 2023, our consolidated subsidiary, ChaoYang XinMei received a subsidy of approximately $730,000 from the provincial government in China. The aim of the fund is to support innovation in enterprises.

In May 2023, the Company entered into an agreement to divest 15% of its equity investments in Emeishan JiaMei High Pure Materials Co., Ltd. to a third party for approximately $875,000. Upon completion of the sale, the Company’s ownership in Emeishan JiaMei High Pure Materials Co., Ltd. will be reduced to 10%.