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Investments
6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments

10. Investments

 

As of June 30, 2022, The Company has paid approximately $2,980,004 and purchased 20% of Shandong Ningwei New Energy Technology Co., Ltd.’s total equity for investments purpose. Based on ASU 2016-01, an entity will be able to elect to record equity investments without readily determinable fair values and not accounted for by the equity method at cost, less impairment, adjusted for subsequent observable price changes. Entities that elect this measurement alternative will report changes in the carrying value of the equity investments in current earnings

 

As of June 30, 2022, the company has paid $4,100,000 and purchased 10% of Xianning Xiangtian Energy Holding Group Co., Ltd.’s total equity for investments purpose, and the industrial and commercial modification procedures, as well as the shareholders registration process in the local government agencies, are in progress.

 

As of June 30, 2022, the company paid $2,592,604 in advance to purchase the remaining 15% equity of Jingshan Subsidiary, and the industrial and commercial modification procedures, as well as the shareholders registration process in the local government agencies, are in progress.