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Related Parties Transaction
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
Related Parties Transaction

12. Related Parties Transaction

 

As of June 30, 2022 and December 31, 2021, the outstanding balance due from related parties was $7,581,102 and $7,670,434, respectively. Significant related parties comprised much of the total outstanding balance as of June 30, 2022 are stated below:

 

The outstanding balance of $3,941,744 was due from Mr. Cai Xiaodong, the shareholder of the Anhui Ansheng Petrochemical Equipment Co., Ltd.;

 

The outstanding balance of $267,937 was due from Meihekou Chuangyuan Chemical Co. Ltd., which has the same legal representative as Jilin branch.

 

The outstanding balance of $447,001 was due from Jilin Chuang Tai New Energy Technology Co., Ltd, which has the same supervisor as Jilin Chuangyuan.

 

The outstanding balance of $2,246,573 was due from Wuxi Xinganbang Petrochemical Equipment Co., Ltd., which has significant influence on Ansheng branch.

 

The outstanding balance of $677,848 was due from a couple of individuals, which has significant influence on Ansheng branch.

 

These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand.

 

As of June 30, 2022 and December 31, 2021, the outstanding balance due to related parties was $10,406,672 and $5,196,227, respectively. Significant parties comprised much of the total outstanding balance as of June 30, 2022 are stated below:

 

The outstanding balance of $941,681 was due to Ms. Yan Yan, the spouse of the legal representative of Jilin Chuangyuan Chemical Co., Ltd.;

 

The outstanding balance of $1,989,061 was due to Mr. Su Lei, the executive of Anhui Ansheng Petrochemical Equipment Co., Ltd.;

 

The outstanding balance of $4,348,463 was due to Mr. Cai Xiaodong, the shareholder of the Anhui Ansheng Petrochemical Equipment Co., Ltd.;

 

The outstanding balance of $335,250 was due to Wuxi Yangchang Chemical Machinery Factory, which has significant influence on Ansheng branch;

 

The outstanding balance of $393,360 was due to Hubei Shuangxin Energy Technology Co., Ltd., which has the same legal representative as Jinshangsanhe branch;

 

The outstanding balance of $2,398,855 was due to a couple of executives of the subsidiaries of the Company;

 

The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed.