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Related Party Transactions
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
14. RELATED PARTY TRANSACTIONS

 

a) Related parties:

 

  Name of related parties   Relationship with the Company
  Mr. Jianmin Gao   Stockholder, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of the Company
  Mr. Fei Gao   Stockholder, Director and Chief Operating Officer
  Mr. Dong Yao   Stockholder, Director and Chief Technology Officer
  Ms. Lihua Xiao   Stockholder, Management of the Company
  Ms. Li Juan   Stockholder, procurement manager
  Ms. Zheng Zhong   Stockholder, procurement manager
  Mr. Hao Siheng   Stockholder, Son of Lihua Xiao

 

b) The Company had the following related party balances as of September 30, 2018 and December 31, 2017:

  

      September 30 
2018		     December 31, 
2017		  
      (Unaudited)        
  Due to related parties:            
  Mr. Jianmin Gao   $ 85,374     $ 83,747  
  Mr. Fei Gao     6, 612       6,980  
  Related company controlled by Ms. Lihua Xiao     26,209          
                   
      $ 118,195     $ 90,727  

 

As of September 30, 2018 and December 31, 2017, the amounts owed to related parties are without interest and due on demand.

 

c) Loans receivable form related parties

 

      September 30,     December 31,  
      2018     2017  
      (Unaudited)        
               
  Related companies of non-controlling stockholders   $ 5,431,141     $           -  
                   
  Total   $ 5,431,141     $ -  

 

Interest income derived from the above loans receivable from related parties were $686,755 and $134,956 for the nine months ended September 30, 2018 and 2017, respectively. Fee income derived from the above loans receivable from related parties were $343,377 and nil for the nine months ended September 30, 2018 and 2017, respectively.

 

d) Loans payable to related parties

 

      September 30, 
2018		     December 31, 
2017		  
      (Unaudited)        
               
  Non-controlling stockholders   $ 3,436,326     $ 2,499,245  
  Related companies of non-controlling stockholders     4,879,290       -  
                   
      $ 8,315,616     $ 2,499,245  

 

Interest expenses incurred on the above loans payable to related parties were $2,090,781 and $775,591 for the nine months ended September 30, 2018 and 2017, respectively.

   

e) Commission income received from related parties

  

      For the nine months ended
September 30,		  
      2018     2017  
      (Unaudited)     (Unaudited)  
               
  Non-controlling stockholders   $ 253,800     $              -  
  Related company of non-controlling stockholder     26,403       -  
                   
      $ 280,203     $ -