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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
RELATED PARTY TRANSACTIONS  
Summary of Balances with Related Party

 

    

December 31,

 

 

2019

    

2018

Accounts receivable – related parties

 

 

  

 

 

  

Shanghai Pujiang

 

$

536,358

 

$

 —

 

 

$

536,358

 

$

 —

 

The balance of Accounts receivable-related parties consist of amounts from Shanghai Pujiang for the sale of products.

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

Customer deposits – related parties

 

 

  

 

 

  

Shanghai Pujiang

 

$

 —

 

$

2,604,604

Zhejiang Pujiang

 

$

3,358,897

 

$

2,195,780

 

 

$

3,358,897

 

$

4,800,384

 

The balance of Customer deposits-related parties consist of amounts paid to the Company in advance from Shanghai Pujiang and Zhejiang Pujiang for the sale of products.

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

Due to shareholder:

 

 

  

 

 

  

Dr. Tang

 

$

 —

 

$

1,695,259

 

 

$

 —

 

$

1,695,259

 

Dr. Tang is the chairman and controlling interest shareholder of the Company. From time to time, Dr. Tang paid operating expenses on behalf of the Company to assist with the Company’s cash needs for business purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

    

 

2019

    

 

2018

Due to related parties:

 

 

  

 

 

  

Pujiang International

 

$

2,181,098

 

$

 —

Top Innovation

 

 

116,541

 

 

 —

 

 

$

2,297,639

 

$

 —

 

Summary of Related Party Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

 

    

2019

    

2018

    

2017

Ossen Material Research

 

Ossen Material Research provided guarantee together with Shanghai Pujiang and Dr. Tang for the short-term bank loans borrowed by the Company

 

$

3,515,003

 

$

 —

 

$

3,749,502

 

 

Ossen Material Research provided guarantee together with Dr. Tang for the notes payable issued by the Company

 

$

 —

 

$

 —

 

$

4,897,310

 

 

The Company provided guarantee for the short-term bank loans borrowed by Ossen Material Research

 

$

 —

 

$

 —

 

$

18,824,034

Ossen Shanghai

 

Ossen Shanghai provided guarantee together with Dr. Tang for the short-term bank loans borrowed by the Company

 

$

 —

 

$

581,522

 

$

 —

Shanghai Pujiang

 

Shanghai Pujiang provided guarantee together with Dr. Tang for the short-term bank loans borrowed by the Company

 

 

 —

 

 

9,377,044

 

 

 —

 

 

The Company provided guarantee for the short-term bank loans borrowed by Shanghai Pujiang

 

$

85,995,602

 

$

30,529,912

 

$

5,356,432

 

 

The Company provided guarantee for the long-term bank loans borrowed by Shanghai Pujiang

 

$

 —

 

$

43,585,084

 

$

 —

 

 

The Company provided guarantee for the notes payable issued by Shanghai Pujiang

 

$

 —

 

$

2,907,611

 

$

 —

 

 

The Company sold products to Shanghai Pujiang

 

$

2,906,755

 

$

2,810,147

 

$

 —

Zhejiang Pujiang

 

The Company provided guarantee for the notes payable issued by Zhejiang Pujiang

 

$

 —

 

$

 —

 

$

25,426,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company sold products to Zhejiang Pujiang

 

$

1,566,558

 

$

2,945,584

 

$

 —

Pujiang International

 

Pujiang International provided guarantee the short-term bank loans borrowed by the Company

 

$

7,819,086

 

$

 —

 

$

 —