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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2020
RELATED PARTY TRANSACTIONS  
Summary of Balances with Related Party

 

 

 

 

 

 

 

 

    

December 31,

 

 

2020

    

2019

Accounts receivable – related parties

 

 

  

 

 

  

Shanghai Pujiang

 

$

593,762

 

$

536,358

Zhejiang Pujiang

 

 

802,854

 

 

 —

 

 

$

1,396,616

 

$

536,358

 

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

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2020

    

2019

Customer deposits – related parties

 

 

  

 

 

  

Zhejiang Pujiang

 

$

 —

 

$

3,358,897

 

 

$

 —

 

$

3,358,897

 

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

 

 

 

 

 

 

 

 

 

 

December 31,

 

    

 

2020

    

 

2019

Due to related parties:

 

 

  

 

 

  

Pujiang International

 

$

2,947,632

 

$

2,181,098

Top Innovation

 

 

315,432

 

 

116,541

 

 

$

3,263,064

 

$

2,297,639

 

Summary of Related Party Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

 

    

2020

    

2019

    

2018

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

 

$

4,484,509

 

$

3,515,003

 

$

 —

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

 

 

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

 

$

912,104

 

$

 —

 

$

 —

 

 

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

 

$

3,040,345

 

$

 —

 

$

 —

 

 

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

 

$

88,930,102

 

$

85,995,602

 

$

30,529,912

 

 

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

 

$

774,867

 

$

2,906,755

 

 

2,810,147

Zhejiang Pujiang

 

The Company sold products to Zhejiang Pujiang

 

$

5,062,651

 

$

1,566,558

 

$

2,945,584

Pujiang International

 

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

 

$

5,320,604

 

$

7,819,086

 

$

 —