RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

Revenue and Expense

During the three months ended March 31, 2019 and 2018, the Company recorded revenue from related party of $14,664,803 and $0 and cost of goods sold from a related party of $14,154,294 and $0 and general and administrative expense from a related party of $4,446 and $0, respectively. As of March 31, 2019 and December 31, 2018, the Company had accounts receivable from related party of $11,478,115 and $37,055,058 and account payable to related party of $6,210,968 and $31,536,276, which is included in accounts payable, respectively

Due from related party

As of March 31, 2019 and December 31, 2018, the Company recorded due from related parties as follows. The loan is non-interest bearing and due on demand.

	March 31,		December 31,
	2019		2018
Prepayment	$	788,334	$	-
Loan to related parties		157,047		155,075
	$	945,381	$	155,075

Due to related party

As of March 31, 2019 and December 31, 2018, the Company recorded due to related parties as follows. The loan is non-interest bearing and due on demand.

	March 31,		December 31,
	2019		2018
Loan from director	$	1,013,557	$	1,022,775
Loan from related parties		120,260		92,930
	$	1,133,817	$	1,115,705