Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 5. Related Party Transactions

Accounts payable

As of June 30, 2022 and December 31, 2021, the Company had payables of $799,316 and $840,005, respectively, to Xinzhou Gold. These payables bear no interest, are unsecured and are due on demand.

Short-term debt

As of June 30, 2022 and December 31, 2021, the Company had short-term debts to related parties of $3,381,529 and $3,524,765, respectively. The details of the loans are described as below.

 At June 30, 2022:

Name	Relationship to the Company	Amount		Interest Rate			Start Date	Maturity
Shor-term debt
Wei De Gang	CEO & Legal person of JXZD	$	2,654,568		15	%	May 31, 2011	May 31, 2014
Zhao Yan Ling	Former office manager of JXZD, wife of Zhou Zhi Bin		15,677		15	%	January 1, 2011	December 31, 2013
Zhou Zhi Bin	Former CEO & Legal person of JXZD		7,465		15	%	January 1, 2011	December 31, 2013
Tang Yong Hong	Manager of JXZD		321,804		15	%	February 28, 2015	February 28, 2016
Yan Chun Yan	Accountant of JXZD		8,133		15	%	August 31, 2014	August 31, 2015
Victor Sun	Shareholder of ZDRI		50,282				January 1, 2011	On Demand
Victor Sun	Shareholder of ZDRI		12,000		15	%	April 25, 2022	May 2, 2023
Victor Sun	Shareholder of ZDRI		13,000		15	%	May 2, 2022	May 2, 2023
Current portion of long-term debt
Zhou Qiang	Office manager of JXZD		298,600		15	%	December 18, 2012	December 18, 2015
Total		$	3,381,529

At December 31, 2021:

Name	Relationship to the Company	Amount		Interest Rate			Start Date	Maturity
Short-term debt
Wei De Gang	CEO & Legal person of JXZD	$	2,789,697		15	%	May 31, 2011	May 31, 2014
Zhao Yan Ling	Former office manager of JXZD, wife of Zhou Zhi Bin		16,475		15	%	January 1, 2011	December 31, 2013
Zhou Zhi Bin	Former CEO & Legal person of JXZD		7,845		15	%	January 1, 2011	December 31, 2013
Tang Yong Hong	Manager of JXZD		338,185		15	%	February 28, 2015	February 28, 2016
Yan Chun Yan	Accountant of JXZD		8,481		15	%	August 31, 2014	August 31, 2015
Victor Sun	Consultant & shareholder of ZDRI		50,282		0	%	January 1, 2013	On Demand
Current portion of long-term debt
Zhou Qiang	Office manager of JXZD		313,800		15	%	December 18, 2012	December 18, 2015
Total		$	3,524,765

As of June 30, 2022 and December 31, 2021, the Company had accrued interest payable to the related parties of $5,414,036 and $5,482,809, respectively. For the periods ended June 30, 2022 and 2021, the Company recorded interest expense of $265,733 and $264,681, respectively. The Company has received no demands for repayment of matured debt instruments.