EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2022

EQUITY METHOD INVESTMENTS [Abstract]

EQUITY METHOD INVESTMENTS

NOTE 7 – EQUITY METHOD INVESTMENTS

	December 31, 2022		December 31, 2021
Antric GmbH (1)	$	2,674,500	$	-
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) (2)		2,189,570		-
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (3)		367,272		329,197
Able 2rent GmbH (DEU) (4)		94,399		-
Total	$	5,325,741	$	329,197

(1) On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. As of December 31, 2022, capital investment of EUR1,877,083 (approximately $2,008,103) had been paid to Antric GmbH. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH.

(2) On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,232,790) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu. For the year ended December 31, 2022, the Company recognized investment loss of $44,301, based on its proportionate share of equity interest. 

(3) On June 23, 2021, the Company invested RMB2,000,000 (approximately $308,990) in Hangzhou Hezhe to acquire 20% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 33% of voting interests in board of directors, and has the ability to exercise significant influence over Hangzhou Hezhe. For the years ended December 31, 2022 and 2021, the Company recognized investment gain of $44,039 and $15,167, respectively, based on its proportionate share of equity interest.

(4) On March 22, 2022, CAE invested EUR100,000 (approximately $106,980) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director. For the year ended December 31, 2022, the Company recognized investment loss of $12,389, based on its proportionate share of equity interest.