RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2023

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 15 - RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:	Relationship with the Company
Mr. Yeung Heung Yeung	A principal shareholder of the Company
Zhejiang RAP	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)	Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)	Ultimately controlled by Mr. Peter Wang
Antric GmbH	Invested by the Company

Related party transactions

During the three months ended March 31, 2023 and 2022, the Company had the following material related party transactions.

	For the three months ended March 31,
	2023		2022
Purchase of raw materials from related parties
Hangzhou Hezhe Energy Technology Co., Ltd	$	79,773	$	480,672
Payment on the purchase of the raw materials
Hangzhou Hezhe		54,516		497,194
Repayment interest-bearing Loan from a related party
Shenzhen Yuanzheng		-		419,276
Mr. Yeung Heung Yeung		-		209,693

Amounts due from Related Parties

The following table presents amounts due from related parties as of March 31, 2023 and December 31, 2022.

	March 31, 2023		December 31, 2022
Hangzhou Hezhe (1)	$	343,353	$	366,936
Total	$	343,353	$	366,936

(1) The balance mainly represents the prepayment for raw material to the related party.

Amounts due to Related Parties

The following table presents amounts due to related parties as of March 31, 2023 and December 31, 2022.

	March 31, 2023		December 31, 2022
Zhejiang RAP	$	20,694	$	23,882
Jiangsu Rongyuan		23,294		23,194
Shanghai Hengyu		2,912		2,900
Antric GmbH		-		666,396
Total	$	46,900	$	716,372