Related Parties

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related Parties

NOTE 22 – RELATED PARTIES:

ATR periodically has loans outstanding with its minority shareholder. Interest on borrowings accrues at the three-to-five-year loan interest rate set by the People’s Bank of China, which approximated 4.35% for each of the years ended December 31, 2024 and 2023. Interest paid in 2024 approximated $2 (RMB 17). Interest paid in 2023 approximated $6 (RMB 42). No interest was outstanding as of December 31, 2024 or 2023.

Loan activity for the years ended December 31, 2024 and 2023 was as follows:

	2024			2024			2023			2023
	USD			RMB			USD			RMB
Balance at beginning of the period	$	665			4,713		$	-			-
Borrowings		-			-			1,768			12,317
Repayments		(664	)		(4,713	)		(1,096	)		(7,604	)
Foreign exchange		(1	)		-			(7	)		-
Balance at end of the period	$	-			-		$	665			4,713

ATR has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation’s other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the years ended December 31, 2024 and 2023, were as follows:

	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	6,388		45,886	$	7,331		51,851
Sales to related parties	$	15,506		111,384	$	2,939		20,786

Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture's shareholder and its affiliates, as of December 31, 2024 and 2023, were as follows:

	2024		2024		2023		2023
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	1,839		13,422	$	190		1,350
Accounts payable to related parties	$	411		3,001	$	401		2,841
Other current liabilities:
Customer deposits	$	-		-	$	149		1,056

The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $122 (RMB 892) for each of the years ended December 31, 2024 and 2023, which is included in purchases from related parties.

In addition, the Corporation had sales, which were in the ordinary course of business, of approximately $4,082 during the year ended 2023 to a wholly owned subsidiary of Crawford United Corporation which, along with other affiliated persons (collectively, the “Crawford Group”), was the beneficial owner of greater than 5% of the Corporation’s stock during 2023. The associated trade receivable was $722 at December 31, 2023. Pursuant to Amendment No. 5 to Schedule 13D filed by the Crawford Group with the SEC on February 20, 2024, the Crawford Group ceased to beneficially own greater than 5% of the Corporation’s stock as of February 16, 2024.