| Schedule of Operations Through Proceeds Borrowed From Related Parties |
The Company mainly finance its operations through
proceeds borrowed from related parties. As of December 31, 2024 and 2023, due to related parties consisted the following:
| | |
December 31, | | |
| | |
| | |
Interest | | |
Exchange
Rate | | |
December 31, | |
| | |
2023 | | |
Received | | |
Repayment | | |
Expenses | | |
Translation | | |
2024 | |
| Yufeng Mi | |
| 4,571 | | |
| | | |
| | | |
| - | | |
| (68 | ) | |
| 4,503 | |
| HongKong Kisen (1) | |
| 9,240,203 | | |
| 962,000 | | |
| (8,021,693 | ) | |
| 9,565 | | |
| 5,873 | | |
| 2,195,948 | |
| Total due to related parties | |
| 9,244,774 | | |
| 962,000 | | |
| (8,021,693 | ) | |
| 9,565 | | |
| 5,805 | | |
| 2,200,451 | |
| (1) | On April 7, 2022, the Company entered into a loan agreement with HongKong Kisen to borrow $10,000,000 at the interest rate of 0.1% for 10 months as working capital support and repaid $2,000,000 to HongKong Kisen in advance in 2022. On January 1, 2023, both parties agreed to terminate the loan agreement mentioned above and obtain borrowings up to $20,000,000 at the interest rate of 0.1% for one year as working capital support. On January 1, 2024, both parties agreed to extend the loan to December 31, 2024. In 2023, the Company borrowed $4,384,975 from
HongKong Kisen and repaid $3,160,000, generating interest expense of $9,316.
In 2024, the Company borrowed $962,000 from
HongKong Kisen and repaid $8,021,693, generating interest expense of $9,565, as of December 31,2024.
The loan mentioned above can be extended on both parties’ consents. |
|