| RELATED PARTY TRANSACTIONS AND BALANCES |
15. RELATED PARTY TRANSACTIONS AND BALANCES
The following is a list
of related parties which the Company had transactions with during the years ended December 31, 2024 and 2023:
SCHEDULE OF LIST OF RELATED PARTIES
| | |
Name | |
Relationship |
| (a) | |
Jiancong Cai | |
Deputy General Manager/7.416% shareholder of the Company |
| (b) | |
Huiyan Xie | |
7.416% shareholder of the Company |
| (c) | |
Huajian Xu | |
CEO of the Company |
| (d) | |
Xing Xia | |
Deputy General Manager/15% shareholder of Wuxi Jinbang .Xing Xia is no longer considered a related party due to the sale of Wuxi Jinbang as of December 31, 2024. |
| (e) | |
Jiangsu Zhihe New Energy Technology Co., Ltd. | |
Xia Xing(d) holds 49% of the Company’s shares and serves as a supervisor. This entity is no longer considered a related party due to the sale of Wuxi Jinbang as of December 31, 2024. |
| (f) | |
Pingyi Xu | |
Xu Huajian’s son |
| (g) | |
Linhui He | |
Cai Jiancong (a)’s wife |
| (i) | |
Wealthford Capital Ltd. | |
39.865% shareholder of the Company |
| (j) | |
Hangzhou Zhiyi Digital Technology Co., Ltd. | |
Xu Pingyi(f) holds 90% of the Company’s shares and serves as a supervisor.
Xu Huajian(c) holds 10% of the Company’s shares. |
| (k) | |
Qianlimu (Shiyan) Technology Co., LTD | |
Hangzhou Zhiyi Digital Technology Co., Ltd. (j) holds 70% of the company’s share. |
| (L) | |
CEDE & CO | |
20.611% shareholder of the Company |
Amounts due from related parties
During the year ended December 31, 2024, the Company has not provided any
advance to its related parties.
As of December 31, 2023, amounts due from related parties, consisted of
the following:
SCHEDULE OF AMOUNTS DUE FROM RELATED PARTIES
| | |
December 31, | | |
| | |
Received | | |
Exchange Rate | | |
December 31, | |
| | |
2022 | | |
Provided | | |
Repayment | | |
Translation | | |
2023 | |
| Amounts due from related parties | |
| | | |
| | | |
| | | |
| | | |
| | |
| (a) Jiancong Cai | |
$ | 645,309 | | |
$ | - | | |
$ | (628,568 | ) | |
$ | (16,741 | ) | |
$ | - | |
| (b) Huiyan Xie | |
| 836,320 | | |
| 12,261,386 | | |
| (13,075,865 | ) | |
| (21,841 | ) | |
| - | |
| (d) Xing Xia | |
| 2,034,810 | | |
| 4,635,445 | | |
| (6,615,184 | ) | |
| (55,071 | ) | |
| - | |
| Total amounts due from related parties | |
$ | 3,516,439 | | |
$ | 16,896,831 | | |
$ | (20,319,617 | ) | |
$ | (93,653 | ) | |
$ | - | |
Amounts due to Related Parties
As of December 31, 2024 and 2023, amounts due to related parties consisted
of the following:
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES
| | |
| | |
| | |
| | |
Exchange | | |
| | |
| | |
| |
| | |
December 31, | | |
| | |
| | |
Rate | | |
Reclass to | | |
Disposal of | | |
December 31, | |
| | |
2023 | | |
Borrowed | | |
Repaid | | |
Translation | | |
OP | | |
Subsidiaries | | |
2024 | |
| Amounts due to related parties | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| (e) | |
Jiancong Cai | |
$ | 153,976 | | |
$ | 625,880 | | |
$ | (586,294 | ) | |
$ | (4,769 | ) | |
$ | - | | |
$ | (188,793 | ) | |
$ | - | |
| (f) | |
Huiyan Xie | |
| 374,475 | | |
| 7,709,522 | | |
| (8,062,758 | ) | |
| 6,490 | | |
| - | | |
| - | | |
| 27,729 | |
| (g) | |
Huajian Xu | |
| 856,068 | | |
| 37,300 | | |
| (207,345 | ) | |
| (1,342 | ) | |
| - | | |
| - | | |
| 684,681 | |
| (d) | |
Xing Xia | |
| 286,852 | | |
| 374,585 | | |
| (389,628 | ) | |
| 23,435 | | |
| -1,136,886 | | |
| 841,642 | | |
| - | |
| Total amounts due to related parties | |
| |
$ | 1,671,371 | | |
$ | 8,747,287 | | |
$ | (9,246,025 | ) | |
$ | 23,814 | | |
$ | (1,136,886 | ) | |
$ | 652,849 | | |
$ | 712,410 | |
| | |
December 31, | | |
| | |
| | |
Exchange Rate | | |
December 31, | |
| | |
2022 | | |
Borrowed | | |
Repaid | | |
Translation | | |
2023 | |
| Amounts due to related parties | |
| | | |
| | | |
| | | |
| | | |
| | |
| (e) Jiancong Cai | |
$ | 146,637 | | |
$ | 3,194,892 | | |
$ | (3,187,141 | ) | |
$ | (412 | ) | |
$ | 153,976 | |
| (f) Huiyan Xie | |
| 146,573 | | |
| 374,475 | | |
| (146,573 | ) | |
| - | | |
| 374,475 | |
| (g) Huajian Xu | |
| 1,192,611 | | |
| 955,107 | | |
| (1,291,420 | ) | |
| (231 | ) | |
| 856,068 | |
| (f) Pingyi Xu | |
| 169,806 | | |
| - | | |
| (169,806 | ) | |
| - | | |
| - | |
| (d) Xing Xia | |
| - | | |
| 286,852 | | |
| - | | |
| - | | |
| 286,852 | |
| Total amounts due to related parties $ | |
| 1,655,627 | | |
$ | 4,811,327 | | |
$ | (4,794,940 | ) | |
$ | (643 | ) | |
$ | 1,671,371 | |
Total amount of $4,794,940 repaid to related parties
during the year ended December 31, 2023 includes $1,136,112 of the reorganization consideration, and $3,658,828 repayments to related
party interest-free loans. $301,534 of the remaining reorganization consideration was paid to other Jiangsu LOBO shareholders who are
not considered the Companies related parties, the amount was recorded in Other Current Payables as of December 31, 2022. The total payment
of $1,437,646 for additional reorganization consideration was presented as investing activity on the condensed consolidated statement
of cash flows for the year ended December 31, 2023.
The balances represented interest-free loans payable
to shareholders.
Related party transactions
Other than the interest free loans due to and due
from shareholders, for which the balances are disclosed above, for the years ended December 31, 2024 and 2023, the Company had the following
material related party transactions:
SCHEDULE OF MATERIAL RELATED PARTY TRANSACTIONS
| | |
Related Parties | |
Nature | | |
2024 | | |
2023 | |
| | |
| |
| | |
Year Ended December 31, | |
| | |
Related Parties | |
Nature | | |
2024 | | |
2023 | |
| (d) | |
Xing Xia | |
| sale of products | | |
$ | 108,413 | | |
$ | - | |
| | |
| |
| | | |
| | | |
| | |
| Related
Parties | |
Xing Xia | |
| sale of products | | |
$ | 108,413 | | |
$ | - | |
|