v3.25.2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
SCHEDULE OF LIST OF RELATED PARTIES

The following is a list of related parties which the Company had transactions with during the years ended December 31, 2024 and 2023:

 

   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
SCHEDULE OF AMOUNTS DUE FROM RELATED PARTIES

As of December 31, 2023, amounts due from related parties, consisted of the following:

 

   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)  $- 
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES

As of December 31, 2024 and 2023, amounts due to related parties consisted of the following:

 

               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 
SCHEDULE OF MATERIAL 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:

 

   Related Parties  Nature   2024   2023 
          Year Ended December 31, 
   Related Parties  Nature   2024   2023 
(d)  Xing Xia   sale of products    $108,413   $-