| Schedule of Related Parties |
The principal related parties with which the Group
had transactions during the years presented are as follows:
| Names of related parties | | Relationship with The Group | | Zengqiang Lin | | The principal stockholder and director of the Company | | Xinhongbo | | An entity controlled by the principal stockholder of the Company | | Fuqing Changhong Agricultural Products Supply Chain Co. Ltd. (“Changhong”) | | An entity controlled by the principal stockholder of the Company | | Zhenzhu Lin | | The principal stockholder of the Company | Xindefu | | Non-controlling shareholder of Hongfu Food | | Xiuhua Zhou | | Owner of Xindefu | | Fujian Xiangbing Logistics Co., Ltd. (“Xiangbing”) | | Common controller with Xindefu | | Huaqiang Lin | | Father of Zengqiang Lin | Other than disclosed elsewhere,
the Group had the following significant related party transactions for the three months ended March 31, 2025 and the fiscal years ended
December 31, 2024 and 2023:
| | |
For the | |
| | |
three months ended
March 31, | | |
Fiscal year ended
December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Loans from related parties: | |
| | |
| | |
| |
| -Zhenzhu Lin | |
| 41,821 | | |
| 1,683,718 | | |
| - | |
| -Zengqiang Lin | |
| 4,115,573 | | |
| 5,685,707 | | |
| 2,900,289 | |
| -Xiuhua Zhou | |
| - | | |
| 1,557,007 | | |
| - | |
| | |
| 4,115,573 | | |
| 8,926,432 | | |
| 2,900,289 | |
| | |
| | | |
| | | |
| | |
| Repayment of loan from a related party: | |
| | | |
| | | |
| | |
| -Zengqiang Lin | |
| - | | |
| - | | |
| (3,199,390 | ) |
| | |
| | | |
| | | |
| | |
| Repayments to related parties: | |
| | | |
| | | |
| | |
| -Zhenzhu Lin | |
| (38,506 | ) | |
| (1,644,203 | ) | |
| - | |
| -Zengqiang Lin | |
| (7,481,645 | ) | |
| (2,405,036 | ) | |
| - | |
| -Xiuhua Zhou | |
| - | | |
| (1,557,007 | ) | |
| - | |
| | |
| (7,520,151 | ) | |
| (5,606,246 | ) | |
| - | |
| | |
| | | |
| | | |
| | |
| Capital contribution to Hongchang Food: | |
| | | |
| | | |
| | |
| -Zengqiang Lin | |
| - | | |
| - | | |
| 41,241,108 | |
| | |
| | | |
| | | |
| | |
| Refunds from a related party | |
| | | |
| | | |
| | |
| -Xinhongbo | |
| - | | |
| 58,368 | | |
| - | |
| -Changhong | |
| - | | |
| 139 | | |
| - | |
| -Xindefu | |
| 38,506 | | |
| - | | |
| - | |
| | |
| 38,506 | | |
| 58,507 | | |
| - | |
| | |
| | | |
| | | |
| | |
| Sales of goods: | |
| | | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 1,576 | | |
| - | |
| | |
| | | |
| | | |
| | |
| Procurement of goods: | |
| | | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 229,453 | | |
| - | |
| | |
| | | |
| | | |
| | |
| Procurement of service: | |
| | | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 272,647 | | |
| - | |
| -Fujian Xiangbing Logistics Co., Ltd. | |
| - | | |
| 112,236 | | |
| - | |
| | |
| - | | |
| 384,883 | | |
| - | |
The Group had the following
related party balances as of March 31, 2025 and December 31, 2024 and 2023:
| | |
As of | |
| | |
March 31, | | |
December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Advance to suppliers-related party | |
| | |
| | |
| |
| -Xinhongbo | |
| - | | |
| - | | |
| 59,324 | |
| Amount due from a related party | |
| | | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 38,360 | | |
| - | |
| -Changhong | |
| - | | |
| - | | |
| 141 | |
| | |
| | | |
| | | |
| | |
| Amounts due to related parties: | |
| | | |
| | | |
| | |
| -Zhenzhu Lin - current portion | |
| 42,500 | | |
| 38,953 | | |
| - | |
| -Zengqiang Lin | |
| 3,513,737 | | |
| 3,493,486 | | |
| 6,682,959 | |
| -Zengqiang Lin - current portion | |
| 2,907,575 | | |
| 6,250,487 | | |
| - | |
| | |
| 6,463,812 | | |
| 9,782,926 | | |
| 6,682,959 | |
|