The table below sets forth the major related parties and their relationships
with the Company as of June 30, 2025.
| Name of related parties | | Relationship with the Group | | Yin Shenping (Mr. Yin) | | Chairman of the Board | | Beijing Baihengda Petroleum Technology Co., Ltd (Beijing Baihengda) | | Mr. Yin holds 10% equity interest in Beijing Baihengda |
The following related party balances are non-interest bearing:
| | |
As of
June 30,
2025 | | |
As of
December 31, 2024 | |
| | |
(Unaudited) | | |
| |
| Amounts due to related parties: | |
| | |
| |
| Yin Shenping (1) | |
$ | 16,751 | | |
$ | - | |
| | |
$ | 16,751 | | |
$ | - | |
| Loan payable – related party: | |
| | | |
| | |
| Beijing Baihengda (2) | |
$ | 2,582,500 | | |
$ | 2,534,490 | |
| | |
$ | 2,582,500 | | |
$ | 2,534,490 | |
| (1) | The
balance was a rent payable to Mr. Yin. |
| (2) | Mr. Yin became a 10% equity owner in Beijing Baihengda on March 18,
2025. For financial statements presentation purposes, the original loan payable was reclassified to loan payable - related party. See
NOTE 12 – LOAN PAYABLE – RELATED PARTY. |
|