13.
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, 2025 and 2024:
SCHEDULE OF LIST OF RELATED PARTIES
| |
Name |
|
Relationship |
| (a) |
Huiyan
Xie |
|
COO of the Company/15.34% of votes of the Company |
| (b) |
Huajian
Xu |
|
CEO
of the Company/74.07% of votes of the Company |
| (c) |
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. |
Amounts
due to related parties
As
of December 31, 2025 and December 31, 2024, amounts due to related parties, consisted of the following:
SCHEDULE OF AMOUNTS DUE FROM RELATED PARTIES
| | |
December
31, 2024 | | |
Borrowed | | |
Repaid | | |
Exchange
Rate Translation | | |
Set-off
of Debts | | |
Disposal
of Subsidiaries | | |
December
31, 2025 | |
| Amounts due to related parties | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| (a) Huiyan Xie | |
| 27,729 | | |
| 1,267,839 | | |
| (1,867,896 | ) | |
| (14,171 | ) | |
| 293,061 | | |
| 294,428 | | |
| 990 | |
| (b) Huajian Xu | |
| 684,681 | | |
| 115,097 | | |
| (762,062 | ) | |
| (142 | ) | |
| - | | |
| - | | |
| 37,574 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total amounts due to related parties | |
$ | 712,410 | | |
$ | 1,382,936 | | |
$ | (2,629,958 | ) | |
$ | (14,313 | ) | |
$ | 293,061 | | |
$ | 294,428 | | |
$ | 38,564 | |
Both
balances represented interest-free loans payable to shareholders.
For
the periods ended December 31, 2025, 2024 and 2023, the Company had the following material related party transactions:
SCHEDULE OF MATERIAL RELATED PARTY TRANSACTIONS
| | |
Related Parties | |
Nature | |
2025 | | |
2024 | | |
2023 | |
| | |
| |
| |
Year Ended December 31, | |
| | |
Related Parties | |
Nature | |
2025 | | |
2024 | | |
2023 | |
| (c) | |
Xing Xia | |
sale of products | |
$ | - | | |
$ | 108,413 | | |
$ | - | |
| | |
Related Parties | |
Nature | |
2025 | | |
2024 | | |
2023 | |
| | |
| |
| |
Year Ended December 31, | |
| | |
Related Parties | |
Nature | |
2025 | | |
2024 | | |
2023 | |
| (b) | |
Huiyan Xie | |
Vehicle purchase | |
$ | 111,304 | | |
$ | - | | |
$ | - | |
|