| RELATED PARTY |
NOTE 15 — RELATED PARTY
The related parties had transactions for the years ended December 31,
2025, 2024 and 2023 consisted of the following:
| Name of the related parties | | Nature of the relationship | | Jie Liu | | CEO and Chairman of the Company | | Jian Liu | | Vice president of the Company | | Yuanqing Liu | | Family member of the CEO, Father of the CEO | | Ronglan Sun | | Family member of the CEO, Mother of the CEO | | Hongyu Hao | | Family member of the CEO and Vice President of Purchase Department | | Yuanxiang Liu | | Family member of the CEO, Uncle of the CEO | | Li Liu | | Family member of the CEO, Sister of the CEO | | Yongqing Dong | | Family member of the CEO |
Certain loans were guaranteed by the CEO, Jie Liu, and the family members
of the CEO, Yuanqing Liu, Ronglan Sun and Hongyu Hao. Details please see Note 10 Loans.
Amount due from related parties:
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Jie Liu(1) | |
| 356,556 | | |
| - | |
| Jian Liu(5) | |
| 20 | | |
| - | |
| Total | |
| 356,576 | | |
| - | |
Amount due to related parties:
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Jie Liu(2)(3)(5) | |
| - | | |
| (17,875 | ) |
| Hongyu Hao(5) | |
| - | | |
| (629 | ) |
| Yongqing Dong(4) | |
| (4,207 | ) | |
| (2,743 | ) |
| Total | |
| (4,207 | ) | |
| (21,247 | ) |
Related party transactions:
| | |
For the year ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Advance to related parties(1) | |
| (410,017 | ) | |
| - | | |
| (351,924 | ) |
| Repayment from related parties(1) | |
| 423,930 | | |
| 346,238 | | |
| - | |
| Advances from related parties(2) | |
| - | | |
| 1,064,327 | | |
| 4,566,368 | |
| Repayments to related parties(2) | |
| - | | |
| (1,041,097 | ) | |
| (5,127,251 | ) |
| Sale to a related party(3) | |
| 19,868 | | |
| - | | |
| - | |
| Purchase from a related party(4) | |
| 16,751 | | |
| - | | |
| - | |
| (1) | The Company made interest-free loan to Jie Liu, which is due on demand, and received repayment for the loan. |
| (2) | The Company received interest-free loan from Jie Liu, which is due on demand, and made repayment for the loan. |
| (3) | The Company sold a vehicle to Jie Liu. |
| (4) | The Company received freight service from Yongqing Dong. |
| (5) | The
Company made reimbursement to Jie Liu, Jian Liu, Hongyu Hao, Yuanqing Liu, and Yuanxiang Liu. |
|