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Investments in Unconsolidated Solar Project Companies

3 Months Ended

Mar. 31, 2024

Investments in Unconsolidated Solar Project Companies

Investments in Unconsolidated Solar Project Companies

11. Investments in Unconsolidated Solar Project Companies

The Company has a 30% non-controlling interest in three PRC companies that were project subsidiaries that performed EPC services.  Upon completion of the project, a 70% equity interest in the project subsidiary was transferred to the customer, with the customer having a first right of refusal to purchase the 30% interest in the project subsidiary during a specified period.  Upon the transfer of the 70% interest in these entities, the entities, which are referred to by the projects for which the Company’s China segment performed services, were de-consolidated and the Company’s 30% non-controlling interest is treated as an equity investment.  Activity in the Company’s 30% non-controlling investments in these entities’ solar project companies in the China segment for the three months ended March 31, 2024 and March 31, 2023 is reflected in the following tables:

Investee		Investment Balance at December 31, 2023				Share of Investee’s Net Income				Effect of Exchange Rate				Investment Balance at  March 31, 2024
Yilong #2		$	4,213,276			$	25,366			$	(87,302	)		$	4,151,340
Xingren			2,031,774				9,081				(42,072	)			1,998,783
Ancha			3,453,258				25,716				(71,597	)			3,407,377
Total		$	9,698,308			$	60,163			$	(200,971	)		$	9,557,500

Investee		Investment Balance at December 31, 2022				Share of Investee’s Net Income				Effect of Exchange Rate				Investment Balance at March 31, 2023
Yilong #2		$	3,966,824			$	10,385			$	17,651			$	3,994,860
Xingren			1,953,048				14,050				8,657				1,975,755
Ancha			3,134,887				43,467				13,819				3,192,173
Total		$	9,054,759			$	67,902			$	40,127			$	9,162,788

The following tables present the summary of the combined financial statements of the three solar  project companies in which the Company has a 30% equity interest as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023:

		March 31, 2024				December 31, 2023
		(Unaudited)
Current assets		$	25,618,121			$	24,984,444
Non-current assets			72,494,610				76,024,387
Total assets		$	98,112,731			$	101,008,831
Current liabilities		$	7,486,384			$	9,775,803
Noncurrent liabilities			58,483,086				58,680,520
Members’ capital			32,143,261				32,552,508
Total liabilities and members’ capital		$	98,112,731			$	101,008,831

		March 31, 2024				March 31, 2023
		(Unaudited)
Revenue		$	2,055,078			$	2,275,014
Gross profit			736,630				864,846
Net income		$	200,545			$	226,341

Revenue of these project companies is generated from the power purchase agreements with the PRC utility companies as well as government subsidies.

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- Definition

The entire disclosure for investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org//321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org//325/tableOfContent

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