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Related Party Transactions
 6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 12 – RELATED PARTY TRANSACTIONS

 

The following are related party balances as of June 30, 2023 and December 31, 2022.

 

  

June 30,

2023

   December 31,
2022		 
   (Unaudited)     
Accounts receivable        
Beijing Zhongzhe Yuantong Technology Co., Ltd.(1)  $
         -
   $399,465 
   $
-
   $399,465 

 

  

June 30,

2023

   December 31,
2022		 
   (Unaudited)     
Due to related parties        
Fengqi (Beijing) Zhineng Technology Co., Ltd.(2)  $1,114   $598 
   $1,114   $598 

 

The following are related party transactions for the six months ended June 30, 2023 and 2022.

 

   Six Months Ended June 30, 
   2023   2022 
   (Unaudited)   (Unaudited) 
Cost of revenues        
Fengqi (Beijing) Zhineng Technology Co., Ltd.(2)  $8,663   $
         -
 
   $8,663   $
-
 

 

(1)

Beijing Zhongzhe Yuantong Technology Co., Ltd. (“Beijing Zhongzhe”) and one of the minority shareholders of HiTek are under common control. As of December 31, 2022, accounts receivable from Beijing Zhongzhe Yuantong Technology Co., Ltd. was $399,465. As of June 30, 2023, it was collected by the Company.

 

(2)Mr. Yin is the director and a minority shareholder of Fengqi (Beijing) Zhineng Technology Co., Ltd. The Company purchased from Fengqi (Beijing) Zhineng Technology Co., Ltd. hardware of $8,663 and $nil for six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company has outstanding advances owed to Fengqi (Beijing) Zhineng Technology Co., Ltd., of $1,114 and $598, respectively. The advances are due on demand and non-interest bearing.