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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Jun. 30, 2023
RELATED PARTY TRANSACTIONS [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 16 - RELATED PARTY TRANSACTIONS The table below sets forth the major related parties and their relationships with the Company:
Name of related parties: |  | Relationship with the Company
Mr. Yeung Heung Yeung |  | A principal shareholder of the Company
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“) |  | Controlled by Mr. Yeung Heung Yeung
Zhejiang RAP |  | An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan |  | An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”) |  | An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Bendon Limited |  | Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in the second half of 2022, it was not a related party as of June 30, 2023.
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”) |  | Ultimately controlled by Mr. Peter Wang
Antric GmbH |  | Invested by the Company
Related party transactions During the six months ended June 30, 2023 and 2022, the Company had the following material related party transactions.
|  | For the Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Interest income from a related party |  |  |  |  |  |
Zhejiang RAP |  | $ | 6,524 |  |  | $ | 6,976 |
Bendon Limited |  |  | - |  |  |  | 58,260 |
Purchase of raw materials from related parties |  |  |  |  |  |  |  |
Hangzhou Hezhe |  |  | 196,908 |  |  |  | 1,254,934 |
Service provided by a related party |  |  |  |  |  |  |  |
Shanghai Hengyu |  |  | - |  |  |  | 5,248 |
Zhejiang Zhongchai |  |  | - |  |  |  | 4,322 |
Interest expense on loans provided by related parties |  |  |  |  |  |  |  |
Mr. Yeung Heung Yeung |  |  | - |  |  |  | 2,532 |
Others |  |  | - |  |  |  | 1,116 |
Payment on the purchase of the raw materials |  |  |  |  |  |  |  |
Hangzhou Hezhe |  |  | 53,839 |  |  |  | - |
Repayment of interest-bearing Loan from related parties |  |  |  |  |  |  |  |
Shenzhen Yuanzheng |  |  | - |  |  |  | 410,777 |
Yeung Hueng Yeung |  |  | - |  |  |  | 1,331,091 |
Amounts due from a related party The following table presents amounts due from related parties as of June 30, 2023 and December 31, 2022.
|  | June 30, 2023 |  |  | December 31, 2022 |
Hangzhou Hezhe (1) |  | $ | 212,320 |  |  | $ | 366,936 |
Total |  | $ | 212,320 |  |  | $ | 366,936 |
| (1) | The balance mainly represents the prepayment for raw material to the related party.
Amounts due to related parties The following table presents amounts due to related parties as of June 30, 2023 and December 31, 2022.
|  | June 30, 2023 |  |  | December 31, 2022 |
Zhejiang RAP |  | $ | 16,483 |  |  | $ | 23,882 |
Jiangsu Rongyuan |  |  | 22,061 |  |  |  | 23,194 |
Shanghai Hengyu |  |  | 2,758 |  |  |  | 2,900 |
Antric GmbH |  |  | - |  |  |  | 666,396 |
Total |  | $ | 41,302 |  |  | $ | 716,372 |

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