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RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2023
RELATED PARTY TRANSACTIONS [Abstract]  
Related Party Transactions and Balances
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