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Note 12 - Related party balances and transactions | 12 Months Ended
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Dec. 31, 2024
Notes |
Note 12 - Related party balances and transactions | Note 12 – Related party balances and transactions The table below sets forth the major related parties which has balances or transactions during the years presented and their relationships with the Company:
Name of related parties | Relationship with the Company
FDT (Qingdao) Intellectual Technology Co., Ltd | Common control under major shareholder
Tungray (Kunshan) Industrial Automation Co., Ltd | Common control under major shareholder
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd | Common control under major shareholder
Qingdao Tungray Technology Development Co., Ltd. | Common control under major shareholder
Shanghai Tongrui Investment Management Co., Ltd. | Common control under major shareholder
Hefei CAS Dihuge Automation Co. Ltd | 10.27% ownership interest investee
Kunshan Tungray Intelligent Technology Co., Ltd. | Common control under major shareholder
Qingdao Tungray Biology Technology Co., Ltd. | Common control under major shareholder
Shanghai Tongrui Industrial Automation Equipment Co., Ltd | Common control under major shareholder
Wanjun Yao | Major shareholder/Chairman, Chief Executive Officer and Director
Jingan Tang | Director/Senior Manager of Tungray Industrial Automation Shenzhen
Liling Du | CFO of Tungray Singapore
Gang Wang | Shareholder of Tungray Singapore and Tung Resource
Demin Han | General Manager
Lei Yao | Chief Technology Officer
Mingxing Gao | General Manager
Related party balances Account Receivable – related parties
Name of Related Party |  | As of December 31, 2024 |  | As of December 31, 2023 |
FDT (Qingdao) Intellectual Technology Co., Ltd |  | $ | 30,092 |  | $ | 19,372 |
Tungray (Kunshan) Industrial Automation Co., Ltd |  |  | 210,811 |  |  | 202,679 |
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd |  |  | 51,444 |  |  | 52,889 |
Kunshan Tungray Intelligent Technology Co., Ltd. |  |  | 35,209 |  |  | 44,649 |
Total |  | $ | 327,556 |  | $ | 319,589 |
Account payable, related parties
Name of Related Party |  | As of December 31, 2024 |  | As of December 31, 2023 |
FDT (Qingdao) Intellectual Technology Co., Ltd. |  | $ | `13,700` |  | $ | `365,665` |
Qingdao Tungray Technology Development Co., Ltd. |  |  | `8,841` |  |  | `26,061` |
Shanghai Tongrui Industrial Automation Equipment Co., Ltd |  |  | `31,510` |  |  | `32,395` |
Shanghai Tongrui Investment Management Co., Ltd. |  |  | `-` |  |  | `54,661` |
Kunshan Tungray Intelligent Technology Co., Ltd. |  |  | `6,346` |  |  | `-` |
Hefei CAS Dihuge Automation Co., Ltd. |  |  | `19,591` |  |  | `20,141` |
Total |  | $ | `79,988` |  | $ | `498,923` |
Other receivables – related parties Other receivables – related parties are those nontrade receivables arising from transactions between the Company and certain related parties, such as advances made by the Company on behalf of related parties, and advance to related parties. These balances are unsecured and non-interest bearing. Current receivables are due on demand.
Name of Related Party |  |  | As of December 31, 2024 |  | As of December 31, 2023
Qingdao Tungray Biology Technology Co., Ltd. |  |  | $ | `44,377` |  | $ | `23,816`
FDT (Qingdao) Intellectual Technology Co., Ltd |  |  |  | `227,242` |  |  | `-`
Du Liling |  |  |  | `48,828` |  |  | `-`
Total |  |  | $ | `320,447` |  | $ | `23,816`
Other payable– related parties Other payables – related parties are those nontrade payables arising from transactions between the Company and certain related parties, such as advances made by the related party on behalf of the Company, dividend payables and related accrued interest payable on the advances. These balances are unsecured and non-interest bearing. Current payables are due on demand.
Name of Related Party |  | As of December 31, 2024 |  | As of December 31, 2023
FDT (Qingdao) Intellectual Technology Co., Ltd |  | $ | `39,323` |  | $ | `-`
Tungray (Kunshan) Industrial Automation Co., Ltd. |  |  | `-` |  |  | `41,853`
Qingdao Tungray Technology Development Co., Ltd. |  |  | `18,438` |  |  | `-`
Jingan Tang |  |  | `280,692` |  |  | `277,607`
Liling Du |  |  | `-` |  |  | `38,216`
Gang Wang |  |  | `-` |  |  | `54,005`
Demin Han |  |  | `-` |  |  | `156,455`
Lei Yao |  |  | `-` |  |  | `2,893`
Mingxing Gao |  |  | `-` |  |  | `99,837`
Total |  | $ | `338,453` |  | $ | `670,866`
Prepayment-related parties
Name of Related Party |  | As of December 31, 2024 |  | As of December 31, 2023
Shanghai Tongrui Investment Management Co., Ltd. |  | $ | 20,254 |  | $ | -
FDT (Qingdao) Intellectual Technology Co., Ltd |  |  | 776,878 |  |  | -
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd |  |  | 14,286 |  |  | -
Qingdao Tungray Technology Development Co., Ltd. |  |  | 53,497 |  |  | 55,000
Tungray (Kunshan) Industrial Automation Co., Ltd. |  |  | 3,003,903 |  |  | 993,745
Provision of doubtful accounts |  |  | (53,497) |  |  | -
Total |  | $ | 3,815,321 |  | $ | 1,048,745
Movements of provision of doubtful accounts of prepayments-related parties are as follows:
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | - |  |  | $ | - |  |  | $ | - |
Addition (recovery) |  |  | 54,267 |  |  |  | - |  |  |  | - |
Exchange rate effect |  |  | (770) |  |  |  | - |  |  |  | - |
Ending balance |  | $ | 53,497 |  |  | $ | - |  |  | $ | - |
Operating lease liabilities- related parties The Company entered into three lease agreements as a lessee under which it leased three operation buildings for 5-7 years from two related parties. The Company accounts for the leases in accordance with ASC 842. The Company’s underlying building properties were classified as operating leases, and the related lease liabilities were recorded under operating lease liabilities – related parties (see Note 15).
Name of Related Party |  | As of December 31, 2024 |  | As of December 31, 2023
Tungray (Qingdao) Technology Development Co., Ltd |  | $ | 201,296 |  | $ | 244,112
Jingan Tang |  |  | 158,007 |  |  | 218,432
Total |  |  | 359,303 |  |  | 462,544
Current portion of operating lease liabilities - related parties |  |  | (168,551) |  |  | (123,094)
Noncurrent portion of operating lease liabilities - related parties |  | $ | 190,752 |  | $ | 339,450
Related party transactions Revenue from related parties
|  |  | For the Years Ended December 31, |
Name of Related Party | Nature |  | 202 4 |  |  | 202 3 |  |  | 202 2 |
Tungray (Kunshan) Industrial Automation Co., Ltd. | Sales of products |  | $ | 8,581 |  |  | $ | 231,209 |  |  | $ | - |
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd. | Sales of products |  |  | - |  |  |  | 26,245 |  |  |  | - |
FDT (Qingdao) Intellectual Technology Co., Ltd. | Sales of products |  |  | 30,761 |  |  |  | 4,602 |  |  |  | 66,096 |
Kunshan Tungray Intelligent Technology Co., Ltd. | Sales of products |  |  | - |  |  |  | 57,490 |  |  |  | - |
Kunshan Tongri Intelligent Manufacturing Technology Research Institute Co., Ltd | Sales of products |  |  | - |  |  |  | - |  |  |  | 1,093 |
Total |  |  | $ | 39,342 |  |  | $ | 319,546 |  |  | $ | 67,189 |
Purchase from related parties
|  |  |  |  | For the Years Ended December 31, |
Name of Related Party |  | Nature |  |  | 202 4 |  |  | 202 3 |  |  | 202 2 |
FDT (Qingdao) Intellectual Technology Co., Ltd. |  | Products and services purchase |  |  | $ | 12,298 |  |  | $ | 961,525 |  |  | $ | 41,566 |
Tungray (Kunshan) Industrial Automation Co., Ltd. |  | Products and services purchase |  |  |  | 12,993 |  |  |  | - |  |  |  | - |
Total |  |  |  |  | $ | 25,291 |  |  | $ | 961,525 |  |  | $ | 41,566 |
Non-operating income- related parties
|  |  |  |  |  | For the Years Ended December 31, |
Name of Related Party |  | Nature |  |  |  | 202 4 |  |  | 202 3 |  |  | 202 2 |
Qingdao Tungray Biology Technology Co., Ltd |  | Lease income |  |  |  | $ | 19,762 |  |  | $ | 19,126 |  |  | $ | 25,129 |
Rental expenses- related parties
|  |  |  |  |  | For the Years Ended December 31, |
Name of Related Party |  |  | Nature |  |  | 202 4 |  |  | 202 3 |  |  | 202 2 |
Qingdao Tungray Technology Development Co., Ltd |  |  | Lease expense |  |  | $ | 59,963 |  |  | $ | 66,476 |  |  | $ | 51,219 |
Jingan Tang |  |  | Lease expense |  |  |  | 71,255 |  |  |  | 72,411 |  |  |  | 63,841 |
Total |  |  |  |  |  | $ | 131,218 |  |  | $ | 138,887 |  |  | $ | 115,060 |

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