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Related Party Transactions | 12 Months Ended
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Dec. 31, 2022
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 22 – RELATED PARTY TRANSACTIONS (a) Names and Relationship of Related Parties:
| Existing Relationship with the Company
Sinomachinery Holding Limited |  | Under common control of Peter Zuguang Wang
Cenntro Holding Limited |  | Controlling shareholder of the Company
Zhejiang Kangchen Biotechnology Co., Ltd. |  | Under common control of Peter Zuguang Wang
Cenntro Smart Manufacturing Tech. Co., Ltd. |  | Under common control of Peter Zuguang Wang
Zhejiang Zhonggong Machinery Co., Ltd. |  | Under common control of Peter Zuguang Wang
Xinchang County Jiuxin Investment Management Partnership (LP) |  | Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) |  | Under common control of Peter Zuguang Wang
Hangzhou Cenntro Autotech Co., Limited |  | Under common control of Peter Zuguang Wang
Peter Zuguang Wang |  | Chairman of the Company
Greenland Asset Management Corporation |  | Shareholder of the Company
Hangzhou Jiuru Economic Information Consulting Co. Ltd |  | One of the directors of Hengyu
Xinchang County Jiuhe Investment Management Partnership (LP) |  | Under control of Mr. Mengxing He, the General Manger and one of the directors of Zhejiang Zhongchai/NCI of Zhejiang Zhongchai
Cenntro Automotive Corporation |  | Under common control of Peter Zuguang Wang
(b) Summary of Balances with Related Parties:
|  | As of |
|  | December 31, 2022 |  |  | December 31, 2021 |
Due to related parties: |  |  |  |  |  |
Zhejiang Zhonggong Machinery Co., Ltd.1 |  | $ | 64,563 |  |  | $ | 409,807 |
Cenntro Smart Manufacturing Tech. Co., Ltd.2 |  |  | 2,683 |  |  |  | 2,903 |
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership)3 |  |  | 94,442 |  |  |  | 94,442 |
Cenntro Holding Limited4 |  |  | 1,341,627 |  |  |  | 1,341,627 |
Cenntro Automotive Corporation4 |  |  | - |  |  |  | 11,462 |
Xinchang County Jiuxin Investment Management Partnership (LP)4 |  |  | - |  |  |  | 1,569,218 |
Hangzhou Jiuru Economic Information Consulting Co. Ltd4 |  |  | 190,000 |  |  |  | 190,000 |
Total |  | $ | 1,693,315 |  |  | $ | 3,619,459 |
The balance of due to related parties as of December 31, 2022 and December 31, 2021 consisted of:
1 | Unpaid balances for purchasing of materials and equipment and temporary borrowing from Zhejiang Zhonggong Machinery Co., Ltd.;
2 | Prepayment from Cenntro Smart Manufacturing Tech. Co., Ltd.
3 | Temporary borrowings from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership); and
4 | Borrowings from related parties.
|  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Due from related parties-current: |  |  |  |  |  |
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) |  |  | 214,245 |  |  |  | 219,691 |
Cenntro Holding Limited |  | $ | 36,455,662 |  |  | $ | 39,459,874 |
Total |  | $ | 36,669,907 |  |  | $ | 39,679,565 |
The balance of due from related parties as of December 31, 2022 and December 31, 2021 consisted of: Other receivable from Cenntro Holding Limited was $36.46 million and $39.46 million as of December 31, 2022 and December 31, 2021, respectively. (c) Summary of Related Party Funds Lending: A summary of funds lending with related parties for the years ended December 31, 2022 and 2021 are listed below:
|  | For the years ended December 31, |
|  | 2022 |  |  | 2021 |
Withdraw funds from related parties: |  |  |  |  |  |
Zhejiang Zhonggong Machinery Co., Ltd. |  | $ | - |  |  | $ | 77,611 |
Cenntro Holding Limited |  |  | - |  |  |  | 251,973 |
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) |  |  | 207,352 |  |  |  | 35,080 |
Peter Zuguang Wang |  |  | - |  |  |  | 25,000 |
Cenntro Smart Manufacturing Tech. Co., Ltd. |  |  | 74,054 |  |  |  | 29,647 |
|  | For the years ended December 31, |
|  | 2022 |  |  | 2021 |
Deposit funds with related parties: |  |  |  |  |  |
Zhejiang Zhonggong Machinery Co., Ltd. |  | $ | 394,892 |  |  | $ | 139,699 |
Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) |  |  | 209,383 |  |  |  | 677,697 |
Xinchang County Jiuxin Investment Management Partnership (LP) |  |  | 1,481,087 |  |  |  | 2,851,515 |
Cenntro Smart Manufacturing Tech. Co., Ltd. |  |  | 74,054 |  |  |  | 36,632 |
Peter Zuguang Wang |  |  | - |  |  |  | 25,000 |
Cenntro Holding Limited |  |  | - |  |  |  | 250,000 |
Zhejiang Kangchen Biotechnology Co., Ltd |  |  | - |  |  |  | 64,505 |

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