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Related Party Transactions

12 Months Ended

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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- References

No definition available.

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI https://asc.fasb.org/topic&trid=2122745

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

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