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v3.26.1

Related Party Transactions | 3 Months Ended
--- | ---
Mar. 31, 2026
Related Parties Transaction [Abstract] |
Related Party Transactions | 11. Related Party Transactions As of March 31, 2026 and December 31, 2025, the outstanding balance due from related parties was $3,081,792 and $2,736,302, respectively. Outstanding balances of significant related parties are stated below:
|  |  |  | As of |
|  |  |  | March 31, |  |  | December 31, |
Amounts due from related parties: |  |  |  | 2026 |  |  | 2025 |
|  |  |  | Unaudited |  |  |  |
Hubei Shuang New Energy Technology Co., Ltd. |  | Mr. Haiyan Xiong owned 35% equity, withdrawn on March 7, 2025 |  | $ | 276,547 |  |  | $ | 408,975 |
Mr. Haiyan Xiong |  | the management of the Jingshan Sanhe |  |  | 2,762,370 |  |  |  | 2,278,650 |
Mr. Jun Lu |  | the management of the Jingshan Sanhe |  |  | 23,539 |  |  |  | 23,219 |
Mr. Bin Zhang |  | the management of the Jingshan Sanhe |  |  | 19,336 |  |  |  | 19,073 |
Mr. Yong Yang |  | the management of Fast Approach |  |  | - |  |  |  | 6,385 |
Total |  |  |  | $ | 3,081,792 |  |  | $ | 2,736,302 |
These nontrade receivables, as noted above, arise from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand. Receivables from Mr. Haiyan Xiong mainly include advances to Mr. Haiyan Xiong for procurement of raw material and carriage. As of March 31, 2026 and December 31, 2025, the outstanding balance due to related parties was $3,180,701 and $1,924,426, respectively. The balances represent advances for working capital needs of the Company, and are non-interest bearing and unsecured unless otherwise disclosed herein. Pursuant to a tripartite agreement dated March 20, 2026 among the Company, Ms. Luojie Pu and Mr. Bin Zhou, the balance of $872,803 previously owed to Ms. Luojie Pu was assumed by Mr. Bin Zhou and reclassified accordingly. Outstanding balances of significant parties are stated below:
|  |  |  | As of |
Amounts due to related parties: |  |  |  | March 31, 2026 |  |  | December 31, 2025 |
|  |  |  | Unaudited |  |  |  |
Mr. Bin Zhou |  | Chief Executive Officer and Chairman of the Company |  | $ | 2,774,471 |  |  | $ | 628,621 |
Ms. Luojie Pu |  | Independent director of the Company; pursuant to a tripartite agreement dated March 20, 2026 among the Company, Ms. Luojie Pu and Mr. Bin Zhou, the balance owed to Ms. Luojie Pu was reclassified to Mr. Bin Zhou. |  |  | - |  |  |  | 872,803 |
Xianning Xiangtian Energy Co., Ltd. |  | Mr. Xin Chen, supervisor of Jingshan Sanhe, acts as legal representative |  |  | 72,485 |  |  |  | 71,499 |
Ms. Huiying Jin |  | the management of the Xianning Bozhuang |  |  | 308,779 |  |  |  | 304,580 |
Ms. Ye Zhang |  | the management of the Shanghai Shuning |  |  | 18,575 |  |  |  | 18,323 |
Mr. Yong Yang |  | the management of Fast Approach |  |  | 6,391 |  |  |  | - |
Ms. Caiping Mao |  | Wife of Haiyan Xiong |  |  | - |  |  |  | 28,600 |
Total |  |  |  | $ | 3,180,701 |  |  | $ | 1,924,426 |

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