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Related Party Transactions
 6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 16 – RELATED PARTY TRANSACTIONS

 

The Company records transactions with various related parties. These related party balances as of June 30, 2022 and December 31, 2021 and transactions for the six months ended June 30, 2022 and 2021 are identified as follows:

 

(1) Related parties with transactions and related party relationships

 

Name of Related Party   Relationship to the Company
Mr. Hengfang Li   CEO and Chairman of the Board of Directors
Ms. Hong Ma   Wife of the CEO
Q Green Techcon Private Limited   Owned by the minority Shareholder of REIT India
Shexian Ruibo Environmental Science and Technology Co., Ltd (Shexian Ruibo)   The Company owns 41.67% ownership interest in Shexian Ruibo
Hunyuan Baiyang Food Co., Ltd.   An entity controlled by the CEO
Handan Ruisheng Construction Material Co., Ltd.   An entity controlled by Shexian Ruibo
Zhongtou Ruitu Information Service (Beijing) Co., Ltd   An entity controlled by the CEO's son, Mr. Xinyang Li and CEO's daughter, Ms. Xinran Li
Bei Qi Yin Jian Yi Le (Haikou) Smart Move Science Technology Co., Ltd.   Hainan Yile IoT owns 45% ownership interest in this company
Handan Ruisheng Construction Material Technology Co., Ltd.   An entity controlled by Shexian Ruibo

 

(2) Due to related parties

 

As of June 30, 2022and December 31, 2021, the balance of due to related parties were as follows: 

 

   June 30,
2022		  

December 31,

2021

 
   (Unaudited)     
Mr. Hengfang Li  $171,333   $472,439 

 

Mr. Hengfang Li is the Chief Executive Officer (“CEO”) and major shareholder of the Company. Mr. Li periodically provides working capital loans to support the Company’s operations when needed. Such advance was non-interest bearing and due on demand.

 

(3) Accounts receivable from related parties

 

Accounts receivable from related party consisted of the following:

 

   June 30,
2022		   December 31, 2021 
   (Unaudited)     
Accounts receivable – related party        
Hunyuan Baiyang Food Co., Ltd.   38,146    40,088 
Bei Qi Yin Jian Yi Le (Haikou) Smart Move Science Technology Co., Ltd.   48,073    50,520 
Q Green Techcon Private Limited   
-
    2,981 
Total accounts receivable from related party  $86,219   $93,589 

 

As of August 31, 2022, the accounts receivable balance of $86,219 was unpaid.

 

(4) Advance to suppliers, related parties

 

Advance to suppliers, related party, consisted of the following:

 

   June 30,
2022		   December 31,
2021		 
   (Unaudited)     
Advance to supplier – related party        
Q Green Techcon Private Limited  $
-
   $174,099 
Shexian Ruibo*   3,927,885    3,656,118 
Handan Ruisheng Construction Material Co., Ltd.   9,682    12,403 
Total  $3,937,567   $3,842,620 

  

* The balance represents the Company’s purchase advances for eco-friendly materials and equipment supplied by Shexian Ruibo.

 

(5) Advance from related parties

 

Advance from related parties consisted of the following:

 

   June 30,
2022		   December 31, 2021 
Advance from – related parties        
- Q Green Techcon Private Limited  $192,830   $
           -
 
Total  $192,830   $
-
 

(6) Sales to related parties

 

Sales to related parties consisted of the following:

  

  

For the six months ended

June 30,

 
   2022   2021 
   (Unaudited)   (Unaudited) 
Sales to related parties        
Hunyuan Baiyang Food Co., Ltd.  $
   $61,019 
Bei Qi Yin Jian Yi Le (Haikou) Smart Move Science Technology Co., Ltd.   6,987    
 
 
Q Green Techcon Private Limited        44,849 
Total  $6,987   $105,868 

  

Cost of revenue associated with the sales to these related parties amounted to $Nil and $85,170 for the six months ended June 30, 2022 and 2021, respectively.

 

(7) Purchases from related parties

 

Purchases from related parties consisted of the following:

 

  

For the six months ended

June 30,

 
   2022   2021 
   (Unaudited)   (Unaudited) 
Purchase from a relate party        
Shexian Ruibo Environmental Science and Technology Co., Ltd.  $280,378   $593,961 
Q Green Techcon Private Limited.   276,768    228,248 
Total  $557,145   $822,209 

 

(8) Loan guarantees provided by related parties

 

The Company’s principal shareholders also provide personal guarantees for certain of the Company’s short-term loans.