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Related party balances and transactions
 6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Related party balances and transactions

Note 8 – Related party balances and transactions

 

Loan Guarantee – related party

 

The related parties provided loan guarantee for the outstanding balances on bank loans of discontinued operations of the following:

 

                        
Bank Name  Maturities  Interest rate  Collateral/Guarantee  As of June 30, 2022  As of
December 31, 2022
                
Bank of Beijing   March 2023    4.8% - 5.0%   Guarantee by Beijing SMEs Credit Re-guarantee Co., Ltd*  $—   $2,899,728 
BOC Fullerton Bank   February 2024 (4)    8.5%   ***   67,484    121,634 
China Merchants Bank   March 2023 (5)    4.3%   Guarantee by Beijing Zhong Guan Chun Technology Finance Guarantee Co., **   —    434,959 
China Construction Bank   August 2023    4.1%   ****   68,953    74,523 
 Total                $136,437   $3,530,844 

 

* Beijing SMEs Credit Re-guarantee Co., Ltd is a financial services company and provides credit re-guarantee business and short-term capital operation to small and medium enterprises. In addition, Qing Tang, the spouse of Yimin Wu, the Company’s Chairman of the Board of Directors and Chief Executive Officer, has provided real estate property as collateral of approximately $3.1 million (RMB 20,000,000) with Beijing SMEs Credit Re-guarantee Co., Ltd to secure the guarantee with Bank of Beijing.

 

** Beijing Zhong Guan Chun Technology Finance Guarantee Co., Ltd is a financial services company and provides credit guarantee business and short-term capital operation to small business. Yimin Wu also provided a personal guarantee for the loan during the contract period.

 

*** Yimin Wu and Qing Tang provided personal guarantees for the loan during the contract period.

 

**** Qi Gu was the co-borrower for the loan during the contract period.

 

Balances with related parties for discontinued operations

 

Due from related parties

 

             
      June 30,  December 31,
      2023  2022
          
Ji Meng  Director of Purchase Department  $—   $10,439 
Zuogang Luo  Vice President   13,791    19,544 
Total     $13,791   $29,983 

 

Due to related parties

 

      June 30,  December 31,
      2023  2022
          
Zhiguo Li  Director of Beijing Infobird   11,230    6,223 
Ji Meng  Director of Purchase Department   5,516    — 
Qi Gu  Shareholder of Shanghai Qishuo  $2,606   $3,030 
Yimin Wu  Director of the Borad and former CEO  $—   $36,664 
Weimin Wu  Brother of Yimin Wu  $—   $4,619 
Shengmin Wu  Director of Guiyang Infobird   —    3,135 
Total     $19,352   $53,671