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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2012
RELATED PARTY TRANSACTIONS

9.  RELATED PARTY TRANSACTIONS

 

As of March 31, 2012, advances from related parties totaled $572,713, including $531,949 from Erdos Metallurgy Co., Ltd. (the minority shareholder of Erdos TCH), as an advance for the capital needs of Erdos TCH, and $40,764 advance from the Company’s management, respectively, which bore no interest, payable on demand. As of December 31, 2011, advances from related parties totaled $2,981,977, including $2,941,043 from Erdos Metallurgy Co., Ltd. (the minority shareholder of Erdos TCH), as an advance for the capital needs of Erdos TCH, and $40,934 advance from the Company’s management, respectively, which bore no interest, payable on demand.

 

Erdos TCH sold all power generation stations through sales type leases to Erdos Metallurgy Co., Ltd., the non-controlling interest holder.  Total sales and interest income for this non-controlling interest was $0.1 and $1.86 million for the three months ended March 31, 2012, and $11.51 million and $3.25 million for the three months ended March 31, 2011, respectively.

 

On September 27, 2011, David Chong, our Chief Financial Officer and Secretary, in a private transaction exempt from registration under the Securities Act, became the sole stockholder of Sino Way Limited, an entity that owns 100,000 shares of our Common Stock. The 100,000 shares of our Common Stock directly owned by Sino Way Limited, and beneficially owned by Mr. Chong were included in the previously discussed resale Form S-3 Registration Statement, as amended, initially filed by the Company with the SEC on February 22, 2012 and amended on April 12, 2012 and May 7, 2012. The resale Form S-3 Registration Statement, as amended, has not yet been declared effective by the SEC.