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Related Party Transactions
 6 Months Ended
Jun. 30, 2012
Related Party Transactions

9.  RELATED PARTY TRANSACTIONS

 

As of June 30, 2012, advances to related parties totaled $443,728, including $478,861 to Erdos Metallurgy Co., Ltd. (the minority shareholder of Erdos TCH), as a receivable for maintenance fee and tax expense, and net of a $35,133 advance from the Company’s management, which bore no interest, and is 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., 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 $0.38 million and $3.70 million for the six months ended June 30, 2012, and $11.51 million and $3.25 million for the six months ended June 30, 2011; $0.28 million and $1.84 million for the three months ended June 30, 2012, and $0.2 million and $1.85 million for the corresponding 2011 period, respectively.

 

On September 27, 2011, David Chong, the Company’s 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 was declared effective by the SEC on May 18, 2012.