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Related Party Transactions
 12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

14. RELATED PARTY TRANSACTIONS

 

As of December 31, 2017 and 2016, the Company had $43,623 and $44,059 in advances from the Company’s management, which bear no interest, are unsecured, and are payable upon demand. 

 

During the year ended December 31, 2017, the Company recognized RMB 26.44 million ($3.92 million) interest income for the sales-type lease of Pucheng BMPG systems from Pucheng Xin Heng Yuan Biomass Power Generation Corporation, whose major stockholder became a stockholder of the Company through the issuance of the Company’s common stock to this stockholder in consideration for the transfer of the old system to the Company for BMPG system transformation. The Company recognized RMB 28.47 million ($4.29 million) interest income for the sales-type lease of Pucheng BMPG systems during year ended December 31, 2016. On November 29, 2017, Pucheng’s major shareholder disposed of his stock, and Pucheng was no longer a related party of Xi’an TCH. Interest income from Pucheng project for the period from January 1, 2017 to November 29, 2017 was RMB 24.31 million ($3.60 millon).

 

During the year ended December 31, 2016, prior to the repurchase date of June 22, 2016, the Company recognized RMB 13.83 million ($2.09 million) interest income for the sales-type lease of Yida WGPG system from Qitaihe City Boli Yida Coal Selection Co., Ltd., whose major stockholder became a stockholder of the Company through the issuance of the Company’s common stock to this stockholder in consideration for the transfer of the WGPG system to the Company in 2014.