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Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Related Party Balances and Transactions

Schedule of balances due to related parties

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​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2021		​	2020
Mr. Hengwei Chen and his affiliates *	​	$	902,141	​	$	881,442
Forasen Group and its affiliates, controlled by Mr. Zhengyu Wang, Chairman and previous CEO of the Company until December 6, 2019	​		806,556	​		1,058,188
Mr. Wangfeng Yan, the CEO of the Company since December 7, 2019 and his affiliates	​		138,724	​		79,457
Total	​	$	1,847,421	​	$	2,019,087

​

*Mr. Hengwei Chen was the former general manager of Shangchi Automobile (formerly known as Suzhou E-Motors). The Company acquired 70% equity interest in Shangchi Automobile and issued 2,500,000 restricted shares of Tantech’s common stock the Henglong Chen in connection with the acquisition of Shangchi Automobile. As of December 31, 2021 and 2020, the amount due to Mr. Hengwei Chen and his affiliates were $902,141 and $881,442, respectively.

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- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

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