Related party balances and transactions

12 Months Ended

Dec. 31, 2018

26.

Related party balances and transactions

Related party balances

	December 31,		December 31,
	2018		2017
	$		$
Accounts receivable		476,093		632,704
Other receivable- GZ Highpower		1,570		533,134
Amount due from a related party- GZ Highpower		477,663		1,165,838

Other payable-investment (1)		408,867		-
Loan from Mr. Dang Yu Pan (2)		5,707,984		-
Amount due to related parties		6,116,851		-

(1) The Company signed an investment agreement with an aggregate amount of RMB4.9 million (approximately $0.7 million) in investing for 49% of the equity interest of V-power which was set up on March 1, 2018. On April 28, 2018, the Company injected RMB2.1 million (approximately $0.3 million) to V-power, and the unpaid amount was recorded as amount due to a related party. (See Note 13)

(2) The Company entered into a loan agreement with a maximum amount of RMB60 million (approximately $8.8 million) with Mr. Dang Yu Pan on July 20, 2018. For the year ended December 31, 2018, the Company withdrew an aggregate amount of RMB39.45 million (approximately $5.9 million) and repaid an aggregate amount of RMB1.3 million (approximately $0.2 million). The interest rate is 5.65% per annum. The Company accrued interest expense $141,577 for the year ended December 31, 2018.

Related party transaction

The details of the transactions with GZ Highpower were as follows:

	For the year ended December 31,
	2018		2017
	$		$
Sales		1,590,329		30,601
Purchase				6,111
Payment on behalf of GZ Highpower		1,621		-
Repayment of other receivable from GZ Highpower		522,890		-
Repayment of the entrusted loan from GZ Highpower		-		6,035,600

The detail of the transactions with V-Power was as follows:

	For the year ended December 31,
	2018		2017
	$		$
Investment:
Payment of investment		316,484		-

The details of the transactions with Yipeng were as follows:

	Period from January 1, 2017 to July 27, 2017
	$
Income:
Sales		2,188,957
Rental income		26,895

Expenses:
Equipment rental fee		386,341