| Equity Method Investment |
The Company had the following equity method investments:
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|
March 31, 2024
(Unaudited)
|
|
|
December 31,
2023
|
|
|
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) (1)
|
|
$
|
2,091,600
|
|
|
$
|
2,127,062
|
|
|
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (2)
|
|
|
331,763
|
|
|
|
407,778
|
|
|
Able 2rent GmbH (DEU) (3)
|
|
|
87,589
|
|
|
|
89,432
|
|
|
Total
|
|
$
|
2,510,952
|
|
|
$
|
2,624,272
|
|
| (1) |
On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,132,875) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company
controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company
has the ability to exercise significant influence over Entropy Yu.
|
| (2) |
On June 23, 2021, the Company invested RMB2,000,000 (approximately $276,997) in Hangzhou Hezhe to acquire 20% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 33% of voting interests in board of directors, and has the ability to exercise significant influence over Hangzhou Hezhe. On January 24, 2024, Ronda received the dividend distributed by Hangzhou Hezhe, amounting RMB400,000(approximately
$55,400).
|
| (3) |
On March 22, 2022, CAE invested EUR100,000
(approximately $107,910) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not
participate in its operation and does not serve as member of board of director.
|
|
| Equity Investment without Readily Determinable Fair Value |
|
(b)
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Equity investment without readily determinable fair value
|
The Company had the following equity investment without readily determinable fair value:
| |
|
March 31,
2024
(Unaudited)
|
|
|
December 31,
2023
|
|
|
HW Electro Co., Ltd. (1)
|
|
$
|
1,000,000
|
|
|
$
|
1,000,000
|
|
|
Robostreet Inc. (2)
|
|
|
450,000 |
|
|
|
450,000 |
|
|
Total
|
|
$
|
1,450,000
|
|
|
$
|
1,450,000
|
|
| (1) |
On January 31, 2023, the Company entered into a debt convention agreement with HW Electro
Co., Ltd., to convert the loan principal of $1,000,000 into HW Electro Co., Ltd.’s shares. The Company held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest.
|
| (2) |
On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97%
of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000.
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