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RELATED PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2024
RELATED PARTY TRANSACTIONS [Abstract]  
Related Party Transactions and Balances
The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:
  
Relationship with the Company
Zhejiang RAP
  
An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe
  
An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company.
Billy Rafael Romero Del Rosario
  
A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL

Related party transactions

During the nine months ended September 30, 2024 and 2023, the Company had the following material related party transactions.

 
  
For the Nine Months Ended
September 30,
  
 
  
2024
    
2023
  
    (Unaudited)     (Unaudited)  
Interest income from a related party
            
Zhejiang RAP  
22,220    
9,639  
                 
Purchase of raw materials from related parties
                
Hangzhou Hezhe (1)
    
3,759
      
196,603
  
 
                
Payment on the purchase of the raw materials
                
Hangzhou Hezhe  (1)
    
-
      
54,979
  
 
                
Refund on the purchase of the raw materials
                
Hangzhou Hezhe (1)
    
69,397
      
-
  
 
                
Prepayment of operating fund to a related party
                
Billy Rafael Romero Del Rosario
    
413,437
      
-
  

  (1)
The transaction for the nine months ended September 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024.

Amounts due from related parties

The following table presents amounts due from related parties as of September 30, 2024 and December 31, 2023.

   
September 30,
2024
(Unaudited)
    
December 31,
2023
  
Billy Rafael Romero Del Rosario (1)
   $ 512,691     $ 109,420  
Zhejiang RAP
     12,201       -  
Hangzhou Hezhe
    -     $
178,019  
Total
  
$
524,892
    
$
287,439
  


(1)
The balance represented the payment of operating fund to this related party.

Amounts due to a related party

The following table presents amounts due to related parties as of September 30, 2024 and December 31, 2023.

   
September 30,
2024
(Unaudited)
    
December 31,
2023
  
Zhejiang RAP
  
$
-
    
$
10,468
  
Total
  
$
-
    
$
10,468