Related Parties

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Parties

Note 17 – Related Parties

ATR periodically has loans outstanding with its minority shareholder. Interest on borrowings accrues at the three-to-five-year loan interest rate set by the People’s Bank of China, which approximated 4.35% for each of the three and nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, ATR paid $2 (RMB 17) of interest. For the nine months ended September 30, 2023, ATR paid $5 (RMB 35) of interest. No interest was outstanding as of September 30, 2024 or December 31, 2023.

Loan activity for the nine months ended September 30, 2024 and 2023 was as follows:

	Nine Months Ended September 30,
	2024			2024			2023			2023
	USD			RMB			USD			RMB
Balance at beginning of the period	$	665			4,713		$	-			-
Borrowings		-			-			1,099			7,604
Repayments		(664	)		(4,713	)		(1,096	)		(7,604	)
Foreign exchange		(1	)		-			(3	)		-
Balance at end of the period	$	-			-		$	-			-

ATR has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation’s other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Three Months Ended September 30,
	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	1,994		14,221	$	1,913		13,752
Sales to related parties	$	4,094		29,156	$	18		346

	Nine Months Ended September 30,
	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	5,132		36,809	$	5,236		36,885
Sales to related parties	$	12,267		87,980	$	2,741		19,306

Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture’s shareholder and its affiliates as of September 30, 2024 and December 31, 2023 were as follows:

	September 30, 2024		September 30, 2024		December 31, 2023		December 31, 2023
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	2,511		17,622	$	190		1,350
Accounts payable to related parties	$	2,066		14,499	$	401		2,841
Other current liabilities:
Customer deposits	$	-		-	$	149		1,056

The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $34 (RMB 223) for each of the three months ended September 30, 2024 and 2023 and $95 (RMB 669) for each of the nine months ended September 30, 2024 and 2023, which is included in purchases from related parties.

In addition, the Corporation had sales, in the ordinary course of business, to a wholly owned subsidiary of Crawford United Corporation which, along with other affiliated persons (collectively, the “Crawford Group”), was the beneficial owner of greater than 5% of the Corporation’s stock at December 31, 2023. Pursuant to Amendment No. 5 to Schedule 13D filed by the Crawford Group with the SEC on February 20, 2024, the Crawford Group ceased to beneficially own greater than 5% of the Corporation’s stock as of February 16, 2024. The trade receivable with the Crawford Group was $722 at December 31, 2023.