Annual report pursuant to Section 13 and 15(d)

Related party balance and transaction

v3.7.0.1
Related party balance and transaction
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
25.
Related party balance and transaction
 
Related party balance
 
The outstanding amounts of Yipeng were as follows:
 
 
 
December 31, 2016
 
 
 
$
 
Accounts receivable
 
 
7,125,140
 
Other receivable (1)
 
 
392,110
 
Account due from Yipeng
 
 
7,517,250
 
 
 
 
 
 
Accounts payable (2)
 
 
1,516,557
 
Other payable (3)
 
 
5,756
 
Amount due to Yipeng
 
 
1,522,313
 
 
(1) Other receivable represented the difference between the transfer of equipment to Yipeng approximately $7.2 million and the capital injection in Yipeng by equipment approximately $6.8 million. The receivable will be settled in 2017.
(2) Accounts payable represented $1.3 million technical support fee and $0.2 million equipment rental fee to Yipeng.
(3) Other payable represented the rental security deposit received from Yipeng and will be returned when the rental contract is due in 2017.
 
Related party transaction
 
The details of the transactions with Yipeng were as follows:
 
 
 
Period from May 2, 2016 to December 31, 2016
 
 
 
$
 
Income:
 
 
 
 
Sales
 
 
9,345,285
 
Rental income
 
 
38,188
 
 
 
 
 
 
Expenses:
 
 
 
 
Technical support expenses
 
 
992,359
 
Equipment rental fees
 
 
246,143
 
Sales quantity deposit paid
 
 
751,416
 
Purchase
 
 
254