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v2.4.0.6
Related Party Transactions
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Related Party Transactions

Note 7 – Related Party Transactions

 

Related parties

 

Related parties with whom the Company had transactions are:

 

Related Parties   Relationship
     
Haipeng Wang   Chairman, President and CEO of the Company
     
Harbin Dayang Trading Co., Ltd. (“Dayang”)   An entity owned by the Chairman (15%) and his farther (70%)
     
Heilongjiang Jianye Real Estates Co., Ltd.   An entity owned by the Chairman (1.14%) and Dayang (97.72%)
     
Heilongjiang Jianye Fuel Co., Ltd.   An entity owned by the Chairman and Heilongjiang Jianye Real Estates Co., Ltd. (97.83% in aggregate)
     
Heilongjiang Jianye Property Management Co., Ltd.   An entity owned and controlled by the Chairman (8.33%) and his farther (25%)
     
Zhaodong Jianye Fuel Co., Ltd.   An entity owned by the farther of the Chairman (100%)

 

Advances from Related Parties

 

From time to time, the Chairman, CEO and significant stockholder of the Company and related parties advance funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand.

 

Transactions with Zhao Dong Jianye Fuel Co., Ltd.

 

Purchases from Zhao Dong Jianye Fuel Co., Ltd.

 

For the year ended December 31, 2011, Heilongjiang New Jianye did not purchase any fuel. For the year ended December 31, 2010, Heilongjiang New Jianye purchased $2,175,562 of fuel representing approximately 2.7% of the Company’s purchases.

 

Operating Lease of Property, Plant and Equipment and Facilities with Zhao Dong Jianye Fuel Co., Ltd.

 

On December 1, 2011, Heilongjiang New Jianye entered into a non-cancellable operating lease for certain property, plant, equipment and facilities expiring one (1) year from date of signing. Heilongjiang New Jianye is required to pay RMB100,000 per month over the term of the lease.