Related Party Transactions | Note 5. Related Party Transactions Accounts payable As of December 31, 2018 and December 31, 2017, the Company had payables of $777,942 and $799,282, respectively, to Xinzhou Gold. These payables bear no interest, are unsecured and are due on demand. Short-term debts – related parties As of December 31, 2018 and December 31, 2017, the Company had short-term debts to related parties of $3,747,273 and $3,939,377, respectively. The details of the loans are described as below. At December 31, 2018: Name Relationship to the Company Amount Interest Rate Start Date Maturity Short-term debt – related party Wei De Gang Former CFO & Legal person of $ 2,614,271 15 % May 31, 2011 May 31, Zhao Yan Ling Former office manager of JXZD, 15,267 15 % January 1, 2011 December 31, Zhou Zhi Bin Former CEO & Legal person of 7,270 15 % January 1, 2011 December 31, Tang Yong Hong Manager of JXZD 312,977 15 % February 28, February 28, Wen Mei Tu President & shareholder of ZDRI 370,800 12 % Various Various Importation Shareholder of ZDRI 30,000 12 % July 9, 2012 July 12, 2013 Tony Ng Man Shareholder of ZDRI 25,000 12 % February 27, February 27, Wei Tai Trading Shareholder of ZDRI 12,000 12 % June 3, 2015 September 3, JYS Technologies Wen Mei Tu’s brother in law owned 6,000 12 % May 22, 2015 July 19, 2016 Philip Pak Consultant & shareholder of ZDRI 41,000 12 % Various Various Victor Sun Consultant & shareholder of ZDRI 3,923 0 % January 1, 2013 On Demand Helen Chen President of Z&W CA 17,965 0 % January 1, 2011 On Demand Current portion of long-term debts – related parties Zhou Qiang Office manager of JXZD 290,800 15 % December 18, December Total $ 3,747,273 At December 31, Name Relationship to the Company Amount Interest Rate Start Date Maturity Short-term debt Wei De Gang Former CFO & Legal person of $ 2,761,708 15 % May 31, 2011 May 31, Zhao Yan Ling Former office manager of JXZD, 16,128 15 % January 1, 2011 December Zhou Zhi Bin Former CEO & Legal person of 7,680 15 % January 1, 2011 December Tang Yong Hong Manager of JXZD 330,628 15 % February 28, February 28, Yan Chun Yan Accountant of JXZD 9,345 15 % August 31, 2014 August 31, Wen Mei Tu President & shareholder of ZDRI 370,800 12 % Various Various Importation Shareholder of ZDRI 30,000 12 % July 9, 2012 July 12, Tony Ng Man Shareholder of ZDRI 25,000 12 % February 27, February 27, Wei Tai Trading Shareholder of ZDRI 12,000 12 % June 3, 2015 September JYS Technologies Wen Mei Tu’s brother in law owned 6,000 12 % May 22, 2015 July 19, Philip Pak Shareholder of ZDRI 41,000 12 % Various Various Victor Sun Consultant & shareholder of ZDRI 3,923 0 % January 1, 2013 On Demand Helen Chen President of Z&W CA 17,965 0 % January 1, 2011 On Demand Current portion of long-term debt Zhou Qiang Office manager of JXZD 307,200 15 % December 18, December 18, Total $ 3,939,377 As of December 31, 2018 and December 31, 2017, the Company had accrued interest payable to the related parties of $3,572,385 and $3,479,101, respectively. For the years ended December 31, 2018 and 2017, the Company recorded interest expenses of $569,266 and $562,585, respectively. |