v3.25.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Short-Term Borrowings [Abstract]  
Short-term borrowings
16. Short-term borrowings

 

Type of borrowings  December 31,
2024		   Interest
rate range
Bank collateralized borrowings  $15,073,458   2.78%-6.63%
Loan from shareholders   
-
  
Note
   $15,073,458    

 

Type of borrowings  December 31,
2023		   Interest
rate range
Bank collateralized borrowings  $13,449,110   2.61%-2.7%
Loan from shareholders   3,000,000  
Note
   $16,449,110    

 

Note:

In March 2023, the Group entered into a shareholder loan agreement in the amount of $3,000,000 with Asteria Corporation. The Company issued promissory note with an interest rate of 10.375% per annum and maturity date of March 10, 2024 to the lender in the same amount as the loan made. The maturity date of the shareholder loan of $3,000,000 was extended and repaid on April 29, 2024.

 

Refer to table below for details of short-term and long-term borrowing. Lender A refers to Shanghai Commercial & Savings Bank, Ltd.; Lender B refers to Taishin International Bank; Lender C refers to Hua Nan Commercial Bank; Lender D refers to Hongkong and Shanghai Banking Corporation Limited, and Taiwan SMEG stands for Small and Medium Enterprise Credit Guarantee Fund of Taiwan.

As of December 31, 2024
   Facility  Credit      Outstanding   Undrawn   Interest   Guarantor   
Lender  Period  Facility   Type  Amount   Amount   Rate   (Note 1)  Collateral
Lender A  12.2024-11.2025  $7,572,525   LC loan  $591,146         2.805%  None  Time deposit $1,500,000, Land, Buildings and Structures
           Short-Term Bank loan   2,692,284         2.805%  None  Same as above
           Letter of guarantee   1,131,157    3,157,938    
-
   None  Same as above
Lender A  09.2020-09.2025   914,188   Long-Term Bank loan   190,456         2.97%  Koh Sih-Ping  80% guaranteed by Taiwan SMEG
Lender A  03.2016-03.2031   2,894,929   Long-Term Bank loan   2,609,618         3.045%  None  Land, Buildings and Structures
Lender A  03.2016-03.2031   1,523,647   Long-Term Bank loan   1,373,483         3.045%  None  Land, Buildings and Structures
Lender A  03.2016-03.2026   304,729   Long-Term Bank loan   131,972         3.045%  None   None
Lender B  04.2024-04.2025   3,656,753   Short-Term Bank loan   1,889,322    1,767,431    2.78%  None  Time deposit $2,300,000
Lender C  05.2024-05.2025   5,789,859   Short-Term Bank loan   5,759,386    30,473    2.82%  None  Time deposit $500,000, Land, Buildings and Structures
Lender C  05.2019-03.2026   5,485,129   Long-Term Bank loan   982,027         2.51%  None  Same as above
Lender C  06.2023-08.2028   1,651,024   Long-Term Bank loan   1,057,003         2.52%  None   Same as above
Lender C  05.2024-07.2025   2,133,106   Short-Term Bank loan   1,807,655         2.88%  None  Time deposit $1,000,000
Lender C          Letter of guarantee   78,236    247,215    
-
   None   Same as above
Lender D  06.2024-06.2025   8,000,000   Short-Term Bank loan   2,333,665         6.63%  None  Time deposit $2,550,000
Lender D          Letter of guarantee   200,000    5,466,335    
-
   None   Same as above
As of December 31, 2023
   Facility  Credit      Outstanding   Undrawn   Interest   Guarantor   
Lender  Period  Facility   Type  Amount   Amount   Rate   (Note 1)  Collateral
Lender A  12.2023-11.2024  $4,190,650   LC loan  $298,762         2.68%  None  Time deposit $2,000,000, Land, Buildings and Structures
           Short-Term Bank loan   652,241         2.68%  None  Same as above
           Letter of guarantee   1,458,108    1,398,011    
-
   None  Same as above
Lender A  12.2023-11.2024   3,913,447   LC loan   195,206         2.68%  None  Time deposit $2,000,000, Land, Buildings and Structures
           Short-Term Bank loan   2,229,034         2.68%  None  Same as above
           Letter of guarantee   1,432,379    56,828    
-
   None  Same as above
Lender A  01.2022-01.2025   189,019   Letter of guarantee   188,824         
-
   None  None
Lender A  09.2020~09.2025   978,362   Long-Term Bank loan   428,033         2.85%  Koh Sih-Ping  80% guaranteed by Taiwan SMEG
Lender A  03.2016-03.2031   3,098,146   Long-Term Bank loan   3,029,959         2.92%  None  Land, Buildings and Structures
Lender A  03.2016-03.2031   1,630,603   Long-Term Bank loan   1,594,716         2.92%  None  Land, Buildings and Structures
Lender A  03.2016-03.2026   326,121   Long-Term Bank loan   256,157         2.92%  None  None
Lender B  04.2023-04.2024   4,891,809   Short-Term Bank loan   2,021,948    2,869,861    2.61%  None  Time deposit $2,300,000
Lender C  05.2023-05.2024   6,196,291   Short-Term Bank loan   6,000,620         2.70%  None  Time deposit $500,000, Land, Buildings and Structures
Lender C          LG   41,564    154,107    
-
   None  Same as above
Lender C  05.2019-03.2026   5,870,171   Long-Term Bank loan   1,891,735         2.39%  None  Time deposit $500,000, Land, Buildings and Structures
Lender C  12.2023-06.2024   2,282,844   Short-Term Bank loan   2,051,299         2.65%  None  Time deposit $1,000,000
Lender C          Letter of guarantee   185,019         
-
   None  Same as above
Lender C  06.2023-08.2028   1,766,921   Long-Term Bank loan   1,439,712         2.40%  None  Time deposit $500,000, Land, Buildings and Structures

 

Note 1: Koh Sih-Ping retired as the Director and CEO of the Company on September 9, 2022. After his departure from the Company, Koh Sih-Ping is still the guarantor for one of the long-term loan.