v3.25.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Short-Term Borrowings [Abstract]  
Schedule of 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.

 
Schedule of Short Term and Long Term Borrowing Refer to table below for details of short-term and long-term borrowing.
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.