| Schedule of Bank Borrowings |
As of December 31, 2024 and 2023, bank borrowings
consisted of the following:
| | | | | | | | | Outstanding | | | | | Nature of | | | | | | principal amount | | | | banking | | | | Amount of | | as of December 31, | | | Bank facility Provider | | facility | | Tenor | | banking facility | | 2024 | | | 2023 | | | Shanghai Commercial Bank (“SCB”) | | Revolving trade financing | | Maximum 120 days | | HK$35,000,000 (approximately $4,480,918) | | $ | 1,761,048 | | | $ | 1,646,597 | | | SCB | | Installment loan | | Fully repayable by March 27, 2037 in monthly installments. | | HK$33,545,132 (approximately $4,294,656) | | | 3,416,955 | | | | 3,575,653 | | | DBS Bank (Hong Kong) Limited (“DBS”) | | Accounting payable financing | | Maximum 120 days | | HK$10,500,000 (approximately $1,344,275) | | | — | | | | 550,039 | | | | | | | | | | | | 5,178,003 | | | | 5,772,289 | | | Less: non-current portion | | | | | | | | | (3,225,899 | ) | | | (3,411,887 | ) | | Bank borrowings, current | | | | | | | | $ | 1,952,104 | | | $ | 2,360,402 | |
|
| Schedule of Remaining Contractual Maturities of the Bank Borrowings |
The table below summarizes the remaining contractual
maturities of the bank borrowings as of December 31, 2024. The bank borrowings are categorized by the years in which repayments
are due:
| During the years ended December 31, | |
| |
| 2025 | |
$ | 2,162,215 | |
| 2026 | |
| 401,167 | |
| 2027 | |
| 401,167 | |
| 2028 | |
| 401,167 | |
| 2029 and after | |
| 3,309,631 | |
| Total repayments of bank loans | |
| 6,675,347 | |
| Less: imputed interest | |
| (1,497,344 | ) |
| Balance recognized as at December 31, 2024 | |
$ | 5,178,003 | |
|