v3.25.1
Loans (Tables)
3 Months Ended
Mar. 31, 2025
Loans [Abstract]  
Schedule of Bank Borrowings

Bank borrowings as of December 31, 2024 and March 31, 2025 consisted of the followings:

 

   December 31,   March 31, 
   2024   2025 
Short-term bank borrowings  $26,087,350   $29,301,628 
Long-term bank borrowings   
-
    4,131,890 
   $26,087,350   $33,433,518 
Schedule of Facilities were also Secured by the Company’s Assets

The facilities were also secured by the Company’s assets with the following carrying amounts:

 

   December 31,   March 31, 
   2024   2025 
Pledged deposits (note 2)  $54,061,642   $43,435,383 
Short-term deposits (note 3)   2,000,000    5,530,030 
Bills receivables (note 4)   1,395,874    8,355,747 
Right-of-use assets (note 10)   4,982,972    4,969,842 
Buildings   3,818,112    3,790,807 
Construction-in-progress   
-
    18,914,806 
   $66,258,600   $84,996,615 
Schedule of Other Short-Term Loans

Other short-term loans as of December 31, 2024 and March 31, 2025 consisted of the following:

 

      December 31,   March 31, 
   Note  2024   2025 
Advance from related parties           
– Mr. Xiangqian Li, the Company’s Former CEO  (a)  $100,000   $100,000 
– Mr. Yunfei Li, the Company’s Former CEO  (b)   158,889    158,668 
       258,889    258,668 
Advances from unrelated third party             
– Mr. Wenwu Yu  (c)   1,347    1,354 
– Ms. Longqian Peng  (c)   6,980    7,018 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd  (d)   68,499    68,865 
       76,826    77,237 
      $335,715   $335,905 

 

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

 

(b) Advances from Mr. Yunfei Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

 

(c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

 

(d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2025, loan amount of RMB0.5 million ($68,865) remained outstanding.