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. |
|